EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
EQ/AGGRESSIVE
STOCK
PORTFOLIO
-----------------
<S> <C>
ASSETS:
Investments at value (Note 1) ................................................. $4,160,699,519
Cash* ......................................................................... --
Receivable for securities sold ................................................ 26,250,501
Unrealized appreciation of forward foreign currency contracts (Note 1) ........ --
Short-term investments held as collateral for loaned securities ............... 434,143,957
Receivable from Separate Accounts for Trust shares sold ....................... --
Receivable for securities sold short .......................................... --
Variation margin receivable on futures contracts .............................. --
Receivable from investment manager ............................................ --
Dividends, interest and other receivables ..................................... 4,835,197
Deferred organizational costs (Note 1) ........................................ --
Other assets (Note 3) ......................................................... --
--------------
Total assets ................................................................ 4,625,929,174
--------------
LIABILITIES:
Options written at value (Premiums received: Alliance Common Stock
Portfolio--$235,328,633) (Note 1)............................................. --
Payable to custodian .......................................................... --
Payable for securities purchased .............................................. 41,443,565
Unrealized depreciation of forward foreign currency contracts (Note 1) ........ --
Collateral held for loaned securities ......................................... 434,143,957
Market value of swap agreements (Note 1) ...................................... --
Interest payable on swap agreements ........................................... --
Variation margin payable on futures contracts (Note 1) ........................ --
Distribution fees payable ..................................................... 55,646
Investment management/advisory fees payable ................................... 2,036,897
Trustees' fees payable ........................................................ 164,560
Payable to Separate Accounts for Trust shares redeemed ........................ --
Overdraft payable ............................................................. 842,117
Foreign Tax Payable ........................................................... --
Accrued expenses (Note 1) ..................................................... 206,402
--------------
Total liabilities ........................................................... 478,893,144
--------------
NET ASSETS .................................................................... $4,147,036,030
==============
Investments at cost ........................................................... $3,647,674,781
==============
*Foreign Cash at cost ......................................................... $ --
==============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital .............................................................. $3,751,924,065
Accumulated undistributed (overdistributed) net investment income ............ 2,688,186
Accumulated undistributed net realized gain (loss) ........................... (120,603,174)
Unrealized appreciation (depreciation) on investments and foreign currency
denominated assets and liabilities .......................................... 513,026,953
--------------
NET ASSETS .................................................................... $4,147,036,030
==============
CLASS IA SHARES:
Net Assets .................................................................... $3,877,604,613
==============
Shares outstanding (Unlimited amount authorized: no par value) ................ 111,808,652
==============
Net asset value, offering and redemption price per share (Note 1) ............. $ 34.68
==============
CLASS IB SHARES:
Net Assets .................................................................... $ 269,431,417
==============
Shares outstanding (Unlimited amount authorized: no par value) ................ 7,817,139
==============
Net asset value, offering and redemption price per share (Note 1) ............. $ 34.47
==============
<CAPTION>
ALLIANCE
COMMON
EQ/BALANCED STOCK
PORTFOLIO PORTFOLIO
------------------- --------------------
<S> <C> <C>
ASSETS:
Investments at value (Note 1) ................................................. $ 2,132,267,125 $ 16,221,365,436
Cash* ......................................................................... 2,356,643 --
Receivable for securities sold ................................................ 21,628,984 308,064,036
Unrealized appreciation of forward foreign currency contracts (Note 1) ........ -- --
Short-term investments held as collateral for loaned securities ............... 646,741,299 816,453,023
Receivable from Separate Accounts for Trust shares sold ....................... -- --
Receivable for securities sold short .......................................... -- --
Variation margin receivable on futures contracts .............................. -- --
Receivable from investment manager ............................................ -- --
Dividends, interest and other receivables ..................................... 16,340,445 17,823,999
Deferred organizational costs (Note 1) ........................................ -- --
Other assets (Note 3) ......................................................... -- 192,857
--------------- ----------------
Total assets ................................................................ 2,819,334,496 17,363,899,351
--------------- ----------------
LIABILITIES:
Options written at value (Premiums received: Alliance Common Stock
Portfolio--$235,328,633) (Note 1)............................................. -- 219,574,113
Payable to custodian .......................................................... -- --
Payable for securities purchased .............................................. 84,073,196 382,651,190
Unrealized depreciation of forward foreign currency contracts (Note 1) ........ -- --
Collateral held for loaned securities ......................................... 646,741,299 816,453,023
Market value of swap agreements (Note 1) ...................................... -- --
Interest payable on swap agreements ........................................... -- --
Variation margin payable on futures contracts (Note 1) ........................ 184,875 --
Distribution fees payable ..................................................... 4,751 806,099
Investment management/advisory fees payable ................................... 970,404 5,901,333
Trustees' fees payable ........................................................ 81,363 354,475
Payable to Separate Accounts for Trust shares redeemed ........................ -- --
Overdraft payable ............................................................. -- 8,822,946
Foreign Tax Payable ........................................................... -- --
Accrued expenses (Note 1) ..................................................... 105,637 1,209,988
--------------- ----------------
Total liabilities ........................................................... 732,161,525 1,435,773,167
--------------- ----------------
NET ASSETS .................................................................... $ 2,087,172,971 $ 15,928,126,184
=============== ================
Investments at cost ........................................................... $ 2,015,081,273 $ 13,682,371,226
=============== ================
*Foreign Cash at cost ......................................................... $ 9,352,773 $ --
=============== ================
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital .............................................................. $ 1,716,996,496 $ 11,958,397,913
Accumulated undistributed (overdistributed) net investment income ............ 31,036,216 53,190,333
Accumulated undistributed net realized gain (loss) ........................... 222,587,104 1,361,769,826
Unrealized appreciation (depreciation) on investments and foreign currency
denominated assets and liabilities .......................................... 116,553,155 2,554,768,112
--------------- ----------------
NET ASSETS .................................................................... $ 2,087,172,971 $ 15,928,126,184
=============== ================
CLASS IA SHARES:
Net Assets .................................................................... $ 2,062,431,500 $ 13,950,467,216
=============== ================
Shares outstanding (Unlimited amount authorized: no par value) ................ 108,115,760 573,499,740
=============== ================
Net asset value, offering and redemption price per share (Note 1) ............. $ 19.08 $ 24.33
=============== ================
CLASS IB SHARES:
Net Assets .................................................................... $ 24,741,471 $ 1,977,658,968
=============== ================
Shares outstanding (Unlimited amount authorized: no par value) ................ 1,301,184 81,796,117
=============== ================
Net asset value, offering and redemption price per share (Note 1) ............. $ 19.01 $ 24.18
=============== ================
</TABLE>
See Notes to Financial Statements.
1
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE ALLIANCE
CONSERVATIVE EQUITY ALLIANCE GROWTH AND
INVESTORS INDEX GLOBAL INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------------- ------------------- ----------------- -------------------
<S> <C> <C> <C>
$ 537,805,148 $ 2,464,384,797 $2,095,512,204 $ 1,696,088,206
348,457 -- -- 50,147,402
146,335,349 18,800,000 13,606,593 60,885,550
-- -- -- --
87,152,006 121,710,399 200,952,894 41,201,800
-- -- -- --
-- -- -- --
-- 113,625 -- --
-- -- -- --
3,338,985 2,132,107 1,311,410 3,550,534
-- -- -- --
5,741 20,699 22,513 17,680
--------------- --------------- -------------- ---------------
774,985,686 2,607,161,627 2,311,405,614 1,851,891,172
--------------- --------------- -------------- ---------------
-- -- -- --
-- 6,083 92,860 --
174,022,527 12,523,865 8,159,123 127,766,429
-- -- -- --
87,152,006 121,710,399 200,952,894 41,201,800
-- -- -- --
-- -- -- --
-- -- -- --
24,360 10,838 37,946 73,865
246,081 481,369 1,230,161 796,303
13,674 9,334 43,420 13,044
-- -- -- --
-- 8,003,586 5,538,877 --
-- -- -- --
24,951 290,490 223,532 166,662
--------------- --------------- -------------- ---------------
261,483,599 143,035,964 216,278,813 170,018,103
--------------- --------------- -------------- ---------------
$ 513,502,087 $ 2,464,125,663 $2,095,126,801 $ 1,681,873,069
=============== =============== ============== ===============
$ 499,571,142 $ 1,696,570,678 $1,532,459,829 $ 1,518,384,689
=============== =============== ============== ===============
$ 8,301 $ -- $ 4,661 $ --
=============== =============== ============== ===============
$ 462,140,945 $ 1,589,115,955 $1,491,824,771 $ 1,432,561,498
10,244,393 10,671,445 (821,591) 5,326,868
2,886,493 96,618,194 42,206,435 66,281,186
38,230,256 767,720,069 561,917,186 177,703,517
--------------- --------------- -------------- ---------------
$ 513,502,087 $ 2,464,125,663 $2,095,126,801 $ 1,681,873,069
=============== =============== ============== ===============
$ 393,086,533 $ 2,401,454,780 $1,908,767,557 $ 1,322,636,130
=============== =============== ============== ===============
30,773,730 81,948,842 80,917,595 71,392,989
=============== =============== ============== ===============
$ 12.77 $ 29.30 $ 23.59 $ 18.53
=============== =============== ============== ===============
$ 120,415,554 $ 62,670,883 $ 186,359,244 $ 359,236,939
=============== =============== ============== ===============
9,469,491 2,146,871 7,946,506 19,498,047
=============== =============== ============== ===============
$ 12.72 $ 29.19 $ 23.45 $ 18.42
=============== =============== ============== ===============
<CAPTION>
ALLIANCE
ALLIANCE ALLIANCE INTERMEDIATE
CONSERVATIVE GROWTH ALLIANCE GOVERNMENT ALLIANCE
INVESTORS INVESTORS HIGH YIELD SECURITIES INTERNATIONAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------------- ------------------- ----------------- --------------- ----------------
<S> <C> <C> <C> <C>
$ 537,805,148 $ 2,792,691,923 $ 527,616,173 $ 250,309,105 $322,081,325
348,457 964,445 -- 509,909 3,331,305
146,335,349 295,900,421 9,034,928 17,401,180 2,312,039
-- -- -- -- --
87,152,006 340,521,920 -- 77,975,251 27,146,341
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
3,338,985 9,348,605 17,634,250 1,659,342 563,393
-- -- -- -- --
5,741 31,090 23,605 135,449 2,921
--------------- --------------- --------------- ------------- ------------
774,985,686 3,439,458,404 554,308,956 347,990,236 355,437,324
--------------- --------------- --------------- ------------- ------------
-- -- -- -- --
-- 73,421 1,935 -- 122,214
174,022,527 328,253,309 15,729,402 66,609,403 5,848,647
-- -- -- -- --
87,152,006 340,521,920 -- 77,975,251 27,146,341
-- -- -- -- --
-- -- -- -- --
-- -- -- 15,375 --
24,360 57,173 92,549 10,885 6,730
246,081 1,280,140 257,518 189,948 230,597
13,674 51,245 17,646 6,639 4,781
-- -- -- -- --
-- -- 145,447 -- --
-- -- -- -- --
24,951 302,898 2,030 5,702 24,286
--------------- --------------- --------------- ------------- ------------
261,483,599 670,540,106 16,246,527 144,813,203 33,383,596
--------------- --------------- --------------- ------------- ------------
$ 513,502,087 $ 2,768,918,298 $ 538,062,429 $ 203,177,033 $322,053,728
=============== =============== =============== ============= ============
$ 499,571,142 $ 2,328,211,048 $ 607,738,662 $ 249,817,991 $277,818,801
=============== =============== =============== ============= ============
$ 8,301 $ 408,854 $ -- $ -- $ --
=============== =============== =============== ============= ============
$ 462,140,945 $ 2,199,887,518 $ 733,690,880 $ 212,420,475 $265,182,599
10,244,393 24,400,483 25,083,032 5,591,293 (464,534)
2,886,493 80,853,762 (140,776,654) (15,237,048) 13,099,341
38,230,256 463,776,535 (79,934,829) 402,313 44,236,322
--------------- --------------- --------------- ------------- ------------
$ 513,502,087 $ 2,768,918,298 $ 538,062,429 $ 203,177,033 $322,053,728
=============== =============== =============== ============= ============
$ 393,086,533 $ 2,487,263,150 $ 300,799,587 $ 145,671,016 $289,158,305
=============== =============== =============== ============= ============
30,773,730 112,077,980 41,144,083 15,441,839 21,400,691
=============== =============== =============== ============= ============
$ 12.77 $ 22.19 $ 7.31 $ 9.43 $ 13.51
=============== =============== =============== ============= ============
$ 120,415,554 $ 281,655,148 $ 237,262,842 $ 57,506,017 $ 32,895,423
=============== =============== =============== ============= ============
9,469,491 12,743,930 32,630,588 6,121,748 2,446,038
=============== =============== =============== ============= ============
$ 12.72 $ 22.10 $ 7.27 $ 9.39 $ 13.45
=============== =============== =============== ============= ============
</TABLE>
2
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
ALLIANCE
MONEY MARKET
PORTFOLIO
-------------------
<S> <C>
ASSETS:
Investments at value (Note 1) ................................................. $ 1,409,921,762
Cash* ......................................................................... 126,035,126
Receivable for securities sold ................................................ 361,052,000
Unrealized appreciation of forward foreign currency contracts (Note 1) ........ --
Short-term investments held as collateral for loaned securities ............... --
Receivable from Separate Accounts for Trust shares sold ....................... --
Receivable for securities sold short. ......................................... --
Variation margin receivable on futures contracts .............................. --
Receivable from investment manager. ........................................... --
Dividends, interest and other receivables ..................................... 8,096,664
Deferred organizational costs (Note 1) ........................................ --
Other assets (Note 3) ......................................................... 16,800
---------------
Total assets ................................................................ 1,905,122,352
---------------
LIABILITIES:
Options written at value (Premium received: Alliance Common Stock
Portfolio--$235,828,633) (Note 1)............................................. --
Payable to custodian .......................................................... --
Payable for securities purchased .............................................. 504,806,706
Unrealized depreciation of forward foreign currency contracts (Note 1) ........ --
Collateral held for loaned securities ......................................... --
Market value of swap agreements (Note 1) ...................................... --
Interest payable on swap agreements ........................................... --
Variation margin payable on futures contracts (Note 1) ........................ --
Distribution fees payable ..................................................... 197,786
Investment management/advisory fees payable ................................... 361,187
Trustees' fees payable ........................................................ 37,533
Payable to Separate Accounts for Trust shares redeemed ........................ --
Overdraft payable ............................................................. --
Foreign Tax Payable ........................................................... --
Accrued expenses (Note 1) ..................................................... 79,377
---------------
Total liabilities ........................................................... 505,482,589
---------------
NET ASSETS .................................................................... $ 1,399,639,763
===============
Investments at cost ........................................................... $ 1,409,632,382
===============
*Foreign Cash at cost ......................................................... $ --
===============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital .............................................................. $ 1,360,369,958
Accumulated undistributed (overdistributed) net investment income ............ 38,849,119
Accumulated undistributed net realized gain (loss) ........................... 131,306
Unrealized appreciation (depreciation) on investments and foreign currency
denominated assets and liabilities .......................................... 289,380
---------------
NET ASSETS .................................................................... $ 1,399,639,763
===============
CLASS IA SHARES:
Net Assets .................................................................... $ 851,521,881
===============
Shares outstanding (Unlimited amount authorized: no par value) ................ 80,464,606
===============
Net asset value, offering and redemption price per share (Note 1) ............. $ 10.58
===============
CLASS IB SHARES:
Net Assets .................................................................... $ 548,117,882
===============
Shares outstanding (Unlimited amount authorized: no par value) ................ 52,044,908
===============
Net asset value, offering and redemption price per share (Note 1) ............. $ 10.53
===============
<CAPTION>
EQ/ALLIANCE
PREMIER ALLIANCE
GROWTH QUALITY BOND
PORTFOLIO PORTFOLIO
----------------- ---------------
<S> <C> <C>
ASSETS:
Investments at value (Note 1) ................................................. $1,396,813,961 $ 462,653,099
Cash* ......................................................................... -- --
Receivable for securities sold ................................................ 33,565,514 90,511,627
Unrealized appreciation of forward foreign currency contracts (Note 1) ........ -- --
Short-term investments held as collateral for loaned securities ............... 142,621,400 170,325,772
Receivable from Separate Accounts for Trust shares sold ....................... -- --
Receivable for securities sold short. ......................................... -- --
Variation margin receivable on futures contracts .............................. -- --
Receivable from investment manager. ........................................... -- --
Dividends, interest and other receivables ..................................... 362,865 6,927,270
Deferred organizational costs (Note 1) ........................................ -- --
Other assets (Note 3) ......................................................... 3,938 4,297
-------------- -------------
Total assets ................................................................ 1,573,367,678 730,422,065
-------------- -------------
LIABILITIES:
Options written at value (Premium received: Alliance Common Stock
Portfolio--$235,828,633) (Note 1)............................................. -- --
Payable to custodian .......................................................... 6,892 17,625
Payable for securities purchased .............................................. 33,762,652 40,063,340
Unrealized depreciation of forward foreign currency contracts (Note 1) ........ -- --
Collateral held for loaned securities ......................................... 142,621,400 170,325,772
Market value of swap agreements (Note 1) ...................................... -- --
Interest payable on swap agreements ........................................... -- --
Variation margin payable on futures contracts (Note 1) ........................ -- --
Distribution fees payable ..................................................... 256,352 748
Investment management/advisory fees payable ................................... 962,461 216,200
Trustees' fees payable ........................................................ 2,044 6,772
Payable to Separate Accounts for Trust shares redeemed ........................ -- --
Overdraft payable ............................................................. 2,469,863 1,694,319
Foreign Tax Payable ........................................................... -- --
Accrued expenses (Note 1) ..................................................... 95,813 1,431
-------------- -------------
Total liabilities ........................................................... 180,177,477 212,326,207
-------------- -------------
NET ASSETS .................................................................... $1,393,190,201 $ 518,095,858
============== =============
Investments at cost ........................................................... $1,306,803,937 $ 461,726,022
============== =============
*Foreign Cash at cost ......................................................... $ -- $ --
============== =============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital .............................................................. $1,280,823,955 $ 523,510,460
Accumulated undistributed (overdistributed) net investment income ............ (1,078,288) 15,635,605
Accumulated undistributed net realized gain (loss) ........................... 23,434,510 (21,977,211)
Unrealized appreciation (depreciation) on investments and foreign currency
denominated assets and liabilities .......................................... 90,010,024 927,004
-------------- -------------
NET ASSETS .................................................................... $1,393,190,201 $ 518,095,858
============== =============
CLASS IA SHARES:
Net Assets .................................................................... $ 50,434,389 $ 514,129,936
============== =============
Shares outstanding (Unlimited amount authorized: no par value) ................ 4,105,583 54,625,244
============== =============
Net asset value, offering and redemption price per share (Note 1) ............. $ 12.28 $ 9.41
============== =============
CLASS IB SHARES:
Net Assets .................................................................... $1,342,755,812 $ 3,965,922
============== =============
Shares outstanding (Unlimited amount authorized: no par value) ................ 109,499,881 422,296
============== =============
Net asset value, offering and redemption price per share (Note 1) ............. $ 12.26 $ 9.39
============== =============
</TABLE>
See Notes to Financial Statements.
3
<PAGE>
<TABLE>
<CAPTION>
BT
ALLIANCE BT INTERNATIONAL
SMALL CAP EQ/ALLIANCE EQUITY 500 EQUITY
GROWTH TECHNOLOGY INDEX INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------------- ---------------- --------------- ---------------
<S> <C> <C> <C>
$ 749,517,278 $ 78,616,362 $850,684,199 $118,886,500
-- 2,018,816 227,129 3,356,205
7,156,917 233,614 441,156 --
-- -- -- 107,241
-- -- 18,375,460 10,105,976
-- -- -- --
-- -- -- --
-- -- 86,844 28,397
-- 10,666 -- --
290,940 56,347 777,949 271,805
-- -- 15,671 15,672
44,489 -- 11,639 60,643
-------------- ------------ ------------ ------------
757,009,624 80,935,805 870,620,047 132,832,439
-------------- ------------ ------------ ------------
-- -- -- --
17,676 1,542 20,878 18,114
9,647,927 469,809 444,024 31
-- -- -- 64,537
-- -- 18,375,460 10,105,976
-- -- -- --
-- -- -- --
-- -- -- --
59,230 10,030 170,449 22,506
407,755 47,267 246,206 58,118
-- 98 8,074 1,524
-- -- -- --
3,784 -- -- --
-- -- -- --
-- 5,831 111,393 --
-------------- ------------ ------------ ------------
10,136,372 534,577 19,376,484 10,270,806
-------------- ------------ ------------ ------------
$ 746,873,252 $ 80,401,228 $851,243,563 $122,561,633
============== ============ ============ ============
$ 574,083,172 $ 78,248,015 $751,331,310 $104,226,382
============== ============ ============ ============
$ -- $ -- $ -- $ 1,837,022
============== ============ ============ ============
$ 515,935,036 $ 79,965,110 $749,843,304 $108,355,306
(1,422,232) 22,430 2,541,150 535,396
56,926,342 45,341 (356,957) (867,176)
175,434,106 368,347 99,216,066 14,538,107
-------------- ------------ ------------ ------------
$ 746,873,252 $ 80,401,228 $851,243,563 $122,561,633
============== ============ ============ ============
$ 433,834,668 $ 8,283,256 $ -- $ 5,043,772
============== ============ ============ ============
22,153,129 900,000 -- 367,253
============== ============ ============ ============
$ 19.58 $ 9.20 $ -- $ 13.73
============== ============ ============ ============
$ 313,038,584 $ 72,117,972 $851,243,563 $117,517,861
============== ============ ============ ============
16,092,282 7,834,752 57,767,528 8,564,961
============== ============ ============ ============
$ 19.45 $ 9.20 $ 14.74 $ 13.72
============== ============ ============ ============
<CAPTION>
BT
ALLIANCE SMALL CALVERT CAPITAL CAPITAL
SMALL CAP COMPANY SOCIALLY GUARDIAN GUARDIAN
GROWTH INDEX RESPONSIBLE INTERNATIONAL RESEARCH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------------- ---------------- ------------- ----------------- ----------------
<S> <C> <C> <C> <C>
$ 749,517,278 $ 78,695,914 $3,228,016 $ 104,070,182 $ 53,082,658
-- 10,100 -- -- --
7,156,917 379,064 -- 1,269,189 --
-- -- -- 145,670 --
-- 6,870,908 -- 7,456,879 3,431,800
-- -- -- -- --
-- -- -- -- --
-- 47,569 -- -- --
-- -- 2,032 -- --
290,940 90,063 1,970 204,205 46,381
-- 15,672 -- -- --
44,489 59,116 17,665 96,212 88,391
-------------- ------------ ---------- ------------- ------------
757,009,624 86,168,406 3,249,683 113,242,337 56,649,230
-------------- ------------ ---------- ------------- ------------
-- -- -- -- --
17,676 34,706 10,905 -- 1,927
9,647,927 -- 5,470 476,440 --
-- -- -- 95,349 --
-- 6,870,908 -- 7,456,879 3,431,800
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
59,230 22,383 628 20,385 11,113
407,755 7,147 -- 166,200 72,377
-- 1,221 57 492 422
-- 2,000 -- -- --
3,784 -- -- 846,684 10,384
-- -- -- -- --
-- -- -- -- --
-------------- ------------ ---------- ------------- ------------
10,136,372 6,938,365 17,060 9,062,429 3,528,023
-------------- ------------ ---------- ------------- ------------
$ 746,873,252 $ 79,230,041 $3,232,623 $ 104,179,908 $ 53,121,207
============== ============ ========== ============= ============
$ 574,083,172 $ 73,645,025 $2,968,324 $ 95,645,730 $ 48,760,319
============== ============ ========== ============= ============
$ -- $ -- $ -- $ -- $ --
============== ============ ========== ============= ============
$ 515,935,036 $ 72,985,724 $2,978,521 $ 94,482,990 $ 48,053,272
(1,422,232) 192,135 (2,217) 91,125 109,725
56,926,342 1,007,277 (3,373) 1,124,271 635,494
175,434,106 5,044,905 259,692 8,481,522 4,322,716
-------------- ------------ ---------- ------------- ------------
$ 746,873,252 $ 79,230,041 $3,232,623 $ 104,179,908 $ 53,121,207
============== ============ ========== ============= ============
$ 433,834,668 $ -- $ -- $ -- $ --
============== ============ ========== ============= ============
22,153,129 -- -- -- --
============== ============ ========== ============= ============
$ 19.58 $ -- $ -- $ -- $ --
============== ============ ========== ============= ============
$ 313,038,584 $ 79,230,041 $3,232,623 $ 104,179,908 $ 53,121,207
============== ============ ========== ============= ============
16,092,282 7,181,896 295,390 7,535,005 4,698,618
============== ============ ========== ============= ============
$ 19.45 $ 11.03 $ 10.94 $ 13.83 $ 11.31
============== ============ ========== ============= ============
</TABLE>
4
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
CAPITAL
GUARDIAN EQ/EVERGREEN
U.S. EQUITY EQ/EVERGREEN FOUNDATION
PORTFOLIO PORTFOLIO PORTFOLIO
----------------- -------------- ---------------
<S> <C> <C> <C>
ASSETS:
Investments at value (Note 1) ................................................. $ 110,398,887 $7,827,362 $14,694,595
Cash* ......................................................................... -- -- 36,485
Receivable for securities sold ................................................ -- 117,229 53,758
Unrealized appreciation of forward foreign currency contracts (Note 1) ........ -- -- --
Short-term investments held as collateral for loaned securities ............... 2,498,500 75,900 3,373,874
Receivable from Separate Accounts for Trust shares sold ....................... -- -- --
Receivable for securities sold short .......................................... -- -- --
Variation margin receivable on futures contracts .............................. -- -- --
Receivable from investment manager ............................................ -- -- --
Dividends, interest and other receivables ..................................... 122,586 5,745 60,383
Deferred organizational costs (Note 1) ........................................ -- -- --
Other assets (Note 3) ......................................................... 82,850 88,518 83,863
------------- ---------- -----------
Total assets ................................................................ 113,102,823 8,114,754 18,302,958
------------- ---------- -----------
LIABILITIES:
Options written at value (Premium received: Alliance Common Stock
Portfolio--$235,328,633) (Note 1)............................................. -- -- --
Payable to custodian .......................................................... 4,199 2,664 156
Payable for securities purchased .............................................. 812,721 29,302 47,092
Unrealized depreciation of forward foreign currency contracts (Note 1) ........ -- -- --
Collateral held for loaned securities ......................................... 2,498,500 75,900 3,373,874
Market value of swap agreements (Note 1) ...................................... -- -- --
Interest payable on swap agreements ........................................... -- -- --
Variation margin payable on futures contracts (Note 1) ........................ -- -- --
Distribution fees payable ..................................................... 22,099 1,376 2,726
Investment management/advisory fees payable ................................... 174,504 -- 2,622
Trustees' fees payable ........................................................ 705 52 144
Payable to Separate Accounts for Trust shares redeemed ........................ -- -- --
Overdraft payable ............................................................. 23,381 52,243 --
Foreign Tax Payable ........................................................... -- -- --
Accrued expenses (Note 1) ..................................................... -- -- --
------------- ---------- -----------
Total liabilities ........................................................... 3,536,109 161,537 3,426,614
------------- ---------- -----------
NET ASSETS .................................................................... $ 109,566,714 $7,953,217 $14,876,344
============= ========== ===========
Investments at cost ........................................................... $ 106,311,794 $7,279,286 $13,868,686
============= ========== ===========
*Foreign Cash at cost ......................................................... $ -- $ -- $ --
============= ========== ===========
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital .............................................................. $ 104,324,579 $7,804,744 $14,497,157
Accumulated undistributed (overdistributed) net investment income ............ 288,982 10,348 94,316
Accumulated undistributed net realized gain (loss) ........................... 866,060 (409,951) (541,043)
Unrealized appreciation (depreciation) on investments and foreign currency
denominated assets and liabilities .......................................... 4,087,093 548,076 825,914
------------- ---------- -----------
NET ASSETS .................................................................... $ 109,566,714 $7,953,217 $14,876,344
============= ========== ===========
CLASS IA SHARES:
Net Assets .................................................................... $ -- $ -- $ --
============= ========== ===========
Shares outstanding (Unlimited amount authorized: no par value) ................ -- -- --
============= ========== ===========
Net asset value, offering and redemption price per share (Note 1) ............. $ -- $ -- $ --
============= ========== ===========
CLASS IB SHARES:
Net Assets .................................................................... $ 109,566,714 $7,953,217 $14,876,344
============= ========== ===========
Shares outstanding (Unlimited amount authorized: no par value) ................ 10,360,155 744,807 1,412,767
============= ========== ===========
Net asset value, offering and redemption price per share (Note 1) ............. $ 10.58 $ 10.68 $ 10.53
============= ========== ===========
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
<TABLE>
<CAPTION>
LAZARD LAZARD MERCURY
J.P. MORGAN LARGE CAP SMALL CAP BASIC VALUE
CORE BOND VALUE VALUE EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------------- --------------- ---------------- ---------------
<S> <C> <C> <C>
$ 200,827,561 $156,923,315 $ 89,357,222 $338,462,803
-- -- -- --
26,158 -- 65,906 1,645,066
-- -- -- --
33,035,881 8,162,686 6,897,204 6,662,200
-- -- -- --
-- -- -- --
14,606 -- -- --
-- -- -- --
2,193,034 135,035 55,910 577,493
5,548 5,548 5,548 11,544
59,267 67,713 78,546 20,169
-------------- ------------ ------------ ------------
236,162,055 165,294,297 96,460,336 347,379,275
-------------- ------------ ------------ ------------
-- -- -- --
6,858 4,102 3,916 5,914
12,929,647 2,726,426 438,511 5,618,875
-- -- -- --
33,035,881 8,162,686 6,897,204 6,662,200
-- -- -- --
-- -- -- --
12,931 -- -- --
37,621 31,492 18,042 69,348
76,385 99,561 54,210 181,931
1,703 2,441 1,094 7,845
-- -- -- --
1,002,108 8,624 7,572 41,758
-- -- -- --
-- -- -- --
-------------- ------------ ------------ ------------
47,103,134 11,035,332 7,420,549 12,587,871
-------------- ------------ ------------ ------------
$ 189,058,921 $154,258,965 $ 89,039,787 $334,791,404
============== ============ ============ ============
$ 201,911,637 $154,921,614 $ 86,475,980 $346,702,877
============== ============ ============ ============
$ -- $ -- $ -- $ --
============== ============ ============ ============
$ 191,433,146 $154,317,144 $ 85,922,727 $325,749,145
5,105,245 661,453 153,433 2,565,651
(6,548,992) (2,721,333) 82,385 14,716,682
(930,478) 2,001,701 2,881,242 (8,240,074)
-------------- ------------ ------------ ------------
$ 189,058,921 $154,258,965 $ 89,039,787 $334,791,404
============== ============ ============ ============
$ -- $ -- $ -- $ --
============== ============ ============ ============
-- -- -- --
============== ============ ============ ============
$ -- $ -- $ -- $ --
============== ============ ============ ============
$ 189,058,921 $154,258,965 $ 89,039,787 $334,791,404
============== ============ ============ ============
18,362,837 13,292,917 9,022,621 24,876,578
============== ============ ============ ============
$ 10.30 $ 11.60 $ 9.87 $ 13.46
============== ============ ============ ============
<CAPTION>
MFS MFS
MERCURY EMERGING GROWTH
J.P. MORGAN WORLD GROWTH WITH MFS
CORE BOND STRATEGY COMPANIES INCOME RESEARCH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------------- ---------------- ----------------- --------------- ---------------
<S> <C> <C> <C> <C>
$ 200,827,561 $ 41,755,424 $2,478,275,071 $178,160,764 $854,530,993
-- 31,118 197,674 -- --
26,158 41,328 37,439,833 1,088,249 7,109,568
-- 44,879 5,933 -- --
33,035,881 5,180,637 186,017,188 3,213,756 52,274,820
-- -- -- -- --
-- -- -- -- --
14,606 -- -- -- --
-- -- -- -- --
2,193,034 253,847 463,175 159,864 298,233
5,548 11,544 11,544 -- 11,544
59,267 93,047 18,731 64,951 10,684
-------------- ------------ -------------- ------------ ------------
236,162,055 47,411,824 2,702,429,149 182,687,584 914,235,842
-------------- ------------ -------------- ------------ ------------
-- -- -- -- --
6,858 5,756 -- 7,507 19,037
12,929,647 365,745 77,192,284 880,687 3,988,787
-- 61,716 -- -- 61,211
33,035,881 5,180,637 186,017,188 3,213,756 52,274,820
-- -- -- -- --
-- -- -- -- --
12,931 -- -- -- --
37,621 8,111 456,455 32,273 167,260
76,385 20,630 1,579,597 85,367 445,245
1,703 2,806 20,244 1,050 15,184
-- -- -- -- --
1,002,108 -- -- 21,940 256,036
-- -- -- -- --
-- -- 246,183 -- 52,509
-------------- ------------ -------------- ------------ ------------
47,103,134 5,645,401 265,511,951 4,242,580 57,280,089
-------------- ------------ -------------- ------------ ------------
$ 189,058,921 $ 41,766,423 $2,436,917,198 $178,445,004 $856,955,753
============== ============ ============== ============ ============
$ 201,911,637 $ 37,255,177 $2,061,887,842 $168,195,297 $729,276,344
============== ============ ============== ============ ============
$ -- $ 82,134 $ 3,257 $ -- $ --
============== ============ ============== ============ ============
$ 191,433,146 $ 36,619,949 $1,837,945,426 $170,040,209 $671,736,820
5,105,245 65,613 (251,609) 398,468 (1,279,727)
(6,548,992) 604,795 182,844,124 (1,959,787) 61,248,358
(930,478) 4,476,066 416,379,257 9,966,114 125,250,302
-------------- ------------ -------------- ------------ ------------
$ 189,058,921 $ 41,766,423 $2,436,917,198 $178,445,004 $856,955,753
============== ============ ============== ============ ============
$ -- $ -- $ 85,617,272 $ -- $ --
============== ============ ============== ============ ============
-- -- 3,206,372 -- --
============== ============ ============== ============ ============
$ -- $ -- $ 26.70 $ -- $ --
============== ============ ============== ============ ============
$ 189,058,921 $ 41,766,423 $2,351,299,926 $178,445,004 $856,955,753
============== ============ ============== ============ ============
18,362,837 3,316,011 88,455,071 16,346,830 48,424,174
============== ============ ============== ============ ============
$ 10.30 $ 12.60 $ 26.58 $ 10.92 $ 17.70
============== ============ ============== ============ ============
</TABLE>
6
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
MORGAN STANLEY
EMERGING EQ/PUTNAM
MARKETS EQ/PUTNAM GROWTH & INCOME
EQUITY BALANCED VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ---------------- ----------------
<S> <C> <C> <C>
ASSETS:
Investments at value (Note 1) ................................................. $298,344,972 $ 97,348,724 $ 519,377,803
Cash* ......................................................................... 11,170,819 -- --
Receivable for securities sold ................................................ 2,462,097 57,861 4,479,028
Unrealized appreciation of forward foreign currency contracts (Note 1) ........ -- -- --
Short-term investments held as collateral for loaned securities ............... 1,448,750 2,807,660 22,880,300
Receivable from Separate Accounts for Trust shares sold ....................... -- -- --
Receivable for securities sold short .......................................... -- -- --
Variation margin receivable on futures contracts .............................. -- -- --
Receivable from investment manager ............................................ -- -- --
Dividends, interest and other receivables ..................................... 590,320 567,295 701,684
Deferred organizational costs (Note 1) ........................................ 13,460 11,544 11,544
Other assets (Note 3) ......................................................... 39,323 1,868 10,356
------------ ------------ -------------
Total assets ................................................................ 314,069,741 100,794,952 547,460,715
------------ ------------ -------------
LIABILITIES:
Options written at value (Premium received: Alliance Common Stock
Portfolio--$235,328,633) (Note 1)............................................. -- -- --
Payable to custodian .......................................................... 34,338 9,722 6,192
Payable for securities purchased .............................................. 2,119,008 1,351,893 2,343,637
Unrealized depreciation of forward foreign currency contracts (Note 1) ........ -- -- --
Collateral held for loaned securities ......................................... 1,448,750 2,807,660 22,880,300
Market value of swap agreements (Note 1) ...................................... -- -- --
Interest payable on swap agreements ........................................... -- -- --
Variation margin payable on futures contracts (Note 1) ........................ -- -- --
Distribution fees payable ..................................................... 61,485 20,210 104,941
Investment management/advisory fees payable ................................... 269,147 38,317 294,414
Trustees' fees payable ........................................................ 2,357 3,820 16,860
Payable to Separate Accounts for Trust shares redeemed ........................ -- -- --
Overdraft payable ............................................................. -- 30,858 59,076
Foreign Tax Payable ........................................................... 1,672 -- --
Accrued expenses (Note 1) ..................................................... -- 8,197 3,130
------------ ------------ -------------
Total liabilities ........................................................... 3,936,757 4,270,677 25,708,550
------------ ------------ -------------
NET ASSETS .................................................................... $310,132,984 $ 96,524,275 $ 521,752,165
============ ============ =============
Investments at cost ........................................................... $288,861,197 $ 99,823,561 $ 514,657,699
============ ============ =============
*Foreign Cash at cost ......................................................... $ -- $ -- $ --
============ ============ =============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital .............................................................. $282,357,651 $100,439,314 $ 557,860,604
Accumulated undistributed (overdistributed) net investment income ............ (1,029,063) 1,573,509 2,788,938
Accumulated undistributed net realized gain (loss) ........................... 19,328,740 (3,013,804) (43,617,481)
Unrealized appreciation (depreciation) on investments and foreign currency
denominated assets and liabilities .......................................... 9,475,656 (2,474,744) 4,720,104
------------ ------------ -------------
NET ASSETS .................................................................... $310,132,984 $ 96,524,275 $ 521,752,165
============ ============ =============
CLASS IA SHARES:
Net Assets .................................................................... $ -- $ -- $ --
============ ============ =============
Shares outstanding (Unlimited amount authorized: no par value) ................ -- -- --
============ ============ =============
Net asset value, offering and redemption price per share (Note 1) ............. $ -- $ -- $ --
============ ============ =============
CLASS IB SHARES:
Net Assets .................................................................... $310,132,984 $ 96,524,275 $ 521,752,165
============ ============ =============
Shares outstanding (Unlimited amount authorized: no par value) ................ 30,093,332 8,506,137 45,968,445
============ ============ =============
Net asset value, offering and redemption price per share (Note 1) ............. $ 10.31 $ 11.35 $ 11.35
============ ============ =============
</TABLE>
See Notes to Financial Statements.
7
<PAGE>
<TABLE>
<CAPTION>
WARBURG PINCUS
EQ/PUTNAM EQ/PUTNAM T. ROWE PRICE T. ROWE PRICE SMALL
INTERNATIONAL INVESTORS EQUITY INTERNATIONAL COMPANY
EQUITY GROWTH INCOME STOCK VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------------- --------------- --------------- ----------------- ---------------
<S> <C> <C> <C> <C>
$ 367,412,304 $435,133,484 $ 240,540,636 $ 229,820,962 $ 129,645,017
-- -- -- 12,790,620 --
54,314,659 1,787,364 845,967 2,030,384 3,554,086
-- -- -- -- --
27,180,862 19,434,500 17,368,618 19,025,498 10,513,200
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
547,226 139,481 611,447 353,202 172,907
11,544 11,544 11,544 11,544 11,544
77,021 5,529 2,678 5,027 39,838
-------------- ------------ ------------- ------------- -------------
449,543,616 456,511,902 259,380,890 264,037,237 143,936,592
-------------- ------------ ------------- ------------- -------------
-- -- -- -- --
-- 10,032 4,601 21,452 20,223
37,320,134 3,973,130 136,225 1,021,903 2,906,205
1,879 -- -- -- --
27,180,862 19,434,500 17,368,618 19,025,498 10,513,200
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
70,214 85,346 62,681 48,016 23,991
349,926 329,459 128,217 188,285 74,672
8,336 9,761 10,736 1,796 9,107
-- -- -- -- --
22,713,586 15,504 104,549 -- 7,830
-- -- -- -- --
-- 17,797 37,140 23,582 2,061
-------------- ------------ ------------- ------------- -------------
87,644,937 23,875,529 17,852,767 20,330,532 13,557,289
-------------- ------------ ------------- ------------- -------------
$ 361,898,679 $432,636,373 $ 241,528,123 $ 243,706,705 $ 130,379,303
============== ============ ============= ============= =============
$ 323,682,040 $349,493,844 $ 262,973,923 $ 190,605,798 $ 125,215,152
============== ============ ============= ============= =============
$ -- $ -- $ -- $ 1,280,465 $ --
============== ============ ============= ============= =============
$ 275,772,134 $343,015,239 $ 253,876,648 $ 199,572,938 $ 159,965,130
(2,003,341) (531,584) 2,649,939 238,069 806,500
44,411,571 4,513,078 7,432,438 4,630,606 (34,822,192)
43,718,315 85,639,640 (22,430,902) 39,265,092 4,429,865
-------------- ------------ ------------- ------------- -------------
$ 361,898,679 $432,636,373 $ 241,528,123 $ 243,706,705 $ 130,379,303
============== ============ ============= ============= =============
$ -- $ -- $ 5,243,065 $ -- $ 2,760,928
============== ============ ============= ============= =============
-- -- 445,365 -- 275,267
============== ============ ============= ============= =============
$ -- $ -- $ 11.77 $ -- $ 10.03
============== ============ ============= ============= =============
$ 361,898,679 $432,636,373 $ 236,285,058 $ 243,706,705 $ 127,618,375
============== ============ ============= ============= =============
19,930,052 21,123,829 20,095,604 17,999,327 12,722,511
============== ============ ============= ============= =============
$ 18.16 $ 20.48 $ 11.76 $ 13.54 $ 10.03
============== ============ ============= ============= =============
</TABLE>
8
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
Six Months Ended June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
ALLIANCE
EQ/AGGRESSIVE COMMON
STOCK EQ/BALANCED STOCK
PORTFOLIO PORTFOLIO PORTFOLIO
----------------- ----------------- -------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends+ .................................................. $ 11,134,240 $ 3,287,231 $ 64,165,359
Interest .................................................... 4,762,583 34,154,128 24,011,950
Securities lending--net ..................................... -- -- 2,448,697
-------------- -------------- ----------------
Total income ............................................... 15,896,823 37,441,359 90,626,006
-------------- -------------- ----------------
Expenses (Notes 1, 2, 3, 4, 5 and 7):
Investment management fee ................................... 11,855,631 4,796,723 31,095,094
Administrative fees ......................................... 394,549 232,799 1,442,023
Custodian fees .............................................. 22,446 141,074 373,510
Distribution fees--Class IB ................................. 312,512 8,748 2,259,511
Printing and mailing expenses ............................... 300,111 147,681 1,060,775
Professional fees ........................................... 100,285 37,623 296,294
Interest expense on loans ................................... -- -- --
Trustees' fees .............................................. 25,785 8,483 75,411
Amortization of deferred organizational expense ............. -- -- --
Miscellaneous ............................................... 15,223 17,278 55,964
-------------- -------------- ----------------
Gross expenses ............................................. 13,026,542 5,390,409 36,658,582
-------------- -------------- ----------------
Waivers and reimbursements: (Note 6)
Waiver of investment management fee ......................... -- -- --
Reimbursement from investment manager ....................... -- -- --
-------------- -------------- ----------------
Total waivers and reimbursements ........................... -- -- --
-------------- -------------- ----------------
Net expenses ................................................ 13,026,542 5,390,409 36,658,582
-------------- -------------- ----------------
NET INVESTMENT INCOME (LOSS) .................................. 2,870,281 32,050,950 53,967,424
-------------- -------------- ----------------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Realized Gain (Loss) on:
Securities .................................................. (101,294,312) 223,434,455 889,230,504
Swap agreements ............................................. -- -- --
Options written ............................................. -- -- 572,241,639
Foreign currency transactions ............................... 5,925 826,688 1,169,754
Short sales ................................................. -- -- --
Futures contracts ........................................... -- -- --
-------------- -------------- ----------------
Realized gain (loss)--net .................................... (101,288,387) 224,261,143 1,462,641,897
-------------- -------------- ----------------
Change in Unrealized Appreciation (Depreciation) on:
Securities .................................................. (86,769,961) (221,178,127) (2,065,037,684)
Swap agreements ............................................. -- -- --
Options written ............................................. -- -- 176,806,686
Foreign currency translations ............................... 2,215 (642,319) 39,749
Short sales ................................................. -- -- --
Futures contracts ........................................... -- -- --
-------------- -------------- ----------------
Unrealized appreciation (depreciation)--net .................. (86,767,746) (221,820,446) (1,888,191,249)
-------------- -------------- ----------------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ...................... (188,056,133) 2,440,697 (425,549,352)
-------------- -------------- ----------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ......... $ (185,185,852) $ 34,491,647 $ (371,581,928)
============== ============== ================
*Foreign taxes withheld on dividends .......................... $ -- $ 10,371 $ 550,620
============== ============== ================
*Foreign taxes withheld on interest ........................... $ -- $ -- $ --
============== ============== ================
+From affiliated companies .................................... $ 1,752,809 $ -- $ 935,790
============== ============== ================
</TABLE>
---------
** For the period from May 1, 2000 to June 30, 2000.
See Notes to Financial Statements.
9
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
CONSERVATIVE ALLIANCE ALLIANCE GROWTH AND
INVESTORS EQUITY INDEX GLOBAL INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ----------------- --------------- --------------
<S> <C> <C> <C>
$ 613,721 $ 13,730,233 $ 6,997,596 $10,377,604
11,092,789 798,071 1,743,093 --
110,232 156,233 212,106 66,158
------------ -------------- ------------- -----------
11,816,742 14,684,537 8,952,795 10,443,762
------------ -------------- ------------- -----------
1,268,935 3,437,118 6,689,702 4,329,264
74,675 240,118 219,347 158,568
41,375 21,405 416,247 17,447
126,182 50,706 190,476 387,305
32,968 185,376 136,103 106,082
9,102 46,626 34,985 26,864
-- -- -- --
2,031 11,348 8,474 6,461
-- -- -- --
1,662 8,870 6,619 4,314
------------ -------------- ------------- -----------
1,556,930 4,001,567 7,701,953 5,036,305
------------ -------------- ------------- -----------
-- -- -- --
-- -- -- --
------------ -------------- ------------- -----------
-- -- -- --
------------ -------------- ------------- -----------
1,556,930 4,001,567 7,701,953 5,036,305
------------ -------------- ------------- -----------
10,259,812 10,682,970 1,250,842 5,407,457
------------ -------------- ------------- -----------
3,461,393 99,244,931 43,523,949 67,511,439
-- -- -- --
-- -- (4,700) --
(95,101) 3 (1,300,365) --
-- -- -- --
-- (1,337,255) -- --
------------ -------------- ------------- -----------
3,366,292 97,907,679 42,218,884 67,511,439
------------ -------------- ------------- -----------
(2,679,620) (133,577,524) (49,660,332) 18,218,900
-- -- -- --
-- -- -- --
14,051 -- 16,564 --
-- -- -- --
-- (316,325) -- --
------------ -------------- ------------- -----------
(2,665,569) (133,893,849) (49,643,768) 18,218,900
------------ -------------- ------------- -----------
700,723 (35,986,170) (7,424,884) 85,730,339
------------ -------------- ------------- -----------
$ 10,960,535 $ (25,303,200) $ (6,174,042) $91,137,796
============ ============== ============= ===========
$ 26,592 $ 1,716 $ 541,799 $ --
============ ============== ============= ===========
$ -- $ -- $ -- $ --
============ ============== ============= ===========
$ -- $ -- $ -- $ --
============ ============== ============= ===========
<CAPTION>
ALLIANCE
ALLIANCE ALLIANCE INTERMEDIATE
CONSERVATIVE GROWTH ALLIANCE GOVERNMENT ALLIANCE
INVESTORS INVESTORS HIGH YIELD SECURITIES INTERNATIONAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ----------------- ---------------- --------------- ----------------
<S> <C> <C> <C> <C>
$ 613,721 $ 6,639,483 $ -- $ -- $ 1,442,835
11,092,789 25,457,124 30,501,906 6,169,712 685,776
110,232 832,759 -- 56,102 42,805
------------ -------------- ------------- ------------- -------------
11,816,742 32,929,366 30,501,906 6,225,814 2,171,416
------------ -------------- ------------- ------------- -------------
1,268,935 6,988,953 1,635,713 495,334 1,429,215
74,675 287,037 63,697 33,182 68,457
41,375 374,279 44,514 15,219 242,023
126,182 299,453 289,095 63,149 32,965
32,968 200,775 38,216 14,450 19,625
9,102 75,423 10,652 4,416 5,494
-- -- -- -- --
2,031 12,257 7,453 857 1,246
-- -- -- -- --
1,662 7,469 2,340 619 4,418
------------ -------------- ------------- ------------- -------------
1,556,930 8,245,646 2,091,680 627,226 1,803,443
------------ -------------- ------------- ------------- -------------
-- -- -- -- --
-- -- -- -- --
------------ -------------- ------------- ------------- -------------
-- -- -- -- --
------------ -------------- ------------- ------------- -------------
1,556,930 8,245,646 2,091,680 627,226 1,803,443
------------ -------------- ------------- ------------- -------------
10,259,812 24,683,720 28,410,226 5,598,588 367,973
------------ -------------- ------------- ------------- -------------
3,461,393 83,566,977 (36,642,046) (3,459,575) 14,263,792
-- -- -- -- --
-- -- -- -- --
(95,101) (983,222) 689,787 -- (557,887)
-- -- -- -- --
-- (1,500) -- 118,187 --
------------ -------------- ------------- ------------- -------------
3,366,292 82,582,255 (35,952,259) (3,341,388) 13,705,905
------------ -------------- ------------- ------------- -------------
(2,679,620) (127,436,850) (1,011,438) 3,238,460 (25,656,866)
-- -- -- -- --
-- -- -- -- --
14,051 (17,435) 48,763 (13,279) (26,758)
-- -- -- -- --
-- -- -- (75,522) --
------------ -------------- ------------- ------------- -------------
(2,665,569) (127,454,285) (962,675) 3,149,659 (25,683,624)
------------ -------------- ------------- ------------- -------------
700,723 (44,872,030) (36,914,934) (191,729) (11,977,719)
------------ -------------- ------------- ------------- -------------
$ 10,960,535 $ (20,188,310) $ (8,504,708) $ 5,406,859 $ (11,609,746)
============ ============== ============= ============= =============
$ 26,592 $ 310,230 $ -- $ -- $ 176,747
============ ============== ============= ============= =============
$ -- $ -- $ -- $ -- $ --
============ ============== ============= ============= =============
$ -- $ -- $ -- $ -- $ --
============ ============== ============= ============= =============
</TABLE>
10
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
Six Months Ended June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
EQ/ALLIANCE
ALLIANCE PREMIER ALLIANCE
MONEY MARKET GROWTH QUALITY BOND
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- -------------- ----------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends+ .................................................. $ -- $ 3,778,787 $ --
Interest .................................................... 42,130,256 1,000,123 16,873,269
Securities lending--net ..................................... -- 143,638 128,975
----------- ------------ -------------
Total income ............................................... 42,130,256 4,922,548 17,002,244
----------- ------------ -------------
Expenses (Notes 1, 2, 3, 4, 5 and 7):
Investment management fee ................................... 2,304,461 4,713,478 1,247,906
Administrative fees ......................................... 135,030 112,023 37,127
Custodian fees .............................................. 17,039 19,893 37,320
Distribution fees--Class IB ................................. 640,625 1,264,474 2,985
Printing and mailing expenses ............................... 100,946 31,944 23,162
Professional fees ........................................... 25,795 9,298 6,609
Interest expense on loans ................................... -- -- --
Trustees' fees .............................................. 6,791 2,197 1,371
Amortization of deferred organizational expense ............. -- -- --
Miscellaneous ............................................... 4,866 45,566 1,307
----------- ------------ -------------
Gross expenses ............................................. 3,235,553 6,198,873 1,357,787
----------- ------------ -------------
Waivers and reimbursements: (Note 6)
Waiver of investment management fee ......................... -- (198,075) --
Reimbursement from investment manager ....................... -- -- --
----------- ------------ -------------
Total waivers and reimbursements ........................... -- (198,075) --
----------- ------------ -------------
Net expenses ................................................ 3,235,553 6,000,798 1,357,787
----------- ------------ -------------
NET INVESTMENT INCOME (LOSS) .................................. 38,894,703 (1,078,250) 15,644,457
----------- ------------ -------------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Realized Gain (Loss) on:
Securities .................................................. 131,306 23,822,855 (11,577,209)
Swap agreements ............................................. -- -- --
Options written ............................................. -- -- --
Foreign currency transactions ............................... -- -- --
Short sales ................................................. -- -- --
Futures contracts ........................................... -- -- --
----------- ------------ -------------
Realized gain (loss)--net .................................... 131,306 23,822,855 (11,577,209)
----------- ------------ -------------
Change in Unrealized Appreciation (Depreciation) on:
Securities .................................................. 29,822 43,012,452 14,882,512
Swap agreements ............................................. -- -- --
Options written ............................................. -- -- --
Foreign currency translations ............................... -- -- --
Short sales ................................................. -- -- --
Futures contracts ........................................... -- -- --
----------- ------------ -------------
Unrealized appreciation (depreciation)--net .................. 29,822 43,012,452 14,882,512
----------- ------------ -------------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ...................... 161,128 66,835,307 3,305,303
----------- ------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ......... $39,055,831 $ 65,757,057 $ 18,949,760
=========== ============ =============
*Foreign taxes withheld on dividends .......................... $ -- $ -- $ --
=========== ============ =============
*Foreign taxes withheld on interest ........................... $ -- $ -- $ --
=========== ============ =============
+From affiliated companies .................................... $ -- $ -- $ --
=========== ============ =============
</TABLE>
---------
** For the period from May 1, 2000 to June 30, 2000.
See Notes to Financial Statements.
11
<PAGE>
<TABLE>
<CAPTION>
BT
ALLIANCE BT BT SMALL CALVERT CAPITAL CAPITAL
SMALL CAP EQ/ALLIANCE EQUITY 500 INTERNATIONAL COMPANY SOCIALLY GUARDIAN GUARDIAN
GROWTH TECHNOLOGY INDEX EQUITY INDEX INDEX RESPONSIBLE INTERNATIONAL RESEARCH
PORTFOLIO PORTFOLIO** PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ------------- ---------------- --------------- ------------- ------------- --------------- --------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 236,769 $ 3,787 $ 4,259,899 $ 917,949 $ 378,681 $ 8,018 $ 592,345 $ 265,417
1,156,918 86,641 419,071 330,032 53,067 4,147 221,886 60,410
-- -- 20,178 15,523 27,782 -- 5,952 4,093
------------ --------- ------------ ------------ ---------- --------- ------------ ----------
1,393,687 90,428 4,699,148 1,263,504 459,530 12,165 820,183 329,920
------------ --------- ------------ ------------ ---------- --------- ------------ ----------
2,371,132 55,608 946,842 195,608 89,192 8,936 329,482 150,511
67,082 6,708 95,121 68,547 69,737 17,174 35,070 25,678
58,081 1,542 24,780 120,512 67,391 3,514 42,216 9,351
287,184 12,136 946,753 134,183 89,192 3,418 104,290 57,889
16,617 1,946 42,913 6,185 3,121 -- 3,249 2,147
11,908 587 13,809 2,585 1,901 873 1,748 1,430
-- -- -- -- -- -- -- --
231 137 3,003 512 265 11 233 147
-- -- 3,135 3,135 3,135 -- -- --
1,392 -- 75,641 21,021 -- 60 -- 71
------------ --------- ------------ ------------ ---------- --------- ------------ ----------
2,813,627 78,664 2,151,997 552,288 323,934 33,986 516,288 247,224
------------ --------- ------------ ------------ ---------- --------- ------------ ----------
-- (10,666) -- -- (57,279) (8,936) (16,032) (27,048)
-- -- -- -- -- (10,668) -- --
------------ --------- ------------ ------------ ---------- --------- ------------ ----------
-- (10,666) -- -- (57,279) (19,604) (16,032) (27,048)
------------ --------- ------------ ------------ ---------- --------- ------------ ----------
2,813,627 67,998 2,151,997 552,288 266,655 14,382 500,256 220,176
------------ --------- ------------ ------------ ---------- --------- ------------ ----------
(1,419,940) 22,430 2,547,151 711,216 192,875 (2,217) 319,927 109,744
------------ --------- ------------ ------------ ---------- --------- ------------ ----------
68,722,539 45,341 86,523 56,872 1,668,824 951 1,439,460 672,113
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- (598,213) -- -- (214,838) --
-- -- -- -- -- -- -- --
-- -- (321,436) (306,195) 14,615 -- -- --
------------ --------- ------------ ------------ ---------- --------- ------------ ----------
68,722,539 45,341 (234,913) (847,536) 1,683,439 951 1,224,622 672,113
------------ --------- ------------ ------------ ---------- --------- ------------ ----------
81,026,737 368,347 (3,487,193) (5,385,408) (859,089) 109,603 (2,746,569) 2,243,186
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- 36,784 2,200 -- 163,926 377
-- -- -- -- -- -- -- --
-- -- (217,060) (745,212) (30,652) -- -- --
------------ --------- ------------ ------------ ---------- --------- ------------ ----------
81,026,737 368,347 (3,704,253) (6,093,836) (887,541) 109,603 (2,582,643) 2,243,563
------------ --------- ------------ ------------ ---------- --------- ------------ ----------
149,749,276 413,688 (3,939,166) (6,941,372) 795,898 110,554 (1,358,021) 2,915,676
------------ --------- ------------ ------------ ---------- --------- ------------ ----------
$148,329,336 $ 436,118 $ (1,392,015) $ (6,230,156) $ 988,773 $ 108,337 $ (1,038,094) $3,025,420
============ ========= ============ ============ ========== ========= ============ ==========
$ -- $ -- $ -- $ 125,531 $ -- $ -- $ 75,340 $ --
============ ========= ============ ============ ========== ========= ============ ==========
$ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
============ ========= ============ ============ ========== ========= ============ ==========
$ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
============ ========= ============ ============ ========== ========= ============ ==========
</TABLE>
12
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
Six Months Ended June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
CAPITAL
GUARDIAN EQ/EVERGREEN
U.S. EQUITY EQ/EVERGREEN FOUNDATION
PORTFOLIO PORTFOLIO PORTFOLIO
------------- -------------- -------------
<S> <C> <C> <C>
Investment Income:
Income* (Note 1):
Dividends+ .................................................. $ 562,191 $ 22,882 $ 32,441
Interest .................................................... 151,152 18,162 115,157
Securities lending--net ..................................... 3,780 227 1,677
---------- ---------- ----------
Total income ............................................... 717,123 41,271 149,275
---------- ---------- ----------
Expenses (Notes 1, 2, 3, 4, 5 and 7):
Investment management fee ................................... 292,727 22,255 35,723
Administrative fees ......................................... 33,966 17,374 18,448
Custodian fees .............................................. 12,015 8,973 11,177
Distribution fees--Class IB ................................. 112,587 7,831 14,446
Printing and mailing expenses ............................... 3,651 -- 561
Professional fees ........................................... 2,030 456 992
Interest expense on loans ................................... -- -- --
Trustees' fees .............................................. 293 21 38
Amortization of deferred organizational expense ............. -- -- --
Miscellaneous ............................................... 143 -- --
---------- ---------- ----------
Gross expenses ............................................. 457,412 56,910 81,385
---------- ---------- ----------
Waivers and reimbursements: (Note 6)
Waiver of investment management fee ......................... (29,294) (22,255) (26,511)
Reimbursement from investment manager ....................... -- (3,779) --
---------- ---------- ----------
Total waivers and reimbursements ........................... (29,294) (26,034) (26,511)
---------- ---------- ----------
Net expenses ................................................ 428,118 30,876 54,874
---------- ---------- ----------
NET INVESTMENT INCOME (LOSS) .................................. 289,005 10,395 94,401
---------- ---------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Realized Gain (Loss) on:
Securities .................................................. 958,418 (194,625) (267,789)
Swap agreements ............................................. -- -- --
Options written ............................................. -- -- --
Foreign currency transactions ............................... -- -- --
Short sales ................................................. -- -- --
Futures contracts ........................................... -- -- --
---------- ---------- ----------
Realized gain (loss)--net .................................... 958,418 (194,625) (267,789)
---------- ---------- ----------
Change in Unrealized Appreciation (Depreciation) on:
Securities .................................................. 1,611,240 48,317 130,398
Swap agreements ............................................. -- -- --
Options written ............................................. -- -- --
Foreign currency translations ............................... -- -- --
Short sales ................................................. -- -- --
Futures contracts ........................................... -- -- --
---------- ---------- ----------
Unrealized appreciation (depreciation)--net .................. 1,611,240 48,317 130,398
---------- ---------- ----------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ...................... 2,569,658 (146,308) (137,391)
---------- ---------- ----------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ......... $2,858,663 $ (135,913) $ (42,990)
========== ========== ==========
*Foreign taxes withheld on dividends .......................... $ -- $ -- $ --
========== ========== ==========
*Foreign taxes withheld on interest. .......................... $ -- $ -- $ --
========== ========== ==========
+From affiliated companies .................................... $ -- $ -- $ --
========== ========== ==========
</TABLE>
---------
** For the period from May 1, 2000 to June 30, 2000.
See Notes to Financial Statements.
13
<PAGE>
<TABLE>
<CAPTION>
LAZARD LAZARD MERCURY MERCURY MFS MFS
J.P. MORGAN LARGE CAP SMALL CAP BASIC VALUE WORLD EMERGING GROWTH GROWTH WITH MFS
CORE BOND VALUE VALUE EQUITY STRATEGY COMPANIES INCOME RESEARCH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- ------------- ---------------- --------------- ----------------- ------------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ -- $ 1,160,290 $ 484,437 $ 3,193,323 $ 192,467 $ 1,428,292 $ 759,488 $ 2,416,945
5,748,469 162,616 121,295 725,712 255,087 7,686,560 280,902 923,967
38,385 14,910 6,115 48,602 5,557 399,003 4,833 103,296
------------ ------------ ---------- ------------- ------------ -------------- ---------- -------------
5,786,854 1,337,816 611,847 3,967,637 453,111 9,513,855 1,045,223 3,444,208
------------ ------------ ---------- ------------- ------------ -------------- ---------- -------------
383,229 390,970 315,104 898,229 134,252 6,216,521 405,784 2,217,136
53,021 46,998 34,925 45,932 30,991 212,764 45,134 86,906
15,251 7,396 12,847 11,962 16,044 52,099 32,938 53,708
212,905 177,619 100,762 395,244 47,947 2,615,506 178,060 946,461
-- 8,377 3,949 18,851 2,243 107,818 7,463 43,019
3,623 3,210 2,128 6,143 1,471 31,266 2,850 12,979
-- -- -- -- -- -- 1,174 --
699 589 320 1,500 244 7,650 516 3,204
3,135 3,135 3,135 3,135 3,135 3,135 -- 3,135
9,405 37,308 -- 20,321 -- 428,356 238 44,832
------------ ------------ ---------- ------------- ------------ -------------- ---------- -------------
681,268 675,602 473,170 1,401,317 236,327 9,675,115 674,157 3,411,380
------------ ------------ ---------- ------------- ------------ -------------- ---------- -------------
-- -- (5,247) -- (6,407) -- (32,818) (58,584)
-- -- -- -- -- -- -- --
------------ ------------ ---------- ------------- ------------ -------------- ---------- -------------
-- -- (5,247) -- (6,407) -- (32,818) (58,584)
------------ ------------ ---------- ------------- ------------ -------------- ---------- -------------
681,268 675,602 467,923 1,401,317 229,920 9,675,115 641,339 3,352,796
------------ ------------ ---------- ------------- ------------ -------------- ---------- -------------
5,105,586 662,214 143,924 2,566,320 223,191 (161,260) 403,884 91,412
------------ ------------ ---------- ------------- ------------ -------------- ---------- -------------
(2,333,828) (2,005,431) 788,907 14,768,465 857,216 188,445,289 (57,981) 62,613,226
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- (235,429) (138,531) (23,388) (45,118)
-- -- -- -- -- -- -- --
441,694 -- -- -- -- -- -- --
------------ ------------ ---------- ------------- ------------ -------------- ---------- -------------
(1,892,134) (2,005,431) 788,907 14,768,465 621,787 188,306,758 (81,369) 62,568,108
------------ ------------ ---------- ------------- ------------ -------------- ---------- -------------
3,366,436 (4,127,787) 3,676,565 (16,497,001) (1,563,427) (255,622,770) 2,421,924 (16,988,633)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
(32,504) -- -- -- (21,519) (8,785) 518 802
-- -- -- -- -- -- -- --
(56,188) -- -- -- -- -- -- --
------------ ------------ ---------- ------------- ------------ -------------- ---------- -------------
3,277,744 (4,127,787) 3,676,565 (16,497,001) (1,584,946) (255,631,555) 2,422,442 (16,987,831)
------------ ------------ ---------- ------------- ------------ -------------- ---------- -------------
1,385,610 (6,133,218) 4,465,472 (1,728,536) (963,159) (67,324,797) 2,341,073 45,580,277
------------ ------------ ---------- ------------- ------------ -------------- ---------- -------------
$ 6,491,196 $ (5,471,004) $4,609,396 $ 837,784 $ (739,968) $ (67,486,057) $2,744,957 $ 45,671,689
============ ============ ========== ============= ============ ============== ========== =============
$ -- $ -- $ -- $ -- $ 18,565 $ 38,058 $ 5,338 $ 24,197
============ ============ ========== ============= ============ ============== ========== =============
$ -- $ -- $ -- $ -- $ 74 $ -- $ -- $ --
============ ============ ========== ============= ============ ============== ========== =============
$ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
============ ============ ========== ============= ============ ============== ========== =============
</TABLE>
14
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
Six Months Ended June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
MORGAN STANLEY
EMERGING EQ/PUTNAM
MARKETS EQ/PUTNAM GROWTH & INCOME
EQUITY BALANCED VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
----------------- --------------- ----------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends+ .................................................. $ 1,269,471 $ 725,274 $ 4,539,331
Interest .................................................... 201,582 1,278,025 494,404
Securities lending--net ..................................... 5,033 5,078 12,315
------------- ------------ -------------
Total income ............................................... 1,476,086 2,008,377 5,046,050
------------- ------------ -------------
Expenses (Notes 1, 2, 3, 4, 5 and 7):
Investment management fee ................................... 1,611,430 275,218 1,447,267
Administrative fees ......................................... 48,981 30,800 63,764
Custodian fees .............................................. 481,512 31,219 19,143
Distribution fees--Class IB ................................. 350,311 121,412 638,147
Printing and mailing expenses ............................... 12,055 6,471 33,928
Professional fees ........................................... 5,797 2,703 10,548
Interest expense on loans ................................... -- -- --
Trustees' fees .............................................. 834 517 2,631
Amortization of deferred organizational expense ............. 3,135 3,135 3,135
Miscellaneous ............................................... 2,564 512 37,062
------------- ------------ -------------
Gross expenses ............................................. 2,516,619 471,987 2,255,625
------------- ------------ -------------
Waivers and reimbursements: (Note 6)
Waiver of investment management fee ......................... (71,898) (37,562) --
Reimbursement from investment manager ....................... -- -- --
------------- ------------ -------------
Total waivers and reimbursements ........................... (71,898) (37,562) --
------------- ------------ -------------
Net expenses ................................................ 2,444,721 434,425 2,255,625
------------- ------------ -------------
NET INVESTMENT INCOME (LOSS) .................................. (968,635) 1,573,952 2,790,425
------------- ------------ -------------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Realized Gain (Loss) on:
Securities .................................................. 21,599,488 (2,016,532) (37,929,165)
Swap agreements ............................................. -- -- --
Options written ............................................. -- -- --
Foreign currency transactions ............................... (421,329) -- --
Short sales. ................................................ -- (2,678) --
Futures contracts ........................................... -- -- --
------------- ------------ -------------
Realized gain (loss)--net .................................... 21,178,159 (2,019,210) (37,929,165)
------------- ------------ -------------
Change in Unrealized Appreciation (Depreciation) on:
Securities .................................................. (42,782,390) (699,116) 24,696,178
Swap agreements ............................................. -- -- --
Options written ............................................. -- -- --
Foreign currency translations ............................... 56,090 -- --
Short sales. ................................................ -- -- --
Futures contracts ........................................... -- -- --
------------- ------------ -------------
Unrealized appreciation (depreciation)--net .................. (42,726,300) (699,116) 24,696,178
------------- ------------ -------------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ...................... (21,548,141) (2,718,326) (13,232,987)
------------- ------------ -------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ......... $ (22,516,776) $ (1,144,374) $ (10,442,562)
============= ============ =============
*Foreign taxes withheld on dividends. ......................... $ 58,202 $ -- $ --
============= ============ =============
*Foreign taxes withheld on interest. .......................... $ -- $ -- $ --
============= ============ =============
+From affiliated companies .................................... $ -- $ -- $ --
============= ============ =============
</TABLE>
---------
** For the period from May 1, 2000 to June 30, 2000.
See Notes to Financial Statements.
15
<PAGE>
<TABLE>
<CAPTION>
EQ/PUTNAM EQ/PUTNAM T. ROWE PRICE WARBURG PINCUS
INTERNATIONAL INVESTORS T. ROWE PRICE INTERNATIONAL SMALL COMPANY
EQUITY GROWTH EQUITY INCOME STOCK VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ---------------- --------------- ----------------- -----------------
<S> <C> <C> <C> <C>
$ 4,934,849 $ 1,015,890 $ 3,366,929 $ 1,505,402 $ 1,241,510
565,770 327,194 287,927 244,527 251,316
56,203 22,312 16,376 15,834 6,039
------------- ------------- ------------- ------------- -------------
5,556,822 1,365,396 3,671,232 1,765,763 1,498,865
------------- ------------- ------------- ------------- -------------
1,244,442 1,166,384 701,170 906,869 437,220
62,620 71,158 42,854 57,644 25,206
172,308 25,078 15,325 101,987 17,254
413,990 498,955 304,783 289,084 165,040
18,657 23,996 24,013 13,412 9,426
6,230 7,685 5,794 4,658 3,545
-- -- -- -- --
1,240 2,318 1,268 985 720
3,135 3,135 3,135 3,135 3,135
89,079 96,731 19,022 25,225 28,889
------------- ------------- ------------- ------------- -------------
2,011,701 1,895,440 1,117,364 1,402,999 690,435
------------- ------------- ------------- ------------- -------------
-- -- (28,523) -- --
-- -- -- -- --
------------- ------------- ------------- ------------- -------------
-- -- (28,523) -- --
------------- ------------- ------------- ------------- -------------
2,011,701 1,895,440 1,088,841 1,402,999 690,435
------------- ------------- ------------- ------------- -------------
3,545,121 (530,044) 2,582,391 362,764 808,430
------------- ------------- ------------- ------------- -------------
44,780,615 4,688,568 7,689,929 5,716,116 (6,834,547)
-- -- -- -- --
-- -- -- -- --
(54,838) -- (1,943) (321,975) --
-- -- -- -- --
-- -- -- -- --
------------- ------------- ------------- ------------- -------------
44,725,777 4,688,568 7,687,986 5,394,141 (6,834,547)
------------- ------------- ------------- ------------- -------------
(47,414,910) (12,654,149) (19,421,939) (16,192,486) (4,458,346)
-- -- -- -- --
-- -- -- -- --
(9,126) -- 2,311 42,642 --
-- -- -- -- --
-- -- -- -- --
------------- ------------- ------------- ------------- -------------
(47,424,036) (12,654,149) (19,419,628) (16,149,844) (4,458,346)
------------- ------------- ------------- ------------- -------------
(2,698,259) (7,965,581) (11,731,642) (10,755,703) (11,292,893)
------------- ------------- ------------- ------------- -------------
$ 846,862 $ (8,495,625) $ (9,149,251) $ (10,392,939) $ (10,484,463)
============= ============= ============= ============= =============
$ 300,327 $ -- $ 4,120 $ 186,731 $ --
============= ============= ============= ============= =============
$ -- $ -- $ -- $ -- $ --
============= ============= ============= ============= =============
$ -- $ -- $ -- $ -- $ --
============= ============= ============= ============= =============
</TABLE>
16
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQ/AGGRESSIVE STOCK PORTFOLIO
--------------------------------------
SIX MONTHS
ENDED
JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999
------------------ -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 2,870,281 $ 13,437,482
Realized gain (loss)--net ........................................... (101,288,387) 457,973,529
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ (86,767,746) 272,418,799
-------------- -----------------
Net increase (decrease) in net assets from operations ............... (185,185,852) 743,829,810
-------------- -----------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- (13,170,303)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. (189,806,302) (256,788,478)
Return of capital distributions .................................... -- --
-------------- -----------------
Total Class IA dividends and distributions .......................... (189,806,302) (269,958,781)
-------------- -----------------
Class IB:
Dividends from net investment income ............................... -- (271,664)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. (13,500,243) (14,096,388)
Return of capital distributions .................................... -- --
-------------- -----------------
Total Class IB dividends and distributions .......................... (13,500,243) (14,368,052)
-------------- -----------------
Decrease in net assets from dividends and distributions ............. (203,306,545) (284,326,833)
-------------- -----------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ 294,118,985 708,009,226
Shares issued in reinvestment of dividends and distributions ....... 189,806,302 269,958,781
Shares redeemed .................................................... (609,253,222) (1,395,167,138)
-------------- -----------------
Total Class IA transactions ......................................... (125,327,935) (417,199,131)
-------------- -----------------
Class IB:
Shares sold ........................................................ 346,004,579 180,597,567
Shares issued in reinvestment of dividends and distributions ....... 13,500,243 14,368,052
Shares redeemed .................................................... (300,791,252) (135,815,708)
-------------- -----------------
Total Class IB transactions ......................................... 58,713,570 59,149,911
-------------- -----------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... (66,614,365) (358,049,220)
-------------- -----------------
INCREASE (DECREASE) IN NET ASSETS .................................... (455,106,762) 101,453,757
NET ASSETS, BEGINNING OF PERIOD ...................................... 4,602,142,792 4,500,689,035
-------------- -----------------
NET ASSETS, END OF PERIOD ............................................ $4,147,036,030 $ 4,602,142,792
============== =================
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 2,688,186 $ (182,095)
============== =================
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ 8,070,965 19,861,102
Shares issued in reinvestment of dividends and distributions ....... 5,483,685 7,335,998
Shares redeemed .................................................... (16,692,669) (39,547,878)
-------------- -----------------
Total Class IA transactions ......................................... (3,138,019) (12,350,778)
============== =================
Class IB:
Shares sold ........................................................ 9,612,324 5,021,046
Shares issued in reinvestment of dividends and distributions ....... 392,436 392,149
Shares redeemed .................................................... (8,354,089) (3,767,820)
-------------- -----------------
Total Class IB transactions ......................................... 1,650,671 1,645,375
============== =================
<CAPTION>
EQ/BALANCED PORTFOLIO
-------------------------------------
SIX MONTHS
ENDED
JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999
------------------ ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 32,050,950 $ 53,439,890
Realized gain (loss)--net ........................................... 224,261,143 223,526,100
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ (221,820,446) 55,310,810
-------------- --------------
Net increase (decrease) in net assets from operations ............... 34,491,647 332,276,800
-------------- --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... (1,283,783) (55,824,700)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. (43,754,727) (196,695,608)
Return of capital distributions .................................... -- --
-------------- --------------
Total Class IA dividends and distributions .......................... (45,038,510) (252,520,308)
-------------- --------------
Class IB:
Dividends from net investment income ............................... (14,579) (261,879)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. (496,888) (954,216)
Return of capital distributions .................................... -- --
-------------- --------------
Total Class IB dividends and distributions .......................... (511,467) (1,216,095)
-------------- --------------
Decrease in net assets from dividends and distributions ............. (45,549,977) (253,736,403)
-------------- --------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ 24,730,170 63,089,639
Shares issued in reinvestment of dividends and distributions ....... 45,038,510 252,520,308
Shares redeemed .................................................... (122,744,158) (204,349,216)
-------------- --------------
Total Class IA transactions ......................................... (52,975,478) 111,260,731
-------------- --------------
Class IB:
Shares sold ........................................................ 14,877,139 11,131,132
Shares issued in reinvestment of dividends and distributions ....... 511,467 1,216,095
Shares redeemed .................................................... (1,195,685) (1,574,158)
-------------- --------------
Total Class IB transactions ......................................... 14,192,921 10,773,069
-------------- --------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... (38,782,557) 122,033,800
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS .................................... (49,840,887) 200,574,197
NET ASSETS, BEGINNING OF PERIOD ...................................... 2,137,013,858 1,936,439,661
-------------- --------------
NET ASSETS, END OF PERIOD ............................................ $2,087,172,971 $2,137,013,858
============== ==============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 31,036,216 $ 283,628
============== ==============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ 1,280,967 3,261,822
Shares issued in reinvestment of dividends and distributions ....... 2,363,477 13,389,604
Shares redeemed .................................................... (6,365,703) (10,449,503)
-------------- --------------
Total Class IA transactions ......................................... (2,721,259) 6,201,923
============== ==============
Class IB:
Shares sold ........................................................ 777,509 575,349
Shares issued in reinvestment of dividends and distributions ....... 26,925 64,639
Shares redeemed .................................................... (62,083) (81,722)
-------------- --------------
Total Class IB transactions ......................................... 742,351 558,266
============== ==============
</TABLE>
---------
* Commencement of Operations
See Notes to Financial Statements.
17
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
COMMON STOCK PORTFOLIO CONSERVATIVE INVESTORS PORTFOLIO
--------------------------------------- ------------------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, 2000 YEAR ENDED JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
------------------- ------------------- ---------------- -------------------
<S> <C> <C> <C>
$ 53,967,424 $ 91,069,420 $ 10,259,812 $ 15,867,464
1,462,641,897 2,936,775,694 3,366,292 19,264,300
(1,888,191,249) 286,919,858 (2,665,569) 7,251,542
---------------- ---------------- ------------- -------------
(371,581,928) 3,314,764,972 10,960,535 42,383,306
---------------- ---------------- ------------- -------------
(5,293,863) (80,106,579) -- (12,999,537)
-- -- -- --
(684,054,382) (1,979,105,937) (1,818,144) (16,328,304)
-- -- -- --
---------------- ---------------- ------------- -------------
(689,348,245) (2,059,212,516) (1,818,144) (29,327,841)
---------------- ---------------- ------------- -------------
(748,668) (7,239,712) -- (2,568,309)
-- -- -- --
(96,740,269) (215,594,702) (556,566) (3,241,687)
-- -- -- --
---------------- ---------------- ------------- -------------
(97,488,937) (222,834,414) (556,566) (5,809,996)
---------------- ---------------- ------------- -------------
(786,837,182) (2,282,046,930) (2,374,710) (35,137,837)
---------------- ---------------- ------------- -------------
328,742,130 1,123,801,150 16,562,025 39,408,737
689,348,245 2,059,212,516 1,818,144 29,327,841
(1,000,608,964) (1,266,364,534) (26,716,131) (36,860,029)
---------------- ---------------- ------------- -------------
17,481,411 1,916,649,132 (8,335,962) 31,876,549
---------------- ---------------- ------------- -------------
386,796,564 544,558,155 38,125,217 45,581,999
97,488,937 222,834,414 556,566 5,809,996
(8,782,915) (19,319,264) (1,472,991) (2,564,620)
---------------- ---------------- ------------- -------------
475,502,586 748,073,305 37,208,792 48,827,375
---------------- ---------------- ------------- -------------
492,983,997 2,664,722,437 28,872,830 80,703,924
---------------- ---------------- ------------- -------------
(665,435,113) 3,697,440,479 37,458,655 87,949,393
16,593,561,297 12,896,120,818 476,043,432 388,094,039
---------------- ---------------- ------------- -------------
$ 15,928,126,184 $ 16,593,561,297 $ 513,502,087 $ 476,043,432
================ ================ ============= =============
$ 53,190,333 $ 5,265,440 $ 10,244,393 $ (15,419)
================ ================ ============= =============
12,750,774 42,143,272 1,306,834 3,115,590
28,153,739 81,095,409 142,601 2,363,445
(38,772,043) (47,138,027) (2,105,690) (2,898,424)
---------------- ---------------- ------------- -------------
2,132,470 76,100,654 (656,255) 2,580,611
================ ================ ============= =============
15,094,994 20,618,840 3,023,750 3,596,423
4,005,599 8,815,722 43,847 469,813
(340,671) (729,960) (116,812) (201,084)
---------------- ---------------- ------------- -------------
18,759,922 28,704,602 2,950,785 3,865,152
================ ================ ============= =============
<CAPTION>
ALLIANCE ALLIANCE
EQUITY INDEX PORTFOLIO GLOBAL PORTFOLIO
-------------------------------------- -------------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JUNE 30, 2000 JUNE 30, 2000 YEAR ENDED JUNE 30, 2000 YEAR ENDED
(UNAUDITED) (UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
------------------- ------------------ ------------------- ------------------ ------------------
<S> <C> <C> <C> <C>
$ 53,967,424 $ 10,682,970 $ 23,166,655 $ 1,250,842 $ 6,972,476
1,462,641,897 97,907,679 6,116,311 42,218,884 203,507,158
(1,888,191,249) (133,893,849) 388,009,109 (49,643,768) 337,602,949
---------------- -------------- -------------- -------------- --------------
(371,581,928) (25,303,200) 417,292,075 (6,174,042) 548,082,583
---------------- -------------- -------------- -------------- --------------
(5,293,863) -- (23,627,043) (2,994,714) (1,454,359)
-- -- -- -- --
(684,054,382) (1,056,769) (19,451,589) (107,068,757) (115,123,239)
-- -- -- -- --
---------------- -------------- -------------- -------------- --------------
(689,348,245) (1,056,769) (43,078,632) (110,063,471) (116,577,598)
---------------- -------------- -------------- -------------- --------------
(748,668) -- (153,610) (285,369) --
-- -- -- -- --
(96,740,269) (26,750) (79,099) (10,202,687) (6,554,424)
-- -- -- -- --
---------------- -------------- -------------- -------------- --------------
(97,488,937) (26,750) (232,709) (10,488,056) (6,554,424)
---------------- -------------- -------------- -------------- --------------
(786,837,182) (1,083,519) (43,311,341) (120,551,527) (123,132,022)
---------------- -------------- -------------- -------------- --------------
328,742,130 576,783,202 1,407,997,155 703,407,436 569,586,002
689,348,245 1,056,769 43,078,632 110,063,471 116,577,598
(1,000,608,964) (768,178,210) (894,990,900) (657,165,877) (582,276,287)
---------------- -------------- -------------- -------------- --------------
17,481,411 (190,338,239) 556,084,887 156,305,030 103,887,313
---------------- -------------- -------------- -------------- --------------
386,796,564 49,724,018 21,731,777 226,519,949 110,041,272
97,488,937 26,750 232,709 10,488,056 6,554,424
(8,782,915) (8,369,994) (2,915,656) (161,697,287) (63,399,721)
---------------- -------------- -------------- -------------- --------------
475,502,586 41,380,774 19,048,830 75,310,718 53,195,975
---------------- -------------- -------------- -------------- --------------
492,983,997 (148,957,465) 575,133,717 231,615,748 157,083,288
---------------- -------------- -------------- -------------- --------------
(665,435,113) (175,344,184) 949,114,451 104,890,179 582,033,849
16,593,561,297 2,639,469,847 1,690,355,396 1,990,236,622 1,408,202,773
---------------- -------------- -------------- -------------- --------------
$ 15,928,126,184 $2,464,125,663 $2,639,469,847 $2,095,126,801 $1,990,236,622
================ ============== ============== ============== ==============
$ 53,190,333 $ 10,671,445 $ (11,525) $ (821,592) $ 1,207,650
================ ============== ============== ============== ==============
12,750,774 19,903,878 52,550,528 28,173,469 25,989,276
28,153,739 36,224 1,519,715 4,623,235 4,939,434
(38,772,043) (26,533,561) (33,137,891) (26,178,231) (26,542,724)
---------------- -------------- -------------- -------------- --------------
2,132,470 (6,593,459) 20,932,352 6,618,473 4,385,986
================ ============== ============== ============== ==============
15,094,994 1,724,476 792,127 9,162,173 4,911,122
4,005,599 921 8,152 443,108 277,863
(340,671) (288,120) (108,414) (6,491,280) (2,828,223)
---------------- -------------- -------------- -------------- --------------
18,759,922 1,437,277 691,865 3,114,001 2,360,762
================ ============== ============== ============== ==============
</TABLE>
18
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
ALLIANCE
GROWTH AND INCOME PORTFOLIO
--------------------------------------
SIX MONTHS
ENDED
JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999
------------------ -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 5,407,457 $ 3,600,899
Realized gain (loss)--net ........................................... 67,511,439 193,277,934
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ 18,218,900 17,426,950
-------------- --------------
Net increase (decrease) in net assets from operations ............... 91,137,796 214,305,783
-------------- --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... (486,219) (2,865,092)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. (52,771,860) (112,187,178)
Return of capital distributions .................................... -- --
-------------- --------------
Total Class IA dividends and distributions .......................... (53,258,079) (115,052,270)
-------------- --------------
Class IB:
Dividends from net investment income ............................... (131,460) (379,734)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. (14,268,050) (23,078,908)
Return of capital distributions .................................... -- --
-------------- --------------
Total Class IB dividends and distributions .......................... (14,399,510) (23,458,642)
-------------- --------------
Decrease in net assets from dividends and distributions ............. (67,657,589) (138,510,912)
-------------- --------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ 221,676,258 231,094,714
Shares issued in reinvestment of dividends and distributions ....... 53,258,079 115,052,270
Shares redeemed .................................................... (213,547,038) (49,837,947)
-------------- --------------
Total Class IA transactions ......................................... 61,387,299 296,309,037
-------------- --------------
Class IB:
Shares sold ........................................................ 80,595,751 110,650,168
Shares issued in reinvestment of dividends and distributions ....... 14,399,510 23,458,642
Shares redeemed .................................................... (1,271,408) (1,233,068)
-------------- --------------
Total Class IB transactions ......................................... 93,723,853 132,875,742
-------------- --------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 155,111,152 429,184,779
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS .................................... 178,591,359 504,979,650
NET ASSETS, BEGINNING OF PERIOD ...................................... 1,503,281,710 998,302,060
-------------- --------------
NET ASSETS, END OF PERIOD ............................................ $1,681,873,069 $1,503,281,710
============== ==============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 5,326,868 $ 537,090
============== ==============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ 11,697,192 12,628,186
Shares issued in reinvestment of dividends and distributions ....... 2,875,071 6,486,015
Shares redeemed .................................................... (11,260,535) (2,704,614)
-------------- --------------
Total Class IA transactions ......................................... 3,311,728 16,409,587
============== ==============
Class IB:
Shares sold ........................................................ 4,378,711 6,034,182
Shares issued in reinvestment of dividends and distributions ....... 781,596 1,328,350
Shares redeemed .................................................... (68,206) (68,258)
-------------- --------------
Total Class IB transactions ......................................... 5,092,101 7,294,274
============== ==============
<CAPTION>
ALLIANCE
GROWTH INVESTORS PORTFOLIO
-------------------------------------
SIX MONTHS
ENDED
JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999
------------------ ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 24,683,720 $ 38,814,797
Realized gain (loss)--net ........................................... 82,582,255 243,360,744
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ (127,454,285) 277,463,523
-------------- --------------
Net increase (decrease) in net assets from operations ............... (20,188,310) 559,639,064
-------------- --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- (35,087,398)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. (24,188,927) (214,684,595)
Return of capital distributions .................................... -- --
-------------- --------------
Total Class IA dividends and distributions .......................... (24,188,927) (249,771,993)
-------------- --------------
Class IB:
Dividends from net investment income ............................... -- (2,456,114)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. (2,713,725) (16,901,936)
Return of capital distributions .................................... -- --
-------------- --------------
Total Class IB dividends and distributions .......................... (2,713,725) (19,358,050)
-------------- --------------
Decrease in net assets from dividends and distributions ............. (26,902,652) (269,130,043)
-------------- --------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ 66,148,763 135,696,919
Shares issued in reinvestment of dividends and distributions ....... 24,188,927 249,771,993
Shares redeemed .................................................... (56,443,580) (127,479,927)
-------------- --------------
Total Class IA transactions ......................................... 33,894,110 257,988,985
-------------- --------------
Class IB:
Shares sold ........................................................ 84,628,646 80,896,203
Shares issued in reinvestment of dividends and distributions ....... 2,713,725 19,358,050
Shares redeemed .................................................... (3,863,852) (5,216,147)
-------------- --------------
Total Class IB transactions ......................................... 83,478,519 95,038,106
-------------- --------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 117,372,629 353,027,091
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS .................................... 70,281,667 643,536,112
NET ASSETS, BEGINNING OF PERIOD ...................................... 2,698,636,631 2,055,100,519
-------------- --------------
NET ASSETS, END OF PERIOD ............................................ $2,768,918,298 $2,698,636,631
============== ==============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 24,400,483 $ (283,237)
============== ==============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ 2,940,131 6,330,723
Shares issued in reinvestment of dividends and distributions ....... 1,082,448 11,375,562
Shares redeemed .................................................... (2,521,972) (5,914,752)
-------------- --------------
Total Class IA transactions ......................................... 1,500,607 11,791,533
============== ==============
Class IB:
Shares sold ........................................................ 3,783,786 3,732,486
Shares issued in reinvestment of dividends and distributions ....... 121,932 884,077
Shares redeemed .................................................... (174,704) (242,918)
-------------- --------------
Total Class IB transactions ......................................... 3,731,014 4,373,645
============== ==============
</TABLE>
---------
* Commencement of Operations
See Notes to Financial Statements.
19
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE
ALLIANCE INTERMEDIATE GOVERNMENT
HIGH YIELD PORTFOLIO SECURITIES PORTFOLIO
------------------------------------- ------------------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, 2000 YEAR ENDED JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
----------------- ------------------- ---------------- -------------------
<S> <C> <C> <C>
$ 28,410,226 $ 62,027,275 $ 5,598,588 $ 10,311,927
(35,952,259) (68,199,495) (3,341,388) (6,121,078)
(962,675) (14,682,508) 3,149,659 (4,193,057)
------------- --------------- ------------- -------------
(8,504,708) (20,854,728) 5,406,859 (2,208)
------------- --------------- ------------- -------------
(434,663) (38,655,967) -- (8,054,118)
-- -- -- --
-- (375,496) -- --
-- (654,735) -- --
------------- --------------- ------------- -------------
(434,663) (39,686,198) -- (8,054,118)
------------- --------------- ------------- -------------
(340,681) (26,216,483) -- (2,282,495)
-- -- -- --
-- (230,184) -- --
-- (445,234) -- --
------------- --------------- ------------- -------------
(340,681) (26,891,901) -- (2,282,495)
------------- --------------- ------------- -------------
(775,344) (66,578,099) -- (10,336,613)
------------- --------------- ------------- -------------
32,746,735 72,642,115 12,700,366 46,098,812
434,663 39,686,198 -- 8,054,118
(63,431,472) (128,930,068) (27,899,310) (42,648,178)
------------- --------------- ------------- -------------
(30,250,074) (16,601,755) (15,198,944) 11,504,752
------------- --------------- ------------- -------------
22,422,631 54,456,660 13,893,590 21,897,949
340,681 26,891,901 -- 2,282,495
(11,752,977) (23,082,178) (3,699,012) (6,853,001)
------------- --------------- ------------- -------------
11,010,335 58,266,383 10,194,578 17,327,443
------------- --------------- ------------- -------------
(19,239,739) 41,664,628 (5,004,366) 28,832,195
------------- --------------- ------------- -------------
(28,519,791) (45,768,199) 402,493 18,493,374
566,582,220 612,350,419 202,774,540 184,281,166
------------- --------------- ------------- -------------
$ 538,062,429 $ 566,582,220 $ 203,177,033 $ 202,774,540
============= =============== ============= =============
$ 25,083,032 $ (2,551,850) $ 5,591,293 $ (7,295)
============= =============== ============= =============
4,429,793 8,460,267 1,372,559 4,788,562
59,591 5,325,846 -- 877,113
(8,608,167) (15,077,328) (3,019,782) (4,435,130)
------------- --------------- ------------- -------------
(4,118,783) (1,291,215) (1,647,223) 1,230,545
============= =============== ============= =============
3,063,356 6,401,525 1,506,170 2,283,355
46,959 3,624,796 -- 249,345
(1,601,450) (2,739,419) (400,915) (715,055)
------------- --------------- ------------- -------------
1,508,865 7,286,902 1,105,255 1,817,645
============= =============== ============= =============
<CAPTION>
ALLIANCE ALLIANCE
INTERNATIONAL PORTFOLIO MONEY MARKET PORTFOLIO
------------------------------------- ---------------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JUNE 30, 2000 JUNE 30, 2000 YEAR ENDED JUNE 30, 2000 YEAR ENDED
(UNAUDITED) (UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
----------------- ----------------- ------------------- ------------------- -------------------
<S> <C> <C> <C> <C>
$ 28,410,226 $ 367,973 $ 1,567,429 $ 38,894,703 $ 58,129,517
(35,952,259) 13,705,905 16,977,041 131,306 21,705
(962,675) (25,683,624) 65,090,803 29,822 (432,466)
------------- --------------- --------------- ----------------- -----------------
(8,504,708) (11,609,746) 83,635,273 39,055,831 57,718,756
------------- --------------- --------------- ----------------- -----------------
(434,663) (1,224,475) -- (196,737) (36,346,698)
-- -- -- -- --
-- (11,397,900) (4,610,764) -- (35,100)
-- -- -- -- --
------------- --------------- --------------- ----------------- -----------------
(434,663) (12,622,375) (4,610,764) (196,737) (36,381,798)
------------- --------------- --------------- ----------------- -----------------
(340,681) (130,366) -- (122,520) (21,445,581)
-- -- -- -- --
-- (1,213,494) (252,246) -- (20,756)
-- -- -- -- --
------------- --------------- --------------- ----------------- -----------------
(340,681) (1,343,860) (252,246) (122,520) (21,466,337)
------------- --------------- --------------- ----------------- -----------------
(775,344) (13,966,235) (4,863,010) (319,257) (57,848,135)
------------- --------------- --------------- ----------------- -----------------
32,746,735 948,821,604 766,712,476 1,308,134,636 1,792,363,589
434,663 12,622,375 4,610,764 196,737 36,381,798
(63,431,472) (917,404,498) (782,625,425) (1,365,334,989) (1,670,541,273)
------------- --------------- --------------- ----------------- -----------------
(30,250,074) 44,039,481 (11,302,185) (57,003,616) 158,204,114
------------- --------------- --------------- ----------------- -----------------
22,422,631 117,935,759 41,487,420 1,990,066,500 943,207,922
340,681 1,343,860 252,246 122,520 21,466,337
(11,752,977) (103,206,731) (34,002,372) (2,015,982,799) (789,078,018)
------------- --------------- --------------- ----------------- -----------------
11,010,335 16,072,888 7,737,294 (25,793,779) 175,596,241
------------- --------------- --------------- ----------------- -----------------
(19,239,739) 60,112,369 (3,564,891) (82,797,395) 333,800,355
------------- --------------- --------------- ----------------- -----------------
(28,519,791) 34,536,388 75,207,372 (44,060,821) 333,670,976
566,582,220 287,517,340 212,309,968 1,443,700,584 1,110,029,608
------------- --------------- --------------- ----------------- -----------------
$ 538,062,429 $ 322,053,728 $ 287,517,340 $ 1,399,639,763 $ 1,443,700,584
============= =============== =============== ================= =================
$ 25,083,032 $ (464,534) $ (522,334) $ 38,849,119 $ 273,673
============= =============== =============== ================= =================
4,429,793 64,893,532 63,658,279 125,228,876 171,262,736
59,591 918,444 315,319 18,619 3,544,389
(8,608,167) (62,277,881) (64,502,536) (130,755,225) (159,578,586)
------------- --------------- --------------- ----------------- -----------------
(4,118,783) 3,534,095 (528,938) (5,507,730) 15,228,539
============= =============== =============== ================= =================
3,063,356 8,089,945 3,256,563 191,117,596 89,900,709
46,959 98,237 17,319 11,651 2,098,671
(1,601,450) (7,010,395) (2,684,319) (193,714,564) (75,257,415)
------------- --------------- --------------- ----------------- -----------------
1,508,865 1,177,787 589,563 (2,585,317) 16,741,965
============= =============== =============== ================= =================
</TABLE>
20
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQ/ALLIANCE
PREMIER GROWTH PORTFOLIO
--------------------------------------
SIX MONTHS
ENDED MAY 1, 1999*
JUNE 30, 2000 TO
(UNAUDITED) DECEMBER 31, 1999
------------------ -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ (1,078,250) $ 247,158
Realized gain (loss)--net ........................................... 23,822,855 5,045,392
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ 43,012,452 46,997,572
-------------- ------------
Net increase (decrease) in net assets from operations ............... 65,757,057 52,290,122
-------------- ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- (34,034)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. (158,724) (63,205)
Return of capital distributions .................................... -- --
-------------- ------------
Total Class IA dividends and distributions .......................... (158,724) (97,239)
-------------- ------------
Class IB:
Dividends from net investment income ............................... -- (271,787)
Dividends in excess of net investment income ....................... -- (38)
Distributions from realized gains .................................. (4,221,555) (951,387)
Return of capital distributions .................................... -- --
-------------- ------------
Total Class IB dividends and distributions .......................... (4,221,555) (1,223,212)
-------------- ------------
Decrease in net assets from dividends and distributions ............. (4,380,279) (1,320,451)
-------------- ------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ 21,653,121 28,829,662
Shares issued in reinvestment of dividends and distributions ....... 158,724 97,239
Shares redeemed .................................................... (1,931,957) (2,970,425)
-------------- ------------
Total Class IA transactions ......................................... 19,879,888 25,956,476
-------------- ------------
Class IB:
Shares sold ........................................................ 899,180,007 404,273,973
Shares issued in reinvestment of dividends and distributions ....... 4,221,555 1,223,212
Shares redeemed .................................................... (71,624,861) (2,266,498)
-------------- ------------
Total Class IB transactions ......................................... 831,776,701 403,230,687
-------------- ------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 851,656,589 429,187,163
-------------- ------------
INCREASE (DECREASE) IN NET ASSETS .................................... 913,033,367 480,156,834
NET ASSETS, BEGINNING OF PERIOD ...................................... 480,156,834 --
-------------- ------------
NET ASSETS, END OF PERIOD ............................................ $1,393,190,201 $480,156,834
============== ============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ (1,078,288) $ (38)
============== ============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ 1,827,731 2,700,976
Shares issued in reinvestment of dividends and distributions ....... 12,915 8,537
Shares redeemed .................................................... (164,013) (280,563)
-------------- ------------
Total Class IA transactions ......................................... 1,676,633 2,428,950
============== ============
Class IB:
Shares sold ........................................................ 77,001,864 38,155,695
Shares issued in reinvestment of dividends and distributions ....... 344,336 107,488
Shares redeemed .................................................... (5,889,007) (220,495)
-------------- ------------
Total Class IB transactions ......................................... 71,457,193 38,042,688
============== ============
<CAPTION>
ALLIANCE
QUALITY BOND PORTFOLIO
-----------------------------------
SIX MONTHS
ENDED
JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999
---------------- ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 15,644,457 $ 18,992,962
Realized gain (loss)--net ........................................... (11,577,209) (8,816,272)
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ 14,882,512 (16,848,190)
------------- -------------
Net increase (decrease) in net assets from operations ............... 18,949,760 (6,671,500)
------------- -------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... (1,658,155) (17,589,221)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- (1,223,552)
Return of capital distributions .................................... -- --
------------- -------------
Total Class IA dividends and distributions .......................... (1,658,155) (18,812,773)
------------- -------------
Class IB:
Dividends from net investment income ............................... (12,016) (36,752)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- (732)
Return of capital distributions .................................... -- --
------------- -------------
Total Class IB dividends and distributions .......................... (12,016) (37,484)
------------- -------------
Decrease in net assets from dividends and distributions ............. (1,670,171) (18,850,257)
------------- -------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ 193,987,083 64,844,906
Shares issued in reinvestment of dividends and distributions ....... 1,658,155 18,812,773
Shares redeemed .................................................... (28,601,572) (50,704,739)
------------- -------------
Total Class IA transactions ......................................... 167,043,666 32,952,940
------------- -------------
Class IB:
Shares sold ........................................................ 2,950,404 1,273,740
Shares issued in reinvestment of dividends and distributions ....... 12,016 37,484
Shares redeemed .................................................... (178,917) (181,846)
------------- -------------
Total Class IB transactions ......................................... 2,783,503 1,129,378
------------- -------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 169,827,169 34,082,318
------------- -------------
INCREASE (DECREASE) IN NET ASSETS .................................... 187,106,758 8,560,561
NET ASSETS, BEGINNING OF PERIOD ...................................... 330,989,100 322,428,539
------------- -------------
NET ASSETS, END OF PERIOD ............................................ $ 518,095,858 $ 330,989,100
============= =============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 15,635,605 $ 1,661,319
============= =============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ 21,330,136 6,686,042
Shares issued in reinvestment of dividends and distributions ....... 177,163 2,058,365
Shares redeemed .................................................... (3,112,665) (5,287,253)
------------- -------------
Total Class IA transactions ......................................... 18,394,634 3,457,154
============= =============
Class IB:
Shares sold ........................................................ 320,244 133,981
Shares issued in reinvestment of dividends and distributions ....... 1,287 4,119
Shares redeemed .................................................... (19,542) (18,850)
------------- -------------
Total Class IB transactions ......................................... 301,989 119,250
============= =============
</TABLE>
---------
* Commencement of Operations
See Notes to Financial Statements.
21
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE EQ/ALLIANCE
SMALL CAP GROWTH PORTFOLIO TECHNOLOGY PORTFOLIO
--------------------------------------- ----------------------
SIX MONTHS
ENDED MAY 1, 2000* TO
JUNE 30, 2000 YEAR ENDED JUNE 30, 2000
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED)
------------------- ------------------- ----------------------
<S> <C> <C>
$ (1,419,940) $ (1,497,694) $ 22,430
68,722,539 10,726,801 45,341
81,026,737 82,375,695 368,347
----------------- --------------- ------------
148,329,336 91,604,802 436,118
----------------- --------------- ------------
-- -- --
-- -- --
-- -- --
-- -- --
----------------- --------------- ------------
-- -- --
----------------- --------------- ------------
-- -- --
-- -- --
-- -- --
-- -- --
----------------- --------------- ------------
-- -- --
----------------- --------------- ------------
-- -- --
----------------- --------------- ------------
1,147,110,110 906,605,851 1,033,500
-- -- --
(1,041,796,943) (921,047,579) --
----------------- --------------- ------------
105,313,167 (14,441,728) 1,033,500
----------------- --------------- ------------
253,130,659 68,620,966 82,573,426
-- -- --
(163,230,024) (53,068,271) (3,641,816)
----------------- --------------- ------------
89,900,635 15,552,695 78,931,610
----------------- --------------- ------------
195,213,802 1,110,967 79,965,110
----------------- --------------- ------------
343,543,138 92,715,769 80,401,228
403,330,114 310,614,345 --
----------------- --------------- ------------
$ 746,873,252 $ 403,330,114 $ 80,401,228
================= =============== ============
$ (1,422,232) $ (2,292) $ 22,430
================= =============== ============
66,418,265 76,802,715 900,000
-- -- --
(60,219,525) (77,625,170) --
----------------- --------------- ------------
6,198,740 (822,455) 900,000
================= =============== ============
14,679,653 5,672,727 8,229,664
-- -- --
(9,386,889) (4,394,816) (394,912)
----------------- --------------- ------------
5,292,764 1,277,911 7,834,752
================= =============== ============
<CAPTION>
BT EQUITY BT INTERNATIONAL
500 INDEX PORTFOLIO EQUITY INDEX PORTFOLIO
------------------------------------ ------------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JUNE 30, 2000 JUNE 30, 2000 YEAR ENDED JUNE 30, 2000 YEAR ENDED
(UNAUDITED) (UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
------------------- ---------------- ------------------- ----------------- ------------------
<S> <C> <C> <C> <C>
$ (1,419,940) $ 2,547,151 $ 3,630,391 $ 711,216 $ 638,528
68,722,539 (234,913) 1,401,474 (847,536) 2,327,113
81,026,737 (3,704,253) 81,778,484 (6,093,836) 16,001,254
----------------- ------------- ------------- --------------- --------------
148,329,336 (1,392,015) 86,810,349 (6,230,156) 18,966,895
----------------- ------------- ------------- --------------- --------------
-- -- -- (3,005) (30,859)
-- -- -- -- (3,694)
-- -- -- (54,823) (27,710)
-- -- -- -- --
----------------- ------------- ------------- --------------- --------------
-- -- -- (57,828) (62,263)
----------------- ------------- ------------- --------------- --------------
-- (28,664) (3,617,157) (70,110) (604,356)
-- -- -- -- (99,011)
-- (458,630) (1,711,901) (1,278,877) (694,040)
-- -- -- -- --
----------------- ------------- ------------- --------------- --------------
-- (487,294) (5,329,058) (1,348,987) (1,397,407)
----------------- ------------- ------------- --------------- --------------
-- (487,294) (5,329,058) (1,406,815) (1,459,670)
----------------- ------------- ------------- --------------- --------------
1,147,110,110 -- -- 3,608,559 3,707,696
-- -- -- 57,828 62,263
(1,041,796,943) -- -- (1,939,740) (1,526,927)
----------------- ------------- ------------- --------------- --------------
105,313,167 -- -- 1,726,647 2,243,032
----------------- ------------- ------------- --------------- --------------
253,130,659 186,055,230 405,084,011 142,136,909 84,105,060
-- 487,294 5,329,058 1,348,987 1,397,407
(163,230,024) (16,963,354) (32,597,511) (113,224,111) (55,852,892)
----------------- ------------- ------------- --------------- --------------
89,900,635 169,579,170 377,815,558 30,261,785 29,649,575
----------------- ------------- ------------- --------------- --------------
195,213,802 169,579,170 377,815,558 31,988,432 31,892,607
----------------- ------------- ------------- --------------- --------------
343,543,138 167,699,861 459,296,849 24,351,461 49,399,832
403,330,114 683,543,702 224,246,853 98,210,172 48,810,340
----------------- ------------- ------------- --------------- --------------
$ 746,873,252 $ 851,243,563 $ 683,543,702 $ 122,561,633 $ 98,210,172
================= ============= ============= =============== ==============
$ (1,422,232) $ 2,541,150 $ 22,663 $ 535,396 $ (102,705)
================= ============= ============= =============== ==============
66,418,265 -- -- 256,730 295,810
-- -- -- 4,197 4,409
(60,219,525) -- -- (137,990) (117,980)
----------------- ------------- ------------- --------------- --------------
6,198,740 -- -- 122,937 182,239
================= ============= ============= =============== ==============
14,679,653 12,848,294 30,053,374 10,139,329 6,505,900
-- 33,127 370,731 97,966 98,907
(9,386,889) (1,149,838) (2,403,412) (8,033,552) (4,300,653)
----------------- ------------- ------------- --------------- --------------
5,292,764 11,731,583 28,020,693 2,203,743 2,304,154
================= ============= ============= =============== ==============
</TABLE>
22
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
BT SMALL COMPANY INDEX PORTFOLIO
-----------------------------------
SIX MONTHS
ENDED
JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999
--------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 192,875 $ 464,930
Realized gain (loss)--net ........................................... 1,683,439 2,715,139
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ (887,541) 6,672,972
------------ --------------
Net increase (decrease) in net assets from operations ............... 988,773 9,853,041
------------ --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Return of capital distributions .................................... -- --
------------ --------------
Total Class IA dividends and distributions .......................... -- --
------------ --------------
Class IB:
Dividends from net investment income ............................... (19,361) (457,772)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. (544,971) (2,822,968)
Return of capital distributions .................................... -- --
------------ --------------
Total Class IB dividends and distributions .......................... (564,332) (3,280,740)
------------ --------------
Decrease in net assets from dividends and distributions ............. (564,332) (3,280,740)
------------ --------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------ --------------
Total Class IA transactions ......................................... -- --
------------ --------------
Class IB:
Shares sold ........................................................ 27,786,368 39,215,812
Shares issued in reinvestment of dividends and distributions ....... 564,332 3,280,740
Shares redeemed .................................................... (9,476,014) (21,746,627)
------------ --------------
Total Class IB transactions ......................................... 18,874,686 20,749,925
------------ --------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 18,874,686 20,749,925
------------ --------------
INCREASE (DECREASE) IN NET ASSETS .................................... 19,299,127 27,322,226
NET ASSETS, BEGINNING OF PERIOD ...................................... 59,930,914 32,608,688
------------ --------------
NET ASSETS, END OF PERIOD ............................................ $ 79,230,041 $ 59,930,914
============ ==============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 192,135 $ 18,621
============ ==============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------ --------------
Total Class IA transactions ......................................... -- --
============ ==============
Class IB:
Shares sold ........................................................ 2,476,923 3,972,966
Shares issued in reinvestment of dividends and distributions ....... 51,396 319,751
Shares redeemed .................................................... (868,360) (2,183,195)
------------ --------------
Total Class IB transactions ......................................... 1,659,959 2,109,522
============ ==============
<CAPTION>
CALVERT SOCIALLY
RESPONSIBLE PORTFOLIO
-----------------------------------
SIX MONTHS
ENDED SEPTEMBER 1, 1999*
JUNE 30, 2000 TO
(UNAUDITED) DECEMBER 31, 1999
--------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ (2,217) $ (1,474)
Realized gain (loss)--net ........................................... 951 39,268
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ 109,603 150,089
---------- ----------
Net increase (decrease) in net assets from operations ............... 108,337 187,883
---------- ----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Return of capital distributions .................................... -- --
---------- ----------
Total Class IA dividends and distributions .......................... -- --
---------- ----------
Class IB:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. (29,429) (14,027)
Return of capital distributions .................................... -- --
---------- ----------
Total Class IB dividends and distributions .......................... (29,429) (14,027)
---------- ----------
Decrease in net assets from dividends and distributions ............. (29,429) (14,027)
---------- ----------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
---------- ----------
Total Class IA transactions ......................................... -- --
---------- ----------
Class IB:
Shares sold ........................................................ 1,048,208 2,481,988
Shares issued in reinvestment of dividends and distributions ....... 29,429 14,027
Shares redeemed .................................................... (546,066) (47,727)
---------- ----------
Total Class IB transactions ......................................... 531,571 2,448,288
---------- ----------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 531,571 2,448,288
---------- ----------
INCREASE (DECREASE) IN NET ASSETS .................................... 610,479 2,622,144
NET ASSETS, BEGINNING OF PERIOD ...................................... 2,622,144 --
---------- ----------
NET ASSETS, END OF PERIOD ............................................ $3,232,623 $2,622,144
========== ==========
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ (2,217) $ --
========== ==========
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
---------- ----------
Total Class IA transactions ......................................... -- --
========== ==========
Class IB:
Shares sold ........................................................ 100,167 247,171
Shares issued in reinvestment of dividends and distributions ....... 2,750 1,331
Shares redeemed .................................................... (51,316) (4,713)
---------- ----------
Total Class IB transactions ......................................... 51,601 243,789
========== ==========
</TABLE>
---------
* Commencement of Operations
See Notes to Financial Statements.
23
<PAGE>
<TABLE>
<CAPTION>
CAPITAL GUARDIAN CAPITAL GUARDIAN
INTERNATIONAL PORTFOLIO RESEARCH PORTFOLIO
------------------------------------ ------------------------------------
SIX MONTHS SIX MONTHS
ENDED MAY 1, 1999* ENDED MAY 1, 1999*
JUNE 30, 2000 TO JUNE 30, 2000 TO
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
---------------- ------------------- ---------------- -------------------
<S> <C> <C> <C>
$ 319,927 $ 2,760 $ 109,744 $ 44,972
1,224,622 (194,530) 672,113 (31,871)
(2,582,643) 11,064,165 2,243,563 2,079,153
------------- ------------ -------------- -----------
(1,038,094) 10,872,395 3,025,420 2,092,254
------------- ------------ -------------- -----------
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------ -------------- -----------
-- -- -- --
------------- ------------ -------------- -----------
(144,796) -- -- (52,999)
-- -- -- (19)
-- -- -- (5,092)
-- -- -- --
------------- ------------ -------------- -----------
(144,796) -- -- (58,110)
------------- ------------ -------------- -----------
(144,796) -- -- (58,110)
------------- ------------ -------------- -----------
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------ -------------- -----------
-- -- -- --
------------- ------------ -------------- -----------
91,507,928 46,802,393 31,804,050 32,801,975
144,796 -- -- 58,110
(38,339,086) (5,625,628) (15,611,720) (990,772)
------------- ------------ -------------- -----------
53,313,638 41,176,765 16,192,330 31,869,313
------------- ------------ -------------- -----------
53,313,638 41,176,765 16,192,330 31,869,313
------------- ------------ -------------- -----------
52,130,748 52,049,160 19,217,750 33,903,457
52,049,160 -- 33,903,457 --
------------- ------------ -------------- -----------
$ 104,179,908 $ 52,049,160 $ 53,121,207 $33,903,457
============= ============ ============== ===========
$ 91,125 $ (84,006) $ 109,725 $ (19)
============= ============ ============== ===========
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------ -------------- -----------
-- -- -- --
============= ============ ============== ===========
6,607,152 4,151,307 2,900,981 3,265,406
10,432 -- -- 5,631
(2,773,687) (460,199) (1,374,695) (98,705)
------------- ------------ -------------- -----------
3,843,897 3,691,108 1,526,286 3,172,332
============= ============ ============== ===========
<CAPTION>
CAPITAL GUARDIAN
U.S. EQUITY PORTFOLIO EQ/EVERGREEN PORTFOLIO
------------------------------------ ----------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED MAY 1, 1999* ENDED
JUNE 30, 2000 JUNE 30, 2000 TO JUNE 30, 2000 YEAR ENDED
(UNAUDITED) (UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
---------------- ---------------- ------------------- --------------- ------------------
<S> <C> <C> <C> <C>
$ 319,927 $ 289,005 $ 133,790 $ 10,395 $ 16,607
1,224,622 958,418 101,521 (194,625) (215,326)
(2,582,643) 1,611,240 2,475,853 48,317 499,759
------------- ------------- ------------ ---------- ----------
(1,038,094) 2,858,663 2,711,164 (135,913) 301,040
------------- ------------- ------------ ---------- ----------
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
------------- ------------- ------------ ---------- ----------
-- -- -- -- --
------------- ------------- ------------ ---------- ----------
(144,796) -- (148,946) (297) (17,085)
-- -- (23) -- --
-- -- (101,428) -- --
-- -- (92,358) -- --
------------- ------------- ------------ ---------- ----------
(144,796) -- (342,755) (297) (17,085)
------------- ------------- ------------ ---------- ----------
(144,796) -- (342,755) (297) (17,085)
------------- ------------- ------------ ---------- ----------
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
------------- ------------- ------------ ---------- ----------
-- -- -- -- --
------------- ------------- ------------ ---------- ----------
91,507,928 52,369,819 69,113,142 3,883,978 5,451,466
144,796 -- 342,755 297 17,085
(38,339,086) (13,134,193) (4,351,881) (612,943) (935,411)
------------- ------------- ------------ ---------- ----------
53,313,638 39,235,626 65,104,016 3,271,332 4,533,140
------------- ------------- ------------ ---------- ----------
53,313,638 39,235,626 65,104,016 3,271,332 4,533,140
------------- ------------- ------------ ---------- ----------
52,130,748 42,094,289 67,472,425 3,135,122 4,817,095
52,049,160 67,472,425 -- 4,818,095 1,000
------------- ------------- ------------ ---------- ----------
$ 104,179,908 $ 109,566,714 $ 67,472,425 $7,953,217 $4,818,095
============= ============= ============ ========== ==========
$ 91,125 $ 288,982 $ (23) $ 10,348 $ 250
============= ============= ============ ========== ==========
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
------------- ------------- ------------ ---------- ----------
-- -- -- -- --
============= ============= ============ ========== ==========
6,607,152 5,061,391 6,933,523 360,870 528,545
10,432 -- 34,379 28 1,597
(2,773,687) (1,241,295) (427,843) (56,894) (89,439)
------------- ------------- ------------ ---------- ----------
3,843,897 3,820,096 6,540,059 304,004 440,703
============= ============= ============ ========== ==========
</TABLE>
24
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQ/EVERGREEN
FOUNDATION PORTFOLIO
-----------------------------------
SIX MONTHS
ENDED
JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999
--------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 94,401 $ 90,973
Realized gain (loss)--net ........................................... (267,789) (273,254)
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ 130,398 695,516
------------ ----------
Net increase (decrease) in net assets from operations ............... (42,990) 513,235
------------ ----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Return of capital distributions .................................... -- --
------------ ----------
Total Class IA dividends and distributions .......................... -- --
------------ ----------
Class IB:
Dividends from net investment income ............................... (1,118) (90,699)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Return of capital distributions .................................... -- --
------------ ----------
Total Class IB dividends and distributions .......................... (1,118) (90,699)
------------ ----------
Decrease in net assets from dividends and distributions ............. (1,118) (90,699)
------------ ----------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------ ----------
Total Class IA transactions ......................................... -- --
------------ ----------
Class IB:
Shares sold ........................................................ 7,413,250 9,302,072
Shares issued in reinvestment of dividends and distributions ....... 1,118 90,699
Shares redeemed .................................................... (1,380,901) (929,322)
------------ ----------
Total Class IB transactions ......................................... 6,033,467 8,463,449
------------ ----------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 6,033,467 8,463,449
------------ ----------
INCREASE (DECREASE) IN NET ASSETS .................................... 5,989,359 8,885,985
NET ASSETS, BEGINNING OF PERIOD ...................................... 8,886,985 1,000
------------ ----------
NET ASSETS, END OF PERIOD ............................................ $ 14,876,344 $8,886,985
============ ==========
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 94,316 $ 1,033
============ ==========
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------ ----------
Total Class IA transactions ......................................... -- --
============ ==========
Class IB:
Shares sold ........................................................ 708,919 917,169
Shares issued in reinvestment of dividends and distributions ....... 106 8,688
Shares redeemed .................................................... (133,205) (89,010)
------------ ----------
Total Class IB transactions ......................................... 575,820 836,847
============ ==========
<CAPTION>
J.P. MORGAN
CORE BOND PORTFOLIO
-----------------------------------
SIX MONTHS
ENDED
JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999
---------------- ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 5,105,586 $ 7,236,587
Realized gain (loss)--net ........................................... (1,892,134) (4,656,671)
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ 3,277,744 (4,495,975)
------------ -------------
Net increase (decrease) in net assets from operations ............... 6,491,196 (1,916,059)
------------ -------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Return of capital distributions .................................... -- --
------------ -------------
Total Class IA dividends and distributions .......................... -- --
------------ -------------
Class IB:
Dividends from net investment income ............................... (31,035) (7,099,994)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Return of capital distributions .................................... -- --
------------ -------------
Total Class IB dividends and distributions .......................... (31,035) (7,099,994)
------------ -------------
Decrease in net assets from dividends and distributions ............. (31,035) (7,099,994)
------------ -------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------ -------------
Total Class IA transactions ......................................... -- --
------------ -------------
Class IB:
Shares sold ........................................................ 28,854,899 73,348,040
Shares issued in reinvestment of dividends and distributions ....... 31,035 7,099,994
Shares redeemed .................................................... (2,868,351) (18,177,044)
------------ -------------
Total Class IB transactions ......................................... 26,017,583 62,270,990
------------ -------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 26,017,583 62,270,990
------------ -------------
INCREASE (DECREASE) IN NET ASSETS .................................... 32,477,744 53,254,937
NET ASSETS, BEGINNING OF PERIOD ...................................... 156,581,177 103,326,240
------------ -------------
NET ASSETS, END OF PERIOD ............................................ $189,058,921 $ 156,581,177
============ =============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 5,105,245 $ 30,694
============ =============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------ -------------
Total Class IA transactions ......................................... -- --
============ =============
Class IB:
Shares sold ........................................................ 2,868,265 7,026,368
Shares issued in reinvestment of dividends and distributions ....... 3,033 715,725
Shares redeemed .................................................... (285,627) (1,739,846)
------------ -------------
Total Class IB transactions ......................................... 2,585,671 6,002,247
============ =============
</TABLE>
---------
* Commencement of Operations
See Notes to Financial Statements.
25
<PAGE>
<TABLE>
<CAPTION>
LAZARD LARGE CAP LAZARD SMALL CAP
VALUE PORTFOLIO VALUE PORTFOLIO
------------------------------------ -----------------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, 2000 YEAR ENDED JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
---------------- ------------------- --------------- -------------------
<S> <C> <C> <C>
$ 662,214 $ 1,158,512 $ 143,924 $ 291,453
(2,005,431) 1,796,163 788,907 433,250
(4,127,787) (793,720) 3,676,565 444,087
------------ ------------ ------------ --------------
(5,471,004) 2,160,955 4,609,396 1,168,790
------------ ------------ ------------ --------------
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
------------ ------------ ------------ --------------
-- -- -- --
------------ ------------ ------------ --------------
-- (1,170,861) -- (287,996)
-- (761) -- --
-- (1,975,866) -- (464,119)
-- -- -- --
------------ ------------ ------------ --------------
-- (3,147,488) -- (752,115)
------------ ------------ ------------ --------------
-- (3,147,488) -- (752,115)
------------ ------------ ------------ --------------
-- -- -- --
-- -- -- --
-- -- -- --
------------ ------------ ------------ --------------
-- -- -- --
------------ ------------ ------------ --------------
29,482,059 65,702,996 18,308,449 31,581,054
-- 3,147,488 -- 752,115
(3,255,258) (8,948,432) (6,485,121) (11,188,446)
------------ ------------ ------------ --------------
26,226,801 59,902,052 11,823,328 21,144,723
------------ ------------ ------------ --------------
26,226,801 59,902,052 11,823,328 21,144,723
------------ ------------ ------------ --------------
20,755,797 58,915,519 16,432,724 21,561,398
133,503,168 74,587,649 72,607,063 51,045,665
------------ ------------ ------------ --------------
$154,258,965 $133,503,168 $ 89,039,787 $ 72,607,063
============ ============ ============ ==============
$ 661,453 $ (761) $ 153,433 $ 9,509
============ ============ ============ ==============
-- -- -- --
-- -- -- --
-- -- -- --
------------ ------------ ------------ --------------
-- -- -- --
============ ============ ============ ==============
2,513,242 5,261,340 1,897,795 3,380,016
-- 266,722 -- 84,129
(286,058) (710,694) (663,270) (1,182,889)
------------ ------------ ------------ --------------
2,227,184 4,817,368 1,234,525 2,281,256
============ ============ ============ ==============
<CAPTION>
MERCURY BASIC MERCURY WORLD
VALUE EQUITY PORTFOLIO STRATEGY PORTFOLIO
------------------------------------ -----------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JUNE 30, 2000 JUNE 30, 2000 YEAR ENDED JUNE 30, 2000 YEAR ENDED
(UNAUDITED) (UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
---------------- ---------------- ------------------- ---------------- ------------------
<S> <C> <C> <C> <C>
$ 662,214 $ 2,566,320 $ 3,345,284 $ 223,191 $ 303,257
(2,005,431) 14,768,465 22,926,609 621,787 2,320,720
(4,127,787) (16,497,001) 8,544,136 (1,584,946) 3,584,209
------------ ------------- ------------- -------------- --------------
(5,471,004) 837,784 34,816,029 (739,968) 6,208,186
------------ ------------- ------------- -------------- --------------
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
------------ ------------- ------------- -------------- --------------
-- -- -- -- --
------------ ------------- ------------- -------------- --------------
-- -- (3,552,910) (93,804) (214,483)
-- -- (669) -- (63,774)
-- (7,933,298) (14,918,127) (201,335) (444,186)
-- -- -- -- --
------------ ------------- ------------- -------------- --------------
-- (7,933,298) (18,471,706) (295,139) (722,443)
------------ ------------- ------------- -------------- --------------
-- (7,933,298) (18,471,706) (295,139) (722,443)
------------ ------------- ------------- -------------- --------------
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
------------ ------------- ------------- -------------- --------------
-- -- -- -- --
------------ ------------- ------------- -------------- --------------
29,482,059 47,756,040 140,038,119 27,679,729 28,865,919
-- 7,933,298 18,471,706 295,139 722,443
(3,255,258) (14,269,025) (48,491,746) (20,895,271) (29,983,134)
------------ ------------- ------------- -------------- --------------
26,226,801 41,420,313 110,018,079 7,079,597 (394,772)
------------ ------------- ------------- -------------- --------------
26,226,801 41,420,313 110,018,079 7,079,597 (394,772)
------------ ------------- ------------- -------------- --------------
20,755,797 34,324,799 126,362,402 6,044,490 5,090,971
133,503,168 300,466,605 174,104,203 35,721,933 30,630,962
------------ ------------- ------------- -------------- --------------
$154,258,965 $ 334,791,404 $ 300,466,605 $ 41,766,423 $ 35,721,933
============ ============= ============= ============== ==============
$ 661,453 $ 2,565,651 $ (669) $ 65,613 $ (63,774)
============ ============= ============= ============== ==============
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
------------ ------------- ------------- -------------- --------------
-- -- -- -- --
============ ============= ============= ============== ==============
2,513,242 3,513,779 9,861,521 2,184,152 2,465,714
-- 577,808 1,388,494 23,479 57,894
(286,058) (1,056,462) (3,489,703) (1,643,013) (2,574,495)
------------ ------------- ------------- -------------- --------------
2,227,184 3,035,125 7,760,312 564,618 (50,887)
============ ============= ============= ============== ==============
</TABLE>
26
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MFS EMERGING
GROWTH COMPANIES PORTFOLIO
--------------------------------------
SIX MONTHS
ENDED
JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999
------------------ -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ (161,260) $ (1,271,004)
Realized gain (loss)--net ........................................... 188,306,758 63,860,903
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ (255,631,555) 575,143,446
-------------- --------------
Net increase (decrease) in net assets from operations ............... (67,486,057) 637,733,345
-------------- --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. (916,027) (732,844)
Return of capital distributions .................................... -- --
-------------- --------------
Total Class IA dividends and distributions .......................... (916,027) (732,844)
-------------- --------------
Class IB:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. (25,269,157) (27,933,818)
Return of capital distributions .................................... -- --
-------------- --------------
Total Class IB dividends and distributions .......................... (25,269,157) (27,933,818)
-------------- --------------
Decrease in net assets from dividends and distributions ............. (26,185,184) (28,666,662)
-------------- --------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ 55,296,938 30,090,291
Shares issued in reinvestment of dividends and distributions ....... 916,027 732,844
Shares redeemed .................................................... (12,823,197) (5,572,932)
-------------- --------------
Total Class IA transactions ......................................... 43,389,768 25,250,203
-------------- --------------
Class IB:
Shares sold ........................................................ 937,399,359 866,910,644
Shares issued in reinvestment of dividends and distributions ....... 25,269,157 27,933,818
Shares redeemed .................................................... (187,353,395) (284,562,859)
-------------- --------------
Total Class IB transactions ......................................... 775,315,121 610,281,603
-------------- --------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 818,704,889 635,531,806
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS .................................... 725,033,648 1,244,598,489
NET ASSETS, BEGINNING OF PERIOD ...................................... 1,711,883,550 467,285,061
-------------- --------------
NET ASSETS, END OF PERIOD ............................................ $2,436,917,198 $1,711,883,550
============== ==============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ (251,609) $ (90,349)
============== ==============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ 1,964,751 1,589,075
Shares issued in reinvestment of dividends and distributions ....... 34,411 28,831
Shares redeemed .................................................... (480,695) (302,797)
-------------- --------------
Total Class IA transactions ......................................... 1,518,467 1,315,109
============== ==============
Class IB:
Shares sold ........................................................ 33,561,668 47,152,524
Shares issued in reinvestment of dividends and distributions ....... 953,553 1,105,852
Shares redeemed .................................................... (7,008,117) (16,072,533)
-------------- --------------
Total Class IB transactions ......................................... 27,507,104 32,185,843
============== ==============
<CAPTION>
MFS GROWTH
WITH INCOME PORTFOLIO
-----------------------------------
SIX MONTHS
ENDED
JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999
---------------- ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 403,884 $ 341,513
Realized gain (loss)--net ........................................... (81,369) (1,884,147)
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ 2,422,442 7,543,672
------------ ------------
Net increase (decrease) in net assets from operations ............... 2,744,957 6,001,038
------------ ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Return of capital distributions .................................... -- --
------------ ------------
Total Class IA dividends and distributions .......................... -- --
------------ ------------
Class IB:
Dividends from net investment income ............................... (3,222) (341,307)
Dividends in excess of net investment income ....................... -- (2,194)
Distributions from realized gains .................................. -- --
Return of capital distributions .................................... -- --
------------ ------------
Total Class IB dividends and distributions .......................... (3,222) (343,501)
------------ ------------
Decrease in net assets from dividends and distributions ............. (3,222) (343,501)
------------ ------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------ ------------
Total Class IA transactions ......................................... -- --
------------ ------------
Class IB:
Shares sold ........................................................ 69,724,466 105,835,561
Shares issued in reinvestment of dividends and distributions ....... 3,222 343,501
Shares redeemed .................................................... (3,852,610) (2,009,408)
------------ ------------
Total Class IB transactions ......................................... 65,875,078 104,169,654
------------ ------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 65,875,078 104,169,654
------------ ------------
INCREASE (DECREASE) IN NET ASSETS .................................... 68,616,813 109,827,191
NET ASSETS, BEGINNING OF PERIOD ...................................... 109,828,191 1,000
------------ ------------
NET ASSETS, END OF PERIOD ............................................ $178,445,004 $109,828,191
============ ============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 398,468 $ (2,194)
============ ============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------ ------------
Total Class IA transactions ......................................... -- --
============ ============
Class IB:
Shares sold ........................................................ 6,563,724 10,299,079
Shares issued in reinvestment of dividends and distributions ....... 297 32,529
Shares redeemed .................................................... (353,256) (195,643)
------------ ------------
Total Class IB transactions ......................................... 6,210,765 10,135,965
============ ============
</TABLE>
---------
* Commencement of Operations
See Notes to Financial Statements.
27
<PAGE>
<TABLE>
<CAPTION>
MORGAN STANLEY
MFS RESEARCH PORTFOLIO EMERGING MARKETS EQUITY PORTFOLIO
------------------------------------ -------------------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, 2000 YEAR ENDED JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
---------------- ------------------- ----------------- -------------------
<S> <C> <C> <C>
$ 91,412 $ 619,536 $ (968,635) $ (152,851)
62,568,108 38,262,064 21,178,159 15,940,199
(16,987,831) 83,614,925 (42,726,300) 54,826,996
------------- ------------- --------------- ---------------
45,671,689 122,496,525 (22,516,776) 70,614,344
------------- ------------- --------------- ---------------
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------- --------------- ---------------
-- -- -- --
------------- ------------- --------------- ---------------
(1,206,883) (573,659) -- --
-- (164,256) -- --
(17,201,601) (15,179,403) (5,183,012) (1,886,278)
-- -- -- --
------------- ------------- --------------- ---------------
(18,408,484) (15,917,318) (5,183,012) (1,886,278)
------------- ------------- --------------- ---------------
(18,408,484) (15,917,318) (5,183,012) (1,886,278)
------------- ------------- --------------- ---------------
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------- --------------- ---------------
-- -- -- --
------------- ------------- --------------- ---------------
182,696,087 239,545,313 418,921,054 320,447,721
18,408,484 15,917,318 5,183,012 1,886,278
(56,681,529) (84,391,332) (277,852,129) (240,840,452)
------------- ------------- --------------- ---------------
144,423,042 171,071,299 146,251,937 81,493,547
------------- ------------- --------------- ---------------
144,423,042 171,071,299 146,251,937 81,493,547
------------- ------------- --------------- ---------------
171,686,247 277,650,506 118,552,149 150,221,613
685,269,506 407,619,000 191,580,835 41,359,222
------------- ------------- --------------- ---------------
$ 856,955,753 $ 685,269,506 $ 310,132,984 $ 191,580,835
============= ============= =============== ===============
$ (1,279,727) $ (164,256) $ (1,029,063) $ (60,428)
============= ============= =============== ===============
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------- --------------- ---------------
-- -- -- --
============= ============= =============== ===============
10,458,847 16,111,474 37,965,576 41,169,546
1,044,749 968,865 505,167 176,287
(3,238,452) (5,611,685) (25,452,010) (31,420,484)
------------- ------------- --------------- ---------------
8,265,144 11,468,654 13,018,733 9,925,349
============= ============= =============== ===============
<CAPTION>
EQ/PUTNAM EQ/PUTNAM
BALANCED PORTFOLIO GROWTH & INCOME VALUE PORTFOLIO
------------------------------------ -----------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JUNE 30, 2000 JUNE 30, 2000 YEAR ENDED JUNE 30, 2000 YEAR ENDED
(UNAUDITED) (UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
---------------- ---------------- ------------------- ---------------- ------------------
<S> <C> <C> <C> <C>
$ 91,412 $ 1,573,952 $ 2,725,793 $ 2,790,425 $ 6,947,930
62,568,108 (2,019,210) 1,766,714 (37,929,165) 28,439,038
(16,987,831) (699,116) (5,305,583) 24,696,178 (47,053,272)
------------- -------------- ------------- ------------- -------------
45,671,689 (1,144,374) (813,076) (10,442,562) (11,666,304)
------------- -------------- ------------- ------------- -------------
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
------------- -------------- ------------- ------------- -------------
-- -- -- -- --
------------- -------------- ------------- ------------- -------------
(1,206,883) -- (2,757,262) -- (7,012,389)
-- -- (443) -- (1,487)
(17,201,601) -- (2,374,697) -- (32,171,066)
-- -- (994,594) -- (5,688,316)
------------- -------------- ------------- ------------- -------------
(18,408,484) -- (6,126,996) -- (44,873,258)
------------- -------------- ------------- ------------- -------------
(18,408,484) -- (6,126,996) -- (44,873,258)
------------- -------------- ------------- ------------- -------------
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
------------- -------------- ------------- ------------- -------------
-- -- -- -- --
------------- -------------- ------------- ------------- -------------
182,696,087 9,816,738 49,192,528 28,939,510 145,369,941
18,408,484 -- 6,126,996 -- 44,873,258
(56,681,529) (17,124,929) (19,379,797) (41,015,709) (50,176,972)
------------- -------------- ------------- ------------- -------------
144,423,042 (7,308,191) 35,939,727 (12,076,199) 140,066,227
------------- -------------- ------------- ------------- -------------
144,423,042 (7,308,191) 35,939,727 (12,076,199) 140,066,227
------------- -------------- ------------- ------------- -------------
171,686,247 (8,452,565) 28,999,655 (22,518,761) 83,526,665
685,269,506 104,976,840 75,977,185 544,270,926 460,744,261
------------- -------------- ------------- ------------- -------------
$ 856,955,753 $ 96,524,275 $ 104,976,840 $ 521,752,165 $ 544,270,926
============= ============== ============= ============= =============
$ (1,279,727) $ 1,573,509 $ (443) $ 2,788,938 $ (1,487)
============= ============== ============= ============= =============
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
------------- -------------- ------------- ------------- -------------
-- -- -- -- --
============= ============== ============= ============= =============
10,458,847 862,096 3,951,120 2,617,378 10,928,082
1,044,749 -- 537,388 -- 3,900,495
(3,238,452) (1,529,850) (1,562,281) (3,749,924) (3,807,127)
------------- -------------- ------------- ------------- -------------
8,265,144 (667,754) 2,926,227 (1,132,546) 11,021,450
============= ============== ============= ============= =============
</TABLE>
28
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQ/PUTNAM
INTERNATIONAL EQUITY PORTFOLIO
-------------------------------------
SIX MONTHS
ENDED
JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999
----------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 3,545,121 $ 1,042,837
Realized gain (loss)--net ........................................... 44,725,777 31,437,810
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ (47,424,036) 74,768,572
--------------- ---------------
Net increase (decrease) in net assets from operations ............... 846,862 107,249,219
--------------- ---------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Return of capital distributions .................................... -- --
--------------- ---------------
Total Class IA dividends and distributions .......................... -- --
--------------- ---------------
Class IB:
Dividends from net investment income ............................... (2,273,638) (1,844,027)
Dividends in excess of net investment income ....................... -- (3,274,824)
Distributions from realized gains .................................. (13,317,569) (15,501,562)
Return of capital distributions .................................... -- --
--------------- ---------------
Total Class IB dividends and distributions .......................... (15,591,207) (20,620,413)
--------------- ---------------
Decrease in net assets from dividends and distributions ............. (15,591,207) (20,620,413)
--------------- ---------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
--------------- ---------------
Total Class IA transactions ......................................... -- --
--------------- ---------------
Class IB:
Shares sold ........................................................ 623,320,503 269,801,817
Shares issued in reinvestment of dividends and distributions ....... 15,591,207 20,620,413
Shares redeemed .................................................... (561,427,544) (221,612,908)
--------------- ---------------
Total Class IB transactions ......................................... 77,484,166 68,809,322
--------------- ---------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 77,484,166 68,809,322
--------------- ---------------
INCREASE (DECREASE) IN NET ASSETS .................................... 62,739,821 155,438,128
NET ASSETS, BEGINNING OF PERIOD ...................................... 299,158,858 143,720,730
--------------- ---------------
NET ASSETS, END OF PERIOD ............................................ $ 361,898,679 $ 299,158,858
=============== ===============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ (2,003,341) $ (3,274,824)
=============== ===============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
--------------- ---------------
Total Class IA transactions ......................................... -- --
=============== ===============
Class IB:
Shares sold ........................................................ 33,151,080 17,367,165
Shares issued in reinvestment of dividends and distributions ....... 859,493 1,121,894
Shares redeemed .................................................... (29,544,397) (14,074,949)
--------------- ---------------
Total Class IB transactions ......................................... 4,466,176 4,414,110
=============== ===============
<CAPTION>
EQ/PUTNAM
INVESTORS GROWTH PORTFOLIO
-----------------------------------
SIX MONTHS
ENDED
JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999
---------------- ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ (530,044) $ (533,520)
Realized gain (loss)--net ........................................... 4,688,568 21,163,149
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ (12,654,149) 60,806,015
------------- ------------
Net increase (decrease) in net assets from operations ............... (8,495,625) 81,435,644
------------- ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Return of capital distributions .................................... -- --
------------- ------------
Total Class IA dividends and distributions .......................... -- --
------------- ------------
Class IB:
Dividends from net investment income ............................... -- (24,337)
Dividends in excess of net investment income ....................... -- (1,540)
Distributions from realized gains .................................. (8,802,695) (7,655,979)
Return of capital distributions .................................... -- --
------------- ------------
Total Class IB dividends and distributions .......................... (8,802,695) (7,681,856)
------------- ------------
Decrease in net assets from dividends and distributions ............. (8,802,695) (7,681,856)
------------- ------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------- ------------
Total Class IA transactions ......................................... -- --
------------- ------------
Class IB:
Shares sold ........................................................ 57,335,885 136,281,528
Shares issued in reinvestment of dividends and distributions ....... 8,802,695 7,681,856
Shares redeemed .................................................... (379,344) (8,556,690)
------------- ------------
Total Class IB transactions ......................................... 65,759,236 135,406,694
------------- ------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 65,759,236 135,406,694
------------- ------------
INCREASE (DECREASE) IN NET ASSETS .................................... 48,460,916 209,160,482
NET ASSETS, BEGINNING OF PERIOD ...................................... 384,175,457 175,014,975
------------- ------------
NET ASSETS, END OF PERIOD ............................................ $ 432,636,373 $384,175,457
============= ============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ (531,584) $ (1,540)
============= ============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------- ------------
Total Class IA transactions ......................................... -- --
============= ============
Class IB:
Shares sold ........................................................ 2,767,342 7,612,407
Shares issued in reinvestment of dividends and distributions ....... 430,449 374,553
Shares redeemed .................................................... (18,005) (466,021)
------------- ------------
Total Class IB transactions ......................................... 3,179,786 7,520,939
============= ============
</TABLE>
---------
* Commencement of Operations
See Notes to Financial Statements.
29
<PAGE>
<TABLE>
<CAPTION>
T. ROWE PRICE T. ROWE PRICE WARBURG PINCUS
EQUITY INCOME PORTFOLIO INTERNATIONAL STOCK PORTFOLIO SMALL COMPANY VALUE PORTFOLIO
-------------------------------------- --------------------------------------- -------------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS
ENDED ENDED ENDED
JUNE 30, 2000 YEAR ENDED JUNE 30, 2000 YEAR ENDED JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999 (UNAUDITED) DECEMBER 31, 1999
---------------- ------------------- ----------------- ------------------- ---------------- ------------------
<S> <C> <C> <C> <C> <C>
$ 2,582,391 $ 5,151,322 $ 362,764 $ 817,323 $ 808,430 $ 316,991
7,687,986 15,310,313 5,394,141 4,120,768 (6,834,547) (7,367,115)
(19,419,628) (13,320,265) (16,149,844) 46,344,577 (4,458,346) 8,392,025
------------- ------------- -------------- -------------- ------------- -------------
(9,149,251) 7,141,370 (10,392,939) 51,282,668 (10,484,463) 1,341,901
------------- ------------- -------------- -------------- ------------- -------------
-- (115,904) -- -- (690) (10,954)
-- -- -- -- -- --
(116,303) (214,471) -- -- -- --
-- -- -- -- -- --
------------- ------------- -------------- -------------- ------------- -------------
(116,303) (330,375) -- -- (690) (10,954)
------------- ------------- -------------- -------------- ------------- -------------
-- (5,164,548) (68,264) (714,598) (31,952) (281,334)
-- -- -- (56,431) -- --
(4,729,475) (10,770,882) (907,724) (2,192,627) -- --
-- -- -- -- -- --
------------- ------------- -------------- -------------- ------------- -------------
(4,729,475) (15,935,430) (975,988) (2,963,656) (31,952) (281,334)
------------- ------------- -------------- -------------- ------------- -------------
(4,845,778) (16,265,805) (975,988) (2,963,656) (32,642) (292,288)
------------- ------------- -------------- -------------- ------------- -------------
2,938,589 5,193,986 -- -- 1,768,472 3,118,460
116,303 330,375 -- -- 690 10,954
(2,732,275) (2,541,792) -- -- (1,179,888) (1,615,400)
------------- ------------- -------------- -------------- ------------- -------------
322,617 2,982,569 -- -- 589,274 1,514,014
------------- ------------- -------------- -------------- ------------- -------------
15,152,747 85,486,365 376,988,236 267,716,740 4,428,178 40,508,017
4,729,475 15,935,430 975,988 2,963,656 31,952 281,334
(42,893,958) (61,483,676) (337,787,381) (238,753,956) (16,110,245) (58,888,982)
------------- ------------- -------------- -------------- ------------- -------------
(23,011,736) 39,938,119 40,176,843 31,926,440 (11,650,115) (18,099,631)
------------- ------------- -------------- -------------- ------------- -------------
(22,689,119) 42,920,688 40,176,843 31,926,440 (11,060,841) (16,585,617)
------------- ------------- -------------- -------------- ------------- -------------
(36,684,148) 33,796,253 28,807,916 80,245,452 (21,577,946) (15,536,004)
278,212,271 244,416,018 214,898,789 134,653,337 151,957,249 167,493,253
------------- ------------- -------------- -------------- ------------- -------------
$ 241,528,123 $ 278,212,271 $ 243,706,705 $ 214,898,789 $ 130,379,303 $ 151,957,249
============= ============= ============== ============== ============= =============
$ 2,649,939 $ 67,548 $ 238,069 $ (56,431) $ 806,500 $ 30,712
============= ============= ============== ============== ============= =============
243,258 393,420 -- -- 174,947 305,824
9,604 27,326 -- -- 70 1,072
(227,440) (191,378) -- -- (117,074) (160,132)
------------- ------------- -------------- -------------- ------------- -------------
25,422 229,368 -- -- 57,943 146,764
============= ============= ============== ============== ============= =============
1,243,384 6,413,638 27,653,827 22,830,839 438,255 4,011,993
391,189 1,318,364 71,711 224,347 3,221 27,474
(3,665,018) (4,707,223) (24,633,944) (20,278,515) (1,598,679) (5,875,980)
------------- ------------- -------------- -------------- ------------- -------------
(2,030,445) 3,024,779 3,091,594 2,776,671 (1,157,203) (1,836,513)
============= ============= ============== ============== ============= =============
</TABLE>
30
<PAGE>
EQ ADVISORS TRUST
EQ/AGGRESSIVE STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
--------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BUSINESS SERVICES (15.5%)
PRINTING, PUBLISHING, BROADCASTING (10.5%)
AMFM, Inc.* ............................................................ 1,141,400 $ 78,756,600
AT&T Corp.-Liberty Media Group,
Class A* ............................................................. 47,030 1,140,478
Citadel Communications Corp.* .......................................... 1,429,600 49,946,650
Clear Channel Communications,
Inc.* ................................................................ 488,010 36,600,750
Comcast Corp., Class A* ................................................ 714,400 28,933,200
Emmis Broadcasting Corp.,
Class A* ............................................................. 372,000 15,391,500
Entercom Communications Corp.* ......................................... 611,600 29,815,500
Infinity Broadcasting Corp.,
Class A* ............................................................. 2,092,400 76,241,825
Rogers Communications, Inc.,
Class B* ............................................................. 995,300 28,366,050
USA Networks, Inc.* .................................................... 4,085,440 88,347,640
Viacom, Inc., Class B* ................................................. 20,690 1,410,799
--------------
434,950,992
--------------
PROFESSIONAL SERVICES (1.6%)
Amdocs Ltd.* ........................................................... 796,000 61,093,000
Automatic Data Processing, Inc. ........................................ 38,230 2,047,694
Cendant Corp.* ......................................................... 7,520 105,280
Computer Sciences Corp.* ............................................... 21,440 1,601,300
First Data Corp. ....................................................... 29,920 1,484,780
Fiserv, Inc.* .......................................................... 3,400 147,050
Learning Tree International, Inc.* ..................................... 4,450 272,563
--------------
66,751,667
--------------
TRUCKING, SHIPPING (3.4%)
Teekay Shipping Corp.+ ................................................. 4,276,500 140,589,937
--------------
TOTAL BUSINESS SERVICES ............................................... 642,292,596
--------------
CAPITAL GOODS (1.3%)
BUILDING & CONSTRUCTION (0.1%)
Bouygues S.A. .......................................................... 3,720 2,483,695
--------------
ELECTRICAL EQUIPMENT (1.2%)
Credence Systems Corp.* ................................................ 200 11,037
Emerson Electric Co. ................................................... 2,950 178,106
General Electric Co. ................................................... 30,410 1,611,730
Lam Research Corp.* .................................................... 22,270 835,125
Sanmina Corp.* ......................................................... 570,776 48,801,348
SIPEX Corp.* ........................................................... 1,220 33,779
--------------
51,471,125
--------------
TOTAL CAPITAL GOODS ................................................... 53,954,820
--------------
CONSUMER CYCLICALS (12.6%)
AIRLINES (1.3%)
Continental Airlines, Inc., Class B*+ 1,132,500 53,227,500
--------------
APPAREL & TEXTILES (4.4%)
Linens'n Things, Inc.*+ ................................................ 2,499,200 67,790,800
Mohawk Industries, Inc.*+ .............................................. 5,301,700 115,311,975
--------------
183,102,775
--------------
AUTO RELATED (0.0%)
International Speedway Corp.,
Class A .............................................................. 150 6,206
--------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
--------------------- -------------------
<S> <C> <C>
HOUSEHOLD FURNITURE, APPLIANCES (0.2%)
Industrie Natuzzi S.p.A. (ADR)* ........................................ 731,000 $ 8,680,625
Insight Enterprises, Inc.* ............................................. 70 4,152
--------------
8,684,777
--------------
LEISURE RELATED (0.0%)
Pegasus Systems, Inc.* ................................................. 100 1,088
--------------
PHOTO & OPTICAL (0.0%)
Bausch & Lomb, Inc. .................................................... 7,430 574,896
--------------
RETAIL--GENERAL (6.7%)
Bed Bath & Beyond, Inc.* ............................................... 3,503,600 127,005,500
CVS Corp. .............................................................. 20,920 836,800
David's Bridal, Inc.* .................................................. 860,600 9,950,687
Kohl's Corp.* .......................................................... 4,880 271,450
Venator Group, Inc.*+ .................................................. 13,527,600 138,657,900
Wal-Mart Stores, Inc. .................................................. 34,220 1,971,928
--------------
278,694,265
--------------
TOTAL CONSUMER CYCLICALS .............................................. 524,291,507
--------------
CONSUMER NON-CYCLICALS (16.2%)
BEVERAGES (0.0%)
Anheuser-Busch Cos., Inc. .............................................. 7,590 566,878
Coca-Cola Co. .......................................................... 11,210 643,875
--------------
1,210,753
--------------
DRUGS (9.2%)
Abbott Laboratories .................................................... 34,090 1,519,136
Alkermes, Inc.* ........................................................ 350 16,494
Allergan, Inc. ......................................................... 6,220 463,390
Alza Corp.* ............................................................ 541,700 32,028,012
American Home Products Corp. ........................................... 5,860 344,275
AmeriSource Health Corp.
Class A* ............................................................. 631,900 19,588,900
Amgen, Inc.* ........................................................... 29,520 2,073,780
Andrx Corp.* ........................................................... 4,500 287,648
Aviron* ................................................................ 272,000 8,398,000
Biogen, Inc.* .......................................................... 343,000 22,123,500
Biovail Corporation* ................................................... 481,700 26,704,244
Bristol-Myers Squibb Co. ............................................... 14,270 831,228
Forest Laboratories, Inc.* ............................................. 371,700 37,541,700
Genentech, Inc.* ....................................................... 10,840 1,864,480
Genzyme Corp.--General
Division* ............................................................ 516,800 30,717,300
IDEC Pharmaceuticals Corp.* ............................................ 650,000 76,253,125
Immunex Corp.* ......................................................... 22,380 1,106,411
MedImmune, Inc.* ....................................................... 608,060 44,996,440
Millennium Pharmaceuticals, Inc.* ...................................... 2,200 246,125
Pfizer, Inc. ........................................................... 65,354 3,136,992
Pharmacia Corp.* ....................................................... 5,910 305,473
QTL PhotoTherapeutics, Inc.* ........................................... 876,300 67,748,944
Sepracor, Inc.* ........................................................ 33,500 4,040,937
Teva Pharmaceutical Industries Ltd.
(ADR) ................................................................ 10,710 593,736
--------------
382,930,270
--------------
HOSPITAL SUPPLIES & SERVICES (6.2%)
Abgenix, Inc.* ......................................................... 2,400 287,662
Affymetrix, Inc.* ...................................................... 1,500 247,688
Allscripts, Inc.* ...................................................... 200 4,600
Biosource International, Inc. .......................................... 1,860 41,385
</TABLE>
31
<PAGE>
EQ ADVISORS TRUST
EQ/AGGRESSIVE STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
--------------------- -------------------
<S> <C> <C>
BioSphere Medical, Inc. ................ 500 $ 7,000
Cardinal Health, Inc. .................. 10,300 762,200
Edwards Lifesciences Corp* ............. 956,500 17,695,250
HCA-The Healthcare Corp.* .............. 4,488,200 136,329,075
Health Management Associates, Inc.,
Class A* ............................. 2,957,100 38,627,119
Human Genome Sciences, Inc.* ........... 2,100 280,087
Medical Manager Corp.* ................. 241,600 8,229,500
PE Corp-PE Biosystems Group ............ 28,190 1,857,016
Quest Diagnostics, Inc.* ............... 4,200 313,950
St. Jude Medical, Inc.* ................ 3,300 151,388
Stryker Corp. .......................... 1,146,600 50,163,750
Women First Healthcare Inc* ............ 371,000 463,750
-----------
255,461,420
-----------
RETAIL--FOOD (0.8%)
Albertson's, Inc. ...................... 17,450 580,212
BJ's Wholesale Club, Inc.* ............. 879,700 29,030,100
Kroger Co.* ............................ 15,010 331,158
Safeway, Inc.* ......................... 79,990 3,609,549
-----------
33,551,019
-----------
TOBACCO (0.0%)
Philip Morris Cos., Inc. ............... 4,000 106,250
-----------
TOTAL CONSUMER NON-CYCLICALS .......... 673,259,712
-----------
CREDIT SENSITIVE (14.5%)
BANKS (1.6%)
Bank One Corp. ......................... 2,464,500 65,463,281
Charter One Financial, Inc. ............ 5,870 135,010
Comerica, Inc. ......................... 10,500 471,188
First Tennessee National Corp. ......... 100 1,656
Golden West Financial Corp. ............ 12,970 529,338
PNC Bank Corp. ......................... 11,010 516,094
State Street Corp. ..................... 1,460 154,851
-----------
67,271,418
-----------
FINANCIAL SERVICES (5.7%)
A.G. Edwards, Inc. ..................... 1,547,700 60,360,300
American Express Co. ................... 9,860 513,953
Citigroup, Inc. ........................ 30,590 1,843,047
GreenPoint Financial Corp. ............. 1,621,900 30,410,625
Household International, Inc. .......... 10,820 449,706
Legg Mason, Inc. ....................... 1,815,300 90,765,000
Mellon Financial Corp. ................. 13,990 509,761
Merrill Lynch & Co. .................... 18,070 2,078,050
Merrill Lynch Biotech Holding Co.* 7,000 1,246,000
Paine Webber Group, Inc. ............... 1,016,000 46,228,000
Providian Financial Corp. .............. 5,390 485,100
Waddell & Reed Financial, Class A ...... 100 3,281
-----------
234,892,823
-----------
INSURANCE (5.5%)
Ace Ltd. ............................... 1,738,800 48,686,400
AFLAC, Inc. ............................ 1,226,500 56,342,344
American International Group, Inc. ..... 9,010 1,058,675
CNA Financial Corp.* ................... 3,599,800 122,393,200
Hartford Financial Services Group,
Inc. ................................. 8,230 460,366
-----------
228,940,985
-----------
UTILITY--ELECTRIC (0.1%)
AES Corp.* ............................. 35,040 1,598,700
Calpine Corp.* ......................... 60,960 4,008,120
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
--------------------- -------------------
<S> <C> <C>
Capstone Turbine Corp. * ............... 320 $ 14,420
-----------
5,621,240
-----------
UTILITY--TELEPHONE (1.6%)
Intermedia Communications of
Florida, Inc.* ....................... 4,890 145,478
Sprint Corp. (FON Group) ............... 30,050 1,532,550
Telephone & Data Systems, Inc. ......... 600,200 60,170,050
Worldcom, Inc.* ........................ 50,140 2,300,172
-----------
64,148,250
-----------
TOTAL CREDIT SENSITIVE ................ 600,874,716
-----------
DIVERSIFIED (0.3%)
MISCELLANEOUS (0.3%)
Quanta Services, Inc.* ................. 200 11,000
Tyco International Ltd. ................ 221,730 10,504,459
-----------
TOTAL DIVERSIFIED ..................... 10,515,459
-----------
ENERGY (8.0%)
COAL & GAS PIPELINES (0.0%)
Enron Corp. ............................ 12,610 813,345
-----------
OIL--DOMESTIC (0.1%)
Coastal Corp. .......................... 23,250 1,415,343
Dynergy, Inc. .......................... 11,980 818,384
-----------
2,233,727
-----------
OIL--INTERNATIONAL (1.1%)
Devon Energy Corp. ..................... 7,190 403,988
EOG Resources, Inc. .................... 65,430 2,191,905
Global Marine, Inc.* ................... 449,540 12,671,409
Kerr-McGee Corp. ....................... 528,100 31,124,894
Noble Affiliates, Inc. ................. 3,100 115,475
-----------
46,507,671
-----------
OIL--SUPPLIES & CONSTRUCTION (6.8%)
Anadarko Petroleum Corp. ............... 15,680 773,220
Apache Corp. ........................... 9,430 554,602
Baker Hughes, Inc. ..................... 35,670 1,141,440
Diamond Offshore Drilling, Inc. ........ 3,009,400 105,705,175
Grant Prideco, Inc ..................... 5,370 134,250
Halliburton Co. ........................ 1,155,180 54,510,056
Noble Drilling Corp.* .................. 761,160 31,350,278
R & B Falcon Corp.* .................... 2,201,800 51,879,912
Transocean Sedco Forex, Inc. ........... 684,580 36,582,244
Weatherford Intl., Inc.* ............... 5,390 214,589
-----------
282,845,766
-----------
TOTAL ENERGY .......................... 332,400,509
-----------
TECHNOLOGY (29.3%)
COMPUTER HARDWARE (0.5%)
Cisco Systems, Inc.* ................... 235,820 14,989,309
Marvell Technology Group Ltd* .......... 300 17,100
Sun Microsystems, Inc.* ................ 48,960 4,452,300
-----------
19,458,709
-----------
COMPUTER SOFTWARE (3.1%)
Art Technology Group, Inc.* ............ 800 80,750
BEA Systems, Inc.* ..................... 700,970 34,654,204
BMC Software, Inc.* .................... 59,750 2,179,941
Cadence Design Systems, Inc.* .......... 15,530 316,424
Computer Associates International,
Inc. ................................. 27,690 1,417,382
E.piphany, Inc.* ....................... 1,830 196,153
i2 Technologies, Inc.* ................. 4,060 423,318
</TABLE>
32
<PAGE>
EQ ADVISORS TRUST
EQ/AGGRESSIVE STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
--------------------- -------------------
<S> <C> <C>
Internet Commerce Corp.,
Class A* ............................................................. 300 $ 4,350
Lightspan, Inc. ........................................................ 220 1,210
Mercury Interactive Corp* .............................................. 5,290 511,808
Microsoft Corp.* ....................................................... 137,850 11,028,000
Oracle Corp.* .......................................................... 179,600 15,097,625
Rational Software Corp.* ............................................... 607,000 56,413,063
Siebel Systems, Inc.* .................................................. 11,090 1,813,908
Tibco Software, Inc. ................................................... 3,300 353,873
VERITAS Software Corp.* ................................................ 22,080 2,495,385
-----------
126,987,394
-----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (11.3%)
ADC Telecommunications, Inc.* .......................................... 37,523 3,147,216
Adelphia Business Solutions, Inc.* ..................................... 877,800 20,353,987
Akamai Technologies, Inc. .............................................. 2,600 308,709
Alcatel S.A. (ADR) ..................................................... 13,040 867,160
Brocade Communications System .......................................... 3,790 695,406
Call-Net Enterprises, Inc. ............................................. 300 731
China Unicom (ADR)* .................................................... 2,800 59,500
CIENA Corp.* ........................................................... 36,280 6,047,423
Comverse Technology, Inc.* ............................................. 826,550 76,869,150
Corning, Inc. .......................................................... 31,420 8,479,473
Crown Castle International Corp.* ...................................... 878,400 32,061,600
Global Crossing, Ltd.* ................................................. 34,420 905,676
Global TeleSystems Group, Inc.* ........................................ 5,328,600 64,276,237
ITC DeltaCom, Inc.* .................................................... 140 3,124
Juniper Networks, Inc. ................................................. 14,070 2,048,064
Lucent Technologies, Inc. .............................................. 2,570 152,273
McLeodUSA, Inc.* ....................................................... 1,172,400 24,254,025
Metromedia Fiber Network, Inc.
Class A* ............................................................. 98,300 3,901,281
MGC Communications, Inc.* .............................................. 4,400 263,725
Motorola, Inc. ......................................................... 2,810 81,666
MRV Communications, Inc.* .............................................. 11,200 753,200
NEXTLINK Communications, Inc.,
Class A* ............................................................. 1,540 58,424
Nortel Networks Corp. .................................................. 175,490 11,977,193
NTL, Inc.* ............................................................. 2,280,913 136,569,666
Pinnacle Holdings, Inc.* ............................................... 565,700 30,547,800
Scientific-Atlanta, Inc. ............................................... 3,900 290,550
Sonera Group OYJ ....................................................... 24,010 1,093,510
Sycamore Networks, Inc.* ............................................... 14,930 1,647,899
Telefonaktiebolaget LM Ericsson
AB (ADR) ............................................................. 139,950 2,799,000
Tellabs, Inc.* ......................................................... 35,980 2,462,381
VoiceStream Wireless Corp.* ............................................ 30,710 3,571,477
XM Satellite Radio Holdings Inc.* ...................................... 860,200 32,203,737
-----------
468,751,263
-----------
ELECTRONICS (8.2%)
Altera Corp.* .......................................................... 546,590 55,718,018
AMTI, Inc.* ............................................................ 70 3,255
Analog Devices, Inc.* .................................................. 58,680 4,459,680
Applied Material, Inc.* ................................................ 14,370 1,302,281
ARM Holdings plc (ADR)* ................................................ 77,210 2,538,279
Atmel Corp.* ........................................................... 17,160 632,775
Burr-Brown Corp.* ...................................................... 100 8,669
Conductus, Inc. ........................................................ 500 9,875
Emulex Corp.* .......................................................... 2,400 157,650
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
--------------------- -------------------
<S> <C> <C>
Fairchild Semiconductor
International, Inc.* ................................................. 1,478,800 $59,891,400
Flextronics International, Ltd* ........................................ 696,950 47,871,753
Intel Corp. ............................................................ 67,740 9,055,991
Jabil Circuit, Inc.* ................................................... 3,570 177,161
JDS Uniphase Corp.* .................................................... 16,780 2,011,503
Linear Technology Corp. ................................................ 27,660 1,768,511
LSI Logic Corp.* ....................................................... 37,460 2,027,523
LTX Corp.* ............................................................. 270 9,433
Maxim Integrated Products* ............................................. 70 4,756
Micrel, Inc.* .......................................................... 160 6,950
Micron Technology, Inc.* ............................................... 116,970 10,300,671
National Semiconductor Corp.* .......................................... 33,190 1,883,533
Novellus Systems, Inc.* ................................................ 2,950 166,859
Photronics, Inc.* ...................................................... 60 1,703
PMC-Sierra, Inc.* ...................................................... 3,910 694,758
Priceline.com, Inc.* ................................................... 1,186,500 45,068,461
RadioShack Corp.* ...................................................... 26,670 1,263,491
RF Micro Devices, Inc.* ................................................ 388,200 34,016,025
SAP AG ................................................................. 850 39,897
Seagate Technology, Inc.* .............................................. 7,240 398,200
Solectron Corp.* ....................................................... 21,120 884,400
Teradyne, Inc.* ........................................................ 614,090 45,135,615
Texas Instruments, Inc. ................................................ 6,060 416,246
VeriSign, Inc.* ........................................................ 29,653 5,233,666
Waters Corp. ........................................................... 3,200 399,400
Xilinx, Inc.* .......................................................... 67,350 5,560,584
-----------
339,118,972
-----------
OFFICE EQUIPMENT (0.2%)
Cabletron Systems Corp.* ............................................... 14,200 358,550
Check Point Software
Technologies* ........................................................ 13,190 2,792,983
Compaq Computer Corp. .................................................. 15,120 386,505
Dell Computer Corp.* ................................................... 20,720 1,021,755
EMC Corp.* ............................................................. 73,100 5,624,131
United Stationers, Inc.* ............................................... 160 5,180
-----------
10,189,104
-----------
OFFICE EQUIPMENT SERVICES (1.2%)
Ariba, Inc.* ........................................................... 1,600 156,875
ChoicePoint, Inc.* ..................................................... 729,902 32,480,617
Foundry Networks, Inc.* ................................................ 1,730 190,300
Microchip Technology, Inc. ............................................. 80 4,661
Redback Networks, Inc. ................................................. 6,400 1,139,200
StorageNetworks Inc.* .................................................. 25,100 2,265,275
Sykes Enterprises, Inc.* ............................................... 944,400 12,159,150
-----------
48,396,078
-----------
TELECOMMUNICATIONS EQUIPMENT (0.2%)
UnitedGlobalCom Inc., Class A* ......................................... 193,000 9,022,750
-----------
WIRELESS TELECOMMUNICATION
SERVICES (4.6%)
Aether Systems, Inc. ................................................... 700 143,500
Millicom International Cellular
S.A.*+ ............................................................... 2,350,800 82,278,000
New Focus Inc* ......................................................... 110 9,034
Nextel Communications, Inc.,
Class A* ............................................................. 1,612,600 98,670,962
Nokia OYJ (ADR) ........................................................ 106,390 5,312,851
Sprint Corp. (PCS Group)* .............................................. 56,510 3,362,345
Vodafone AirTouch plc .................................................. 405,800 1,638,988
</TABLE>
33
<PAGE>
EQ ADVISORS TRUST
EQ/AGGRESSIVE STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------- ----------------
<S> <C> <C>
Vodafone AirTouch plc (ADR) ......... 26,134 $ 1,082,928
--------------
192,498,608
--------------
TOTAL TECHNOLOGY ................... 1,214,422,878
--------------
TOTAL COMMON STOCKS (97.7%)
(Cost $3,538,987,459) .............. 4,052,012,197
--------------
NUMBER OF
WARRANTS
-------------
WARRANTS:
TECHNOLOGY (0.0%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.0%)
American Satellite Network* ......... 49,450 --
Millicom International Cellular
S.A.* ............................. 197,800 --
--------------
TOTAL WARRANTS (0.0%)
(Cost $0) .......................... --
--------------
PRINCIPAL
AMOUNT
-------------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (1.2%)
CDC Commercial Paper Corp.
7/5/00 ............................ $50,000,000 49,961,667
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------- ------------------
<S> <C> <C>
TIME DEPOSITS (1.0%)
Chase Nassau
6.26%, 7/3/00 ..................... $ 1,332,115 $ 1,332,115
Deutsche Bank
6.88%, 7/3/00 ..................... 39,700,000 39,700,000
--------------
41,032,115
--------------
U.S. GOVERNMENT AGENCIES (0.4%)
Federal Home Loan Mortgage
Corp. (Discount Note), 7/3/00 ..... 17,700,000 17,693,540
--------------
TOTAL SHORT-TERM DEBT SECURITIES (2.6%)
(Amortized Cost $108,687,322) 108,687,322
--------------
TOTAL INVESTMENTS (100.3%)
(Cost/Amortized Cost
$3,647,674,781) ................... 4,160,699,519
OTHER ASSETS
LESS LIABILITIES (--0.3%) ......... (13,663,489)
--------------
NET ASSETS (100%) ................... $4,147,036,030
==============
</TABLE>
----------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
+ Issuer of this security is an affiliate of the Trust.
--------------------------------------------------------------------------------
Investments in companies which were affiliates for the period from January 1,
2000 to June 30, 2000 were as follows:
<TABLE>
<CAPTION>
MARKET VALUE
DECEMBER 31, PURCHASES SALES
SECURITIES 1999 AT COST AT COST
--------------------------------------------- -------------- -------------- --------------
<S> <C> <C> <C>
Budget Group, Inc. .......................... $ -- $29,154,813 $ 29,154,813
Circuit City Stores, Inc.--CarMax Group ..... 10,439,087 -- 70,217,548
Continental Airlines, Inc., Class B ......... 200,122,375 2,632,035 113,060,519
DBT Online, Inc. ............................ 26,751,563 6,195,858 --
Linens 'n Things, Inc. ...................... -- 54,544,972 1,823,831
Millicom International Cellular S.A. ........ 159,268,325 7,896,525 7,811,723
Mohawk Industries, Inc. ..................... 140,995,475 8,483,296 4,405,350
Premier Parks, Inc. ......................... 145,218,150 374,400 119,335,958
Teekay Shipping Corp. ....................... 53,237,625 24,336,582 13,894,719
Unifi, Inc. ................................. 36,698,638 -- 70,078,138
United Rentals North America, Inc. .......... 61,656,850 2,845,782 106,861,231
Venator Group, Inc. ......................... 95,497,500 800,905 4,120,434
------------
$929,885,588
============
<CAPTION>
MARKET VALUE REALIZED
JUNE 30, DIVIDEND GAIN
SECURITIES 2000 INCOME (LOSS)
--------------------------------------------- -------------- ------------ -----------------
<S> <C> <C> <C>
Budget Group, Inc. .......................... $ -- $ -- $ (17,497,407)
Circuit City Stores, Inc.--CarMax Group ..... -- -- (64,493,806)
Continental Airlines, Inc., Class B ......... 53,227,500 -- 26,921,464
DBT Online, Inc. ............................ -- -- --
Linens 'n Things, Inc. ...................... 67,790,800 -- 614,286
Millicom International Cellular S.A. ........ 82,278,000 -- 10,518,387
Mohawk Industries, Inc. ..................... 115,311,975 -- 4,451,718
Premier Parks, Inc. ......................... -- -- 1,224,275
Teekay Shipping Corp. ....................... 140,589,937 1,752,809 3,128,489
Unifi, Inc. ................................. -- -- (41,287,709)
United Rentals North America, Inc. .......... -- -- (55,618,232)
Venator Group, Inc. ......................... 138,657,900 -- (2,137,002)
------------ ---------- --------------
$597,856,112 $1,752,809 $ (134,175,537)
============ ========== ==============
</TABLE>
See Notes to Financial Statements.
34
<PAGE>
EQ ADVISORS TRUST
EQ/AGGRESSIVE STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $823,572,600
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 912,927,278
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 839,698,580
Aggregate gross unrealized depreciation .......... (326,673,842)
--------------
Net unrealized appreciation ...................... $ 513,024,738
==============
Federal income tax cost of investments ........... $3,647,674,781
==============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$438,685,624 which was secured by collateral of
$434,143,957.
For the period from January 1, 2000 to June 30, 2000 the Portfolio incurred
approximately $70 of brokerage commissions with Donaldson, Lufkin & Jenrette
Securities Corp. an affiliated broker/dealer.
See Notes to Financial Statements.
35
<PAGE>
EQ ADVISORS TRUST
EQ/BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (0.0%)
METALS & MINING (0.0%)
Alcoa, Inc. ............................................................ 30,000 $ 870,000
--------------
BUSINESS SERVICES (4.0%)
ENVIRONMENTAL CONTROL (0.1%)
Ecolab, Inc. ........................................................... 28,000 1,093,750
--------------
PRINTING, PUBLISHING,
BROADCASTING (3.5%)
Adelphia Communications Corp.
Class A* ............................................................. 48,000 2,250,000
AMFM, Inc.* ............................................................ 83,500 5,761,500
AT&T Corp.--Liberty Media
Group, Class A* ...................................................... 603,070 14,624,448
Cablevision Systems Corp.,
Class A* ............................................................. 110,000 7,466,250
Charter Communications, Inc.* .......................................... 165,000 2,712,187
Clear Channel Communications,
Inc.* ................................................................ 47,900 3,592,500
Comcast Corp., Class A* ................................................ 76,000 3,078,000
Fox Entertainment Group, Inc.,
Class A* ............................................................. 119,000 3,614,625
Gannett Co., Inc. ...................................................... 101,630 6,078,744
Interpublic Group, Inc. ................................................ 22,000 946,000
MediaOne Group, Inc.* .................................................. 60,000 3,978,600
Omnicom Group, Inc. .................................................... 25,500 2,271,094
Time Warner, Inc. ...................................................... 50,000 3,800,000
Viacom, Inc.* .......................................................... 21,000 1,435,875
Viacom, Inc., Class B* ................................................. 182,100 12,416,944
--------------
74,026,767
--------------
PROFESSIONAL SERVICES (0.4%)
Amdocs Automatic Common
Exchange Securities Trust ............................................ 30,900 1,950,563
Amdocs Ltd.* ........................................................... 16,800 1,289,400
First Data Corp. ....................................................... 87,400 4,337,225
--------------
7,577,188
--------------
TOTAL BUSINESS SERVICES .............................................. 83,567,705
--------------
CAPITAL GOODS (2.3%)
AEROSPACE (0.5%)
Lockheed Martin Corp. .................................................. 129,000 3,200,812
Raytheon Co. ........................................................... 47,000 904,750
Textron, Inc. .......................................................... 36,000 1,955,250
United Technologies Corp. .............................................. 60,000 3,532,500
--------------
9,593,312
--------------
BUILDING & CONSTRUCTION (0.1%)
Masco Corp. ............................................................ 77,000 1,390,813
--------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.1%)
Lowe's Cos., Inc. ...................................................... 72,000 2,956,500
--------------
ELECTRICAL EQUIPMENT (1.4%)
Emerson Electric Co. ................................................... 36,000 2,173,500
General Electric Co. ................................................... 254,700 13,499,100
Sanmina Corp.* ......................................................... 153,400 13,115,700
--------------
28,788,300
--------------
MACHINERY (0.2%)
Dover Corp. ............................................................ 21,000 851,813
Illinois Tool Works, Inc. .............................................. 55,000 3,135,000
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
W.W. Grainger, Inc. .................................................... 41,000 $ 1,263,313
--------------
5,250,126
--------------
TOTAL CAPITAL GOODS .................................................. 47,979,051
--------------
CONSUMER CYCLICALS (3.9%)
AIRLINES (1.0%)
Alaska Air Group, Inc.* ................................................ 5,000 135,625
Continental Airlines, Inc.,
Class B* ............................................................. 364,300 17,122,100
Northwest Airlines Corp.,
Class A* ............................................................. 125,000 3,804,688
--------------
21,062,413
--------------
APPAREL & TEXTILES (0.2%)
Fast Retailing Co., Ltd. ............................................... 1,000 418,296
Nike, Inc., Class B .................................................... 66,000 2,627,625
V.F. Corp. ............................................................. 25,000 595,312
--------------
3,641,233
--------------
AUTOS & TRUCKS (0.0%)
Autonation, Inc.* ...................................................... 85,000 600,313
--------------
HOUSEHOLD FURNITURE, APPLIANCES (0.3%)
MGM Grand, Inc. ........................................................ 135,730 4,360,326
Sony Corp. (ADR) ....................................................... 8,000 754,500
Williams-Sonoma, Inc.* ................................................. 41,000 1,329,938
--------------
6,444,764
--------------
LEISURE RELATED (0.8%)
Carnival Corp., Class A ................................................ 182,000 3,549,000
MGM Grand, Inc.* ....................................................... 39,600 1,272,150
Park Place Entertainment Corp.* 430,300 5,244,281
Royal Caribbean Cruises Ltd. ........................................... 88,000 1,628,000
Walt Disney Co. ........................................................ 108,300 4,203,394
--------------
15,896,825
--------------
PHOTO & OPTICAL (0.0%)
Canon, Inc. ............................................................ 10,000 497,433
--------------
RETAIL--GENERAL (1.6%)
Costco Wholesale Corp.* ................................................ 11,800 389,400
GAP, Inc. .............................................................. 264,200 8,256,250
Home Depot, Inc. ....................................................... 231,769 11,573,964
Kohl's Corp.* .......................................................... 133,400 7,420,375
Tiffany & Co ........................................................... 31,100 2,099,250
Wal-Mart Stores, Inc. .................................................. 75,200 4,333,400
--------------
34,072,639
--------------
TOTAL CONSUMER CYCLICALS ............................................. 82,215,620
--------------
CONSUMER NON-CYCLICALS (6.9%)
BEVERAGES (0.2%)
Anheuser-Busch Cos., Inc. .............................................. 20,000 1,493,750
PepsiCo, Inc. .......................................................... 32,000 1,422,000
Seagram Co. Ltd. ....................................................... 6,000 322,500
Starbucks Corp.* ....................................................... 12,000 458,250
--------------
3,696,500
--------------
DRUGS (3.5%)
American Home Products Corp. ........................................... 64,800 3,807,000
Amgen, Inc.* ........................................................... 45,300 3,182,325
AstraZeneca Group plc (ADR) ............................................ 105,000 4,882,500
Forest Laboratories, Inc.* ............................................. 37,000 3,737,000
Genentech, Inc.* ....................................................... 13,700 2,356,400
Lilly (Eli) & Co. ...................................................... 14,900 1,488,138
</TABLE>
36
<PAGE>
EQ ADVISORS TRUST
EQ/BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
Merck & Co., Inc. .................. 42,400 $ 3,248,900
Millennium Pharmaceuticals,
Inc.* ............................ 39,100 4,374,312
Pfizer, Inc. ....................... 497,825 23,895,600
Pharmacia Corp.* ................... 231,500 11,965,656
Schering-Plough Corp. .............. 199,600 10,079,800
Takeda Chemical Industries Ltd. 10,000 655,707
--------------
73,673,338
--------------
FOODS (0.5%)
Campbell Soup Co. .................. 80,000 2,330,000
ConAgra, Inc. ...................... 54,000 1,029,375
General Mills, Inc. ................ 39,000 1,491,750
H.J. Heinz Co. ..................... 24,000 1,050,000
Kellogg Co. ........................ 138,000 4,105,500
--------------
10,006,625
--------------
HOSPITAL SUPPLIES & SERVICES (1.8%)
Becton, Dickinson and Co. .......... 82,000 2,352,375
Guidant Corp.* ..................... 95,000 4,702,500
Health Management Associates,
Inc., Class A* ................... 325,000 4,245,313
Human Genome Sciences, Inc.* ....... 42,708 5,696,179
IMS Health, Inc. ................... 507,395 9,133,110
Medtronic, Inc. .................... 193,000 9,613,813
Tenet Healthcare Corp.* ............ 52,000 1,404,000
--------------
37,147,290
--------------
RETAIL--FOOD (0.6%)
Kroger Co.* ........................ 525,970 11,604,213
McDonald's Corp. ................... 31,000 1,021,063
--------------
12,625,276
--------------
SOAPS & TOILETRIES (0.2%)
Clorox Co. ......................... 73,000 3,271,313
Estee Lauder Cos., Class A ......... 24,600 1,216,163
Kao Corp. .......................... 4,000 122,097
--------------
4,609,573
--------------
TOBACCO (0.1%)
Philip Morris Cos., Inc. ........... 44,000 1,168,750
--------------
TOTAL CONSUMER NON-CYCLICALS 142,927,352
--------------
CREDIT SENSITIVE (9.8%)
BANKS (0.8%)
Bank of America Corp. .............. 256,300 11,020,900
Bank One Corp. ..................... 61,000 1,620,313
PT Bank Dagang Nasional
Indonesia Tbk* ................... 1,230,000 --
Sumitomo Trust & Banking ........... 41,000 291,629
Washington Mutual, Inc. ............ 90,000 2,598,750
Wells Fargo Co. .................... 15,000 581,250
--------------
16,112,842
--------------
FINANCIAL SERVICES (5.1%)
American Express Co. ............... 77,600 4,044,900
Associates First Capital Corp.,
Class A .......................... 759,100 16,937,419
Charles Schwab Corp. ............... 35,700 1,200,412
CIT Group, Inc., Class A ........... 406,200 6,600,750
Citigroup, Inc. .................... 453,100 27,299,275
Household International, Inc. ...... 37,000 1,537,812
Legg Mason, Inc. ................... 117,000 5,850,000
MBNA Corp. ......................... 560,400 15,200,850
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
Merrill Lynch & Co. ................ 37,800 $ 4,347,000
Morgan Stanley Dean Witter &
Co. .............................. 140,700 11,713,275
Peregrine Investment Holdings* ..... 472,000 --
Providian Financial Corp. .......... 117,000 10,530,000
SLM Holding Corp. .................. 50,000 1,871,875
Worms et Compagnie* ................ 9,375 139,583
--------------
107,273,151
--------------
INSURANCE (1.5%)
Ace Ltd. ........................... 190,000 5,320,000
AFLAC, Inc. ........................ 109,500 5,030,156
Allstate Corp. ..................... 27,000 600,750
American International Group,
Inc. ............................. 139,300 16,367,750
Cincinnati Financial Corp. ......... 25,000 785,938
Hartford Financial Services
Group, Inc. ...................... 40,000 2,237,500
Jefferson-Pilot Corp. .............. 22,000 1,241,625
Lincoln National Corp. ............. 12,000 433,500
--------------
32,017,219
--------------
UTILITY--ELECTRIC (0.3%)
AES Corp.* ......................... 44,000 2,007,500
American Electric Power Co. ........ 29,000 859,125
CINergy Corp. ...................... 62,000 1,577,125
Niagara Mohawk Holdings, Inc.* 44,000 613,250
NiSource, Inc. ..................... 62,500 1,164,063
Northeast Utilities ................ 18,000 391,500
--------------
6,612,563
--------------
UTILITY--TELEPHONE (2.1%)
Allegiance Telecom, Inc.* .......... 27,400 1,753,600
AT&T Corp. ......................... 15,000 474,375
Sprint Corp. (FON Group) ........... 200,000 10,200,000
U.S. WEST, Inc. .................... 257,000 22,037,750
Worldcom, Inc.* .................... 182,900 8,390,538
--------------
42,856,263
--------------
TOTAL CREDIT SENSITIVE ........... 204,872,038
--------------
DIVERSIFIED (1.0%)
MISCELLANEOUS (1.0%)
Berkshire Hathaway, Inc.,
Class A* ......................... 49 2,636,200
Tyco International Ltd. ............ 369,400 17,500,325
--------------
TOTAL DIVERSIFIED ................ 20,136,525
--------------
ENERGY (2.2%)
COAL & GAS PIPELINES (0.1%)
Williams Cos., Inc. ................ 72,000 3,001,500
--------------
OIL--DOMESTIC (0.2%)
Exxon Mobil Corp. .................. 42,000 3,297,000
--------------
OIL--INTERNATIONAL (1.1%)
BP Amoco plc (ADR) ................. 113,000 6,391,562
Kerr-McGee Corp. ................... 70,000 4,125,625
Repsol S.A. (ADR) .................. 184,000 3,645,500
Royal Dutch Petroleum Co.
(New York Shares) ................ 11,000 677,188
Shell Transport & Trading Co.
(ADR) ............................ 35,000 1,747,813
Texaco, Inc. ....................... 37,000 1,970,250
</TABLE>
37
<PAGE>
EQ ADVISORS TRUST
EQ/BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
Total Fina S.A. (ADR) ............... 57,500 $ 4,416,719
--------------
22,974,657
--------------
OIL--SUPPLIES & CONSTRUCTION (0.7%)
Baker Hughes, Inc. .................. 88,000 2,816,000
Noble Drilling Corp.* ............... 113,600 4,678,900
Santa Fe International Corp. ........ 90,000 3,144,375
Schlumberger Ltd. ................... 28,400 2,119,350
Stolt Comex Seaway S.A.
(ADR)* ............................ 100,300 1,191,063
Transocean Sedco Forex, Inc. ........ 10,000 534,375
--------------
14,484,063
--------------
RAILROADS (0.1%)
Canadian National Railway Co. ....... 17,000 496,187
Union Pacific Corp. ................. 27,000 1,004,063
--------------
1,500,250
--------------
TOTAL ENERGY ...................... 45,257,470
--------------
TECHNOLOGY (16.8%)
COMPUTER HARDWARE (1.6%)
Cisco Systems, Inc.* ................ 307,200 19,526,400
Hewlett Packard Co. ................. 84,000 10,489,500
Sun Microsystems, Inc.* ............. 28,400 2,582,625
--------------
32,598,525
--------------
COMPUTER SOFTWARE (1.3%)
America Online, Inc.* ............... 79,400 4,188,350
Cadence Design Systems, Inc.* ....... 90,000 1,833,750
Computer Associates
International, Inc. ............... 120,000 6,142,500
Genuity Inc* ........................ 47,300 433,091
Informix Corp.* ..................... 250,000 1,859,375
Macromedia, Inc.* ................... 13,000 1,256,937
Microsoft Corp.* .................... 137,400 10,992,000
VERITAS Software Corp.* ............. 11,000 1,243,172
--------------
27,949,175
--------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (3.5%)
Adelphia Business Solutions,
Inc.* ............................. 175,000 4,057,813
China Telecom (Hong Kong)
Ltd.* ............................. 26,000 229,299
Colt Telecom Group Plc .............. 20,300 2,753,188
Corning, Inc. ....................... 10,900 2,941,638
General Motors Corp., Class H* ...... 53,360 4,682,340
Global Crossing, Ltd.* .............. 93,400 2,457,588
Global TeleSystems Group, Inc.* 648,600 7,823,737
Juniper Networks, Inc. .............. 8,600 1,251,838
Level 3 Communications, Inc.* ....... 9,700 853,600
Lucent Technologies, Inc. ........... 12,800 758,400
Metromedia Fiber Network, Inc.
Class A* .......................... 41,700 1,654,969
Millicom International Cellular
S.A.* ............................. 210,900 7,381,500
Motorola, Inc. ...................... 60,800 1,767,000
NEXTLINK Communications,
Inc., Class A* .................... 33,600 1,274,700
Nortel Networks Corp. ............... 30,600 2,088,450
NTL, Inc.* .......................... 242,550 14,522,681
Qwest Communications
International, Inc.* .............. 111,400 5,535,187
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
Telefonaktiebolaget LM Ericsson
AB (ADR) .......................... 175,500 $ 3,510,000
Univision Communications, Inc.,
Class A* .......................... 20,800 2,152,800
VoiceStream Wireless Corp.* ......... 49,000 5,698,547
--------------
73,395,275
--------------
ELECTRONICS (5.5%)
Advanced Micro Devices, Inc.* ....... 17,000 1,313,250
Agilent Technologies, Inc.* ......... 41,575 3,066,171
Altera Corp.* ....................... 58,000 5,912,375
Applied Material, Inc.* ............. 114,300 10,358,437
Applied Micro Circuits Corp.* ....... 23,700 2,340,375
ASM Lithography Holding N.V.
(New York Shares)* ................ 32,900 1,451,713
Broadcom Corp., Ltd.* ............... 3,700 810,069
Burr-Brown Corp.* ................... 20,000 1,733,750
Flextronics International, Ltd* ..... 132,600 9,107,963
Intel Corp. ......................... 224,200 29,972,737
JDS Uniphase Corp.* ................. 18,200 2,181,725
KLA-Tencor Corp.* ................... 19,000 1,112,688
Micron Technology, Inc.* ............ 150,000 13,209,375
PMC-Sierra, Inc.* ................... 4,000 710,750
Solectron Corp.* .................... 453,800 19,002,875
STMicroelectronics N.V.
(New York Shares) ................. 29,500 1,893,531
Teradyne, Inc.* ..................... 23,000 1,690,500
Texas Instruments, Inc. ............. 103,500 7,109,156
Tokyo Electron Ltd. ................. 3,000 410,382
VeriSign, Inc.* ..................... 7,600 1,341,400
Xilinx, Inc.* ....................... 11,900 982,494
--------------
115,711,716
--------------
OFFICE EQUIPMENT (1.4%)
Compaq Computer Corp. ............... 292,500 7,477,031
Dell Computer Corp.* ................ 293,900 14,492,944
EMC Corp.* .......................... 56,400 4,339,275
International Business Machines
Corp. ............................. 19,000 2,081,687
--------------
28,390,937
--------------
TELECOMMUNICATIONS EQUIPMENT (0.5%)
UnitedGlobalCom Inc., Class A* 208,300 9,738,025
--------------
WIRELESS TELECOMMUNICATION
SERVICES (3.0%)
AT&T Wireless Group* ................ 252,500 7,038,437
Nextel Communications, Inc.,
Class A* .......................... 299,700 18,337,894
Nokia OYJ (ADR) ..................... 203,600 10,167,275
NTT Mobile Communications
Network, Inc. ..................... 20 540,770
Sprint Corp. (PCS Group)* ........... 27,000 1,606,500
US Cellular Corp.* .................. 80,000 5,040,000
Vodafone AirTouch plc ............... 3,500,000 14,136,173
Vodafone AirTouch plc (ADR) ......... 160,900 6,667,294
--------------
63,534,343
--------------
TOTAL TECHNOLOGY .................. 351,317,996
--------------
TOTAL COMMON STOCKS (46.9%)
(Cost $863,652,291) ................. 978,273,757
--------------
</TABLE>
38
<PAGE>
EQ ADVISORS TRUST
EQ/BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- ----------------
<S> <C> <C>
CONVERTIBLE PREFERRED STOCK:
CREDIT SENSITIVE (0.1%)
UTILITY--TELEPHONE (0.1%)
Nextlink Communications .............. 5,600 $ 962,500
-------------
TECHNOLOGY (0.0%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.0%)
WinStar Communications, Inc. ......... 11,000 618,750
-------------
TOTAL CONVERTIBLE PREFERRED
STOCKS (0.1%)
(Cost $1,136,476) ................... 1,581,250
-------------
NUMBER
OF
WARRANTS
------
WARRANTS:
BUSINESS SERVICES (0.0%)
TRUCKING, SHIPPING (0.0%)
Frontline Ltd., expiring 5/11/01*
(Cost $0) .......................... 26,628 --
-------------
PRINCIPAL
AMOUNT
-------
CONVERTIBLE BONDS:
CAPITAL GOODS (0.1%)
MACHINERY (0.1%)
Advanced Energy Industries, Inc.
5.25%, 11/15/06 .................... $ 1,915,000 2,587,644
-------------
CONSUMER CYCLICALS (0.1%)
RETAIL--GENERAL (0.1%)
Amazon.com, Inc.
4.75%, 2/1/09 ...................... 1,680,000 1,056,300
-------------
TECHNOLOGY (0.4%)
COMPUTER SOFTWARE (0.1%)
BEA Systems, Inc.
4.00%, 12/15/06 .................... 1,085,000 1,698,025
-------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.0%)
NTL, Inc.
7.00%, 12/15/08 .................... 200,000 320,000
-------------
ELECTRONICS (0.2%)
Burr-Brown Corp.
4.25%, 2/15/07 ..................... 1,600,000 2,684,000
Lattice Semiconductor Co.
4.75%, 11/1/06 445,000 802,669
4.75%, 11/1/06 ...................... 195,000 350,025
LSI Logic Corp
4.25%, 3/15/04 ...................... 225,000 789,469
Sanmina Corp.
4.25%, 5/1/04 ....................... 174,000 350,392
-------------
4,976,555
-------------
OFFICE EQUIPMENT SERVICES (0.1%)
Checkfree Holdings Corp.
6.50%, 12/1/06 ...................... 1,260,000 1,192,275
-------------
TOTAL TECHNOLOGY ................... 8,186,855
-------------
TOTAL CONVERTIBLE BONDS (0.6%)
(Cost $9,839,943) ................... 11,830,799
-------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------- -----------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES (0.7%)
PRINTING, PUBLISHING,
BROADCASTING (0.7%)
CBS Corp.
7.15%, 5/20/05 ................... $ 10,570,000 $ 10,392,847
Time Warner Entertainment
8.375%, 3/15/23 .................. 4,980,000 5,041,403
--------------
TOTAL BUSINESS SERVICES ......... 15,434,250
--------------
CAPITAL GOODS (0.4%)
AEROSPACE (0.4%)
Raytheon Co.
7.90%, 3/1/03 .................... 8,600,000 8,640,902
--------------
CONSUMER CYCLICALS (0.5%)
RETAIL--GENERAL (0.5%)
Wal-Mart Stores, Inc.
6.875%, 8/10/09 .................. 9,960,000 9,739,486
--------------
CREDIT SENSITIVE (45.6%)
ASSET BACKED (2.0%)
Abbey National Capital Trust
8.96%, 12/29/49 .................. 5,500,000 5,461,896
Capital Auto Receivables Asset
Trust
5.58%, 6/15/02 ................... 20,000,000 19,857,400
Carco Auto Loan Master Trust
5.65%, 3/15/03 ................... 15,930,000 15,771,337
--------------
41,090,633
--------------
BANKS (0.5%)
Chase Manhattan Corp.
6.375%, 4/1/08 ................... 5,190,000 4,745,254
International Bank Recon &
Development
7.00%, 1/27/05 ................... 6,700,000 6,690,747
--------------
11,436,001
--------------
FINANCIAL SERVICES (1.9%)
Ford Motor Credit Corp.
7.25%, 1/15/03 ................... 20,400,000 20,216,726
Household Finance Corp.
6.50%, 11/15/08 .................. 7,050,000 6,395,104
KBC Bank Fund Trust III
9.86%, 11/29/49 .................. 9,085,000 9,268,063
NationsBank Corp.
6.80%, 3/15/28 ................... 4,045,000 3,440,661
--------------
39,320,554
--------------
FOREIGN GOVERNMENT (1.8%)
Quebec Province
7.50%, 9/15/29 ................... 6,120,000 6,001,199
United Mexican States
10.375%, 2/17/09 ................. 29,985,000 31,934,025
--------------
37,935,224
--------------
U.S. GOVERNMENT (18.7%)
U.S. Treasury Bond
12.00%, 8/15/13 .................. 37,175,000 50,232,719
8.125%, 8/15/19 .................. 90,545,000 109,460,756
8.125%, 5/15/21 .................. 20,200,000 24,593,500
</TABLE>
39
<PAGE>
EQ ADVISORS TRUST
EQ/BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- -------------------
<S> <C> <C>
U.S. Treasury Notes
6.00%, 8/15/00 ........................................................ $ 28,000,000 $ 28,000,000
6.25%, 4/30/01 ........................................................ 52,850,000 52,750,906
6.50%, 8/31/01 ........................................................ 64,120,000 64,120,000
6.75%, 5/15/05 ........................................................ 9,615,000 9,840,356
6.50%, 2/15/10 ........................................................ 1,170,000 1,209,854
6.25%, 5/15/30 ........................................................ 46,815,000 49,141,144
--------------
389,349,235
--------------
U.S. GOVERNMENT AGENCIES (20.2%)
Federal National Mortgage
Association
7.00%, 9/1/14 ......................................................... 17,764,899 17,430,137
7.00%, 1/1/15 ......................................................... 10,735,000 10,530,284
7.00%, 1/1/15 ......................................................... 28,449,601 27,913,496
7.00%, 2/1/15 ......................................................... 8,270,177 8,114,334
8.00%, 11/1/28 ........................................................ 5,997,681 6,037,026
6.00%, 1/1/29 ......................................................... 14,583,298 13,339,765
8.00%, 1/1/29 ......................................................... 9,915,443 9,959,646
6.00%, 3/1/29 ......................................................... 19,360,883 17,709,961
7.50%, 4/1/29 ......................................................... 774,131 763,479
6.00%, 7/1/29 ......................................................... 4,607,699 4,214,796
7.50%, 12/1/29 ........................................................ 20,564,015 20,281,055
7.00%, 1/1/30 ......................................................... 45,241,941 43,676,389
8.00%, 1/1/30 ......................................................... 1,934,384 1,943,007
7.00%, 2/1/30 ......................................................... 8,696,057 8,395,139
8.00%, 4/1/30 ......................................................... 42,455,559 42,644,826
8.00%, 4/1/30 ......................................................... 15,200,000 15,261,712
7.50%, 6/1/30 ......................................................... 10,770,001 10,615,128
TBA:
8.50%, 10/1/09 ........................................................ 42,900,000 43,664,135
6.50%, 7/1/30 ......................................................... 28,565,000 26,913,600
Government National Mortgage
Association
7.00%, 12/15/25 ....................................................... 96,215 93,577
7.00%, 7/15/27 ........................................................ 7,734,213 7,522,164
7.00%, 2/15/28 ........................................................ 10,097,903 9,821,048
7.00%, 2/15/28 ........................................................ 11,056,761 10,753,618
7.00%, 6/15/28 ........................................................ 37,696 36,662
7.00%, 10/15/28 ....................................................... 88,333 85,911
7.00%, 12/15/28 ....................................................... 45,711 44,458
7.00%, 12/15/28 ....................................................... 83,139 80,860
7.00%, 12/15/28 ....................................................... 82,493 80,232
7.00%, 12/15/28 ....................................................... 32,464,464 31,574,385
7.00%, 8/15/29 ........................................................ 22,000,000 21,381,140
7.00%, 9/15/29 ........................................................ 9,973,474 9,700,031
--------------
420,582,001
--------------
UTILITY--ELECTRIC (0.2%)
Cilcorp, Inc.
9.375%, 10/15/29 ...................................................... 4,380,000 4,418,316
--------------
UTILITY--GAS (0.3%)
Ras Laffan Liquified Natural Gas
Co. Ltd.
8.294%, 3/15/14 ....................................................... 7,730,000 7,140,587
--------------
TOTAL CREDIT SENSITIVE ............................................... 951,272,551
--------------
ENERGY (0.5%)
OIL--INTERNATIONAL (0.2%)
Conoco, Inc.
6.95%, 4/15/29 ........................................................ 5,000,000 4,556,870
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- -------------------
<S> <C> <C>
RAILROADS (0.3%)
Union Pacific Corp.
6.625%, 2/1/29 ........................................................ $ 7,000,000 $ 5,785,142
--------------
TOTAL ENERGY ......................................................... 10,342,012
--------------
TOTAL LONG-TERM DEBT SECURITIES (47.7%)
(Cost $995,300,445) ................................................... 995,429,201
--------------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (0.1%)
American Express Corp., 7/3/00 ......................................... 3,433,000 3,433,000
--------------
TIME DEPOSITS (0.8%)
Chase Nassau
6.26%, 73/00 ......................................................... 12,064,633 12,064,633
Deutsche Bank
6.88%, 7/3/00 ........................................................ 5,000,000 5,000,000
--------------
TOTAL TIME DEPOSITS .................................................. 17,064,633
--------------
U.S. GOVERNMENT AGENCIES (6.0%)
Federal Home Loan Mortgage
Corp.
(Discount Note), 7/3/00 .............................................. 124,700,000 124,654,485
--------------
TOTAL SHORT-TERM DEBT SECURITIES (6.9%)
(Amortized Cost $145,152,118) 145,152,118
--------------
TOTAL INVESTMENTS (102.2%)
(Cost/Amortized Cost
$2,015,081,273) ...................................................... 2,132,267,125
OTHER ASSETS LESS LIABILITIES (-2.2%) (44,994,154)
--------------
NET ASSETS (100%) ...................................................... $2,087,172,971
==============
</TABLE>
--------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY GLOBAL REGION
As a Percentage of Total Investments
<TABLE>
<S> <C>
Canada ................. 0.4%
France ................. 0.3
Japan .................. 0.2
Latin America .......... 1.7
Netherlands ............ 0.4
Scandinavia ............ 0.6
Spain .................. 0.2
United Kingdom ......... 1.9
United States .......... 94.3
-----
100.0%
=====
</TABLE>
---------------------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
40
<PAGE>
EQ ADVISORS TRUST
EQ/BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $1,957,679,851
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 1,938,768,966
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 262,374,672
Aggregate gross unrealized depreciation ......... (145,188,820)
--------------
Net unrealized appreciation ..................... $ 117,185,852
==============
Federal income tax cost of investments .......... $2,015,081,273
==============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$632,799,820 which was secured by collateral of
$646,741,299.
For the period from January 1, 2000, to June 30, 2000 the Portfolio incurred
approximately $7,340 and $17,354 as brokerage commissions with Donaldson,
Lufkin & Jenrette Corp. and Prudential-Bache Securities, Inc., respectively,
both affiliated broker/dealers.
See Notes to Financial Statements.
41
<PAGE>
EQ ADVISORS TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
COMMON STOCKS:
BUSINESS SERVICES (14.2%)
PRINTING, PUBLISHING,
BROADCASTING (12.3%)
Adelphia Communications Corp.
Class A*++ ........................................................... 5,263,300 $ 246,717,188
AT&T Corp.--Liberty Media
Group, Class A* ...................................................... 25,040,404 607,229,797
Cablevision Systems Corp.,
Class A* ............................................................. 2,860,000 194,122,500
Charter Communications, Inc.* .......................................... 300,000 4,931,250
Chris-Craft Industries, Inc.
Class B*++ ........................................................... 1,266,690 83,680,735
Comcast Corp., Class A* ................................................ 4,023,600 162,955,800
Gannett Co., Inc. ...................................................... 300,000 17,943,750
MediaOne Group, Inc.* .................................................. 3,755,000 248,994,050
News Corp., Ltd. (ADR) ................................................. 4,612,700 251,392,150
Reuters Group plc (ADR) ................................................ 196,880 19,675,695
Viacom, Inc., Class B* ................................................. 1,682,100 114,698,194
---------------
1,952,341,109
---------------
PROFESSIONAL SERVICES (1.9%)
Cendant Corp.* ......................................................... 15,599,383 218,391,362
First Data Corp. ....................................................... 1,580,000 78,407,500
---------------
296,798,862
---------------
TOTAL BUSINESS SERVICES .............................................. 2,249,139,971
---------------
CAPITAL GOODS (1.6%)
AEROSPACE (1.6%)
Honeywell International, Inc. .......................................... 3,631,250 122,327,734
Loral Space & Communications*++ 19,061,000 132,235,688
---------------
TOTAL CAPITAL GOODS .................................................. 254,563,422
---------------
CONSUMER CYCLICALS (3.7%)
AIRLINES (0.6%)
Continental Airlines, Inc.,
Class B* ............................................................. 737,300 34,653,100
Delta Air Lines, Inc. .................................................. 1,346,300 68,072,294
---------------
102,725,394
---------------
AUTOS & TRUCKS (0.1%)
Autonation, Inc.* ...................................................... 2,910,500 20,555,406
---------------
LEISURE RELATED (0.2%)
Carnival Corp., Class A ................................................ 1,598,000 31,161,000
---------------
RETAIL--GENERAL (2.7%)
Circuit City Stores-Circuit City
Group ................................................................ 100,000 3,318,750
GAP, Inc. .............................................................. 1,850,000 57,812,500
Home Depot, Inc. ....................................................... 4,291,000 214,281,812
Limited, Inc. .......................................................... 3,778,950 81,719,794
Office Depot, Inc.* .................................................... 367,500 2,296,875
Tandy Corp. ............................................................ 1,250,000 59,218,750
Wal-Mart Stores, Inc. .................................................. 300,000 17,287,500
---------------
435,935,981
---------------
TOTAL CONSUMER CYCLICALS ............................................. 590,377,781
---------------
CONSUMER NON-CYCLICALS (8.3%)
BEVERAGES (0.2%)
Pepsi Bottling Group, Inc. ............................................. 1,011,800 29,531,913
---------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
DRUGS (3.6%)
Bristol-Myers Squibb Co. ............................................... 4,218,000 $ 245,698,500
Merck & Co., Inc. ...................................................... 2,271,400 174,046,025
Pfizer, Inc. ........................................................... 350,000 16,800,000
Schering-Plough Corp. .................................................. 2,546,000 128,573,000
---------------
565,117,525
---------------
HOSPITAL SUPPLIES & SERVICES (2.9%)
Boston Scientific Corp.* ............................................... 6,392,875 140,243,695
IMS Health, Inc. ....................................................... 7,878,000 141,804,000
McKesson HBOC, Inc. .................................................... 7,574,250 158,585,860
Medtronic, Inc. ........................................................ 555,600 27,675,825
---------------
468,309,380
---------------
RETAIL--FOOD (1.1%)
Kroger Co.* ............................................................ 5,500,000 121,343,750
Safeway, Inc.* ......................................................... 1,275,000 57,534,375
---------------
178,878,125
---------------
TOBACCO (0.5%)
Philip Morris Cos., Inc. ............................................... 2,790,200 74,114,687
---------------
TOTAL CONSUMER NON-CYCLICALS 1,315,951,630
---------------
CREDIT SENSITIVE (34.6%)
BANKS (5.0%)
Bank of America Corp. .................................................. 7,410,700 318,660,100
Bank of Tokyo-Mitsubishi Ltd.
(ADR) ................................................................ 5,449,600 66,076,400
Bank One Corp. ......................................................... 3,834,000 101,840,625
Chase Manhattan Corp. .................................................. 6,757,254 311,256,012
---------------
797,833,137
---------------
FINANCIAL SERVICES (10.5%)
American Express Co. ................................................... 450,000 23,456,250
Associates First Capital Corp.,
Class A .............................................................. 15,986,700 356,703,244
CIT Group, Inc., Class A ............................................... 2,493,840 40,524,900
Citigroup, Inc. ........................................................ 8,028,195 483,698,749
Household International, Inc. .......................................... 3,147,400 130,813,812
MBNA Corp. ............................................................. 13,876,187 376,391,572
Providian Financial Corp. .............................................. 2,968,100 267,129,000
---------------
1,678,717,527
---------------
INSURANCE (6.8%)
AFLAC, Inc. ............................................................ 1,538,500 70,674,844
American International Group,
Inc. ................................................................. 5,492,140 645,326,450
Hartford Financial Services
Group, Inc. .......................................................... 67,200 3,759,000
John Hancock Financial
Services* ............................................................ 3,359,900 79,587,631
Loews Corp. ............................................................ 1,448,500 86,910,000
Metlife Inc.* .......................................................... 3,047,000 64,177,438
PMI Group, Inc.++ ...................................................... 2,883,100 136,947,250
---------------
1,087,382,613
---------------
REAL ESTATE (0.7%)
CBL & Associates Properties,
Inc. ................................................................. 652,200 16,264,238
Macerich Co. ........................................................... 672,500 14,837,031
</TABLE>
42
<PAGE>
EQ ADVISORS TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- --------------------
<S> <C> <C>
Simon Property Group, Inc. ............................................. 1,343,000 $ 29,797,812
Spieker Properties ..................................................... 863,400 39,716,400
Summit Properties, Inc. ................................................ 369,100 7,751,100
--------------
108,366,581
--------------
UTILITY--TELEPHONE (11.6%)
AT&T Corp. ............................................................. 4,552,815 143,982,774
Bell Atlantic Corp. .................................................... 1,155,000 58,688,438
BellSouth Corp. ........................................................ 2,021,648 86,172,746
SBC Communications, Inc. ............................................... 2,100,000 90,825,000
Sprint Corp. (FON Group) ............................................... 9,603,700 489,788,700
U.S. WEST, Inc. ........................................................ 6,371,000 546,313,250
Worldcom, Inc.* ........................................................ 9,315,222 427,335,809
--------------
1,843,106,717
--------------
TOTAL CREDIT SENSITIVE ............................................... 5,515,406,575
--------------
DIVERSIFIED (2.0%)
MISCELLANEOUS (2.0%)
Tyco International Ltd. ................................................ 6,781,472 321,272,236
--------------
ENERGY (3.5%)
OIL--INTERNATIONAL (2.5%)
BP Amoco plc ........................................................... 31,757,616 304,571,809
Total Fina S.A. (ADR) .................................................. 1,343,850 103,224,478
--------------
407,796,287
--------------
OIL--SUPPLIES & CONSTRUCTION (0.7%)
Santa Fe International Corp. ........................................... 1,634,000 57,087,875
Transocean Offshore, Inc. .............................................. 915,800 48,938,062
--------------
106,025,937
--------------
RAILROADS (0.3%)
Burlington Northern Santa Fe
Corp. ................................................................ 2,101,700 48,207,744
--------------
TOTAL ENERGY ......................................................... 562,029,968
--------------
TECHNOLOGY (31.1%)
COMPUTER SOFTWARE (0.8%)
Computer Associates
International, Inc. .................................................. 2,160,530 110,592,138
Microsoft Corp.* ....................................................... 300,000 24,000,000
--------------
134,592,138
--------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (5.3%)
Cable & Wireless plc ................................................... 5,900,000 99,869,908
Energis plc* ........................................................... 500,000 18,742,342
General Motors Corp., Class H* ......................................... 635,700 55,782,675
Global TeleSystems Group, Inc.* 3,737,400 45,082,387
Lucent Technologies, Inc. .............................................. 390,900 23,160,825
NEXTLINK Communications,
Inc., Class A* ....................................................... 1,250,000 47,421,875
NTL, Inc.* ............................................................. 5,333,375 319,335,828
Qwest Communications
International, Inc.* ................................................. 600,000 29,812,500
VoiceStream Wireless Corp.* ............................................ 1,554,900 180,830,019
WinStar Communications, Inc.* .......................................... 380,000 12,872,500
--------------
832,910,859
--------------
ELECTRONICS (8.4%)
Applied Material, Inc.* ................................................ 2,470,000 223,843,750
Flextronics International, Ltd* ........................................ 1,801,700 123,754,269
Intel Corp. ............................................................ 3,050,000 407,746,875
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- --------------------
<S> <C> <C>
Micron Technology, Inc.* ............................................... 2,350,000 $ 206,946,875
SCI Systems, Inc.*++ ................................................... 8,033,400 314,808,862
Solectron Corp.* ....................................................... 1,761,400 73,758,625
--------------
1,350,859,256
--------------
OFFICE EQUIPMENT (2.4%)
Compaq Computer Corp. .................................................. 750,000 19,171,875
Dell Computer Corp.* ................................................... 1,000,000 49,312,500
International Business Machines
Corp. ................................................................ 2,787,500 305,405,469
--------------
373,889,844
--------------
OFFICE EQUIPMENT SERVICES (1.6%)
Ceridian Corp.*++ ...................................................... 9,675,400 232,814,312
Equant N.V. - (New York
Registered Shares)* .................................................. 500,000 21,500,000
--------------
254,314,312
--------------
WIRELESS TELECOMMUNICATION
SERVICES (12.6%)
AT&T Wireless Group* ................................................... 13,493,500 376,131,313
Nextel Communications, Inc.,
Class A* ............................................................. 8,057,400 493,012,162
Vodafone AirTouch plc .................................................. 271,959,182 1,098,417,741
Western Wireless Corp., Class A* 700,000 38,150,000
--------------
2,005,711,216
--------------
TOTAL TECHNOLOGY ..................................................... 4,952,277,625
--------------
TOTAL COMMON STOCKS (99.0%)
(Cost $13,218,324,745) ............................................... 15,761,019,208
--------------
CONVERTIBLE PREFERRED
STOCKS:
BUSINESS SERVICES (0.2%)
PRINTING, PUBLISHING,
BROADCASTING (0.2%)
MediaOne Group, Inc. ................................................... 650,000 26,325,000
--------------
CAPITAL GOODS (0.1%)
Loral Space & Communication
6.00%, 2/15/07+++ .................................................... 500,000 11,125,000
--------------
TOTAL CONVERTIBLE PREFERRED
STOCKS (0.3%)
(Cost $54,714,000) ................................................... 37,450,000
--------------
PRINCIPAL
AMOUNT
-----------
CONVERTIBLE BONDS:
CREDIT SENSITIVE (0.3%)
Bell Atlantic Financial Services
4.25%, 9/15/05+ ...................................................... $40,000,000 51,900,000
--------------
TECHNOLOGY (0.4%)
Global TeleSystems Group, Inc.
5.75%, 7/1/10+ ....................................................... 17,445,000 10,030,875
Nextel Communications, Inc.
4.75%, 7/1/07 ........................................................ 6,500,000 17,143,750
NTL, Inc.
7.00%, 12/15/08 ...................................................... 18,980,000 30,368,000
--------------
TOTAL TECHNOLOGY ..................................................... 57,542,625
--------------
TOTAL CONVERTIBLE BONDS (0.7%)
(Cost $95,878,876) .................................................... 109,442,625
--------------
</TABLE>
43
<PAGE>
EQ ADVISORS TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
----------------- -----------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (0.0%)
Chase Nassau
6.26%, 7/3/00 .................. $ 892,192 $ 892,192
--------------
COMMERCIAL PAPER (1.9%)
Barton Cap 7/5/00+ ............... 76,117,000 76,059,827
Deutsche Bank 7/3/00 ............. 105,200,000 105,200,000
UBS Finance Delaware, Inc.
7/5/00 ......................... 125,000,000 124,903,889
--------------
TOTAL COMMERCIAL PAPER ......... 306,163,716
--------------
U.S. GOVERNMENT AGENCIES (0.0%)
Federal Home Loan Bank
7/3/00 ......................... 6,400,000 6,397,695
--------------
TOTAL SHORT-TERM DEBT SECURITIES (1.9%)
(Amortized Cost $313,453,605) . 313,453,603
--------------
TOTAL INVESTMENTS (101.9%)
(Cost/Amortized Cost
$13,682,371,226) ............... 16,221,365,436
--------------
NUMBER OF
CONTRACTS (B)
-----------------
CALL OPTIONS WRITTEN*(C):
Adelphia Communications
Corp.
July @ $47.00 .................. (2,000) (203,340)
--------------
AFLAC, Inc.
July @ $51.75 .................. (2,000) (62,400)
--------------
American International Group,
Inc.
July @ $119.00 ................. (2,500) (902,350)
August @ $120.4759 ............. (2,000) (1,019,360)
--------------
(1,921,710)
--------------
American Express Co.
July @ $55.8278 ................ (4,500) (430,920)
--------------
Applied Material, Inc.
July @ $74.25 .................. (2,500) (4,297,375)
July @ $83.75 .................. (2,500) (2,347,500)
July @ $91.1875 ................ (3,000) (1,664,640)
July @ $92.75 .................. (3,000) (640,770)
July @ $94.50 .................. (2,000) (814,300)
--------------
(9,764,585)
--------------
Associates First Capital Corp.
Class A
July @ $23.95 .................. (3,000) (126,510)
July @ $24.00 .................. (2,500) (123,625)
July @ $24.25 .................. (3,000) (107,100)
July @ $24.50 .................. (3,000) (58,920)
July @ $24.875 ................. (3,000) (67,980)
July @ $25.0625 ................ (2,000) (72,040)
July @ $28.75 .................. (2,000) (24,920)
--------------
(581,095)
--------------
AT&T Corp.
July @ $46.8125 ................ (6,000) 0
August @ $25.50 ................ (3,000) (1,077,090)
August @ $25.9075 .............. (3,000) (851,760)
--------------
(1,928,850)
--------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
CONTRACTS (B) (NOTE 1)
--------------- ---------------------
<S> <C> <C>
AT&T Corp. - Liberty Media
Group, Class A
July @ $46.35 ............. (6,000) $ (826,260)
July @ $48.80 ............. (6,000) (238,560)
August @ $24.25 ........... (2,500) (390,000)
----------------
(1,454,820)
----------------
AT&T Wireless Group
August @ $24.50 ........... (2,500) (1,082,575)
August @ $27.79 ........... (3,000) (522,780)
August @ $28.1875 ......... (3,000) (566,370)
----------------
(2,171,725)
----------------
Autonation, Inc.
July @ $7.875 ............. (2,000) (69,320)
July @ $8.00 .............. (3,000) (41,610)
July @ $8.125 ............. (2,000) (3,340)
July @ $8.3125 ............ (3,000) (53,340)
August @ $7.25 ............ (3,000) (135,330)
August @ $7.3125 .......... (3,000) (153,870)
August @ $7.375 ........... (3,000) (186,000)
August @ $7.625 ........... (3,000) (65,160)
August @ $7.6875 .......... (3,000) (78,420)
----------------
(786,390)
----------------
Bank of America Corp.
July @ $47.220 ............ (2,000) (44,220)
July @ $48.125 ............ (2,000) (54,200)
July @ $48.5625 ........... (2,000) (66,280)
July @ $50.00 ............. (2,500) (30,150)
July @ $51.25 ............. (2,000) (30,000)
----------------
(224,850)
----------------
Bank One Corp.
July @ $31.2383 ........... (2,000) (12,500)
August @ $27.5625 ......... (3,000) (492,180)
August @ $28.25 ........... (3,000) (214,020)
August @ $29.25 ........... (3,000) (146,760)
August @ $32.625 .......... (5,000) (94,200)
----------------
(959,660)
----------------
Boston Scientific Corp.
June @ $21.56 ............. (2,500) (93,750)
June @ $26.75 ............. (3,000) (27,000)
July @ $22.25 ............. (2,000) (77,080)
July @ $23.00 ............. (2,500) (285,825)
July @ $23.375 ............ (2,000) (25,780)
July @ $24.875 ............ (3,000) (42,000)
July @ $25.00 ............. (3,000) (82,770)
July @ $25.11 ............. (2,000) (28,060)
July @ $25.25 ............. (3,000) (72,000)
July @ $25.250 ............ (3,000) (45,000)
July @ $25.8797 ........... (2,000) (46,000)
July @ $27.25 ............. (3,000) (38,130)
July @ $27.39 ............. (2,000) (12,000)
August @ $22.00 ........... (2,000) (410,000)
----------------
(1,285,395)
----------------
</TABLE>
44
<PAGE>
EQ ADVISORS TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
CONTRACTS (B) (NOTE 1)
--------------- ---------------------
<S> <C> <C>
Bristol-Myers Squibb Co.
July @ $49.6264 ............ (3,000) $ (2,595,120)
July @ $51.50 .............. (2,000) (1,454,660)
July @ $51.59 .............. (2,000) (1,336,100)
July @ $57.875 ............. (1,500) (366,285)
July @ $63.125 ............. (2,000) (30,000)
----------------
(5,782,165)
----------------
Cablevision Systems Corp.,
Class A
July @ $63.25 .............. (2,500) (1,331,300)
----------------
Carnival Corp., Class A
July @ $24.50 .............. (2,000) (12,500)
July @ $26.50 .............. (2,500) (2,500)
August @ $25.50 ............ (2,000) (23,580)
----------------
(38,580)
----------------
CBS Corp.
July @ $58.55 .............. (3,255) (4,967,488)
July @ $59.00 .............. (2,170) (3,291,890)
----------------
(8,259,378)
----------------
Cendant Corp.
June @ $17.75 .............. (2,500) 0
July @ $15.125 ............. (2,500) (41,800)
July @ $15.4375 ............ (2,500) (16,275)
August @ $12.25 ............ (1,500) (361,500)
August @ $12.75 ............ (3,000) (531,660)
August @ $12.875 ........... (2,000) (397,800)
August @ $14.250 ........... (3,000) (398,520)
August @ $19.00 ............ (2,000) 0
----------------
(1,747,555)
----------------
Charter Communications, Inc.
July @ $14.50 .............. (3,000) (660,750)
----------------
Chase Manhattan Corp.
July @ $69.0031 ............ (3,000) (611,670)
July @ $71.125 ............. (3,000) (384,570)
----------------
(996,240)
----------------
Citigroup, Inc.
July @ $59.25 .............. (2,000) (516,000)
July @ $59.500 ............. (2,500) (544,850)
July @ $59.93 .............. (3,000) (657,000)
July @ $60.375 ............. (2,000) (291,640)
July @ $60.875 ............. (2,000) (506,040)
July @ $62 ................. (3,000) (419,520)
August @ $63.7625 .......... (2,000) (373,400)
----------------
(3,308,450)
----------------
Comcast Corp., Class A
July @ $33.125 ............. (3,000) (2,225,610)
July @ $34.50 .............. (3,000) (1,809,000)
July @ $34.5625 ............ (2,000) (1,282,920)
July @ $36.875 ............. (2,500) (912,500)
----------------
(6,230,030)
----------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
CONTRACTS (B) (NOTE 1)
--------------- ---------------------
<S> <C> <C>
Computer Associates
International, Inc.
August @ $53.00 ............ (3,000) $ (1,104,000)
August @ $53.625 ........... (3,000) (968,070)
August @ $54.303 ........... (3,000) (926,100)
August @ $55.75 ............ (3,000) (633,750)
----------------
(3,631,920)
----------------
Dell Computer Corp.
July @ $42.375 ............. (3,000) (2,222,580)
July @ $44.00 .............. (2,000) (1,142,640)
July @ $44.00 .............. (2,000) (1,145,140)
July @ $46.375 ............. (3,000) (1,116,720)
----------------
(5,627,080)
----------------
Flextronics International Ltd.
July @ $68.5625 ............ (2,000) (471,020)
July @ $68.5625 ............ (1,000) (254,170)
August @ $67.5 ............. (3,000) (1,917,930)
August @ $69.50 ............ (2,000) (1,205,000)
August @ $72.75 ............ (2,000) (1,029,340)
----------------
(4,877,460)
----------------
Gap, Inc.
July @ $34.125 ............. (2,000) (113,720)
July @ $34.375 ............. (2,000) (105,840)
July @ $34.875 ............. (2,500) (198,775)
July @ $37.7500 ............ (3,000) (48,000)
July @ $39.7286 ............ (3,000) (18,000)
----------------
(484,335)
----------------
Home Depot, Inc.
July @ $46.75 .............. (3,000) (1,167,000)
July @ $53.00 .............. (3,000) (311,220)
July @ $53.75 .............. (2,000) (27,640)
July @ $56.5 ............... (3,000) (49,020)
July @ $57.00 .............. (2,500) (49,625)
July @ $60.375 ............. (3,000) (18,750)
----------------
(1,623,255)
----------------
Household International, Inc.
July @ $39.78 .............. (3,000) (744,000)
July @ $41.50 .............. (1,500) (288,000)
July @ $47.12 .............. (3,000) (164,010)
----------------
(1,196,010)
----------------
International Business
Machines Corp.
January @ $94.31 ........... (1,750) 0
July @ $103.50 ............. (3,000) (2,577,420)
July @ $110.00 ............. (1,000) (343,220)
August @ $119.5625 ......... (1,000) (199,550)
----------------
(3,120,190)
----------------
IMS Health, Inc.
July @ $16.75 .............. (3,000) (490,410)
August @ $16.25 ............ (2,000) (426,820)
August @ $16.625 ........... (3,000) (527,640)
----------------
(1,444,870)
----------------
</TABLE>
45
<PAGE>
EQ ADVISORS TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
CONTRACTS (B) (NOTE 1)
--------------- --------------------
<S> <C> <C>
Intel Corp.
July @ $119.18 ............ (2,000) $ (3,070,440)
July @ $120.50 ............ (2,000) (2,851,880)
July @ $120.75 ............ (3,000) (4,211,550)
August @ $129.25 .......... (1,000) (1,029,320)
--------------
(11,163,190)
--------------
John Hancock Financial Services
July @ $24.00 ............. (3,000) (355,920)
--------------
Kroger Co.
July @ $19.25 ............. (1,500) (472,500)
--------------
Liberty Media
July @ $43.25 ............. (6,000) (1,730,580)
July @ $43.50 ............. (5,000) (1,979,450)
July @ $44.25 ............. (3,000) (1,108,830)
July @ $44.50 ............. (5,000) (1,474,900)
July @ $46.25 ............. (2,000) (539,820)
July @ $46.375 ............ (5,000) (1,250,000)
July @ $47.00 ............. (4,000) (509,040)
July @ $49.5363 ........... (3,000) (336,180)
--------------
(8,928,800)
--------------
Limited, Inc.
July @ $23.00 ............. (2,500) (170,000)
July @ $24.125 ............ (3,000) (117,210)
July @ $48.50 ............. (6,000) (88,260)
July @ $48.750 ............ (6,000) (211,680)
July @ $49.50 ............. (5,000) (113,250)
August @ $21 .............. (2,500) (452,500)
August @ $21.258 .......... (3,000) (481,590)
August @ $21.82 ........... (3,000) (463,110)
--------------
(2,097,600)
--------------
Loral Space & Communication
July @ $7.625 ............. (3,000) (130,830)
July @ $8.00 .............. (3,000) (65,160)
July @ $8.25 .............. (2,500) (55,000)
August @ $7.4834 .......... (2,000) (119,620)
--------------
(370,610)
--------------
MBNA Corp.
July @ $24.50 ............. (2,500) (726,925)
August @ $26.625 .......... (2,500) (671,600)
August @ $27.125 .......... (2,000) (354,580)
--------------
(1,753,105)
--------------
MCI WorldCom, Inc.
June @ $42.125 ............ (6,000) (2,250,000)
July @ $41.875 ............ (1,000) (381,250)
July @ $43.50 ............. (3,000) (733,500)
--------------
(3,364,750)
--------------
McKesson HBOC, Inc.
July @ $16.31 ............. (3,000) (1,409,250)
July @ $16.37 ............. (3,000) (1,391,550)
July @ $16.375 ............ (3,000) (1,400,670)
July @ $16.75 ............. (3,000) (1,296,000)
July @ $17.00 ............. (2,500) (1,011,250)
July @ $17.375 ............ (3,000) (1,089,780)
July @ $17.875 ............ (3,000) (946,950)
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
CONTRACTS (B) (NOTE 1)
--------------- --------------------
<S> <C> <C>
July @ $18.00 ............. (1,500) $ (448,455)
July @ $18.125 ............ (2,500) (722,500)
July @ $18.25 ............. (3,000) (790,470)
July @ $18.75 ............. (2,500) (539,550)
July @ $60.625 ............ (3,000) (1,344,000)
August @ $19.50 ........... (2,000) (426,680)
August @ $20.2500 ......... (2,000) (405,420)
August @ $20.4375 ......... (2,000) (352,320)
August @ $20.50 ........... (2,500) (438,200)
August @ $20.76 ........... (3,000) (465,180)
August @ $20.875 .......... (3,000) (409,410)
August @ $21.13 ........... (3,000) (398,520)
August @ $21.56 ........... (2,000) (254,820)
--------------
(15,540,975)
--------------
Merck & Co., Inc.
July @ $69.375 ............ (1,500) (1,141,560)
July @ $70.125 ............ (2,000) (1,516,820)
--------------
(2,658,380)
--------------
Micron Technology, Inc.
July @ $60.9375 ........... (5,000) (13,669,650)
July @ $63.6166 ........... (2,000) (4,958,420)
July @ $64.5625 ........... (3,000) (7,963,140)
July @ $68.00 ............. (2,000) (4,252,980)
July @ $110.31 ............ (2,000) (6,589,800)
--------------
(37,433,990)
--------------
Microsoft Corp.
August @ $79.00 ........... (3,000) (1,444,140)
--------------
News Corp., Ltd. (ADR)
July @ $47.0813 ........... (2,000) (1,650,000)
July @ $49.875 ............ (2,000) (1,179,260)
August @ $49.75 ........... (2,000) (1,226,580)
August @ $56.25 ........... (1,500) (450,840)
--------------
(4,506,680)
--------------
NEXTLINK Communications,
Inc., Class A
July @ $53.8623 ........... (2,500) (2,880,000)
July @ $74.3847 ........... (3,300) (1,079,826)
July @ $74.9549 ........... (2,700) (845,451)
--------------
(4,805,277)
--------------
Providian Financial Corp.
July @ $89.50 ............. (2,000) (736,100)
July @ $90.25 ............. (2,500) (690,000)
July @ $90.25 ............. (2,000) (590,000)
July @ $91.50 ............. (1,000) (211,310)
July @ $92.6875 ........... (2,000) (334,140)
July @ $95.48 ............. (1,500) (340,620)
July @ $98.25 ............. (2,500) (395,000)
August @ $93.50 ........... (2,000) (700,000)
--------------
(3,997,170)
--------------
Qwest Communications
International, Inc.
August @ $48.125 .......... (2,500) (1,320,000)
--------------
SBC Communications, Inc.
August @ $47.3750 ......... (1,000) (116,000)
--------------
</TABLE>
46
<PAGE>
EQ ADVISORS TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
CONTRACTS (B) (NOTE 1)
--------------- --------------------
<S> <C> <C>
Schering-Plough Corp.
July @ $39.375 .............. (3,000) $ (3,372,000)
July @ $40.00 ............... (3,000) (3,127,020)
---------------
(6,499,020)
---------------
Solectron Corp.
July @ $46.1875 ............. (2,000) (52,680)
---------------
Tandy Corp.
July @ $53.50 ............... (1,500) (4,500)
July @ $54.625 .............. (1,500) (45,345)
July @ $58.5711 ............. (3,000) (45,000)
---------------
(94,845)
---------------
Tele-Communications, Liberty
Media, Inc., Class A
July @ $46. ................. (6,000) (698,820)
---------------
Tyco International Ltd.
July @ $45.50 ............... (3,000) (970,140)
July @ $46.00 ............... (1,000) (206,030)
July @ $48.00 ............... (2,500) (403,300)
July @ $48.4661 ............. (3,000) (576,360)
July @ $50.625 .............. (2,000) (228,000)
July @ $50.75 ............... (3,000) (427,350)
August @ $43.1875 ........... (3,000) (1,791,180)
August @ $44.125 ............ (3,000) (1,677,000)
August @ $46.750 ............ (3,000) (1,228,230)
August @ $48.7437 ........... (3,000) (917,880)
---------------
(8,425,470)
---------------
Viacom, Inc., Class B
July @ $53.75 ............... (750) (1,102,237)
July @ $53.875 .............. (1,000) (1,450,550)
July @ $55.50 ............... (2,250) (2,929,613)
July @ $57.16 ............... (2,170) (2,541,135)
---------------
(8,023,535)
---------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
CONTRACTS (B) (NOTE 1)
--------------- --------------------
<S> <C> <C>
Vodafone AirTouch plc
July @ $3.275 ............... (10,000) $ (15,120)
---------------
VoiceStream Wireless Corp.
July @ $101.25 .............. (2,500) (4,494,400)
July @ $109.78 .............. (1,100) (1,484,703)
August @ $120.86 ............ (3,000) (3,134,550)
August @ $123.55 ............ (3,000) (2,640,000)
---------------
(11,753,653)
---------------
Western Wireless Corp., Class A
July @ $47.00 ............... (3,000) (2,273,040)
July @ $50.93 ............... (2,000) (1,089,880)
August @ $52.803 ............ (2,000) (1,013,920)
---------------
(4,376,840)
---------------
WinStar Communications, Inc.
July @ $39.75 ............... (800) (43,320)
July @ $44. ................. (3,000) (23,130)
---------------
(66,450)
---------------
Worldcom, Inc.
July @ $42.42 ............... (2,500) (953,425)
August @ $37.81 ............. (2,000) (1,782,000)
August @ $43.00 ............. (3,000) (1,281,540)
August @ $43.75 ............. (2,500) (880,000)
August @ $44.845 ............ (3,000) (1,103,370)
August @ $45.000 ............ (3,000) (1,102,950)
---------------
(7,103,285)
---------------
TOTAL CALL OPTION WRITTEN (-1.4%)
(Cost $235,328,633)........... (640,245) (219,574,113)
---------------
OTHER ASSETS LESS
LIABILITIES (-0.5%) ......... (73,665,139)
---------------
NET ASSETS (100%) ............. $15,928,126,184
===============
</TABLE>
----------
* Non-income producing.
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may only be resold to qualified institutional
buyers. At June 30, 2000, these securities amounted to 156,228,578 or
.98% of net assets.
++ Affiliated company as defined under the Investment Company Act of 1940
(See Note 6)
(a) Fully or partially pledged as collateral on outstanding written call
options.
(b) One contract relates to 100 shares.
(c) Covered call option contracts written in connection with securities
held.
Glossary:
ADR--American Depositary Receipt
47
<PAGE>
EQ ADVISORS TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Investments in companies which were affiliates for the period ended June 30,
2000, were as follows:
<TABLE>
<CAPTION>
MARKET VALUE
DECEMBER 31, PURCHASES
SECURITIES 1999 AT COST
----------------------------------------------- ----------------- ---------------
<S> <C> <C>
Adelphia Communications Corp., Class A ........ $ 203,654,062 $137,835,014
Automatic Common Exchange Security Trust II ... 4,259,138 --
Ceridian Corp. ................................ 188,971,594 17,111,944
Chris-Craft Industries, Inc., Class B ......... 88,699,166 --
Ingram Micro, Inc. ............................ 51,213,750 --
Loral Space & Communications .................. 417,501,813 35,703,660
Loral Space & Communications Pfd. ............. -- 25,000,000
PMI Group, Inc. ............................... 156,849,206 --
SCI Systems, Inc. ............................. 484,528,187 --
--------------
$1,595,676,916
==============
<CAPTION>
MARKET VALUE REALIZED
SALES JUNE 30, DIVIDEND GAIN
SECURITIES AT COST 2000 INCOME (LOSS)
----------------------------------------------- -------------- ----------------- ---------- ----------------
<S> <C> <C> <C> <C>
Adelphia Communications Corp., Class A ........ $ 31,219,641 $ 246,717,188 $ -- $ (6,935,672)
Automatic Common Exchange Security Trust II ... 914,413 -- 330,770 (600,746)
Ceridian Corp. ................................ -- 232,814,312 -- --
Chris-Craft Industries, Inc., Class B ......... 12 83,680,735 -- 72
Ingram Micro, Inc. ............................ 105,267,155 -- -- (56,944,323)
Loral Space & Communications .................. -- 132,235,688 -- --
Loral Space & Communications Pfd. ............. -- 11,125,000 362,500 --
PMI Group, Inc. ............................... 9,359,833 136,947,250 242,520 7,139,674
SCI Systems, Inc. ............................. 81,265,457 314,808,862 -- 65,224,064
-------------- -------- -------------
$1,158,329,035 $935,790 $ 7,883,069
============== ======== =============
</TABLE>
Options written for the period ended June 30, 2000, were as follows:
<TABLE>
<CAPTION>
NUMBER OF PREMIUMS
CONTRACTS RECEIVED
--------------- -----------------
<S> <C> <C>
Options outstanding--January 1, 2000 ........................ 560,700 $ 262,416,322
Options written ............................................. 1,803,150 687,983,154
Options terminated in closing purchase transactions ......... (193,420) (96,197,574)
Options expired ............................................. (43,412) (16,281,902)
Options exercised ........................................... (1,486,773) (602,591,367)
---------- --------------
Options outstanding--June 30, 2000 .......................... 640,245 $ 235,328,633
========== ==============
</TABLE>
Investment security transactions for the period ended June 30, 2000, were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities .. $4,928,207,178
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .. 3,794,721,203
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 4,163,946,262
Aggregate gross unrealized depreciation ......... (1,624,952,052)
----------------
Net unrealized appreciation ..................... $ 2,538,994,210
================
Federal income tax cost of investments .......... $ 13,682,371,226
================
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$836,802,833 which was secured by collateral of
$816,453,023.
For the period from January 1, 2000 to June 30, 2000, the Portfolio incurred
approximately $185,500 as brokerage commissions with Donaldson, Lufkin &
Jenrette Securities Corp. an affiliated broker/dealer.
See Notes to Financial Statements.
48
<PAGE>
EQ ADVISORS TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (0.8%)
CHEMICALS (0.7%)
Akzo Nobel N.V. ..................... 12,900 $ 547,528
Dow Chemical Co. .................... 14,700 443,756
Lyondell Chemical Co. ............... 32,000 536,000
Pharmacia Corp. ..................... 43,200 2,232,900
------------
3,760,184
------------
STEEL (0.1%)
Kawasaki Steel Corp. ................ 140,000 200,480
------------
TOTAL BASIC MATERIALS .............. 3,960,664
------------
BUSINESS SERVICES (2.8%)
PRINTING, PUBLISHING,
BROADCASTING (2.1%)
AT&T Corp.--Liberty Media
Group, Class A* ................... 60,140 1,458,395
British Sky Broadcasting plc ........ 56,500 1,104,240
Citadel Communications Corp.*........ 1,000 34,937
Comcast Corp., Class A* ............. 15,000 607,500
Emmis Broadcasting Corp.,
Class A* .......................... 1,000 41,375
Entercom Communications
Corp. ............................. 2,000 97,500
Gannett Co., Inc. ................... 24,310 1,454,042
MediaOne Group, Inc.* ............... 14,700 974,757
Reuters Group plc ................... 22,000 375,059
Rogers Communications, Inc.,
Class B* .......................... 5,000 142,500
Seat Pagine Gialle S.p.a. ........... 196,000 676,739
Television Broadcasts Ltd. .......... 31,000 206,786
Time Warner, Inc. ................... 28,820 2,190,320
USA Networks, Inc.* ................. 11,800 255,175
Viacom, Inc., Class B* .............. 15,000 1,022,812
------------
10,642,137
------------
PROFESSIONAL SERVICES (0.7%)
Amdocs Ltd.* ........................ 16,260 1,247,955
First Data Corp. .................... 20,500 1,017,313
Securitas AB, Class B ............... 23,800 504,146
Viad Corp. .......................... 20,000 545,000
------------
3,314,414
------------
TRUCKING, SHIPPING (0.0%)
Frontline Ltd.* ..................... 89 1,088
Knightsbridge Tankers Ltd. .......... 6,800 136,000
------------
137,088
------------
TOTAL BUSINESS SERVICES ............ 14,093,639
------------
CAPITAL GOODS (1.4%)
AEROSPACE (0.3%)
Honeywell International, Inc. ....... 11,600 390,775
United Technologies Corp. ........... 23,200 1,365,900
------------
1,756,675
------------
BUILDING & CONSTRUCTION (0.1%)
Masco Corp. ......................... 18,660 337,046
------------
ELECTRICAL EQUIPMENT (1.0%)
General Electric Co. ................ 67,200 3,561,600
Sanmina Corp.* ...................... 19,600 1,675,800
------------
5,237,400
------------
TOTAL CAPITAL GOODS ............... 7,331,121
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
CONSUMER CYCLICALS (3.7%)
AIRLINES (0.7%)
Alaska Air Group, Inc.* ............. 11,000 $ 298,375
America West Holdings Corp.* ........ 2,500 42,813
Continental Airlines, Inc.,
Class B* .......................... 49,690 2,335,430
Delta Air Lines, Inc. ............... 1,500 75,844
Northwest Airlines Corp.,
Class A* .......................... 25,000 760,937
UAL Corp. ........................... 1,000 58,187
------------
3,571,586
------------
APPAREL & TEXTILES (0.2%)
Fast Retailing Co., Ltd. ............ 1,600 669,273
Mohawk Industries, Inc.* ............ 10,000 217,500
Unifi, Inc.* ........................ 25,000 309,375
------------
1,196,148
------------
AUTO RELATED (0.3%)
Budget Group, Inc.* ................. 10,000 41,250
Harley-Davidson, Inc. ............... 35,250 1,357,125
United Rentals North America,
Inc.* ............................. 2,000 34,250
------------
1,432,625
------------
FOOD SERVICES, LODGING (0.0%)
Extended Stay America, Inc.* ........ 15,000 138,750
------------
LEISURE RELATED (1.0%)
Berjaya Sports Toto Bhd. ............ 16,000 26,105
Carnival Corp., Class A ............. 12,000 234,000
Metro-Goldwyn-Mayer, Inc.* .......... 12,300 321,338
MGM Grand, Inc. (Restricted) ........ 23,026 739,710
MGM Grand, Inc.* .................... 3,200 102,800
Park Place Entertainment Corp.*...... 94,110 1,146,966
Royal Caribbean Cruises Ltd. ........ 23,600 436,600
Sankyo Co. .......................... 12,000 525,696
Sun Internationals Hotels Ltd.* ..... 6,900 138,000
Walt Disney Co. ..................... 42,980 1,668,161
------------
5,339,376
------------
PHOTO & OPTICAL (0.3%)
Canon, Inc. ......................... 16,000 795,893
Hoya Corp. .......................... 6,000 537,001
------------
1,332,894
------------
RETAIL--GENERAL (1.2%)
Bed Bath & Beyond, Inc.* ............ 7,000 253,750
Dixons Group plc .................... 95,276 387,693
Family Dollar Stores, Inc. .......... 6,000 117,375
GAP, Inc. ........................... 27,337 854,281
Home Depot, Inc. .................... 16,648 831,359
Kohl's Corp.* ....................... 24,790 1,378,944
Limited, Inc. ....................... 50,000 1,081,250
Mattel, Inc. ........................ 63,600 838,725
TJX Cos., Inc. ...................... 1,900 35,625
Wal-Mart Stores, Inc. ............... 6,060 349,208
------------
6,128,210
------------
TOTAL CONSUMER CYCLICALS ........... 19,139,589
------------
CONSUMER NON-CYCLICALS (3.6%)
DRUGS (1.7%)
AstraZeneca Group plc ............... 7,362 341,914
</TABLE>
49
<PAGE>
EQ ADVISORS TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Millennium Pharmaceuticals,
Inc.* ............................ 13,886 $ 1,553,496
Pfizer, Inc. ....................... 56,265 2,700,720
Sanofi-Synthelabo S.A. ............. 10,100 480,705
Schering-Plough Corp. .............. 53,700 2,711,850
Takeda Chemical Industries Ltd...... 14,000 917,990
------------
8,706,675
------------
HOSPITAL SUPPLIES &
SERVICES (1.3%)
Guidant Corp.* ..................... 7,900 391,050
HCA-The Healthcare Corp.* .......... 8,500 258,187
Health Management Associates,
Inc., Class A* ................... 80,000 1,045,000
Healthsouth Corp.* ................. 21,000 150,938
Human Genome Sciences, Inc.* ....... 14,192 1,892,858
IMS Health, Inc. ................... 4,423 79,614
Medtronic, Inc. .................... 34,000 1,693,625
PE Corp-PE Biosystems Group ........ 2,000 131,750
Quintiles Transnational Corp. ...... 4,930 69,636
Tenet Healthcare Corp. ............. 37,300 1,007,100
------------
6,719,758
------------
RETAIL--FOOD (0.4%)
Carrefour S.A. ..................... 4,640 316,874
Koninklijke Ahold N.V. ............. 88 2,588
Kroger Co.* ........................ 86,895 1,917,121
------------
2,236,583
------------
SOAPS & TOILETRIES (0.1%)
Kao Corp. .......................... 14,000 427,340
------------
TOBACCO (0.1%)
Tabacalera S.A., Class A ........... 35,900 550,944
------------
TOTAL CONSUMER NON-CYCLICALS ...... 18,641,300
------------
CREDIT SENSITIVE (6.3%)
BANKS (1.3%)
Bank of America Corp. .............. 30,976 1,331,968
Bank of Fukuoka Ltd. ............... 85,000 578,171
Bank of Scotland ................... 73,100 694,985
Bank of Tokyo-Mitsubishi Ltd.
(ADR) ............................ 12,000 145,500
Bank One Corp. ..................... 15,000 398,438
Banque Nationale de Paris .......... 8,325 800,389
Fuji Bank Ltd. ..................... 75,000 569,504
ICICI Banking Ltd* ................. 3,700 53,650
PT Bank Dagang Nasional
Indonesia Tbk* ................... 136,000
Societe Generale Paris* ............ 9,560 574,453
Standard Chartered plc ............. 67,250 837,230
Sumitomo Trust & Banking ........... 71,000 505,017
------------
6,489,305
------------
FINANCIAL SERVICES (2.7%)
A.G. Edwards, Inc. ................. 7,000 273,000
Associates First Capital Corp.,
Class A .......................... 120,000 2,677,500
CIT Group, Inc., Class A ........... 25,100 407,875
Citigroup, Inc. .................... 63,100 3,801,775
Daiwa Securities Group Ltd. ........ 47,000 619,907
Legg Mason, Inc. ................... 30,000 1,500,000
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
MBNA Corp. ......................... 90,600 $ 2,457,525
Morgan Stanley Dean
Witter & Co. ..................... 21,700 1,806,525
Peregrine Investment Holdings*...... 52,000
Worms et Compagnie* ................ 750 11,166
------------
13,555,273
------------
INSURANCE (1.1%)
Ace Ltd. ........................... 30,600 856,800
AFLAC, Inc. ........................ 25,930 1,191,159
Alleanza Assicurazioni ............. 29,900 397,834
American International Group,
Inc. ............................. 16,150 1,897,625
CGU plc ............................ 49,600 825,329
CNA Financial Corp.* ............... 20,000 680,000
------------
5,848,747
------------
REAL ESTATE (0.0%)
Boston Properties, Inc. ............ 5,000 193,125
------------
UTILITY--ELECTRIC (0.3%)
AES Corp.* ......................... 28,600 1,304,875
------------
UTILITY--TELEPHONE (0.9%)
CenturyTel, Inc. ................... 2,000 57,500
Sprint Corp. (FON Group) ........... 12,600 642,600
Telefonica de Espana S.A.* ......... 15,900 341,221
Telefonos de Mexico S.A.,
Class L (ADR) .................... 9,900 565,538
Telephone & Data Systems, Inc....... 14,300 1,433,575
U.S. WEST, Inc. .................... 11,800 1,011,850
Worldcom, Inc.* .................... 14,950 685,831
------------
4,738,115
------------
TOTAL CREDIT SENSITIVE ............ 32,129,440
------------
DIVERSIFIED (0.7%)
MISCELLANEOUS (0.7%)
ABB AG Ltd. ........................ 3,988 476,797
Citic Pacific Ltd. ................. 80,000 418,703
Edison Schools, Inc.* .............. 5,700 132,169
Hutchison Whampoa Ltd. ............. 36,000 452,569
Tyco International Ltd. ............ 43,400 2,056,075
U.S. Industries, Inc. .............. 16,000 194,000
------------
TOTAL DIVERSIFIED ................. 3,730,313
------------
ENERGY (1.8%)
OIL--DOMESTIC (0.2%)
Dynergy, Inc. ...................... 5,760 393,480
Louis Dreyfus Natural Gas
Corp.* ........................... 22,000 688,875
------------
1,082,355
------------
OIL--INTERNATIONAL (1.3%)
BP Amoco plc ....................... 51,000 489,117
BP Amoco plc (ADR) ................. 28,846 1,631,602
Elf Aquitaine S.A. ................. 895 183,108
Kerr-McGee Corp. ................... 23,000 1,355,562
Repsol S.A. (ADR) .................. 59,400 1,176,862
Total Fina S.A. (ADR) .............. 12,280 943,258
Total Fina S.A., Class B ........... 5,118 783,975
------------
6,563,484
------------
</TABLE>
50
<PAGE>
EQ ADVISORS TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -------------------
<S> <C> <C>
OIL--SUPPLIES &
CONSTRUCTION (0.3%)
Diamond Offshore Drilling, Inc........ 2,000 $ 70,250
Noble Drilling Corp.* ................ 22,200 914,362
Santa Fe International Corp. ......... 1,500 52,406
Stolt Comex Seaway S.A.
(ADR)* ............................. 41,300 490,438
Stolt Comex Seaway S.A.* ............. 2,000 28,250
------------
1,555,706
------------
TOTAL ENERGY ........................ 9,201,545
------------
TECHNOLOGY (8.6%)
COMPUTER HARDWARE (0.9%)
Cisco Systems, Inc.* ................. 77,100 4,900,669
------------
COMPUTER SOFTWARE (0.8%)
America Online, Inc.* ................ 15,400 812,350
At Home Corp.* ....................... 12,000 249,000
ChoicePoint, Inc.* ................... 1,260 56,070
GigaMedia Ltd.* ...................... 10,400 126,100
Informix Corp.* ...................... 46,000 342,125
Infosys Technologies ................. 3,400 602,650
Microsoft Corp.* ..................... 19,500 1,560,000
PSINet, Inc.* ........................ 4,000 100,500
Softbank Corp. ....................... 2,800 379,857
------------
4,228,652
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (1.8%)
Adelphia Business Solutions,
Inc.* .............................. 10,000 231,875
China Telecom (Hong Kong)
Ltd.* .............................. 129,000 1,137,676
Clearnet Communications, Inc.*........ 16,500 458,133
E-Tek Dynamics, Inc. ................. 2,400 633,150
General Motors Corp., Class H*........ 10,250 899,437
Global TeleSystems Group, Inc.*....... 85,584 1,032,357
Grupo Iusacell S.A de C.V.* .......... 2,900 45,313
Infonet Services Corp.* .............. 2,000 23,875
Lucent Technologies, Inc. ............ 15,000 888,750
NTL, Inc.* ........................... 27,500 1,646,562
RCN Corp.* ........................... 9,500 241,062
Savvis Communications* ............... 5,000 65,313
Sonera Group OYJ ..................... 7,250 330,193
Tele1 Europe Holding AB .............. 2,070 25,324
Telesystem International
Wireless Inc.* ..................... 5,000 92,500
United Pan-Europe
Communications N.V.* ............... 28,300 739,324
United Pan-Europe
Communications N.V.* ............... 12,000 324,000
UnitedGlobalCom Inc., Class A*........ 8,000 374,000
------------
9,188,844
------------
ELECTRONICS (2.7%)
Altera Corp.* ........................ 11,400 1,162,088
Applied Micro Circuits Corp.* ........ 1,300 128,375
ASM Lithography Holding
N.V.* .............................. 17,070 732,986
Fairchild Semiconductor
International, Inc.* ............... 5,000 202,500
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -------------------
<S> <C> <C>
Hon Hai Precision Industry Co.,
Ltd. (GDR)* ........................ 20,900 $ 501,600
Intel Corp. .......................... 25,800 3,449,137
JDS Uniphase Corp.* .................. 3,200 383,600
PMC-Sierra, Inc.* .................... 2,700 479,756
RADVision Ltd.* ...................... 2,400 67,050
RF Micro Devices, Inc.* .............. 3,000 262,875
Samsung Electronics Co.
(Foreign) .......................... 3,000 992,803
Silverline Technologies Ltd.* ........ 1,200 25,950
Solectron Corp.* ..................... 73,200 3,065,250
STMicroelectronics N.V.* ............. 16,200 1,019,801
TDK Corp. ............................ 2,000 287,154
Tokyo Electron Ltd. .................. 7,000 957,558
------------
13,718,483
------------
OFFICE EQUIPMENT (0.8%)
Dell Computer Corp.* ................. 59,100 2,914,369
Lexmark International Group,
Inc.* .............................. 14,300 961,675
------------
3,876,044
------------
OFFICE EQUIPMENT SERVICES (0.0%)
Foundry Networks, Inc.* .............. 1,000 110,500
------------
WIRELESS TELECOMMUNICATION
SERVICES (1.6%)
AT&T Wireless Group* ................. 17,800 496,175
Libertel NV* ......................... 13,800 209,940
Millicom International Cellular
S.A.* .............................. 37,000 1,295,000
Nokia OYJ* ........................... 39,840 2,031,063
NTT Mobile Communications
Network, Inc. ...................... 28 757,078
SK Telecom Co. Ltd. (ADR) ............ 20,162 732,133
US Cellular Corp.* ................... 15,000 945,000
Vodafone AirTouch plc ................ 396,497 1,601,414
Western Wireless Corp.,
Class A* ........................... 2,000 109,000
------------
8,176,803
------------
TOTAL TECHNOLOGY .................... 44,199,995
------------
TOTAL COMMON STOCKS (29.7%)
(Cost $113,563,402)................. 152,427,606
------------
NUMBER
OF
WARRANTS
WARRANTS:
BUSINESS SERVICES (0.0%)
TRUCKING, SHIPPING (0.0%)
Frontline Ltd., expiring 5/11/01 ..... 3,804 --
------------
CREDIT SENSITIVE (0.0%)
BANKS (0.0%)
Thai Farmers Bank, expiring
9/15/02* ........................... 375 26
------------
TOTAL WARRANTS (0.0%)
(Cost $372).......................... 26
------------
</TABLE>
51
<PAGE>
EQ ADVISORS TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- ------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
BASIC MATERIALS (0.2%)
PAPER (0.2%)
Georgia Pacific Corp.
7.75%, 11/15/29 ................ $ 1,300,000 $ 1,182,267
------------
BUSINESS SERVICES (0.9%)
PRINTING, PUBLISHING, BROADCASTING (0.9%)
CBS Corp.
7.15%, 5/20/05 ................. 3,180,000 3,126,703
Time Warner Entertainment
8.375%, 3/15/23 ................ 1,450,000 1,467,879
------------
TOTAL BUSINESS SERVICES ......... 4,594,582
------------
CAPITAL GOODS (1.8%)
AEROSPACE (1.8%)
Lockheed Martin Corp.
6.85%, 5/15/01 ................. 7,000,000 6,967,975
Raytheon Co.
7.90%, 3/1/03 .................. 2,500,000 2,511,890
------------
TOTAL CAPITAL GOODS ............. 9,479,865
------------
CONSUMER CYCLICALS (0.5%)
RETAIL--GENERAL (0.5%)
Wal-Mart Stores, Inc.
6.875%, 8/10/09 ................ 2,400,000 2,346,864
------------
CREDIT SENSITIVE (43.6%)
ASSET BACKED (2.0%)
Abbey National Capital Trust
8.96%, 12/29/49 ................ 1,500,000 1,489,608
Capital Auto Receivables Asset
Trust
5.58%, 6/15/02 ................. 5,500,000 5,460,785
Carco Auto Loan Master Trust
5.65%, 3/15/03 ................. 3,280,000 3,247,331
------------
10,197,724
------------
BANKS (1.4%)
Citicorp
7.00%, 7/1/07 .................. 2,150,000 2,060,386
International Bank Recon &
Development
7.00%, 1/27/05 ................. 3,000,000 2,995,857
St. George Bank Ltd.
7.15%, 10/15/05 ................ 2,000,000 1,942,760
------------
6,999,003
------------
FINANCIAL SERVICES (1.5%)
Household Finance Corp.
6.50%, 11/15/08 ................ 1,035,000 938,856
KBC Bank Fund Trust III
9.86%, 11/29/49 ................ 2,670,000 2,723,800
Morgan Stanley Dean Witter &
Co.
5.625%, 1/20/04 ................ 3,600,000 3,394,872
NationsBank Corp.
6.80%, 3/15/28 ................. 830,000 705,995
------------
7,763,523
------------
FOREIGN GOVERNMENT (0.3%)
Quebec Province
7.50%, 9/15/29 ................. 1,300,000 1,274,764
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- ------------------
<S> <C> <C>
U.S. GOVERNMENT (17.1%)
U.S. Treasury Bonds
12.00%, 8/15/13 ................ $ 7,500,000 $ 10,134,375
8.125%, 8/15/19 ................ 20,595,000 24,897,502
8.125%, 5/15/21 ................ 8,100,000 9,861,750
------------
44,893,627
------------
U.S. Treasury Notes
6.00%, 8/15/00 ................. 8,000,000 8,000,000
6.25%, 4/30/01 ................. 11,600,000 11,578,250
6.50%, 5/31/02 ................. 2,425,000 2,426,516
6.50%, 2/15/10 ................. 9,575,000 9,901,153
6.25%, 5/15/30 ................. 10,390,000 10,906,258
------------
42,812,177
------------
87,705,804
------------
U.S. GOVERNMENT AGENCIES (21.1%)
Federal National Mortgage
Association
7.00%, 4/1/12 .................. 4,146,639 4,068,500
7.00%, 1/1/15 .................. 9,274,107 9,099,346
8.00%, 11/1/28 ................. 1,587,974 1,598,391
6.00%, 1/1/29 .................. 3,887,308 3,555,833
8.00%, 1/1/29 .................. 2,605,982 2,617,599
6.00%, 3/1/29 .................. 5,068,208 4,636,037
8.00%, 5/1/29 .................. 1,519,070 1,525,841
6.00%, 7/1/29 .................. 2,646,977 2,421,266
7.50%, 12/1/29 ................. 5,854,623 5,774,063
7.00%, 1/1/30 .................. 10,916,575 10,538,818
7.00%, 2/1/30 .................. 2,569,290 2,480,382
8.00%, 4/1/30 .................. 12,301,252 12,356,091
TBA:
8.50%, 10/1/09 ................. 10,530,000 10,725,753
7.00%, 7/25/14 ................. 5,190,000 5,089,444
6.50%, 7/1/30 .................. 6,950,000 6,548,206
Government National Mortgage
Association
7.00%, 12/15/25 ................ 7,955,223 7,737,115
7.00%, 7/15/27 ................. 1,546,842 1,504,432
7.00%, 2/15/28 ................. 1,542,909 1,500,607
7.00%, 2/15/28 ................. 1,553,523 1,510,930
7.00%, 2/15/28 ................. 2,369,306 2,304,347
7.00%, 9/15/29 ................. 5,933,648 5,770,965
TBA:
7.00%, 7/1/30 .................. 5,300,000 5,151,759
------------
108,515,725
------------
UTILITY--ELECTRIC (0.2%)
Cilcorp, Inc.
9.375%, 10/15/29 ............... 1,250,000 1,260,935
------------
TOTAL CREDIT SENSITIVE .......... 223,717,478
------------
ENERGY (0.2%)
RAILROADS (0.2%)
Union Pacific Corp.
6.625%, 2/1/29 ................. 1,345,000 1,111,574
------------
TOTAL LONG-TERM DEBT SECURITIES (47.2%)
(Cost $243,062,483).............. 242,432,630
------------
</TABLE>
52
<PAGE>
EQ ADVISORS TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------- ----------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (0.0%)
Chase Nassau, 6.26% 7/3/00 ......... $ 234,597 $ 234,597
-------------
U.S. GOVERNMENT AGENCIES (27.8%)
Federal Home Loan Bank,
7/3/00 ........................... 131,100,000 131,052,148
7/21/00 .......................... 11,700,000 11,658,141
-------------
142,710,289
-------------
TOTAL SHORT-TERM DEBT
SECURITIES (27.8%)
(Amortized Cost $142,944,885)..... 142,944,886
-------------
TOTAL INVESTMENTS (104.7%)
(Cost/Amortized Cost
$499,571,142)...................... 537,805,148
OTHER ASSETS LESS
LIABILITIES (--4.7%) ............. (24,303,061)
-------------
NET ASSETS (100%) .................. $ 513,502,087
=============
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF INVESTMENTS BY GLOBAL REGION
(Unaudited)
As a Percentage of Total Investments
<S> <C>
Canada ........................... 0.4%
France ........................... 1.0
Japan ............................ 1.6
Latin America .................... 0.2
Netherlands ...................... 1.0
New Zealand & Australia .......... 0.4
Scandinavia ...................... 0.5
Southeast Asia ................... 1.0
Spain ............................ 0.4
Switzerland ...................... 0.1
United Kingdom ................... 1.8
United States** .................. 91.2
Other European Countries ......... 0.4
-----
100.0%
=====
</TABLE>
----------
* Non-income producing.
** Includes Short-Term Debt Securities of 27.8%.
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $165,523,170
U.S. Government securities ............................. 117,599,000
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 241,358,386
U.S. Government securities ............................. 169,654,846
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 49,777,357
Aggregate gross unrealized depreciation .......... (11,543,351)
-------------
Net unrealized appreciation ...................... $ 38,234,006
=============
Federal income tax cost of investments ........... $ 499,571,142
=============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$84,100,510 which was secured by collateral of $87,152,006 of which $7,899,210
was in the form of U.S. Government securities.
For the period from January 1, 2000 to June 30, 2000, the Portfolio incurred
approximately $250 as brokerage commissions with Donaldson, Lufkin & Jenrette
Securities Corp., an affiliated broker/dealer.
See Notes to Financial Statements.
53
<PAGE>
EQ ADVISORS TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (2.0%)
CHEMICALS (0.7%)
Air Products & Chemicals, Inc. ......................................... 44,800 $ 1,380,400
Dow Chemical Co. ....................................................... 131,700 3,975,694
Du Pont (E.I.) de Nemours &
Co. .................................................................. 204,384 8,941,800
Sigma-Aldrich Corp. .................................................... 53,800 1,573,650
Union Carbide Corp. Holding
Co. .................................................................. 28,300 1,400,850
--------------
17,272,394
--------------
CHEMICALS--SPECIALTY (0.2%)
PPG Industries, Inc. ................................................... 36,300 1,608,544
Praxair, Inc. .......................................................... 31,800 1,190,512
Rohm & Haas Co. ........................................................ 42,878 1,479,291
--------------
4,278,347
--------------
METALS & MINING (0.7%)
Alcan Aluminum Ltd. .................................................... 45,500 1,414,858
Alcoa, Inc. ............................................................ 178,068 5,163,972
Barrick Gold Corp. ..................................................... 70,600 1,284,038
Minnesota Mining &
Manufacturing Co. .................................................... 80,300 6,624,750
Newmont Mining Corp. ................................................... 53,107 1,148,439
Phelps Dodge Corp. ..................................................... 22,800 847,875
Placer Dome, Inc. ...................................................... 112,400 1,074,825
--------------
17,558,757
--------------
PAPER (0.3%)
Fort James Corp. ....................................................... 58,900 1,362,062
Georgia-Pacific Corp. .................................................. 36,000 945,000
International Paper Co. ................................................ 96,124 2,865,697
Mead Corp. ............................................................. 34,500 871,125
Westvaco Corp. ......................................................... 44,800 1,111,600
Willamette Industries, Inc. ............................................ 30,100 820,225
--------------
7,975,709
--------------
STEEL (0.1%)
Allegheny Technologies, Inc. ........................................... 49,700 894,600
Nucor Corp. ............................................................ 22,000 730,125
--------------
1,624,725
--------------
TOTAL BASIC MATERIALS ................................................ 48,709,932
--------------
BUSINESS SERVICES (4.2%)
ENVIRONMENTAL CONTROL (0.2%)
Ecolab, Inc. ........................................................... 33,400 1,304,687
Pall Corp. ............................................................. 50,900 941,650
Waste Management, Inc. ................................................. 126,984 2,412,696
--------------
4,659,033
--------------
PRINTING, PUBLISHING, BROADCASTING (3.2%)
Clear Channel Communications,
Inc.* ................................................................ 67,000 5,025,000
Comcast Corp., Class A* ................................................ 181,900 7,366,950
Dow Jones & Co., Inc. .................................................. 19,100 1,399,075
Gannett Co., Inc. ...................................................... 55,200 3,301,650
Interpublic Group, Inc. ................................................ 59,200 2,545,600
Knight Ridder, Inc. .................................................... 22,100 1,175,444
McGraw Hill Cos., Inc. ................................................. 39,100 2,111,400
MediaOne Group, Inc.* .................................................. 121,200 8,036,772
New York Times Co., Class A ............................................ 35,100 1,386,450
Omnicom Group, Inc. .................................................... 35,200 3,135,000
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
Time Warner, Inc. ...................................................... 254,800 $ 19,364,800
Tribune Co. ............................................................ 50,200 1,757,000
Viacom, Inc., Class B* ................................................. 299,439 20,417,997
Young & Rubicam, Inc. .................................................. 27,100 1,549,781
--------------
78,572,919
--------------
PROFESSIONAL SERVICES (0.7%)
Automatic Data Processing, Inc. ........................................ 124,001 6,641,772
Cendant Corp.* ......................................................... 140,650 1,969,100
Computer Sciences Corp.* ............................................... 33,400 2,494,563
First Data Corp. ....................................................... 83,100 4,123,837
Pitney Bowes, Inc. ..................................................... 52,500 2,100,000
Sabre Holdings Corp. ................................................... 24,900 709,650
Sapient Corp.* ......................................................... 11,300 1,208,394
--------------
19,247,316
--------------
TRUCKING, SHIPPING (0.1%)
FedEx Corp.* ........................................................... 61,900 2,352,200
--------------
TOTAL BUSINESS SERVICES .............................................. 104,831,468
--------------
CAPITAL GOODS (6.8%)
AEROSPACE (1.1%)
Boeing Co. ............................................................. 170,474 7,127,944
General Dynamics Corp. ................................................. 39,400 2,058,650
Honeywell International, Inc. .......................................... 155,962 5,253,970
Lockheed Martin Corp. .................................................. 81,708 2,027,380
Northrop Grumman Corp. ................................................. 24,500 1,623,125
Raytheon Co. ........................................................... 70,500 1,357,125
Textron, Inc. .......................................................... 31,400 1,705,412
United Technologies Corp. .............................................. 94,600 5,569,575
--------------
26,723,181
--------------
BUILDING & CONSTRUCTION (0.2%)
Fluor Corp. ............................................................ 32,100 1,015,163
Masco Corp. ............................................................ 95,600 1,726,775
Parker-Hannifin Corp. .................................................. 32,850 1,125,112
Vulcan Materials Co. ................................................... 27,900 1,190,981
--------------
5,058,031
--------------
BUILDING MATERIALS & FOREST PRODUCTS (0.3%)
Lowe's Cos., Inc. ...................................................... 75,800 3,112,538
Sherwin-Williams Co. ................................................... 67,700 1,434,394
Weyerhaeuser Co. ....................................................... 46,400 1,995,200
--------------
6,542,132
--------------
ELECTRICAL EQUIPMENT (4.6%)
American Power Conversion
Corp.* ............................................................... 36,300 1,481,494
Cooper Industries, Inc. ................................................ 36,900 1,201,556
Eaton Corp. ............................................................ 15,400 1,031,800
Emerson Electric Co. ................................................... 86,000 5,192,250
General Electric Co. ................................................... 1,931,701 102,380,118
Rockwell International Corp. ........................................... 37,600 1,184,400
Sanmina Corp.* ......................................................... 25,700 2,197,350
--------------
114,668,968
--------------
MACHINERY (0.6%)
Black & Decker Corp. ................................................... 35,900 1,411,319
Caterpillar, Inc. ...................................................... 70,100 2,374,637
Deere & Co. ............................................................ 47,000 1,739,000
Dover Corp. ............................................................ 44,000 1,784,750
Illinois Tool Works, Inc. .............................................. 59,200 3,374,400
Ingersol-Rand Co. ...................................................... 35,050 1,410,762
</TABLE>
54
<PAGE>
EQ ADVISORS TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
Thermo Electron Corp.* .............. 57,800 $ 1,217,413
W.W. Grainger, Inc. ................. 23,500 724,094
--------------
14,036,375
--------------
TOTAL CAPITAL GOODS ............... 167,028,687
--------------
CONSUMER CYCLICALS (7.7%)
AIRLINES (0.2%)
AMR Corp.* .......................... 39,700 1,049,569
Delta Air Lines, Inc. ............... 25,200 1,274,175
Southwest Airlines Co. .............. 98,587 1,866,991
--------------
4,190,735
--------------
APPAREL & TEXTILES (0.1%)
Nike, Inc., Class B ................. 58,800 2,340,975
V.F. Corp. .......................... 53,000 1,262,063
--------------
3,603,038
--------------
AUTO RELATED (0.4%)
AutoZone, Inc.* ..................... 42,100 926,200
Dana Corp. .......................... 44,523 943,331
Delphi Automotive Systems
Corp. ............................. 118,256 1,722,103
Genuine Parts Co. ................... 43,700 874,000
Goodyear Tire & Rubber Co. .......... 34,200 684,000
Harley-Davidson, Inc. ............... 57,000 2,194,500
Johnson Controls, Inc. .............. 22,800 1,169,925
TRW, Inc. ........................... 26,300 1,140,763
--------------
9,654,822
--------------
AUTOS & TRUCKS (0.7%)
Ford Motor Co. ...................... 239,500 10,298,500
General Motors Corp. ................ 119,300 6,926,856
PACCAR, Inc. ........................ 19,800 785,813
Visteon Corp.* ...................... 31,350 380,119
--------------
18,391,288
--------------
FOOD SERVICES, LODGING (0.2%)
Hilton Hotels Corp. ................. 170,300 1,596,562
Marriot International, Inc. ......... 50,750 1,830,172
Tricon Global Restaurants, Inc.*..... 38,320 1,082,540
--------------
4,509,274
--------------
HOUSEHOLD FURNITURE, APPLIANCES (0.3%)
Best Buy Co., Inc.* ................. 40,100 2,536,325
Fortune Brands, Inc. ................ 53,200 1,226,925
Leggett & Platt, Inc. ............... 65,100 1,074,150
Newell Rubbermaid, Inc. ............. 59,220 1,524,915
Whirlpool Corp. ..................... 21,900 1,021,088
--------------
7,383,403
--------------
LEISURE RELATED (0.8%)
Carnival Corp., Class A ............. 122,100 2,380,950
Hasbro, Inc. ........................ 73,400 1,105,587
Walt Disney Co. ..................... 416,000 16,146,000
--------------
19,632,537
--------------
PHOTO & OPTICAL (0.2%)
Eastman Kodak Co. ................... 68,900 4,099,550
--------------
RETAIL--GENERAL (4.8%)
Bed Bath & Beyond, Inc.* ............ 43,200 1,566,000
Circuit City Stores-Circuit City
Group ............................. 42,200 1,400,512
Costco Wholesale Corp.* ............. 88,000 2,904,000
CVS Corp. ........................... 77,700 3,108,000
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
Dollar General Corp. ................ 60,077 $ 1,171,502
Federated Department Stores,
Inc.* ............................. 43,800 1,478,250
GAP, Inc. ........................... 165,900 5,184,375
Home Depot, Inc. .................... 448,750 22,409,453
K-Mart Corp.* ....................... 103,800 707,138
Kohl's Corp.* ....................... 63,600 3,537,750
Limited, Inc. ....................... 89,400 1,933,275
Mattel, Inc. ........................ 109,500 1,444,031
May Department Stores Co. ........... 64,800 1,555,200
Nordstrom, Inc. ..................... 45,700 1,102,513
Penny (J.C.), Inc. .................. 81,700 1,506,344
Sears Roebuck & Co. ................. 73,700 2,404,462
Staples, Inc.* ...................... 95,050 1,461,394
Target Corp. ........................ 87,400 5,069,200
Tiffany & Co ........................ 14,600 985,500
TJX Cos., Inc. ...................... 68,000 1,275,000
Wal-Mart Stores, Inc. ............... 868,100 50,024,262
Walgreen Co. ........................ 199,000 6,405,312
--------------
118,633,473
--------------
TOTAL CONSUMER CYCLICALS .......... 190,098,120
--------------
CONSUMER NON-CYCLICALS (18.2%)
BEVERAGES (2.3%)
Anheuser-Busch Cos., Inc. ........... 91,600 6,841,375
Brown-Forman Corp., Class B ......... 24,500 1,316,875
Coca-Cola Enterprises, Inc. ......... 84,100 1,371,881
Coca-Cola Co. ....................... 483,300 27,759,544
PepsiCo, Inc. ....................... 287,700 12,784,669
Seagram Ltd. ........................ 85,400 4,953,200
Starbucks Corp.* .................... 37,000 1,412,937
--------------
56,440,481
--------------
CONTAINERS (0.1%)
Owens-Illinois, Inc.* ............... 63,900 746,831
Sealed Air Corp.* ................... 23,110 1,210,387
--------------
1,957,218
--------------
DRUGS (8.9%)
Abbott Laboratories ................. 303,800 13,538,088
Allergan, Inc. ...................... 26,800 1,996,600
Alza Corp.* ......................... 27,700 1,637,763
American Home Products Corp.......... 258,000 15,157,500
Amgen, Inc.* ........................ 201,900 14,183,475
Biogen, Inc.* ....................... 29,400 1,896,300
Bristol-Myers Squibb Co. ............ 387,900 22,595,175
Lilly (Eli) & Co. ................... 215,500 21,523,062
MedImmune, Inc.* .................... 41,500 3,071,000
Merck & Co., Inc. ................... 457,100 35,025,287
Pfizer, Inc. ........................ 1,223,775 58,741,200
Pharmacia Corp. ..................... 246,163 12,723,550
Schering-Plough Corp. ............... 290,300 14,660,150
Watson Pharmaceutical, Inc.* ........ 30,700 1,650,125
--------------
218,399,275
--------------
FOODS (1.0%)
Archer Daniels Midland Co. .......... 120,198 1,179,443
Bestfoods ........................... 55,100 3,815,675
Campbell Soup Co. ................... 84,600 2,463,975
ConAgra, Inc. ....................... 96,400 1,837,625
General Mills, Inc. ................. 60,100 2,298,825
H.J. Heinz Co. ...................... 70,850 3,099,688
</TABLE>
55
<PAGE>
EQ ADVISORS TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
Hershey Foods Corp. ............... 28,700 $ 1,397,331
Kellogg Co. ....................... 80,100 2,382,975
Quaker Oats Co. ................... 26,200 1,968,275
Sara Lee Corp. .................... 179,600 3,468,525
Wrigley (Wm.) Jr. Co. ............. 22,700 1,820,256
--------------
25,732,593
--------------
HOSPITAL SUPPLIES & SERVICES (1.6%)
Baxter International, Inc. ........ 57,500 4,042,969
Becton, Dickinson and Co. ......... 51,000 1,463,062
Biomet, Inc. ...................... 30,600 1,176,188
Boston Scientific Corp.* .......... 88,800 1,948,050
Cardinal Health, Inc. ............. 55,000 4,070,000
Guidant Corp.* .................... 60,100 2,974,950
HCA - The Healthcare Corp.* ....... 111,300 3,380,737
Healthsouth Corp.* ................ 202,000 1,451,875
IMS Health, Inc. .................. 65,000 1,170,000
McKesson HBOC, Inc. ............... 58,100 1,216,469
Medtronic, Inc. ................... 236,200 11,765,712
PE Corp - PE Biosystems Group...... 41,600 2,740,400
Tenet Healthcare Corp.* ........... 66,700 1,800,900
Wellpoint Health Networks,
Inc.* ........................... 17,200 1,245,925
--------------
40,447,237
--------------
RETAIL--FOOD (1.0%)
Albertson's, Inc. ................. 82,580 2,745,785
Kroger Co.* ....................... 164,400 3,627,075
McDonald's Corp. .................. 265,400 8,741,612
Safeway, Inc.* .................... 100,900 4,553,113
SYSCO Corp. ....................... 65,100 2,742,338
Winn-Dixie Stores, Inc. ........... 73,300 1,049,106
--------------
23,459,029
--------------
SOAPS & TOILETRIES (2.8%)
Avon Products, Inc. ............... 51,600 2,296,200
Clorox Co. ........................ 49,600 2,222,700
Colgate Palmolive Co. ............. 114,900 6,879,637
Gillette Co. ...................... 211,600 7,392,775
International Flavors &
Fragrances, Inc. ................ 31,800 959,963
Johnson & Johnson ................. 272,100 27,720,187
Kimberly Clark Corp. .............. 107,244 6,153,125
Procter & Gamble Co. .............. 259,200 14,839,200
--------------
68,463,787
--------------
TOBACCO (0.5%)
Philip Morris Cos., Inc. .......... 485,300 12,890,781
--------------
TOTAL CONSUMER NON-CYCLICALS 447,790,401
--------------
CREDIT SENSITIVE (20.4%)
BANKS (4.3%)
Amsouth Bancorp. .................. 84,400 1,329,300
Bank of America Corp. ............. 336,089 14,451,827
Bank of New York Co., Inc. ........ 145,000 6,742,500
Bank One Corp. .................... 225,837 5,998,795
BB&T Corp. ........................ 65,700 1,568,588
Charter One Financial, Inc. ....... 42,600 979,800
Chase Manhattan Corp. ............. 243,570 11,219,443
Comerica, Inc. .................... 32,600 1,462,925
Fifth Third Bancorp ............... 58,150 3,677,987
First Union Corp. ................. 194,456 4,824,939
Firstar Corp. ..................... 193,003 4,065,126
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
FleetBoston Financial Corp. ....... 180,219 $ 6,127,446
Golden West Financial Corp. ....... 34,200 1,395,788
Huntington Bancshares ............. 48,805 771,729
KeyCorp ........................... 93,100 1,640,888
National City Corp. ............... 121,400 2,071,388
Northern Trust Corp. .............. 46,600 3,031,912
PNC Bank Corp. .................... 57,900 2,714,063
Regions Financial Corp. ........... 46,800 930,150
State Street Corp. ................ 31,300 3,319,756
Summit Bancorp .................... 38,000 935,750
SunTrust Banks, Inc. .............. 63,000 2,878,312
Synovus Financial Corp. ........... 59,150 1,042,519
U.S. Bancorp ...................... 143,278 2,758,101
Union Planters Corp. .............. 40,300 1,125,881
Wachovia Corp. .................... 42,900 2,327,325
Washington Mutual, Inc. ........... 113,842 3,287,188
Wells Fargo Co. ................... 323,400 12,531,750
--------------
105,211,176
--------------
FINANCIAL SERVICES (5.8%)
American Express Co. .............. 264,900 13,807,912
Associates First Capital Corp.,
Class A ......................... 143,600 3,204,075
Bear Stearns Co., Inc. ............ 28,610 1,190,891
Capital One Financial Corp. ....... 41,300 1,843,012
Charles Schwab Corp. .............. 242,475 8,153,222
Citigroup, Inc. ................... 664,760 40,051,790
Convergys Corp.* .................. 30,800 1,597,750
Dun & Bradstreet Corp. ............ 39,500 1,130,688
Fannie Mae ........................ 202,100 10,547,094
Franklin Resources, Inc. .......... 52,700 1,600,763
Freddie Mac ....................... 137,100 5,552,550
H&R Block, Inc. ................... 24,000 777,000
Household International, Inc. ..... 92,746 3,854,756
J.P. Morgan & Co., Inc. ........... 34,100 3,755,262
Lehman Brothers Holdings, Inc...... 24,800 2,345,150
MBIA, Inc. ........................ 24,200 1,166,138
MBNA Corp. ........................ 158,130 4,289,276
Mellon Financial Corp. ............ 100,100 3,647,394
Merrill Lynch & Co. ............... 73,100 8,406,500
Morgan Stanley Dean Witter &
Co. ............................. 219,610 18,282,532
Paine Webber Group, Inc. .......... 29,900 1,360,450
Paychex, Inc. ..................... 79,350 3,332,700
Providian Financial Corp. ......... 28,000 2,520,000
SLM Holding Corp. ................. 34,400 1,287,850
--------------
143,704,755
--------------
INSURANCE (3.1%)
Aetna, Inc. ....................... 29,443 1,889,873
AFLAC, Inc. ....................... 52,500 2,411,719
Allstate Corp. .................... 160,176 3,563,916
American General Corp. ............ 49,100 2,995,100
American International Group,
Inc. ............................ 305,723 35,922,452
Aon Corp. ......................... 54,125 1,681,258
Chubb Corp. ....................... 37,200 2,287,800
CIGNA Corp. ....................... 33,300 3,113,550
Cincinnati Financial Corp. ........ 34,900 1,097,169
Conseco, Inc. ..................... 86,946 847,724
Hartford Financial Services
Group, Inc. ..................... 47,700 2,668,219
</TABLE>
56
<PAGE>
EQ ADVISORS TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
Jefferson-Pilot Corp. .................................................... 22,350 $ 1,261,378
Lincoln National Corp. ................................................... 42,900 1,549,762
Loews Corp. .............................................................. 23,400 1,404,000
Marsh & McLennan Cos., Inc. .............................................. 53,100 5,545,631
MGIC Investment Corp. .................................................... 31,100 1,415,050
Progressive Corp. ........................................................ 15,200 1,124,800
St. Paul Cos. ............................................................ 48,864 1,667,484
UnitedHealth Group, Inc.* ................................................ 33,500 2,872,625
--------------
75,319,510
--------------
UTILITY--ELECTRIC (1.7%)
AES Corp.* ............................................................... 80,400 3,668,250
Ameren Corp. ............................................................. 41,900 1,414,125
American Electric Power Co. .............................................. 84,460 2,502,127
Carolina Power & Light ................................................... 39,900 1,274,306
Consolidated Edison, Inc. ................................................ 46,900 1,389,413
Constellation Energy Group ............................................... 42,200 1,374,138
Dominion Resources, Inc. ................................................. 48,186 2,065,975
DTE Energy Co. ........................................................... 34,700 1,060,519
Duke Energy Corp. ........................................................ 71,530 4,032,504
Edison International ..................................................... 69,100 1,416,550
Entergy Corp. ............................................................ 52,000 1,413,750
FirstEnergy Corp. ........................................................ 64,900 1,517,037
Florida Progress Corp. ................................................... 28,900 1,354,688
FPL Group, Inc. .......................................................... 36,400 1,801,800
New Century Energies, Inc. ............................................... 45,100 1,353,000
Peco Energy Co. .......................................................... 37,000 1,491,563
PG&E Corp. ............................................................... 80,800 1,989,700
Public Service Enterprise Group,
Inc. ................................................................... 43,700 1,513,112
Reliant Energy, Inc. ..................................................... 62,400 1,844,700
Southern Co. ............................................................. 134,200 3,128,537
TXU Corp. ................................................................ 56,800 1,675,600
Unicom Corp. ............................................................. 45,800 1,771,887
--------------
41,053,281
--------------
UTILITY--GAS (0.0%)
Sempra Energy ............................................................ 73,718 1,253,206
--------------
UTILITY--TELEPHONE (5.5%)
AT&T Corp. ............................................................... 630,506 19,939,752
Bell Atlantic Corp. ...................................................... 306,392 15,568,543
BellSouth Corp. .......................................................... 371,400 15,830,925
CenturyTel, Inc. ......................................................... 29,100 836,625
GTE Corp. ................................................................ 191,800 11,939,550
SBC Communications, Inc. ................................................. 673,112 29,112,094
Sprint Corp. (FON Group) ................................................. 172,000 8,772,000
U.S. WEST, Inc. .......................................................... 99,733 8,552,105
Worldcom, Inc.* .......................................................... 560,050 25,692,294
--------------
136,243,888
--------------
TOTAL CREDIT SENSITIVE ................................................. 502,785,816
--------------
DIVERSIFIED (1.0%)
MISCELLANEOUS (1.0%)
Avery Dennison Corp. ..................................................... 22,900 1,537,163
Danaher Corp. ............................................................ 25,900 1,280,431
Ralston-Purina Group ..................................................... 59,100 1,178,306
Tyco International Ltd. .................................................. 332,800 15,766,400
Unilever N.V. ............................................................ 112,710 4,846,530
--------------
TOTAL DIVERSIFIED ...................................................... 24,608,830
--------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
ENERGY (6.5%)
COAL & GAS PIPELINES (0.7%)
Columbia Energy Group .................................................... 18,700 $ 1,227,188
El Paso Energy Corp. ..................................................... 49,100 2,501,031
Enron Corp. .............................................................. 142,700 9,204,150
Williams Cos., Inc. ...................................................... 85,100 3,547,606
--------------
16,479,975
--------------
OIL--DOMESTIC (2.9%)
Burlington Resources, Inc. ............................................... 44,930 1,718,572
Chevron Corp. ............................................................ 130,000 11,025,625
Coastal Corp. ............................................................ 44,900 2,733,287
Exxon Mobil Corp. ........................................................ 677,008 53,145,128
Occidental Petroleum Corp. ............................................... 67,200 1,415,400
Tosco Corp. .............................................................. 50,200 1,421,288
--------------
71,459,300
--------------
OIL--INTERNATIONAL (1.7%)
Amerada Hess Corp. ....................................................... 19,100 1,179,425
Ashland, Inc. ............................................................ 35,000 1,227,187
Conoco, Inc., Class B .................................................... 130,380 3,202,459
Kerr-McGee Corp. ......................................................... 21,700 1,278,944
Phillips Petroleum Co. ................................................... 51,400 2,605,337
Royal Dutch Petroleum Co.
(New York Shares) ...................................................... 424,700 26,145,594
Texaco, Inc. ............................................................. 109,600 5,836,200
USX-Marathon Group, Inc. ................................................. 65,600 1,644,100
--------------
43,119,246
--------------
OIL--SUPPLIES & CONSTRUCTION (0.9%)
Anadarko Petroleum Corp. ................................................. 35,000 1,725,938
Apache Corp. ............................................................. 32,800 1,929,050
Baker Hughes, Inc. ....................................................... 68,100 2,179,200
Halliburton Co. .......................................................... 89,200 4,209,125
Schlumberger Ltd. ........................................................ 108,900 8,126,662
Transocean Sedco Forex, Inc. ............................................. 43,364 2,317,264
Unocal Corp. ............................................................. 47,800 1,583,375
--------------
22,070,614
--------------
RAILROADS (0.3%)
Burlington Northern Santa Fe
Corp. .................................................................. 95,953 2,200,922
CSX Corp. ................................................................ 45,500 964,031
Kansas City Southern Industries,
Inc. ................................................................... 21,900 1,942,257
Norfolk Southern Corp. ................................................... 77,600 1,154,300
Union Pacific Corp. ...................................................... 51,900 1,930,031
--------------
8,191,541
--------------
TOTAL ENERGY ........................................................... 161,320,676
--------------
TECHNOLOGY (32.6%)
COMPUTER HARDWARE (5.8%)
Adaptec, Inc.* ........................................................... 27,200 618,800
Cisco Systems, Inc.* ..................................................... 1,341,100 85,243,669
Gateway, Inc.* ........................................................... 62,800 3,563,900
Hewlett Packard Co. ...................................................... 197,000 24,600,375
Sun Microsystems, Inc.* .................................................. 309,000 28,099,687
--------------
142,126,431
--------------
COMPUTER SOFTWARE (8.0%)
Adobe Systems, Inc. ...................................................... 23,800 3,094,000
America Online, Inc.* .................................................... 447,200 23,589,800
</TABLE>
57
<PAGE>
EQ ADVISORS TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- --------------------
<S> <C> <C>
BMC Software, Inc.* .................................................... 51,200 $ 1,868,000
Citrix Systems, Inc.* .................................................. 35,600 674,175
Computer Associates
International, Inc. .................................................. 106,925 5,473,223
Compuware Corp.* ....................................................... 75,200 780,200
Mercury Interactive Corp.* ............................................. 16,200 1,567,350
Microsoft Corp.* ....................................................... 1,023,200 81,856,000
Molex, Inc. ............................................................ 37,500 1,804,688
Novell, Inc.* .......................................................... 65,900 609,575
Oracle Corp.* .......................................................... 552,560 46,449,575
Peoplesoft, Inc.* ...................................................... 53,200 891,100
Siebel Systems, Inc.* .................................................. 37,400 6,117,237
VERITAS Software Corp.* ................................................ 78,100 8,826,521
Yahoo!, Inc.* .......................................................... 103,000 12,759,125
--------------
196,360,569
--------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (5.4%)
ADC Telecommunications, Inc.*........................................... 56,000 4,697,000
Alltel Corp. ........................................................... 63,900 3,957,806
Comverse Technology, Inc.* ............................................. 28,201 2,622,641
Corning, Inc. .......................................................... 53,600 14,465,300
Global Crossing, Ltd.* ................................................. 149,700 3,938,981
Lucent Technologies, Inc. .............................................. 624,851 37,022,422
Motorola, Inc. ......................................................... 420,861 12,231,273
Nortel Networks Corp. .................................................. 548,920 37,463,790
QUALCOMM, Inc.* ........................................................ 143,300 8,598,000
Scientific-Atlanta, Inc. ............................................... 31,000 2,309,500
Tellabs, Inc.* ......................................................... 81,600 5,584,500
--------------
132,891,213
--------------
ELECTRONICS (7.7%)
3Com Corp.* ............................................................ 68,200 3,930,025
Advanced Micro Devices, Inc.* .......................................... 29,600 2,286,600
Agilent Technologies, Inc.* ............................................ 85,299 6,290,801
Altera Corp.* .......................................................... 39,800 4,057,112
Analog Devices, Inc.* .................................................. 68,600 5,213,600
Applied Material, Inc.* ................................................ 149,800 13,575,625
Conexant Systems, Inc.* ................................................ 42,100 2,047,113
Intel Corp. ............................................................ 656,000 87,699,000
KLA-Tencor Corp.* ...................................................... 35,600 2,084,825
Linear Technology Corp. ................................................ 53,300 3,407,869
LSI Logic Corp.* ....................................................... 58,300 3,155,487
Maxim Integrated Products* ............................................. 53,800 3,655,037
Micron Technology, Inc.* ............................................... 106,400 9,369,850
National Semiconductor Corp.* .......................................... 36,000 2,043,000
Novellus Systems, Inc.* ................................................ 25,400 1,436,688
RadioShack Corp.* ...................................................... 37,700 1,786,038
Seagate Technology, Inc.* .............................................. 41,200 2,266,000
Solectron Corp.* ....................................................... 115,600 4,840,750
Teradyne, Inc.* ........................................................ 34,100 2,506,350
Texas Instruments, Inc. ................................................ 317,400 21,801,412
Xilinx, Inc.* .......................................................... 64,000 5,284,000
--------------
188,737,182
--------------
OFFICE EQUIPMENT (4.7%)
Apple Computer, Inc.* .................................................. 66,600 3,488,175
Cabletron Systems Corp.* ............................................... 35,700 901,425
Compaq Computer Corp. .................................................. 336,198 8,594,061
Dell Computer Corp.* ................................................... 502,500 24,779,531
EMC Corp.* ............................................................. 402,600 30,975,038
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- --------------------
<S> <C> <C>
International Business Machines
Corp. ................................................................ 353,000 $ 38,675,563
Lexmark International Group,
Inc.* ................................................................ 26,100 1,755,225
Network Appliance, Inc.* ............................................... 59,000 4,749,500
Parametric Technology Co.* ............................................. 53,100 584,100
Xerox Corp. ............................................................ 131,400 2,726,550
--------------
117,229,168
--------------
OFFICE EQUIPMENT SERVICES (0.2%)
Ceridian Corp.* ........................................................ 63,300 1,523,156
Electronic Data Systems Corp. .......................................... 93,200 3,844,500
Unisys Corp.* .......................................................... 65,500 953,844
--------------
6,321,500
--------------
WIRELESS TELECOMMUNICATION
SERVICES (0.8%)
Nextel Communications, Inc.,
Class A* ............................................................. 141,800 8,676,388
Sprint Corp. (PCS Group)* .............................................. 170,000 10,115,000
--------------
18,791,388
--------------
TOTAL TECHNOLOGY ..................................................... 802,457,451
--------------
TOTAL COMMON STOCKS (99.4%)
(Cost $1,681,817,262).................................................. 2,449,631,381
--------------
PRINCIPAL
AMOUNT
-----------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (0.0%)
Chase Nassau, 6.26%, 7/3/00 ............................................ $ 72,289 72,289
--------------
U.S. GOVERNMENT (0.2%)
U.S. Treasury Bill, 7/27/00+ ........................................... 3,700,000 3,685,142
--------------
U.S. GOVERNMENT AGENCIES (0.4%)
Federal Home Loan Bank,
7/3/00 ............................................................... 11,000,000 10,995,985
--------------
TOTAL SHORT-TERM DEBT SECURITIES (0.6%)
(Amortized Cost $14,753,416)........................................... 14,753,416
--------------
TOTAL INVESTMENTS (100%)
(Cost/Amortized Cost
$1,696,570,678)....................................................... 2,464,384,797
OTHER ASSETS
LESS LIABILITIES (0.0%) .............................................. (259,134)
--------------
NET ASSETS (100.0%) .................................................... $2,464,125,663
==============
</TABLE>
---------------------
* Non-income producing.
+ All, or a portion of securities held by broker as collateral for
financial futures contracts.
58
<PAGE>
EQ ADVISORS TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
At June 30, 2000, the Portfolio had the following futures contracts open: (Note
1)
<TABLE>
<CAPTION>
NO. OF EXPIRATION ORIGINAL VALUE AT UNREALIZED
PURCHASE CONTRACTS DATE VALUE 6/30/00 DEPRECIATION
----------------------- ----------- --------------- -------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
S&P 500 Index ......... 45 September '00 $16,610,175 $16,516,125 $ (94,050)
=========
</TABLE>
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $ 87,704,275
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 218,767,716.00
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 904,019,389
Aggregate gross unrealized depreciation .......... (136,205,270)
---------------
Net unrealized appreciation ...................... $ 767,814,119
===============
Federal income tax cost of investments ........... $ 1,696,570,678
===============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$120,022,236 which was secured by collateral of
$121,710,399.
See Notes to Financial Statements.
59
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GLOBAL PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
COMMON STOCKS:
BUSINESS SERVICES (10.6%)
PRINTING, PUBLISHING, BROADCASTING (9.7%)
AT&T Corp.--Liberty Media
Group, Class A* .................. 2,798,176 $ 67,855,768
British Sky Broadcasting plc ....... 2,571,060 50,248,983
Reuters Group plc .................. 1,434,100 24,448,708
Time Warner, Inc. .................. 374,100 28,431,600
TVI Televisao Independente
SA* .............................. 2
Viacom, Inc., Class B* ............. 480,108 32,737,364
--------------
203,722,423
--------------
PROFESSIONAL SERVICES (0.9%)
Securitas AB, Class B .............. 837,120 17,732,379
--------------
TOTAL BUSINESS SERVICES .......... 221,454,802
--------------
CAPITAL GOODS (2.2%)
AEROSPACE (0.5%)
Honeywell International, Inc. ...... 322,300 10,857,481
--------------
ELECTRICAL EQUIPMENT (1.7%)
Sanmina Corp.* ..................... 404,300 34,567,650
--------------
TOTAL CAPITAL GOODS .............. 45,425,131
--------------
CONSUMER CYCLICALS (6.3%)
APPAREL & TEXTILES (1.2%)
Fast Retailing Co., Ltd. ........... 60,000 25,097,744
--------------
PHOTO & OPTICAL (2.4%)
Canon, Inc. ........................ 988,000 49,146,356
--------------
RETAIL--GENERAL (2.7%)
Home Depot, Inc. ................... 702,950 35,103,566
Kohl's Corp.* ...................... 393,000 21,860,625
--------------
56,964,191
--------------
TOTAL CONSUMER CYCLICALS ......... 131,208,291
--------------
CONSUMER NON-CYCLICALS (10.0%)
DRUGS (8.5%)
Banyu Pharmaceutical Co., Ltd....... 688,000 16,820,010
Pfizer, Inc. ....................... 1,617,000 77,616,000
Sanofi-Synthelabo S.A. ............. 246,000 11,708,252
Schering-Plough Corp. .............. 374,100 18,892,050
Takeda Chemical Industries Ltd...... 809,000 53,046,682
--------------
178,082,994
--------------
SOAPS & TOILETRIES (1.5%)
Kao Corp. .......................... 1,062,000 32,416,788
--------------
TOTAL CONSUMER NON-CYCLICALS 210,499,782
--------------
CREDIT SENSITIVE (24.0%)
BANKS (12.4%)
Banco Bilbao Vizcaya ............... 1,810,700 27,028,209
Bank of America Corp. .............. 321,400 13,820,200
Bank of Fukuoka Ltd. ............... 2,460,000 16,732,960
Bank of Scotland ................... 3,732,157 35,482,788
Bank One Corp. ..................... 782,300 20,779,844
Banque Nationale de Paris .......... 407,300 39,158,979
Chase Manhattan Corp. .............. 558,264 25,715,035
DBS Group Holdings Ltd. ............ 1,561,878 20,071,601
Standard Chartered plc ............. 2,724,308 33,916,310
Sumitomo Trust & Banking ........... 3,754,000 26,701,870
--------------
259,407,796
--------------
FINANCIAL SERVICES (6.2%)
Citigroup, Inc. .................... 919,948 55,426,867
CMIC Finance & Securities
Public Co. Ltd.* ................. 724,700
MBNA Corp. ......................... 837,150 22,707,694
Morgan Stanley Dean Witter &
Co. .............................. 609,800 50,765,850
--------------
128,900,411
--------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
INSURANCE (2.8%)
Alleanza Assicurazioni ............. 1,256,000 $ 16,711,686
American International Group,
Inc. ............................. 349,058 41,014,315
--------------
57,726,001
--------------
REAL ESTATE (0.6%)
Cheung Kong Holdings Ltd. .......... 1,177,000 13,022,416
Mandamus AB ........................ 485 2,802
--------------
13,025,218
--------------
UTILITY--ELECTRIC (0.9%)
AES Corp.* ......................... 413,400 18,861,375
--------------
UTILITY--TELEPHONE (1.1%)
Telefonos de Mexico S.A.,
Class L (ADR) .................... 421,800 24,095,325
--------------
TOTAL CREDIT SENSITIVE ........... 502,016,126
--------------
DIVERSIFIED (4.3%)
MISCELLANEOUS (4.3%)
ABB AG Ltd.* ....................... 131,900 15,769,686
Citic Pacific Ltd. ................. 3,248,000 16,999,346
Tyco International Ltd. ............ 1,233,668 58,445,022
--------------
TOTAL DIVERSIFIED ................ 91,214,054
--------------
ENERGY (1.5%)
OIL--INTERNATIONAL (1.5%)
Total Fina S.A., Class B ........... 203,450 31,164,463
--------------
TECHNOLOGY (39.5%)
COMPUTER HARDWARE (2.9%)
Cisco Systems, Inc.* ............... 949,700 60,365,306
--------------
COMPUTER SOFTWARE (5.2%)
America Online, Inc.* .............. 235,000 12,396,250
Microsoft Corp.* ................... 568,900 45,512,000
Oracle Corp.* ...................... 344,300 28,942,719
Softbank Corp. ..................... 105,600 14,326,063
Yahoo!, Inc.* ...................... 59,600 7,382,950
--------------
108,559,982
--------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (4.5%)
China Telecom (Hong Kong)
Ltd.* ............................ 4,280,000 37,746,136
Hellenic Telecommunications
Organization SA .................. 5,838 142,334
Nortel Networks Corp. .............. 164,000 11,193,000
Sonera Group OYJ ................... 220,400 10,037,866
United Pan-Europe
Communications N.V.* ............. 1,367,400 35,722,679
--------------
94,842,015
--------------
ELECTRONICS (14.9%)
Altera Corp.* ...................... 358,100 36,503,819
Applied Material, Inc.* ............ 232,000 21,025,000
ASM Lithography Holding N.V. *...... 237,000 10,176,777
Intel Corp. ........................ 696,100 93,059,869
NEC Corp. .......................... 703,000 22,054,642
Solectron Corp.* ................... 793,600 33,232,000
STMicroelectronics N.V.* ........... 840,780 52,927,664
Tokyo Electron Ltd. ................ 309,000 42,269,348
--------------
311,249,119
--------------
OFFICE EQUIPMENT (2.7%)
Dell Computer Corp.* ............... 824,200 40,643,362
EMC Corp.* ......................... 218,200 16,787,763
--------------
57,431,125
--------------
</TABLE>
60
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GLOBAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- ----------------
<S> <C> <C>
WIRELESS TELECOMMUNICATION
SERVICES (9.3%)
AT&T Wireless Group ................ 866,300 $ 24,148,113
Nokia OYJ* ......................... 1,078,800 54,997,768
NTT Mobile Communications
Network, Inc. .................... 1,015 27,444,062
SK Telecom Co. Ltd. (ADR) .......... 657,260 23,866,754
Vodafone AirTouch plc .............. 16,163,143 65,281,517
--------------
195,738,214
--------------
TOTAL TECHNOLOGY ................. 828,185,761
--------------
TOTAL COMMON STOCKS (98.4%)
(Cost $1,498,112,632)............. 2,061,168,410
--------------
PRINCIPAL
AMOUNT
LONG-TERM DEBT SECURITIES:
CREDIT SENSITIVE (0.0%)
BANKS (0.0%)
Grupo Financiero Banorte 0.00%,
12/5/02 .......................... $ 165,700 16,837
--------------
TOTAL LONG-TERM DEBT
SECURITIES (0.0%)
(Cost $20,240)..................... 16,837
--------------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (1.6%)
Chase Nassau, 6.26% 7/3/00 ......... 34,326,957 34,326,957
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
----------- ------------------
<S> <C> <C>
TOTAL SHORT-TERM DEBT SECURITIES (1.6%)
(Amortized Cost $34,326,957).......... $ 34,326,957
--------------
TOTAL INVESTMENTS (100%)
(Cost/Amortized Cost
$1,532,459,829) ..................... 2,095,512,204
OTHER ASSETS LESS LIABILITIES (0%) (385,403)
--------------
NET ASSETS (100%) ..................... $2,095,126,801
==============
</TABLE>
<TABLE>
<CAPTION>
DISTRIBUTION OF INVESTMENTS BY GLOBAL REGION
(Unaudited)
As a Percentage of Total Investments
<S> <C>
Canada ........................... 0.5%
France ........................... 6.4
Japan ............................ 15.6
Latin America .................... 1.2
Netherlands ...................... 2.2
Scandinavia ...................... 3.9
Southeast Asia ................... 5.3
Spain ............................ 1.3
Switzerland ...................... 0.8
United Kingdom ................... 10.0
United States** .................. 52.0
Other European Countries ......... 0.8
-----
100.0%
=====
</TABLE>
----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $ 689,392,160
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 589,258,449
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 611,681,997
Aggregate gross unrealized depreciation .......... (48,629,622)
--------------
Net unrealized appreciation ...................... $ 563,052,375
==============
Federal income tax cost of investments ........... $1,532,459,829
==============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$189,487,014 which was secured by collateral of
$200,952,894.
See Notes to Financial Statements.
61
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (3.9%)
CHEMICALS (2.7%)
Dow Chemical Co. ......................................................... 195,000 $ 5,886,563
Eastman Chemical Co. ..................................................... 100,000 4,775,000
Lyondell Chemical Co. .................................................... 1,670,000 27,972,500
Solutia, Inc. ............................................................ 500,000 6,875,000
--------------
45,509,063
--------------
METALS & MINING (1.2%)
Alcoa, Inc. .............................................................. 698,800 20,265,200
--------------
TOTAL BASIC MATERIALS .................................................. 65,774,263
--------------
BUSINESS SERVICES (7.7%)
PRINTING, PUBLISHING,
BROADCASTING (3.9%)
A.H. Belo Corp. Class A .................................................. 396,700 6,867,868
AT&T Corp.--Liberty Media
Group, Class A* ........................................................ 71,576 1,735,718
Clear Channel Communications,
Inc.* .................................................................. 188,000 14,100,000
Comcast Corp., Class A* .................................................. 400,000 16,200,000
Gannett Co., Inc. ........................................................ 310,000 18,541,875
MediaOne Group, Inc.* .................................................... 115,700 7,672,067
--------------
65,117,528
--------------
PROFESSIONAL SERVICES (3.8%)
Computer Sciences Corp.* ................................................. 153,300 11,449,594
First Data Corp. ......................................................... 997,000 49,476,125
Viad Corp. ............................................................... 130,000 3,542,500
--------------
64,468,219
--------------
TOTAL BUSINESS SERVICES ................................................ 129,585,747
--------------
CAPITAL GOODS (8.2%)
AEROSPACE (5.3%)
Honeywell International, Inc. ............................................ 962,600 32,427,587
United Technologies Corp. ................................................ 958,400 56,425,800
--------------
88,853,387
--------------
BUILDING MATERIALS & FOREST
PRODUCTS (1.1%)
Masco Corp. .............................................................. 1,023,000 18,477,938
--------------
ELECTRICAL EQUIPMENT (1.8%)
Sanmina Corp.* ........................................................... 360,400 30,814,200
--------------
TOTAL CAPITAL GOODS .................................................... 138,145,525
--------------
CONSUMER CYCLICALS (4.1%)
AIRLINES (1.1%)
Continental Airlines, Inc.,
Class B* ............................................................... 384,000 18,048,000
--------------
LEISURE RELATED (0.3%)
Royal Caribbean Cruises Ltd. ............................................. 308,400 5,705,400
--------------
RETAIL--GENERAL (2.7%)
Circuit City Stores-Circuit City
Group .................................................................. 400,000 13,275,000
Limited, Inc. ............................................................ 749,000 16,197,125
Mattel, Inc. ............................................................. 529,000 6,976,187
Saks, Inc.* .............................................................. 853,900 8,965,950
--------------
45,414,262
--------------
TOTAL CONSUMER CYCLICALS ............................................... 69,167,662
--------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
CONSUMER NON-CYCLICALS (16.4%)
BEVERAGES (3.2%)
Pepsi Bottling Group, Inc. ............................................... 1,820,000 $ 53,121,250
--------------
DRUGS (3.6%)
Abbott Laboratories ...................................................... 427,000 19,028,187
MedImmune, Inc.* ......................................................... 50,465 3,734,410
Schering-Plough Corp. .................................................... 765,000 38,632,500
--------------
61,395,097
--------------
FOODS (1.4%)
General Mills, Inc. ...................................................... 122,000 4,666,500
H.J. Heinz Co. ........................................................... 99,000 4,331,250
Nabisco Group Holdings ................................................... 553,900 14,366,781
--------------
23,364,531
--------------
HOSPITAL SUPPLIES & SERVICES (2.9%)
Quintiles Transnational Corp.* ........................................... 330,001 4,661,260
Tenet Healthcare Corp. ................................................... 1,651,000 44,577,000
--------------
49,238,260
--------------
RETAIL--FOOD (3.3%)
Kroger Co.* .............................................................. 2,490,000 54,935,625
--------------
SOAPS & TOILETRIES (0.5%)
Avon Products, Inc. ...................................................... 203,000 9,033,500
--------------
TOBACCO (1.5%)
Philip Morris Cos., Inc. ................................................. 939,500 24,955,469
--------------
TOTAL CONSUMER NON-CYCLICALS 276,043,732
--------------
CREDIT SENSITIVE (23.0%)
BANKS (5.6%)
Bank of America Corp. .................................................... 982,000 42,226,000
Bank One Corp. ........................................................... 435,000 11,554,688
Chase Manhattan Corp. .................................................... 732,000 33,717,750
FleetBoston Financial Corp. .............................................. 185,000 6,290,000
--------------
93,788,438
--------------
FINANCIAL SERVICES (7.1%)
Associates First Capital Corp.,
Class A ................................................................ 1,433,300 31,980,506
CIT Group, Inc., Class A ................................................. 280,290 4,554,712
Citigroup, Inc. .......................................................... 447,500 26,961,875
Household International, Inc. ............................................ 1,222,000 50,789,375
MBNA Corp. ............................................................... 186,750 5,065,594
--------------
119,352,062
--------------
INSURANCE (3.3%)
Ace Ltd. ................................................................. 675,000 18,900,000
AFLAC, Inc. .............................................................. 300,000 13,781,250
Hartford Financial Services
Group, Inc. ............................................................ 165,000 9,229,688
MGIC Investment Corp. .................................................... 140,000 6,370,000
PMI Group, Inc. .......................................................... 149,400 7,096,500
--------------
55,377,438
--------------
UTILITY--ELECTRIC (3.0%)
AES Corp.* ............................................................... 294,950 13,457,063
CMS Energy Corp. ......................................................... 123,000 2,721,375
Duke Energy Corp. ........................................................ 200,000 11,275,000
FPL Group, Inc. .......................................................... 260,000 12,870,000
GPU, Inc. ................................................................ 186,000 5,033,625
Pinnacle West Capital Corp. .............................................. 128,400 4,349,550
--------------
49,706,613
--------------
</TABLE>
62
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- --------------------
<S> <C> <C>
UTILITY--TELEPHONE (4.0%)
AT&T Corp. ............................................................. 308,675 $ 9,761,847
BellSouth Corp. ........................................................ 375,000 15,984,375
Intermedia Communication,
Inc.* ................................................................ 418 12,435
Sprint Corp. (FON Group) ............................................... 595,000 30,345,000
U.S. WEST, Inc. ........................................................ 135,800 11,644,850
--------------
67,748,507
--------------
TOTAL CREDIT SENSITIVE ............................................... 385,973,058
--------------
DIVERSIFIED (3.1%)
MISCELLANEOUS (3.1%)
Tyco International Ltd. ................................................ 1,011,400 47,915,075
U.S. Industries, Inc. .................................................. 367,200 4,452,300
--------------
TOTAL DIVERSIFIED .................................................... 52,367,375
--------------
ENERGY (9.1%)
OIL--DOMESTIC (2.0%)
Dynergy, Inc. .......................................................... 335,000 22,884,687
Murphy Oil Corp. ....................................................... 171,000 10,163,813
--------------
33,048,500
--------------
OIL--INTERNATIONAL (5.5%)
BP Amoco plc (ADR) ..................................................... 287,000 16,233,437
Kerr-McGee Corp. ....................................................... 246,200 14,510,413
Repsol S.A. (ADR) ...................................................... 767,100 15,198,169
Shell Transport & Trading Co.
(ADR) ................................................................ 235,000 11,735,313
Total Fina S.A. (ADR) .................................................. 180,000 13,826,250
USX-Marathon Group, Inc. ............................................... 871,000 21,829,437
--------------
93,333,019
--------------
OIL--SUPPLIES & CONSTRUCTION (0.9%)
Noble Drilling Corp.* .................................................. 349,400 14,390,912
--------------
RAILROADS (0.7%)
Burlington Northern Santa Fe
Corp. ................................................................ 540,000 12,386,250
--------------
TOTAL ENERGY ......................................................... 153,158,681
--------------
TECHNOLOGY (7.6%)
COMPUTER HARDWARE (0.8%)
Gateway, Inc.* ......................................................... 232,000 13,166,000
--------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (1.9%)
VoiceStream Wireless Corp.* ............................................ 41,229 4,794,722
Worldcom, Inc.* ........................................................ 592,023 27,159,055
--------------
31,953,777
--------------
ELECTRONICS (3.3%)
Altera Corp.* .......................................................... 132,600 13,516,913
Fairchild Semiconductor
International, Inc.* ................................................. 150,600 6,099,300
Micron Technology, Inc.* ............................................... 268,000 23,600,750
Solectron Corp.* ....................................................... 276,800 11,591,000
--------------
54,807,963
--------------
OFFICE EQUIPMENT (1.1%)
Compaq Computer Corp. .................................................. 466,600 11,927,462
EMC Corp.* ............................................................. 89,110 6,855,901
--------------
18,783,363
--------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- --------------------
<S> <C> <C>
OFFICE EQUIPMENT SERVICES (0.5%)
Electronic Data Systems Corp. .......................................... 197,200 $ 8,134,500
--------------
TOTAL TECHNOLOGY ..................................................... 126,845,603
--------------
TOTAL COMMON STOCKS (83.1%)
(Cost $1,298,148,127)................................................. 1,397,061,646
--------------
CONVERTIBLE PREFERRED
STOCKS:
BUSINESS SERVICES (1.0%)
PRINTING, PUBLISHING,
BROADCASTING (0.2%)
MediaOne Group, Inc. 7.00%, ............................................ 81,900 3,316,950
--------------
PROFESSIONAL SERVICES (0.8%)
Amdocs Automatic Common
Exchange Securities Trust
6.75%, ............................................................... 204,300 12,896,438
--------------
TOTAL BUSINESS SERVICES .............................................. 16,213,388
--------------
CREDIT SENSITIVE (0.6%)
UTILITY--TELEPHONE (0.6%)
Nextlink Communications 6.50%,.......................................... 59,600 10,243,749
--------------
ENERGY (0.5%)
RAILROADS (0.5%)
Union Pacific Capital Trust
6.25%, ............................................................... 206,000 8,034,000
--------------
TECHNOLOGY (0.4%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.4%)
Omnipoint Corp. 7.00%, ................................................. 6,500 1,106,625
WinStar Communications, Inc.
7.00%, ............................................................... 112,178 6,310,013
--------------
TOTAL TECHNOLOGY ..................................................... 7,416,638
--------------
TOTAL CONVERTIBLE PREFERRED STOCKS (2.5%)
(Cost $31,316,397).................................................... 41,907,775
--------------
PRINCIPAL
AMOUNT
----------
CONVERTIBLE BONDS:
BUSINESS SERVICES (0.0%)
PRINTING, PUBLISHING,
BROADCASTING (0.0%)
CNET, Inc.
5.00%, 3/1/06 ........................................................ $1,250,000 1,053,125
--------------
CAPITAL GOODS (0.3%)
ELECTRICAL EQUIPMENT (0.1%)
Kulicke & Soffa Industries
4.75%, 12/15/06 ...................................................... 500,000 723,125
--------------
MACHINERY (0.2%)
Advanced Energy Industries, Inc.
5.25%, 11/15/06 ...................................................... 2,860,000 3,864,575
--------------
TOTAL CAPITAL GOODS .................................................. 4,587,700
--------------
CONSUMER NON-CYCLICALS (1.0%)
DRUGS (0.3%)
Millenium Pharmaceuticals
5.50%, 1/15/07 ....................................................... 2,995,000 4,451,319
--------------
</TABLE>
63
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- -------------------
<S> <C> <C>
HOSPITAL SUPPLIES & SERVICES (0.7%)
Human Genome Sciences, Inc.
5.50%, 7/1/06 .......................................................... $1,540,000 $ 7,931,000
5.50%, 7/1/06 .......................................................... 700,000 3,605,000
RES-Care, Inc.
6.00%, 12/1/04 ......................................................... 1,255,000 577,300
6.00%, 12/1/04 ......................................................... 420,000 200,550
--------------
12,313,850
--------------
TOTAL CONSUMER NON-CYCLICALS 16,765,169
--------------
TECHNOLOGY (10.8%)
COMPUTER SOFTWARE (2.0%)
BEA Systems, Inc.
4.00%, 12/15/06 ........................................................ 1,540,000 2,410,100
HNC Software, Inc.
4.75%, 3/1/03 .......................................................... 2,255,000 3,219,013
i2 Technologies, Inc.
5.25%, 12/15/06 ........................................................ 2,245,000 3,451,687
5.25%, 12/15/06 ........................................................ 380,000 584,250
Rational Software Corp.
5.00%, 2/1/07 .......................................................... 8,160,000 11,903,400
Siebel Systems, Inc.
5.50%, 9/15/06 ......................................................... 2,540,000 9,156,700
5.50%, 9/15/06 ......................................................... 625,000 2,253,125
--------------
32,978,275
--------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (2.3%)
Comverse Technology, Inc.
4.50%, 7/1/05 .......................................................... 4,225,000 18,394,594
Nextel Communications, Inc.
4.75%, 7/1/07 .......................................................... 5,900,000 15,561,250
4.75%, 7/1/07 .......................................................... 470,000 1,239,625
NTL, Inc.
7.00%, 12/15/08 ........................................................ 1,055,000 1,688,000
Orckit Communications Ltd.
5.75%, 4/1/05 .......................................................... 3,360,000 2,083,200
--------------
38,966,669
--------------
ELECTRONICS (6.1%)
Amkor Technologies, Inc.
5.75%, 5/1/03 .......................................................... 3,950,000 10,423,062
ASM Lithography Holding N.V.
4.25%, 11/30/04 ........................................................ 1,200,000 1,599,000
Burr-Brown Corp.
4.25%, 2/15/07 ......................................................... 4,525,000 7,590,687
Conexant Systems, Inc.
4.25%, 5/1/06 .......................................................... 3,900,000 8,619,000
Credence Systems Corp.
5.25%, 9/15/02 ......................................................... 900,000 1,471,500
Critical Path, Inc.
5.75%, 4/1/05 .......................................................... 3,515,000 2,913,056
Cypress Semiconductor
4.00%, 2/1/05 .......................................................... 4,270,000 4,937,188
Efficient Network, Inc.
5.00%, 3/15/05 ......................................................... 12,050,000 8,977,250
Lattice Semiconductor Co.
4.75%, 11/1/06 ......................................................... 2,650,000 4,779,938
4.75%, 11/1/06 ......................................................... 450,000 807,750
Level One
4.00%, 9/1/04 .......................................................... 2,935,000 12,646,181
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- -------------------
<S> <C> <C>
LSI Logic Corp
4.25%, 3/15/04 ......................................................... $2,975,000 $ 10,438,531
4.25%, 3/15/04 ......................................................... 600,000 2,105,250
Mercury Interactive Corp.
4.75%, 7/1/07 .......................................................... 1,890,000 2,037,987
Sanmina Corp.
4.25%, 5/1/04 .......................................................... 4,355,000 8,769,881
4.25%, 5/1/04 .......................................................... 2,780,000 5,598,225
STMicroelectron N.V.
Zero Coupon, 9/22/09 ................................................... 3,550,000 6,110,438
Triquint Semiconductor, Inc.
4.00%, 3/1/07 .......................................................... 2,700,000 2,453,625
--------------
102,278,549
--------------
OFFICE EQUIPMENT SERVICES (0.1%)
Checkfree Holdings Corp.
6.50%, 12/1/06 ......................................................... 1,830,000 1,756,800
--------------
WIRELESS TELECOMMUNICATION
SERVICES (0.3%)
Aether Systems, Inc.
6.00%, 3/22/05 ......................................................... 4,175,000 4,273,530
--------------
TOTAL TECHNOLOGY ....................................................... 180,253,823
--------------
TOTAL CONVERTIBLE BONDS (12.1%)
(Cost $134,461,197)..................................................... 202,659,817
--------------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (0.0%)
Chase Nassau
6.26%, 7/3/00 .......................................................... 78,825 78,825
--------------
U.S. GOVERNMENT AGENCY (3.2%)
Federal Home Loan Bank
(Discount Note), 7/3/00 ................................................ 54,400,000 54,380,143
--------------
TOTAL SHORT-TERM DEBT SECURITIES (3.2%)
(Amortized Cost $54,458,968)............................................. 54,458,968
--------------
TOTAL INVESTMENTS (100.9%)
(Cost/Amortized Cost
$1,518,384,689) ......................................................... 1,696,088,206
OTHER ASSETS
LESS LIABILITIES (--0.9%) .............................................. (14,215,137)
--------------
NET ASSETS (100%) ........................................................ $1,681,873,069
==============
</TABLE>
---------------------
* Non-income producing
Glossary:
ADR--American Depository Receipt
64
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $ 596,897,935
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 437,382,515
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 307,888,878
Aggregate gross unrealized depreciation ................ (130,185,361)
--------------
Net unrealized appreciation ............................ $ 177,703,517
==============
Federal income tax cost of investments ................. $1,518,384,689
==============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$40,454,831 which was secured by collateral of
$41,201,800.
See Notes to Financial Statements.
65
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (1.5%)
CHEMICALS (1.4%)
Akzo Nobel N.V. ..................... 140,800 $ 5,976,117
Dow Chemical Co. .................... 176,100 5,316,019
Lyondell Chemical Co. ............... 400,000 6,700,000
Pharmacia Corp.* .................... 386,876 19,996,653
--------------
37,988,789
--------------
STEEL (0.1%)
Kawasaki Steel Corp. ................ 1,778,000 2,546,102
--------------
TOTAL BASIC MATERIALS ............. 40,534,891
--------------
BUSINESS SERVICES (6.8%)
PRINTING, PUBLISHING, BROADCASTING (4.9%)
AT&T Corp.--Liberty Media
Group, Class A* ................... 623,664 15,123,852
British Sky Broadcasting plc ........ 720,800 14,087,367
Cablevision Systems Corp.,
Class A* .......................... 193,500 13,133,813
Citadel Communications Corp.*........ 10,000 349,375
Comcast Corp., Class A* ............. 180,000 7,290,000
Emmis Broadcasting Corp.,
Class A* .......................... 25,000 1,034,375
Entercom Communications
Corp.* ............................ 40,000 1,950,000
Gannett Co., Inc. ................... 246,500 14,743,781
MediaOne Group, Inc.* ............... 133,500 8,852,385
Reuters Group plc ................... 429,700 7,325,577
Rogers Communications, Inc.,
Class B* .......................... 150,000 4,275,000
Seat Pagine Gialle Spa .............. 3,356,000 11,587,425
Television Broadcasts Ltd. .......... 426,000 2,841,639
Time Warner, Inc. ................... 261,000 19,836,000
USA Networks, Inc.* ................. 148,400 3,209,150
Viacom, Inc., Class B* .............. 137,400 9,368,963
--------------
135,008,702
--------------
PROFESSIONAL SERVICES (1.9%)
Amdocs Ltd.* ........................ 269,100 20,653,425
First Data Corp. .................... 190,400 9,448,600
Fiserv, Inc.* ....................... 150,000 6,487,500
Securitas AB, Class B* .............. 307,600 6,515,768
Viad Corp. .......................... 350,000 9,537,500
--------------
52,642,793
--------------
TRUCKING, SHIPPING (0.0%)
Knightsbridge Tankers Ltd. .......... 60,700 1,214,000
--------------
TOTAL BUSINESS SERVICES ........... 188,865,495
--------------
CAPITAL GOODS (3.2%)
AEROSPACE (0.6%)
Honeywell International, Inc. ....... 138,200 4,655,613
United Technologies Corp. ........... 210,700 12,404,962
--------------
17,060,575
--------------
BUILDING & CONSTRUCTION (0.1%)
Masco Corp. ......................... 220,300 3,979,169
--------------
ELECTRICAL EQUIPMENT (2.0%)
General Electric Co. ................ 609,600 32,308,800
Hon Hai Precision Industry Co.,
Ltd. (GDR)* ....................... 265,100 6,362,400
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
Sanmina Corp.* ...................... 177,000 $ 15,133,500
--------------
53,804,700
--------------
ELECTRONICS (0.5%)
Samsung Electronics Co.
(Foreign) ......................... 44,400 14,693,482
--------------
TOTAL CAPITAL GOODS ............... 89,537,926
--------------
CONSUMER CYCLICALS (9.1%)
AIRLINES (2.3%)
Alaska Air Group, Inc.* ............. 130,000 3,526,250
America West Holdings Corp.
Class B* .......................... 135,000 2,311,875
Continental Airlines, Inc.,
Class B* .......................... 804,400 37,806,800
Delta Air Lines, Inc. ............... 25,000 1,264,063
KLM Royal Dutch Airlines N.V.
New York Shares* .................. 30,000 796,875
Northwest Airlines Corp.,
Class A* .......................... 525,000 15,979,687
UAL Corp.* .......................... 20,000 1,163,750
--------------
62,849,300
--------------
APPAREL & TEXTILES (0.6%)
Fast Retailing Co., Ltd. ............ 22,000 9,202,506
Mohawk Industries, Inc.* ............ 147,200 3,201,600
Unifi, Inc.* ........................ 325,000 4,021,875
--------------
16,425,981
--------------
AUTO RELATED (0.5%)
Budget Group, Inc.* ................. 140,000 577,500
Harley-Davidson, Inc. ............... 320,050 12,321,925
United Rentals North America,
Inc.* ............................. 20,000 342,500
--------------
13,241,925
--------------
FOOD SERVICES, LODGING (0.1%)
Extended Stay America, Inc.* ........ 400,000 3,700,000
--------------
LEISURE RELATED (2.4%)
Carnival Corp., Class A ............. 300,000 5,850,000
Metro-Goldwyn-Mayer, Inc.* .......... 121,000 3,161,125
MGM Grand, Inc. (Restricted)*........ 223,519 7,180,548
MGM Grand, Inc.* .................... 29,200 938,050
Park Place Entertainment Corp.*...... 966,900 11,784,094
Premier Parks, Inc. ................. 40,000 910,000
Royal Caribbean Cruises Ltd. ........ 500,000 9,250,000
Sankyo Co. .......................... 172,500 7,556,879
Sun Internationals Hotels Ltd.* ..... 200,800 4,016,000
Walt Disney Co. ..................... 392,220 15,223,039
--------------
65,869,735
--------------
PHOTO & OPTICAL (0.5%)
Canon, Inc. ......................... 175,000 8,705,073
Hoya Corp. .......................... 73,000 6,533,516
--------------
15,238,589
--------------
RETAIL--GENERAL (2.7%)
Bed Bath & Beyond, Inc.* ............ 140,000 5,075,000
Dixons Group plc .................... 1,288,571 5,243,402
Family Dollar Stores, Inc. .......... 120,000 2,347,500
GAP, Inc. ........................... 256,921 8,028,781
Home Depot, Inc. .................... 147,283 7,354,945
Kohl's Corp.* ....................... 229,362 12,758,261
</TABLE>
66
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
Limited, Inc. ...................... 1,000,000 $ 21,625,000
Mattel, Inc. ....................... 561,800 7,408,738
TJX Cos., Inc. ..................... 56,200 1,053,750
Wal-Mart Stores, Inc. .............. 52,200 3,008,025
--------------
73,903,402
--------------
TOTAL CONSUMER CYCLICALS ......... 251,228,932
--------------
CONSUMER NON-CYCLICALS (6.9%)
DRUGS (3.0%)
AstraZeneca Group plc (GBP) ........ 14,000 653,335
AstraZeneca Group plc (SEK) ........ 50,450 2,343,056
MedImmune, Inc.* ................... 26,040 1,926,960
Millennium Pharmaceuticals,
Inc.* ............................ 120,080 13,433,950
Pfizer, Inc. ....................... 511,500 24,552,000
Sanofi-Synthelabo S.A. ............. 95,200 4,530,999
Schering-Plough Corp. .............. 489,700 24,729,850
Takeda Chemical Industries Ltd...... 178,000 11,671,581
--------------
83,841,731
--------------
HOSPITAL SUPPLIES & SERVICES (2.7%)
Genzyme Surgical Products* ......... 5,370 53,364
Guidant Corp.* ..................... 72,200 3,573,900
HCA-The Healthcare Corp.* .......... 100,000 3,037,500
Health Management Associates,
Inc., Class A* ................... 920,000 12,017,500
Healthsouth Corp.* ................. 320,000 2,300,000
Human Genome Sciences, Inc.* ....... 171,608 22,888,217
IMS Health, Inc. ................... 40,095 721,710
Medtronic, Inc. .................... 301,000 14,993,562
PE Corp - PE Biosystems Group....... 80,000 5,270,000
Quintiles Transnational Corp.* ..... 45,100 637,038
Tenet Healthcare Corp.* ............ 323,000 8,721,000
--------------
74,213,791
--------------
RETAIL--FOOD (0.8%)
Carrefour S.A. ..................... 59,100 4,036,054
Koninklijke Ahold N.V. ............. 1,190 34,993
Kroger Co.* ........................ 785,615 17,332,631
Seven-Eleven Japan Co. Ltd. ........ 900 75,208
--------------
21,478,886
--------------
SOAPS & TOILETRIES (0.2%)
Kao Corp. .......................... 194,000 5,921,711
--------------
TOBACCO (0.2%)
Tabacalera S.A., Class A ........... 415,800 6,381,120
--------------
TOTAL CONSUMER NON-CYCLICALS 191,837,239
--------------
CREDIT SENSITIVE (13.5%)
BANKS (2.8%)
Banca Nazionale del
Lavoro-RNC (BNL) ................. 15,403 40,401
Bank of America Corp. .............. 284,500 12,233,500
Bank of Fukuoka Ltd. ............... 1,169,000 7,951,557
Bank of Scotland plc ............... 935,600 8,895,043
Bank of Tokyo-Mitsubishi Ltd.
(ADR) ............................ 100,000 1,212,500
Bank One Corp. ..................... 134,000 3,559,375
Banque Nationale de Paris* ......... 107,350 10,320,934
Fuji Bank Ltd. ..................... 1,004,000 7,623,760
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
ICICI Banking Ltd* ................. 47,800 $ 693,100
Societe Generale Paris* ............ 130,920 7,866,888
Standard Chartered plc ............. 857,804 10,679,242
Sumitomo Trust & Banking ........... 859,000 6,109,991
--------------
77,186,291
--------------
FINANCIAL SERVICES (5.3%)
A.G. Edwards, Inc. ................. 100,000 3,900,000
Associates First Capital Corp.,
Class A .......................... 1,209,000 26,975,813
CIT Group, Inc., Class A ........... 216,400 3,516,500
Citigroup, Inc. .................... 576,700 34,746,175
Daiwa Securities Group Ltd. ........ 599,000 7,900,513
Legg Mason, Inc. ................... 520,000 26,000,000
MBIA, Inc. ......................... 150,000 7,228,125
MBNA Corp. ......................... 776,600 21,065,275
Morgan Stanley Dean Witter &
Co. .............................. 196,100 16,325,325
--------------
147,657,726
--------------
INSURANCE (2.9%)
Ace Ltd. ........................... 700,000 19,600,000
AFLAC, Inc. ........................ 308,730 14,182,284
Alleanza Assicurazioni ............. 381,500 5,076,042
American International Group,
Inc. ............................. 144,750 17,008,125
CGU plc ............................ 638,601 10,626,113
CNA Financial Corp.* ............... 400,000 13,600,000
--------------
80,092,564
--------------
REAL ESTATE (0.1%)
Boston Properties, Inc. ............ 35,000 1,351,875
--------------
UTILITY--ELECTRIC (0.5%)
AES Corp.* ......................... 316,438 14,437,484
--------------
UTILITY--TELEPHONE (1.9%)
CenturyTel, Inc. ................... 40,000 1,150,000
Sprint Corp. (FON Group) ........... 109,400 5,579,400
Telefonica de Espana S.A.* ......... 184,448 3,958,338
Telefonos de Mexico S.A.,
Class L (ADR) .................... 126,000 7,197,750
Telephone & Data Systems, Inc. ..... 193,400 19,388,350
U.S. WEST, Inc. .................... 108,000 9,261,000
Worldcom, Inc.* .................... 144,550 6,631,231
--------------
53,166,069
--------------
TOTAL CREDIT SENSITIVE ........... 373,892,009
--------------
DIVERSIFIED (1.4%)
MISCELLANEOUS (1.4%)
ABB AG Ltd. ........................ 47,563 5,686,532
Citic Pacific Ltd. ................. 1,009,000 5,280,893
Edison Schools, Inc.* .............. 83,000 1,924,562
Hutchison Whampoa Ltd. ............. 460,500 5,789,109
Tyco International Ltd. ............ 394,800 18,703,650
U.S. Industries, Inc. .............. 200,000 2,425,000
--------------
TOTAL DIVERSIFIED ................ 39,809,746
--------------
ENERGY (3.5%)
OIL--DOMESTIC (0.4%)
Dynergy, Inc. ...................... 52,630 3,595,287
</TABLE>
67
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
Louis Dreyfus Natural Gas
Corp.* ............................................................... 224,700 $ 7,035,919
--------------
10,631,206
--------------
OIL--INTERNATIONAL (2.4%)
BP Amoco plc ........................................................... 598,962 5,744,352
BP Amoco plc (ADR) ..................................................... 278,054 15,727,429
Kerr-McGee Corp. ....................................................... 250,000 14,734,375
Repsol S.A. (ADR) ...................................................... 541,400 10,726,488
Royal Dutch Petroleum Co. .............................................. 50,788 3,153,541
Total Fina S.A. (ADR) .................................................. 113,600 8,725,900
Total Fina S.A., Class B ............................................... 52,470 8,037,353
--------------
66,849,438
--------------
OIL--SUPPLIES & CONSTRUCTION (0.7%)
Diamond Offshore Drilling, Inc. ........................................ 105,000 3,688,125
Noble Drilling Corp.* .................................................. 187,600 7,726,775
Santa Fe International Corp. ........................................... 38,600 1,348,587
Stolt Comex Seaway S.A.
(ADR)* ............................................................... 408,400 4,849,750
Stolt Comex Seaway S.A.* ............................................... 50,000 706,254
--------------
18,319,491
--------------
TOTAL ENERGY ......................................................... 95,800,135
--------------
TECHNOLOGY (18.6%)
COMPUTER HARDWARE (1.7%)
Cisco Systems, Inc.* ................................................... 722,900 45,949,331
--------------
COMPUTER SOFTWARE (1.6%)
America Online, Inc.* .................................................. 139,700 7,369,175
At Home Corp.* ......................................................... 120,000 2,490,000
GigaMedia Ltd.* ........................................................ 97,400 1,180,975
Informix Corp.* ........................................................ 847,500 6,303,281
Infosys Technologies ................................................... 40,300 7,143,175
Microsoft Corp.* ....................................................... 183,120 14,649,600
PSINet, Inc.* .......................................................... 50,000 1,256,250
Softbank Corp. ......................................................... 35,400 4,802,487
--------------
45,194,943
--------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (4.6%)
Adelphia Business Solutions,
Inc.* ................................................................ 400,000 9,275,000
China Telecom (Hong Kong)
Ltd.* ................................................................ 1,533,000 13,519,819
Clearnet Communications, Inc.
Class A* ............................................................. 223,200 6,197,289
E-Tek Dynamics, Inc.* .................................................. 22,800 6,014,925
General Motors Corp., Class H*.......................................... 138,180 12,125,295
Global TeleSystems Group, Inc.*......................................... 1,420,800 17,138,400
Grupo Iusacell S.A de C.V.* ............................................ 25,000 390,625
Infonet Services Corp.* ................................................ 45,000 537,188
Lucent Technologies, Inc. .............................................. 135,700 8,040,225
NTL, Inc.* ............................................................. 360,000 21,555,000
RCN Corp.* ............................................................. 170,900 4,336,587
Savvis Communications* ................................................. 5,000 65,313
Sonera Group OYJ ....................................................... 83,000 3,780,140
Tele1 Europe Holding AB* ............................................... 25,325 309,821
Time Warner Telecom, Inc.
Class A* ............................................................. 105,000 6,759,375
United Pan-Europe
Communications N.V.* ................................................. 361,610 9,446,891
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
United Pan-Europe
Communications NV (ADR) .............................................. 200,000 $ 5,400,000
VoiceStream Wireless Corp.* ............................................ 22,536 2,620,866
WinStar Communications, Inc.* .......................................... 3,758 127,302
--------------
127,640,061
--------------
ELECTRONICS (4.6%)
Altera Corp.* .......................................................... 103,900 10,591,306
Applied Micro Circuits Corp.* .......................................... 11,900 1,175,125
ASM Lithography Holding
N.V.* ................................................................ 217,840 9,354,047
Fairchild Semiconductor
International, Inc.* ................................................. 90,000 3,645,000
Intel Corp. ............................................................ 236,000 31,550,250
JDS Uniphase Corp.* .................................................... 30,600 3,668,175
PMC-Sierra, Inc.* ...................................................... 24,300 4,317,806
RADVision Ltd.* ........................................................ 14,900 416,269
RF Micro Devices, Inc.* ................................................ 20,800 1,822,600
Silverline Technologies Ltd.* .......................................... 15,800 341,675
Solectron Corp.* ....................................................... 667,000 27,930,625
STMicroelectronics N.V.* ............................................... 231,510 14,573,709
TDK Corp. .............................................................. 31,000 4,450,893
Tokyo Electron Ltd. .................................................... 97,000 13,269,019
--------------
127,106,499
--------------
OFFICE EQUIPMENT (1.4%)
Dell Computer Corp.* ................................................... 543,900 26,821,069
EMC Corp.* ............................................................. 49,866 3,836,565
Lexmark International Group,
Inc.* ................................................................ 129,700 8,722,325
--------------
39,379,959
--------------
OFFICE EQUIPMENT SERVICES (0.3%)
ChoicePoint, Inc.* ..................................................... 83,947 3,735,642
Foundry Networks, Inc.* ................................................ 30,000 3,300,000
--------------
7,035,642
--------------
TELECOMMUNICATIONS EQUIPMENT (0.2%)
UnitedGlobalCom Inc., Class A*.......................................... 110,000 5,142,500
--------------
WIRELESS TELECOMMUNICATION
SERVICES (4.2%)
AT&T Wireless Group* ................................................... 324,300 9,039,862
Libertel NV* ........................................................... 176,200 2,680,544
Millicom International Cellular
S.A.* ................................................................ 675,000 23,625,000
Nokia OYJ* ............................................................. 514,752 26,242,317
NTT Mobile Communications
Network, Inc. ........................................................ 325 8,787,508
SK Telecom Co. Ltd. (ADR) .............................................. 253,250 9,196,141
Telesystem International Wireless
Inc.* ................................................................ 25,000 462,500
US Cellular Corp.* ..................................................... 260,000 16,380,000
Vodafone AirTouch plc .................................................. 4,865,741 19,652,618
Western Wireless Corp.,
Class A* ............................................................. 10,000 545,000
--------------
116,611,490
--------------
TOTAL TECHNOLOGY ..................................................... 514,060,425
--------------
TOTAL COMMON STOCKS (64.5%)
(Cost $1,369,026,881)................................................. 1,785,566,798
--------------
</TABLE>
68
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -----------------
<S> <C> <C>
CONVERTIBLE PREFERRED STOCK:
BUSINESS SERVICES (0.4%)
PRINTING, PUBLISHING,
BROADCASTING (0.1%)
MediaOne Group, Inc. ................. 44,700 $ 1,810,350
--------------
PROFESSIONAL SERVICES (0.3%)
Amdocs Automatic Common
Exchange Securities Trust .......... 145,100 9,159,438
--------------
TOTAL BUSINESS SERVICES ............ 10,969,788
--------------
TECHNOLOGY (0.3%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.1%)
Omnipoint Corp. ...................... 3,300 561,825
WinStar Communications, Inc. ......... 62,600 3,521,250
--------------
4,083,075
--------------
WIRELESS TELECOMMUNICATION
SERVICES (0.2%)
Nextlink Communications .............. 33,400 5,740,625
--------------
TOTAL TECHNOLOGY ................... 9,823,700
--------------
TOTAL CONVERTIBLE PREFERRED STOCK (0.7%)
(Cost $11,626,761).................. 20,793,488
--------------
NUMBER
OF
WARRANTS
-------
WARRANTS:
BASIC MATERIALS (0.0%)
CHEMICALS
GP Batteries International Ltd.,
expiring 11/15/00* ................. 5,750 332
--------------
BUSINESS SERVICES (0.0%)
TRUCKING, SHIPPING
Frontline Ltd., expiring 5/11/01*..... 76,080 --
--------------
TOTAL WARRANTS (0.0%)
(Cost $7,975)....................... 332
--------------
PRINCIPAL
AMOUNT
-------
CONVERTIBLE BONDS:
BUSINESS SERVICES (0.0%)
PRINTING, PUBLISHING, BROADCASTING (0.0%)
CNET, Inc.
5.00%, 3/1/06+ ..................... $ 575,000 484,438
5.00%, 3/1/06 ...................... 100,000 84,250
--------------
TOTAL BUSINESS SERVICES ............ 568,688
--------------
CAPITAL GOODS (0.1%)
MACHINERY (0.1%)
Advanced Energy Industries, Inc.
5.25%, 11/15/06 .................... 1,605,000 2,168,756
--------------
CONSUMER NON-CYCLICALS (0.3%)
DRUGS (0.1%)
Millenium Pharmaceuticals
5.50%, 1/15/07 ..................... 60,000 89,175
5.50%, 1/15/07+ .................... 1,605,000 2,385,431
--------------
2,474,606
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------ -----------------
<S> <C> <C>
ELECTRONICS (0.0%)
Lattice Semiconductor Co.
4.75%, 11/1/06 ............. $ 150,000 $ 269,250
--------------
HOSPITAL SUPPLIES & SERVICES (0.2%)
Human Genome Sciences, Inc.
5.50%, 7/1/06+ ............. 965,000 4,969,750
5.50%, 7/1/06 .............. 230,000 1,184,500
RES-Care, Inc.
6.00%, 12/1/04 ............. 250,000 115,000
6.00%, 12/1/04 ............. 420,000 200,550
--------------
6,469,800
--------------
TOTAL CONSUMER NON-CYCLICALS 9,213,656
--------------
TECHNOLOGY (3.6%)
COMPUTER SOFTWARE (0.6%)
BEA Systems, Inc.
4.00%, 12/15/06+ ........... 900,000 1,408,500
HNC Software, Inc.
4.75%, 3/1/03 .............. 1,255,000 1,791,512
i2 Technologies, Inc.
5.25%, 12/15/06+ ........... 1,270,000 1,952,625
5.25%, 12/15/06 ............ 185,000 284,438
Rational Software Corp.
5.00%, 2/1/07+ ............. 4,550,000 6,637,312
Siebel Systems, Inc.
5.50%, 9/15/06+ ............ 1,510,000 5,443,550
--------------
17,517,937
--------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.8%)
Comverse Technology, Inc.
4.50%, 7/1/05 .............. 2,275,000 9,904,781
Nextel Communications, Inc.
4.75%, 7/1/07+ ............. 3,335,000 8,796,063
NTL, Inc.
7.00%, 12/15/08 ............ 971,000 1,553,600
Orckit Communications Ltd.
5.75%, 4/1/05+ ............. 1,875,000 1,162,500
--------------
21,416,944
--------------
ELECTRONICS (2.0%)
Amkor Technologies, Inc.
5.75%, 5/1/03 .............. 2,190,000 5,778,862
ASM Lithography Holding N.V.
4.25%, 11/30/04+ ........... 695,000 926,088
Burr-Brown Corp.
4.25%, 2/15/07+ ............ 2,545,000 4,269,237
Conexant Systems, Inc.
4.25%, 5/1/06 .............. 2,115,000 4,674,150
Credence Systems Corp.
5.25%, 9/15/02 ............. 500,000 817,500
Critical Path, Inc.
5.75%, 4/1/05+ ............. 1,885,000 1,562,194
Cypress Semiconductor
4.00%, 2/1/05 .............. 2,300,000 2,659,375
Efficient Network, Inc.
5.00%, 3/15/05+ ............ 6,575,000 4,898,375
Lattice Semiconductor Co.
4.75%, 11/1/06+ ............ 1,535,000 2,768,756
</TABLE>
69
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------------- --------------------
<S> <C> <C>
Level One
4.00%, 9/1/04 ................... $ 920,000 $ 3,964,050
4.00%, 9/1/04+ .................. 670,000 2,835,775
LSI Logic Corp
4.25%, 3/15/04+ ................. 1,910,000 6,701,712
4.25%, 3/15/04 .................. 70,000 245,613
Mercury Interactive Corp.
4.75%, 7/1/07+ .................. 595,000 641,589
Sanmina Corp.
4.25%, 5/1/04+ .................. 1,770,000 3,564,337
4.25%, 5/1/04 ................... 2,230,000 4,490,662
STMicroelectron N.V.
Zero Coupon, 9/22/09 ............ 1,995,000 3,433,894
Triquint Semiconductor, Inc.
4.00%, 3/1/07+ .................. 1,470,000 1,335,863
--------------
55,568,032
--------------
OFFICE EQUIPMENT (0.1%)
Checkfree Holdings Corp.
6.50%, 12/1/06+ ................. 1,055,000 1,012,800
--------------
OFFICE EQUIPMENT SERVICES (0.1%)
Aether Systems, Inc.
6.00%, 3/22/05 .................. 2,240,000 2,335,200
--------------
WIRELESS TELECOMMUNICATION
SERVICES (0.0%)
Nextel Communications, Inc.
4.75%, 7/1/07 ................... 150,000 395,625
--------------
TOTAL TECHNOLOGY ................ 98,246,538
--------------
TOTAL CONVERTIBLE BONDS (4.0%)
(Cost $70,578,230)............... 110,197,638
--------------
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES (0.3%)
PRINTING, PUBLISHING, BROADCASTING (0.3%)
CBS Corp.
7.15%, 5/20/05 .................. 1,370,000 1,347,039
Time Warner Entertainment
8.375%, 3/15/23 ................. 3,200,000 3,269,261
Viacom, Inc.
7.75%, 6/1/05 ................... 3,850,000 3,876,830
--------------
TOTAL BUSINESS SERVICES ......... 8,493,130
--------------
CAPITAL GOODS (0.2%)
AEROSPACE (0.2%)
Raytheon Co.
7.90%, 3/1/03+ .................. 5,500,000 5,526,158
--------------
CONSUMER CYCLICALS (0.2%)
RETAIL--GENERAL (0.2%)
Wal-Mart Stores, Inc.
6.875%, 8/10/09 ................. 5,200,000 5,079,724
--------------
CREDIT SENSITIVE (17.6%)
ASSET BACKED (0.2%)
Carco Auto Loan Master Trust
5.65%, 3/15/03 .................. 6,500,000 6,435,260
--------------
BANKS (0.5%)
Chase Manhattan Corp.
6.375%, 4/1/08 .................. 3,340,000 3,088,465
Grupo Financiero Banorte
Zero Coupon, 12/5/02 ............ 20,800 2,113
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------------- --------------------
<S> <C> <C>
St. George Bank Ltd.
7.15%, 10/15/05+ ................ $ 9,525,000 $ 9,252,394
--------------
12,342,972
--------------
FINANCIAL SERVICES (0.5%)
Ford Motor Credit Corp.
7.25%, 1/15/03 .................. 3,950,000 3,914,513
Goldman Sachs Group, Inc.
Series B,
7.35%, 10/1/09 .................. 2,400,000 2,300,402
Household Financial Corp.
5.875%, 2/1/09 .................. 2,000,000 1,739,400
Morgan Stanley Dean Witter &
Co.
5.625%, 1/20/04 ................. 4,850,000 4,573,647
NationsBank Corp.
6.80%, 3/15/28 .................. 1,805,000 1,535,326
--------------
14,063,288
--------------
FOREIGN GOVERNMENT (1.1%)
Brazil Federal Republic
14.50%, 10/15/09 ................ 5,500,000 5,871,250
Quebec Province
7.50%, 9/15/29 .................. 3,000,000 2,947,230
Republic of Phllippines
9.875%, 1/15/19 ................. 550,000 449,625
Republic of Turkey
11.75%, 6/15/10 ................. 5,200,000 5,317,000
United Mexican States
10.375%, 2/17/09 ................ 15,530,000 16,539,450
--------------
31,124,555
--------------
U.S. GOVERNMENT (7.2%)
U.S. Treasury Bonds
12.00%, 8/15/13 ................. 16,000,000 21,600,000
8.125%, 8/15/19 ................. 43,765,000 52,907,946
8.125%, 5/15/21 ................. 10,100,000 12,323,616
6.125%, 8/15/29 ................. 1,025,000 1,035,891
U.S. Treasury Notes
6.00%, 8/15/00 .................. 3,000,000 3,000,000
6.25%, 4/30/01 .................. 51,300,000 51,203,813
6.50%, 8/31/01 .................. 10,775,000 10,775,000
6.50%, 5/31/02 .................. 2,325,000 2,326,453
6.50%, 2/15/10 .................. 14,480,000 14,973,232
6.25%, 5/15/30 .................. 26,330,000 27,638,285
--------------
197,784,236
--------------
U.S. GOVERNMENT AGENCIES (7.9%)
Federal National Mortgage
Association
7.00%, 8/1/14 ................... 7,672,363 7,527,785
7.00%, 1/1/15 ................... 19,624,241 19,254,442
7.00%, 2/1/15 ................... 5,351,291 5,250,451
8.00%, 11/1/28 .................. 3,179,658 3,200,517
8.00%, 1/1/29 ................... 5,275,524 5,299,042
6.00%, 3/1/29 ................... 7,670,261 7,020,667
6.00%, 3/1/29 ................... 10,098,664 9,237,541
8.00%, 5/1/29 ................... 3,266,000 3,280,560
6.00%, 7/1/29 ................... 5,784,132 5,290,913
6.00%, 8/1/29 ................... 1,473,343 1,347,710
7.50%, 12/1/29 .................. 11,773,135 11,611,137
7.00%, 1/1/30 ................... 18,476,338 17,836,983
</TABLE>
70
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------------- --------------------
<S> <C> <C>
7.00%, 2/1/30 .................. $10,968,890 $ 10,589,322
8.00%, 4/1/30 .................. 26,973,830 27,094,079
TBA:
8.50%, 10/1/09 ................. 23,370,000 23,804,448
6.50%, 7/1/30 .................. 15,160,000 14,283,570
Government National Mortgage
Association
7.00%, 7/15/27 ................. 2,812,440 2,735,331
7.00%, 2/15/28 ................. 3,471,545 3,376,367
7.00%, 2/15/28 ................. 3,883,807 3,777,325
7.00%, 2/15/28 ................. 3,159,075 3,072,463
7.00%, 5/15/28 ................. 9,653,413 9,388,745
7.00%, 12/15/28 ................ 18,177,176 17,678,812
7.00%, 8/15/29 ................. 6,635,294 6,453,374
--------------
218,411,584
--------------
UTILITY--ELECTRIC (0.1%)
Cilcorp, Inc.
9.375%, 10/15/29 ............... 2,550,000 2,572,307
--------------
UTILITY--GAS (0.1%)
Ras Laffan Liquified Natural Gas
Co. Ltd.
8.294%, 3/15/14+ ............... 3,500,000 3,233,125
--------------
TOTAL CREDIT SENSITIVE ......... 485,967,327
--------------
ENERGY (0.2%)
OIL--INTERNATIONAL (0.1%)
Conoco, Inc.
6.95%, 4/15/29 ................. 4,000,000 3,645,496
--------------
RAILROADS (0.1%)
Union Pacific Corp.
6.625%, 2/1/29 ................. 3,200,000 2,661,472
--------------
TOTAL ENERGY ................... 6,306,968
--------------
TOTAL LONG-TERM DEBT SECURITIES (18.5%)
(Cost $512,210,839)............. 511,373,307
--------------
SHORT-TERM DEBT SECURITIES:
CERTIFICATES OF DEPOSIT (2.1%)
SouthTrust Bank
6.66%, 7/17/00 ................. 25,000,000 25,000,180
Teachers Insurance and Annuity
Association
6.51%, 7/5/00 .................. 32,000,000 31,976,855
--------------
56,977,035
--------------
COMMERCIAL PAPER (10.0%)
Associates First Capital
6.85%, 7/3/00 .................. 71,000,000 70,972,980
Deutsche Bank
6.87%, 7/3/00 .................. 90,300,000 90,300,000
Pfizer, Inc.
6.51%, 7/17/00 ................. 42,000,000 41,878,853
UBS Finance Delaware, Inc.
6.93%, 7/5/00 .................. 75,000,000 74,942,333
--------------
278,094,166
--------------
U.S. GOVERNMENT AGENCIES (1.1%)
Federal Home Loan Bank
6.57%, 7/3/00 .................. 29,400,000 29,389,269
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------------- --------------------
<S> <C> <C>
Federal Home Loan Mortgage
Corp.
6.57%, 7/3/00 .................. $ 300,000 $ 299,890
--------------
29,689,159
--------------
TOTAL SHORT-TERM INVESTMENTS (13.2%)
(Amortized Cost $364,760,362) 364,760,360
--------------
TOTAL INVESTMENTS (100.9%)
(Cost/Amortized Cost
$2,328,211,048) ................ 2,792,691,923
OTHER ASSETS LESS
LIABILITIES (--0.9%) ........... (23,773,625)
--------------
NET ASSETS (100%) ................ $2,768,918,298
==============
</TABLE>
--------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY GLOBAL REGION
As a Percentage of Total Investments
<TABLE>
<S> <C>
Canada ............................ 0.5%
France ............................ 2.1
Japan ............................. 4.1
Latin America ..................... 1.3
Netherlands ....................... 1.5
New Zealand & Australia ........... 0.3
Scandinavia ....................... 1.3
Southeast Asia .................... 2.4
Spain ............................. 0.8
Switzerland ....................... 0.2
United Kingdom .................... 4.5
United States** ................... 79.4
Other European Countries .......... 1.6
-----
100.0%
=====
</TABLE>
---------------------
* Non-income producing.
TBA--Security is subject to delayed delivery
** Includes Short-Term Debt Securities of 2.1%.
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These Securities may only be resold to qualified institutional
buyers. At June 30, 2000, these securities amounted to $81,969,123 or
2.97% of net assets.
Glossary:
ADR--American Depositary Receipt
71
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities $ 697,934,794
U.S. Government securities .................... 262,292,486
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities 494,907,653
U.S. Government securities .................... 328,805,195
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 593,905,406
Aggregate gross unrealized depreciation ......... (129,424,531)
--------------
Net unrealized appreciation ..................... $ 464,480,875
==============
Federal income tax cost of investments .......... $2,328,211,048
==============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$331,017,077 which was secured by collateral of $340,521,920 of which
$161,580,709 was in the form of U.S. Government securities.
See Notes to Financial Statements.
72
<PAGE>
EQ ADVISORS TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ---------------
<S> <C> <C>
COMMON STOCKS:
CONSUMER CYCLICALS (0.1%)
RETAIL--GENERAL (0.1%)
FTD Corp.*+ ........................... 37,500 $ 187,500
------------
DIVERSIFIED (0.0%)
MISCELLANEOUS (0.0%)
Goss Holdings, Inc., Class B* ......... 83,633 167,266
------------
TECHNOLOGY (0.9%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.9%)
Optel, Inc.*+ ......................... 10,000 100,000
RCN Corp.* ............................ 185,763 4,702,126
------------
4,802,126
------------
ELECTRONICS (0.0%)
Interact Electronic Marketing* ........ 1,500 --
------------
TOTAL TECHNOLOGY ..................... 4,802,126
------------
TOTAL COMMON STOCKS (1.0%)
(Cost $4,675,046) ................... 5,156,892
------------
PREFERRED STOCKS
TECHNOLOGY (1.9%)
WIRELESS TELECOMMUNICATION SERVICES (1.9%)
Nextel Communications, Inc.
(Series E) 11.125% (a)
(Cost $10,377,343) .................. 10,563 10,245,200
------------
NUMBER OF
WARRANTS
-------
WARRANTS:
CAPITAL GOODS (0.0%)
BUILDING & CONSTRUCTION (0.0%)
Capital Pacific Holdings, Inc.,
expiring 5/1/02*+ ................... 11,850 5,925
------------
CONSUMER CYCLICALS (0.0%)
LEISURE RELATED (0.0%)
Discovery Zone, expiring 8/1/07*+ ..... 3,500 4
------------
RETAIL--GENERAL (0.0%)
V2 Music Holdings, expiring
4/15/08*+ ........................... 8,000 80
------------
TOTAL CONSUMER CYCLICALS ............. 84
------------
CONSUMER NON-CYCLICALS (0.0%)
HOSPITAL SUPPLIES & SERVICES (0.0%)
Renaissance Cosmetics, Inc.,
expiring 8/15/01*+ .................. 2,000 2
Wright Medical Technology, Inc.,
expiring 6/30/03* ................... 618 6
------------
TOTAL CONSUMER NON-CYCLICALS ......... 8
------------
DIVERSIFIED (0.0%)
MISCELLANEOUS (0.0%)
Republic Technologies, expiring
7/15/04*+ ........................... 7,000 70
------------
TECHNOLOGY (1.3%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.9%)
21st Century Telecom Group, Inc.* ..... 4,000 --
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
WARRANTS (NOTE 1)
------------------- ---------------
<S> <C> <C>
KNOLOGY, Inc.*+ .................... 15,000 $ 37,500
Loral Space & Communications,
expiring 1/15/07* ................ 4,000 16,000
Primus Telecommunications,
expiring 8/1/04* ................. 6,500 199,875
Startec Global Communications
Corp., expiring 5/15/08* ......... 5,000 17,500
Versatel Telecommunications,
expiring 5/15/08*+ ............... 9,000 4,680,000
------------
4,950,875
------------
ELECTRONICS (0.4%)
Inter Act Electronic Marketing,
expiring 12/15/09* ............... 1,500 --
InterAct Systems, Inc., expiring
8/1/03*+ ......................... 1,500 15
Splitrock Services, Inc., expiring
7/15/08*+ ........................ 10,000 1,863,750
------------
1,863,765
------------
TOTAL TECHNOLOGY .................. 6,814,640
------------
TOTAL WARRANTS (1.3%)
(Cost $121,645) .................. 6,820,727
------------
PRINCIPAL
AMOUNT
-------
LONG-TERM DEBT SECURITIES:
BASIC MATERIALS (9.3%)
CHEMICALS (2.4%)
Aqua Chemicals, Inc.
11.25%, 07/01/08, ................ $ 5,500,000 3,093,750
Equistar Chemicals LP
8.75%, 02/15/09, ................. 3,000,000 2,932,395
Lyondell Chemical Co
9.625%, 05/01/07, ................ 2,000,000 1,970,000
Lyondell Chemical Co. (Series B)
9.875%, 05/01/07, ................ 3,000,000 2,970,000
Philipp Brothers Chemicals, Inc.
9.875%, 06/01/08, ................ 2,750,000 1,952,500
------------
12,918,645
------------
CHEMICALS--SPECIALTY (2.8%)
ACETEX Corp.
9.75%, 10/01/03, ................. 5,500,000 5,170,000
Avecia Group plc
11.00%, 07/01/09, ................ 8,000,000 7,840,000
General Chemical Group, Inc.
10.625%, 05/01/09, ............... 2,700,000 2,349,000
------------
15,359,000
------------
METALS & MINING (2.0%)
Kaiser Aluminum
10.875%, 10/15/06, ............... 7,000,000 6,650,000
LTV Corporation
11.75%, 11/15/09+ ................ 3,000,000 2,520,000
ORMET, Corp.
11.00%, 08/15/08+ ................ 1,500,000 1,387,500
------------
10,557,500
------------
PAPER (1.6%)
Crown Paper Co.
11.00%, 09/01/05, ................ 5,735,000 1,634,475
</TABLE>
73
<PAGE>
EQ ADVISORS TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- ------------------
<S> <C> <C>
Doman Industries, Ltd.
12.00%, 07/01/04, .............. $7,000,000 $ 7,000,000
------------
8,634,475
------------
STEEL (0.5%)
Golden Northwest Aluminium
12.00%, 12/15/06, .............. 1,500,000 1,500,000
Republic Technology/RTI Capital
13.75%, 07/15/09, .............. 7,000,000 1,233,750
------------
2,733,750
------------
TOTAL BASIC MATERIALS ............ 50,203,370
------------
BUSINESS SERVICES (6.5%)
ENVIRONMENTAL CONTROL (0.2%)
Azurix Corp.
10.375%, 02/15/07, ............. 1,000,000 965,000
------------
PRINTING, PUBLISHING, BROADCASTING (2.7%)
Charter Communications
Holdings
8.625%, 04/01/09, .............. 300,000 263,625
10.25%, 01/15/10+ .............. 6,000,000 5,805,000
10.25%, 01/15/10, .............. 2,200,000 2,128,500
Fox Family Worldwide, Inc.
9.25%, 11/01/07, ............... 4,000,000 3,600,000
GOSS Graphic Systems, Inc.
12.25%, 11/19/05, .............. 3,000,000 910,500
Supercanal Holding SA
11.75%, 05/15/02, .............. 1,738,812 1,738,812
------------
14,446,437
------------
PROFESSIONAL SERVICES (2.4%)
Cherokee International
10.50%, 05/01/09, ............... 2,500,000 2,156,250
Employee Solutions, Inc.
(Series B)
10.00%, 10/15/04, .............. 3,250,000 325,000
Pentacon, Inc.
12.25%, 04/01/09, .............. 7,000,000 3,850,000
Primark Corp.
9.25%, 12/15/08, ............... 6,000,000 6,600,000
------------
12,931,250
------------
TRUCKING, SHIPPING (1.2%)
Statia Terminals Group
11.75%, 11/15/03, .............. 2,000,000 2,000,000
Stena Line AB
10.625%, 06/01/08, ............. 8,000,000 4,680,000
------------
6,680,000
------------
TOTAL BUSINESS SERVICES .......... 35,022,687
------------
CAPITAL GOODS (6.2%)
BUILDING & CONSTRUCTION (0.6%)
Morrison Knudsen Corp.
11.00%, 07/01/10+ .............. 3,000,000 3,003,750
------------
ELECTRICAL EQUIPMENT (2.0%)
AES Corp.
9.50%, 06/01/09, ............... 3,250,000 3,185,000
Viasystems, Inc.
9.75%, 06/01/07, ............... 7,750,000 6,742,500
9.75%, 06/01/07, ............... 1,150,000 994,750
------------
10,922,250
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- ------------------
<S> <C> <C>
MACHINERY (3.6%)
Generac Portable LLC
11.25%, 07/01/06, .............. $7,000,000 $ 5,600,000
Penhall International
12.00%, 08/01/06, .............. 4,000,000 3,880,000
Sequa Corp.
9.00%, 08/01/09, ............... 7,000,000 6,720,000
Woods Equipment Co. (Series B)
12.00%, 07/15/09, .............. 3,500,000 3,119,375
------------
19,319,375
------------
TOTAL CAPITAL GOODS .............. 33,245,375
------------
CONSUMER CYCLICALS (8.1%)
AIRLINES (0.5%)
Aircraft Service International
Group
11.00%, 08/15/05, .............. 3,000,000 2,520,000
------------
APPAREL & TEXTILES (0.4%)
St. John Knits International, Inc.
12.50%, 07/01/09, .............. 2,000,000 1,905,000
------------
AUTO RELATED (2.5%)
Avis Rent a Car, Inc.
11.00%, 05/01/09, .............. 8,000,000 8,340,000
Tenneco Automotive, Inc.
11.625%, 10/15/09, ............. 6,000,000 5,340,000
------------
13,680,000
------------
AUTOS & TRUCKS (0.7%)
Sonic Automotive, Inc.
11.00%, 08/01/08, .............. 4,000,000 3,550,000
------------
FOOD SERVICES, LODGING (1.8%)
ICG Services, Inc.
Zero Coupon, 05/01/08, (Step
Bond) .......................... 7,000,000 3,640,000
NE Restaurant Co., Inc.
10.75%, 07/15/08, .............. 8,000,000 6,240,000
------------
9,880,000
------------
LEISURE RELATED (1.8%)
Marvel Enterprises, Inc.
12.00%, 06/15/09, .............. 8,000,000 6,400,000
Park Place Entertainment Corp.
9.375%, 02/15/07+ .............. 2,500,000 2,500,000
Silverleaf Resorts, Inc.
10.50%, 04/01/08, .............. 3,000,000 900,000
------------
9,800,000
------------
RETAIL--GENERAL (0.4%)
V2 Music Holdings plc
Zero Coupon, 04/15/08, (Step
Bond)+ ......................... 8,000,000 2,170,000
------------
TOTAL CONSUMER CYCLICALS ......... 43,505,000
------------
CONSUMER NON-CYCLICALS (7.1%)
CONTAINERS (1.3%)
Huntsman Packaging Corp.
13.00%, 06/01/10+ .............. 2,500,000 2,575,000
Packaging Corporation of
America
9.625%, 04/01/09, .............. 4,350,000 4,317,375
------------
6,892,375
------------
</TABLE>
74
<PAGE>
EQ ADVISORS TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- ------------------
<S> <C> <C>
FOODS (0.0%)
SFC Sub, Inc.
Zero Coupon, 12/15/09, (Step
Bond) .................................................................. $ 383,149 $ 193,490
------------
HOSPITAL SUPPLIES & SERVICES (3.8%)
Concentra Operating Corp.
13.00%, 08/15/09, ...................................................... 9,000,000 7,200,000
Iasis Healthcare Corp.
13.00%, 10/15/09+ ...................................................... 6,000,000 5,970,000
Tenet Healthcare Corp.
9.25%, 09/01/10+ ....................................................... 2,000,000 2,015,000
Unilab Finance Corp.
12.75%, 10/01/09, ...................................................... 5,000,000 5,150,000
------------
20,335,000
------------
MEDIA & CABLE (0.3%)
Adelphia Communications Corp.
9.375%, 11/15/09, ...................................................... 2,000,000 1,850,000
------------
RETAIL--FOOD (1.7%)
Di Giorgio Corp. (Series B)
10.00%, 06/15/07, ...................................................... 3,500,000 2,948,750
Stater Brothers Holdings
10.75%, 08/15/06, ...................................................... 7,000,000 6,160,000
------------
9,108,750
------------
TOTAL CONSUMER NON-CYCLICALS ............................................. 38,379,615
------------
CREDIT SENSITIVE (14.1%)
ASSET BACKED (1.2%)
Russell-Stanley Holding, Inc.
10.875%, 02/15/09, ..................................................... 10,000,000 6,500,000
------------
FINANCIAL SERVICES (2.8%)
Intertek Finance plc
10.25%, 11/01/06, ...................................................... 2,500,000 2,050,000
Lodgian Financing Corp.
12.25%, 07/15/09, ...................................................... 3,500,000 2,804,375
Port Arthur Finance Corp.
12.50%, 01/15/09, ...................................................... 3,500,000 3,395,000
PTC International Finance II SA
11.25%, 12/01/09+ ...................................................... 6,500,000 6,597,612
------------
14,846,987
------------
INSURANCE (0.8%)
Willis Corroon Corp
9.00%, 02/01/09, ....................................................... 5,000,000 4,187,500
------------
REAL ESTATE (2.7%)
D.R. Horton, Inc.
10.50%, 04/01/05, ...................................................... 4,000,000 4,025,000
Intrawest Corp.
9.75%, 08/15/08, ....................................................... 5,000,000 4,950,000
LNR Property Corp.
9.375%, 03/15/08, ...................................................... 3,000,000 2,595,000
10.50%, 01/15/09, ...................................................... 3,500,000 3,202,500
------------
14,772,500
------------
UTILITY--ELECTRIC (2.0%)
Cogentrix Energy, Inc.
8.75%, 10/15/08, ....................................................... 5,000,000 4,781,250
PSEG Energy Holdings
9.125%, 02/10/04+ ...................................................... 3,000,000 3,034,935
10.00%, 10/01/09+ ...................................................... 3,000,000 3,148,167
------------
10,964,352
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- ------------------
<S> <C> <C>
UTILITY--TELEPHONE (4.6%)
NEXTLINK Communications, Inc
10.50%, 12/01/09+ ...................................................... $ 2,000,000 $ 11,700,000
RCN Corp.
10.125%, 01/15/10, ..................................................... 3,000,000 2,497,500
Versatel Telecommunications BV
13.25%, 05/15/08, ...................................................... 5,300,000 5,392,750
Viatel, Inc.
11.50%, 03/15/09, ...................................................... 6,750,000 5,163,750
------------
24,754,000
------------
TOTAL CREDIT SENSITIVE ................................................... 76,025,339
------------
DIVERSIFIED (4.8%)
MISCELLANEOUS (4.8%)
Blount, Inc.
13.00%, 08/01/09, ...................................................... 5,000,000 5,100,000
Elgar Holdings, Inc.
9.875%, 02/01/08, ...................................................... 4,000,000 2,200,000
Hermes Europe Railtel BV
11.50%, 08/15/07, ...................................................... 2,000,000 1,710,000
Hexcel Corp.
9.75%, 01/15/09, ....................................................... 2,500,000 2,225,000
Jostens, Inc.
12.75%, 05/01/10+ ...................................................... 3,500,000 3,447,500
Precision Partners, Inc.
12.00%, 03/15/09+ ...................................................... 6,200,000 3,596,000
TM Group Holdings
11.00%, 05/15/08, ...................................................... 5,200,000 4,264,000
Transdigm, Inc.
10.375%, 12/01/08, ..................................................... 3,500,000 3,010,000
------------
TOTAL DIVERSIFIED ........................................................ 25,552,500
------------
ENERGY (5.4%)
COAL & GAS PIPELINES (1.9%)
Chesapeake Energy Corp.,
9.625%, 05/01/05, Series B ............................................. 3,800,000 3,714,500
P & L Coal Holdings Corporation
8.875%, 05/15/08, ...................................................... 1,000,000 942,500
9.625%, 05/15/08, ...................................................... 5,800,000 5,379,500
------------
10,036,500
------------
OIL--DOMESTIC (0.9%)
Lomak Petroleum
8.75%, 01/15/07, ....................................................... 4,450,000 3,827,000
Trans-Resources, Inc. (Series B)
Unsecured Senior Notes
10.75%, 03/15/08, Series B ............................................. 5,000,000 1,000,000
TransTexas Gas Corp. (Series D)
13.75% 12/31/01 ........................................................ 5,829,000 58,290
------------
4,885,290
------------
OIL--INTERNATIONAL (1.3%)
Northern Offshore ASA
10.00%, 05/15/05, ...................................................... 6,500,000 3,900,000
Queen Sand Resources, Inc.
12.50%, 07/01/08, ...................................................... 7,500,000 2,859,375
------------
6,759,375
------------
OIL--SUPPLIES & CONSTRUCTION (1.3%)
Eott Energy Partners LP
11.00%, 10/01/09, ...................................................... 7,000,000 7,105,000
------------
TOTAL ENERGY ............................................................. 28,786,165
------------
</TABLE>
75
<PAGE>
EQ ADVISORS TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- ---------------
<S> <C> <C>
TECHNOLOGY (23.5%)
COMPUTER HARDWARE (1.1%)
PSINet, Inc.
11.50%, 11/01/08, ............... $ 1,500,000 $ 1,410,000
SCG Holding Corp.
12.00%, 08/01/09, ............... 4,219,000 4,503,782
------------
5,913,782
------------
COMPUTER SOFTWARE (4.2%)
Exodus Communications, Inc.
10.75%, 12/15/09, ............... 1,975,000 1,905,875
11.625%, 07/15/10+ .............. 8,500,000 8,521,250
Intersil Corp.
13.25%, 08/15/09, ............... 3,250,000 3,672,500
PSINet, Inc.
10.00%, 02/15/05, ............... 2,000,000 1,840,000
10.50%, 12/01/06, ............... 5,000,000 4,600,000
11.00%, 08/01/09, ............... 2,000,000 1,860,000
------------
22,399,625
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (14.8%)
Econophone, Inc.
13.50%, 07/15/07, ............... 6,500,000 6,703,125
GCI, Inc.
9.75%, 08/01/07, ................ 4,285,000 3,985,050
Global Crossing Holding Ltd.
9.125%, 11/15/06+ ............... 2,500,000 2,393,750
9.50%, 11/15/09+ ................ 5,000,000 4,825,000
Global Telesystems Europe
11.00%, 12/01/09, ............... 2,000,000 1,552,308
Iridium LLC/Capital Corp.
10.875%, 07/15/05, Series D ..... 5,000,000 200,000
14.00%, 07/15/05, Series B ...... 12,000,000 390,000
Level 3 Communications, Inc.
Zero Coupon, 03/15/10+ .......... 3,000,000 1,642,500
11.00%, 03/15/08+ ............... 6,000,000 5,940,000
Long Distance International, Inc.
12.25%, 06/15/08, ............... 9,000,000 3,555,000
Metromedia Fiber Network
10.00%, 12/15/09, ............... 6,000,000 5,910,000
NTL Communications Corp.
9.25%, 11/15/06, ................ 7,500,000 6,295,067
RSL Communications plc
9.875%, 11/15/09, ............... 4,000,000 2,595,000
Startec Global Communications,
Inc.
12.00%, 05/15/08, ............... 5,000,000 3,900,000
United Pan-European
Communications
Zero Coupon, 11/01/09, (Step
Bond)+ .......................... 7,000,000 3,360,000
10.875%, 08/01/09, .............. 7,000,000 6,160,000
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- ---------------
<S> <C> <C>
11.25%, 02/01/10+ ............... 2,000,000 1,780,000
Series B 11.25%, 02/01/10, ...... $ 3,000,000 $ 2,670,000
US Xchange LLC
15.00%, 07/01/08, ............... 6,500,000 7,020,000
Versatel Telecom BV
13.25%, 05/15/08, ............... 4,200,000 4,273,500
Worldwide Fiber, Inc.
12.00%, 08/01/09, ............... 4,800,000 4,536,000
------------
79,686,300
------------
ELECTRONICS (0.6%)
Flextronics International Ltd.
9.875%, 07/01/10+ ............... 3,000,000 3,022,500
Interact Operating Co.
14.00%, 08/01/03, ............... 802,500 224,700
------------
3,247,200
------------
OFFICE EQUIPMENT SERVICES (1.2%)
Verio, Inc.
10.625%, 11/15/09+ .............. 6,000,000 6,652,500
------------
WIRELESS TELECOMMUNICATION
SERVICES (1.6%)
Crown Castle International Corp.
10.75%, 08/01/11, ............... 2,500,000 2,534,375
Spectrasite Holdings, Inc.
Zero Coupon, 03/15/10+ .......... 1,000,000 545,000
10.75%, 03/15/10+ ............... 2,300,000 2,294,250
WinStar Communications, Inc.
12.50%, 04/15/08+ ............... 3,500,000 3,430,000
------------
8,803,625
------------
TOTAL TECHNOLOGY .................. 126,703,032
------------
TOTAL LONG-TERM DEBT SECURITIES (85.0%)
(Cost $544,609,026) .............. 457,423,083
------------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (8.9%)
Allied Waste Industries, Inc.,
6.375%, 7/26/00 ................. 363,636 340,374
Chase Nassau,
6.26%, 7/3/00 ................... 47,629,897 47,629,897
------------
TOTAL SHORT-TERM DEBT SECURITIES (8.9%)
(Amortized Cost $47,955,602) ..... 47,970,271
------------
TOTAL INVESTMENTS (98.1%)
(Cost/Amortized Cost
$607,738,662) ................... 527,616,173
OTHER ASSETS
LESS LIABILITIES (1.9%) ......... 10,446,256
------------
NET ASSETS (100%) ................. $538,062,429
============
</TABLE>
----------
* Non-income producing.
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These Securities may only be resold to qualified
institutional buyers. At June 30, 2000, these securities amounted to
$110,751,948 or 20.58% of net assets.
(a) Paid-in-kind preferred, quarterly stock payments.
76
<PAGE>
EQ ADVISORS TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $237,438,970
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 262,965,795
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 13,742,196
Aggregate gross unrealized depreciation ......... (93,864,685)
-------------
Net unrealized appreciation ..................... $ (80,122,489)
=============
Federal income tax cost of investments .......... $ 607,738,662
=============
</TABLE>
The Portfolio has a net capital loss carryforward of $103,665,061 which expires
in the year 2007.
See Notes to Financial Statements.
77
<PAGE>
EQ ADVISORS TRUST
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
---------------------- -----------------
<S> <C> <C>
LONG-TERM DEBT
SECURITIES:
CREDIT SENSITIVE (104%)
ASSET BACKED (9.0%)
Countrywide Home Equity Loan
Trust
6.70%, 10/15/24 ........................................................ $ 1,935,432 $ 1,933,922
Delta Funding Home Equity
Loan Trust
6.14%, 3/15/18 ......................................................... 4,628,323 4,571,904
Green Tree Home Improvement
Loan Trust
6.25%, 8/15/29 ......................................................... 5,000,000 4,851,550
Honda Auto Lease Trust
6.45%, 9/16/02 ......................................................... 7,000,000 6,931,820
-----------
18,289,196
-----------
BANKS (1.9%)
Beverly Finance Corp.
8.36%, 7/15/04+ ........................................................ 3,800,000 3,869,924
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS (9.0%)
Allied Capital Commercial
Mortgage Trust
6.31%, 9/25/03+ ........................................................ 1,232,180 1,215,617
First Union National Bank
Commercial Mortgage
(Step Bond)
7.84%, 3/15/10 ......................................................... 5,000,000 5,104,296
0.78%, 9/15/29 ......................................................... 68,345,055 2,761,291
Merrill Lynch Mortgage
Investors, Inc.
Zero Coupon, 3/1/31+ ................................................... 4,000,000 3,887,520
WMC Mortgage Investers, Inc.
6.86%, 5/15/30 ......................................................... 5,340,994 5,316,906
-----------
18,285,630
-----------
U.S. GOVERNMENT (40.3%)
U.S. Treasury Bond
11.88%, 11/15/03 ....................................................... 5,050,000 5,881,674
U.S. Treasury Notes
6.63%, 5/31/02 ......................................................... 24,250,000 24,340,937
6.00%, 8/15/04 ......................................................... 5,625,000 5,572,266
6.75%, 5/15/05 ......................................................... 33,050,000 33,824,626
6.00%, 8/15/09 ......................................................... 12,400,000 12,299,250
-----------
81,918,753
-----------
U.S. GOVERNMENT AGENCIES (43.8%)
Federal Home Loan Mortgage
Corp.
9.50%, 9/1/20 .......................................................... 412,012 427,844
Federal National Mortgage
Association
7.50%, 8/1/13 .......................................................... 5,547,658 5,530,033
7.00%, 7/1/14 .......................................................... 114,361 112,206
7.00%, 10/1/14 ......................................................... 8,048,823 7,897,151
7.00%, 10/1/14 ......................................................... 966,086 947,881
7.00%, 11/1/14 ......................................................... 139,617 136,986
7.00%, 2/1/15 .......................................................... 84,360 82,770
8.00%, 4/1/30 .......................................................... 99,868 100,273
TBA:
8.50%, 10/1/09 ......................................................... 6,200,000 6,315,258
7.50%, 7/25/14 ......................................................... 34,400,000 34,260,267
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
---------------------- -----------------
<S> <C> <C>
8.00%, 7/25/29 ......................................................... $16,700,000 $16,762,625
Government National Mortgage
Association
7.50%, 8/15/22 ......................................................... 32,728 32,615
7.50%, 11/15/22 ........................................................ 611,007 608,905
7.50%, 12/15/23 ........................................................ 406,946 405,294
8.50%, 8/15/27 ......................................................... 1,009,740 1,033,721
7.50%, 2/15/29 ......................................................... 234,338 232,653
7.50%, 8/15/29 ......................................................... 466,545 463,191
7.50%, 8/15/29 ......................................................... 534,155 530,314
7.50%, 9/15/29 ......................................................... 291,054 288,961
7.50%, 9/15/29 ......................................................... 596,527 592,238
7.50%, 9/15/29 ......................................................... 268,870 266,937
7.50%, 10/15/29 ........................................................ 864,331 858,117
7.50%, 10/15/29 ........................................................ 102,855 102,116
7.50%, 10/15/29 ........................................................ 253,278 251,457
7.50%, 11/15/29 ........................................................ 61,372 60,931
7.50%, 11/15/29 ........................................................ 235,606 233,912
7.50%, 11/15/29 ........................................................ 198,935 197,505
7.50%, 11/15/29 ........................................................ 332,020 329,633
8.50%, 11/15/29 ........................................................ 1,056,434 1,081,524
8.50%, 11/15/29 ........................................................ 544,108 557,031
7.50%, 12/15/29 ........................................................ 199,546 198,111
7.50%, 12/15/29 ........................................................ 203,828 202,363
7.50%, 1/15/30 ......................................................... 83,079 82,482
8.50%, 1/15/30 ......................................................... 1,307,365 1,338,415
8.50%, 1/15/30 ......................................................... 990,742 1,014,272
7.50%, 2/15/30 ......................................................... 376,827 374,118
8.50%, 2/15/30 ......................................................... 1,191,263 1,219,556
8.50%, 2/15/30 ......................................................... 1,269,139 1,299,281
8.50%, 2/15/30 ......................................................... 631,208 646,199
7.50%, 5/15/30 ......................................................... 264,485 262,583
7.50%, 6/15/30 ......................................................... 855,474 849,966
7.50%, 6/15/30 ......................................................... 231,408 229,918
7.50%, 6/15/30 ......................................................... 394,020 391,483
8.50%, 6/15/30 ......................................................... 100,000 102,375
-----------
88,911,471
-----------
TOTAL CREDIT SENSITIVE .................................................. 211,274,974
-----------
TOTAL LONG-TERM DEBT SECURITIES (104.0%)
(Cost $210,783,860)...................................................... 211,274,974
-----------
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (6.9%)
PaineWebber, Inc. 6.45%, dated
6/27/00, due 7/5/00, to be
repurchased at $14,020,067,
collateralized by $14,000,000 of
FNCL pools, 7.94% due 10/1/23,
valued at $14,071,014 .................................................. 14,000,000 14,000,000
-----------
TIME DEPOSIT (1.5%)
Chase Nassau
6.26%, 7/3/00 .......................................................... 3,060,305 3,060,305
-----------
U.S. GOVERNMENT AGENCIES (10.8%)
Federal Home Loan Mortgage
Corp. (Discount Note)
7/11/00 ................................................................ 10,000,000 9,982,306
Freddie Mac
(Discount Note), 7/5/00 ................................................ 12,000,000 11,991,520
-----------
21,973,826
-----------
</TABLE>
78
<PAGE>
EQ ADVISORS TRUST
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
VALUE
(NOTE 1)
----------------
<S> <C>
TOTAL SHORT-TERM DEBT SECURITIES (19.2%)
(Amortized Cost $39,034,131)............ $ 39,034,131
-------------
TOTAL INVESTMENTS (123.2%)
(Cost/Amortized Cost
$249,817,991) ......................... 250,309,105
OTHER ASSETS
LESS LIABILITIES (-23.2%) ............. (47,132,072)
-------------
NET ASSETS (100%) ....................... $ 203,177,033
=============
</TABLE>
----------
+ Security exempt from registration under Rule 144 of the Securities Act of
1933. These Securities may only be resold to qualified institutional
buyers. At June 30, 2000 these securities amounted to $8,973,063 or 4.43%
of net assets.
TBA--Security is subject to delayed delivery
--------------------------------------------------------------------------------
At June 30, 2000, the Portfolio had the following futures contracts open: (Note
1)
<TABLE>
<CAPTION>
NO. OF EXPIRATION ORIGINAL VALUE AT UNREALIZED
PURCHASE CONTRACTS DATE VALUE 06/30/00 APPRECIATION
----------------------------------- ----------- --------------- -------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
U.S. Treasury 5 year Note ......... 164 September '00 $16,160,478 $16,236,000 $ (75,522)
=========
</TABLE>
The segregated cash of $106,600 was pledged to cover margin requirements for
the open positions at June 30, 2000.
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
U.S. Government securities ........... $578,804,674
NET PROCEEDS OF SALES AND REDEMPTIONS:
U.S. Government securities ........... 500,047,457
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 988,789
Aggregate gross unrealized depreciation ......... (497,675)
------------
Net unrealized appreciation ..................... $ 491,114
============
Federal income tax cost of investments .......... $249,817,991
============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$75,971,653 which was secured by collateral of $77,975,251 of which $77,823,751
was in the form of U.S. Government securities.
The Portfolio has a net capital loss carryforward of $11,725,172 of which
$5,101,186 expires in the year 2002, $482,139 expires in the year 2004 and
$6,141,847 expires in the year 2007.
See Notes to Financial Statements.
79
<PAGE>
EQ ADVISORS TRUST
ALLIANCE INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
FINLAND (5.7%)
Nokia OYJ* ......................... 330,700 $ 16,859,253
Sonera Group OYJ ................... 36,800 1,676,014
------------
18,535,267
------------
FRANCE (10.6%)
Banque Nationale de Paris .......... 101,420 9,750,807
Sanofi-Synthelabo S.A. ............. 130,230 6,198,235
STMicroelectronics N.V.* ........... 168,030 10,577,601
Total Fina S.A., Class B ........... 48,990 7,504,286
------------
34,030,929
------------
HONG KONG (4.8%)
Cheung Kong Holdings Ltd. .......... 260,000 2,876,660
China Telecom (Hong Kong)
Ltd.* ............................ 893,000 7,875,537
Citic Pacific Ltd. ................. 903,000 4,726,111
------------
15,478,308
------------
IRELAND (1.2%)
Bank of Ireland .................... 79,000 493,919
CRH plc ............................ 184,000 3,325,703
------------
3,819,622
------------
ITALY (2.6%)
Alleanza Assicurazioni ............. 641,900 8,540,789
------------
JAPAN (28.8%)
Bank of Fukuoka Ltd. ............... 566,000 3,849,941
Bank of Tokyo-Mitsubishi Ltd. ...... 460,000 5,551,463
Banyu Pharmaceutical Co., Ltd....... 181,000 4,425,032
Canon, Inc. ........................ 287,000 14,276,320
Daiwa Securities Group Ltd. ........ 221,000 2,914,881
Fast Retailing Co., Ltd. ........... 19,600 8,198,596
Kao Corp. .......................... 282,000 8,607,848
NEC Corp. .......................... 108,000 3,388,195
NTT Mobile Communications
Network, Inc. .................... 370 10,004,239
Softbank Corp. ..................... 24,300 3,296,622
Sumitomo Trust & Banking ........... 920,000 6,543,879
Takeda Chemical Industries Ltd...... 152,000 9,966,744
TDK Corp. .......................... 36,000 5,168,779
Tokyo Electron Ltd. ................ 47,000 6,429,318
------------
92,621,857
------------
KOREA (3.9%)
Samsung Electronics Co.
(Foreign) ........................ 13,390 4,431,210
SK Telecom Co. Ltd. (ADR) .......... 224,360 8,147,073
------------
12,578,283
------------
MEXICO (1.5%)
Telefonos de Mexico S.A.,
Class L (ADR) .................... 82,100 4,689,962
------------
NETHERLANDS (5.2%)
Akzo Nobel N.V. .................... 42,400 1,799,626
ASM Lithography Holding N.V.* 132,100 5,672,372
United Pan-Europe
Communications N.V.* ............. 356,550 9,314,701
------------
16,786,699
------------
NORWAY (0.0%)
Frontline Ltd.* .................... 951 11,629
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
SINGAPORE (1.2%)
DBS Group Holdings Ltd. ............ 306,000 $ 3,932,388
------------
SPAIN (2.1%)
Banco Bilbao Vizcaya ............... 313,200 4,675,117
Repsol S.A. ........................ 104,000 2,068,216
------------
6,743,333
------------
SWEDEN (2.0%)
Securitas AB, Class B .............. 241,110 5,107,337
Telefonaktiebolaget LM Ericsson
AB ............................... 75,600 1,494,359
------------
6,601,696
------------
SWITZERLAND (2.0%)
ABB AG Ltd. ........................ 53,525 6,399,336
------------
TAIWAN (1.0%)
Taiwan Semiconductor
Manufacturing Co. (ADR)* ......... 8,576 332,320
Taiwan Semiconductor
Manufacturing Co.* ............... 264,960 1,259,045
Taiwan Semiconductor
Manufacturing Co., Ltd.* ......... 43,800 1,699,988
------------
3,291,353
------------
UNITED KINGDOM (21.1%)
BAE SYSTEMS plc .................... 682,700 4,254,805
Bank of Scotland ................... 636,100 6,047,602
BP Amoco plc ....................... 278,200 2,668,081
British Airways plc ................ 242,600 1,394,527
British Sky Broadcasting plc ....... 642,457 12,556,226
CGU plc ............................ 278,900 4,640,810
Dixons Group plc ................... 98,100 399,185
Dixons Group plc ................... 317,666 1,292,636
Prudential plc ..................... 189,000 2,767,513
Reuters Group plc .................. 373,600 6,369,177
Royal Bank of Scotland Group
plc .............................. 219,600 3,674,007
Standard Chartered plc ............. 685,097 8,529,124
Vodafone AirTouch plc .............. 3,285,921 13,271,527
------------
67,865,220
------------
TOTAL COMMON STOCKS (93.7%)
(Cost $257,664,147)............... 301,926,671
------------
NUMBER
OF
WARRANTS
-----
WARRANTS:
NORWAY (0.0%)
Frontline Ltd., expiring 5/11/01*
(Cost $0) ........................ 57,060 --
------------
</TABLE>
80
<PAGE>
EQ ADVISORS TRUST
ALLIANCE INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------- ----------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT
Chase Nassau, 6.26% 7/3/00 ........... $20,154,654 $ 20,154,654
------------
TOTAL SHORT-TERM DEBT SECURITIES (6.3%)
(Amortized Cost $20,154,654)........ 20,154,654
------------
TOTAL INVESTMENTS (100%)
(Cost/Amortized Cost
$277,818,801)....................... 322,081,325
OTHER ASSETS LESS
LIABILITIES (0%) ................... (27,597)
------------
NET ASSETS (100%) .................... $322,053,728
============
</TABLE>
<TABLE>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Equity Investments
Basic Materials .............................. 0.6%
Business Services ............................ 8.0
Capital Goods ................................ 2.5
Consumer Cyclicals ........................... 3.7
Consumer Non-Cyclicals ....................... 9.7
Credit Sensitive ............................. 26.3
Diversified .................................. 3.7
Energy ....................................... 4.0
Technology
Computer Software .......................... 1.1
Diversified Telecommunications Services..... 6.3
Electronics ................................ 12.9
Office Equipment Services .................. 4.7
Telecommunications ......................... 16.5 41.5
---- -----
100.0%
=====
</TABLE>
------------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities .. $168,578,828
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .. 153,452,598
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 53,076,661
Aggregate gross unrealized depreciation ......... (8,814,137)
------------
Net unrealized appreciation ..................... $ 44,262,524
============
Federal income tax cost of investments .......... $277,818,801
============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$25,922,117 which was secured by collateral of
$27,146,341.
See Notes to Financial Statements.
81
<PAGE>
EQ ADVISORS TRUST
ALLIANCE MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- -------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
CERTIFICATES OF DEPOSIT (15.5%)
American Express Centurion
Bank
6.57%, 7/31/00 .................... $22,000,000 $ 21,999,993
Bayerische Landesbank
6.42%, 9/28/00 .................... 50,000,000 49,954,620
Den Danske Bank
7.00%, 11/30/00 ................... 25,000,000 25,013,570
National Westminster Bank plc
7.21%, 3/8/01 ..................... 35,000,000 35,077,623
SouthTrust Corp.
6.66%, 7/17/00 .................... 35,000,000 35,001,285
U.S. Bancorp Inc.
5.92%, 8/28/00 .................... 50,000,000 49,990,425
--------------
TOTAL CERTIFICATES OF DEPOSIT ...... 217,037,516
--------------
COMMERCIAL PAPER (60.1%)
Abbey National plc
6.94%, 11/27/00 ................... 30,000,000 29,184,225
Asset Backed Capital Funding
6.69%, 8/8/00+ .................... 25,000,000 24,827,415
Asset Backed Securitisation
6.60%, 8/15/00+ ................... 25,000,000 24,795,313
Associates Corp. of North
America
6.85%, 7/3/00 ..................... 50,000,000 49,981,580
Bank of New York Co., Inc.
6.86%, 11/15/00 ................... 15,500,000 15,110,691
Bank One Corp.
6.72%, 9/29/00 .................... 40,200,000 40,201,982
Bell Atlantic Network Funding
6.91%, 7/5/00 ..................... 52,000,000 51,961,286
Caisse Des Depots Consignations
6.91%, 7/5/00 ..................... 10,000,000 9,992,633
Centric Capital Corp.
6.69%, 7/31/00 .................... 39,781,000 39,564,194
Colgate Palmolive Corp.
6.57%, 7/31/00+ ................... 12,200,000 12,133,510
Concord Minutemen Capital Co.
LLC
6.72%, 7/17/00+ ................... 10,000,000 9,970,977
CXC, Inc.
6.71%, 8/22/00+ ................... 7,000,000 6,933,772
Eastman Kodak Co.
6.95%, 7/3/00 ..................... 6,600,000 6,597,488
Equilon Enterprise Corp.
6.63%, 8/23/00 .................... 40,000,000 39,614,864
Fountain Square Corp.
6.57%, 7/17/00+ ................... 8,500,000 8,475,330
Galaxy Funding Inc.
6.71%, 9/15/00 .................... 28,500,000 28,106,509
Gillette Co.
6.95%, 7/5/00 ..................... 37,000,000 36,972,454
Kitty Hawk Funding Corp.
6.71%, 8/30/00 .................... 17,015,000 16,829,537
Koch Industries, Inc.
7.01%, 7/5/00 ..................... 22,500,000 22,483,424
Pfizer, Inc.
6.65%, 8/15/00+ ................... 15,000,000 14,877,375
Philip Morris Capital Corp.
6.64%, 7/17/00 .................... 18,000,000 17,947,679
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- -------------------
<S> <C> <C>
Procter & Gamble Co.
6.64%, 8/29/00 .................... $ 7,888,000 $ 7,803,453
Sara Lee Corp.
6.96%, 7/5/00 ..................... 54,000,000 53,960,218
Southwestern Bell Corp.
6.62%, 7/17/00 .................... 50,600,000 50,442,295
Svenska Handelsbanken
6.67%, 7/31/00 .................... 18,000,000 18,001,454
Teachers Insurance and Annuity
Association
6.64%, 7/31/00+ ................... 12,000,000 11,934,600
Toronto Dominion Bank
6.32%, 7/14/00 .................... 30,000,000 29,928,933
UBS Capital
6.93%, 7/5/00 ..................... 10,000,000 9,992,555
VA Electric
6.54%, 7/17/00 .................... 18,700,000 18,645,727
Variable Funding Capital Corp.
0.00%, 8/1/00 ..................... 39,000,000 38,780,364
Wal-Mart Stores, Inc.
6.67%, 8/1/00+ .................... 34,000,000 33,808,522
Wells Fargo Bank
6.59%, 7/31/00 .................... 27,000,000 26,852,850
Woodstreet Funding Capital Co.
7.05%, 7/3/00 ..................... 34,000,000 33,987,474
--------------
TOTAL COMMERCIAL PAPER ............. 840,700,683
--------------
TIME DEPOSITS (2.4%)
Dorada Finance Corp.
6.02%, 9/15/00 .................... 10,000,000 9,980,606
Merita Bank
6.58%, 7/31/00 .................... 25,000,000 25,000,373
--------------
TOTAL TIME DEPOSITS ................ 34,980,979
--------------
U.S. GOVERNMENT (6.1%)
Federal Home Loan Bank
6.56%, 10/6/00 .................... 60,000,000 60,127,200
Federal National Mortgage
Association
6.55%, 10/5/00 .................... 25,000,000 25,046,022
--------------
TOTAL U.S. GOVERNMENT .............. 85,173,222
--------------
VARIABLE RATE SECURITIES (16.6%)
Asset Backed Capital Financial
7.04%, 8/1/00 ..................... 35,000,000 35,000,423
Beta Finance, Inc.
7.04%, 7/31/00+ ................... 25,000,000 25,000,303
Beta Finance, Inc. (a)
6.77%, 8/24/00+ ................... 25,000,000 25,003,923
CC USA, Inc.
7.04%, 7/31/00 .................... 25,000,000 25,000,303
Centauri Corp.
6.77%, 8/24/00+ ................... 25,000,000 25,003,923
Citicorp
6.70%, 8/2/00 ..................... 27,000,000 26,987,404
NationsBank Corp.
6.98%, 2/9/01 ..................... 10,000,000 10,012,420
Student Loan Marketing
Association
6.54%, 10/12/00 ................... 60,000,000 60,020,663
--------------
TOTAL VARIABLE RATE SECURITIES ..... 232,029,362
--------------
</TABLE>
82
<PAGE>
EQ ADVISORS TRUST
ALLIANCE MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
VALUE
(NOTE 1)
-----------------
<S> <C>
TOTAL SHORT-TERM DEBT SECURITIES (100.7%)
(Amortized Cost
$1,409,632,382)......................... $1,409,921,762
OTHER ASSETS
LESS LIABILITIES (-0.7%) ............... (10,281,999)
--------------
NET ASSETS (100%) ........................ $1,399,639,763
==============
</TABLE>
----------
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These Securities may only be resold to qualified institutional
buyers. At June 30, 2000, these securities amounted to $222,764,963 or
15.92% of net assets.
(a) Coupon will increase periodically based upon a predetermined
schedule. Stated interest rate in effect at June 30, 2000.
--------------------------------------------------------------------------------
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 385,038
Aggregate gross unrealized depreciation ......... (95,658)
--------------
Net unrealized appreciation ..................... $ 289,380
==============
Federal income tax cost of investments .......... $1,409,632,382
==============
</TABLE>
See Notes to Financial Statements.
83
<PAGE>
EQ ADVISORS TRUST
ALLIANCE PREMIER GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (1.0%)
METALS & MINING (0.5%)
Alcoa, Inc. ............................................................ 247,700 $ 7,183,300
-----------
PAPER (0.5%)
International Paper Co. ................................................ 218,900 6,525,956
-----------
TOTAL BASIC MATERIALS ................................................ 13,709,256
-----------
BUSINESS SERVICES (11.3%)
PRINTING, PUBLISHING,
BROADCASTING (10.7%)
AMFM, Inc.* ............................................................ 338,200 23,335,800
AT&T Corp.--Liberty Media
Group, Class A* ...................................................... 1,489,800 36,127,650
MediaOne Group, Inc.* .................................................. 662,800 43,950,268
Time Warner, Inc. ...................................................... 281,000 21,356,000
Viacom, Inc., Class B* ................................................. 363,063 24,756,358
-----------
149,526,076
-----------
PROFESSIONAL SERVICES (0.6%)
Amdocs Ltd.* ........................................................... 100,700 7,728,725
-----------
TOTAL BUSINESS SERVICES .............................................. 157,254,801
-----------
CAPITAL GOODS (1.4%)
AEROSPACE (1.0%)
Honeywell International, Inc. .......................................... 159,049 5,357,963
United Technologies Corp. .............................................. 144,100 8,483,888
-----------
13,841,851
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (0.4%)
Lowe's Cos., Inc. ...................................................... 133,800 5,494,162
-----------
TOTAL CAPITAL GOODS .................................................. 19,336,013
-----------
CONSUMER CYCLICALS (10.3%)
AIRLINES (4.5%)
Continental Airlines, Inc.,
Class B* ............................................................. 151,600 7,125,200
Delta Air Lines, Inc. .................................................. 188,500 9,531,031
KLM Royal Dutch Airlines N.V.
New York Shares* ..................................................... 418,680 11,121,188
Northwest Airlines Corp.,
Class A* ............................................................. 367,400 11,182,737
UAL Corp. .............................................................. 395,200 22,995,700
-----------
61,955,856
-----------
APPAREL & TEXTILES (0.2%)
Tommy Hilfiger Corp.* .................................................. 418,600 3,139,500
-----------
AUTO RELATED (0.0%)
Harley-Davidson, Inc. .................................................. 15,700 604,450
-----------
RETAIL--GENERAL (5.6%)
GAP, Inc. .............................................................. 484,950 15,154,688
Home Depot, Inc. ....................................................... 811,800 40,539,262
Kohl's Corp.* .......................................................... 407,500 22,667,188
-----------
78,361,138
-----------
TOTAL CONSUMER CYCLICALS ............................................. 144,060,944
-----------
CONSUMER NON-CYCLICALS (9.9%)
DRUGS (7.9%)
Pfizer, Inc. ........................................................... 1,623,225 77,914,800
Pharmacia Corp. ........................................................ 165,731 8,566,221
Schering-Plough Corp. .................................................. 465,400 23,502,700
-----------
109,983,721
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
HOSPITAL SUPPLIES & SERVICES (1.3%)
IMS Health, Inc. ....................................................... 326,800 $ 5,882,400
Medtronic, Inc. ........................................................ 248,600 12,383,388
-----------
18,265,788
-----------
RETAIL--FOOD (0.7%)
Kroger Co.* ............................................................ 416,500 9,189,031
-----------
TOTAL CONSUMER NON-CYCLICALS 137,438,540
-----------
CREDIT SENSITIVE (13.5%)
BANKS (1.0%)
Chase Manhattan Corp. .................................................. 306,750 14,129,672
-----------
FINANCIAL SERVICES (12.2%)
Associates First Capital Corp.,
Class A .............................................................. 607,800 13,561,537
CIT Group, Inc., Class A ............................................... 1,011,020 16,429,075
Citigroup, Inc. ........................................................ 688,000 41,452,000
Fannie Mae ............................................................. 43,200 2,254,500
Freddie Mac ............................................................ 789,100 31,958,550
Goldman Sachs Group, Inc. .............................................. 123,900 11,755,013
MBNA Corp. ............................................................. 866,250 23,497,031
Morgan Stanley Dean Witter &
Co. .................................................................. 345,600 28,771,200
-----------
169,678,906
-----------
INSURANCE (0.3%)
UnitedHealth Group, Inc. ............................................... 58,300 4,999,225
-----------
TOTAL CREDIT SENSITIVE ............................................... 188,807,803
-----------
DIVERSIFIED (3.5%)
MISCELLANEOUS (3.5%)
Tyco International Ltd. ................................................ 1,037,700 49,161,038
-----------
ENERGY (3.1%)
OIL--DOMESTIC (0.8%)
Chevron Corp. .......................................................... 132,200 11,212,213
-----------
OIL--INTERNATIONAL (2.3%)
BP Amoco plc (ADR) ..................................................... 571,504 32,325,695
-----------
TOTAL ENERGY ......................................................... 43,537,908
-----------
TECHNOLOGY (45.4%)
COMPUTER HARDWARE (6.0%)
Cisco Systems, Inc.* ................................................... 1,090,000 69,283,125
Sun Microsystems, Inc.* ................................................ 156,000 14,186,250
-----------
83,469,375
-----------
COMPUTER SOFTWARE (6.0%)
Microsoft Corp.* ....................................................... 591,500 47,320,000
Oracle Corp.* .......................................................... 310,900 26,135,031
VERITAS Software Corp.* ................................................ 3,500 395,555
Yahoo!, Inc.* .......................................................... 80,700 9,996,712
-----------
83,847,298
-----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (5.5%)
Corning, Inc. .......................................................... 79,200 21,374,100
Cox Communications, Inc.,
Class A* ............................................................. 29,900 1,362,319
E-Tek Dynamics, Inc. ................................................... 18,400 4,854,150
General Motors Corp., Class H*.......................................... 62,740 5,505,435
Nortel Networks Corp. .................................................. 630,300 43,017,975
-----------
76,113,979
-----------
</TABLE>
84
<PAGE>
EQ ADVISORS TRUST
ALLIANCE PREMIER GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- ----------------
<S> <C> <C>
ELECTRONICS (12.9%)
Applied Material, Inc.* ............. 717,000 $ 64,978,125
Intel Corp. ......................... 579,000 77,405,062
Micron Technology, Inc.* ............ 22,000 1,937,375
PMC-Sierra, Inc.* ................... 87,500 15,547,656
Texas Instruments, Inc. ............. 281,800 19,356,138
VeriSign, Inc.* ..................... 3,500 617,750
--------------
179,842,106
--------------
OFFICE EQUIPMENT (5.3%)
Dell Computer Corp.* ................ 478,000 23,571,375
EMC Corp.* .......................... 647,000 49,778,563
--------------
73,349,938
--------------
WIRELESS TELECOMMUNICATION
SERVICES (9.7%)
AT&T Wireless Group* ................ 1,205,900 33,614,462
Nokia OYJ (ADR) ..................... 1,143,100 57,083,556
Vodafone AirTouch plc (ADR) ......... 1,074,900 44,541,169
--------------
135,239,187
--------------
TOTAL TECHNOLOGY .................. 631,861,883
--------------
TOTAL COMMON STOCKS (99.4%)
(Cost $1,295,158,162).............. 1,385,168,186
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------- ------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (0.8%)
GECC
6.80%, 7/3/00 ................... $11,650,000 $ 11,645,598
--------------
TIME DEPOSIT (0.0%)
Chase Nassau
6.26%, 7/3/00 ................... 177 177
--------------
TOTAL SHORT-TERM DEBT SECURITIES (0.8%)
(Amortized Cost $11,645,775)..... 11,645,775
--------------
TOTAL INVESTMENTS (100.2%)
(Cost $1,306,803,937) ........... 1,396,813,961
OTHER ASSETS LESS
LIABILITIES (--0.2%) ............ (3,623,760)
--------------
NET ASSETS (100%) ................. $1,393,190,201
==============
</TABLE>
----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities .. $1,458,176,029
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .. 612,497,743
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 153,484,071
Aggregate gross unrealized depreciation ......... (63,474,047)
--------------
Net unrealized appreciation ..................... $ 90,010,024
==============
Federal income tax cost of investments .......... $1,306,803,937
==============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$139,072,436 which was secured by collateral of
$142,621,400.
See Notes to Financial Statements.
85
<PAGE>
EQ ADVISORS TRUST
ALLIANCE QUALITY BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
---------------------- ------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES (2.1%)
PRINTING, PUBLISHING,
BROADCASTING (2.1%)
CBS Corp.
7.15%, 5/20/05 .................. $ 8,850,000 $ 8,701,674
Time Warner Entertainment
8.375%, 3/15/23 ................. 2,200,000 2,227,126
------------
TOTAL BUSINESS SERVICES ......... 10,928,800
------------
CAPITAL GOODS (0.7%)
AEROSPACE (0.7%)
Raytheon Co.
7.90%, 3/1/03+ .................. 3,650,000 3,667,360
------------
CONSUMER CYCLICALS (0.9%)
RETAIL--GENERAL (0.9%)
Wal-Mart Stores, Inc.
6.875%, 8/10/09 ................. 4,800,000 4,688,976
------------
CREDIT SENSITIVE (82.3%)
ASSET BACKED (3.5%)
Abbey National Capital Trust
8.96%, 12/29/49 ................. 3,250,000 3,227,484
Capital Auto Receivables Asset
Trust
5.58%, 6/15/02 .................. 9,700,000 9,630,839
Carco Auto Loan Master Trust
5.65%, 3/15/03 .................. 5,500,000 5,445,220
------------
18,303,543
------------
BANKS (2.6%)
Citicorp
7.00%, 7/1/07 ................... 5,835,000 5,640,170
International Bank Recon &
Development
7.00%, 1/27/05 .................. 7,750,000 7,739,297
------------
13,379,467
------------
FINANCIAL SERVICES (3.1%)
Ford Motor Credit Co.
6.70%, 7/16/04 .................. 4,000,000 3,861,300
Household Finance Corp.
6.50%, 11/15/08 ................. 3,200,000 2,902,742
KBC Bank Fund Trust III
9.86%, 11/29/49+ ................ 4,930,000 5,029,340
Morgan Stanley Dean Witter
& Co.
5.625%, 1/20/04 ................. 2,750,000 2,593,305
NationsBank Corp.
6.80%, 3/15/28 .................. 1,750,000 1,488,543
------------
15,875,230
------------
FOREIGN GOVERNMENT (3.4%)
Quebec Province
7.50%, 9/15/29 .................. 2,200,000 2,157,293
United Mexican States
10.375%, 2/17/09 ................ 14,760,000 15,645,600
------------
17,802,893
------------
U.S. GOVERNMENT (30.1%)
U.S. Treasury Bond
12.00%, 8/15/13 ................. 15,400,000 20,790,000
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
---------------------- ------------------
<S> <C> <C>
8.125%, 8/15/19 ................. $74,545,000 $ 90,118,196
U.S. Treasury Notes
6.25%, 4/30/01 .................. 20,000,000 19,962,500
6.50%, 5/31/02 .................. 12,000,000 12,007,500
6.50%, 2/15/10 .................. 1,000,000 1,034,063
6.25%, 5/15/30 .................. 11,425,000 11,992,685
------------
155,904,944
------------
U.S. GOVERNMENT AGENCIES (39.2%)
Federal National Mortgage
Association
7.00%, 5/1/12 ................... 3,114,675 3,055,982
7.00%, 8/1/14 ................... 7,177,223 7,041,975
7.00%, 1/1/15 ................... 9,023,194 8,853,161
7.00%, 2/1/15 ................... 10,459,341 10,262,245
8.00%, 10/1/27 .................. 82,235 82,602
8.00%, 11/1/28 .................. 2,398,165 2,413,897
8.00%, 1/1/29 ................... 4,004,313 4,022,164
6.00%, 3/1/29 ................... 6,187,348 5,663,342
6.00%, 3/1/29 ................... 7,102,097 6,496,494
8.00%, 5/1/29 ................... 2,468,489 2,479,494
6.00%, 7/1/29 ................... 8,646,788 7,909,468
7.50%, 12/1/29 .................. 12,152,007 11,984,795
7.00%, 1/1/30 ................... 436,818 421,702
7.00%, 2/1/30 ................... 26,779,903 25,853,211
8.00%, 2/1/30 ................... 2,219,559 2,229,454
8.00%, 4/1/30 ................... 25,284,260 25,396,977
TBA:
8.50%, 10/1/09 .................. 21,285,000 21,680,688
6.50%, 7/1/30 ................... 14,050,000 13,237,741
Government National Mortgage
Association
7.00%, 11/15/26 ................. 7,310,206 7,109,782
7.00%, 7/15/27 .................. 2,109,330 2,051,499
7.00%, 2/15/28 .................. 2,160,073 2,100,850
7.00%, 2/15/28 .................. 2,330,284 2,266,395
7.00%, 2/15/28 .................. 2,369,306 2,304,347
7.00%, 12/15/28 ................. 13,480,607 13,111,009
7.00%, 8/15/29 .................. 15,548,377 15,122,087
------------
203,151,361
------------
UTILITY--ELECTRIC (0.4%)
Cilcorp, Inc.
9.375%, 10/15/29 ................ 1,775,000 1,790,528
------------
TOTAL CREDIT SENSITIVE ........... 426,207,966
------------
ENERGY (1.8%)
COAL & GAS PIPELINES (1.4%)
Williams Companies, Inc.
6.125%, 2/1/01 .................. 6,990,000 6,937,365
------------
OIL--INTERNATIONAL (0.4%)
Conoco, Inc.
6.95%, 4/15/29 .................. 2,500,000 2,272,600
------------
TOTAL ENERGY ..................... 9,209,965
------------
TECHNOLOGY (1.4%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.5%)
MCI WorldCom, Inc.
6.95%, 8/15/28 .................. 2,900,000 2,562,191
------------
</TABLE>
86
<PAGE>
EQ ADVISORS TRUST
ALLIANCE QUALITY BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- --------------
<S> <C> <C>
TELECOMMUNICATIONS EQUIPMENT (0.9%)
Clear Channel Communications
7.875%, 6/15/05 .............. $5,000,000 $ 5,014,350
------------
TOTAL TECHNOLOGY .............. 7,576,541
------------
TOTAL LONG-TERM DEBT
SECURITIES (89.2%)
(Cost $461,352,530) .......... 462,279,608
------------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (0.1%)
Chase Nassau
6.26%, 7/3/00 ................ 373,491 373,491
------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
(NOTE 1)
--------------
<S> <C>
TOTAL SHORT-TERM DEBT
SECURITIES (0.1%)
(Amortized Cost $373,491) ......... $ 373,491
------------
TOTAL INVESTMENTS (89.3%)
(Cost/Amortized Cost
$461,726,022) .................... 462,653,099
OTHER ASSETS
LESS LIABILITIES (10.7%) ......... 55,442,759
------------
NET ASSETS (100%) .................. $518,095,858
============
</TABLE>
----------
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These Securities may only be resold to qualified institutional
buyers. At June 30, 2000 these securities amounted to $8,696,699 or 1.68%
of net assets.
(a) Coupon based upon an interest rate index. Stated maturity date
reflects final maturity of security.
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $653,042,968
U.S. Government securities ............................. 34,823,914
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 624,701,819
U.S. Government securities ............................. --
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 4,782,487
Aggregate gross unrealized depreciation ......... (3,855,410)
------------
Net unrealized appreciation ..................... $ 927,077
============
Federal income tax cost of investments .......... $461,726,022
============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$164,413,185 which was secured by collateral of $170,325,772 of which
$159,894,762 was in the form U.S. Government securities.
The Portfolio has a net capital loss carryforward of $8,911,033 which expires
in the year 2007.
See Notes to Financial Statements.
87
<PAGE>
EQ ADVISORS TRUST
ALLIANCE SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (2.7%)
CHEMICALS (0.5%)
Spartech Corp. ......................................................... 142,500 $ 3,847,500
------------
CHEMICALS--SPECIALTY (1.0%)
OM Group, Inc. ......................................................... 165,100 7,264,400
------------
PAPER (0.6%)
Packaging Corporation of
America* ............................................................. 435,600 4,410,450
------------
STEEL (0.6%)
Ispat International N.V. ............................................... 200,400 1,903,800
Maverick Tube Corp.* ................................................... 103,000 2,999,875
------------
4,903,675
------------
TOTAL BASIC MATERIALS ................................................ 20,426,025
------------
BUSINESS SERVICES (6.9%)
ENVIRONMENTAL CONTROL (0.7%)
Tetra Tech, Inc.* ...................................................... 215,600 4,931,850
------------
PRINTING, PUBLISHING, BROADCASTING (0.9%)
Penton Media, Inc. ..................................................... 203,100 7,108,500
------------
PROFESSIONAL SERVICES (3.2%)
Career Education Corp.* ................................................ 100,600 4,879,100
Documentum, Inc.* ...................................................... 98,500 8,803,438
Netratings, Inc.* ...................................................... 56,400 1,445,250
Predictive Systems Inc.* ............................................... 112,400 4,039,375
Rent-Way, Inc.* ........................................................ 161,900 4,725,456
------------
23,892,619
------------
TRUCKING, SHIPPING (2.1%)
Expeditors International of
Washington, Inc. ..................................................... 138,100 6,559,750
Iron Mountain, Inc.* ................................................... 267,280 9,087,520
------------
15,647,270
------------
TOTAL BUSINESS SERVICES .............................................. 51,580,239
------------
CAPITAL GOODS (7.5%)
AEROSPACE (0.5%)
Aeroflex, Inc.* ........................................................ 72,900 3,622,219
------------
BUILDING & CONSTRUCTION (1.5%)
Dycom Industries, Inc.* ................................................ 240,650 11,069,900
------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.5%)
Carlisle Cos., Inc. .................................................... 84,000 3,780,000
------------
ELECTRICAL EQUIPMENT (3.8%)
Advanced Energy Industries,
Inc.* ................................................................ 59,300 3,494,994
Power-One, Inc.* ....................................................... 86,500 9,855,594
Semtech Corp.* ......................................................... 93,500 7,151,289
TranSwitch Corp.* ...................................................... 100,450 7,753,484
------------
28,255,361
------------
MACHINERY (1.2%)
Asyst Technologies, Inc.* .............................................. 104,700 3,585,975
PRI Automation, Inc.* .................................................. 80,700 5,277,024
------------
8,862,999
------------
TOTAL CAPITAL GOODS .................................................. 55,590,479
------------
CONSUMER CYCLICALS (7.4%)
APPAREL & TEXTILES (0.8%)
Michaels Stores, Inc.* ................................................. 101,800 4,663,713
Mohawk Industries, Inc.* ............................................... 71,500 1,555,125
------------
6,218,838
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
AUTO RELATED (0.8%)
Tower Automotive, Inc.* ................................................ 477,900 $ 5,973,750
------------
HOUSEHOLD FURNITURE, APPLIANCES (1.2%)
Insight Enterprises, Inc.* ............................................. 145,800 8,647,762
------------
LEISURE RELATED (1.3%)
Championship Auto Racing
Teams, Inc.* ......................................................... 169,600 4,324,800
Station Casinos, Inc.* ................................................. 215,300 5,382,500
------------
9,707,300
------------
RETAIL--GENERAL (3.3%)
99 Cents Only Stores* .................................................. 106,833 4,259,966
David's Bridal, Inc.* .................................................. 286,400 3,311,500
Men's Wearhouse, Inc.* ................................................. 147,700 3,295,556
MSC Industrial Direct Co.* ............................................. 257,400 5,389,313
PC Connection, Inc.* ................................................... 30,800 1,755,600
Too, Inc.* ............................................................. 189,100 4,810,231
Tuesday Morning Corp.* ................................................. 169,100 1,775,550
------------
24,597,716
------------
TOTAL CONSUMER CYCLICALS ............................................. 55,145,366
------------
CONSUMER NON-CYCLICALS (18.9%)
DRUGS (8.9%)
Alpharma, Inc. ......................................................... 111,500 6,940,875
AmeriSource Health Corp.
Class A* ............................................................. 184,000 5,704,000
Corixa Corp.* .......................................................... 96,800 4,156,350
Intermune Pharmaceuticals,
Inc.* ................................................................ 105,500 4,358,469
Jones Pharma, Inc. ..................................................... 112,375 4,487,977
King Pharmaceuticals, Inc.* ............................................ 100,275 4,399,566
Medicis Pharmaceutical Corp.,
Class A* ............................................................. 123,550 7,042,350
Praecis Pharmaceuticals Inc.* .......................................... 63,500 1,770,062
Shire Pharmaceuticals
Group plc* ........................................................... 124,640 6,465,700
Tanox Inc.* ............................................................ 90,800 4,295,975
Titan Pharmaceuticals, Inc.* ........................................... 219,300 9,429,900
Trimeris, Inc.* ........................................................ 99,800 6,979,762
------------
66,030,986
------------
HOSPITAL SUPPLIES & SERVICES (9.0%)
Bindley Western Industries, Inc......................................... 189,200 5,001,975
Digene Corp.* .......................................................... 110,000 4,441,250
Endocare, Inc.* ........................................................ 226,000 4,576,500
Genomic Solutions, Inc.* ............................................... 230,100 3,365,213
Hooper Holmes, Inc. .................................................... 365,800 2,926,400
Inamed Corp.* .......................................................... 143,900 5,270,337
Lifepoint Hospitals, Inc.* ............................................. 283,900 6,316,775
Orchid BioSciences Inc* ................................................ 89,500 3,398,203
Orthologic Corp.* ...................................................... 462,100 2,281,619
Priority Healthcare Corp.,
Class B* ............................................................. 146,300 10,871,919
Quest Diagnostics, Inc.* ............................................... 91,500 6,547,969
ResMed, Inc.* .......................................................... 146,900 3,929,575
United Therapeutics Corp.* ............................................. 79,300 8,594,137
------------
67,521,872
------------
RETAIL--FOOD (1.0%)
BJ's Wholesale Club, Inc.* ............................................. 233,800 7,715,400
------------
TOTAL CONSUMER NON-CYCLICALS 141,268,258
------------
CREDIT SENSITIVE (4.6%)
BANKS (0.6%)
Silicon Valley Bancshares* ............................................. 113,300 4,829,412
------------
</TABLE>
88
<PAGE>
EQ ADVISORS TRUST
ALLIANCE SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
FINANCIAL SERVICES (2.6%)
Affiliated Managers Group, Inc.*..... 137,400 $ 6,251,700
Blackrock, Inc.* .................... 198,100 5,744,900
CompuCredit Corp.* .................. 234,500 7,035,000
------------
19,031,600
------------
INSURANCE (1.1%)
HealthExtras, Inc.* ................. 370,800 1,993,050
Reinsurance Group of America,
Inc. .............................. 203,456 6,129,112
------------
8,122,162
------------
UTILITY--ELECTRIC (0.3%)
Capstone Turbine Corp. * ............ 52,600 2,370,288
------------
TOTAL CREDIT SENSITIVE ............ 34,353,462
------------
DIVERSIFIED (0.4%)
MISCELLANEOUS (0.4%)
Roper Industries, Inc. .............. 120,600 3,090,375
------------
ENERGY (4.0%)
OIL--DOMESTIC (2.0%)
Barrett Resources Corp.* ............ 193,500 5,889,656
Patterson Energy, Inc.* ............. 106,700 3,040,950
Stone Energy Corp.* ................. 94,000 5,616,500
------------
14,547,106
------------
OIL--INTERNATIONAL (1.6%)
Newfield Exploration Co.* ........... 148,500 5,810,063
Spinnaker Exploration Co.* .......... 246,500 6,316,562
------------
12,126,625
------------
OIL--SUPPLIES & CONSTRUCTION (0.4%)
Core Laboratories N.V.* ............. 114,800 3,329,200
------------
TOTAL ENERGY ...................... 30,002,931
------------
TECHNOLOGY (39.1%)
COMPUTER HARDWARE (0.1%)
Marvell Technology Group Ltd*........ 11,700 666,900
------------
COMPUTER SOFTWARE (12.3%)
Active Software, Inc.* .............. 55,500 4,311,656
Actuate Corp.* ...................... 48,300 2,578,012
Advent Software, Inc.* .............. 147,100 9,487,950
Art Technology Group, Inc.* ......... 82,600 8,337,437
Business Objects S.A. (ADR)* ........ 71,400 6,292,125
Digitalthink, Inc.* ................. 67,200 2,410,800
InfoCure Corp.* ..................... 227,500 1,279,688
Interwoven, Inc.* ................... 56,600 6,225,116
ISS Group, Inc.* .................... 77,400 7,642,041
Micromuse, Inc.* .................... 32,500 5,378,242
NetIQ Corp.* ........................ 122,400 7,298,100
Niku Corp.* ......................... 83,000 2,801,250
Packeteer Inc* ...................... 73,000 2,126,125
PC-Tel Inc. ......................... 85,200 3,237,600
Primus Knowledge Solutions
Inc.* ............................. 88,400 3,978,000
Retek, Inc.* ........................ 126,400 4,044,800
Selectica, Inc.* .................... 20,300 1,422,269
SonicWall, Inc.* .................... 113,500 9,995,094
VerticalNet, Inc. ................... 13,800 509,738
Vignette Corp. ...................... 24,900 1,295,189
Virage Inc.* ........................ 57,900 1,045,819
------------
91,697,051
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (9.2%)
Black Box Corp.* .................... 131,300 $ 10,395,268
C-COR.net Corp.* .................... 152,800 4,125,600
Choice One Communications,
Inc.* ............................. 92,500 3,775,156
Classic Communications
Holdings, Inc.* ................... 89,600 800,800
Exfo Electro Optical Engineering
Inc ............................... 7,100 311,513
GT Group Telecom, Inc.* ............. 200,900 3,176,731
L-3 Communications Holdings,
Inc.* ............................. 120,000 6,847,500
MasTec, Inc.* ....................... 263,850 10,075,772
MGC Communications, Inc.* ........... 54,500 3,266,594
Pinnacle Holdings, Inc.* ............ 105,500 5,697,000
SBA Communications Corp.* ........... 135,400 7,032,337
Stanford Microdevices, Inc.* ........ 64,000 2,780,000
West TeleServices Corp.* ............ 279,500 7,074,844
Westell Technologies, Inc.* ......... 234,300 3,514,500
------------
68,873,615
------------
ELECTRONICS (14.4%)
Alpha Industries, Inc.* ............. 184,300 8,120,719
American Superconductor
Corp.* ............................ 85,200 4,110,900
C & D Technology, Inc. .............. 138,500 7,825,250
DDI Corp. /CA* ...................... 316,200 9,011,700
Elantec Semiconductor, Inc.* ........ 81,000 5,639,625
Exar Corp.* ......................... 129,350 11,277,703
Fairchild Semiconductor
International, Inc.* .............. 197,800 8,010,900
Helix Technology Corp. .............. 123,400 4,812,600
Intersil Holding Corp.* ............. 130,600 7,060,562
Micrel, Inc.* ....................... 106,800 4,639,125
MKS Instruments, Inc.* .............. 92,800 3,630,800
SCG Holding Corporation* ............ 187,200 4,095,000
Stratos Lightwave Inc* .............. 11,600 323,350
Telecom Semiconductor, Inc.* ........ 122,900 4,962,088
Three-Five Systems, Inc.* ........... 95,449 5,631,491
Varian Semiconductor
Equipment Associates, Inc.* ....... 92,400 5,803,875
Varian, Inc.* ....................... 160,900 7,421,512
Virata Corp.* ....................... 81,400 4,853,475
------------
107,230,675
------------
OFFICE EQUIPMENT (0.3%)
Eloyalty Corp.* ..................... 177,700 2,265,675
------------
OFFICE EQUIPMENT SERVICES (1.0%)
CDW Computer Centers, Inc.* ......... 118,200 7,387,500
StorageNetworks Inc. ................ 4,700 424,175
------------
7,811,675
------------
WIRELESS TELECOMMUNICATION
SERVICES (1.8%)
Dobson Communications* .............. 100,700 1,938,475
New Focus Inc* ...................... 38,100 3,128,962
Price Communications, Corp.* ........ 119,100 2,806,294
Rural Cellular Corp.* ............... 71,600 5,481,875
------------
13,355,606
------------
TOTAL TECHNOLOGY .................. 291,901,197
------------
TOTAL COMMON STOCKS (91.5%)
(Cost $507,924,226)................ 683,358,332
------------
</TABLE>
89
<PAGE>
EQ ADVISORS TRUST
ALLIANCE SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------- ----------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (8.9%)
Chase Nassau 6.26%,7/3/00
(Amortized Cost $66,158,946) ..... $66,158,946 $ 66,158,946
------------
TOTAL INVESTMENTS (100.4%)
(Cost/Amortized Cost
$574,083,172) .................... 749,517,278
OTHER ASSETS LESS
LIABILITIES (--0.4%) ............. (2,644,026)
------------
NET ASSETS (100%) .................. $746,873,252
============
</TABLE>
----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $496,539,087
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 363,861,827
</TABLE>
As of June 30, 2000 the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 203,221,743
Aggregate gross unrealized depreciation ......... (27,787,637)
-------------
Net unrealized appreciation ..................... $ 175,434,106
=============
Federal income tax cost of investments .......... $ 574,083,172
=============
</TABLE>
The Portfolio has a net capital loss carryforward of $10,282,404 which expires
in the year 2006.
See Notes to Financial Statements.
90
<PAGE>
EQ ADVISORS TRUST
EQ/ALLIANCE TECHNOLOGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
TECHNOLOGY (84.7%)
APPLICATION SOFTWARE (3.7%)
Macrovision Corp.* ....................................................... 5,200 $ 332,394
Microsoft Corp.* ......................................................... 23,000 1,840,000
Rational Software Corp.* ................................................. 8,200 762,087
------------
2,934,481
------------
COMPUTER HARDWARE (5.1%)
Jabil Circuit, Inc.* ..................................................... 23,650 1,173,631
Sanmina Corp.* ........................................................... 34,400 2,941,200
------------
4,114,831
------------
COMPUTER STORAGE & PERIPHERALS (1.2%)
Brocade Communications
System ................................................................. 1,770 324,768
VERITAS Software Corp.* .................................................. 5,900 666,792
------------
991,560
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (6.4%)
Amdocs Ltd.* ............................................................. 38,900 2,985,575
AT&T Corp. ............................................................... 11,050 349,456
U.S. WEST, Inc. .......................................................... 21,000 1,800,750
------------
5,135,781
------------
ELECTRONIC EQUIPMENT AND
INSTRUMENTS (0.4%)
Celestica, Inc.* ......................................................... 6,550 325,044
------------
ELECTRONICS (4.0%)
Flextronics International, Ltd.* ......................................... 20,550 1,411,528
Solectron Corp.* ......................................................... 43,500 1,821,563
------------
3,233,091
------------
INTERNET SOFTWARE & SERVICES (13.2%)
America Online, Inc.* .................................................... 32,800 1,730,200
BEA Systems, Inc.* ....................................................... 31,500 1,557,281
DoubleClick, Inc.* ....................................................... 13,650 520,406
eBay, Inc.* .............................................................. 31,050 1,686,403
Exfo Electro Optical Engineering
Inc* ................................................................... 1,100 48,263
Exult Inc.* .............................................................. 2,900 29,000
First Data Corp. ......................................................... 36,950 1,833,644
i2 Technologies Inc.* .................................................... 8,350 870,618
The SABRE Group Holdngs,
Inc. ................................................................... 4,850 138,225
Tibco Software Inc ....................................................... 6,400 686,300
Viant Corp. .............................................................. 2,800 82,950
Vitria Technology Inc .................................................... 8,675 530,259
Yahoo!, Inc.* ............................................................ 7,200 891,900
------------
10,605,449
------------
IT CONSULTING SERVICES (6.0%)
Computer Sciences Corp.* ................................................. 13,000 970,937
Convergys Corp.* ......................................................... 6,800 352,750
DST Systems, Inc.* ....................................................... 19,000 1,446,375
Fiserv, Inc.* ............................................................ 15,600 674,700
MarchFirst Inc. .......................................................... 7,050 128,663
Sapient Corp. ............................................................ 11,650 1,245,822
------------
4,819,247
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
NETWORKING EQUIPMENT (7.2%)
APEX, Inc.* .............................................................. 11,900 $ 520,625
Cisco Systems, Inc.* ..................................................... 54,950 3,492,759
Oracle Corp.* ............................................................ 21,500 1,807,344
------------
5,820,728
------------
OFFICE EQUIPMENT (5.7%)
Dell Computer Corp.* ..................................................... 49,350 2,433,572
Gateway, Inc.* ........................................................... 16,750 950,563
Lexmark International Group,
Inc.* .................................................................. 17,750 1,193,687
StorageNetworks Inc. ..................................................... 500 45,125
------------
4,622,947
------------
SEMICONDUCTOR EQUIPMENT (2.9%)
KLA-Tencor Corp.* ........................................................ 16,250 951,641
Teradyne, Inc.* .......................................................... 18,350 1,348,725
------------
2,300,366
------------
SEMICONDUCTORS (20.7%)
Altera Corp.* ............................................................ 21,100 2,150,881
Amkor Technology, Inc.* .................................................. 14,500 512,031
Applied Material, Inc.* .................................................. 16,850 1,527,031
Fairchild Semiconductor
International, Inc.* ................................................... 23,150 937,575
Intel Corp. .............................................................. 9,450 1,263,347
Micron Technology, Inc.* ................................................. 29,200 2,571,425
PMC-Sierra, Inc.* ........................................................ 18,100 3,216,144
STMicroelectronics N.V. .................................................. 12,750 818,391
Taiwan Semiconductor
Manufacturing Co. (ADR) ................................................ 6,200 240,250
Taiwan Semiconductor
Manufacturing Co. Ltd* ................................................. 6,600 256,162
Texas Instruments, Inc. .................................................. 13,850 951,322
Xilinx, Inc.* ............................................................ 26,300 2,171,394
------------
16,615,953
------------
TELECOMMUNICATIONS EQUIPMENT (2.7%)
JDS Uniphase Corp.* ...................................................... 10,300 1,234,712
Lucent Technologies, Inc. ................................................ 16,400 971,700
------------
2,206,412
------------
WIRELESS TELECOMMUNICATION
SERVICES (5.5%)
AT&T Wireless Group ...................................................... 39,650 1,105,243
Motorola, Inc. ........................................................... 19,150 556,547
Nokia Oyj (ADR) .......................................................... 54,850 2,739,072
------------
4,400,862
------------
TOTAL COMMON STOCKS (84.7%)
(Cost $67,758,405)...................................................... 68,126,752
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
-------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (13.1%)
American Express Co., 7/6/00 ........ $3,500,000 3,496,704
Ford Motor Credit Co., 7/6/00 ....... 3,500,000 3,496,768
Prudential Funding Corp., 7/7/00..... 3,500,000 3,496,138
-----------
10,489,610
-----------
</TABLE>
91
<PAGE>
EQ ADVISORS TRUST
EQ/ALLIANCE TECHNOLOGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
VALUE
(NOTE 1)
--------------
<S> <C>
TOTAL SHORT-TERM DEBT SECURITIES (13.1%)
(Amortized Cost $10,489,610)............ $10,489,610
-----------
TOTAL INVESTMENTS (97.8%)
(Cost/Amortized Cost
$78,248,015) .......................... 78,616,362
OTHER ASSETS
LESS LIABILITIES (2.2%) ............... 1,784,866
-----------
NET ASSETS (100%) ....................... $80,401,228
===========
</TABLE>
----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $ 68,845,945
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 1,127,867
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 3,427,496
Aggregate gross unrealized depreciation ......... (3,059,149)
------------
Net unrealized appreciation ..................... $ 368,347
============
Federal income tax cost of investments .......... $ 78,248,015
============
</TABLE>
See Notes to Financial Statements.
92
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (1.9%)
CHEMICALS (0.7%)
Air Products & Chemicals, Inc. ..... 14,700 $ 452,944
Dow Chemical Co. ................... 47,400 1,430,888
Du Pont (E.I.) de Nemours &
Co. .............................. 69,042 3,020,587
FMC Corp.* ......................... 1,800 104,400
Great Lakes Chemical Corp. ......... 3,100 97,650
Hercules, Inc. ..................... 6,100 85,781
Sigma-Aldrich Corp. ................ 8,900 260,325
Union Carbide Corp. Holding
Co. .............................. 9,100 450,450
------------
5,903,025
------------
CHEMICALS--SPECIALTY (0.2%)
Eastman Chemical Co. ............... 6,700 319,925
Engelhard Corp. .................... 7,500 127,969
PPG Industries, Inc. ............... 12,400 549,475
Praxair, Inc. ...................... 11,000 411,812
Rohm & Haas Co. .................... 14,028 483,966
W.R. Grace & Co.* .................. 3,600 43,650
------------
1,936,797
------------
METALS & MINING (0.6%)
Alcoa, Inc. ........................ 57,880 1,678,520
Barrick Gold Corp. ................. 28,500 518,344
Freeport McMoran Copper &
Gold, Inc., Class B* ............. 9,400 86,950
Homestake Mining Co. ............... 15,200 104,500
Inco Ltd.* ......................... 11,100 170,662
Minnesota Mining &
Manufacturing Co. ................ 26,200 2,161,500
Newmont Mining Corp. ............... 10,500 227,062
Phelps Dodge Corp. ................. 5,648 210,035
Placer Dome, Inc. .................. 19,900 190,294
Timken Co. ......................... 2,800 52,150
Worthington industries, Inc. ....... 3,600 37,800
------------
5,437,817
------------
PAPER (0.3%)
Boise Cascade Corp. ................ 2,400 62,100
Fort James Corp. ................... 15,700 363,063
Georgia-Pacific Corp. .............. 11,300 296,625
Ikon Office Solutions, Inc. ........ 6,677 25,873
International Paper Co. ............ 31,711 945,384
Louisiana-Pacific Corp. ............ 10,700 116,363
Mead Corp. ......................... 5,500 138,875
Potlatch Corp. ..................... 800 26,500
Temple-Inland, Inc. ................ 3,600 151,200
Westvaco Corp. ..................... 5,200 129,025
Willamette Industries, Inc. ........ 6,100 166,225
------------
2,421,233
------------
STEEL (0.1%)
Allegheny Technologies, Inc. ....... 6,850 123,300
Bethlehem Steel Corp.* ............. 4,700 16,744
Nucor Corp. ........................ 6,700 222,356
USX-U.S. Steel Group, Inc. ......... 8,600 159,638
------------
522,038
------------
TOTAL BASIC MATERIALS ............ 16,220,910
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
BUSINESS SERVICES (4.1%)
ENVIRONMENTAL CONTROL (0.1%)
Allied Waste Industries, Inc.* ..... 12,400 $ 124,000
Ecolab, Inc. ....................... 8,200 320,313
ONEOK, Inc. ........................ 300 7,781
Pall Corp. ......................... 7,100 131,350
Waste Management, Inc. ............. 40,472 768,968
------------
1,352,412
------------
PRINTING, PUBLISHING,
BROADCASTING (3.1%)
Clear Channel Communications,
Inc.* ............................ 23,800 1,785,000
Comcast Corp., Class A* ............ 62,000 2,511,000
Donnelley (R.R.) & Sons Co. ........ 7,100 160,194
Dow Jones & Co., Inc. .............. 6,200 454,150
Gannett Co., Inc. .................. 19,700 1,178,306
Interpublic Group, Inc. ............ 18,000 774,000
Knight Ridder, Inc. ................ 6,200 329,762
McGraw Hill Cos., Inc. ............. 12,300 664,200
MediaOne Group, Inc.* .............. 40,000 2,652,400
Meredith Corp. ..................... 2,500 84,375
New York Times Co., Class A ........ 12,500 493,750
Omnicom Group, Inc. ................ 12,000 1,068,750
Time Warner, Inc. .................. 87,200 6,627,200
Tribune Co. ........................ 16,900 591,500
Viacom, Inc., Class B* ............. 101,825 6,943,209
Young & Rubicam, Inc. .............. 5,000 285,938
------------
26,603,734
------------
PROFESSIONAL SERVICES (0.8%)
Automatic Data Processing, Inc...... 42,200 2,260,337
Cendant Corp.* ..................... 45,529 637,406
Computer Sciences Corp.* ........... 10,800 806,625
First Data Corp. ................... 28,700 1,424,238
Pitney Bowes, Inc. ................. 18,300 732,000
Sabre Holdings Corp. ............... 9,242 263,397
Sapient Corp.* ..................... 4,300 459,831
------------
6,583,834
------------
TRUCKING, SHIPPING (0.1%)
FedEx Corp.* ....................... 19,660 747,080
------------
TOTAL BUSINESS SERVICES .......... 35,287,060
------------
CAPITAL GOODS (6.7%)
AEROSPACE (1.1%)
B.F. Goodrich Co. .................. 6,300 214,594
Boeing Co. ......................... 61,700 2,579,831
General Dynamics Corp. ............. 12,700 663,575
Honeywell International, Inc. ...... 51,650 1,739,959
Lockheed Martin Corp. .............. 27,800 689,788
Northrop Grumman Corp. ............. 4,600 304,750
Raytheon Co. ....................... 22,600 435,050
Textron, Inc. ...................... 10,600 575,713
United Technologies Corp. .......... 33,200 1,954,650
------------
9,157,910
------------
BUILDING & CONSTRUCTION (0.2%)
Alcan Aluminum Ltd. ................ 15,700 486,700
Armstrong Holdings, Inc. ........... 3,000 45,938
Fluor Corp. ........................ 5,500 173,937
</TABLE>
93
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Kaufman and Broad Home Corp. 1,400 $ 27,738
Masco Corp. .......................... 32,200 581,612
Parker-Hannifin Corp. ................ 8,400 287,700
Pulte Corp. .......................... 1,400 30,275
Snap-On, Inc. ........................ 2,900 77,213
Vulcan Materials Co. ................. 6,600 281,737
------------
1,992,850
------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.3%)
Crane Co. ............................ 2,900 70,506
Lowe's Cos., Inc. .................... 24,800 1,018,350
Owens Corning ........................ 1,700 15,725
Sherwin-Williams Co. ................. 13,200 279,675
Stanley Works ........................ 5,800 137,750
Weyerhaeuser Co. ..................... 16,900 726,700
------------
2,248,706
------------
ELECTRICAL EQUIPMENT (4.6%)
American Power Conversion
Corp.* ............................. 11,100 453,019
Cooper Industries, Inc. .............. 7,800 253,987
Eaton Corp. .......................... 5,500 368,500
Emerson Electric Co. ................. 28,500 1,720,687
General Electric Co. ................. 658,100 34,879,300
Rockwell International Corp. ......... 12,500 393,750
Sanmina Corp.* ....................... 8,600 735,300
Thomas & Betts Corp. ................. 5,700 109,013
------------
38,913,556
------------
MACHINERY (0.5%)
Black & Decker Corp. ................. 7,100 279,119
Briggs & Stratton Corp. .............. 900 30,825
Caterpillar, Inc. .................... 22,800 772,350
Cummins Engine, Inc. ................. 4,300 117,175
Deere & Co. .......................... 15,200 562,400
Dover Corp. .......................... 14,500 588,156
Illinois Tool Works, Inc. ............ 21,700 1,236,900
Ingersol-Rand Co. .................... 10,500 422,625
McDermott International, Inc. ........ 900 7,931
Millipore Corp. ...................... 3,600 271,350
Thermo Electron Corp.* ............... 12,400 261,175
W.W. Grainger, Inc. .................. 7,100 218,769
------------
4,768,775
------------
TOTAL CAPITAL GOODS ................ 57,081,797
------------
CONSUMER CYCLICALS (7.5%)
AIRLINES (0.2%)
AMR Corp.* ........................... 9,400 248,513
Delta Air Lines, Inc. ................ 8,200 414,612
Southwest Airlines Co. ............... 32,825 621,623
U.S. Airways Group, Inc.* ............ 4,500 175,500
------------
1,460,248
------------
APPAREL & TEXTILES (0.1%)
Nike, Inc., Class B .................. 17,900 712,644
Reebok International Ltd.* ........... 2,800 44,625
Russell Corp. ........................ 1,400 28,000
V.F. Corp. ........................... 7,600 180,975
------------
966,244
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
AUTO RELATED (0.3%)
AutoZone, Inc.* ...................... 8,300 $ 182,600
Cooper Tire & Rubber Co. ............. 2,600 28,925
Dana Corp. ........................... 12,742 269,971
Delphi Automotive Systems
Corp. .............................. 35,135 511,653
Genuine Parts Co. .................... 10,700 214,000
Goodyear Tire & Rubber Co. ........... 11,400 228,000
Harley-Davidson, Inc. ................ 19,000 731,500
Johnson Controls, Inc. ............... 5,100 261,694
Ryder System, Inc. ................... 5,400 102,263
TRW, Inc. ............................ 7,900 342,662
------------
2,873,268
------------
AUTOS & TRUCKS (0.7%)
Ford Motor Co. ....................... 80,500 3,461,500
General Motors Corp. ................. 35,700 2,072,831
Navistar International Corp.* ........ 4,600 142,888
PACCAR, Inc. ......................... 5,900 234,156
Visteon Corp.* ....................... 10,540 127,798
------------
6,039,173
------------
FOOD SERVICES, LODGING (0.1%)
Darden Restaurants, Inc. ............. 8,500 138,125
Hilton Hotels Corp. .................. 28,700 269,062
Marriot International, Inc. .......... 16,700 602,244
Tricon Global Restaurants, Inc.*...... 10,000 282,500
------------
1,291,931
------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.3%)
Best Buy Co., Inc.* .................. 13,200 834,900
Fortune Brands, Inc. ................. 10,500 242,156
Leggett & Platt, Inc. ................ 11,500 189,750
Maytag Corp. ......................... 4,500 165,938
Newell Rubbermaid, Inc. .............. 20,056 516,442
Spring Industries, Inc., Class A ..... 900 28,969
Whirlpool Corp. ...................... 4,800 223,800
------------
2,201,955
------------
LEISURE RELATED (0.8%)
American Greetings Corp. ............. 3,400 64,600
Brunswick Corp. ...................... 4,100 67,906
Carnival Corp., Class A .............. 41,900 817,050
Harrah's Entertainment, Inc.* ........ 5,000 104,688
Hasbro, Inc. ......................... 9,308 140,202
Walt Disney Co. ...................... 136,100 5,282,381
------------
6,476,827
------------
PHOTO & OPTICAL (0.2%)
Bausch & Lomb, Inc. .................. 4,400 340,450
Eastman Kodak Co. .................... 21,800 1,297,100
Polaroid Corp. ....................... 4,100 74,056
------------
1,711,606
------------
RETAIL--GENERAL (4.8%)
Bed Bath & Beyond, Inc.* ............. 9,600 348,000
Circuit City Stores-Circuit City
Group .............................. 13,000 431,437
Consolidated Stores Corp.* ........... 6,600 79,200
Costco Wholesale Corp.* .............. 29,200 963,600
CVS Corp. ............................ 26,000 1,040,000
</TABLE>
94
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Dillards Inc. `A' ...................................................... 7,000 $ 85,750
Dollar General Corp. ................................................... 21,412 417,534
Federated Department Stores,
Inc.* ................................................................ 13,300 448,875
GAP, Inc. .............................................................. 56,275 1,758,594
Harcourt General, Inc. ................................................. 5,300 288,188
Home Depot, Inc. ....................................................... 155,400 7,760,287
K-Mart Corp.* .......................................................... 31,200 212,550
Kohl's Corp.* .......................................................... 21,600 1,201,500
Limited, Inc. .......................................................... 29,578 639,624
Liz Claiborne, Inc. .................................................... 4,300 151,575
Mattel, Inc. ........................................................... 29,300 386,394
May Department Stores Co. .............................................. 24,200 580,800
Nordstrom, Inc. ........................................................ 8,200 197,825
Office Depot, Inc.* .................................................... 23,500 146,875
Penny (J.C.), Inc. ..................................................... 17,900 330,031
Rite Aid Corp. ......................................................... 21,400 140,438
Sears Roebuck & Co. .................................................... 24,400 796,050
Staples, Inc.* ......................................................... 32,400 498,150
Target Corp. ........................................................... 28,600 1,658,800
Tiffany & Co ........................................................... 4,000 270,000
TJX Cos., Inc. ......................................................... 19,600 367,500
Toys-R-Us, Inc.* ....................................................... 19,100 278,144
Wal-Mart Stores, Inc. .................................................. 298,600 17,206,825
Walgreen Co. ........................................................... 67,000 2,156,562
------------
40,841,108
------------
TOTAL CONSUMER CYCLICALS ............................................. 63,862,360
------------
CONSUMER NON-CYCLICALS (17.9%)
BEVERAGES (2.2%)
Adolph Coors Co. ....................................................... 2,500 151,250
Anheuser-Busch Cos., Inc. .............................................. 30,200 2,255,562
Brown-Forman Corp., Class B ............................................ 4,600 247,250
Coca-Cola Enterprises, Inc. ............................................ 27,000 440,437
Coca-Cola Co. .......................................................... 165,300 9,494,419
PepsiCo, Inc. .......................................................... 94,900 4,217,119
Seagram Ltd. ........................................................... 29,100 1,687,800
Starbucks Corp.* ....................................................... 12,000 458,250
------------
18,952,087
------------
CONTAINERS (0.1%)
Ball Corp. ............................................................. 1,200 38,625
Crown Cork & Seal Co., Inc. ............................................ 6,900 103,500
Owens-Illinois, Inc.* .................................................. 9,800 114,538
Pactiv Corp.* .......................................................... 16,400 129,150
Sealed Air Corp.* ...................................................... 5,907 309,379
Tupperware Corp. ....................................................... 3,400 74,800
------------
769,992
------------
DRUGS (8.7%)
Abbott Laboratories .................................................... 105,600 4,705,800
Allergan, Inc. ......................................................... 9,600 715,200
Alza Corp.* ............................................................ 6,300 372,488
American Home Products Corp............................................. 85,800 5,040,750
Amgen, Inc.* ........................................................... 67,100 4,713,775
Biogen, Inc.* .......................................................... 10,800 696,600
Bristol-Myers Squibb Co. ............................................... 133,500 7,776,375
Lilly (Eli) & Co. ...................................................... 74,200 7,410,725
Longs Drug Stores, Inc. ................................................ 1,500 32,625
MedImmune, Inc.* ....................................................... 14,800 1,095,200
Merck & Co., Inc. ...................................................... 155,800 11,938,175
Pfizer, Inc. ........................................................... 418,225 20,074,800
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Pharmacia Corp.* ....................................................... 83,189 $ 4,299,831
Schering-Plough Corp. .................................................. 96,500 4,873,250
Watson Pharmaceutical, Inc.* ........................................... 7,400 397,750
------------
74,143,344
------------
FOODS (1.1%)
Archer Daniels Midland Co. ............................................. 38,022 373,091
Bestfoods .............................................................. 19,700 1,364,225
Campbell Soup Co. ...................................................... 26,500 771,812
ConAgra, Inc. .......................................................... 35,700 680,531
General Mills, Inc. .................................................... 21,000 803,250
H.J. Heinz Co. ......................................................... 25,600 1,120,000
Hershey Foods Corp. .................................................... 9,400 457,663
Kellogg Co. ............................................................ 25,000 743,750
Nabisco Group Holdings ................................................. 22,300 578,406
Quaker Oats Co. ........................................................ 10,000 751,250
Sara Lee Corp. ......................................................... 59,200 1,143,300
Wrigley (Wm.) Jr. Co. .................................................. 7,000 561,313
------------
9,348,591
------------
HOSPITAL SUPPLIES & SERVICES (1.7%)
Bard (C.R.), Inc. ...................................................... 2,900 139,563
Baxter International, Inc. ............................................. 20,000 1,406,250
Becton, Dickinson and Co. .............................................. 15,800 453,263
Biomet, Inc. ........................................................... 8,500 326,719
Boston Scientific Corp.* ............................................... 28,000 614,250
Cardinal Health, Inc. .................................................. 19,150 1,417,100
Guidant Corp.* ......................................................... 19,800 980,100
HCA-The Healthcare Corp.* .............................................. 37,500 1,139,062
Healthsouth Corp.* ..................................................... 31,600 227,125
Humana, Inc.* .......................................................... 7,900 38,513
IMS Health, Inc. ....................................................... 22,000 396,000
Mallinckrodt, Inc. ..................................................... 3,700 160,719
Manor Care Inc.* ....................................................... 4,400 30,800
McKesson HBOC, Inc. .................................................... 17,181 359,727
Medtronic, Inc. ........................................................ 81,700 4,069,681
PE Corp-PE Biosystems Group ............................................ 13,200 869,550
Quintiles Transnational Corp.* ......................................... 8,600 121,475
Shared Medical Systems Corp. ........................................... 2,400 175,050
St. Jude Medical, Inc.* ................................................ 4,893 224,466
Tenet Healthcare Corp.* ................................................ 20,200 545,400
Wellpoint Health Networks,
Inc.* ................................................................ 4,300 311,481
------------
14,006,294
------------
RETAIL--FOOD (0.9%)
Albertson's, Inc. ...................................................... 29,671 986,561
Great Atlantic & Pacific Tea Co.,
Inc. ................................................................. 2,500 41,563
Kroger Co.* ............................................................ 55,000 1,213,437
McDonald's Corp. ....................................................... 89,300 2,941,319
Safeway, Inc.* ......................................................... 33,600 1,516,200
SUPERVALU, Inc. ........................................................ 6,800 129,625
SYSCO Corp. ............................................................ 21,500 905,687
Wendy's International, Inc. ............................................ 7,900 140,719
Winn-Dixie Stores, Inc. ................................................ 9,600 137,400
------------
8,012,511
------------
SOAPS & TOILETRIES (2.7%)
Alberto-Culver Corp. ................................................... 4,900 149,756
Avon Products, Inc. .................................................... 15,800 703,100
Clorox Co. ............................................................. 15,700 703,556
</TABLE>
95
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Colgate Palmolive Co. .............. 38,300 $ 2,293,212
Gillette Co. ....................... 70,400 2,459,600
International Flavors &
Fragrances, Inc. ................. 6,600 199,238
Johnson & Johnson .................. 91,600 9,331,750
Kimberly Clark Corp. ............... 38,900 2,231,888
Procter & Gamble Co. ............... 86,800 4,969,300
------------
23,041,400
------------
TOBACCO (0.5%)
Philip Morris Cos., Inc. ........... 152,700 4,056,094
UST, Inc. .......................... 9,800 143,937
------------
4,200,031
------------
TOTAL CONSUMER NON-CYCLICALS 152,474,250
------------
CREDIT SENSITIVE (20.0%)
BANKS (4.2%)
Amsouth Bancorp. ................... 23,150 364,612
Bank of America Corp. .............. 110,666 4,758,638
Bank of New York Co., Inc. ......... 51,900 2,413,350
Bank One Corp. ..................... 74,250 1,972,266
BB&T Corp. ......................... 21,200 506,150
Charter One Financial, Inc. ........ 14,000 322,000
Chase Manhattan Corp. .............. 80,700 3,717,244
Comerica, Inc. ..................... 9,250 415,094
Fifth Third Bancorp ................ 20,700 1,309,275
First Union Corp. .................. 66,020 1,638,121
Firstar Corp. ...................... 68,791 1,448,910
FleetBoston Financial Corp. ........ 60,170 2,045,780
Golden West Financial Corp. ........ 11,600 473,425
Huntington Bancshares .............. 15,444 244,208
KeyCorp ............................ 27,000 475,875
National City Corp. ................ 38,100 650,081
Northern Trust Corp. ............... 15,200 988,950
Old Kent Financial Corp. ........... 7,560 202,230
PNC Bank Corp. ..................... 19,500 914,062
Regions Financial Corp. ............ 14,800 294,150
SouthTrust Corp. ................... 13,300 300,912
State Street Corp. ................. 11,100 1,177,294
Summit Bancorp ..................... 9,700 238,863
SunTrust Banks, Inc. ............... 22,700 1,037,106
Synovus Financial Corp. ............ 15,950 281,119
U.S. Bancorp ....................... 50,000 962,500
Union Planters Corp. ............... 7,800 217,913
Wachovia Corp. ..................... 14,600 792,050
Washington Mutual, Inc. ............ 36,602 1,056,883
Wells Fargo Co. .................... 107,600 4,169,500
------------
35,388,561
------------
FINANCIAL SERVICES (5.8%)
American Express Co. ............... 91,700 4,779,862
Associates First Capital Corp.,
Class A .......................... 49,224 1,098,310
Bear Stearns Co., Inc. ............. 9,443 393,065
Capital One Financial Corp. ........ 11,500 513,188
Charles Schwab Corp. ............... 88,150 2,964,044
Citigroup, Inc. .................... 223,450 13,462,862
Convergys Corp.* ................... 10,100 523,938
Countrywide Credit Industries,
Inc. ............................. 8,100 245,531
Deluxe Corp. ....................... 3,600 84,825
Dun & Bradstreet Corp. ............. 9,800 280,525
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Equifax, Inc. ...................... 7,500 $ 196,875
Fannie Mae ......................... 67,500 3,522,656
Franklin Resources, Inc. ........... 16,300 495,113
Freddie Mac ........................ 46,900 1,899,450
H&R Block, Inc. .................... 6,500 210,438
Household International, Inc. ...... 31,933 1,327,215
J.P. Morgan & Co., Inc. ............ 11,070 1,219,084
Lehman Brothers Holdings, Inc....... 7,900 747,044
MBIA, Inc. ......................... 7,500 361,406
MBNA Corp. ......................... 56,800 1,540,700
Mellon Financial Corp. ............. 36,000 1,311,750
Merrill Lynch & Co. ................ 25,100 2,886,500
Morgan Stanley Dean Witter &
Co. .............................. 75,200 6,260,400
PaineWebber Group, Inc. ............ 10,400 473,200
Paychex, Inc. ...................... 25,725 1,080,450
Providian Financial Corp. .......... 9,750 877,500
SLM Holding Corp. .................. 7,900 295,756
T. Rowe Price Associates, Inc. ..... 8,600 365,500
------------
49,417,187
------------
INSURANCE (3.0%)
Aetna, Inc. ........................ 9,700 622,619
AFLAC, Inc. ........................ 17,600 808,500
Allstate Corp. ..................... 49,700 1,105,825
American General Corp. ............. 16,500 1,006,500
American International Group,
Inc. ............................. 102,302 12,020,485
Aon Corp. .......................... 18,600 577,762
Chubb Corp. ........................ 11,900 731,850
CIGNA Corp. ........................ 10,900 1,019,150
Cincinnati Financial Corp. ......... 8,500 267,219
Conseco, Inc. ...................... 27,099 264,215
Hartford Financial Services
Group, Inc. ...................... 15,300 855,844
Jefferson-Pilot Corp. .............. 5,350 301,941
Lincoln National Corp. ............. 14,200 512,975
Loews Corp. ........................ 7,000 420,000
Marsh & McLennan Cos., Inc. ........ 17,800 1,858,987
MGIC Investment Corp. .............. 6,600 300,300
Progressive Corp. .................. 5,600 414,400
Safeco Corp. ....................... 11,300 224,588
St. Paul Cos. ...................... 13,824 471,744
Torchmark Corp. .................... 8,800 217,250
UnitedHealth Group, Inc.* .......... 11,000 943,250
UnumProvident Corp. ................ 16,020 321,401
------------
25,266,805
------------
REAL ESTATE (0.0%)
Centrex Corp. ...................... 4,200 98,700
------------
UTILITY--ELECTRIC (1.6%)
AES Corp.* ......................... 29,400 1,341,375
Ameren Corp. ....................... 8,900 300,375
American Electric Power Co. ........ 18,320 542,730
Carolina Power & Light ............. 11,200 357,700
CINergy Corp. ...................... 10,600 269,638
CMS Energy Corp. ................... 8,800 194,700
Consolidated Edison, Inc. .......... 18,000 533,250
Constellation Energy Group ......... 8,000 260,500
Dominion Resources, Inc. ........... 15,037 644,711
DTE Energy Co. ..................... 7,700 235,331
Duke Energy Corp. .................. 27,000 1,522,125
</TABLE>
96
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Edison International ................................................... 26,500 $ 543,250
Entergy Corp. .......................................................... 15,500 421,406
FirstEnergy Corp. ...................................................... 12,900 301,537
Florida Progress Corp. ................................................. 6,300 295,312
FPL Group, Inc. ........................................................ 11,900 589,050
GPU, Inc. .............................................................. 8,600 232,738
New Century Energies, Inc. ............................................. 5,800 174,000
Niagara Mohawk Holdings, Inc.*.......................................... 7,400 103,138
Northern States Power Co. .............................................. 7,400 149,388
Peco Energy Co. ........................................................ 12,300 495,844
PG&E Corp. ............................................................. 27,800 684,575
Pinnacle West Capital Corp. ............................................ 3,900 132,113
PPL Corporation ........................................................ 6,844 150,140
Public Service Enterprise Group,
Inc. ................................................................. 16,300 564,387
Reliant Energy, Inc. ................................................... 17,300 511,431
Southern Co. ........................................................... 43,300 1,009,431
TXU Corp. .............................................................. 18,900 557,550
Unicom Corp. ........................................................... 16,100 622,869
------------
13,740,594
------------
UTILITY--GAS (0.0%)
Nicor, Inc. ............................................................ 1,800 58,725
Peoples Energy Corp. ................................................... 900 29,138
Sempra Energy .......................................................... 11,304 192,168
------------
280,031
------------
UTILITY--TELEPHONE (5.4%)
AT&T Corp. ............................................................. 212,692 6,726,384
Bell Atlantic Corp. .................................................... 103,300 5,248,931
BellSouth Corp. ........................................................ 124,000 5,285,500
CenturyTel, Inc. ....................................................... 8,650 248,688
GTE Corp. .............................................................. 63,900 3,977,775
SBC Communications, Inc. ............................................... 229,121 9,909,483
Sprint Corp. (Fon Group) ............................................... 58,000 2,958,000
U.S. WEST, Inc. ........................................................ 34,822 2,985,987
Worldcom, Inc.* ........................................................ 190,345 8,732,077
------------
46,072,825
------------
TOTAL CREDIT SENSITIVE ............................................... 170,264,703
------------
DIVERSIFIED (1.0%)
MISCELLANEOUS (1.0%)
Avery Dennison Corp. ................................................... 7,600 510,150
Danaher Corp. .......................................................... 10,200 504,263
National Service Industries, Inc........................................ 2,200 42,900
Ralston-Purina Group ................................................... 19,400 386,788
Tyco International Ltd. ................................................ 112,758 5,341,910
Unilever N.V. .......................................................... 36,782 1,581,626
------------
TOTAL DIVERSIFIED .................................................... 8,367,637
------------
ENERGY (6.4%)
COAL & GAS PIPELINES (0.7%)
Columbia Energy Group .................................................. 6,650 436,406
Eastern Enterprises .................................................... 2,800 176,400
El Paso Energy Corp. ................................................... 16,400 835,375
Enron Corp. ............................................................ 47,500 3,063,750
Williams Cos., Inc. .................................................... 27,100 1,129,731
------------
5,641,662
------------
OIL--DOMESTIC (2.9%)
Burlington Resources, Inc. ............................................. 15,400 589,050
Chevron Corp. .......................................................... 43,900 3,723,269
Coastal Corp. .......................................................... 15,100 919,212
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Exxon Mobil Corp. ...................................................... 231,758 $ 18,193,003
Occidental Petroleum Corp. ............................................. 28,000 589,750
Sunoco, Inc. ........................................................... 5,600 164,850
Tosco Corp. ............................................................ 11,100 314,269
------------
24,493,403
------------
OIL--INTERNATIONAL (1.7%)
Amerada Hess Corp. ..................................................... 5,400 333,450
Ashland, Inc. .......................................................... 4,300 150,769
Conoco, Inc., Class B .................................................. 38,246 939,417
Kerr-McGee Corp. ....................................................... 7,764 457,591
Phillips Petroleum Co. ................................................. 17,800 902,237
Royal Dutch Petroleum Co.
(New York Shares) .................................................... 141,100 8,686,469
Texaco, Inc. ........................................................... 35,000 1,863,750
Union Pacific Resources Group,
Inc. ................................................................. 19,500 429,000
USX-Marathon Group, Inc. ............................................... 23,900 598,994
------------
14,361,677
------------
OIL--SUPPLIES & CONSTRUCTION (0.8%)
Anadarko Petroleum Corp. ............................................... 10,200 502,987
Apache Corp. ........................................................... 6,800 399,925
Baker Hughes, Inc. ..................................................... 22,360 715,520
Halliburton Co. ........................................................ 31,100 1,467,531
Rowan Co., Inc.* ....................................................... 7,700 233,888
Schlumberger Ltd. ...................................................... 36,500 2,723,812
Transocean Sedco Forex, Inc. ........................................... 12,198 651,831
Unocal Corp. ........................................................... 13,500 447,188
------------
7,142,682
------------
RAILROADS (0.3%)
Burlington Northern Santa Fe
Corp. ................................................................ 29,800 683,537
CSX Corp. .............................................................. 14,500 307,219
Kansas City Southern Industries,
Inc. ................................................................. 7,700 682,894
Norfolk Southern Corp. ................................................. 24,000 357,000
Union Pacific Corp. .................................................... 16,800 624,750
------------
2,655,400
------------
TOTAL ENERGY ......................................................... 54,294,824
------------
TECHNOLOGY (32.7%)
COMPUTER HARDWARE (5.8%)
Adaptec, Inc.* ......................................................... 6,700 152,425
Cisco Systems, Inc.* ................................................... 465,700 29,601,057
Gateway, Inc.* ......................................................... 20,900 1,186,075
Hewlett Packard Co. .................................................... 66,400 8,291,700
Sun Microsystems, Inc.* ................................................ 106,700 9,703,031
------------
48,934,288
------------
COMPUTER SOFTWARE (8.0%)
Adobe Systems, Inc. .................................................... 7,700 1,001,000
America Online, Inc.* .................................................. 154,200 8,134,050
Autodesk, Inc. ......................................................... 4,800 166,500
BMC Software, Inc.* .................................................... 15,900 580,102
Citrix Systems, Inc.* .................................................. 11,600 219,675
Computer Associates
International, Inc. .................................................. 38,700 1,980,956
Compuware Corp.* ....................................................... 22,900 237,587
Mercury Interactive Corp.* ............................................. 4,700 454,725
Microsoft Corp.* ....................................................... 352,300 28,184,000
</TABLE>
97
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- ---------------
<S> <C> <C>
Molex, Inc. ....................... 13,250 $ 637,656
Novell, Inc.* ..................... 21,400 197,950
Oracle Corp.* ..................... 190,300 15,997,094
Peoplesoft, Inc.* ................. 17,800 298,150
Siebel Systems, Inc.* ............. 13,600 2,224,450
VERITAS Software Corp.* ........... 26,300 2,972,311
Yahoo!, Inc.* ..................... 36,000 4,459,500
------------
67,745,706
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (5.5%)
ADC Telecommunications, Inc.*...... 20,000 1,677,500
Alltel Corp. ...................... 21,500 1,331,656
Andrew Corp.* ..................... 6,200 208,088
Comverse Technology, Inc.* ........ 9,800 911,400
Corning, Inc. ..................... 18,714 5,050,441
Global Crossing, Ltd.* ............ 57,845 1,523,854
Lucent Technologies, Inc. ......... 217,135 12,865,249
Motorola, Inc. .................... 145,541 4,229,785
Nortel Networks Corp. ............. 198,920 13,576,290
QUALCOMM, Inc.* ................... 50,100 3,006,000
Scientific-Atlanta, Inc. .......... 9,700 722,650
Tellabs, Inc.* .................... 26,000 1,779,375
------------
46,882,288
------------
ELECTRONICS (7.7%)
3Com Corp.* ....................... 23,000 1,325,375
Advanced Micro Devices, Inc.* ..... 9,700 749,325
Agilent Technologies, Inc.* ....... 29,824 2,199,520
Altera Corp.* ..................... 13,400 1,365,963
Analog Devices, Inc.* ............. 23,100 1,755,600
Applied Material, Inc.* ........... 54,600 4,948,125
Bemis Co. ......................... 2,300 77,338
Conexant Systems, Inc.* ........... 14,100 685,613
Intel Corp. ....................... 224,500 30,012,844
ITT Industries, Inc. .............. 7,000 212,625
KLA-Tencor Corp.* ................. 11,300 661,756
Linear Technology Corp. ........... 20,800 1,329,900
LSI Logic Corp.* .................. 19,600 1,060,850
Maxim Integrated Products* ........ 19,500 1,324,781
Micron Technology, Inc.* .......... 37,700 3,319,956
National Semiconductor Corp.* ..... 11,300 641,275
Novellus Systems, Inc.* ........... 7,700 435,531
PerkinElmer, Inc.* ................ 4,200 277,725
RadioShack Corp.* ................. 12,200 577,975
Seagate Technology, Inc.* ......... 15,000 825,000
Solectron Corp.* .................. 37,900 1,587,062
Tektronix, Inc. ................... 3,600 266,400
Teradyne, Inc.* ................... 10,800 793,800
Texas Instruments, Inc. ........... 108,400 7,445,725
Xilinx, Inc.* ..................... 21,200 1,750,325
------------
65,630,389
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- ---------------
<S> <C> <C>
OFFICE EQUIPMENT (4.7%)
Apple Computer, Inc.* ............. 21,200 $ 1,110,350
Cabletron Systems Corp.* .......... 11,900 300,475
Compaq Computer Corp. ............. 111,839 2,858,884
Dell Computer Corp.* .............. 170,800 8,422,575
EMC Corp.* ........................ 144,850 11,144,397
International Business Machines
Corp. ........................... 118,400 12,972,200
Lexmark International Group,
Inc.* ........................... 9,200 618,700
Network Appliance, Inc.* .......... 20,900 1,682,450
Parametric Technology Co.* ........ 18,100 199,100
Xerox Corp. ....................... 43,800 908,850
------------
40,217,981
------------
OFFICE EQUIPMENT SERVICES (0.2%)
Ceridian Corp.* ................... 8,500 204,531
Electronic Data Systems Corp. ..... 31,900 1,315,875
NCR Corp.* ........................ 7,000 272,563
Unisys Corp.* ..................... 20,200 294,162
------------
2,087,131
------------
WIRELESS TELECOMMUNICATION
SERVICES (0.8%)
Nextel Communications, Inc.,
Class A* ........................ 51,200 3,132,800
Sprint Corp. (PCS Group)* ......... 61,600 3,665,200
------------
6,798,000
------------
TOTAL TECHNOLOGY ................ 278,295,783
------------
TOTAL COMMON STOCKS (98.2%)
(Cost $736,796,435).............. 836,149,324
------------
PRINCIPAL
AMOUNT
----------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (1.6%)
Chase Nassau
6.260%, 7/3/00 .................. $13,516,308 13,516,308
------------
U.S. GOVERNMENT (0.1%)
U.S. Treasury Bill
7/13/00+ ........................ 1,020,000 1,018,567
------------
TOTAL SHORT-TERM DEBT
SECURITIES (1.7%)
(Amortized Cost $14,534,875)..... 14,534,875
------------
TOTAL INVESTMENTS (99.9%)
(Cost/Amortized Cost
$751,331,310).................... 850,684,199
OTHER ASSETS
LESS LIABILITIES (0.1%) ......... 559,364
------------
NET ASSETS (100.0%) ............... $851,243,563
============
</TABLE>
----------
* Non-income producing.
+ All, or a portion of securities held by broker as collateral for
financial futures contracts.
98
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
At June 30, 2000, the Portfolio had the following futures contracts open: (Note
1)
<TABLE>
<CAPTION>
NO. OF EXPIRATION ORIGINAL VALUE AT UNREALIZED
PURCHASE CONTRACTS DATE VALUE 06/30/00 DEPRECIATION
----------------- ----------- --------------- -------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
S&P 500 ......... 34 September '00 $12,615,667 $12,478,844 $ (136,823)
==========
</TABLE>
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $174,309,320
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 10,570,108
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 164,021,620
Aggregate gross unrealized depreciation ......... (64,668,731)
-------------
Net unrealized appreciation ..................... $ 99,352,889
=============
Federal income tax cost of investments .......... $ 751,331,310
=============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$18,223,946 which was secured by collateral of
$18,375,460.
See Notes to Financial Statements.
99
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------------- ------------------
<S> <C> <C>
COMMON STOCKS:
AUSTRALIA (2.0%)
Amcor Ltd. ............................ 6,251 $ 21,807
AMP Ltd. .............................. 12,323 125,117
Australian Gas & Light Co., Ltd. ...... 3,727 22,148
Boral Ltd. ............................ 5,663 7,103
Brambles Industries Ltd. .............. 2,746 84,194
British American Tobacco Australia 1,177 7,381
Broken Hill Proprietary Ltd. .......... 19,541 230,500
Coca-Cola Amatil Ltd. ................. 10,005 19,420
Coles Meyer Ltd. ...................... 14,764 56,557
Commonwealth Bank of Australia ........ 13,245 219,044
Computershare Ltd. .................... 6,900 35,400
CSL Ltd. .............................. 1,572 31,016
CSR Ltd. .............................. 11,721 32,482
F.H. Faulding & Co. Ltd. .............. 2,065 10,094
Fosters Brewing Corp. ................. 21,714 60,953
Futuris Corporation Ltd. .............. 9,723 10,627
General Property Trust ................ 13,373 21,485
Lend Lease Corp. ...................... 5,785 73,621
M.I.M. Holdings Ltd. .................. 21,126 11,356
National Bank of Australia ............ 16,171 269,443
News Corp., Ltd. ...................... 21,948 301,494
Normandy Mining Ltd. .................. 20,727 11,141
North Ltd. ............................ 6,110 14,414
Orica Ltd. ............................ 2,368 10,717
Origin Energy Ltd. .................... 5,663 5,445
Pacific Dunlop Ltd. ................... 8,588 7,642
PaperlinX Ltd. ........................ 2,083 3,944
QBE Insurance Group Ltd. .............. 5,253 25,638
Rio Tinto Ltd. ........................ 3,688 60,835
Santos Ltd. ........................... 4,030 12,251
Schroders Property Fund ............... 8,909 12,398
Smith (Howard) Ltd. ................... 813 3,962
Southcorp Ltd. ........................ 6,538 18,821
Tabcorp Holdings Ltd. ................. 3,437 19,706
Telstra Corp., Ltd. ................... 85,258 345,240
Wesfarmers Ltd. ....................... 2,363 18,770
Westfield Trust ....................... 13,422 25,981
Westpac Banking Corp. ................. 19,719 141,914
WMC Ltd. .............................. 10,352 46,204
Woolworths Ltd. ....................... 11,222 41,320
------------
2,477,585
------------
AUSTRIA (0.1%)
Austria Tabakwerke AG ................. 180 6,661
Bank Austria AG ....................... 855 41,607
EA-Generali AG ........................ 60 9,643
Flughafen Wein AG ..................... 150 5,335
Oesterreichische
Elektrizitaetseirtschafts AG ........ 230 23,583
OMV AG ................................ 230 19,963
VA Technologies AG .................... 150 7,894
Wienerberger Baustoffindustrie AG* 640 14,522
------------
129,208
------------
BELGIUM (0.6%)
Barco N.V. ............................ 74 8,293
Colruyt S.A. .......................... 370 15,662
D'Ieteren S.A. ........................ 28 7,077
Delhaize "Le Lion" S.A.* .............. 432 25,814
Dolmen Computer Applications* ......... 37 723
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------------- ------------------
<S> <C> <C>
Electrabel S.A. ....................... 605 $ 149,398
Fortis (B) ............................ 7,925 230,394
Fortis (B)(Strip) VVPR ................ 1,260 12
Groupe Bruxelles Lambert S.A. ......... 281 70,086
Kredietbank N.V. ...................... 3,325 146,201
Solvay S.A.,Class A ................... 964 64,822
UCB S.A. .............................. 1,690 62,027
------------
780,509
------------
DENMARK (0.6%)
Carlsberg A/S, Class B ................ 200 6,059
Carlsberg, Class A .................... 300 8,820
D/S 1912, Class B ..................... 12 127,315
D/S Svendborg, Class B ................ 8 118,112
Danisco ............................... 480 16,014
Den Danske Bank A/S ................... 500 60,078
FLS Industries A/S, Class B* .......... 430 6,596
Group 4 Falck A/S ..................... 154 23,425
ISS A/S* .............................. 367 27,913
Navision Software A/S ................. 223 9,264
Novo-Nordisk A/S, Class B ............. 851 144,678
Tele Danmark A/S* ..................... 2,394 160,965
Vestas Wind Systems A/S ............... 1,190 43,657
William Demant Holding ................ 575 16,979
------------
769,875
------------
FINLAND (2.7%)
Hartwall Wind Systems A/S ............. 600 12,018
Kemira OYJ ............................ 1,000 4,864
Kesco OYJ ............................. 700 7,111
Kone OYJ .............................. 300 18,027
Metra OYJ, Class B .................... 200 3,443
Metso OYJ* ............................ 1,700 20,430
Nokia OYJ* ............................ 52,800 2,689,961
Nordic Baltic Holding FDR ............. 8,160 59,306
Outokumpu OYJ ......................... 1,600 15,261
Pohjola Group Insurance Corp. ......... 200 6,965
Raisio Group plc ...................... 1,800 3,554
Sampo Insurance Co., plc, Class A ..... 1,000 40,536
Sanitec Ltd. OYJ* ..................... 40 401
Sonera Group OYJ ...................... 7,900 359,796
Tieto Corp. ........................... 900 30,002
Upm-Kymmene OYJ ....................... 2,800 69,436
------------
3,341,111
------------
FRANCE (9.7%)
Accor S.A.* ........................... 2,090 85,578
Alcatel S.A. .......................... 11,450 750,272
Aventis S.A. .......................... 8,680 632,927
Axa-Uap ............................... 4,337 682,543
Banque Nationale de Paris* ............ 5,024 483,022
Bouygues S.A. ......................... 359 239,689
Canal Plus* ........................... 1,400 235,016
Cap Gemini S.A. ....................... 885 155,739
Carrefour S.A. ........................ 7,694 525,438
Coflexip S.A. ......................... 44 5,330
Compagnie de Saint Gobain ............. 838 113,178
Dassault Systemes S.A. ................ 1,116 103,996
Elf Aquitaine S.A. .................... 279 57,080
Eridania Beghin ....................... 273 26,716
Essilor International S.A. ............ 28 8,017
Etablissements Economiques du
Casino Guichard- .................... 969 89,650
</TABLE>
100
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------------- ------------------
<S> <C> <C>
France Telecom S.A. ................. 11,167 $ 1,559,316
Gecina .............................. 226 24,164
Groupe Danone* ...................... 1,762 233,602
Imetal .............................. 63 7,307
L'Air Liquide ....................... 1,088 141,754
L'Oreal ............................. 751 649,686
Lafarge S.A. ........................ 1,004 77,950
Legardere S.C.A. .................... 1,452 110,793
LVMH (Louis Vuitton Moet
Hennessy) ......................... 1,089 448,608
Michelin, Class B (Registered) ...... 1,529 49,015
Pechiney S.A., Class A .............. 813 33,887
Pernod Ricard ....................... 702 38,165
Pinault-Printemps-Redoute S.A. ...... 1,196 265,451
PSA Peugeot Citroen ................. 489 98,039
Publicis S.A. ....................... 77 30,185
Sagem S.A. .......................... 97 113,613
Sanofi-Synthelabo S.A. .............. 8,150 387,895
Schneider S.A. ...................... 1,669 116,208
Sidel S.A. .......................... 365 29,574
Simco ............................... 157 11,456
Societe BIC S.A. .................... 119 5,823
Societe Eurafrance S.A. ............. 32 15,307
Societe Generale Paris* ............. 4,000 240,357
Sodexho ............................. 453 82,093
STMicroelectronics N.V.* ............ 9,558 601,682
Suez Lyonnaise des Eaux ............. 1,549 271,109
Suez Lyonnaise des Eaux* ............ 664 115,961
Thomson CSF ......................... 1,966 77,369
Total Fina S.A. ..................... 783 121,665
Total Fina S.A., Class B ............ 6,939 1,062,916
Usinor Sacilor ...................... 1,881 22,929
Valero S.A. ......................... 811 43,318
Vivendi* ............................ 6,387 563,197
------------
11,844,585
------------
GERMANY (7.2%)
Adidas-Salomon AG ................... 300 16,482
Allianz AG .......................... 2,667 947,049
BASF AG ............................. 6,650 269,567
Bayer AG ............................ 8,200 313,628
Bayerische Vereinsbank AG ........... 4,675 305,442
Beiersdorf AG ....................... 900 74,682
Buderus AG* ......................... 1,300 20,707
Continental AG ...................... 600 10,072
DaimlerChrysler AG .................. 11,044 585,676
Deutsche Bank AG (Registered)* ...... 6,816 569,170
Deutsche Lufthansa AG
(Registered) ...................... 4,650 108,440
Deutsche Telekom AG ................. 33,035 1,903,127
Douglas Holding AG .................. 100 2,919
Dresdner Bank AG* ................... 5,250 212,315
E.On AG ............................. 8,520 410,381
EM.TV & Merchandising AG ............ 1,500 88,703
Fresenius Medical Care AG* .......... 750 59,016
Heidelberger Zement AG .............. 385 23,502
Heidelberger Zement AG .............. 110 6,716
Hochtief AG ......................... 400 12,018
Kamps AG ............................ 500 15,881
Karstadt AG* ........................ 1,200 33,307
Linde AG* ........................... 1,300 52,449
M.A.N. AG ........................... 1,000 30,998
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------------- ------------------
<S> <C> <C>
Merck KGaA .......................... 2,250 $ 68,674
Metro AG ............................ 3,130 105,981
Muenchener Rueckversicherungs-
Gesellschaft AG (Registered) ...... 1,924 601,915
Preussag AG* ........................ 1,693 54,418
RWE AG .............................. 5,500 186,491
SAP AG .............................. 2,100 317,271
Schering AG ......................... 2,250 122,432
SGL Carbon AG ....................... 50 3,314
Siemens AG* ......................... 6,500 972,111
Thyssen Krupp AG* ................... 6,050 96,194
Volkswagen AG ....................... 3,420 131,458
WCM Beteiligungs & Grundbesi* ....... 1,900 44,037
------------
8,776,543
------------
HONG KONG (1.8%)
ASM Pacific Technology .............. 4,000 14,983
Bank of East Asia Ltd. .............. 17,106 39,937
Cathay Pacific Airways .............. 38,000 70,438
CLP Holdings Ltd. ................... 24,000 111,757
Esprit Holdings Ltd. ................ 17,000 17,664
Hang Lung Development Co. ........... 6,000 4,657
Hang Seng Bank Ltd. ................. 20,400 193,650
Henderson Land Development Co.,
Ltd. .............................. 14,000 61,600
Hong Kong & China Gas Co., Ltd. ..... 51,155 57,419
Hong Kong Telecommunications
Ltd. .............................. 133,860 294,490
Hutchison Whampoa Ltd. .............. 47,300 594,625
Johnson Electric Holdings ........... 11,000 104,066
Li & Fung Ltd. ...................... 13,000 65,038
New World Development Co. ........... 24,006 26,791
Pacific Century CyberWorks Ltd. ..... 62,000 122,481
Shangri-LA Asia Ltd. ................ 28,000 33,045
Sino Land Co. ....................... 51,075 18,018
Sun Hung Kai Properties Ltd. ........ 27,235 195,646
Swire Pacific Ltd., Class A ......... 16,000 93,592
Television Broadcasts Ltd. .......... 6,000 40,023
Wharf Holdings Ltd. ................. 23,029 41,210
------------
2,201,130
------------
IRELAND (0.3%)
Allied Irish Banks plc .............. 9,773 87,365
CRH plc ............................. 4,334 78,128
Eircom plc .......................... 24,399 65,161
Fyffes plc .......................... 3,752 3,865
Independent Newspapers plc .......... 3,244 11,758
Industrial Control Svcs Group ....... 2,764 10,041
Irish Permanent plc ................. 2,438 20,627
Jefferson Smurfit Group plc ......... 10,437 17,919
Kerry Group plc, Class A ............ 1,180 15,408
Ryanair Holdings plc ................ 2,020 14,643
------------
324,915
------------
ITALY (3.8%)
Alitalia S.p.A. ..................... 15,567 32,071
Arnoldo Mondadori Editore* .......... 1,372 31,276
Assicurazioni Generali .............. 14,005 479,550
Autogrill S.p.A. .................... 1,891 20,147
Banca di Roma ....................... 62,508 76,671
Banca Intasa S.p.A. ................. 51,501 230,380
Banco Popolare di Milano ............ 1,426 10,269
Benetton Group S.p.A. ............... 23,521 49,131
</TABLE>
101
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------------- ------------------
<S> <C> <C>
Bulgari S.p.A. ......................... 2,149 $ 28,696
Enel S.p.A.* ........................... 81,720 361,662
ENI S.p.A. (Registered) ................ 87,700 506,071
Fiat S.p.A.* ........................... 4,374 113,393
Fiat S.p.A.* ........................... 1,172 19,059
IMMSI S.p.A. ........................... 2,255 3,194
Istituto Bancario San Paolo S.p.A. ..... 16,015 283,964
Italcementi S.p.A. ..................... 2,091 19,645
Italgas S.p.A. ......................... 5,940 26,232
La Rinascente S.p.A. ................... 2,262 12,815
Mediaset S.p.A. ........................ 13,026 198,787
Mediobanca S.p.A. ...................... 6,953 71,623
Olivetti* .............................. 54,556 198,255
Parmalat Finanziaria S.p.A. ............ 19,903 28,057
Pirelli S.p.A. ......................... 25,075 65,890
Riunione Adriatica di Sicurta S.p.A. 8,491 93,135
Sirti S.p.A. ........................... 2,255 3,753
Telecom Italia Mobile S.p.A. ........... 72,948 744,481
Telecom Italia Mobile S.p.A. (RNC) 18,196 91,462
Telecom Italia S.p.A. .................. 39,249 539,073
Telecom Italia S.p.A. (RNC) ............ 7,081 46,939
UniCredito Italiano .................... 57,572 275,109
------------
4,660,790
------------
JAPAN (23.2%)
77 Bank Ltd. ........................... 3,000 23,967
Acom Co., Ltd. ......................... 1,700 142,861
Advantest Corp. ........................ 1,100 245,089
Ajinomoto Co. .......................... 7,000 89,689
Alps Electric Co., Ltd. ................ 1,000 18,559
Amada Co., Ltd. ........................ 5,000 42,395
Aoyamma Trading Co., Ltd. .............. 900 12,973
Asahi Bank Ltd. ........................ 32,000 134,458
Asahi Breweries Ltd. ................... 7,000 83,687
Asahi Chemical Industry Co., Ltd. ...... 16,000 113,053
Asahi Glass Co., Ltd. .................. 13,000 145,132
Bank of Fukuoka Ltd. ................... 6,000 40,812
Bank of Tokyo-Mitsubishi Ltd. .......... 52,000 627,557
Bank of Yokohama ....................... 8,000 35,800
Benesse Corp. .......................... 1,200 83,094
Bridgestone Corp. ...................... 10,000 211,503
Canon, Inc. ............................ 10,000 497,433
Casio Computer Co., Ltd. ............... 2,000 22,422
Central Japan Railway Co. .............. 26 146,969
Chichibu Onoda Cement Corp. ............ 6,000 12,549
Chugai Pharmaceutical Ltd. ............. 3,000 56,668
Chuo Mitsui Trust & Banking Co.,
Ltd., The ............................ 1,000 4,353
Citizen Watch Co., Ltd. ................ 3,000 28,942
Credit Saison Co., Ltd. ................ 1,100 25,493
CSK Corp. .............................. 1,000 30,901
Dai Nippon Printing Co., Ltd. .......... 9,000 158,472
Daiei, Inc. ............................ 7,000 26,247
Daiichi Pharma Co., Ltd. ............... 2,000 50,685
Daikin Industries Ltd. ................. 3,000 69,669
Dainippon Ink and Chemicals, Inc. ...... 10,000 47,011
Daito Trust Construction Co. ........... 2,000 32,974
Daiwa Bank Ltd. ........................ 25,000 64,770
Daiwa House Industry ................... 6,000 43,751
Daiwa Securities Group Ltd. ............ 15,000 197,843
Denso Corp. ............................ 10,000 243,064
East Japan Railway Co. ................. 46 266,956
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------------- ------------------
<S> <C> <C>
Ebara Corp. ............................ 4,000 $ 54,152
Eisai Co., Ltd. ........................ 4,000 128,127
Fanuc .................................. 2,700 274,464
Fuji Bank Ltd. ......................... 39,000 296,142
Fuji Machine Manufacturing Co. ......... 600 31,485
Fuji Photo Film Co. .................... 6,000 245,325
Fujitsu, Ltd. .......................... 21,000 726,082
Furukawa Electric Co., Ltd. ............ 8,000 166,941
Gunma Bank Ltd. ........................ 4,000 20,613
Hirose Electric ........................ 300 46,663
Hitachi Ltd. ........................... 35,000 504,499
Honda Motor Co., Ltd. .................. 11,000 374,111
House Foods Corp. ...................... 1,000 15,451
Hoya Corp. ............................. 1,000 89,500
Industrial Bank of Japan Ltd. .......... 29,000 219,662
Isetan Co., Ltd. ....................... 2,000 24,495
Ishikawajima-Harima Heavy
Industries Co., Ltd. ................. 14,000 25,324
Ito-Yokado Co., Ltd. ................... 5,000 300,532
Itochu Corp. ........................... 14,000 70,564
Japan Airlines Co., Ltd. ............... 19,000 72,137
Japan Energy Corp. ..................... 7,000 7,518
Japan Tobacco, Inc. .................... 24 210,504
Joyo Bank Ltd. ......................... 8,000 30,750
JUSCO Co., Ltd. ........................ 5,000 94,682
Kadokawa Shoten Publishing Co.,
Ltd. ................................. 100 10,081
Kajima Corp. ........................... 12,000 38,212
Kaneka Corp. ........................... 4,000 44,053
Kansai Electric Power Co., Inc. ........ 11,500 205,634
Kao Corp. .............................. 7,000 213,670
Kawasaki Heavy Industries Ltd. ......... 12,000 18,315
Kawasaki Steel Corp. ................... 34,000 48,688
Kinden Corp. ........................... 2,000 12,549
Kinki Nippon Railway Co., Ltd. ......... 17,000 68,868
Kirin Brewery Co., Ltd. ................ 12,000 149,795
Kokuyo ................................. 1,000 16,383
Komatsu ................................ 11,000 77,309
Komori Corp. ........................... 1,000 17,467
Konami Co., Ltd. ....................... 1,200 75,745
Kubuto Corp. ........................... 20,000 72,542
Kuraray Co., Ltd. ...................... 4,000 45,824
Kurita Water Industries ................ 2,000 43,996
Kyocera Corp. .......................... 2,200 372,867
Kyowa Hakko Kogyo ...................... 5,000 48,848
Marubeni Corp. ......................... 18,000 61,896
Marui Co., Ltd. ........................ 4,000 76,499
Matsushita Electric Industrial Co.,
Ltd. ................................. 22,000 569,975
Meiji Milk Products .................... 4,000 21,480
Meiji Seika ............................ 6,000 39,682
Minebea Co., Ltd. ...................... 6,000 75,180
Mitsubishi Chemical Corp. .............. 24,000 98,356
Mitsubishi Corp. ....................... 19,000 171,661
Mitsubishi Electric Corp. .............. 24,000 259,569
Mitsubishi Estate Co., Ltd. ............ 16,000 188,120
Mitsubishi Heavy Industries Ltd. ....... 39,000 172,688
Mitsubishi Logistics Corp. ............. 2,000 18,088
Mitsubishi Materials Corp. ............. 16,000 65,420
Mitsubishi Rayon Co. ................... 13,000 39,559
Mitsubishi Trust & banking Corp. ....... 16,000 124,057
Mitsui & Co., Ltd. ..................... 18,000 137,359
</TABLE>
102
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------------- ------------------
<S> <C> <C>
Mitsui Fudosan Co., Ltd. ............... 9,000 $ 97,508
Mitsui Marine & Fire Insurance Co.,
Ltd. ................................. 10,000 48,047
Mitsui Mining & Smelting Co., Ltd. ..... 5,000 37,920
Mitsukoshi, Ltd. ....................... 4,000 17,712
Murata Manufacturing Co., Ltd. ......... 3,000 430,166
NAMCO Ltd. ............................. 700 25,192
NEC Corp. .............................. 18,000 564,699
NGK Insulators Ltd. .................... 3,000 37,138
NGK Spark Plug Co., Ltd. ............... 1,000 15,460
Nichiel Co., Ltd. ...................... 400 6,557
Nidec Corp. ............................ 800 69,339
Nikon Corp. ............................ 4,000 148,099
Nintendo Ltd. .......................... 1,600 279,165
Nippon COMSYS Corp. .................... 2,000 42,489
Nippon Express Co., Ltd. ............... 14,000 85,864
Nippon Meat Packers, Inc. .............. 3,000 43,808
Nippon Oil Co. ......................... 20,000 91,573
Nippon Paper Industries Co. ............ 9,000 61,388
Nippon Sheet Glass Co., Ltd. ........... 5,000 69,433
Nippon Steel Corp. ..................... 80,000 168,072
Nippon Telegraph & Telephone
Corp. ................................ 139 1,846,436
Nippon Yusen Labushiki Kaisha .......... 12,000 57,657
Nissan Motor Co., Ltd. ................. 41,000 241,415
Nisshin Flour Milling .................. 2,000 19,973
Nissin Food Products Co., Ltd. ......... 2,000 50,874
Nitto Denko Corp. ...................... 2,000 77,064
Nomura Securities Co. .................. 22,000 537,849
NSK Ltd. ............................... 6,000 52,570
Obayashi Corp. ......................... 12,000 53,022
Oji Paper Co., Ltd. .................... 10,000 68,774
Olympus Optical Co., Ltd. .............. 2,000 35,819
Omron Corp. ............................ 3,000 81,398
Onward Kashiyama Co., Ltd. ............. 2,000 27,133
Oriental Land Co., Ltd. ................ 1,200 122,436
Orix Corp. ............................. 840 123,849
Osaka Gas Co., Ltd. .................... 26,000 74,709
Pioneer Electric ....................... 2,000 77,818
Promise Co., Ltd. ...................... 1,900 150,002
Rohm Co. ............................... 1,300 379,669
Sakura Bank Ltd. ....................... 47,000 324,565
Sankyo Co. ............................. 5,000 112,817
Sanrio Co. Ltd. ........................ 1,000 26,615
Sanyo Electric Co., Ltd. ............... 21,000 188,742
Secom Co. .............................. 3,000 219,040
Sega Enterprises Ltd. .................. 1,400 21,499
Sekisui Chemical ....................... 7,000 26,907
Sekisui House Ltd. ..................... 9,000 83,179
Sharp Corp. ............................ 13,000 229,639
Shimamura Co., Ltd. .................... 500 58,364
SHIMANO, Inc. .......................... 1,000 24,024
Shimizu Corp. .......................... 12,000 34,255
Shin-Etsu Chemical Co., Ltd. ........... 5,000 253,427
Shionogi & Co., Ltd. ................... 3,000 56,950
Shiseido Co., Ltd. ..................... 5,000 77,253
Shizuoka Bank Ltd. ..................... 9,000 76,311
Showa Shell Sekiyu K.K. ................ 3,000 14,810
Skylark Co., Ltd. ...................... 1,000 39,474
SMC Corp. .............................. 800 150,360
Softbank Corp. ......................... 3,600 488,388
Sony Corp. ............................. 9,800 914,033
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------------- ------------------
<S> <C> <C>
Sumitomo Bank Ltd. ..................... 35,000 $ 428,659
Sumitomo Chemical Co., Ltd. ............ 18,000 108,192
Sumitomo Corp. ......................... 11,000 123,633
Sumitomo Electric Industries ........... 9,000 154,148
Sumitomo Heavy Industries* ............. 6,000 20,067
Sumitomo Marine & Fire Insurance
Co., Ltd. ............................ 7,000 40,690
Sumitomo Metal Industries* ............. 29,000 19,944
Sumitomo Metal Mining Co. .............. 3,000 14,132
Sumitomo Osaka Cement Co., Ltd. ........ 7,000 41,415
Taisei Corp. ........................... 7,000 11,211
Taisho Pharmaceutical .................. 4,000 143,200
Taiyo Yuden Co., Ltd. .................. 2,000 125,112
Takara Shuzo Co., Ltd.* ................ 2,000 49,837
Takashimaya Co., Ltd. .................. 3,000 27,924
Takeda Chemical Industries Ltd. ........ 10,000 655,707
Takefuji Corp. ......................... 1,600 193,094
Teijin Ltd. ............................ 10,000 48,707
Terumo Corp. ........................... 2,000 67,643
Tobu Railway Co., Ltd. ................. 7,000 19,982
Toda Corp. ............................. 3,000 14,273
Toho Co., Ltd. ......................... 200 34,029
Tohoku Electric Power Co., Inc. ........ 5,500 74,097
Tokai Bank Ltd. ........................ 26,000 128,108
Tokio Marine & Fire Insurance Co.,
Ltd. ................................. 18,000 207,565
Tokyo Broadcasting System, Inc. ........ 2,000 86,297
Tokyo Electric Power ................... 14,900 362,867
Tokyo Electron Ltd. .................... 2,000 273,588
Tokyo Gas Co., Ltd. .................... 31,000 87,032
Tokyo Style ............................ 1,000 9,421
Tokyu Corp. ............................ 9,000 44,430
Toppan Printing ........................ 9,000 95,134
Toray Industries, Inc. ................. 19,000 76,970
Toshiba Corp. .......................... 37,000 417,250
Tosoh Corp.* ........................... 7,000 35,282
Tostem Corp. ........................... 3,000 48,895
Toto Ltd. .............................. 5,000 38,344
Toyo Seikan Kaisha Ltd. ................ 2,000 37,307
Toyota Motor Corp. ..................... 41,000 1,865,655
Trans Cosmos ........................... 300 44,995
Uni-Charm .............................. 800 48,387
Uny Co., Ltd. .......................... 2,000 27,604
Wacaol Corp. ........................... 1,000 10,175
World Co., Ltd. ........................ 750 32,503
Yakult Honsha .......................... 2,000 26,549
Yamaha Corp. (First Section) ........... 2,000 21,838
Yamanouchi Pharmaceutical Co.
Ltd. ................................. 4,000 218,192
Yamato Transport Co., Ltd. ............. 5,000 124,123
Yamazaki Banking Co., Ltd. ............. 2,000 19,596
-------------
28,450,510
-------------
NETHERLANDS (4.7%)
ABN-Amro Holdings N.V. ................. 16,550 405,052
Aegon N.V. ............................. 13,806 490,776
Akzo Nobel N.V. ........................ 3,452 146,517
ASM Lithography Holding N.V. * ......... 4,797 205,983
Baan Co., N.V.* ........................ 1,011 2,748
Buhrmann N.V. .......................... 745 21,282
Elsevier ............................... 6,191 74,934
Getronics N.V. ......................... 3,840 59,151
</TABLE>
103
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------------- ------------------
<S> <C> <C>
Hagemeyer N.V. ........................... 759 $ 20,907
Heineken N.V. Class A .................... 3,685 224,065
IHC Caland N.V. .......................... 65 3,162
ING Groep N.V. ........................... 10,193 688,322
KLM Royal Dutch Airlines N.V.* ........... 248 6,670
Koninklijke Ahold N.V. ................... 7,753 227,982
Koninklijke KPN .......................... 41 1,832
Koninklijke Philips Electronics N.V. ..... 14,948 704,314
KPN N.V.* ................................ 10,524 470,270
Oce N.V. ................................. 313 5,120
Royal Dutch Petroleum Co. ................ 23,474 1,457,554
TNT Post Group N.V. ...................... 4,615 124,350
Unilever N.V. ............................ 6,528 299,178
Wolters Kluwer N.V.* ..................... 2,542 67,645
------------
5,707,814
------------
NEW ZEALAND (0.1%)
Brierley Investments Ltd.* ............... 14,287 2,212
Carter Holt Harvey Ltd. .................. 15,301 13,280
Contact Energy Ltd. ...................... 5,646 7,549
Fletcher Challenge Energy ................ 3,377 11,011
Lion Nathan Ltd. ......................... 5,041 11,234
Telecom Corp. of New Zealand ............. 16,128 56,370
------------
101,656
------------
NORWAY (0.2%)
Bergesen ASA, Class A .................... 500 10,249
Christiania Bank OG Kreditkasse .......... 4,600 24,697
Den Norske Bank .......................... 4,350 18,035
Kvaerner plc ............................. 280 2,935
Merkantildata ASA* ....................... 1,000 5,136
Norsk Hydro .............................. 2,500 104,816
Norske Skogindustrier ASA ................ 200 5,706
Orkla ASA, Class A ....................... 1,485 28,190
Petroleum Geo-Services ASA ............... 850 14,502
Schibsted ASA ............................ 450 8,333
Storebrand ASA ........................... 2,750 19,857
Tomra Systems ASA* ....................... 800 21,196
------------
263,652
------------
PORTUGAL (0.3%)
Banco Comercial Portugues ................ 9,305 48,369
Banco Espirito Santo ..................... 962 23,581
BPI-SGPS S.A. (Registered)* .............. 4,075 14,381
Brisa-Auto Estradas de Portugal SA 2,500 21,508
Cimentos de Portugal S.A. ................ 1,294 24,684
Electricidade de Portugal S.A. ........... 6,098 110,625
Jeronimo Martins & Filho ................. 875 14,405
Portugal Telecom S.A.* ................... 10,563 118,482
Sonae SGPS S.A. .......................... 14,580 25,588
------------
401,623
------------
SINGAPORE (0.8%)
Chartered Semiconductor* ................. 12,000 104,891
City Developments Ltd. ................... 8,000 31,028
Creative Technology Ltd. ................. 1,000 24,139
DBS Group Holdings Ltd. .................. 14,349 184,398
DBS Land Ltd. ............................ 21,000 27,230
Keppel Corp., Ltd. ....................... 6,000 12,990
Neptune Orient Lines ..................... 9,000 8,336
Oversea-Chinese Banking Corp
(Foreign) .............................. 13,559 93,402
Sembcorp Industries Ltd. ................. 27,000 29,384
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------------- ------------------
<S> <C> <C>
Singapore Airlines Ltd. .................. 13,000 $ 128,683
Singapore Press Holdings Ltd. ............ 4,048 63,268
Singapore Technologies Engineering
Ltd. ................................... 33,000 48,521
Singapore Telecommunications Ltd. ........ 59,000 86,408
United Overseas Bank Ltd. ................ 9,392 61,435
Venture Manufacturing Ltd. ............... 3,000 30,564
------------
934,677
------------
SPAIN (2.2%)
Acerinox S.A. ............................ 877 25,345
Altadis* ................................. 342 5,219
Autopistas Concesionaria Espana .......... 4,379 38,050
Autopistas, Concesionaria Espanola
S.A. ................................... 4,379 1,880
Azucarera Ebro Agticolas ................. 539 6,426
Banco Bilbao Vizcaya ..................... 32,030 478,110
Banco Santander Central Hispano
S.A. ................................... 39,735 418,786
Corporacion Financiera Alba .............. 1,087 28,615
Endesa S.A. .............................. 11,416 220,929
Fomento de Construcciones y
Contratas S.A.* ........................ 1,701 32,124
Gas Natural SDG S.A.* .................... 4,333 77,697
Grupo Dragados S.A. ...................... 1,842 13,194
Iberdrola S.A. ........................... 9,737 125,376
Repsol S.A. .............................. 12,791 254,371
Sociedad General de Aguas de
Barcelona S.A.* ........................ 2,010 26,840
Sociedad General de Aguas de
Barcelona S.A.* ........................ 10 130
SOL Melia S.A. ........................... 1,596 17,810
Tabacalera S.A., Class A ................. 3,362 51,595
Telefonica de Espana S.A.* ............... 35,665 765,387
TelePizza* ............................... 2,024 11,390
Union Electrica Fenosa S.A. .............. 2,435 44,011
Vallehermoso S.A. ........................ 1,297 7,732
Zardoya Otis S.A. ........................ 1,498 13,259
------------
2,664,276
------------
SWEDEN (2.7%)
Atlas Copco AB, Class A .................. 1,428 27,499
Atlas Copco AB, Class B .................. 1,057 19,756
Drott AB, Class B ........................ 500 5,381
Electrolux AB, Class B ................... 4,100 63,395
ForeningsSparbanken AB ................... 6,900 100,827
Gambro AB* ............................... 3,100 25,283
Hennes & Mauritz AB, Class B* ............ 9,500 198,006
Netcom Systems AB, Class B* .............. 1,200 88,491
Nordbanken AB ............................ 22,700 170,996
Nordic Baltic Holding AB ................. 8,892 64,788
OM Gruppen AB ............................ 500 22,315
S.K.F. AB ................................ 600 10,025
Sandvik AB ............................... 2,800 58,677
Securitas AB, Class B* ................... 4,000 84,730
Skandia Forsakrings AB ................... 11,200 295,605
Skandinaviska Enskilda Banken ............ 8,800 104,169
Skanska AB, Class B ...................... 1,300 46,018
Svenska Cellulosa, AB, Class B ........... 2,600 49,332
Svenska Hadelsbanken, Class A* ........... 7,100 102,945
Swedish Match AB ......................... 1,400 4,314
</TABLE>
104
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------------- ------------------
<S> <C> <C>
Telefonaktiebolaget LM Ericsson
AB* .................................. 85,200 $ 1,684,119
Volvo AB, Class A ...................... 1,600 33,530
Volvo AB, Class B ...................... 3,200 69,415
Wm-Data AB ............................. 4,500 24,722
------------
3,354,338
------------
SWITZERLAND (5.0%)
ABB AG Ltd. ............................ 3,372 403,149
Adecco S.A. (Registered)* .............. 210 178,225
Alusuisse Lonza Group AG ............... 70 45,564
Credit Suisse Group .................... 3,010 598,093
Fischer (Georg) AG (Bearer) ............ 30 9,314
Givaudan ............................... 94 28,578
Holderbank Financiere Glarus AG
(Registered) ......................... 93 30,353
Holderbank Financiere Glarus AG,
Class B .............................. 61 74,704
Kuoni Reisen AG (Registered) ........... 2 925
Lonza AG* .............................. 50 26,024
Nestle S.A. (Registered) ............... 435 869,680
Novartis AG (Registered) ............... 770 1,218,345
Roche Holding AG ....................... 77 748,735
Roche Holding AG (Bearer) .............. 17 179,618
Sairgroup (Registered) ................. 50 8,328
Schindler Holding AG (Registered) ...... 10 15,308
SGS Societe Generale de
Surveillance Holding S.A. ............ 15 25,902
Sulzer AG .............................. 50 33,219
Swatch Group AG (Bearer) ............... 10 12,700
Swatch Group AG (Registered) ........... 160 41,688
Swiss Reinsurance Co. (Registered) ..... 165 335,941
Swisscom AG (Registered) ............... 820 283,694
UBS AG* ................................ 4,662 682,272
Zurich Allies AG ....................... 530 261,576
------------
6,111,935
------------
UNITED KINGDOM (16.8%)
3i Group plc ........................... 6,363 130,808
Abbey National plc ..................... 17,013 203,311
Allied Zurich plc ...................... 16,928 200,118
Amvescap plc ........................... 8,182 131,195
Anglian Water plc ...................... 1,842 16,997
Arjo Wiggins Appleton plc .............. 2,323 9,031
ARM Holdings plc ....................... 11,200 119,951
AstraZeneca Group plc .................. 13,891 648,248
AstraZeneca Group plc .................. 5,851 271,739
BAE SYSTEMS plc ........................ 33,962 211,662
Barclays plc ........................... 17,105 425,122
Barratt Developments plc ............... 2,197 8,707
Bass plc ............................... 10,581 118,924
BBA Group plc .......................... 2,898 18,982
Berkeley Group plc ..................... 1,015 9,642
BG Group plc* .......................... 37,328 241,110
Blue Circle Industries plc ............. 10,285 66,355
BOC Group plc .......................... 6,243 89,716
Boots Co. plc .......................... 9,356 71,189
BP Amoco plc ........................... 247,988 2,378,332
British Airport Authority plc .......... 11,636 93,289
British Airways plc .................... 13,442 77,268
British American Tobacco plc ........... 24,907 166,155
British Land Co., plc .................. 7,293 44,680
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------------- ------------------
<S> <C> <C>
British Sky Broadcasting plc ........... 19,228 $ 375,793
British Telecom plc .................... 71,412 922,532
Bunzl plc .............................. 4,499 24,092
Burmah Castrol plc ..................... 1,044 26,310
Cadbury Schweppes plc .................. 20,965 137,638
Canary Wharf Finance plc ............... 8,198 45,946
Capita Group plc ....................... 1,693 41,411
Carlton Communications plc ............. 6,486 83,397
Celltech Group plc ..................... 3,193 61,825
Centrica plc ........................... 43,814 146,142
CGU plc ................................ 16,006 266,335
Compass Group plc ...................... 7,485 98,563
Corus Group plc* ....................... 35,376 51,640
Diageo plc ............................. 40,354 361,988
Dixons Group plc ....................... 17,434 70,942
Electrocomponents plc .................. 5,979 61,050
EMI Group plc .......................... 8,955 81,277
FKI plc ................................ 3,880 13,793
GKN plc ................................ 8,404 107,168
Glaxo Wellcome plc ..................... 40,200 1,171,818
Granada Group plc ...................... 21,795 217,597
Great Universal Stores plc ............. 10,995 70,687
Halifax plc ............................ 22,582 216,573
Hanson plc ............................. 7,167 50,630
Hays plc ............................... 18,270 101,842
HSBC Holdings plc ...................... 94,465 1,079,588
Imperial Chemical Industries plc ....... 7,504 59,538
Jarvis plc ............................. 904 2,461
Johnson Matthey plc .................... 1,469 20,666
Kingfisher plc ......................... 14,890 135,482
Ladbroke Group plc ..................... 14,251 50,013
Land Securities plc .................... 7,046 84,202
Lasmo plc .............................. 1,694 3,600
Legal & General Group plc .............. 59,699 139,524
Lloyds TSB Group plc ................... 60,430 570,413
Logica plc ............................. 4,541 107,434
London Bridge Software Hldgs ........... 1,010 7,486
Marconi plc ............................ 30,259 393,646
Marks & Spencer plc .................... 30,447 106,968
MEPC plc ............................... 2,851 23,461
Misys plc .............................. 7,079 59,753
National Grid Group plc ................ 17,265 136,068
National Power plc ..................... 12,178 77,555
Nycomed Amersham plc ................... 6,335 62,864
Ocean Group Plc ........................ 681 11,229
Pearson plc ............................ 6,424 204,069
Penninsular & Oriental Steam
Navigation Co. ....................... 6,470 55,395
Pilkington plc ......................... 370 526
Provident Financial plc ................ 2,169 22,803
Prudential plc ......................... 19,981 292,580
Psion plc .............................. 4,730 45,721
Racal Electronics plc .................. 1,213 8,220
Railtrack Group plc .................... 5,339 82,903
Rank Group plc ......................... 4,798 11,105
Reed International plc ................. 12,327 107,220
Rentokil Initial plc ................... 31,233 70,869
Reuters Group plc ...................... 16,080 274,134
Rexam plc .............................. 2,929 11,387
Rio Tinto plc .......................... 12,434 203,136
RMC Group plc .......................... 4,299 55,927
</TABLE>
105
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- ---------------
<S> <C> <C>
Royal Bank of Scotland Group plc ..... 26,719 $ 447,021
Ryanair Holdings plc ................. 1,770 12,996
Sainsbury J plc ...................... 14,979 67,976
Schroders plc ........................ 3,839 68,990
Scottish Power plc ................... 20,839 176,530
SEMA Group plc ....................... 5,491 78,079
Siebe plc ............................ 34,894 130,905
Slough Estates plc ................... 2,760 15,281
Smith & Nephew plc ................... 5,814 21,459
SmithKline Beecham plc ............... 62,193 813,786
Smiths Industries plc ................ 3,461 45,025
Stagecoach Holdings plc .............. 9,196 10,155
Tate Lyle ORD plc .................... 3,654 18,240
Taylor Woodward plc .................. 3,250 7,522
Tesco plc ............................ 75,094 233,437
Thames Water plc ..................... 4,702 60,814
The Sage Group plc ................... 15,086 122,090
TI Group plc ......................... 4,346 23,667
Unilever plc ......................... 34,679 209,836
United Utilities plc ................. 4,135 40,908
Vodafone AirTouch plc ................ 651,524 2,631,445
Williams plc ......................... 9,134 53,195
Wolseley plc ......................... 4,791 25,728
WPP Group plc ........................ 8,342 121,773
------------
20,574,324
------------
TOTAL COMMON STOCKS (84.8%)
(Cost $89,322,683) ................. 103,871,056
------------
PREFERRED STOCK:
AUSTRALIA (0.2%)
News Corp., Ltd. ..................... 23,781 286,407
------------
GERMANY (0.3%)
RWE AG ............................... 700 19,028
SAP AG (Non Voting) .................. 1,500 280,130
Volkswagen AG ........................ 500 11,875
------------
311,033
------------
TOTAL PREFERRED STOCK (0.5%)
(Cost $485,766) .................... 597,440
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------- --------------
<S> <C> <C>
SHORT-TERM DEBT
SECURITIES:
TIME DEPOSIT (11.6%)
Chase Nassau
6.26%, 07/03/00 ...................... $14,243,251 $ 14,243,251
------------
U.S. GOVERNMENT (0.1%)
U.S. Treasury Bill
7/13/00 .............................. 175,000 174,753
------------
TOTAL SHORT-TERM DEBT SECURITIES (11.7%)
(Amortized Cost $14,417,933) ......... 14,418,004
------------
TOTAL INVESTMENTS (97.0%)
(Cost/Amortized Cost
$104,226,382) ........................ 118,886,500
OTHER ASSETS
LESS LIABILITIES (3.0%) .............. 3,675,133
------------
NET ASSETS (100.0%) .................... $122,561,633
============
</TABLE>
--------------------------------------------------------------------------------
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Common Stocks
<TABLE>
<S> <C> <C>
Basic Materials ................. 2.9 %
Business Services ............... 4.1
Capital Goods ................... 4.0
Consumer Cyclicals .............. 10.2
Consumer Non-Cyclicals .......... 14.6
Credit Sensitive
Banks ......................... 12.5
Financial Services ............ 2.8
Insurance ..................... 5.3
Real Estate ................... 1.1
Utility--Electric ............. 2.0
Utility--Gas .................. 0.8
Utility--Telephone ............ 5.5 30.0
----
Diversified ..................... 4.9
Energy .......................... 6.7
Technology ...................... 22.6
----
100.0 %
=======
</TABLE>
---------------------
* Non-income producing.
Glossary:
RNC--Risparmio Non-Convertible Savings Shares
106
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
At June 30, 2000, the portfolio had the following futures contracts open: (Note
1)
<TABLE>
<CAPTION>
UNREALIZED
NO. OF EXPIRATION ORIGINAL VALUE AT APPRECIATION
PURCHASES: CONTRACTS DATE VALUE 06/30/00 (DEPRECIATION)
-------------------------------------- ----------- -------------- ------------ ------------ ---------------
<S> <C> <C> <C> <C> <C>
Australia All Ordinary Index ......... 9 September-00 $ 425,788 $ 444,677 $ 18,889
CAC 40 Index ......................... 50 September-00 3,137,492 3,070,842 (66,650)
German DAX Index ..................... 15 September-00 2,571,374 2,485,084 (86,290)
Hang Seng Index ...................... 4 July-00 417,233 415,698 (1,535)
IBEX Plus Index ...................... 3 July-00 302,718 307,332 4,614
Milan MIB 30 Index ................... 3 September-00 665,713 668,826 3,113
Nikkei 300 Index ..................... 11 September-00 322,282 326,930 4,648
Nikkei 225 Index ..................... 30 September-00 2,579,680 2,628,000 48,320
TOPIX Index .......................... 4 September-00 603,023 615,886 12,863
Financial Times 100 Index ............ 52 September-00 5,151,039 5,016,962 (134,077)
----------
$ (196,105)
==========
</TABLE>
At June 30, 2000, the portfolio had outstanding foreign currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 8/10/00 .......... 1,873 $2,811,000 $2,835,834 $ 24,834
European Union, expiring 8/10/00 ......... 7,640 7,235,000 7,306,237 71,237
Japanese Yen, expiring 8/10/00 ........... 508,835 4,864,000 6,431,708 (33,875)
FOREIGN CURRENCY SELL CONTRACTS
European Union, expiring 8/10/00 ......... 3,497 3,315,000 3,343,950 (28,950)
British Pound, expiring 8/10/00 .......... 779 1,178,000 1,179,712 (1,712)
Japanese Yen, expiring 8/10/00 ........... 200,983 1,919,000 1,907,830 11,170
---------
$ 42,704
=========
</TABLE>
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $25,354,560
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 1,060,055
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 20,315,168
Aggregate gross unrealized depreciation ......... (5,655,050)
------------
Net unrealized appreciation ..................... $ 14,660,118
============
Federal income tax cost of investments .......... $104,226,382
============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$9,472,519, which was secured by collateral of $10,105,976 of which $633,457
was in the form of U.S. Government securities.
See Notes to Financial Statements.
107
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (3.4%)
CHEMICALS (0.3%)
Dionex Corp.* ........................... 2,000 $ 53,500
Geon Co. ................................ 1,700 31,450
Georgia Gulf Corp. ...................... 2,900 60,356
Octel Corp.* ............................ 600 4,688
Spartech Corp. .......................... 1,100 29,700
Stepan Co. .............................. 300 6,975
Wellman, Inc. ........................... 2,400 38,850
-----------
225,519
-----------
CHEMICALS--SPECIALTY (1.2%)
A. Schulman, Inc. ....................... 3,200 38,600
Airgas, Inc.* ........................... 4,300 24,456
Albemarle Corp. ......................... 1,940 38,315
Arch Chemicals, Inc. .................... 1,800 39,375
Bush Boake Allen, Inc.* ................. 300 13,125
Cambrex Corp. ........................... 1,800 81,000
ChemFirst, Inc. ......................... 1,100 26,538
Crompton Corp. .......................... 8,465 103,696
Cytec Industries, Inc.* ................. 3,600 88,875
Ethyl Corp. ............................. 4,800 12,000
Ferro Corp. ............................. 2,500 52,500
H.B. Fuller Co. ......................... 1,400 63,787
International Specialty Products,
Inc. .................................. 500 2,844
Lilly Industries, Inc., Class A ......... 1,700 51,106
M.A. Hanna Co. .......................... 3,400 30,600
MacDermid, Inc. ......................... 1,100 25,850
Minerals Technologies, Inc. ............. 1,700 78,200
NCH Corp. ............................... 400 14,475
NL Industries, Inc. ..................... 1,300 19,825
OM Group, Inc. .......................... 2,200 96,800
Omnova Solutions Inc .................... 1,900 11,875
Terra Industries, Inc. .................. 1,200 1,275
U.S. Plastic Lumber Co.* ................ 3,200 14,100
W.R. Grace & Co.* ....................... 5,000 60,625
-----------
989,842
-----------
METALS & MINING (0.8%)
Alltrista Corp.* ........................ 600 12,825
Battle Mountain Gold Co. ................ 14,700 32,156
Castle (A.M) & Co. ...................... 600 4,988
Cleveland-Cliffs, Inc. .................. 1,200 30,975
Commercial Metals Co. ................... 800 22,000
Intermet Corp. .......................... 1,800 12,375
Kaiser Aluminum* ........................ 1,500 6,000
Lawson Products, Inc. ................... 300 7,388
MAXXAM, Inc.* ........................... 200 3,550
MDU Resources Group, Inc. ............... 4,200 90,825
Mueller Industries, Inc.* ............... 2,700 75,600
RTI International Metals, Inc.* ......... 700 7,963
Southern Peru Copper Corp. .............. 1,600 19,500
Stillwater Mining Co.* .................. 2,900 80,837
Timken Co. .............................. 4,800 89,400
Titanium Metals Corp. ................... 1,500 7,031
USEC, Inc. .............................. 10,000 46,250
Wolverine Tube, Inc.* ................... 600 10,200
Worthington Industries, Inc. ............ 7,300 76,650
-----------
636,513
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
PAPER (0.6%)
Buckeye Technologies, Inc.* ............. 1,800 $ 39,487
Caraustar Industries, Inc. .............. 1,900 28,737
Champion Enterprises, Inc.* ............. 2,500 12,188
Chesapeake Corp. ........................ 1,800 53,325
Ivex Packaging Corp.* ................... 2,600 28,925
Longview Fibre, Co. ..................... 4,400 48,675
P. H. Glatfelter Co. .................... 1,800 18,338
Potlatch Corp. .......................... 2,200 72,875
Rayonier, Inc. .......................... 2,400 86,100
Rock-Tenn Co., Class A .................. 700 5,994
Schweitzer-Mauduit
International, Inc. ................... 1,000 12,500
Wausau-Mosinee Paper Corp. .............. 3,800 32,537
-----------
439,681
-----------
STEEL (0.5%)
Bethlehem Steel Corp.* .................. 10,709 38,151
Carpenter Technology Corp. .............. 1,400 29,575
Gibraltar Steel Corp. ................... 400 5,600
Lone Star Technologies, Inc.* ........... 2,100 97,125
LTV Corp. ............................... 10,800 31,050
Maverick Tube Corp.* .................... 1,800 52,425
National Steel Corp., Class B ........... 1,000 4,188
Oregon Steel Mills, Inc. ................ 1,200 2,325
Quanex Corp. ............................ 900 13,388
Reliance Steel & Aluminum Co. 1,500 28,687
Rouge Industries, Inc., Class A ......... 1,000 3,000
Ryerson Tull, Inc. ...................... 1,096 11,371
Steel Dynamics, Inc.* ................... 4,200 38,062
Valmont Industries ...................... 1,100 21,862
-----------
376,809
-----------
TOTAL BASIC MATERIALS ................. 2,668,364
-----------
BUSINESS SERVICES (8.6%)
ENVIRONMENTAL CONTROL (0.9%)
AgriBioTech, Inc.* ...................... 4,500 113
American States Water Co.* .............. 400 11,900
Cadiz, Inc.* ............................ 2,000 16,000
Calgon Carbon Corp. ..................... 2,000 15,500
California Water Service Group .......... 600 14,550
Casella Waste Systems, Inc.* ............ 800 8,600
Cataytica, Inc.* ........................ 5,500 60,500
CCC Information Services
Group* ................................ 1,900 20,187
CLARCOR, Inc. ........................... 1,650 32,794
Donaldson Co., Inc. ..................... 2,900 57,275
E'Town Corp. ............................ 900 59,794
IMCO Recycling, Inc. .................... 700 3,806
Ionics, Inc.* ........................... 1,200 36,750
IT Group, Inc.* ......................... 1,300 6,338
Mine Saftey Appliances Co. .............. 600 14,400
Mississippi Chemical Corp. .............. 1,500 7,125
ONEOK, Inc. ............................. 2,600 67,437
Philadelphia Suburban Corp. ............. 2,800 57,400
Rollins, Inc. ........................... 1,800 26,775
Stericycle, Inc.* ....................... 1,500 36,000
Tejon Ranch Co. ......................... 700 15,794
Tetra Tech, Inc.* ....................... 2,912 66,612
Thermo Ecotek Corp.* .................... 1,100 10,312
US Liquids, Inc.* ....................... 1,500 8,250
</TABLE>
108
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Waste Connections, Inc.* ............. 1,200 $ 23,700
Waste Industries, Inc.* .............. 500 5,375
-----------
683,287
-----------
PRINTING, PUBLISHING, BROADCASTING (2.7%)
Ackerely group, Inc. ................. 1,100 12,925
ACTV, Inc.* .......................... 3,000 44,812
Analysts International Corp. ......... 2,600 24,213
Autobytel.com, Inc.* ................. 1,300 8,003
Banta Corp. .......................... 1,500 28,406
Bowne & Co. .......................... 2,700 27,169
Citadel Communications Corp.*......... 2,000 69,875
Consolidated Graphics, Inc.* ......... 1,200 11,250
Cumulus Media, Inc., Class A* ........ 1,900 17,338
Direct Focus, Inc.* .................. 1,000 49,000
E4L, Inc.* ........................... 1,300 1,056
Emmis Broadcasting Corp.,
Class A* ........................... 3,400 140,675
Entercom Communications Corp. 1,800 87,750
Gaylord Entertainment Co. ............ 1,200 25,800
Gray Communication System ............ 600 5,888
Grey Advertising, Inc. ............... 40 20,800
HA-LO Industries, Inc.* .............. 2,800 15,750
IDG Books Worldwide, Inc.* ........... 600 5,438
Information Holdings, Inc. ........... 700 25,900
Journal Register Co.* ................ 3,000 54,750
Lee Enterprises, Inc. ................ 3,100 72,269
Macrovision Corp. .................... 2,300 147,020
Mail-Well, Inc.* ..................... 2,200 18,975
MessageMedia, Inc.* .................. 2,200 7,700
On Command Corp.* .................... 800 11,400
Paxson Communications Corp.*.......... 1,700 13,600
Pegasus Communications Corp.*......... 2,100 103,031
Penton Media, Inc. ................... 1,900 66,500
Playboy Enterprises, Inc.,
Class B* ........................... 1,300 16,738
Pulitzer, Inc. ....................... 300 12,656
R.H. Donnelly Corp.* ................. 2,400 46,500
Radio One, Inc. ...................... 2,000 44,125
Radio One, Inc.* ..................... 1,000 29,562
Saga Communications, Inc. ............ 400 8,800
Scholastic Corp.* .................... 1,200 73,350
Sinclair Broadcast Group, Inc.* ...... 2,800 30,800
Sirius Satellite Radio, Inc.* ........ 2,100 93,056
Source Media, Inc.* .................. 1,700 6,641
Standard Register Co. ................ 1,100 15,675
True North Communications ............ 3,700 162,800
United Television, Inc. .............. 300 38,625
Valley Media, Inc.* .................. 1,100 3,850
Value Line, Inc. ..................... 100 3,850
Valuevision Intl, Inc., Class A* ..... 2,800 67,200
Westwood One, Inc.* .................. 5,900 201,337
Young Broadcasting Corp.,
Class A* ........................... 1,200 30,825
Youthstream Media Networks,
Inc. ............................... 2,100 11,813
Zebra Technologies Corp.,
Class A* ........................... 2,100 93,056
Ziff-Davis, Inc.--ZDNet* ............. 1,100 9,900
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Ziff-Davis, Inc.* .................... 1,900 $ 17,100
Zomax, Inc.* ......................... 2,300 30,187
-----------
2,165,739
-----------
PROFESSIONAL SERVICES (3.8%)
ABM Industries, Inc. ................. 1,100 25,300
Administaff, Inc.* ................... 900 57,150
ADVO, Inc.* .......................... 1,300 54,600
AHL Services, Inc.* .................. 1,200 7,350
Albany Molecular Research,
Inc.* .............................. 700 38,106
Alexander & Baldwin, Inc. ............ 3,300 72,806
Alterra Healthcare Corp.* ............ 1,300 2,600
American Retirement Corp.* ........... 1,600 8,900
AnswerThink Consulting Group,
Inc.* .............................. 2,700 44,887
Applied Graphics Technologies,
Inc.* .............................. 2,560 10,880
Bacou USA, Inc.* ..................... 300 6,000
Berlitz International, Inc.* ......... 400 3,600
Billing Concepts Corp.* .............. 2,500 11,094
Bright Horizons Family
Solutions, Inc.* ................... 1,100 23,512
Brightpoint, Inc.* ................... 3,800 32,894
Burns International Services
Corp.* ............................. 1,200 15,000
CACI International, Inc.,
Class A* ........................... 1,200 23,400
Cambridge Tech Partners, Inc.* ....... 3,700 32,259
Career Education Corp.* .............. 500 24,250
Careerbuilder, Inc. .................. 1,100 3,644
CDI Corp.* ........................... 900 18,338
Century Business Services, Inc.*...... 5,000 9,688
Cerner Corp.* ........................ 2,000 54,500
Charles River Associates, Inc.* ...... 1,300 22,913
Circle International Group, Inc. ..... 1,700 42,712
Computer Horizons Corp.* ............. 2,200 29,562
Concord Communications, Inc.*......... 1,100 43,862
Cornell Corrections, Inc.* ........... 900 7,200
Corporate Executive Board Co.*........ 700 41,912
Cotelligent, Inc.* ................... 1,400 7,963
Coventry Health Care, Inc.* .......... 4,100 54,645
Crawford & Co., Class B .............. 2,300 25,300
Diamond Technology Partners,
Inc.* .............................. 1,000 88,000
Documentum, Inc.* .................... 1,100 98,312
Dollar Thrifty Automotive
Group, Inc.* ....................... 1,900 35,031
Education Management Corp.* .......... 1,700 30,706
Encompass Services Corp. ............. 1,966 11,305
F.Y.I., Inc.* ........................ 1,400 47,162
First Consulting Group, Inc.* ........ 1,600 8,900
Fisher Scientific International,
Inc.* .............................. 3,000 74,250
Forrester Research, Inc.* ............ 600 43,687
Franklin Covey Co.* .................. 2,300 15,956
General Binding Corp. ................ 300 2,006
Getty Images, Inc.* .................. 2,800 103,775
Heidrick & Struggles, Inc.* .......... 1,600 101,000
Interim Services, Inc.* .............. 4,180 74,195
</TABLE>
109
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
ITT Educational Services, Inc.* ..... 1,400 $ 24,587
Kelly Services, Inc., Class A ....... 1,200 27,750
kforce.com, Inc. .................... 2,840 19,703
Korn/Ferry International* ........... 1,600 50,700
Kroll-O'Gara Co.* ................... 1,200 8,025
Labor Ready, Inc.* .................. 2,250 14,906
Landauer, Inc. ...................... 400 6,225
Lason, Inc.* ........................ 3,900 9,750
Learning Tree International,
Inc.* ............................. 1,100 67,375
Marketing Services Group, Inc.*...... 1,200 5,325
Marketwatch.com Inc. ................ 100 1,881
Maximus, Inc.* ...................... 800 17,700
MemberWorks, Inc.* .................. 1,000 33,625
Modem Media Poppe Tyson Inc. 1,000 12,438
Multex.com, Inc.* ................... 900 22,669
Navigant Consulting Co.* ............ 2,550 10,838
NCO Group, Inc.* .................... 700 16,188
Nextera Enterprises LLC* ............ 1,300 6,216
Ogden Corp. ......................... 3,400 30,600
On Assignment, Inc.* ................ 2,100 64,050
Pegasystems, Inc.* .................. 1,900 9,500
Per-Se Technologies, Inc.* .......... 2,866 26,869
Personnel Group of America,
Inc.* ............................. 2,300 6,756
Pharmaceutical Product
Development, Inc.* ................ 1,700 35,700
Pittston Brink's Group .............. 3,472 47,523
PrePaid Legal Services, Inc.* ....... 1,400 41,825
Primark Corp. ....................... 1,400 52,150
ProBusiness Services, Inc.* ......... 950 25,234
Professional Detailing, Inc.* ....... 600 20,438
Profit Recovery Group
International, Inc.* .............. 2,600 43,225
Provant, Inc. ....................... 1,700 9,563
Razorfish, Inc.* .................... 924 14,842
Renaissance Worldwide, Inc.* ........ 1,600 2,500
Rent-Way, Inc.* ..................... 1,400 40,862
School Specialty, Inc.* ............. 1,900 35,269
SCM Microsystems, Inc.* ............. 900 54,506
Seitel, Inc.* ....................... 2,500 20,313
SITEL Corp.* ........................ 2,900 14,319
Staff Leasing, Inc.* ................ 1,300 4,631
StaffMark, Inc.* .................... 1,600 10,700
Startek, Inc.* ...................... 500 25,187
Strayer Education, Inc. ............. 800 19,200
Superior Consultant Holdings
Corp.* ............................ 900 4,275
Sybase, Inc.* ....................... 6,700 154,100
Technology Solutions Co.* ........... 3,050 18,872
TeleTech Holdings, Inc.* ............ 2,100 65,231
URS Corp.* .......................... 900 13,725
US Office Products Co.* ............. 2,700 1,013
Veritas DGC, Inc.* .................. 1,900 49,400
Visual Networks, Inc.* .............. 2,200 62,700
Volt Infomation Sciences, Inc.* ..... 500 16,469
Wackenhut Corp., Class A ............ 600 7,763
Wackenhut Corrections Corp.* ........ 500 3,750
Wallace Computer Services, Inc. ..... 2,800 27,650
Xceed, Inc.* ........................ 1,600 14,600
-----------
3,042,323
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
TRUCKING, SHIPPING (1.2%)
Airborne Freight Corp. .............. 3,500 $ 66,281
AMERCO* ............................. 400 8,000
American Freightways Corp.* ......... 2,300 33,350
Arnold Industries, Inc. ............. 1,600 19,300
C.H. Robinson Worldwide, Inc. ....... 3,100 153,450
Consolidated Freightways Corp.*...... 2,700 10,969
EGL, Inc. ........................... 1,300 39,975
Forward Air Corp.* .................. 1,500 60,000
Fritz Cos., Inc.* ................... 1,300 13,406
Heartland Express, Inc.* ............ 1,500 25,031
HUB Group, Inc. ..................... 100 1,494
Iron Mountain, Inc. ................. 2,380 80,920
J.B. Hunt Transport Services, Inc. 1,900 29,331
Kirby Corp.* ........................ 1,675 35,594
Knight Transportation, Inc.* ........ 350 5,097
Landstar Systems, Inc.* ............. 900 53,606
M.S. Carriers, Inc.* ................ 500 8,813
OMI Corp.* .......................... 400 2,175
Overseas Shipholding Group, Inc. 1,700 41,863
Roadway Express, Inc. ............... 1,100 25,781
Swift Transportation Co., Inc.* ..... 2,550 35,700
USFreightways Corp. ................. 1,900 46,669
Werner Enterprises, Inc. ............ 2,100 24,281
Wisconsin Central Transport
Corp.* ............................ 5,000 65,000
XTRA Corp.* ......................... 900 35,494
Yellow Corp.* ....................... 2,500 36,875
-----------
958,455
-----------
TOTAL BUSINESS SERVICES ........... 6,849,804
-----------
CAPITAL GOODS (10.6%)
AEROSPACE (0.8%)
AAR Corp. ........................... 1,950 23,400
Aeroflex, Inc.* ..................... 1,600 79,500
BE Aerospace, Inc.* ................. 2,800 19,250
Curtiss-Wright Corp. ................ 400 14,875
Cymer, Inc.* ........................ 2,100 100,275
Fairchild Corp.* .................... 2,646 12,899
GenCorp, Inc. ....................... 2,300 18,400
Heico Corp. ......................... 100 1,425
Hexcel Corp.* ....................... 700 6,650
Kaman Corp., Class A ................ 1,900 20,306
Kellstrom Industries, Inc.* ......... 2,000 9,250
Moog, Inc., Class A* ................ 200 5,275
Orbital Sciences Corp.* ............. 2,700 32,906
Primex Technologies Inc. ............ 600 13,200
REMEC, Inc.* ........................ 2,100 87,938
Scott Technologies, Inc.* ........... 800 13,750
Titan Corp.* ........................ 3,800 170,050
-----------
629,349
-----------
BUILDING & CONSTRUCTION (1.4%)
A.O. Smith Corp. .................... 1,450 30,359
Butler Manufacturing Co. ............ 300 5,100
Coachman Industries, Inc. ........... 1,500 17,250
Crossmann Communities, Inc.* ........ 300 4,950
Dal-Tile International, Inc.* ....... 3,700 30,525
Del Webb Corp.* ..................... 1,000 15,313
Dycom Industries, Inc.* ............. 3,050 140,300
Elcor Corp. ......................... 1,900 43,700
</TABLE>
110
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Fairfield Communities, Inc.* ........ 4,200 $ 33,075
Fleetwood Enterprises, Inc. ......... 3,100 44,175
Foster Wheeler Corp. ................ 4,400 37,950
Granite Construction, Inc. .......... 1,300 31,850
Insituform Technologies* ............ 1,900 51,538
Integrated Electrical Services,
Inc.* ............................. 2,200 11,275
Jacobs Engineering Group, Inc.*...... 1,800 58,837
Kaufman and Broad Home Corp. 4,000 79,250
M.D.C. Holdings, Inc. ............... 1,500 27,938
Morrison Knudsen Corp.* ............. 2,000 14,500
National R.V. Holdings, Inc.* ....... 1,200 12,600
NCI Building Systems, Inc.* ......... 1,300 26,325
Newport News Shipbuilding, Inc. 2,600 95,550
Nortek, Inc.* ....................... 500 9,875
Palm Harbor Homes, Inc.* ............ 1,500 21,750
Pitt-Des Moines Inc. ................ 100 1,900
Pulte Corp. ......................... 3,100 67,037
Republic Group, Inc. ................ 500 4,500
Simpson Manufacturing Co.,
Inc.* ............................. 500 23,906
Standard Pacific Corp. .............. 2,000 20,000
Thomas Industries, Inc. ............. 1,200 21,225
Thor Industries, Inc. ............... 600 12,600
Toll Brothers, Inc.* ................ 1,400 28,700
Trex Company, Inc. .................. 300 15,000
Walter Industries, Inc. ............. 3,100 35,456
Watts Industries, Inc., Class A ..... 1,000 12,625
-----------
1,086,934
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (0.6%)
Apogee Enterprises, Inc. ............ 4,800 16,950
Centex Construction Products,
Inc. .............................. 500 11,344
Deltic Timber Corp. ................. 900 19,237
Fedders Corp. ....................... 1,500 8,719
Florida Rock Industries, Inc. ....... 1,300 46,312
Griffon Corp.* ...................... 2,000 11,125
HomeBase, Inc.* ..................... 2,600 4,063
Hughes Supply, Inc. ................. 1,800 35,550
Kaydon Corp. ........................ 2,800 58,800
LSI Industries, Inc. ................ 600 9,113
Modine Manufacturing Co. ............ 1,400 37,800
Park Electrochemical Corp. .......... 1,000 36,062
Sturm Ruger & Co., Inc. ............. 1,900 16,862
Texas Industries, Inc. .............. 1,600 46,200
The Scotts Co.* ..................... 1,800 65,700
Toro Co. ............................ 1,300 42,819
Tractor Supply Co.* ................. 700 11,594
Universal Forest Products, Inc. ..... 900 12,375
-----------
490,625
-----------
ELECTRICAL EQUIPMENT (5.6%)
ADTRAN, Inc.* ....................... 1,700 101,787
Advanced Energy Industries,
Inc.* ............................. 1,000 58,937
AMETEK, Inc. ........................ 2,300 40,250
Applica Incorporated ................ 2,000 22,625
Applied Power, Inc., Class A ........ 3,140 105,190
Arctic Cat, Inc. .................... 900 10,688
Barnes Group, Inc. .................. 1,000 16,313
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Belden, Inc. ........................ 1,700 $ 43,563
Benchmark Electronics, Inc.* ........ 1,200 43,875
Brooks Automation, Inc.* ............ 800 51,150
Comfort Systems USA, Inc.* .......... 1,600 6,400
Credence Systems Corp.* ............. 3,300 182,119
Cypress Semiconductor Corp.* ........ 8,700 367,575
Dallas Semiconductor Corp. .......... 4,600 187,450
Electro Rent Corp.* ................. 700 8,575
EMCOR Group, Inc. ................... 1,200 27,825
Esterline Technologies Corp.* ....... 1,500 22,313
Flowserve Corp. ..................... 2,900 43,681
Franklin Electric Co., Inc. ......... 400 27,100
General Semiconductor, Inc.* ........ 2,900 42,775
Genlyte Group, Inc.* ................ 1,000 21,063
Harman International Industries,
Inc. .............................. 1,400 85,400
Harmon Industries, Inc. ............. 1,000 13,250
IGEN International, Inc.* ........... 1,300 21,531
Kulicke & Soffa Industries* ......... 1,800 106,875
Lam Research Corp.* ................. 9,900 371,250
Mentor Graphics Corp.* .............. 5,000 99,375
Methode Electronics, Inc.,
Class A ........................... 2,700 104,287
Mettler-Toledo International,
Inc.* ............................. 3,400 136,000
MMC Networks, Inc.* ................. 2,400 128,250
Pioneer-Standard Electronics ........ 2,600 38,350
Plexus Corp.* ....................... 1,400 158,200
Power Integrations, Inc.* ........... 1,500 35,344
Power-One, Inc.* .................... 1,800 205,087
Powerwave Technologies, Inc.* ....... 3,400 149,600
Rayovac Corp.* ...................... 1,900 42,513
RPC, Inc. ........................... 600 6,338
Sanmina Corp.* ...................... 1,540 131,670
Sawtek, Inc.* ....................... 1,800 103,612
Semtech Corp.* ...................... 2,400 183,563
Silicon Valley Group, Inc.* ......... 3,000 77,625
Siliconix, Inc.* .................... 600 40,500
SIPEX Corp.* ........................ 2,100 58,144
Stoneridge, Inc. .................... 600 5,250
TranSwitch Corp.* ................... 3,250 250,859
Triquint Semiconductor, Inc.* ....... 2,400 229,650
UCAR International, Inc.* ........... 4,200 54,862
Veeco Instruments, Inc.* ............ 900 65,925
Vicor Corp.* ........................ 1,800 62,662
Watsco, Inc. ........................ 1,400 17,500
-----------
4,414,726
-----------
ELECTRONICS (0.2%)
Electroglas, Inc.* .................. 2,000 43,000
Sensormatics Electronics Corp.*...... 5,400 85,387
Ultratech Stepper, Inc.* ............ 2,300 34,213
UNOVA, Inc.* ........................ 3,000 21,938
-----------
184,538
-----------
MACHINERY (2.0%)
Agco Corp. .......................... 4,000 49,000
Albany International Corp.* ......... 1,550 22,475
Anchor Gaming* ...................... 900 43,144
Applied Industrial Technologies,
Inc. .............................. 1,400 22,925
Astec Industries, Inc.* ............. 1,500 38,062
</TABLE>
111
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Asyst Technologies, Inc.* .......... 2,200 $ 75,350
Baldor Electric Co. ................ 2,500 46,562
Chart Industries, Inc. ............. 2,050 9,994
CMI Corp., Class A ................. 1,700 5,950
Cognex Corp.* ...................... 3,100 160,425
Columbus McKinnon Corp. ............ 1,100 15,263
Gardner Denver, Inc.* .............. 800 14,300
Graco, Inc. ........................ 1,250 40,625
IDEX Corp. ......................... 2,100 66,281
Imation, Corp.* .................... 3,100 91,062
JLG Industries, Inc. ............... 2,800 33,250
Kennametal, Inc. ................... 2,400 51,450
L.S. Starrett Co., Class A ......... 400 7,000
Lincoln Electric Holdings .......... 2,700 38,475
Lindsay Manufacturing Co. .......... 750 14,719
MagneTek, Inc.* .................... 2,600 20,800
Manitowoc Co., Inc. ................ 1,900 50,825
MascoTech, Inc. .................... 2,600 28,112
Milacron, Inc. ..................... 2,900 42,050
NACCO Industries, Inc.,
Class A .......................... 400 14,050
National Oilwell, Inc.* ............ 4,003 131,602
NationsRent, Inc.* ................. 2,200 8,388
Nordson Corp. ...................... 1,000 50,625
Presstek, Inc.* .................... 2,600 42,412
PRI Automation, Inc.* .............. 1,700 111,164
Regal-Beloit Corp. ................. 1,400 22,313
Robbins & Myers, Inc. .............. 400 9,125
Sequa Corp., Class A* .............. 800 30,550
Specialty Equipment Cos., Inc.*..... 700 18,988
Speedfam-Ipec, Inc.* ............... 1,781 32,392
Stewart & Stevenson Services,
Inc. ............................. 2,500 37,656
Tennant Co. ........................ 600 22,500
Terex Corp.* ....................... 1,800 25,425
Thermo Fibertek, Inc.* ............. 1,300 6,175
Woodward Governor Co. .............. 400 11,325
-----------
1,562,789
-----------
TOTAL CAPITAL GOODS .............. 8,368,961
-----------
CONSUMER CYCLICALS (8.2%)
AIRLINES (0.5%)
AirTran Holdings, Inc.* ............ 6,700 27,847
Alaska Air Group, Inc.* ............ 1,600 43,400
America West Holdings Corp.* ....... 2,300 39,387
Amtran, Inc.* ...................... 500 6,219
Atlantic Coast Airlines
Holdings* ........................ 1,000 31,750
Atlas Air, Inc.* ................... 900 32,287
Aviall, Inc.* ...................... 1,300 6,419
Aviation Sales Co.* ................ 2,100 12,994
Frontier Airlines, Inc.* ........... 2,200 31,487
Mesa Air Group, inc. ............... 900 4,978
Mesaba Holdings, Inc.* ............. 1,800 17,213
Midwest Express Holdings, Inc.*..... 1,150 24,725
SkyWest, Inc. ...................... 1,700 63,006
Trans World Airlines, Inc.* ........ 2,900 6,344
-----------
348,056
-----------
APPAREL & TEXTILES (1.3%)
Brown Shoe Company, Inc. ........... 1,300 16,900
Buckle, Inc.* ...................... 300 3,525
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Burlington Coat Factory
Warehouse Corp. .................. 1,000 $ 10,813
Burlington Industries, Inc.* ....... 4,500 7,594
Cato Corp., Class A ................ 2,100 24,412
Charming Shoppes, Inc.* ............ 8,500 43,297
Chico's FAS, Inc.* ................. 1,500 30,000
Collins & Aikman Corp. ............. 3,500 18,156
Columbia Sportswear Co.* ........... 400 10,750
Dan River, Inc.* ................... 900 4,275
Donna Karan International,
Inc.* ............................ 700 4,463
Dress Barn, Inc.* .................. 1,700 37,612
Enesco Group, Inc. ................. 700 3,325
Finish Line, Inc., Class A* ........ 2,100 17,194
Footstar, Inc.* .................... 1,300 43,225
G&K Services, Inc., Class A ........ 2,100 52,631
Genesco, Inc.* ..................... 1,400 22,488
Goody's Family Clothing, Inc.* ..... 1,500 8,250
Guess ?, Inc.* ..................... 1,000 14,000
Guilford Mills, Inc. ............... 800 3,400
Gymboree Corp.* .................... 2,300 6,900
Interface, Inc. .................... 3,700 14,106
Just For Feet, Inc.* ............... 1,100 28
K-Swiss, Inc. ...................... 1,100 17,531
Kellwood Co. ....................... 1,800 38,025
Michaels Stores, Inc.* ............. 2,400 109,950
Nautica Enterprises, Inc.* ......... 3,200 34,200
OshKosh B'Gosh, Inc. ............... 620 10,153
Oxford Industries, Inc. ............ 300 5,400
Pacific Sunwear of California,
Inc.* ............................ 1,950 36,562
Phillips-Van Heusen Corp. .......... 1,500 14,250
Polymer Group, Inc. ................ 2,300 21,275
Quicksilver, Inc.* ................. 1,300 20,231
Reebok International Ltd.* ......... 4,100 65,344
Russell Corp. ...................... 1,700 34,000
Shoe Carnival, Inc.* ............... 900 5,625
Stein Mart, Inc.* .................. 1,900 19,475
Stride Rite Corp. .................. 3,800 23,275
Talbots, Inc. ...................... 900 49,444
Tarrant Apparel Group* ............. 500 4,469
Timberland Co., Class A* ........... 900 63,731
Unifi, Inc.* ....................... 3,900 48,262
Unifirst Corp. ..................... 400 3,150
United Retail Group, Inc.* ......... 1,200 10,200
Urban Outfitters, Inc. ............. 300 2,644
Wet Seal, Inc., Class A* ........... 800 10,500
-----------
1,045,040
-----------
AUTO RELATED (1.1%)
Action Performance Cos., Inc.* ..... 2,000 14,500
Aftermarket Technology Corp.*....... 1,000 8,500
Arvin Industries, Inc. ............. 2,600 45,175
Autoweb.com Inc. ................... 1,500 3,188
Avis Rent a Car, Inc.* ............. 1,800 33,750
Bandag, Inc. ....................... 800 19,400
Budget Group, Inc.* ................ 1,700 7,012
Carey International, Inc. .......... 1,600 22,200
CSK Auto Corp.* .................... 1,200 9,075
Detroit Diesel Corp. ............... 400 5,900
Discount Auto Parts, Inc.* ......... 900 9,000
Dura Automotive Systems, Inc.*...... 1,800 19,462
</TABLE>
112
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Exide Corp. ............................................................ 2,200 $ 17,600
Hayes Lemmerz International,
Inc.* ................................................................ 1,000 12,062
International Speedway Corp.,
Class A .............................................................. 1 41
Keystone Automotive Industries,
Inc.* ................................................................ 2,100 14,569
Littelfuse, Inc.* ...................................................... 1,900 93,100
Mark IV Industries, Inc. ............................................... 4,100 85,587
McGrath Rentcorp ....................................................... 1,000 17,000
Midas, Inc. ............................................................ 1,100 22,000
Miller Industries, Inc.* ............................................... 1,900 3,444
Monaco Coach Corp.* .................................................... 1,000 13,625
National Equipment Services* ........................................... 1,000 6,000
Neff Corp. ............................................................. 200 763
O'Reilly Automotive, Inc.* ............................................. 2,300 31,912
Pennzoil-Quaker State Co. .............................................. 7,200 86,850
Pep Boys Manny Moe & Jack .............................................. 3,400 20,400
Precision Castparts Corp. .............................................. 2,100 95,025
Rollins Truck Leasing Corp. ............................................ 3,350 23,241
Sauer, Inc. ............................................................ 600 5,925
Simpson Industries ..................................................... 600 4,519
Skyline Corp. .......................................................... 500 10,750
Standard Motor Products, Inc. .......................................... 400 3,400
Superior Industries International,
Inc. ................................................................. 1,700 43,775
Titan International, Inc. .............................................. 1,600 8,500
Tower Automotive, Inc.* ................................................ 3,400 42,500
United Auto Group, Inc.* ............................................... 1,200 10,950
Westinghouse Air Brake Co. ............................................. 100 1,038
Wynn's International, Inc. ............................................. 800 18,150
-----------
889,888
-----------
AUTOS & TRUCKS (0.2%)
American Axle & Manufacturing
Holdings, Inc. ....................................................... 200 2,838
ASV, Inc.* ............................................................. 900 12,937
Copart, Inc.* .......................................................... 2,900 46,400
Covenant Transport, Inc.,
Class A .............................................................. 200 1,600
Delco Remy International, Inc. ......................................... 700 5,819
Group 1 Automotive, Inc.* .............................................. 700 8,400
Lithia Motors, Inc.* ................................................... 700 9,362
Oshkosh Truck Corp. .................................................... 1,600 57,200
Wabash National Corp. .................................................. 1,200 14,325
-----------
158,881
-----------
FOOD SERVICES, LODGING (1.3%)
Applebee's International, Inc. ......................................... 2,300 69,719
Avado Brands, Inc. ..................................................... 5,000 7,500
Bob Evans Farms, Inc. .................................................. 3,300 49,294
Buffets, Inc.* ......................................................... 3,200 40,600
CBRL Group, Inc. ....................................................... 3,700 54,344
CEC Entertainment, Inc.* ............................................... 1,800 46,125
Cheesecake Factory, Inc.* .............................................. 2,025 55,687
CKE Restaurants, Inc. .................................................. 3,300 9,900
Consolidated Products, Inc.* ........................................... 1,815 16,335
Crestline Capital Corp.* ............................................... 1,100 18,769
Extended Stay America, Inc.* ........................................... 5,500 50,875
IHOP Corp.* ............................................................ 1,500 25,125
Jack in the Box, Inc.* ................................................. 3,100 76,337
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Landry's Seafood Resaurants,
Inc.* ................................................................ 2,100 $ 17,850
Lone Star Steakhouse & Saloon,
Inc.* ................................................................ 3,400 34,425
Marcus Corp. ........................................................... 2,100 25,463
MeriStar Hospitality Corp. ............................................. 3,978 83,538
Morrison Management Specialist,
Inc. ................................................................. 660 18,604
NPC International, Inc.* ............................................... 500 4,484
O'Charley's, Inc.* ..................................................... 1,400 19,075
P.F. Chang's China Bistro, Inc.* ....................................... 500 15,969
Papa John's International, Inc.* ....................................... 1,300 31,850
Prime Hospitality Corp.* ............................................... 4,100 38,694
Rare Hospitality International,
Inc. ................................................................. 1,300 36,725
Ruby Tuesday, Inc. ..................................................... 4,600 57,787
Ryan's Family Steak Houses,
Inc.* ................................................................ 1,900 16,031
Sonic Corp.* ........................................................... 1,300 38,188
Sunterra, Corp.* ....................................................... 5,000
Vail Resorts, Inc.* .................................................... 1,200 19,575
Wyndham International,
Class A* ............................................................. 7,800 19,500
-----------
998,368
-----------
HOUSEHOLD FURNITURE, APPLIANCES (1.0%)
Aaron Rents, Inc. ...................................................... 1,000 12,563
American Woodmark Corp. ................................................ 600 12,300
Basset Furniture Industries, Inc. ...................................... 600 7,575
Bush Industries, Class A ............................................... 200 3,200
Central Garden & Pet Co.* .............................................. 1,600 14,350
Cheap Tickets, Inc.* ................................................... 700 8,400
Cost Plus, Inc.* ....................................................... 1,800 51,637
Department 56, Inc.* ................................................... 1,400 15,400
Ethan Allen Interiors, Inc. ............................................ 3,200 76,800
Furniture Brands International,
Inc.* ................................................................ 4,300 65,037
Haverty Furniture Cos., Inc. ........................................... 1,400 11,900
Heilig-Meyers Co. ...................................................... 5,700 6,769
Insight Enterprises, Inc.* ............................................. 1,500 88,969
Kimball International, Inc.,
Class B .............................................................. 2,200 32,450
La-Z-Boy, Inc. ......................................................... 3,600 50,400
Libbey, Inc. ........................................................... 900 28,913
Mikasa, Inc. ........................................................... 1,200 13,200
National Presto Industries, Inc. ....................................... 300 9,225
Pier 1 Imports, Inc. ................................................... 8,300 80,925
Pillowtex Corp. ........................................................ 1,700 7,225
Rent A Center, Inc.* ................................................... 1,400 31,500
Restoration Hardware, Inc.* ............................................ 1,700 9,350
Salton, Inc.* .......................................................... 900 33,187
SLI, Inc.* ............................................................. 1,150 13,944
Spiegel, Inc., Class A* ................................................ 2,100 17,850
Spring Industries, Inc., Class A ....................................... 1,100 35,406
Sunbeam Corp.* ......................................................... 8,283 28,473
The Bombay Co., Inc.* .................................................. 2,700 7,931
Virco Mfg. Corp. ....................................................... 770 11,358
-----------
786,237
-----------
LEISURE RELATED (1.0%)
AMC Entertainment, Inc.* ............................................... 1,700 8,288
</TABLE>
113
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
AMF Bowling, Inc.* ................... 3,700 $ 694
Argosy Gaming Co.* ................... 2,300 33,062
Aztar Corp.* ......................... 4,000 62,000
Bally Total Fitness Holding
Corp.* ............................. 2,000 50,750
Boca Resorts, Inc.* .................. 1,400 13,825
Boyd Gaming Corp.* ................... 1,800 10,013
Boyds Collection Ltd.* ............... 3,700 31,450
Callaway Golf Co. .................... 5,600 91,350
Carmike Cinemas, Inc., Class A*....... 800 3,100
Championship Auto Racing
Teams, Inc.* ....................... 400 10,200
Churchill Downs, Inc. ................ 300 7,013
Dover Downs Entertainment ............ 500 7,000
Family Golf Centers, Inc.* ........... 2,800 644
GC Cos., Inc.* ....................... 400 8,950
GTECH Holdings Corp.* ................ 2,400 54,450
Jakks Pacific, Inc.* ................. 1,200 17,700
Marvel Enterprises, Inc.* ............ 1,200 7,500
Midway Games, Inc.* .................. 2,059 16,601
ParkerVision, Inc.* .................. 700 35,306
Pegasus Systems, Inc.* ............... 1,550 16,856
Pinnacle Entertainment Inc. .......... 2,200 42,762
Polaris Industries, Inc. ............. 1,500 48,000
Racing Champions Corp.* .............. 2,000 3,375
Scientific Games Holdings
Corp.* ............................. 800 19,650
SCP Pool Corp.* ...................... 1,800 42,300
Station Casinos, Inc.* ............... 2,200 55,000
Steinway Musical Instruments,
Inc.* .............................. 700 11,550
Topps Co. (The)* ..................... 4,700 54,050
Trendwest Resorts, Inc.* ............. 400 6,450
West Marine, Inc.* ................... 900 6,159
WMS Industries, Inc.* ................ 2,600 40,137
-----------
816,185
-----------
PHOTO & OPTICAL (0.3%)
BMC Industries, Inc. ................. 2,000 8,125
CPI Corp. ............................ 700 14,788
Metromedia International Group,
Inc.* .............................. 4,000 19,000
Oakley, Inc.* ........................ 1,400 16,100
Ocular Sciences, Inc.* ............... 1,700 19,975
Polaroid Corp. ....................... 3,000 54,187
Sola International, Inc.* ............ 3,200 15,600
Sunglass Hut International, Inc.*..... 2,600 21,369
Wesley Jessen Visioncare, Inc.* ...... 1,800 67,612
-----------
236,756
-----------
RETAIL--GENERAL (1.5%)
7-Eleven, Inc. ....................... 2,200 30,250
99 Cents Only Stores* ................ 833 33,216
Ames Department Stores, Inc.* ........ 2,300 17,825
AnnTaylor Stores Corp.* .............. 1,400 46,375
BarnesandNoble.com, Inc.* ............ 3,000 19,594
bebe stores, Inc ..................... 700 5,863
Beyond.com Corp.* .................... 2,500 3,359
Borders Group, Inc.* ................. 5,700 88,706
Casey's General Stores, Inc. ......... 4,900 50,837
CDnow, Inc.* ......................... 932 2,883
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
CellStar Corp.* ...................... 2,400 $ 6,675
Children's Place Retail Stores,
Inc.* .............................. 1,000 20,500
Coldwater Creek, Inc.* ............... 600 18,075
CSS Industries, Inc. ................. 300 6,131
Cyberian Outpost, Inc. ............... 1,400 6,738
Daisytek International Corp.* ........ 2,100 19,819
David's Bridal, Inc.* ................ 800 9,250
dELiA*s, Inc.* ....................... 1,000 2,375
Egghead.com, Inc.* ................... 1,391 4,086
Electronics Boutique Holdings
Corp.* ............................. 1,100 18,013
Factory 2-U Stores, Inc.* ............ 1,200 45,375
Fatbrain.com, Inc.* .................. 1,100 7,253
Fossil, Inc.* ........................ 1,450 28,184
Guitar Center, Inc.* ................. 1,700 17,850
Handleman Co.* ....................... 2,200 27,500
Hanover Direct, Inc.* ................ 5,500 8,594
Hollywood Entertainment
Corp.* ............................. 2,000 15,750
InterTan, Inc.* ...................... 1,850 21,738
JLK Direct Distribution, Inc.,
Class A* ........................... 900 4,613
Jo-Ann Stores, Inc., Class A* ........ 900 6,300
Kenneth Cole Productions,
Class A* ........................... 450 18,000
Lands' End, Inc.* .................... 900 30,037
Men's Wearhouse, Inc.* ............... 1,743 38,891
Merisel Inc. ......................... 8,500 6,375
Mills Corp. .......................... 1,700 31,981
Movado Group, Inc. ................... 1,900 22,800
MSC Industrial Direct Co.* ........... 1,800 37,687
Musicland Stores Corp.* .............. 1,800 13,388
OfficeMax, Inc.* ..................... 8,000 40,000
Oneida Ltd. .......................... 900 15,975
Party City Corp.* .................... 300 810
PC Connection, Inc.* ................. 750 42,750
pcOrder.com, Inc.* ................... 400 3,100
PETsMART, Inc.* ...................... 7,100 23,962
Regis Corp. .......................... 2,550 31,875
Russ Berrie & Co., Inc. .............. 600 11,550
Shop At Home, Inc.* .................. 1,600 7,475
ShopKo Stores, Inc.* ................. 2,700 41,512
Trans World Entertainment
Corp.* ............................. 2,150 26,069
Tuesday Morning Corp.* ............... 800 8,400
Tweeter Home Entertainment
Group, Inc.* ....................... 1,000 30,375
U.S. Franchise Systems, Inc.* ........ 2,700 12,994
Value America, Inc. .................. 3,800 4,156
Value City Department Stores,
Inc.* .............................. 700 6,650
WD-40 Co. ............................ 1,000 20,750
Wesco International, Inc.* ........... 1,900 18,169
Whitehall Jewelers, Inc.* ............ 1,200 22,350
Winnebago Industries, Inc. ........... 1,100 14,369
Wolverine World Wide, Inc. ........... 2,700 26,662
-----------
1,202,839
-----------
TOTAL CONSUMER CYCLICALS ........... 6,482,250
-----------
</TABLE>
114
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
CONSUMER NON-CYCLICALS (15.8%)
BEVERAGES (0.2%)
Beringer Wine Estates Holdings,
Inc., Class B* ....................................................... 1,200 $ 42,375
Canandaigua Wine, Inc.* ................................................ 1,300 65,569
Coca Cola Bottling Co. ................................................. 300 13,650
Robert Modavi Corp., Class A* .......................................... 900 27,619
-----------
149,213
-----------
CONTAINERS (0.3%)
AEP Industries, Inc. ................................................... 100 2,525
CUNO, Inc.* ............................................................ 1,700 39,312
EarthShell Corp.* ...................................................... 2,800 8,488
Gaylord Container Corp.,
Class A* ............................................................. 3,900 10,481
Graphic Packaging International
Corp. ................................................................ 700 1,488
Greif Brothers Corp., Class A .......................................... 1,000 30,750
Interpool, Inc. ........................................................ 600 5,850
Liqui-Box Corp. ........................................................ 200 9,900
Silgan Holdings, Inc.* ................................................. 600 5,888
Tupperware Corp. ....................................................... 5,200 114,400
U.S Can Corp. .......................................................... 500 8,687
-----------
237,769
-----------
DRUGS (5.6%)
Algos Pharmaceuticals Corp.* ........................................... 800 12,200
Alkermes, Inc.* ........................................................ 4,000 188,500
Alpharma, Inc. ......................................................... 1,400 87,150
AmeriSource Health Corp.
Class A* ............................................................. 3,700 114,700
Anesta Corp.* .......................................................... 1,300 32,338
Applied Analytical Industries,
Inc.* ................................................................ 1,000 9,594
Aviron* ................................................................ 1,500 46,312
Barr Laboratories, Inc.* ............................................... 1,500 67,219
Bio-Rad Laboratories, Inc.,
Class A* ............................................................. 500 12,500
Block Drug Co., Inc., Class A .......................................... 833 35,246
Carter-Wallace, Inc. ................................................... 1,900 38,237
Celgene Corp.* ......................................................... 4,900 288,487
Cell Pathways, Inc. .................................................... 1,500 35,250
Cephalon, Inc.* ........................................................ 2,400 143,700
ChiRex, Inc.* .......................................................... 1,600 32,000
Columbia Laboratories, Inc.* ........................................... 2,600 14,950
Corixa Corp.* .......................................................... 1,700 72,994
Coulter Pharmaceutical, Inc.* .......................................... 1,200 24,600
Cygnus, Inc.* .......................................................... 2,300 32,775
Duane Reade, Inc.* ..................................................... 1,700 43,775
Dura Pharmaceuticals, Inc.* ............................................ 4,200 60,375
Duramed Pharmaceuticals, Inc.*.......................................... 3,100 16,856
EntreMed, Inc.* ........................................................ 1,000 29,938
Enzon, Inc.* ........................................................... 3,400 144,500
GelTex Pharmaceuticals, Inc.* .......................................... 1,800 36,788
Gilead Sciences, Inc.* ................................................. 3,692 262,593
Guilford Pharmaceuticals, Inc.* ........................................ 2,000 30,125
Hemispherx Biopharma, Inc. ............................................. 2,300 12,938
Henry Schein, Inc. ..................................................... 800 17,300
Herbalife International, Class A........................................ 800 7,000
IDEC Pharmaceuticals Corp.* ............................................ 3,400 398,862
Incyte Pharmaceuticals, Inc.* .......................................... 2,200 180,812
Isis Pharmaceuticals, Inc.* ............................................ 2,500 36,250
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Jones Pharma, Inc. ..................................................... 4,625 $ 184,711
King Pharmaceuticals, Inc.* ............................................ 3,739 164,049
Ligand Pharmaceuticals, Inc.,
Class B* ............................................................. 3,700 48,794
Macrochem Corp/Delaware ................................................ 2,300 11,141
Medicis Pharmaceutical Corp.,
Class A* ............................................................. 2,100 119,700
Millennium Pharmaceuticals,
Inc.* ................................................................ 7,200 805,500
NBTY, Inc.* ............................................................ 5,000 31,875
NCS HealthCare, Inc., Class A*.......................................... 2,800 2,100
PathoGenesis Corp.* .................................................... 1,200 31,200
Perrigo Co.* ........................................................... 5,500 34,719
Pharmaceutical Resources Inc. .......................................... 1,000 5,250
Pharmacyclics, Inc.* ................................................... 1,100 67,100
SafeScience, Inc. ...................................................... 500 2,625
SICOR, Inc.* ........................................................... 7,600 60,800
Syncor International Corp.--
Del.* ................................................................ 1,000 72,000
Triangle Pharmaceuticals, Inc.* ........................................ 2,400 21,750
Twinlab Corp.* ......................................................... 1,400 8,925
Vertex Pharmaceuticals, Inc.* .......................................... 2,000 210,750
West Pharmaceutical Services ........................................... 757 16,370
-----------
4,466,223
-----------
FOODS (1.3%)
Agribrands International, Inc.* ........................................ 700 29,356
American Italian Pasta Co.* ............................................ 1,400 28,962
Aurora Foods, Inc.* .................................................... 3,100 12,400
Chiquita Brands International,
Inc. ................................................................. 4,200 16,538
Corn Products International, Inc. 2,500 66,250
Del Monte Foods Co.* ................................................... 3,400 23,162
Delta & Pine Land Co. .................................................. 2,700 67,669
Dreyer's Grand Ice Cream, Inc. ......................................... 1,200 25,200
Earthgrains Co. ........................................................ 3,100 60,256
Hain Celestial Group, Inc. ............................................. 2,100 77,044
International Home Foods, Inc.*......................................... 2,800 58,625
International Multifoods Corp. ......................................... 1,400 24,237
J.M. Smucker Co., Class A .............................................. 1,700 32,725
Lance, Inc. ............................................................ 2,900 26,100
Michael Foods, Inc. .................................................... 1,700 41,650
Performance Food Group Co.* ............................................ 1,400 44,800
Pilgrims Pride Corp. ................................................... 1,300 9,263
Ralcorp Holdings, Inc.* ................................................ 2,080 25,480
Riviana Foods, Inc. .................................................... 800 13,950
Sanderson Farms, Inc. .................................................. 1,000 8,000
Smithfield Foods, Inc.* ................................................ 3,900 109,444
Suiza Foods Corp.* ..................................................... 2,400 117,300
SuperGen, Inc.* ........................................................ 1,800 65,250
Universal Foods Corp. .................................................. 3,400 62,900
Vlasic Foods International, Inc.*....................................... 1,300 2,113
Zapata Corp.* .......................................................... 600 1,875
-----------
1,050,549
-----------
HOSPITAL SUPPLIES & SERVICES (7.8%)
Abgenix, Inc.* ......................................................... 1,900 227,733
Accredo Health, Inc. ................................................... 750 25,922
Acuson Corp.* .......................................................... 1,300 17,550
Advance Paradigm, Inc.* ................................................ 2,000 41,000
Affymetrix, Inc.* ...................................................... 1,400 231,175
ALARIS Medical, Inc.* .................................................. 700 1,225
</TABLE>
115
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
AmeriPath, Inc.* ..................... 1,100 $ 9,763
Apria Healthcare Group, Inc.* ........ 3,700 45,325
Arrow International, Inc. ............ 1,200 40,200
Beverly Enterprises, Inc.* ........... 5,500 15,469
Bindley Western Industries, Inc. ..... 1,966 51,976
Bio-Technology General Corp.* ........ 3,900 51,431
Biomatrix, Inc.* ..................... 900 20,362
Capital Senior Living Corp.* ......... 500 1,469
Caremark Rx, Inc.* ................... 15,900 108,319
CareMatrix Corp.* .................... 400 213
Chemed Corp. ......................... 1,100 31,006
Closure Medical Corp.* ............... 400 9,200
Coherent, Inc.* ...................... 2,100 176,137
Coinstar, Inc.* ...................... 1,600 16,100
CONMED Corp.* ........................ 1,600 41,400
Cooper Cos., Inc. .................... 1,400 50,925
COR Therapeutics, Inc.* .............. 1,800 153,562
Covance, Inc.* ....................... 4,300 37,894
Cyberonics, Inc.* .................... 1,800 21,600
Cytyc Corp.* ......................... 2,800 149,450
Datascope Corp. ...................... 1,200 43,200
Dendrite International, Inc.* ........ 2,200 73,287
Diagnostic Products Corp. ............ 700 22,400
Eclipse Surgical Technologies,
Inc.* .............................. 2,100 9,188
Eclipsys Corp.* ...................... 2,600 19,500
Enzo Biochem, Inc.* .................. 1,700 117,300
First Health Group Corp.* ............ 3,700 121,406
Gliatech, Inc.* ...................... 1,200 24,300
Haemonetics Corp.* ................... 1,800 37,800
Hanger Orthopedic Group, Inc.*........ 2,400 11,850
Henry Schein, Inc.* .................. 2,100 36,225
Hooper Holmes, Inc. .................. 4,600 36,800
Human Genome Sciences, Inc.* ......... 4,200 560,175
IDEXX Laboratories, Inc.* ............ 3,000 68,625
IDX Systems Corp.* ................... 1,300 18,363
ImClone Systems, Inc.* ............... 2,400 183,450
IMPATH, Inc.* ........................ 900 48,825
Inhale Therapeutic Systems,
Inc.* .............................. 1,200 121,762
Invitrogen Corp.* .................... 600 45,122
Ivacare Corp. ........................ 1,700 44,625
K-V Pharmaceutical Co.,
Class B* ........................... 1,000 27,187
Laboratory Corp. Of America
Holdings ........................... 510 39,334
Laser Vision Centers, Inc.* .......... 1,800 11,138
LaserSight, Inc.* .................... 2,000 7,625
LCA-Vision, Inc.* .................... 3,200 7,800
Lifepoint Hospitals, Inc.* ........... 3,000 66,750
LTC Healthcare, Inc. ................. 90 84
Magellan Health Services, Inc.* ...... 2,200 2,750
Matria Healthcare Inc. ............... 1,300 5,972
MedQuist, Inc.* ...................... 2,700 91,800
Mentor Corp. ......................... 2,200 59,812
Metals USA, Inc.* .................... 2,100 9,844
Mid Atlantic Medical Services,
Inc.* .............................. 2,900 39,150
Neurogen Corp.* ...................... 1,100 31,762
Novoste Corp.* ....................... 1,300 79,300
Onhealth Network Co.* ................ 2,000 4,625
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Organogenesis, Inc.* ................. 2,200 $ 25,162
Orthodontic Centers of America,
Inc.* .............................. 2,900 65,612
Osteotech, Inc.* ..................... 1,100 11,550
Owens & Minor, Inc. .................. 2,400 41,250
PAREXEL International Corp.*.......... 1,600 15,300
Patterson Dental Co.* ................ 2,150 109,650
PE Corp.--Celera Genomics
Group* ............................. 4,100 383,350
Pediatrix Medical Group, Inc.* ....... 1,800 20,925
PhyCor, Inc.* ........................ 7,600 4,750
Physician Computer Network,
Inc.* .............................. 700 7
Priority Healthcare Corp.,
Class B* ........................... 387 28,759
Protein Design Labs, Inc.* ........... 1,500 247,430
Province Healthcare Co.* ............. 1,200 43,350
ProxyMed, Inc.* ...................... 1,700 2,869
PSS World Medical, Inc.* ............. 4,800 32,250
Quest Diagnostics, Inc.* ............. 3,500 250,469
Quorum Health Group, Inc.* ........... 5,300 54,656
Regeneron Pharmaceuticals,
Inc.* .............................. 1,500 44,719
Renal Care Group, Inc.* .............. 3,250 79,473
Res-Care, Inc.* ...................... 2,100 11,288
ResMed, Inc.* ........................ 2,200 58,850
Respironics, Inc.* ................... 2,200 39,600
Sabratek Corp.* ...................... 600 21
SangStat Medical Corp.* .............. 1,000 28,875
Serologicals Corp.* .................. 2,050 10,250
Sierra Health Services, Inc.* ........ 2,800 8,925
Source Information Management
Co.* ............................... 1,500 22,875
STERIS Corp.* ........................ 4,800 42,600
Summit Technology, Inc.* ............. 3,300 62,287
Sunrise Assisted Living, Inc.* ....... 1,400 25,900
Sunrise Medical, Inc.* ............... 1,200 5,850
Sunrise Technology
International* ..................... 3,400 34,000
Techne Corp.* ........................ 1,800 234,000
Theragenics Corp.* ................... 2,000 17,125
Thermo Cardiosystems, Inc.* .......... 900 9,000
Total Renal Care Holdings* ........... 4,200 25,200
Transkaryotic Therapies, Inc.* ....... 1,600 58,800
Trex Medical Corp.* .................. 2,000 4,000
Triad Hospitals, Inc.* ............... 3,200 77,400
US Onconlogy, Inc.* .................. 5,758 28,790
Varian Medical Systems, Inc.* ........ 2,500 97,812
Ventana Medical Systems, Inc.* ....... 1,300 30,550
Veterinary Centers of America,
Inc.* .............................. 2,300 31,625
Vical, Inc.* ......................... 1,500 28,875
Vital Signs Inc. ..................... 300 5,438
-----------
6,167,009
-----------
RETAIL--FOOD (0.4%)
Advantica Restaurant Group,
Inc.* .............................. 1,100 1,066
Dave & Busters, Inc.* ................ 500 3,125
Fleming Cos., Inc. ................... 2,600 33,962
Grand Union Co.* ..................... 1,200 637
</TABLE>
116
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Great Atlantic & Pacific Tea Co.,
Inc. ............................... 1,400 $ 23,275
Imperial Sugar Co. ................... 1,500 1,969
Ingles Markets, Inc., Class A ........ 1,300 13,569
J & J Snack Foods Corp. .............. 200 3,575
Luby's Cafeterias, Inc. .............. 2,300 18,400
Petco Animal Supplies, Inc.* ......... 2,300 45,137
Ruddick Corp. ........................ 1,600 18,900
Smart & Final, Inc.* ................. 300 2,306
United Natural Foods, Inc.* .......... 1,200 16,500
Whole Foods Market, Inc.* ............ 1,900 78,494
Wild Oats Markets, Inc.* ............. 2,300 28,894
-----------
289,809
-----------
SOAPS & TOILETRIES (0.1%)
American Classic Voyager* ............ 800 16,500
Chattem, Inc.* ....................... 1,400 19,162
Church & Dwight Co., Inc. ............ 3,700 66,600
Nature's Sunshine Products, Inc. ..... 500 3,500
Playtex Products, Inc.* .............. 1,500 16,969
-----------
122,731
-----------
TOBACCO (0.1%)
DIMON, Inc. .......................... 2,200 4,675
Universal Corp. ...................... 3,200 67,600
-----------
72,275
-----------
TOTAL CONSUMER NON-CYCLICALS 12,555,578
-----------
CREDIT SENSITIVE (17.1%)
BANKS (4.7%)
Alabama National Bancorp/Del.......... 400 7,925
Alliance Bancorp ..................... 300 4,931
Anchor Bancorp Wisconsin, Inc. ....... 1,500 22,969
Andover Bancorp, Inc. ................ 200 5,763
Area Bancshares Corp. ................ 600 13,387
BancFirst Corp. ...................... 103 3,245
BancFirst Ohio Corp. ................. 500 8,188
BancorpSouth, Inc. ................... 4,000 56,250
BancWest Corp. ....................... 3,500 57,531
Bank of Granite Corp. ................ 550 12,581
Bay View Capital Corp. ............... 3,171 31,118
Brenton Banks, Inc. .................. 484 6,716
Brookline Bancorp, Inc. .............. 600 6,863
BSB Bancorp, Inc. .................... 300 6,019
BT Financial Corp. ................... 730 12,593
Capital City Bank Group, Inc. ........ 150 2,925
Capitol Federal Financial Corp. ...... 7,200 79,650
CashAmerica International, Inc. ...... 1,900 14,012
Cathay Bancorp, Inc. ................. 600 27,825
Centennial Bancorp ................... 800 6,950
Century South Banks, Inc. ............ 900 17,437
CFS Bancorp, Inc. .................... 800 7,325
Chemical Financial Corp. ............. 761 19,786
Chittenden Corp. ..................... 3,049 74,510
City Holdings Co. .................... 1,533 9,006
Commerce Bancorp, Inc. ............... 2,670 122,820
Commonwealth Bancorp, Inc. ........... 800 9,500
Community First Bankshares,
Inc. ............................... 5,100 83,194
Community Trust Bancorp, Inc. ........ 584 10,330
CORUS Bankshares, Inc. ............... 500 13,219
CPB, Inc. ............................ 400 10,000
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
CVB Financial Corp. .................. 1,412 $ 22,327
Dime Community Banshares, Inc. 900 14,625
Downey Financial Corp. ............... 1,425 41,325
East-West Bancorp, Inc.* ............. 3,000 43,125
F & M Bancorp ........................ 1,000 19,750
F&M National Corp. ................... 1,830 38,430
Farmers Capital Bank Corp. ........... 300 9,113
FCNB Corp. ........................... 400 7,225
First Busey Corp.--Class A* .......... 500 8,219
First Charter Corp. .................. 1,100 17,325
First Citizens BankShares, Inc.,
Class A ............................ 300 17,850
First Commonwealth Financial
Corp. .............................. 4,126 37,392
First Federal Capital Corp. .......... 1,000 11,063
First Financial Bancorp .............. 2,360 46,462
First Financial Bankshares, Inc. ..... 530 14,575
First Financial Corp. ................ 700 21,350
First Financial Holdings, Inc. ....... 1,400 19,250
First Indiana Corp. .................. 900 17,887
First Merchants Corp. ................ 540 11,441
First Midwest Bancorp, Inc. .......... 3,345 77,771
First Niagara Financial Group,
Inc. ............................... 300 2,813
First Republic Bank* ................. 1,000 19,937
First Sentinel Bancorp, Inc. ......... 1,982 16,290
First Source Corp. ................... 682 10,699
First United Bankshares, Inc. ........ 1,300 19,744
First Washington Bancorp, Inc. ....... 2,000 27,875
FirstBank Corp. ...................... 1,900 35,269
FirstFed Financial Corp.* ............ 1,100 15,537
Flagstar Bancorp, Inc. ............... 1,000 8,125
Frontier Financial Corp. ............. 800 14,700
GBC Bancorp .......................... 510 14,917
Glacier Bancorp, Inc. ................ 110 1,451
Great Southern Bancorp, Inc. ......... 100 1,738
Greater Bay Bancorp .................. 1,500 70,125
Hamilton Bancorp, Inc.* .............. 700 12,250
Hancock Holding Corp. ................ 500 17,000
Harbor Florida Bancorp, Inc. ......... 700 7,306
Harleysville National Corp. .......... 415 13,591
Harris Financial, Inc. ............... 630 3,898
Hudson River Bancorp ................. 500 5,938
Hudson United Bancorp ................ 4,592 103,033
Imperial Bancorp* .................... 3,662 57,219
Independence Community Bank
Corp. .............................. 6,800 90,100
Independent Bank Corp.--Mass.......... 400 4,525
Integra Bank Corp. ................... 1,056 17,952
International Bancshares Corp. ....... 1,187 38,726
InterWest Bancorp, Inc. .............. 750 10,500
Irwin Financial Corp. ................ 1,000 14,437
Local Financial Corp. ................ 600 5,006
MAF Bancorp, Inc. .................... 1,850 33,647
Merchants New York Bancorp,
Inc. ............................... 1,100 18,906
Mid-America Bancorp .................. 412 10,300
Mid-State Bancshares ................. 600 16,350
Midwest Banc Holdings, Inc. .......... 900 12,488
Mississippi Valley Bancshares,
Inc. ............................... 300 7,275
</TABLE>
117
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
National Bancorp of Alaska, Inc. 1,300 $ 46,637
National Penn Bancshares, Inc. ....... 1,443 29,762
Net. B@nk, Inc.* ..................... 2,600 32,337
NTB Bancorp, Inc. .................... 1,048 11,201
OceanFirst Financial Corp. ........... 2,100 38,719
Omega Financial Corp. ................ 600 15,150
One Valley Bancorp, Inc. ............. 3,100 96,875
Pacific Capital Bancorp .............. 1,600 40,100
Park National Corp. .................. 630 57,172
Peoples Holding (Companythe) ......... 200 4,000
PFF Bancorp, Inc. .................... 1,300 23,725
Premier National Bancorp, Inc. ....... 1,650 21,450
Provident Bankshares Corp. ........... 3,398 45,873
Republic Bancorp, Inc. ............... 4,952 44,258
Republic Bancshares, Inc.* ........... 400 4,800
Republic Security Financial
Corp. .............................. 5,200 26,000
Richmond County Financial
Corp. .............................. 3,500 66,937
Riggs National Corp.
(Washington D.C.) .................. 2,400 30,300
S & T Bancorp, Inc. .................. 1,760 32,120
Sandy Spring Bancorp, Inc. ........... 1,000 20,437
Santander Bancorp .................... 100 1,275
Seacoast Financial Services
Corp. .............................. 2,600 24,700
Second Bancorp, Inc.* ................ 400 6,075
Shoreline Financial Corp. ............ 525 6,234
Silicon Valley Bancshares* ........... 3,600 153,450
Simmons First National Corp. ......... 300 6,713
Sky Financial Group, Inc. ............ 7,103 113,204
South Financial Group, Inc.
(The) .............................. 3,870 56,115
Southwest Bancorporation of
Texas, Inc.* ....................... 2,900 60,175
ST Francis Capital Corp. ............. 100 1,513
Staten Island Bancorp, Inc. .......... 4,100 72,262
Sterling Bancshares, Inc., Texas ..... 2,350 25,409
Sterling Financial Corp. ............. 375 7,430
Susquehanna Bancshares, Inc. ......... 2,500 35,625
Texas Regional Bancshares, Inc.,
Class A ............................ 1,200 30,450
Three Rivers Bancorp Inc ............. 350 2,297
Trust Co. of New Jersey .............. 1,400 25,550
Trustco Bank Corp. (New York)......... 3,810 47,625
U.S. BANCORP, Inc. ................... 700 2,494
U.S.B. Holding Co., Inc. ............. 462 6,526
United Bankshares, Inc. .............. 3,000 54,562
United Community Financial ........... 3,000 19,969
United National Bancorp .............. 948 17,419
W Holding Co., Inc. .................. 2,500 20,625
Washington Federal, Inc. ............. 5,100 93,075
WesBanco, Inc. ....................... 1,500 36,375
West Coast Bancorp (Oregon) .......... 1,452 14,520
Whitney Holding Corp. ................ 2,000 68,375
-----------
3,718,635
-----------
FINANCIAL SERVICES (2.5%)
Advanta Corp. ........................ 1,700 20,719
Advest Group, Inc. ................... 500 10,469
Affiliated Managers Group, Inc.*...... 1,900 86,450
AMCORE Financial, Inc. ............... 2,800 51,275
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
AmeriCredit Corp.* ................... 5,500 $ 93,500
Amresco, Inc.* ....................... 6,500 3,656
Associates First Capital Corp. ....... 3,700 118
Bank United Corp., Class A ........... 2,900 102,044
BankAtlantic Bancorp, Inc.,
Class B ............................ 2,000 11,750
BOK Financial Corp.* ................. 521 9,150
Center Trust, Inc. ................... 700 3,544
Charter Municipal Mortgage
Acceptance Co. ..................... 2,200 27,087
Citizens Banking Corp. ............... 2,751 44,661
CompuCredit Corp.* ................... 500 15,000
Credit Acceptance Corp.* ............. 2,700 15,019
Creditrust Corp.* .................... 1,100 1,444
Dain Rauscher Corp. .................. 1,300 85,800
Data Broadcasting Corp.* ............. 5,100 32,194
Doral Financial Corp. ................ 1,800 20,587
DVI, Inc.* ........................... 300 4,800
Eaton Vance Corp. .................... 2,300 106,375
Enhance Financial Services
Group, Inc. ........................ 1,600 23,000
Fidelity Holdings, Inc. .............. 2,750 3,438
Financial Federal Corp.* ............. 500 8,688
FiNet. com, Inc.* .................... 3,900 2,681
FNB Corp. ............................ 1,202 24,791
Friedman, Billings, Ramsey
Group, Inc., Class A ............... 2,100 17,062
Imperial Credit Industries, Inc.*..... 2,500 10,625
Indymac Mortgage Holdings,
Inc. ............................... 6,100 82,731
Investors Financial Services
Corp. .............................. 2,800 111,125
Jeffries Group, Inc. ................. 1,600 32,300
John Nuveen Co., Class A ............. 600 25,162
Medallion Financial Corp. ............ 1,000 15,438
Metris Cos., Inc. .................... 4,950 124,369
Morgan Keegan, Inc. .................. 1,900 28,025
National Processing, Inc.* ........... 1,300 16,250
New Century Financial Corp.* ......... 1,000 8,719
NextCard, Inc.* ...................... 300 2,550
Oakwood Homes Corp. .................. 4,500 8,156
Ocwen Financial Corp.* ............... 3,000 16,687
Oriental Financial Group, Inc. ....... 533 7,695
Phoenix Investment Partners
Ltd. ............................... 3,200 33,600
Pioneer Group, Inc.* ................. 2,400 101,700
Queens County Bancorp, Inc. .......... 2,000 36,875
R & G Financial Corp. ................ 600 4,763
Raymond James Financial, Inc. ........ 3,100 69,750
Resource America, Inc., Class A....... 2,300 15,022
Resource Bankshares Mortgage
Group, Inc. ........................ 700 2,931
Siebert Financial Corp. .............. 300 2,100
Sierracities Incorporated ............ 1,600 6,000
Southwest Securities Group, Inc. 1,060 39,485
Student Loan Corp. ................... 500 21,000
Towne Services, Inc.* ................ 2,000 1,875
Track Data Corp.* .................... 800 1,025
Triad Guaranty, Inc.* ................ 1,000 22,937
Tucker Anthony Sutro ................. 1,100 19,800
UMB Financial Corp. .................. 1,180 38,719
UniCapital Corp.* .................... 3,600 1,800
</TABLE>
118
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
United Asset Management Co. ........... 3,800 $ 88,825
Webster Financial Corp. ............... 4,400 97,625
Westcorp .............................. 960 11,460
WFS Financial, Inc. ................... 500 8,625
-----------
1,941,051
-----------
INSURANCE (2.4%)
Acceptance Insurance Cos., Inc.*....... 500 2,500
Alfa Corp. ............................ 2,600 45,500
Alleghany Corp.* ...................... 306 51,408
AmerUs Life Holdings, Inc. ............ 1,300 26,813
Arch Capital Group Limited ............ 400 5,975
Argonaut Group, Inc. .................. 900 15,413
Arthur J. Gallagher & Co. ............. 2,600 109,200
Baldwin & Lyons, Inc., Class B ........ 600 10,238
Brown & Brown, Inc. ................... 800 41,600
CNA Surety Corp. ...................... 900 10,744
Commerce Group, Inc. .................. 2,000 59,000
Delphi Financial Group, Inc.,
Class A* ............................ 1,242 42,150
E. W. Blanch Holdings, Inc. ........... 1,400 28,437
Farm Family Holdings, Inc.* ........... 500 15,469
FBL Financial Group, Inc.,
Class A ............................. 1,200 18,900
Fidelity National Financial, Inc. ..... 5,290 96,873
First American Financial Corp. ........ 3,750 53,672
FPIC Insurance Group, Inc.* ........... 1,500 23,531
Frontier Insurance Group, Inc. ........ 3,960 2,475
Great American Financial
Resources, Inc. ..................... 700 12,381
Harleysville Group, Inc. .............. 600 10,050
HCC Insurance Holdings, Inc. .......... 2,900 54,737
Healthaxis, Inc. ...................... 2,100 8,006
Hilb, Rogal & Hamilton Co. ............ 1,200 41,625
Horace Mann Educators Corp. ........... 4,100 61,500
HSB Group, Inc. ....................... 2,400 74,700
INspire Insurance Solutions,
Inc.* ............................... 1,500 4,500
Kansas City Life Insurance Co. ........ 600 16,125
LandAmerica Financial Group,
Inc. ................................ 700 16,056
Leucadia National Corp. ............... 3,700 84,406
Liberty Corp. ......................... 1,092 45,864
Liberty Financial Cos. ................ 600 13,163
Markel Corp.* ......................... 500 70,812
Medical Assurance, Inc.* .............. 1,764 19,845
Midland Co. ........................... 500 12,250
Mony Group, Inc. ...................... 3,700 125,106
Ohio Casualty Corp. ................... 6,200 65,875
Penn Treaty American Corp.* ........... 300 5,100
Philadelphia Consolidated
Holdings Corp.* ..................... 1,200 20,175
PICO Holdings, Inc.* .................. 800 11,250
PMA Capital Corp. ..................... 900 17,100
Presidential Life Corp. ............... 1,900 26,363
Professionals Group, Inc.* ............ 770 18,817
Radian Group, Inc. .................... 3,186 164,875
Reliance Group Holdings, Inc. ......... 4,500 3,375
RLI Corp. ............................. 425 14,769
SCPIE Holdings, Inc. .................. 1,000 20,500
Selective Insurance Group, Inc. ....... 1,900 36,100
StanCorp Financial Group, Inc. ........ 1,700 54,612
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
State Auto Financial Corp. ............ 100 $ 1,188
Stewart Information Services
Corp. ............................... 800 11,700
Superior National Insurance* .......... 1,800 72
Trenwick Group, Inc. .................. 700 10,194
UICI* ................................. 1,800 11,813
United Fire & Casualty Co. ............ 300 4,650
W.R. Berkley Corp. .................... 2,100 39,375
Zenith National Insurance Corp. 400 8,500
-----------
1,877,427
-----------
INVESTMENT COMPANY (0.1%)
Allied Capital Corp. .................. 5,500 93,500
-----------
MORTGAGE RELATED (0.0%)
Federal Agricultural Mortgage
Corp., Class C ...................... 300 4,369
-----------
REAL ESTATE (4.9%)
Alexanders, Inc.* ..................... 100 7,325
Alexandria Real Estate Equities,
Inc. ................................ 700 24,019
American Indust Props Reit ............ 800 10,850
AMLI Residential Properties
Trust ............................... 800 18,850
Associated Estates Realty ............. 300 2,100
Bedford Property Investors, Inc. ...... 1,100 20,419
Boykin Lodging Trust, Inc. ............ 800 10,800
Bradley Real Estate, Inc. ............. 1,300 27,706
Brandywine Realty Trust ............... 2,300 43,987
BRE Properties, Class A ............... 3,900 112,612
Burnham Pacific Properties, Inc. ...... 1,500 10,313
Cabot Industrial Trust ................ 2,700 53,156
Camden Property Trust ................. 3,000 88,125
Capital Automotive .................... 3,000 42,375
Capstead Mortgage Corp. ............... 1,221 10,226
Castle & Cooke, Inc. .................. 300 5,794
CB Richard Ellis Services, Inc.*....... 900 8,213
CBL & Associates Properties,
Inc. ................................ 2,500 62,344
CenterPoint Properties Corp. .......... 1,500 61,125
Chateau Communities, Inc. ............. 1,500 42,375
Chelsea GCA Realty, Inc. .............. 1,900 65,669
Choice Hotels International,
Inc.* ............................... 3,400 33,787
Colonial Properties Trust ............. 1,700 46,537
Commercial Net Lease Realty ........... 1,600 16,800
Cornerstone Realty Income
Trust, Inc. ......................... 2,300 23,000
CoStar Group, Inc. .................... 500 12,531
Cousins Properties, Inc. .............. 2,500 96,250
Crown American Realty Trust ........... 400 2,150
D.R. Horton, Inc. ..................... 3,600 48,825
Developers Diversified Realty
Corp. ............................... 5,500 82,156
EastGroup Properties, Inc. ............ 1,600 33,700
Entertainment Properties Trust ........ 600 8,288
Equity Inns, Inc. ..................... 4,500 27,562
Essex Property Trust, Inc. ............ 1,400 58,800
Federal Realty Investment Trust........ 3,600 72,000
First Industrial Realty Trust, Inc. 3,700 109,150
First Washington Realty Trust,
Inc. ................................ 300 6,619
</TABLE>
119
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Forest City Enterprises, Inc.,
Class A ........................... 1,100 $ 36,712
Gables Residential Trust ............ 1,900 49,044
Getty Realty Corp. .................. 1,100 11,962
Glenborough Realty Trust, Inc. ...... 2,400 41,850
Glimcher Realty Trust ............... 1,300 18,687
Golf Trust of America, Inc. ......... 200 3,175
Great Lakes REIT, Inc. .............. 900 15,300
Health Care Property Investors,
Inc. .............................. 4,258 116,030
Health Care REIT, Inc. .............. 3,500 56,875
Healthcare Realty Trust, Inc. ....... 3,596 61,357
Home Properties of New York,
Inc. .............................. 1,200 36,000
Hospitality Properties Trust ........ 4,500 101,531
Innkeepers USA Trust ................ 3,200 29,200
Insignia Financial Group, Inc.,
Class A* .......................... 833 8,330
IRT Property Co. .................... 3,500 29,750
JDN Realty Corp. .................... 3,850 39,222
Jones Lang Lasalle, Inc.* ........... 2,200 29,425
JP Realty, Inc. ..................... 600 10,688
Kilroy Realty Corp. ................. 2,500 64,844
Koger Equity, Inc. .................. 1,700 28,687
Konover Property Trust .............. 1,100 5,225
LaSalle Hotel Properties REIT ....... 500 7,188
Lennar Corp. ........................ 4,993 101,108
Lexington Corporate Properties
Trust REIT ........................ 600 6,713
LNR Property Corp. .................. 2,100 40,950
LTC Properties, Inc. ................ 4,400 26,125
Macerich Co. ........................ 2,800 61,775
Manufactured Home
Communities, Inc. ................. 1,600 38,300
MGI Properties, Inc. ................ 1,000 2,313
Mid America Apartment
Communities, Inc. ................. 1,100 26,400
National Health Investors, Inc. ..... 2,600 28,600
Nationwide Health Properties,
Inc. .............................. 5,200 72,475
NVR, Inc.* .......................... 700 39,900
OMEGA Healthcare Investors .......... 3,200 14,400
Pacific Gulf Properties, Inc. ....... 1,000 25,062
Pan Pacific Retail Pptys, Inc. ...... 400 8,050
Parkway Properties, Inc. ............ 600 18,300
Penn Real Estate Invest ............. 1,200 20,550
Prentiss Properties Trust ........... 2,600 62,400
Prime Group Realty Realty
Trust ............................. 500 7,594
Prime Retail, Inc. .................. 5,900 7,375
PS Business Parks, Inc., Class A..... 1,600 38,400
Realty Income Corp. ................. 1,900 44,769
Reckson Associates Realty ........... 3,200 76,000
Redwood Trust, Inc. ................. 800 11,200
Regency Realty Corp. ................ 2,200 52,250
RFS Hotel Investors, Inc. ........... 1,600 18,800
Ryland Group, Inc. .................. 1,300 28,762
Saul Centers ........................ 400 6,450
Security Capital Group, Inc.,
Class B* .......................... 3,600 61,200
Shurgard Storage Centers,
Class A ........................... 2,000 45,000
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
SL Green Realty Corp. ............... 1,400 $ 37,450
Smith (Charles E.) Residential
Realty ............................ 1,800 68,400
Sovran Self Storage, Inc. ........... 1,200 25,725
Storage USA, Inc. ................... 1,900 56,050
Summit Properties, Inc. ............. 2,100 44,100
Sun Communities, Inc. ............... 1,300 43,469
Taubman Center, Inc. ................ 3,200 35,200
Thornberg Mortgage Asset
Corp. ............................. 1,000 7,188
Town & Country Trust ................ 1,700 29,219
Trammell Crow Co.* .................. 1,500 16,125
U.S. Restaurant Properties
Master L.P. ....................... 1,900 16,981
United Dominion Realty Trust,
Inc. .............................. 7,200 79,200
Urban Shopping Centers, Inc. ........ 900 30,319
Ventas, Inc. ........................ 2,500 7,969
Washington Real Estate
Investment Trust .................. 2,800 50,050
Weingarten Realty Investors ......... 2,600 104,975
Wellsford Real Properties, Inc. ..... 550 8,319
Western Properties Trust ............ 1,500 17,812
Westfield America, Inc. ............. 1,700 23,056
-----------
3,900,448
-----------
UTILITY--ELECTRIC (1.2%)
Avista Corp. ........................ 3,300 57,544
Black Hills Corp. ................... 950 21,434
CH Energy Group, Inc.* .............. 800 27,150
Cleco Corp. ......................... 1,900 63,650
CMP Group, Inc. ..................... 3,300 96,731
El Paso Electric Co.* ............... 4,800 53,700
Empire District Electric Co. ........ 800 17,650
Hawaiian Electronics Industries,
Inc. .............................. 2,600 85,312
Idacorp, Inc. ....................... 3,500 112,875
Northwestern Corp. .................. 1,700 39,313
Otter Tail Power Co. ................ 1,100 23,100
Public Service Co. of New
Mexico, Inc. ...................... 3,500 54,031
RGS Energy Group, Inc. .............. 3,200 71,200
Scana Corp. ......................... 2,057 49,625
UniSource Energy Corp.* ............. 3,700 55,500
United Illuminating Co. ............. 800 35,000
United Water Resources, Inc. ........ 1,900 66,263
WPS Resources Corp. ................. 1,800 54,113
-----------
984,191
-----------
UTILITY--GAS (1.0%)
AGL Resources, Inc. ................. 4,800 76,500
Atmos Energy Corp. .................. 1,900 33,250
Cascade Natural Gas Corp. ........... 400 6,675
CTG Resources, Inc. ................. 400 14,675
Energen Corp. ....................... 1,600 34,900
Laclede Gas Co. ..................... 1,100 21,175
Madison Gas & Electric Co. .......... 700 13,825
New Jersey Resources Corp. .......... 1,200 45,675
Northwest Natural Gas Co. ........... 2,700 60,413
NUI Corp. ........................... 1,100 29,700
Piedmont Natural Gas Co. ............ 3,200 85,000
SEMCO Energy, Inc. .................. 720 9,360
</TABLE>
120
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
South Jersey Industries ................................................ 400 $ 10,400
Southern Union Co.* .................................................... 3,893 61,558
Southwest Gas Corp. .................................................... 2,600 45,500
UGI Corp. .............................................................. 3,100 63,550
Vectren Corporation .................................................... 4,299 74,158
Washington Gas Light Co. ............................................... 4,100 98,656
-----------
784,970
-----------
UTILITY--TELEPHONE (0.3%)
e.spire Communications, Inc.* .......................................... 3,500 23,625
Intermedia Communications of
Florida, Inc. ........................................................ 3,700 110,075
Sierra Pacific Resources ............................................... 7,544 94,771
Viatel, Inc.* .......................................................... 1,011 28,877
-----------
257,348
-----------
TOTAL CREDIT SENSITIVE ............................................... 13,561,939
-----------
DIVERSIFIED (1.4%)
MISCELLANEOUS (1.4%)
AMCOL International Corp. .............................................. 2,000 33,000
AptarGroup, Inc. ....................................................... 2,200 59,400
Blount International, Inc.* ............................................ 2,062 15,852
Brush Wellman, Inc. .................................................... 1,000 15,625
Central Parking Corp. .................................................. 1,300 30,794
Dexter Corp. ........................................................... 2,200 105,600
Federal Signal Corp. ................................................... 3,400 56,100
Gentek Ink ............................................................. 900 10,069
Harsco Corp. ........................................................... 2,900 73,950
Hines Horticulture, Inc. ............................................... 1,000 6,813
Justin Industries, Inc. ................................................ 900 19,687
Lydall Inc. ............................................................ 1,000 10,625
Matthews International Corp.,
Class A .............................................................. 1,200 34,800
Myers Industries, Inc. ................................................. 1,210 13,007
National Golf Properties, Inc. ......................................... 1,000 21,125
Olin Corp. ............................................................. 3,900 64,350
Quanta Services, Inc.* ................................................. 4,450 244,750
Roper Industries, Inc. ................................................. 2,200 56,375
SJW Corp. .............................................................. 100 11,888
SPS Technologies, Inc.* ................................................ 1,000 41,062
Standex International Corp. ............................................ 1,000 15,875
Tredegar Industries, Inc. .............................................. 1,400 26,600
Triarc Co.* ............................................................ 1,375 28,187
Trinity Industries, Inc. ............................................... 3,600 66,600
WABTEC ................................................................. 4,086 42,392
-----------
TOTAL DIVERSIFIED .................................................... 1,104,526
-----------
ENERGY (4.1%)
COAL & GAS PIPELINES (0.5%)
Arch Coal, Inc. ........................................................ 2,000 15,375
Consol Energy, Inc. .................................................... 1,900 28,737
Eastern Enterprises .................................................... 2,100 132,300
Equitable Resourses, Inc. .............................................. 2,800 135,100
Nuevo Energy Co.* ...................................................... 1,200 22,650
Southwestern Energy Co. ................................................ 1,200 7,500
TransMontaigne Oil Co.* ................................................ 2,100 12,863
Western Gas Resources, Inc. ............................................ 1,200 25,200
-----------
379,725
-----------
OIL--DOMESTIC (1.0%)
Barrett Resources Corp.* ............................................... 2,300 70,006
Basin Exploration, Inc.* ............................................... 1,700 30,388
Berry Petroleum, Class A ............................................... 1,100 18,700
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Cabot Oil & Gas Corp., Class A.......................................... 1,500 $ 31,781
Chesapeake Energy Corp.* ............................................... 8,990 69,672
Cross Timbers Oil Co. .................................................. 4,100 90,712
EEX Corp.* ............................................................. 3,266 18,984
Houston Exploration Co.* ............................................... 600 15,075
Key Energy Group, Inc.* ................................................ 5,900 56,788
Louis Dreyfus Natural Gas
Corp.* ............................................................... 1,300 40,706
Meridian Resource Corp.* ............................................... 2,500 14,219
Plains Resources, Inc.* ................................................ 1,100 17,531
Pogo Producing Co. ..................................................... 3,200 70,800
St. Mary Land and Exploration
Co. .................................................................. 1,400 58,888
Stone Energy Corp.* .................................................... 1,400 83,650
Tom Brown, Inc.* ....................................................... 2,500 57,656
Vintage Petroleum, Inc.* ............................................... 3,200 72,200
-----------
817,756
-----------
OIL--INTERNATIONAL (0.2%)
Newfield Exploration Co.* .............................................. 2,900 113,463
Seacor Holdings, Inc.* ................................................. 1,350 52,228
-----------
165,691
-----------
OIL--SUPPLIES & CONSTRUCTION (2.4%)
Atwood Oceanics, Inc.* ................................................. 1,100 48,950
Belco Oil & Gas Corp.* ................................................. 800 6,800
Cal Dive International, Inc.* .......................................... 800 43,350
CARBO Ceramics, Inc. ................................................... 300 10,538
Dril-Quip, Inc.* ....................................................... 700 32,725
Evergreen Resources, Inc.* ............................................. 1,400 41,475
Forest Oil Corp.* ...................................................... 2,100 33,469
Friede Goldman International,
Inc.* ................................................................ 1,498 13,388
Global Industries, Ltd.* ............................................... 5,100 96,262
Grey Wolf, Inc.* ....................................................... 11,800 59,000
Hanover Compressor Co.* ................................................ 4,600 174,800
Harken Energy Corp.* ................................................... 6,500 4,063
Helmerich & Payne, Inc. ................................................ 3,900 145,762
HS Resources, Inc.* .................................................... 1,400 42,000
Input/Output, Inc.* .................................................... 3,600 30,375
Marine Drilling Co., Inc.* ............................................. 4,300 120,400
McMoRan Exploration Co.* ............................................... 1,100 18,150
Mitchell Energy & Development
Corp., Class A ....................................................... 1,400 44,975
Newpark Resources, Inc.* ............................................... 5,500 51,906
Oceaneering International, Inc.*........................................ 1,700 32,300
Offshore Logistics, Inc.* .............................................. 2,800 40,250
Parker Drilling Co.* ................................................... 7,200 44,550
Patterson Energy, Inc.* ................................................ 2,500 71,250
Pioneer Natural Resources Co.*.......................................... 7,200 91,800
Pride International, Inc.* ............................................. 4,500 111,375
Swift Energy Co.* ...................................................... 2,100 59,587
Syntroleum Corp.* ...................................................... 2,400 41,100
Tesoro Petroleum Corp.* ................................................ 3,000 30,375
UTI Energy Corp.* ...................................................... 1,300 52,163
Valero Energy Corp. .................................................... 4,200 133,350
Varco International, Inc. .............................................. 5,992 139,314
-----------
1,865,802
-----------
RAILROADS (0.0%)
ABC-NACO, Inc.* ........................................................ 700 5,600
-----------
TOTAL ENERGY ......................................................... 3,234,574
-----------
</TABLE>
121
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
TECHNOLOGY (26.1%)
COMPUTER HARDWARE (0.4%)
Advanced Digital Information
Corp.* ........................... 3,800 $ 60,562
Brooktrout, Inc.* .................. 1,200 26,175
Computer Network Technology
Corp.* ........................... 1,600 27,800
Digital River, Inc.* ............... 1,100 8,456
Iomega Corp.* ...................... 19,200 76,800
Maxtor Corp.* ...................... 5,000 52,813
Mercury Computer Systems,
Inc.* ............................ 1,600 51,700
Systemax, Inc.* .................... 2,300 8,913
Unigraphics Solutions, Inc. ........ 300 5,850
-----------
319,069
-----------
COMPUTER SOFTWARE (6.4%)
24/7 Media, Inc.* .................. 1,200 18,750
About.com, Inc.* ................... 300 9,450
Actuate Corp.* ..................... 1,800 96,075
Advent Software, Inc.* ............. 2,200 141,900
Allaire Corp.* ..................... 1,200 44,100
American Management Systems,
Inc.* ............................ 3,700 121,464
Applied Theory Corp.* .............. 600 9,000
Ashton Technology Group, Inc.*...... 2,300 6,541
Aspen Technologies, Inc.* .......... 2,000 77,000
Avant! Corp.* ...................... 3,700 69,317
BindView Development Corp.* ........ 2,400 28,800
Bottomline Technologies, Inc.* ..... 600 20,513
Brio Technology, Inc.* ............. 1,500 31,781
CAIS Internet, Inc.* ............... 900 12,656
Catapult Communications
Corp.* ........................... 1,000 10,063
Cognizant Technology Solutions
Corp.* ........................... 600 19,913
Concur Technologies, Inc.* ......... 800 3,350
CyberCash, Inc.* ................... 1,700 8,075
Earthweb, Inc.* .................... 700 9,800
Echelon Corp.* ..................... 1,400 81,112
eFax.com, Inc.* .................... 1,400 1,706
ePresence, Inc. .................... 1,700 12,325
Excalibur Technologies Corp.* ...... 1,100 43,931
Exchange Applications, Inc.* ....... 2,200 58,575
Global Sources Limited /DE ......... 44 1,111
Go2Net, Inc.* ...................... 1,800 90,562
HearMe ............................. 900 4,050
HNC Software, Inc.* ................ 1,900 117,325
Hyperion Solutions Corp.* .......... 2,380 77,201
IMRglobal Corp.* ................... 1,300 16,981
InfoCure Corp.* .................... 2,000 11,250
Infogrames Inc. .................... 780 6,338
Informatica Corp.* ................. 1,600 131,100
Informix Corp.* .................... 22,300 165,856
infoUSA, Inc.* ..................... 2,000 13,000
Interact Commerce Corp. ............ 600 7,088
Intraware, Inc.* ................... 1,000 16,063
ISS Group, Inc.* ................... 2,200 217,216
iTurf, Inc.* ....................... 900 2,588
iVillage, Inc.* .................... 1,000 8,438
JDA Software Group, Inc.* .......... 2,150 41,253
Juno Online Services, Inc.* ........ 400 4,300
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Launch Media, Inc. ................. 900 $ 8,325
Learn2.com, Inc.* .................. 4,000 7,875
Manugistics Group, Inc.* ........... 1,500 70,125
MapQuest.com, Inc.* ................ 700 11,594
Media Metrix, Inc.* ................ 300 7,631
Mediconsult.com Inc. ............... 1,800 2,700
Mercator Software Inc. ............. 1,200 82,500
Mercury Interactive Corp.* ......... 6,300 609,525
Micromuse, Inc.* ................... 1,700 281,323
MicroStrategy, Inc.* ............... 6,300 189,000
NBC Internet, Inc. ................. 2,500 31,250
Neon Systems, Inc.* ................ 700 13,125
Net Perceptions, Inc* .............. 800 12,700
Netobjects* ........................ 400 3,650
Netopia, Inc.* ..................... 500 20,125
Network Peripherals, Inc.* ......... 1,600 26,800
NVIDIA Corp.* ...................... 2,600 165,262
OneMain.com, Inc.* ................. 1,900 21,375
Onyx Software Corp. ................ 900 26,719
Open Market, Inc.* ................. 2,500 34,531
Peregrine Systems, Inc.* ........... 6,475 224,602
Pervasive Software, Inc.* .......... 2,000 11,250
Policy Management Systems
Corp.* ........................... 2,500 38,437
Private Business, Inc.* ............ 1,600 4,000
Proxicom, Inc.* .................... 1,600 76,600
PSINet, Inc.* ...................... 2,250 56,531
RadiSys Corp.* ..................... 950 53,912
Rare Medium Group, Inc.* ........... 3,100 49,019
RSA Security, Inc.* ................ 2,800 193,900
Saga Systems, Inc.* ................ 2,100 26,119
Sagent Technology, Inc.* ........... 1,700 24,225
Santa Cruz Operation, Inc.* ........ 1,200 7,650
Security First Technologies
Corp.* ........................... 4,097 95,511
Serena Software, Inc.* ............. 1,350 61,298
Softnet Systems, Inc.* ............. 1,900 18,288
SpyGlass, Inc.* .................... 1,300 40,706
SVI Holdings, Inc.* ................ 1,500 7,688
TeleScan, Inc.* .................... 1,600 11,700
Tenfold Corp ....................... 300 4,931
theglobe.com, Inc. ................. 800 1,375
TheStreet.com, Inc.* ............... 1,000 5,813
THQ, Inc.* ......................... 1,900 23,156
USinternetworking, Inc. ............ 2,100 42,919
Verity, Inc.* ...................... 2,300 87,400
VerticalNet, Inc.* ................. 6,100 225,319
Wave Systems Corp., Class A* ....... 3,350 52,972
WebTrends Corp.* ................... 1,000 38,687
Western Digital Corp.* ............. 12,500 62,500
WorldGate Communications,
Inc.* ............................ 700 12,425
Zixit Corp.* ....................... 1,100 50,669
-----------
5,103,654
-----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (6.2%)
Adaptive Broadband Corp.* .......... 2,800 102,900
ADC Telecommunications, Inc.*....... 2,236 187,544
Adelphia Business Solutions,
Inc.* ............................ 1,700 39,419
</TABLE>
122
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Advanced Fibre
Communications, Inc.* ............ 5,700 $ 258,281
Advanced Radio Telecom
Corp.* ........................... 1,800 26,325
Allen Telecom, Inc.* ............... 2,000 35,375
Alliant Techsystems, Inc.* ......... 931 62,784
Alpine Group, Inc.* ................ 800 5,400
Andrew Corp.* ...................... 6,200 208,087
ANTEC Corp.* ....................... 1,800 74,812
Aspect Telecommunications* ......... 4,100 161,181
AVT Corp.* ......................... 2,800 20,650
Aware, Inc.* ....................... 1,200 61,350
AXENT Technologies, Inc.* .......... 2,000 49,625
Black Box Corp.* ................... 1,700 134,592
C-COR.net Corp.* ................... 2,400 64,800
Caprock Communications Corp.*....... 2,600 50,700
Carrier Access Corp.* .............. 700 37,013
CFW Communications Co. ............. 800 30,000
Com21, Inc.* ....................... 1,300 32,500
Commonwealth Telephone
Enterprises, Inc.* ............... 1,100 51,769
CommScope, Inc.* ................... 3,700 151,700
CoreComm Ltd.* ..................... 900 17,550
CT Communications, Inc. ............ 1,200 34,125
CTC Communications Corp.* .......... 1,050 37,800
Digital Microwave Corp.* ........... 5,700 217,312
Electric Lightwave, Inc.,
Class A* ......................... 1,100 20,556
eLOT, Inc. ......................... 5,500 10,313
eShare Technologies, Inc. .......... 600 4,200
General Communications, Inc.,
Class A* ......................... 3,700 18,963
Glenayre Technologies, Inc.* ....... 4,700 49,644
ICG Communications, Inc. ........... 3,500 77,219
IDT Corp.* ......................... 1,500 50,906
Inet Technologies, Inc.* ........... 400 21,700
Inter-Tel, Inc. .................... 1,700 27,306
InterDigital Communications
Corp.* ........................... 4,500 74,531
International Fibercom, Inc.* ...... 1,900 48,450
ITC DeltaCom, Inc.* ................ 4,300 95,944
KEMET Corp.* ....................... 5,800 145,362
Latitude Communications ............ 600 6,713
Leap Wireless International,
Inc.* ............................ 2,000 94,000
MasTec, Inc.* ...................... 2,700 103,106
Metro Information Services,
Inc.* ............................ 300 3,000
MGC Communications, Inc.* .......... 2,000 119,875
MRV Communications, Inc.* .......... 4,100 275,725
Network Equipment
Technologies, Inc.* .............. 1,300 13,081
North Pittsburgh Systems, Inc. ..... 601 8,870
Northeast Optic Network, Inc.* ..... 600 36,975
Pacific Gateway Exchange, Inc.*..... 2,600 8,856
Paging Network, Inc.* .............. 6,500 4,672
PictureTel Corp.* .................. 3,600 9,450
Pinnacle Holdings, Inc.* ........... 2,800 151,200
Plantronics, Inc.* ................. 1,200 138,600
Polycom, Inc.* ..................... 1,900 178,778
Powertel, Inc.* .................... 2,200 156,062
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Primus Telecommunications
Group, Inc.* ..................... 2,400 $ 59,700
Prodigy Communications Corp.
CL-A ............................. 595 6,248
Proxim, Inc.* ...................... 900 89,072
PTEK Holdings Inc. ................. 2,600 8,450
Star Telecommunications, Inc.* ..... 1,700 4,303
Superior TeleCom, Inc. ............. 1,101 10,941
TALK.com, Inc.* .................... 3,600 20,925
Tekelec* ........................... 2,500 120,469
Terayon Communication
Systems* ......................... 3,200 205,550
Travelocity.com .................... 1,500 24,563
TUT Systems, Inc.* ................. 1,100 63,113
US Lec Corp.* ...................... 1,100 18,700
WebLink Wireless, Inc.* ............ 3,600 47,700
West TeleServices Corp.* ........... 1,100 27,844
Westell Technologies, Inc.* ........ 1,200 18,000
Woldpages.Com, Inc. ................ 1,200 7,200
World Access, Inc.* ................ 4,200 46,463
-----------
4,886,892
-----------
ELECTRONICS (8.7%)
Acclaim Entertainment, Inc.* ....... 5,400 7,763
Actel Corp.* ....................... 2,100 95,812
Activision, Inc.* .................. 3,500 22,750
Alliance Semiconductor Corp.* ...... 1,800 44,213
Alpha Industries, Inc.* ............ 2,800 123,375
American Superconductor
Corp.* ........................... 1,300 62,725
American Xtal Technology, Inc.*..... 1,100 47,575
Amkor Technology, Inc.* ............ 7,800 275,437
Amphenol Corp.* .................... 3,200 211,800
AMTI, Inc.* ........................ 1,800 83,700
Anacomp, Inc.* ..................... 1,300 3,900
Anadigics, Inc.* ................... 2,500 85,156
Analogic Corp. ..................... 300 12,000
Ancor Communications, Inc.* ........ 2,200 78,684
Anicom, Inc.* ...................... 2,800 10,500
Anixter International, Inc.* ....... 2,100 55,650
APEX, Inc.* ........................ 1,300 56,875
Arguss Holdings, Inc.* ............. 1,300 24,538
Artesyn Technologies, Inc.* ........ 3,000 83,437
Avid Technology, Inc.* ............. 2,200 26,400
BARRA, Inc.* ....................... 800 39,650
Britesmile, Inc. ................... 300 1,350
Burr-Brown Corp.* .................. 3,275 283,902
C & D Technology, Inc. ............. 2,200 124,300
C-Cube Microsystems, Inc. .......... 3,100 60,838
Cable Design Technologies* ......... 2,200 73,700
Checkpoint Systems, Inc.* .......... 1,800 13,500
Ciber, Inc.* ....................... 3,300 43,725
Cirrus Logic, Inc.* ................ 4,900 78,400
Cohu, Inc. ......................... 1,900 51,241
CompuCom Systems, Inc.* ............ 4,500 7,313
Computer Task Group, Inc. .......... 900 4,556
Cree, Inc* ......................... 2,200 293,700
CTS Corp. .......................... 2,100 94,500
Cubic Corp. ........................ 200 3,750
DSP Group, Inc.* ................... 1,900 106,400
Dupont Photomasks, Inc.* ........... 500 34,250
</TABLE>
123
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Electro Scientific Industries,
Inc.* ................................ 2,100 $ 92,466
Emcore Corp.* .......................... 1,000 120,000
Emulex Corp.* .......................... 2,700 177,356
Epicor Software Corp.* ................. 3,435 8,588
ESS Technology, Inc.* .................. 2,000 29,000
Exar Corp.* ............................ 1,400 122,062
FactSet Research Systems, Inc. ......... 1,400 39,550
FSI International, Inc.* ............... 2,600 56,388
General Cable Corp. .................... 2,950 23,969
GenRad, Inc.* .......................... 1,800 16,200
Gerber Scientific, Inc. ................ 1,900 21,850
Helix Technology Corp. ................. 1,800 70,200
hi/fn, Inc.* ........................... 600 26,625
Identix Corp.* ......................... 2,000 31,375
Information Resourses, Inc.* ........... 2,200 8,663
Innovex, Inc. .......................... 1,600 15,600
Integrated Device Technology,
Inc.* ................................ 6,700 401,162
Intergraph Corp.* ...................... 2,900 21,931
Interlogix, Inc. ....................... 229 3,149
International Rectifer Corp.* .......... 4,600 257,600
Intervoice, Inc.* ...................... 2,300 15,094
Jack Henry & Associates, Inc. .......... 2,500 125,312
Kent Electronics Corp.* ................ 2,000 59,625
Kopin Corp.* ........................... 2,500 173,125
Lattice Semiconductor Corp.* ........... 3,500 241,937
LTX Corp.* ............................. 3,900 136,256
Maxwell Technologies, Inc.* ............ 1,100 14,850
Mechanical Technology Inc.* ............ 2,100 31,500
MEMC Electronic Materials,
Inc.* ................................ 2,300 41,400
Micrel, Inc.* .......................... 5,000 217,187
MIPS Technologies, Inc.* ............... 900 38,250
MKS Instruments, Inc.* ................. 700 27,388
Molecular Devices Corp.* ............... 1,000 69,187
MTS Systems Corp. ...................... 1,200 7,500
National Instruments Corp.* ............ 2,300 100,337
Navarre Corp.* ......................... 2,400 3,150
NeoMagic Corp.* ........................ 4,200 12,731
Optical Cable Corp.* ................... 300 9,075
P-Com, Inc.* ........................... 5,500 31,281
Paxar Corp.* ........................... 3,200 38,200
PerkinElmer, Inc.* ..................... 3,900 257,887
Photronics, Inc.* ...................... 1,500 42,563
PLX Technology, Inc.* .................. 1,300 53,950
Protection One, Inc.* .................. 3,600 7,875
Read-Rite Corp.* ....................... 5,400 11,981
Rogers Corp.* .......................... 1,000 35,000
S3, Inc.* .............................. 6,700 98,825
Sanchez Computer Associates* ........... 1,000 23,750
Tektronix, Inc. ........................ 3,400 251,600
TherMedics, Inc.* ...................... 1,000 9,938
Transaction Systems Architechs,
Inc., Class A* ....................... 2,400 41,100
Trimble Navigation Ltd.* ............... 2,000 97,625
Valence Technology, Inc.* .............. 1,900 35,031
Varian Semiconductor
Equipment Associates, Inc.* .......... 2,400 150,750
Varian, Inc. W/I* ...................... 2,800 129,150
-----------
6,911,509
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
OFFICE EQUIPMENT (1.8%)
3Dfx Interactive, Inc.* ................ 2,400 $ 18,675
ACT Networks, Inc.* .................... 800 12,250
Auspex Systems, Inc.* .................. 2,500 12,344
Bell & Howell Co.* ..................... 1,000 24,250
Cybex Computer Products
Corp.* ............................... 1,500 64,500
Eloyalty Corp. ......................... 3,250 41,438
FilNET Corp.* .......................... 2,400 44,100
Hutchinson Technology, Inc.* ........... 2,400 34,200
IdeaMall, Inc. ......................... 800 3,850
iGate Capital Corp. .................... 2,600 35,750
John H. Harland Co. .................... 2,000 29,875
Kronos, Inc.* .......................... 1,250 32,500
Micron Electronics, Inc.* .............. 3,100 38,750
MICROS Systems, Inc.* .................. 1,600 29,700
National Computer Systems, Inc. 2,800 137,900
New England Business Services,
Inc. ................................. 1,000 16,250
Pinnacle Systems, Inc.* ................ 3,200 71,950
Sandisk Corp.* ......................... 4,000 244,750
Technitrol, Inc. ....................... 1,100 106,562
Triumph Group, Inc.* ................... 900 25,088
United Stationers, Inc.* ............... 2,900 93,887
WH Brady Co. ........................... 1,500 48,750
Wind River Systems* .................... 4,296 162,711
Xircom, Inc.* .......................... 2,000 95,000
-----------
1,425,030
-----------
OFFICE EQUIPMENT SERVICES (2.4%)
Advantage Learning Systems,
Inc.* ................................ 400 6,150
BroadVision, Inc.* ..................... 14,000 711,375
ChoicePoint, Inc.* ..................... 2,520 112,140
Complete Business Solutions,
Inc.* ................................ 1,700 29,856
Concurrent Computer Corp.* ............. 4,500 59,062
Datastream Systems, Inc.* .............. 1,400 17,500
Engineering Animation, Inc.* ........... 1,300 12,147
Entrust Technologies, Inc.* ............ 1,600 132,400
Fair Issac & Co., Inc. ................. 700 30,800
Florida East Coast Industries,
Inc. ................................. 2,100 84,000
Globix Corp.* .......................... 1,200 35,175
Great Plains Software, Inc.* ........... 1,000 19,625
Hypercom Corp. ......................... 700 10,063
InFocus Corp. .......................... 2,100 67,594
Komag, Inc.* ........................... 6,600 11,550
Manhattan Associates, Inc.* ............ 300 7,500
MAPICS, Inc.* .......................... 2,900 16,675
MCSi Inc ............................... 900 23,062
MTI Technology Corp.* .................. 2,200 17,600
Phoenix Technologies, Inc.* ............ 2,300 37,519
Progress Software Corp.* ............... 2,700 48,431
Project Software &
Development, Inc.* ................... 1,100 19,800
PubliCard, Inc.* ....................... 1,400 4,594
QRS Corp.* ............................. 900 22,106
QuadraMed, Corp.* ...................... 2,000 5,000
Radiant Systems, Inc.* ................. 1,350 32,400
Remedy Corp.* .......................... 1,900 105,925
RWD Technologies, Inc.* ................ 300 1,744
</TABLE>
124
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
---------- --------------
<S> <C> <C>
Schawk, Inc. .......................... 1,500 $ 14,063
SportsLine.com, Inc.* ................. 1,100 18,769
Spss, Inc. ............................ 500 14,562
Structural Dynamics Research* ......... 3,100 46,694
Sykes Enterprises, Inc.* .............. 1,500 19,312
Syntel, Inc.* ......................... 700 7,000
Systems & Computer Tech
Corp.* .............................. 2,700 54,000
Tyler Technologies, Inc.* ............. 2,700 6,919
Wavo Corp.* ........................... 2,500 1,875
-----------
1,864,987
-----------
WIRELESS TELECOMMUNICATION
SERVICES (0.2%)
Metricom, Inc.* ....................... 1,100 30,663
Motient Corporation ................... 2,100 32,944
Price Communications, Corp.* .......... 3,440 81,055
SS&C Technologies, Inc. ............... 200 852
-----------
145,514
-----------
TOTAL TECHNOLOGY ..................... 20,656,655
-----------
TOTAL COMMON STOCKS (95.3%)
(Cost $70,431,881)................... 75,482,651
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- --------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (3.7%)
Chase Nassau
6.26%, 7/3/00 ....................... $2,908,691 $ 2,908,691
-----------
U.S. GOVERNMENT (0.3%)
U.S. Treasury Bill
7/13/00+ ............................ 305,000 304,572
-----------
TOTAL SHORT-TERM DEBT
SECURITIES (4.0%)
(Amortized Cost $3,213,144) ......... 3,213,263
-----------
TOTAL INVESTMENTS (99.3%)
(Cost/Amortized Cost
$73,645,025) ........................ 78,695,914
OTHER ASSETS
LESS LIABILITIES (0.7%) ............. 534,127
-----------
NET ASSETS (100.0%) ................... $79,230,041
===========
</TABLE>
----------
* Non-income producing.
+ All, or a portion of securities held by broker as collateral for
financial futures contracts.
--------------------------------------------------------------------------------
At June 30, 2000, the portfolio had the following futures contract open: (Note
1)
<TABLE>
<CAPTION>
NO. OF EXPIRATION ORIGINAL VALUE AT UNREALIZED
PURCHASES CONTRACTS DATE VALUE 06/30/00 DEPRECIATION
--------------------- ----------- --------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Russell 2000 Future 14 September '00 $3,666,384 $3,658,200 $ (8,184)
</TABLE>
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $ 22,816,649
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 6,132,685
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 17,338,075
Aggregate gross unrealized depreciation ......... (12,287,186)
-------------
Net unrealized appreciation ..................... $ 5,050,889
=============
Federal income tax cost of investments .......... $ 73,645,025
=============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$6,645,839, which was secured by collateral of $6,870,908 of which $255,068 was
in the form of U.S. Government securities.
See Notes to Financial Statements.
125
<PAGE>
EQ ADVISORS TRUST
CALVERT SOCIALLY RESPONSIBLE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------- -------------
<S> <C> <C>
COMMON STOCKS:
BUSINESS SERVICES (3.9%)
PROFESSIONAL SERVICES (3.9%)
Fiserv, Inc.* ....................... 2,100 $ 90,825
Robert Half International, Inc.*..... 1,200 34,200
----------
TOTAL BUSINESS SERVICES ........... 125,025
----------
CAPITAL GOODS (4.4%)
BUILDING & CONSTRUCTION (1.5%)
Fastenal Co. ........................ 950 48,094
----------
MACHINERY (2.9%)
Illinois Tool Works, Inc. ........... 1,650 94,050
----------
TOTAL CAPITAL GOODS ............... 142,144
----------
CONSUMER CYCLICALS (10.1%)
AUTO RELATED (2.5%)
Harley-Davidson, Inc. ............... 2,050 78,925
----------
HOUSEHOLD FURNITURE, APPLIANCES (2.0%)
Newell Rubbermaid, Inc. ............. 2,550 65,662
----------
RETAIL--GENERAL (5.6%)
Dollar General Corp. ................ 2,400 46,800
Home Depot, Inc. .................... 1,650 82,397
Staples, Inc.* ...................... 3,450 53,044
----------
182,241
----------
TOTAL CONSUMER CYCLICALS .......... 326,828
----------
CONSUMER NON-CYCLICALS (15.4%)
DRUGS (3.9%)
Alza Corp.* ......................... 1,000 59,125
Merck & Co., Inc. ................... 900 68,963
----------
128,088
----------
HOSPITAL SUPPLIES & SERVICES (8.8%)
Cardinal Health, Inc. ............... 2,350 173,900
Guidant Corp.* ...................... 850 42,075
Health Management Associates,
Inc., Class A* .................... 5,250 68,578
----------
284,553
----------
SOAPS & TOILETRIES (2.7%)
Johnson & Johnson ................... 850 86,594
----------
TOTAL CONSUMER NON-CYCLICALS 499,235
----------
CREDIT SENSITIVE (24.2%)
BANKS (3.9%)
Chase Manhattan Corp. ............... 975 44,911
State Street Corp. .................. 750 79,547
----------
124,458
----------
FINANCIAL SERVICES (16.2%)
Franklin Resources, Inc. ............ 1,850 56,194
Mellon Financial Corp. .............. 2,050 74,697
Paychex, Inc. ....................... 4,625 194,250
SLM Holding Corp. ................... 1,950 73,003
T. Rowe Price Associates, Inc. ...... 2,950 125,375
----------
523,519
----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------- -------------
<S> <C> <C>
INSURANCE (2.9%)
AFLAC, Inc. ......................... 2,050 $ 94,172
----------
UTILITY--ELECTRIC (1.2%)
AES Corp.* .......................... 850 38,781
----------
TOTAL CREDIT SENSITIVE ............ 780,930
----------
TECHNOLOGY (37.2%)
COMPUTER SOFTWARE (5.3%)
Compuware Corp.* .................... 2,701 28,042
Microsoft Corp.* .................... 1,350 108,000
Oracle Corp.* ....................... 400 33,625
----------
169,667
----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (6.2%)
Lucent Technologies, Inc. ........... 1,200 71,100
Tellabs, Inc.* ...................... 1,900 130,032
----------
201,132
----------
ELECTRONICS (11.1%)
Altera Corp.* ....................... 1,050 107,034
Conexant Systems, Inc.* ............. 796 38,706
Intel Corp. ......................... 600 80,213
Solectron Corp.* .................... 2,100 87,937
Xilinx, Inc.* ....................... 550 45,409
----------
359,299
----------
OFFICE EQUIPMENT (10.3%)
Dell Computer Corp.* ................ 950 46,847
EMC Corp.* .......................... 1,950 150,028
International Business Machines
Corp. ............................. 1,250 136,953
----------
333,828
----------
WIRELESS TELECOMMUNICATION
SERVICES (4.3%)
Nokia OYJ (ADR) ..................... 750 37,453
Worldcom, Inc.* ..................... 2,225 102,072
----------
139,525
----------
TOTAL TECHNOLOGY .................. 1,203,451
----------
TOTAL COMMON STOCKS (95.2%)
(Cost $2,817,921).................. 3,077,613
----------
PRINCIPAL
AMOUNT
-------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (4.7%)
Chase Nassau
6.26%, 7/3/00
(Amortized Cost $150,403).......... $150,403 150,403
----------
TOTAL INVESTMENTS (99.9%)
(Cost/Amortized Cost
$2,968,324) ....................... 3,228,016
OTHER ASSETS
LESS LIABILITIES (0.1%) ........... 4,607
----------
NET ASSETS (100%) ................... $3,232,623
==========
</TABLE>
----------
* Non-income producing.
126
<PAGE>
EQ ADVISORS TRUST
CALVERT SOCIALLY RESPONSIBLE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $1,082,567
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 803,387
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 449,544
Aggregate gross unrealized depreciation ......... (189,852)
----------
Net unrealized appreciation ..................... $ 259,692
==========
Federal income tax cost of investments .......... $2,968,324
==========
</TABLE>
See Notes to Financial Statements.
127
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
AUSTRALIA (3.5%)
Australia & New Zealand
Banking .......................... 51,000 $ 390,190
Broken Hill Proprietary
Company Ltd. (ADR) ............... 7,000 166,250
Broken Hill Proprietary Ltd. ....... 88,761 1,046,998
Cable & Wireless Optus Ltd. ........ 76,000 226,047
Coca-Cola Amatil Ltd. .............. 30,150 58,523
Coles Meyer Ltd. ................... 15,400 58,994
Lend Lease Corp. ................... 17,673 224,910
News Corp., Ltd. ................... 36,339 499,180
News Corp., Ltd. (ADR) ............. 4,000 218,000
Santos Ltd. ........................ 80,000 243,200
Westpac Banking Corp. .............. 72,858 524,349
------------
3,656,641
------------
BRAZIL (0.4%)
CIA Cervejaria Brahma-SP
(ADR) ............................ 15,000 255,000
Telecomunicacoes de Sao Paulo
S.A. (ADR) ....................... 8,000 148,000
------------
403,000
------------
CANADA (3.6%)
Bank of Nova Scotia ................ 22,200 544,758
Bombardier, Inc., `B' .............. 16,800 456,540
Bombardier, Inc., Class B .......... 12,000 326,100
Manulife Financial Corp.* .......... 13,000 229,365
National Bank of Canada ............ 18,900 282,357
Nortel Networks Corp. .............. 7,000 477,750
Thomson Corp. ...................... 31,200 1,068,262
Toronto Dominion Bank .............. 14,000 340,702
------------
3,725,834
------------
FINLAND (3.2%)
Metra OYJ, Class B ................. 1,500 25,824
Nokia OYJ .......................... 41,600 2,120,789
Nokia OYJ (ADR) .................... 11,000 549,313
Sanitec Ltd. OYJ* .................. 818 8,192
Upm-Kymmene OYJ .................... 23,600 585,250
------------
3,289,368
------------
FRANCE (6.7%)
Bouygues S.A.*+# ................... 1,653 1,103,640
Compagnie de Saint Gobain* ......... 3,000 405,173
Groupe Danone ...................... 3,000 397,734
LVMH (Louis Vuitton Moet
Hennessy)* ....................... 700 288,362
Michelin, Class B (Registered) ..... 7,800 250,046
Pechiney S.A., Class A ............. 6,500 270,926
PSA Peugeot Citroen ................ 1,300 260,635
Sanofi-Synthelabo S.A.* ............ 21,200 1,009,004
Societe BIC S.A. ................... 6,300 308,258
Societe Television Francaise
(T.F.1) .......................... 10,000 696,272
STMicroelectronics N.V. ............ 6,500 409,179
STMicroelectronics N.V.
(New York Shares) ................ 17,000 1,091,187
Vivendi* ........................... 5,300 467,347
------------
6,957,763
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
GERMANY (6.5%)
Aixtron ............................ 2,000 $ 270,688
Bayerische Motoren Werke
(BMW) AG* ........................ 11,900 362,071
DaimlerChrysler AG ................. 4,500 238,640
Deutsche Bank AG
(Registered)* .................... 3,500 292,268
Deutsche Telekom AG ................ 9,600 553,050
Epcos AG* .......................... 3,600 364,656
Infineon Technologies AG ........... 12,400 982,700
Infineon Technologies AG
(ADR)* ........................... 18,200 1,482,469
Intershop Communications AG*........ 600 274,122
Siemens AG* ........................ 11,300 1,689,978
T-Online International AG*+# ....... 5,000 162,861
Thyssen Krupp* ..................... 4,700 74,729
------------
6,748,232
------------
HONG KONG (1.6%)
Hong Kong Telecommunications
Ltd. ............................. 167,000 367,398
Hutchison Whampoa Ltd. ............. 53,900 677,596
Johnson Electric Holdings .......... 50,500 477,760
Legend Holdings Ltd.+# ............. 102,000 98,788
Li & Fung Ltd. ..................... 6,000 30,017
------------
1,651,559
------------
IRELAND (0.4%)
Allied Irish Banks plc ............. 18,158 162,453
CRH plc ............................ 17,066 307,645
------------
470,098
------------
ITALY (2.7%)
Generali ........................... 9,300 318,444
ENI S.p.A. (Registered) ............ 154,600 892,116
Fiat S.p.A.* ....................... 3,710 96,179
Fiat S.p.A.* ....................... 9,510 154,654
Telecom Italia Mobile S.p.A. ....... 46,800 477,624
Telecom Italia Mobile S.p.A.
(RNC) ............................ 10,700 53,784
Telecom Italia S.p.A. .............. 21,600 296,669
Telecom Italia S.p.A. (RNC) ........ 32,000 212,125
UniCredito Italiano ................ 64,000 305,826
------------
2,807,421
------------
JAPAN (24.6%)
Advantest Corp. .................... 5,600 1,247,727
Aiful Corp. ........................ 2,700 248,773
Chudenko Corp. ..................... 15,000 211,126
Chugai Pharmaceutical Ltd. ......... 10,000 188,893
DDI Corp. .......................... 32 307,504
Fanuc .............................. 3,000 304,960
Fuji Soft ABC, Inc. ................ 4,000 237,034
Hirose Electric .................... 4,700 731,047
Hitachi Ltd. ....................... 22,000 317,113
Japan Airlines Co., Ltd. ........... 6,000 22,780
JUSCO Co., Ltd. .................... 23,000 435,536
Kao Corp. .......................... 10,000 305,243
Keyence Corp. ...................... 1,400 461,633
Mabuchi Motor Co., Ltd. ............ 2,000 258,137
Mitsubishi Heavy Industries Ltd. 99,000 438,363
Mitsubishi Motors Corp.* ........... 100,000 426,775
</TABLE>
128
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Mitsui Chemicals, Inc. ............. 40,000 $ 279,241
Mitsui Marine & Fire Insurance
Co., Ltd. ........................ 61,000 293,090
Murata Manufacturing Co., Ltd. ..... 8,000 1,147,110
NEC Corp. .......................... 62,000 1,945,075
Nichicon ........................... 3,000 73,484
Nikon Corp. ........................ 47,000 1,740,167
Nintendo Ltd. ...................... 4,500 785,152
Nippon Sheet Glass Co., Ltd. ....... 24,000 333,280
Nippon Telegraph & Telephone
Corp. ............................ 31 411,795
Nissan Motor Co., Ltd. ............. 125,000 736,021
Nomura Securities Co. .............. 12,000 293,372
NTT Mobile Communications
Network, Inc. .................... 86 2,325,310
Orix Corp. ......................... 2,140 315,521
Rohm Co. ........................... 3,900 1,139,008
Sakura Bank Ltd. ................... 33,000 227,886
Sankyo Co. ......................... 14,000 315,889
Sekisui House Ltd. ................. 33,000 304,988
Shin-Etsu Chemical Co., Ltd. ....... 6,000 304,112
Shionogi & Co., Ltd. ............... 18,000 341,702
Sony Corp. ......................... 25,700 2,397,004
Suzuki Motor Co., Ltd. ............. 19,000 244,873
Taiyo Yuden Co., Ltd. .............. 7,000 437,892
Thk Company Ltd. ................... 8,000 403,976
Tokyo Electron Ltd. ................ 17,000 2,325,498
Tokyo Seimitsu ..................... 400 53,512
Toray Industries, Inc. ............. 79,000 320,034
Ushio, Inc. ........................ 1,000 27,510
------------
25,665,146
------------
KOREA (2.3%)
Hyundai Motor Co. (GDR)*+# ......... 18,838 122,447
Korea Telecom Corp. SP (ADR)........ 300 14,512
Pohang Iron & Steel Co., Ltd.
(ADR) ............................ 15,060 361,440
Samsung Electronics (GDR)*+#........ 9,796 1,890,628
------------
2,389,027
------------
LUXEMBOURG (0.1%)
Societe Europeenne des Satellites
(FDR) ............................ 600 100,721
------------
MEXICO (1.5%)
Telefonos de Mexico S.A.,
Class L (ADR) .................... 27,800 1,588,075
------------
NETHERLANDS (5.1%)
ABN-Amro Holdings N.V. ............. 37,534 918,624
Aegon N.V.* ........................ 31,436 1,117,489
ASM Lithography Holding N.V. ....... 21,000 901,740
ASM Lithography Holding N.V.
(New York Shares)* ............... 5,700 251,512
DSM NV* ............................ 7,902 253,240
Heineken Holding N.V. .............. 6,700 260,730
Heineken N.V. Class A .............. 17,300 1,051,920
ING Groep N.V. ..................... 4,711 318,129
United Pan-Europe
Communications N.V. .............. 7,400 193,322
------------
5,266,706
------------
NORWAY (0.4%)
Norsk Hydro ........................ 10,200 427,648
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
PORTUGAL (0.5%)
Portugal Telecom S.A.* ............. 23,000 $ 257,983
PT Multimedia Servicos de
Telecomunicacoes e
Multimedia SGPS SA* .............. 1,200 59,517
Telecel-Comunicacoes Pessoais,
S.A.* ............................ 15,000 227,481
------------
544,981
------------
SINGAPORE (1.2%)
Chartered Semiconductor* ........... 30,000 262,229
Creative Technology Ltd. ........... 7,000 168,181
Cycle & Carriage Ltd. .............. 6,000 14,101
DBS Group Holdings Ltd.* ........... 24,652 316,801
Keppel Tat Lee Bank Ltd. ........... 38,000 64,671
Singapore Press Holdings Ltd. ...... 5,000 78,148
Singapore Technologies
Engineering Ltd. ................. 233,000 342,588
------------
1,246,719
------------
SPAIN (1.9%)
Banco Bilbao Vizcaya ............... 37,100 553,789
Telefonica de Espana S.A.* ......... 66,010 1,416,605
Telefonica S.A. (ADR)* ............. 1,000 64,063
------------
2,034,457
------------
SWEDEN (1.6%)
ForeningsSparbanken AB ............. 24,200 353,625
Svenska Hadelsbanken, Class A*...... 18,000 260,987
Telefonaktiebolaget LM Ericsson
AB ............................... 30,800 608,813
Telefonaktiebolaget LM Ericsson
AB (ADR) ......................... 21,200 424,000
------------
1,647,425
------------
SWITZERLAND (4.0%)
Adecco S.A. (Registered)* .......... 327 277,522
Cie Financiere Richemont,
Class A .......................... 275 740,080
Holderbank Financiere Glarus
AG (Registered) .................. 878 286,556
Holderbank Financiere Glarus
AG, Class B ...................... 140 171,453
Nestle S.A. (Registered) ........... 242 483,822
Novartis AG (Registered) ........... 595 941,449
Roche Holding AG ................... 21 204,201
Swiss Reinsurance Co.
(Registered) ..................... 189 384,805
Swisscom AG (Registered) ........... 1,960 678,097
UBS AG ............................. 300 43,904
------------
4,211,889
------------
TAIWAN (2.7%)
Asustek Computer, Inc.
(GDR)+# .......................... 34,452 290,259
Hon Hai Precision Industry Co.,
Ltd. (GDR)*+# .................... 12,900 309,600
Taiwan Semiconductor
Manufacturing Co. (ADR)* ......... 56,802 2,201,062
------------
2,800,921
------------
TURKEY (0.2%)
Turkiye Is Bankasi (Registered)
(GDR)* ........................... 94,400 202,960
------------
</TABLE>
129
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------- ---------------
<S> <C> <C>
UNITED KINGDOM (14.2%)
AstraZeneca Group plc (ADR) ...... 56,300 $ 2,618,729
AstraZeneca Group plc (ADR) ...... 5,900 274,350
BAE SYSTEMS plc .................. 63,900 398,245
BOC Group plc .................... 100 1,437
British Airways plc .............. 44,000 252,923
Cadbury Schweppes plc ............ 81,100 532,431
Colt Telecom Group plc* .......... 200 6,656
Dixons Group plc* ................ 66,545 270,782
Enterprise Oil plc ............... 17,900 149,196
GKN plc .......................... 38,900 496,055
Glaxo Wellcome plc ............... 10,533 307,034
Halifax plc ...................... 28,000 268,534
Land Securities plc .............. 22,000 262,907
Laporte plc Class B .............. 297,600 4,502
Laporte plc* ..................... 31,600 229,446
Lloyds TSB Group plc ............. 147,714 1,394,308
Rank Group plc ................... 90,000 208,299
Reuters Group plc ................ 39,500 673,401
Royal Bank of Scotland
Group plc* ..................... 29,100 486,856
Shell Transport & Trading Co.,
plc (Registered) ............... 62,000 517,237
Siebe plc ........................ 216,700 812,949
Tate Lyle ORD plc ................ 67,000 334,458
TI Group plc ..................... 47,700 259,761
Unilever plc ..................... 37,000 223,879
Vodafone AirTouch plc ............ 948,106 3,829,312
------------
14,813,687
------------
UNITED STATES (0.2%)
ASM Lithography Holding N.V.*..... 4,500 198,562
------------
TOTAL COMMON STOCKS (89.1%)
(Cost $84,429,304) ............. 92,848,840
------------
CONVERTIBLE PREFERRED
STOCKS:
JAPAN (0.2%)
Sanwa International Fiance
Bermuda Trust (Cost
$193,422)....................... 21,000,000 198,338
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------- --------------
<S> <C> <C>
SHORT-TERM DEBT
SECURITIES:
TIME DEPOSIT (10.6%)
Chase Nassau
6.26%, 7/3/00 ..................
(Amortized Cost $11,023,004)..... $11,023,004 $ 11,023,004
------------
TOTAL INVESTMENTS (99.9%) ........
(Cost/Amortized Cost $95,645,730) 104,070,182
OTHER ASSETS
LESS LIABILITIES (0.1%) ........ 109,726
------------
NET ASSETS (100%) ................ $104,179,908
============
</TABLE>
<TABLE>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Common Stocks,
Preferred
Stocks, and Warrants
Basic Materials ................. 3.6%
Business Services ............... 4.5
Capital Goods ................... 8.0
Consumer Cyclicals .............. 10.5
Consumer Non-Cyclicals .......... 11.7
Credit Sensitive ................ 19.2
Diversified ..................... 5.1
Energy .......................... 1.9
Technology
Computer Hardware ............. 0.6
Computer Software ............. 0.7
Electronics ................... 19.4
Office Equipment Services ..... 0.4
Telecommunications ............ 14.4 35.5
---- -----
100.0%
=====
</TABLE>
----------
* Non-income producing.
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may only be resold to qualified
institutional buyers. At June 30, 2000, these securities amounted to
$3,918,223 or 3.76% of net assets.
# Illiquid security: it is not actively traded.
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
RNC--Risparmio Non-Convertible Savings Shares.
130
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
At June 30, 2000, the portfolio had outstanding foreign currency contracts to
buy/sell foreign curriences as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
European Union, expiring 8/10/00 - 2/20/01 .......... 1,160 $1,082,837 $1,116,608 $ 33,771
European Union, expiring 7/19/00 - 9/1/00 ........... 948 904,505 907,105 2,600
European Union, expiring 7/19/00 - 11/27/00 ......... 2,148 2,009,122 2,054,506 45,384
European Union, expiring 7/31/00 - 9/7/00 ........... 847 780,379 810,388 30,009
European Union, expiring 8/10/00 .................... 105 94,938 100,729 5,791
European Union, expiring 9/5/00 ..................... 76 74,977 73,025 (1,952)
FOREIGN CURRENCY SELL CONTRACTS
Australian Dollar, expiring 7/19/00 ................. 104 69,300 62,321 6,979
Australian Dollar, expiring 8/10/00 ................. 763 448,502 456,096 (7,594)
Canadian Dollar, expiring 8/10/00 - 9/7/00 .......... 787 528,859 532,461 (3,602)
Japanese Yen, expiring 7/19/00 - 11/27/00 ........... 210,724 2,009,121 2,002,907 6,214
Japanese Yen, expiring 8/28/00 ...................... 65,009 594,814 619,155 (24,341)
Japanese Yen, expiring 2/20/01 ...................... 69,336 634,335 682,079 (47,744)
British Pound, expiring 7/31/00 ..................... 159 251,518 241,022 10,496
British Pound, expiring 8/10/00 ..................... 62 94,938 93,811 1,127
British Pound, expiring 9/1/00 ...................... 362 537,392 547,508 (10,116)
British Pound, expiring 9/5/00 ...................... 47 74,977 71,678 3,299
---------
$ 50,321
=========
</TABLE>
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $58,670,046
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 10,818,127
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 11,527,012
Aggregate gross unrealized depreciation ......... (3,102,560)
------------
Net unrealized appreciation ..................... $ 8,424,452
============
Federal income tax cost of investments .......... $ 95,645,730
============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$7,579,056, which was secured by collateral of
$7,456,879.
The Portfolio has a net loss carryforward of $36,605 which expires in the year
2007.
See Notes to Financial Statements.
131
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (1.7%)
METALS & MINING (1.7%)
Alcoa, Inc. ............................................................ 21,800 $ 632,200
Newmont Mining Corp. ................................................... 13,500 291,938
-----------
TOTAL BASIC MATERIALS ................................................ 924,138
-----------
BUSINESS SERVICES (11.2%)
PRINTING, PUBLISHING,
BROADCASTING (10.9%)
Adelphia Communications Corp.
Class A* ............................................................. 9,069 425,109
AT&T Corp.--Liberty Media
Group, Class A* ...................................................... 58,400 1,416,200
Cablevision Systems Corp.,
Class A* ............................................................. 13,200 895,950
Charter Communications, Inc.* .......................................... 16,000 263,000
Fox Entertainment Group, Inc.,
Class A* ............................................................. 11,900 361,463
Interpublic Group, Inc. ................................................ 11,300 485,900
MediaOne Group, Inc.* .................................................. 3,500 232,085
Time Warner, Inc. ...................................................... 6,700 509,200
Viacom, Inc., Class B* ................................................. 17,700 1,206,919
-----------
5,795,826
-----------
PROFESSIONAL SERVICES (0.1%)
Service Corp. International ............................................ 22,400 71,400
-----------
TRUCKING, SHIPPING (0.2%)
CNF Transportation, Inc. ............................................... 4,400 100,100
-----------
TOTAL BUSINESS SERVICES .............................................. 5,967,326
-----------
CAPITAL GOODS (6.1%)
AEROSPACE (2.4%)
Lockheed Martin Corp. .................................................. 12,000 297,750
Loral Space & Communications*........................................... 39,000 270,562
Raytheon Co. ........................................................... 10,500 204,094
Raytheon Co. ........................................................... 9,000 173,250
Textron, Inc. .......................................................... 2,800 152,075
United Technologies Corp. .............................................. 3,500 206,063
-----------
1,303,794
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (0.8%)
Lowe's Cos., Inc. ...................................................... 9,900 406,519
-----------
ELECTRICAL EQUIPMENT (1.7%)
Emerson Electric Co. ................................................... 6,400 386,400
General Electric Co. ................................................... 3,000 159,000
Lam Research Corp.* .................................................... 9,600 360,000
-----------
905,400
-----------
MACHINERY (1.2%)
Illinois Tool Works, Inc. .............................................. 5,700 324,900
W.W. Grainger, Inc. .................................................... 9,800 301,962
-----------
626,862
-----------
TOTAL CAPITAL GOODS .................................................. 3,242,575
-----------
CONSUMER CYCLICALS (4.2%)
APPAREL & TEXTILES (0.6%)
Nike, Inc., Class B .................................................... 7,700 306,556
-----------
AUTOS & TRUCKS (0.3%)
Autonation, Inc.* ...................................................... 18,900 133,481
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
HOUSEHOLD FURNITURE,
APPLIANCES (0.3%)
Williams-Sonoma, Inc.* ................................................. 5,600 $ 181,650
-----------
LEISURE RELATED (1.3%)
American Greetings Corp. ............................................... 5,400 102,600
Carnival Corp., Class A ................................................ 12,700 247,650
Galileo International, Inc. ............................................ 10,900 227,538
Hasbro, Inc. ........................................................... 8,500 128,031
-----------
705,819
-----------
RETAIL--GENERAL (1.7%)
Costco Wholesale Corp.* ................................................ 16,400 541,200
Wal-Mart Stores, Inc. .................................................. 6,000 345,750
-----------
886,950
-----------
TOTAL CONSUMER CYCLICALS ............................................. 2,214,456
-----------
CONSUMER NON-CYCLICALS (25.7%)
BEVERAGES (1.8%)
PepsiCo, Inc. .......................................................... 21,800 968,738
-----------
DRUGS (9.8%)
AstraZeneca Group plc (ADR) ............................................ 33,000 1,534,500
Forest Laboratories, Inc.* ............................................. 5,600 565,600
Pfizer, Inc. ........................................................... 64,600 3,100,800
-----------
5,200,900
-----------
FOODS (3.7%)
Campbell Soup Co. ...................................................... 21,000 611,625
ConAgra, Inc. .......................................................... 6,600 125,812
Kellogg Co. ............................................................ 41,800 1,243,550
-----------
1,980,987
-----------
HOSPITAL SUPPLIES & SERVICES (7.0%)
Becton, Dickinson and Co. .............................................. 11,400 327,038
Guidant Corp.* ......................................................... 18,700 925,650
Medtronic, Inc. ........................................................ 47,000 2,341,187
Quintiles Transnational Corp.* ......................................... 9,600 135,600
-----------
3,729,475
-----------
RETAIL--FOOD (0.6%)
McDonald's Corp. ....................................................... 9,100 299,731
-----------
SOAPS & TOILETRIES (2.0%)
Clorox Co. ............................................................. 20,900 936,581
Kimberly Clark Corp. ................................................... 2,600 149,175
-----------
1,085,756
-----------
TOBACCO (0.8%)
Philip Morris Cos., Inc. ............................................... 15,100 401,094
-----------
TOTAL CONSUMER NON-CYCLICALS 13,666,681
-----------
CREDIT SENSITIVE (16.8%)
BANKS (3.6%)
Bank of America Corp. .................................................. 18,600 799,800
Bank One Corp. ......................................................... 23,100 613,594
Washington Mutual, Inc. ................................................ 17,800 513,975
-----------
1,927,369
-----------
FINANCIAL SERVICES (4.7%)
Associates First Capital Corp.,
Class A .............................................................. 14,600 325,762
Household International, Inc. .......................................... 7,400 307,562
Indymac Mortgage Holdings,
Inc. ................................................................. 10,200 138,338
SLM Holding Corp. ...................................................... 46,500 1,740,844
-----------
2,512,506
-----------
</TABLE>
132
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ --------------
<S> <C> <C>
INSURANCE (3.3%)
Hartford Financial Services
Group, Inc. ...................... 11,000 $ 615,312
Jefferson-Pilot Corp. .............. 6,000 338,625
Lincoln National Corp. ............. 10,100 364,863
PMI Group, Inc. .................... 8,550 406,125
-----------
1,724,925
-----------
UTILITY--ELECTRIC (2.6%)
American Electric Power Co. ........ 7,700 228,113
CINergy Corp. ...................... 18,300 465,506
Niagara Mohawk Holdings, Inc. ...... 26,900 374,919
Northeast Utilities ................ 13,100 284,925
-----------
1,353,463
-----------
UTILITY--GAS (0.2%)
NiSource, Inc. ..................... 6,200 115,475
-----------
UTILITY--TELEPHONE (2.4%)
Sprint Corp. (Fon Group) ........... 17,200 877,200
U.S. WEST, Inc. .................... 4,700 403,025
-----------
1,280,225
-----------
TOTAL CREDIT SENSITIVE ........... 8,913,963
-----------
DIVERSIFIED (1.7%)
MISCELLANEOUS (1.7%)
Tyco International Ltd. ............ 18,800 890,650
-----------
ENERGY (7.1%)
COAL & GAS PIPELINES (1.3%)
Williams Cos., Inc. ................ 15,800 658,663
-----------
OIL--DOMESTIC (1.9%)
Chevron Corp. ...................... 7,600 644,575
Exxon Mobil Corp.* ................. 4,808 377,428
-----------
1,022,003
-----------
OIL--INTERNATIONAL (0.8%)
Texaco, Inc. ....................... 8,200 436,650
-----------
OIL--SUPPLIES & CONSTRUCTION (2.0%)
Baker Hughes, Inc. ................. 24,600 787,200
Weatherford Intl., Inc.* ........... 6,600 262,762
-----------
1,049,962
-----------
RAILROADS (1.1%)
Canadian National Railway Co. ...... 10,500 306,469
Union Pacific Corp. ................ 7,500 278,906
-----------
585,375
-----------
TOTAL ENERGY ..................... 3,752,653
-----------
TECHNOLOGY (23.0%)
COMPUTER HARDWARE (3.4%)
Cisco Systems, Inc.* ............... 26,400 1,678,050
Hewlett Packard Co. ................ 1,100 137,362
-----------
1,815,412
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ --------------
<S> <C> <C>
COMPUTER SOFTWARE (2.5%)
Autodesk, Inc. ..................... 8,400 $ 291,375
Cadence Design Systems, Inc.* ...... 26,000 529,750
Peoplesoft, Inc.* .................. 30,900 517,575
-----------
1,338,700
-----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (1.9%)
Macromedia, Inc.* .................. 3,500 338,406
Sprint Corp. (PCS Group)* .......... 4,000 238,000
VoiceStream Wireless Corp.* ........ 3,500 407,039
-----------
983,445
-----------
ELECTRONICS (11.0%)
Advanced Micro Devices, Inc.* ...... 11,400 880,650
Agilent Technologies, Inc.* ........ 6,319 466,026
Applied Material, Inc.* ............ 11,800 1,069,375
Applied Micro Circuits Corp.* ...... 4,100 404,875
ASM Lithography Holding NV ......... 20,400 900,150
Burr-Brown Corp.* .................. 8,500 736,844
JDS Uniphase Corp.* ................ 2,000 239,750
KLA-Tencor Corp.* .................. 3,400 199,112
Micron Technology, Inc.* ........... 2,500 220,156
PMC-Sierra, Inc. ................... 2,500 444,219
Teradyne, Inc.* .................... 4,200 308,700
-----------
5,869,857
-----------
OFFICE EQUIPMENT (1.8%)
Compaq Computer Corp. .............. 21,500 549,594
Dell Computer Corp.* ............... 7,500 369,844
-----------
919,438
-----------
WIRELESS TELECOMMUNICATION
SERVICES (2.4%)
Nokia OYJ (ADR) .................... 25,400 1,268,413
-----------
TOTAL TECHNOLOGY ................. 12,195,265
-----------
TOTAL COMMON STOCKS (97.5%)
(Cost $47,445,368)................ 51,767,707
-----------
PRINCIPAL
AMOUNT
---------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (2.5%)
Chase Nassau
6.26%, 7/3/00
(Amortized Cost $1,314,951)....... $1,314,951 1,314,951
-----------
TOTAL INVESTMENTS (100.0%)
(Cost/Amortized $48,760,319) ..... 53,082,658
OTHER ASSETS
LESS LIABILITIES (0.0%) .......... 38,549
-----------
NET ASSETS (100%) .................. $53,121,207
===========
</TABLE>
----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
133
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $28,389,098
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 11,315,470
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 7,077,748
Aggregate gross unrealized depreciation ......... (2,755,409)
------------
Net unrealized appreciation ..................... $ 4,322,339
============
Federal income tax cost of investments .......... $ 48,760,319
============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$3,281,331, which was secured by collateral of
$3,431,800.
See Notes to Financial Statements.
134
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (0.7%)
CHEMICALS--SPECIALTY (0.1%)
IMC Global, Inc. ......................................................... 10,000 $ 130,000
----------
METALS & MINING (0.6%)
Alcoa, Inc. .............................................................. 23,100 669,900
----------
TOTAL BASIC MATERIALS .................................................. 799,900
----------
BUSINESS SERVICES (10.8%)
ENVIRONMENTAL CONTROL (0.5%)
Ecolab, Inc. ............................................................. 13,400 523,438
----------
PRINTING, PUBLISHING,
BROADCASTING (9.9%)
Adelphia Communications Corp.
Class A* ............................................................... 28,500 1,335,937
AT&T Corp.--Liberty Media
Group, Class A* ........................................................ 32,000 776,000
Cablevision Systems Corp.,
Class A* ............................................................... 33,000 2,239,875
Charter Communications, Inc.* ............................................ 48,300 793,931
Fox Entertainment Group, Inc.,
Class A* ............................................................... 65,400 1,986,525
Interpublic Group, Inc. .................................................. 17,700 761,100
Time Warner, Inc. ........................................................ 27,500 2,090,000
Viacom, Inc.* ............................................................ 5,000 341,875
Viacom, Inc., Class B* ................................................... 8,100 552,319
----------
10,877,562
----------
TRUCKING, SHIPPING (0.4%)
CNF Transportation, Inc. ................................................. 18,900 429,975
----------
TOTAL BUSINESS SERVICES ................................................ 11,830,975
----------
CAPITAL GOODS (9.5%)
AEROSPACE (4.4%)
Lockheed Martin Corp. .................................................... 69,800 1,731,912
Raytheon Co. ............................................................. 23,000 442,750
Textron, Inc. ............................................................ 19,500 1,059,094
United Technologies Corp. ................................................ 26,100 1,536,638
----------
4,770,394
----------
BUILDING MATERIALS & FOREST
PRODUCTS (1.4%)
Lowe's Cos., Inc. ........................................................ 37,600 1,543,950
----------
ELECTRICAL EQUIPMENT (1.4%)
Emerson Electric Co. ..................................................... 14,200 857,325
General Electric Co. ..................................................... 11,700 620,100
----------
1,477,425
----------
MACHINERY (2.3%)
Illinois Tool Works, Inc. ................................................ 30,800 1,755,600
W.W. Grainger, Inc. ...................................................... 26,500 816,531
----------
2,572,131
----------
TOTAL CAPITAL GOODS .................................................... 10,363,900
----------
CONSUMER CYCLICALS (6.3%)
APPAREL & TEXTILES (2.0%)
Nike, Inc., Class B ...................................................... 46,600 1,855,262
V.F. Corp. ............................................................... 16,200 385,763
----------
2,241,025
----------
AUTOS & TRUCKS (0.4%)
Autonation, Inc.* ........................................................ 58,100 410,331
----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
HOUSEHOLD FURNITURE, APPLIANCES (1.0%)
Sony Corp. (ADR) ......................................................... 5,200 $ 490,425
Williams-Sonoma, Inc.* ................................................... 17,900 580,631
----------
1,071,056
----------
LEISURE RELATED (2.3%)
American Greetings Corp. ................................................. 26,700 507,300
Carnival Corp., Class A .................................................. 57,400 1,119,300
Galileo International, Inc. .............................................. 17,000 354,875
Hasbro, Inc. ............................................................. 33,800 509,113
----------
2,490,588
----------
RETAIL--GENERAL (0.6%)
GAP, Inc. ................................................................ 22,000 687,500
----------
TOTAL CONSUMER CYCLICALS ............................................... 6,900,500
----------
CONSUMER NON-CYCLICALS (22.6%)
BEVERAGES (1.5%)
Anheuser-Busch Cos., Inc. ................................................ 8,700 649,781
PepsiCo, Inc. ............................................................ 21,700 964,294
----------
1,614,075
----------
DRUGS (7.0%)
AstraZeneca Group plc (ADR) .............................................. 57,100 2,655,150
Forest Laboratories, Inc.* ............................................... 20,300 2,050,300
Pfizer, Inc. ............................................................. 62,000 2,976,000
----------
7,681,450
----------
FOODS (5.4%)
Campbell Soup Co. ........................................................ 43,600 1,269,850
ConAgra, Inc. ............................................................ 67,200 1,281,000
General Mills, Inc. ...................................................... 21,800 833,850
H.J. Heinz Co. ........................................................... 7,500 328,125
Kellogg Co. .............................................................. 72,100 2,144,975
----------
5,857,800
----------
HOSPITAL SUPPLIES & SERVICES (5.0%)
Becton, Dickinson and Co. ................................................ 62,400 1,790,100
Guidant Corp.* ........................................................... 42,700 2,113,650
Medtronic, Inc. .......................................................... 20,400 1,016,175
Quintiles Transnational Corp.* ........................................... 39,500 557,938
----------
5,477,863
----------
RETAIL--FOOD (0.6%)
McDonald's Corp. ......................................................... 20,300 668,631
----------
SOAPS & TOILETRIES (2.7%)
Avon Products, Inc. ...................................................... 27,000 1,201,500
Clorox Co. ............................................................... 40,300 1,805,944
----------
3,007,444
----------
TOBACCO (0.4%)
Philip Morris Cos., Inc. ................................................. 15,700 417,031
----------
TOTAL CONSUMER NON-CYCLICALS 24,724,294
----------
CREDIT SENSITIVE (17.2%)
BANKS (3.9%)
Bank of America Corp. .................................................... 35,200 1,513,600
Bank One Corp. ........................................................... 36,700 974,844
Washington Mutual, Inc. .................................................. 60,900 1,758,487
----------
4,246,931
----------
</TABLE>
135
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
FINANCIAL SERVICES (4.2%)
Associates First Capital Corp.,
Class A ........................... 69,400 $ 1,548,488
Citigroup, Inc. ..................... 6,800 409,700
Household International, Inc. ....... 14,500 602,656
Indymac Mortgage Holdings,
Inc. .............................. 18,300 248,194
SLM Holding Corp. ................... 47,000 1,759,562
-----------
4,568,600
-----------
INSURANCE (3.3%)
Allstate Corp. ...................... 10,700 238,075
Cincinnati Financial Corp. .......... 16,900 531,294
Hartford Financial Services
Group, Inc. ....................... 21,700 1,213,844
Jefferson-Pilot Corp. ............... 10,800 609,525
Lincoln National Corp. .............. 11,000 397,375
PacifiCare Health Systems, Inc.*..... 3,500 210,656
PMI Group, Inc. ..................... 10,000 475,000
-----------
3,675,769
-----------
UTILITY--ELECTRIC (3.6%)
AES Corp.* .......................... 20,200 921,625
American Electric Power Co. ......... 32,000 948,000
CINergy Corp. ....................... 42,000 1,068,375
Niagara Mohawk Holdings, Inc.*....... 23,800 331,713
NiSource, Inc. ...................... 35,500 661,187
-----------
3,930,900
-----------
UTILITY--TELEPHONE (2.2%)
Sprint Corp. (Fon Group) ............ 29,800 1,519,800
U.S. WEST, Inc. ..................... 4,800 411,600
Worldcom, Inc.* ..................... 11,950 548,206
-----------
2,479,606
-----------
TOTAL CREDIT SENSITIVE ............ 18,901,806
-----------
DIVERSIFIED (3.1%)
MISCELLANEOUS (3.1%)
Berkshire Hathaway, Inc.,
Class A* .......................... 27 1,452,600
Tyco International Ltd. ............. 41,100 1,947,112
-----------
TOTAL DIVERSIFIED ................. 3,399,712
-----------
ENERGY (7.2%)
COAL & GAS PIPELINES (1.5%)
Williams Cos., Inc. ................. 39,300 1,638,319
-----------
OIL--DOMESTIC (1.6%)
Exxon Mobil Corp. ................... 22,700 1,781,950
-----------
OIL--INTERNATIONAL (2.1%)
Royal Dutch Petroleum Co.
(New York Shares) ................. 5,000 307,813
Shell Transport & Trading Co.
(ADR) ............................. 16,200 808,987
Texaco, Inc. ........................ 21,000 1,118,250
-----------
2,235,050
-----------
OIL--SUPPLIES & CONSTRUCTION (1.4%)
Baker Hughes, Inc. .................. 49,300 1,577,600
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
RAILROADS (0.6%)
Canadian National Railway Co. ....... 10,000 $ 291,875
Union Pacific Corp. ................. 10,400 386,750
-----------
678,625
-----------
TOTAL ENERGY ...................... 7,911,544
-----------
TECHNOLOGY (20.1%)
COMPUTER HARDWARE (1.5%)
Cisco Systems, Inc.* ................ 5,600 355,950
Hewlett Packard Co. ................. 10,500 1,311,187
-----------
1,667,137
-----------
COMPUTER SOFTWARE (1.9%)
Autodesk, Inc. ...................... 17,100 593,156
Cadence Design Systems, Inc.* ....... 38,200 778,325
Genuity Inc* ........................ 25,600 234,400
Macromedia, Inc.* ................... 5,000 483,438
-----------
2,089,319
-----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (1.8%)
Lucent Technologies, Inc. ........... 6,600 391,050
Telefonaktiebolaget LM Ericsson
AB (ADR) .......................... 31,000 620,000
VoiceStream Wireless Corp.* ......... 8,600 1,000,153
-----------
2,011,203
-----------
ELECTRONICS (8.6%)
Advanced Micro Devices, Inc.* ....... 9,700 749,325
Agilent Technologies, Inc.* ......... 22,604 1,667,045
Altera Corp.* ....................... 6,000 611,625
Applied Material, Inc.* ............. 9,000 815,625
Applied Micro Circuits Corp.* ....... 4,100 404,875
Burr-Brown Corp.* ................... 10,400 901,550
Intel Corp. ......................... 4,500 601,594
KLA-Tencor Corp.* ................... 3,600 210,825
Micron Technology, Inc.* ............ 8,200 722,113
Teradyne, Inc.* ..................... 11,100 815,850
Texas Instruments, Inc. ............. 17,400 1,195,162
Xilinx, Inc.* ....................... 8,000 660,500
-----------
9,356,089
-----------
OFFICE EQUIPMENT (3.8%)
Compaq Computer Corp. ............... 61,300 1,566,981
Dell Computer Corp.* ................ 28,700 1,415,269
International Business Machines
Corp. ............................. 10,700 1,172,319
Xerox Corp. ......................... 100 2,075
-----------
4,156,644
-----------
WIRELESS TELECOMMUNICATION
SERVICES (2.5%)
Nokia OYJ (ADR) ..................... 38,000 1,897,625
Sprint Corp. (PCS Group)* ........... 13,800 821,100
-----------
2,718,725
-----------
TOTAL TECHNOLOGY .................. 21,999,117
-----------
TOTAL COMMON STOCKS (97.5%)
(Cost $102,657,825)................ 106,831,748
-----------
</TABLE>
136
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------ ----------------
<S> <C> <C>
CONVERTIBLE BONDS:
TECHNOLOGY (0.6%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.6%)
Amazon.com, Inc.
4.75%, 2/1/09 (Cost $700,525)....... $ 978,000 $ 613,695
------------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (2.7%)
Chase Nassau
6.26%, 7/3/00 (Amortized Cost
$2,953,444) ........................ 2,953,444 2,953,444
------------
TOTAL INVESTMENTS (100.8%)
(Cost/Amortized Cost
$106,311,794)....................... 110,398,887
OTHER ASSETS
LESS LIABILITIES (-0.8%) ........... (832,173)
------------
NET ASSETS (100%) .................... $109,566,714
============
</TABLE>
----------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $ 61,069,414
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 20,279,699
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 11,203,130
Aggregate gross unrealized depreciation ......... (7,116,037)
------------
Net unrealized appreciation ..................... $ 4,087,093
============
Federal income tax cost of investments .......... $106,311,794
============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$2,411,925 which was secured by collateral of
$2,498,500.
See Notes to Financial Statements.
137
<PAGE>
EQ ADVISORS TRUST
EQ/EVERGREEN PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
--------------------- ----------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (1.9%)
CHEMICALS (0.8%)
Dow Chemical Co. ....................................................... 570 $ 17,207
Du Pont (E.I.) de Nemours
& Co. ................................................................ 880 38,500
Union Carbide Corp.
Holding Co. .......................................................... 210 10,395
----------
66,102
----------
CHEMICALS--SPECIALTY (0.3%)
PPG Industries, Inc. ................................................... 550 24,372
----------
METALS & MINING (0.6%)
Minnesota Mining &
Manufacturing Co. .................................................... 550 45,375
----------
PAPER (0.2%)
Bowater, Inc. .......................................................... 320 14,120
----------
TOTAL BASIC MATERIALS ................................................ 149,969
----------
BUSINESS SERVICES (4.3%)
PRINTING, PUBLISHING,
BROADCASTING (3.6%)
Clear Channel Communications,
Inc.* ................................................................ 590 44,250
Time Warner, Inc. ...................................................... 1,880 142,880
Viacom, Inc., Class B* ................................................. 1,432 97,661
----------
284,791
----------
PROFESSIONAL SERVICES (0.7%)
Automatic Data Processing, Inc.......................................... 790 42,314
Pitney Bowes, Inc.* .................................................... 410 16,400
----------
58,714
----------
TOTAL BUSINESS SERVICES .............................................. 343,505
----------
CAPITAL GOODS (7.1%)
AEROSPACE (0.9%)
Honeywell International, Inc. .......................................... 1,143 38,505
United Technologies Corp. .............................................. 620 36,502
----------
75,007
----------
ELECTRICAL EQUIPMENT (5.6%)
General Electric Co. ................................................... 8,440 447,320
----------
MACHINERY (0.6%)
Illinois Tool Works, Inc. .............................................. 400 22,800
Ingersol-Rand Co.* ..................................................... 570 22,943
----------
45,743
----------
TOTAL CAPITAL GOODS .................................................. 568,070
----------
CONSUMER CYCLICALS (5.8%)
LEISURE RELATED (1.4%)
Walt Disney Co. ........................................................ 2,760 107,122
----------
RETAIL--GENERAL (4.4%)
CVS Corp. .............................................................. 800 32,000
Home Depot, Inc. ....................................................... 845 42,197
Kohl's Corp.* .......................................................... 870 48,394
Wal-Mart Stores, Inc. .................................................. 3,230 186,129
Walgreen Co. ........................................................... 1,320 42,487
----------
351,207
----------
TOTAL CONSUMER CYCLICALS ............................................. 458,329
----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
--------------------- ----------------
<S> <C> <C>
CONSUMER NON-CYCLICALS (21.1%)
BEVERAGES (3.1%)
Anheuser-Busch Cos., Inc. .............................................. 1,015 $ 75,808
Coca-Cola Co. .......................................................... 660 37,909
PepsiCo, Inc. .......................................................... 2,300 102,206
Seagram Ltd. ........................................................... 600 34,800
----------
250,723
----------
DRUGS (7.5%)
Abbott Laboratories .................................................... 1,790 79,767
American Home Products Corp............................................. 1,670 98,112
Amgen, Inc.* ........................................................... 640 44,960
Bristol-Myers Squibb Co. ............................................... 740 43,105
Pfizer, Inc. ........................................................... 4,893 234,840
Pharmacia Corp. ........................................................ 825 42,642
Schering-Plough Corp. .................................................. 1,100 55,550
----------
598,976
----------
FOODS (0.6%)
Quaker Oats Co. ........................................................ 590 44,324
----------
HOSPITAL SUPPLIES & SERVICES (3.1%)
Baxter International, Inc. ............................................. 560 39,375
Biomet, Inc.* .......................................................... 550 21,141
Guidant Corp.* ......................................................... 1,070 52,965
HCA - The Healthcare Corp.* ............................................ 1,100 33,412
Medtronic, Inc. ........................................................ 1,580 78,704
Tenet Healthcare Corp.* ................................................ 900 24,300
----------
249,897
----------
RETAIL--FOOD (2.1%)
Albertson's, Inc.* ..................................................... 890 29,593
Kroger Co.* ............................................................ 1,400 30,887
McDonald's Corp. ....................................................... 2,420 79,709
Safeway, Inc.* ......................................................... 600 27,075
----------
167,264
----------
SOAPS & TOILETRIES (4.4%)
Avon Products, Inc. .................................................... 1,190 52,955
Clorox Co. ............................................................. 560 25,095
Estee Lauder Cos., Class A ............................................. 320 15,820
Johnson & Johnson ...................................................... 1,790 182,356
Kimberly Clark Corp. ................................................... 790 45,326
Procter & Gamble Co. ................................................... 450 25,763
----------
347,315
----------
TOBACCO (0.3%)
Philip Morris Cos., Inc. ............................................... 760 20,187
----------
TOTAL CONSUMER NON-CYCLICALS 1,678,686
----------
CREDIT SENSITIVE (12.2%)
BANKS (2.0%)
Bank of America Corp. .................................................. 1,460 62,780
Bank of New York Co., Inc.* ............................................ 450 20,925
FleetBoston Financial Corp. ............................................ 1,090 37,060
PNC Bank Corp.* ........................................................ 420 19,687
State Street Corp. ..................................................... 170 18,031
----------
158,483
----------
FINANCIAL SERVICES (2.9%)
American Express Co. ................................................... 730 38,051
Charles Schwab Corp. ................................................... 435 14,627
Citigroup, Inc. ........................................................ 2,450 147,612
</TABLE>
138
<PAGE>
EQ ADVISORS TRUST
EQ/EVERGREEN PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
---------------------- ----------------
<S> <C> <C>
Fannie Mae ............................................................. 650 $ 33,922
----------
234,212
----------
INSURANCE (2.5%)
Allstate Corp. ......................................................... 630 14,018
American International Group,
Inc. ................................................................. 1,270 149,225
Chubb Corp. ............................................................ 280 17,220
Progressive Corp. ...................................................... 250 18,500
----------
198,963
----------
UTILITY--ELECTRIC (0.6%)
Duke Energy Corp. ...................................................... 300 16,913
Southern Co. ........................................................... 1,290 30,073
----------
46,986
----------
UTILITY--TELEPHONE (4.2%)
Bell Atlantic Corp. .................................................... 1,000 50,812
GTE Corp. .............................................................. 800 49,800
SBC Communications, Inc. ............................................... 1,120 48,440
Sprint Corp. (Fon Group) ............................................... 1,930 98,430
U.S. WEST, Inc. ........................................................ 410 35,158
Worldcom, Inc.* ........................................................ 1,080 49,545
----------
332,185
----------
TOTAL CREDIT SENSITIVE ............................................... 970,829
----------
DIVERSIFIED (0.9%)
MISCELLANEOUS (0.9%)
Tyco International Ltd. ................................................ 1,510 71,536
----------
ENERGY (10.4%)
COAL & GAS PIPELINES (0.8%)
Enron Corp. ............................................................ 940 60,630
----------
OIL--DOMESTIC (4.3%)
Burlington Resources, Inc. ............................................. 1,000 38,250
Chevron Corp. .......................................................... 810 68,698
Exxon Mobil Corp. ...................................................... 3,049 239,347
----------
346,295
----------
OIL--INTERNATIONAL (2.2%)
Conoco, Inc., Class B .................................................. 1,690 41,511
Royal Dutch Petroleum Co.
(New York Shares) .................................................... 1,460 89,881
Texaco, Inc. ........................................................... 790 42,067
----------
173,459
----------
OIL--SUPPLIES & CONSTRUCTION (3.1%)
Anadarko Petroleum Corp. ............................................... 550 27,122
Apache Corp. ........................................................... 430 25,289
Baker Hughes, Inc. ..................................................... 1,730 55,360
Diamond Offshore Drilling, Inc.......................................... 440 15,455
Halliburton Co. ........................................................ 420 19,819
Schlumberger Ltd. ...................................................... 840 62,685
Transocean Sedco Forex, Inc. ........................................... 420 22,444
Unocal Corp. ........................................................... 600 19,875
----------
248,049
----------
TOTAL ENERGY ......................................................... 828,433
----------
TECHNOLOGY (29.0%)
COMPUTER HARDWARE (6.3%)
Cisco Systems, Inc.* ................................................... 4,370 277,768
Hewlett Packard Co. .................................................... 540 67,433
Sun Microsystems, Inc.* ................................................ 1,665 151,411
----------
496,612
----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
---------------------- ----------------
<S> <C> <C>
COMPUTER SOFTWARE (4.4%)
America Online, Inc.* .................................................. 1,470 $ 77,542
Computer Associates
International, Inc. .................................................. 490 25,082
Microsoft Corp.* ....................................................... 1,070 85,600
Oracle Corp.* .......................................................... 1,680 141,225
Yahoo!, Inc.* .......................................................... 180 22,298
----------
351,747
----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (5.6%)
Corning, Inc. .......................................................... 200 53,975
EchoStar Communications Corp.,
Class A* ............................................................. 720 23,839
General Motors Corp., Class H*.......................................... 370 32,467
Lucent Technologies, Inc. .............................................. 2,080 123,240
Nortel Networks Corp. .................................................. 3,080 210,210
----------
443,731
----------
ELECTRONICS (8.4%)
Agilent Technologies, Inc.* ............................................ 225 16,595
Applied Material, Inc.* ................................................ 820 74,312
Intel Corp. ............................................................ 2,820 376,999
LSI Logic Corp.* ....................................................... 340 18,402
Micron Technology, Inc.* ............................................... 720 63,405
Teradyne, Inc.* ........................................................ 430 31,605
Texas Instruments, Inc. ................................................ 1,300 89,294
----------
670,612
----------
OFFICE EQUIPMENT (2.8%)
EMC Corp.* ............................................................. 1,640 126,177
International Business Machines
Corp. ................................................................ 910 99,702
----------
225,879
----------
WIRELESS TELECOMMUNICATION
SERVICES (1.5%)
Nextel Communications, Inc.,
Class A* ............................................................. 420 25,699
Nokia OYJ (ADR) ........................................................ 1,060 52,934
Sprint Corp. (PCS Group)* .............................................. 610 36,295
----------
114,928
----------
TOTAL TECHNOLOGY ..................................................... 2,303,509
----------
TOTAL COMMON STOCKS (92.7%)
(Cost $6,824,790)..................................................... 7,372,866
----------
PRINCIPAL
AMOUNT
-----
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (5.7%)
Chase Nassau
6.26%, 7/3/00 ..................................................... $454,496 $ 454,496
----------
TOTAL SHORT-TERM DEBT SECURITIES (5.7%)
(Amortized Cost $454,496)............................................. 454,496
----------
TOTAL INVESTMENTS (98.4%)
(Cost/Amortized Cost
$7,279,286) .......................................................... 7,827,362
OTHER ASSETS
LESS LIABILITIES (1.6%) .............................................. 125,855
----------
NET ASSETS (100%) ...................................................... $7,953,217
==========
</TABLE>
---------------------
* Non-income producing
139
<PAGE>
EQ ADVISORS TRUST
EQ/EVERGREEN PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $6,054,182
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 2,711,996
As of June 30, 2000, the gross unrealized appreciation (depreciation)
of investments based on the aggregate cost of investments for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 799,167
Aggregate gross unrealized depreciation ................ (251,091)
----------
Net unrealized appreciation ............................ $ 548,076
==========
Federal income tax cost of investments ................. $7,279,286
==========
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$73,712 which was secured by collateral of $75,900.
For the period from January 1, 2000 to June 30, 2000, the Portfolio incurred
approximately $6,733, $145, $1,637 and $882 as brokerage commissions with
Donaldson, Lufkin & Jenrette Securities Corp., First Union, Inc., Lieber and
Morgan Stanley & Co. respectively, all affiliated broker/dealers.
The Portfolio has a net capital loss carryforward of $158,113 which expires in
the year 2007.
See Notes to Financial Statements.
140
<PAGE>
EQ ADVISORS TRUST
EVERGREEN FOUNDATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (1.4%)
CHEMICALS (0.6%)
Dow Chemical Co. ....................................................... 780 $ 23,546
Du Pont (E.I.) de
Nemours & Co. ........................................................ 1,160 50,750
Union Carbide Corp.
Holding Co. .......................................................... 290 14,355
-----------
88,651
-----------
CHEMICALS--SPECIALTY (0.2%)
PPG Industries, Inc. ................................................... 730 32,348
-----------
METALS & MINING (0.4%)
Minnesota Mining &
Manufacturing Co. .................................................... 740 61,050
-----------
PAPER (0.2%)
Bowater, Inc. .......................................................... 430 18,974
-----------
TOTAL BASIC MATERIALS ................................................. 201,023
-----------
BUSINESS SERVICES (3.0%)
PRINTING, PUBLISHING,
BROADCASTING (2.5%)
Clear Channel Communications,
Inc.* ................................................................ 670 50,250
Time Warner, Inc. ...................................................... 2,500 190,000
Viacom, Inc., Class B* ................................................. 1,909 130,170
-----------
370,420
-----------
PROFESSIONAL SERVICES (0.5%)
Automatic Data Processing, Inc.......................................... 970 51,956
Pitney Bowes, Inc. ..................................................... 560 22,400
-----------
74,356
-----------
TOTAL BUSINESS SERVICES ............................................... 444,776
-----------
CAPITAL GOODS (5.8%)
AEROSPACE (0.8%)
Honeywell International, Inc.* ......................................... 2,042 68,790
United Technologies Corp. .............................................. 820 48,277
-----------
117,067
-----------
ELECTRICAL EQUIPMENT (3.9%)
General Electric Co. ................................................... 10,920 578,760
-----------
MACHINERY (1.1%)
Applied Material, Inc.* ................................................ 1,060 96,063
Illinois Tool Works, Inc. .............................................. 530 30,210
Ingersol-Rand Co. ...................................................... 760 30,590
-----------
156,863
-----------
TOTAL CAPITAL GOODS ................................................... 852,690
-----------
CONSUMER CYCLICALS (4.1%)
LEISURE RELATED (0.9%)
Walt Disney Co. ........................................................ 3,510 136,232
-----------
RETAIL--GENERAL (3.2%)
CVS Corp. .............................................................. 1,090 43,600
Home Depot, Inc. ....................................................... 1,145 57,178
Kohl's Corp.* .......................................................... 1,180 65,638
Wal-Mart Stores, Inc. .................................................. 4,330 249,516
Walgreen Co. ........................................................... 1,670 53,753
-----------
469,685
-----------
TOTAL CONSUMER CYCLICALS .............................................. 605,917
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
CONSUMER NON-CYCLICALS (15.0%)
BEVERAGES (2.3%)
Anheuser-Busch Cos., Inc. .............................................. 1,350 $ 100,829
Coca-Cola Co. .......................................................... 900 51,694
PepsiCo, Inc. .......................................................... 3,160 140,422
Seagram Ltd. ........................................................... 860 49,880
-----------
342,825
-----------
DRUGS (5.4%)
Abbott Laboratories .................................................... 2,390 106,504
American Home Products Corp............................................. 2,220 130,425
Amgen, Inc.* ........................................................... 850 59,713
Bristol-Myers Squibb Co. ............................................... 900 52,425
Pfizer, Inc. ........................................................... 6,570 315,360
Pharmacia Corp. ........................................................ 1,119 57,838
Schering-Plough Corp. .................................................. 1,560 78,780
-----------
801,045
-----------
FOODS (0.3%)
Quaker Oats Co. ........................................................ 660 49,583
-----------
HOSPITAL SUPPLIES & SERVICES (2.3%)
Baxter International, Inc. ............................................. 710 49,922
Biomet, Inc. ........................................................... 770 29,597
Guidant Corp.* ......................................................... 1,540 76,230
HCA-The Healthcare Company*............................................. 1,400 42,525
Medtronic, Inc. ........................................................ 2,100 104,606
Tenet Healthcare Corp.* ................................................ 1,200 32,400
-----------
335,280
-----------
RETAIL--FOOD (1.5%)
Albertson's, Inc. ...................................................... 1,200 39,900
Kroger Co.* ............................................................ 1,850 40,816
McDonald's Corp. ....................................................... 3,340 110,011
Safeway, Inc.* ......................................................... 820 37,002
-----------
227,729
-----------
SOAPS & TOILETRIES (3.0%)
Avon Products, Inc. .................................................... 1,560 69,420
Clorox Co. ............................................................. 710 31,817
Estee Lauder Cos., Class A ............................................. 460 22,741
Johnson & Johnson ...................................................... 2,240 228,200
Kimberly Clark Corp. ................................................... 950 54,506
Procter & Gamble Co. ................................................... 650 37,213
-----------
443,897
-----------
TOBACCO (0.2%)
Philip Morris Cos., Inc. ............................................... 1,070 28,422
-----------
TOTAL CONSUMER NON-CYCLICALS 2,228,781
-----------
CREDIT SENSITIVE (8.5%)
BANKS (1.4%)
Bank of America Corp. .................................................. 1,920 82,560
Bank of New York Co., Inc. ............................................. 610 28,365
FleetBoston Financial Corp. ............................................ 1,490 50,660
PNC Bank Corp. ......................................................... 570 26,718
State Street Corp. ..................................................... 220 23,334
-----------
211,637
-----------
FINANCIAL SERVICES (1.7%)
American Express Co. ................................................... 990 51,604
Charles Schwab Corp. ................................................... 585 19,671
Citigroup, Inc. ........................................................ 3,130 188,582
-----------
259,857
-----------
</TABLE>
141
<PAGE>
EQ ADVISORS TRUST
EVERGREEN FOUNDATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
INSURANCE (1.7%)
Allstate Corp. ..................... 880 $ 19,580
American International Group,
Inc. ............................. 1,620 190,350
Chubb Corp. ........................ 380 23,370
Progressive Corp. .................. 360 26,640
-----------
259,940
-----------
MORTGAGE RELATED (0.3%)
Fannie Mae ......................... 910 47,491
-----------
UTILITY--ELECTRIC (0.4%)
Duke Energy Corp. .................. 390 21,986
Southern Co. ....................... 1,720 40,098
-----------
62,084
-----------
UTILITY--TELEPHONE (3.0%)
Bell Atlantic Corp. ................ 1,300 66,056
GTE Corp. .......................... 1,070 66,607
SBC Communications, Inc. ........... 1,430 61,848
Sprint Corp. (FON Group) ........... 2,570 131,070
U.S. WEST, Inc. .................... 550 47,163
Worldcom, Inc.* .................... 1,405 64,454
-----------
437,198
-----------
TOTAL CREDIT SENSITIVE ............ 1,278,207
-----------
DIVERSIFIED (0.6%)
MISCELLANEOUS (0.6%)
Tyco International Ltd. ............ 2,040 96,645
-----------
ENERGY (7.5%)
COAL & GAS PIPELINES (0.5%)
Enron Corp. ........................ 1,260 81,270
-----------
OIL--DOMESTIC (3.2%)
Burlington Resources, Inc. ......... 1,340 51,255
Chevron Corp. ...................... 1,100 93,294
Exxon Mobil Corp.* ................. 4,044 317,454
-----------
462,003
-----------
OIL--INTERNATIONAL (1.6%)
Conoco, Inc., Class B .............. 2,390 58,704
Royal Dutch Petroleum Co.
(New York Shares) ................ 1,950 120,047
Texaco, Inc. ....................... 1,020 54,315
-----------
233,066
-----------
OIL--SUPPLIES & CONSTRUCTION (2.2%)
Anadarko Petroleum Corp. ........... 760 37,478
Apache Corp. ....................... 580 34,111
Baker Hughes, Inc. ................. 2,290 73,280
Diamond Offshore Drilling, Inc...... 550 19,319
Halliburton Co. .................... 570 26,897
Schlumberger Ltd. .................. 1,160 86,565
Transocean Sedco Forex, Inc. ....... 560 29,925
Unocal Corp. ....................... 810 26,831
-----------
334,406
-----------
TOTAL ENERGY ...................... 1,110,745
-----------
TECHNOLOGY (19.6%)
COMPUTER HARDWARE (4.4%)
Cisco Systems, Inc.* ............... 5,705 362,624
Hewlett Packard Co. ................ 800 99,900
Sun Microsystems, Inc.* ............ 2,075 188,695
-----------
651,219
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMPUTER SOFTWARE (3.2%)
America Online, Inc.* .............. 1,930 $ 101,807
Computer Associates
International, Inc. .............. 600 30,713
Microsoft Corp.* ................... 1,500 120,000
Oracle Corp.* ...................... 2,280 191,662
Yahoo!, Inc.* ...................... 260 32,208
-----------
476,390
-----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (3.8%)
Corning, Inc. ...................... 270 72,866
EchoStar Communications Corp.,
Class A* ......................... 940 31,123
General Motors Corp., Class H*...... 500 43,875
Lucent Technologies, Inc. .......... 2,660 157,605
Nortel Networks Corp. .............. 3,880 264,810
-----------
570,279
-----------
ELECTRONICS (5.2%)
Agilent Technologies, Inc.* ........ 305 22,494
Intel Corp. ........................ 3,620 483,949
LSI Logic Corp.* ................... 450 24,356
Micron Technology, Inc.* ........... 980 86,301
Teradyne, Inc.* .................... 590 43,365
Texas Instruments, Inc. ............ 1,650 113,334
-----------
773,799
-----------
OFFICE EQUIPMENT (2.0%)
EMC Corp.* ......................... 2,100 161,569
International Business Machines
Corp. ............................ 1,180 129,284
-----------
290,853
-----------
WIRELESS TELECOMMUNICATION
SERVICES (1.1%)
Nextel Communications, Inc.,
Class A* ......................... 600 36,713
Nokia OYJ(ADR) ..................... 1,500 74,906
Sprint Corp. (PCS Group)* .......... 790 47,005
-----------
158,624
-----------
TOTAL TECHNOLOGY .................. 2,921,164
-----------
TOTAL COMMON STOCKS (65.5%)
(Cost $8,915,826).................. 9,739,948
-----------
PRINCIPAL
AMOUNT
-----
LONG-TERM DEBT SECURITIES:
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (1.0%)
Lucent Technologies, Inc.
6.90%, 7/15/01 ................... $ 150,000 150,315
-----------
U.S. GOVERNMENT (24.6%)
U.S. Treasury Bond
7.25%, 5/15/16 ................... 500,000 550,156
U.S. Treasury Notes
5.50%, 5/15/09 ................... 500,000 478,125
5.88%, 11/15/05 ................... 500,000 491,407
6.13%, 8/15/07 .................... 500,000 497,032
6.88%, 5/15/06 .................... 1,100,000 1,131,969
7.50%, 11/15/01 ................... 500,000 506,407
-----------
3,655,096
-----------
</TABLE>
142
<PAGE>
EQ ADVISORS TRUST
EVERGREEN FOUNDATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
----------- --------------
<S> <C> <C>
U.S. GOVERNMENT AGENCIES (3.1%)
Federal National Mortgage
Association
5.13%, 2/13/04 ................... $500,000 $ 469,750
-----------
TOTAL LONG-TERM DEBT SECURITIES (28.7%)
(Cost $4,273,374).................. 4,275,161
-----------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (4.6%)
Chase Nassau
6.26%, 7/3/00
(Amortized Cost $679,486)......... 679,486 679,486
-----------
TOTAL INVESTMENTS (98.8%)
(Cost/Amortized Cost
$13,868,686) ..................... 14,694,595
OTHER ASSETS LESS
LIABILITIES (1.2%) ............... 181,749
-----------
NET ASSETS (100%) .................. $14,876,344
===========
</TABLE>
----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $8,093,027
U.S. Government Securities ............................. 1,720,397
NET PROCEEDS OF SALES AND REDEMPTIONS:
U.S. Government Securities ............................. 99,844
Stocks and long-term corporate debt securities ......... 4,055,239
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 1,230,953
Aggregate gross unrealized depreciation ......... (405,044)
-----------
Net unrealized appreciation ..................... $ 825,909
===========
Federal income tax cost of investments .......... $13,868,686
===========
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$3,270,199, which was secured by collateral of
$3,373,874.
For the period from January 1, 2000 to June 30, 2000, the Portfolio incurred
approximately $678, $134 and $1,844 as brokerage commissions with Donaldson,
Lufkin & Jenrette Securities Corp., First Union and Lieber & Co., respectively,
both affiliated broker/dealers.
The Portfolio has a net capital loss carryforward of $272,820, which expires in
the year 2007.
See Notes to Financial Statements.
143
<PAGE>
EQ ADVISORS TRUST
J.P. MORGAN CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- ------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
BASIC MATERIALS (0.7%)
CHEMICALS (0.7%)
Rohm & Hass Co.
7.85%, 7/15/29 .................. $1,300,000 $ 1,314,136
------------
BUSINESS SERVICES (0.4%)
ENVIRONMENTAL CONTROL (0.2%)
Lasmo USA, Inc.
7.50%, 6/30/06 .................. 380,000 367,226
------------
TRUCKING, SHIPPING (0.2%)
Federal Express Corp., Series
991C,
8.25%, 1/15/19 .................. 375,733 370,285
------------
TOTAL BUSINESS SERVICES .......... 737,511
------------
CONSUMER CYCLICALS (0.8%)
AUTO RELATED (0.3%)
DaimlerChrysler NA Holding
8.00%, 6/15/10 .................. 550,000 560,136
------------
RETAIL--GENERAL (0.5%)
Federated Dept Stores
8.50%, 6/15/03 .................. 1,000,000 1,016,652
------------
TOTAL CONSUMER CYCLICALS ......... 1,576,788
------------
CREDIT SENSITIVE (91.0%)
ASSET BACKED (8.3%)
Abbey National Capital Trust
8.96%, 12/29/49 ................. 820,000 814,319
Carco Auto Loan Master Trust
5.78%, 3/15/04 .................. 2,500,000 2,441,550
Chase Credit Card Master Trust,
Series 97-2, Class A,
6.30%, 4/15/03 .................. 4,800,000 4,796,496
Ford Credit Auto Loan Master
Trust, Series 96-1, Class A,
5.50%, 2/15/03 .................. 1,520,000 1,505,643
Ford Credit Auto Owner Trust
6.82%, 6/17/02 .................. 5,000,000 4,992,200
Sears Credit Account Master
Trust, Series 95-5, Class A,
6.05%, 1/16/08 .................. 700,000 681,331
The Money Store Home Equity
Trust, Series 1997-D,
Class AV2,
6.49%, 10/15/26 ................. 570,000 564,209
------------
15,795,748
------------
BANKS (0.9%)
Amsouth Bank of Alabama
6.45%, 2/1/18 ................... 1,000,000 905,433
First Union Corp.
8.13%, 6/24/02 .................. 750,000 755,610
------------
1,661,043
------------
COLLATERALIZED MORTGAGE
OBLIGATIONS (7.1%)
Bear Stearns Commercial
Mortgage Securities
7.64%, 2/15/09 .................. 9,111 9,231
First Union Commercial
Mortgage Trust
5.73%, 1/15/08 .................. 1,228,347 1,157,199
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- ------------------
<S> <C> <C>
First Union-Lehman Brothers,
Series 97-C2, Class A3,
6.65%, 11/18/29 ................. $2,500,000 $ 2,386,630
GMAC Commercial Mortgage
Securities, Inc.
6.15%, 11/15/07 ................. 4,432,106 4,236,916
Morgan Stanley Capital Corp.,
Series 98-WF1, Class A1,
6.25%, 7/15/07 .................. 381 369
5.91%, 4/15/08 ................... 2,565,293 2,436,541
Series 99-WF1, Class A2,
6.21%, 9/15/08 .................. 2,200,000 2,040,170
Nomura Asset Securities Corp.,
Series 98-D6, Class A1B,
6.59%, 3/17/28 .................. 890,000 846,810
Ocwen Residential MBS Corp.,
Series 98-R1, Class A1,
4.00%, 10/25/30 ................. 187,049 179,947
------------
13,293,813
------------
FINANCIAL SERVICES (7.5%)
Associates Corp. of North
America
5.88%, 7/15/02 .................. 400,000 388,896
6.00%, 4/15/03 ................... 200,000 191,838
Beneficial Corp., Series G,
6.85%, 6/17/02 .................. 500,000 494,670
CIT Group, Inc.
5.92%, 11/8/02 .................. 2,000,000 1,924,206
7.25%, 8/15/05 ................... 2,405,000 2,325,231
Finova Capital Corp.
7.25%, 11/8/04 .................. 1,015,000 894,079
Ford Motor Credit Co.
6.63%, 6/30/03 .................. 150,000 146,172
5.75%, 2/23/04 ................... 1,565,000 1,471,445
7.38%, 10/28/09 .................. 1,400,000 1,354,528
General Motors Acceptance
Corp.
7.75%, 1/19/10 .................. 1,735,000 1,724,850
Household Finance Corp.
8.00%, 5/9/05 ................... 310,000 312,454
6.50%, 11/15/08 .................. 560,000 507,980
Keystone Financial Midatlantic
Funding
6.50%, 5/31/08 .................. 200,000 185,102
MBNA Master Credit Card
Trust, Series 99-J, Class A,
7.00%, 2/15/12 .................. 1,300,000 1,275,219
Toyota Motor Credit
5.63%, 11/13/03 ................. 1,000,000 952,260
------------
14,148,930
------------
FOREIGN GOVERNMENT (0.8%)
Quebec Province, Series NY,
6.50%, 1/17/06 .................. 500,000 480,229
7.50%, 9/15/29 ................... 1,035,000 1,014,909
------------
1,495,138
------------
MORTGAGE RELATED (3.2%)
CS First Boston Mortgage
Securities Corp., Series
1998-C2, Class A2
6.30%, 11/15/08 ................. 4,500,000 4,175,642
</TABLE>
144
<PAGE>
EQ ADVISORS TRUST
J.P. MORGAN CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- ------------------
<S> <C> <C>
LB-UBS Commercial Mortgage
Trust
7.95%, 1/15/10 .............. $1,900,000 $ 1,957,884
-----------
6,133,526
-----------
UTILITY--ELECTRIC (1.1%)
Constellation Energy Group
7.88%, 4/1/05 ............... 850,000 851,419
Detroit Edison, Series E,
6.75%, 3/17/03 .............. 100,000 98,421
Texas Utilities Electric Co.
6.25%, 10/1/04 .............. 200,000 191,891
5.94%, 10/15/11 .............. 1,000,000 981,121
-----------
2,122,852
-----------
UTILITY--GAS (0.5%)
Energen Corp.
7.13%, 2/15/28 .............. 1,000,000 857,710
Lakehead Pipe Line Co. LP
7.13%, 10/1/28 .............. 150,000$ 131,591
-----------
989,301
-----------
UTILITY--TELEPHONE (1.6%)
AT&T Corp.
6.00%, 3/15/09 .............. 1,675,000 1,489,427
6.50%, 3/15/29 ............... 1,000,000 837,509
Pacific Telecommunications,
Series B,
6.63%, 10/20/05 ............. 150,000 141,634
U.S. West Capital Funding, Inc. 117,106
6.25%, 7/15/05 .............. 125,000
6.88%, 7/15/28 ............... 400,000 343,770
-----------
2,929,446
-----------
U.S. GOVERNMENT (12.3%)
U.S. Treasury Bond
8.88%, 2/15/19+ ............. 9,265,000 11,899,734
5.25%, 2/15/29 ............... 980,000 869,444
6.13%, 8/15/29 ............... 555,000 560,897
U.S. Treasury Notes
5.63%, 10/31/01 ............. 8,125,000 8,038,631
6.00%, 8/15/09 ............... 900,000 892,688
United States Treasury (Strip
Princ.)
6.27%, 5/15/18 .............. 2,900,000 960,709
-----------
23,222,103
-----------
U.S. GOVERNMENT AGENCIES (47.7%)
Federal Home Loan Bank
5.38%, 3/2/01 ............... 4,380,000 4,338,482
Federal National Mortgage
Association
7.13%, 1/15/30 .............. 3,545,000 3,571,020
7.25%, 1/15/10 .............. 5,310,000 5,353,351
6.00%, 8/1/13 ................ 74,957 70,908
6.50%, 4/1/14 ................ 2,094,265 2,018,348
6.50%, 6/1/14 ................ 154,754 149,144
6.50%, 6/1/14 ................ 91,482 88,166
6.50%, 8/1/14 ................ 106,216 102,366
6.50%, 9/1/14 ................ 39,211 37,790
6.50%, 12/1/14 ............... 39,127 37,709
6.50%, 1/1/15 ................ 103,546 99,792
6.50%, 1/1/15 ................ 47,381 45,663
6.50%, 1/1/15 ................ 44,961 43,331
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- ------------------
<S> <C> <C>
6.50%, 1/1/15 ................ $ 769,830 $ 741,924
7.00%, 2/1/15 ................ 987,531 968,699
7.00%, 3/1/15 ................ 917,678 900,178
7.00%, 3/1/15 ................ 271,414 266,238
7.00%, 3/1/15 ................ 282,183 276,802
7.00%, 3/1/15 ................ 1,735,944 1,702,840
6.50%, 10/1/16 ............... 667,585 643,385
7.00%, 7/1/28 ................ 412,931 398,642
7.00%, 7/1/28 ................ 803,497 775,693
7.00%, 8/1/28 ................ 896,057 865,050
6.50%, 9/1/28 ................ 539,679 508,766
6.00%, 1/1/29 ................ 4,617,660 4,226,590
6.50%, 1/1/29 ................ 623,601 587,880
6.50%, 2/1/29 ................ 487,179 459,273
6.50%, 2/1/29 ................ 443,268 417,877
6.50%, 4/1/29 ................ 598,785 564,486
6.50%, 6/1/29 ................ 437,642 413,025
6.50%, 6/1/29 ................ 1,265,576 1,194,387
7.50%, 6/1/29 ................ 26 26
6.50%, 7/1/29 ................ 480,867 453,818
6.50%, 7/1/29 ................ 123,434 116,491
7.00%, 7/1/29 ................ 31,819 30,718
7.00%, 7/1/29 ................ 293,061 289,028
7.00%, 7/1/29 ................ 55,464 53,545
7.00%, 8/1/29 ................ 3,076,508 2,969,784
7.50%, 8/1/29 ................ 848,034 836,365
7.50%, 8/1/29 ................ 1,017,120 1,003,124
7.50%, 8/1/29 ................ 950,595 937,515
7.50%, 8/1/29 ................ 2 2
7.50%, 8/1/29 ................ 24,725 24,385
6.50%, 9/1/29 ................ 498,496 469,987
7.50%, 9/1/29 ................ 108,625 107,130
7.50%, 9/1/29 ................ 263,891 260,096
7.50%, 9/1/29 ................ 70 69
8.00%, 9/1/29 ................ 47,643 47,836
8.00%, 9/1/29 ................ 46,451 46,640
6.50%, 10/1/29 ............... 430,902 406,259
7.00%, 10/1/29 ............... 691,314 667,392
7.00%, 10/1/29 ............... 175,503 169,430
7.00%, 10/1/29 ............... 684,074 660,402
7.00%, 10/1/29 ............... 224,258 221,172
7.50%, 10/1/29 ............... 43,274 42,679
8.00%, 10/1/29 ............... 313,026 314,297
8.00%, 10/1/29 ............... 43,182 43,357
8.00%, 10/1/29 ............... 41,776 41,946
8.00%, 10/1/29 ............... 25,234 25,336
7.00%, 11/1/29 ............... 762,174 735,800
7.50%, 11/1/29 ............... 482,708 476,066
7.50%, 11/1/29 ............... 24,680 24,340
7.50%, 11/1/29 ............... 100,234 98,855
7.00%, 12/1/29 ............... 966,375 932,935
9.00%, 12/1/29 ............... 27,015 26,080
7.00%, 1/1/30 ................ 917,429 885,682
7.50%, 1/1/30 ................ 213,898 210,955
8.00%, 1/1/30 ................ 290,530 291,710
7.50%, 2/1/30 ................ 3,959,563 3,902,624
8.00%, 2/1/30 ................ 197,207 198,008
8.00%, 2/1/30 ................ 57,813 58,048
8.00%, 2/1/30 ................ 457,861 459,720
7.50%, 3/1/30 ................ 1,478,487 1,458,143
7.50%, 3/1/30 ................ 58,787 57,978
</TABLE>
145
<PAGE>
EQ ADVISORS TRUST
J.P. MORGAN CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- ------------------
<S> <C> <C>
7.00%, 4/1/30 ......................................................... $ 69,993 $ 67,571
7.50%, 4/1/30 ......................................................... 803,302 792,249
7.50%, 5/1/30 ......................................................... 1,079,986 1,065,125
7.50%, 5/1/30 ......................................................... 807,799 796,684
7.50%, 5/1/30 ......................................................... 1,503,914 1,483,220
8.00%, 5/1/30 ......................................................... 499,669 501,698
8.00%, 5/1/30 ......................................................... 991,433 995,458
8.00%, 5/1/30 ......................................................... 499,695 501,724
8.00%, 5/1/30 ......................................................... 141,872 142,448
8.00%, 5/1/30 ......................................................... 781,308 784,480
7.50%, 6/1/30 ......................................................... 85,509 84,332
7.50%, 6/1/30 ......................................................... 4,000,000 3,944,960
7.50%, 6/1/30 ......................................................... 778,474 767,762
7.50%, 6/1/30 ......................................................... 614,491 606,036
7.50%, 6/1/30 ......................................................... 1,020,000 1,005,965
FNCL
7.00%, 7/1/30 ........................................................ 4,315,000 4,162,629
7.50%, 7/1/30 ......................................................... 8,925,000 8,791,125
Government National Mortgage
Association
8.00%, 4/15/00 ........................................................ 468,789 473,767
8.00%, 11/15/25 ....................................................... 32,639 33,006
8.00%, 8/15/27 ........................................................ 230,789 233,373
7.00%, 5/15/28 ........................................................ 28 27
7.50%, 5/15/28 ........................................................ 345,411 343,187
7.00%, 7/15/28 ........................................................
7.50%, 7/15/28 ........................................................ 889,153 883,429
6.50%, 8/15/28 ........................................................ 450,353 425,304
6.50%, 12/15/28 ....................................................... 3,859,219 3,662,223
8.00%, 10/15/29 ....................................................... 490,791 496,003
8.00%, 12/15/29 ....................................................... 995,206 1,005,775
8.00%, 2/15/30 ........................................................ 726,871 734,590
8.00%, 3/15/30 ........................................................ 626,269 632,920
8.00%, 3/15/30 ........................................................ 998,314 1,008,916
8.00%, 3/15/30 ........................................................ 271,573 274,457
8.00%, 3/15/30 ........................................................ 339,326 342,930
8.00%, 4/15/30 ........................................................ 38,885 39,298
8.00%, 4/15/30 ........................................................ 498,903 504,201
8.00%, 4/15/30 ........................................................ 499,220 504,522
8.00%, 4/15/30 ........................................................ 229,707 232,146
------------
90,247,118
------------
TOTAL CREDIT SENSITIVE ............................................... 172,039,018
------------
DIVERSIFIED (0.1%)
MISCELLANEOUS (0.1%)
United Utilities plc
6.25%, 8/15/05 ....................................................... 300,000 275,796
------------
ENERGY (3.7%)
OIL--DOMESTIC (3.0%)
Amerada Hess Corp.
7.88%, 10/1/29 ....................................................... 400,000 392,532
Conoco, Inc.
5.90%, 4/15/04 ....................................................... 2,000,000 1,909,860
Dynegy, Inc.
7.45%, 7/15/06 ....................................................... 1,800,000 1,751,569
Enron Corp., Series NOV,
6.95%, 7/15/28 ....................................................... 1,090,000 961,849
Occidental Petroleum
9.25%, 8/1/19 ........................................................ 575,000 626,675
------------
5,642,485
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------------- ------------------
<S> <C> <C>
OIL--INTERNATIONAL (0.3%)
PECO Energy Transition Trust,
Series 99-A, Class A4,
5.80%, 3/1/07 ........................................................ $ 500,000 $ 475,325
------------
RAILROADS (0.4%)
Burlington Northern Santa Fe,
Series 96-B,
6.96%, 3/22/09 ....................................................... 424,330 412,538
Canadian National Railroad Co.
6.45%, 7/15/06 ....................................................... 400,000 373,960
------------
786,498
------------
TOTAL ENERGY .......................................................... 6,904,308
------------
TECHNOLOGY (1.5%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (1.5%)
Sprint Capital Corp.
5.70%, 11/15/03 ...................................................... 2,000,000 1,896,692
Tele-Communication, Inc.
7.88%, 8/1/13 ........................................................ 1,000,000 1,007,883
------------
TOTAL TECHNOLOGY ...................................................... 2,904,575
------------
TOTAL LONG-TERM DEBT SECURITIES (98.2%)
(Cost $186,836,208)................................................... 185,752,132
------------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (0.0%)
Chase Nassau
6.26%, 7/3/00 ........................................................ 934 934
------------
U.S. GOVERNMENT AGENCIES (8.0%)
Federal Home Loan Mortgage
Corp.
6.57%, 7/3/00 ........................................................ 15,080,000 15,074,495
------------
TOTAL SHORT-TERM DEBT SECURITIES (8.0%)
(Amortized Cost $15,075,429) ......................................... 15,075,429
------------
TOTAL INVESTMENTS (106.2%)
(Cost/Amortized $201,911,637) 200,827,561
OTHER ASSETS LESS
LIABILITIES (--6.2%) ................................................. (11,768,640)
----------------
NET ASSETS (100%) ...................................................... $189,058,921
============
</TABLE>
---------------------
+ All, or a portion of securities held by broker as collateral for
financial futures contracts.
146
<PAGE>
EQ ADVISORS TRUST
J.P. MORGAN CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
At June 30, 2000, the Portfolio had the following futures contracts open: (Note
1)
<TABLE>
<CAPTION>
NUMBER UNREALIZED
OF EXPIRATION ORIGINAL VALUE AT APPRECIATION
SALES CONTRACTS DATE VALUE 6/30/00 (DEPRECIATION)
---------------------- ----------- --------------- ---------------- ---------------- ---------------
<S> <C> <C> <C> <C> <C>
US 5YR Note .......... 98 September '00 $ (9,519,364) $ (9,336,728) $ 182,636
US 10YR Note ......... 134 September '00 (12,941,487) (13,196,856) (255,369)
PURCHASES
-----------------------
US Long Bond ......... 24 September '00 2,255,391 2,336,256 80,865
----------
$ 8,132
==========
</TABLE>
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $ 17,498,714
U.S. Government securities ............................. 211,737,216
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 16,747,590
U.S. Government securities ............................. 207,411,335
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for
Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 1,181,112
Aggregate gross unrealized depreciation ................ (2,265,188)
------------
Net unrealized depreciation ............................ $ (1,084,076)
============
Federal income tax cost of investments ................. $201,911,637
============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$31,693,204 which was secured by collateral of $33,035,881 of which $1,342,677
was in the form of U.S. Government securities.
See Notes to Financial Statements.
147
<PAGE>
EQ ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (6.0%)
CHEMICALS (2.0%)
Du Pont (E.I.) de Nemours & Co. ........................................ 15,200 $ 665,000
Pharmacia Corp. ........................................................ 45,851 2,369,924
------------
3,034,924
------------
CHEMICALS--SPECIALTY (0.7%)
PPG Industries, Inc. ................................................... 24,700 1,094,519
------------
METALS & MINING (2.6%)
Alcoa, Inc. ............................................................ 49,200 1,426,800
Minnesota Mining & Manufacturing
Co. .................................................................. 31,300 2,582,250
------------
4,009,050
------------
PAPER (0.7%)
International Paper Co. ................................................ 38,200 1,138,837
------------
TOTAL BASIC MATERIALS ................................................ 9,277,330
------------
BUSINESS SERVICES (3.5%)
PRINTING, PUBLISHING,
BROADCASTING (2.4%)
Comcast Corp., Class A* ................................................ 10,300 417,150
Gannett Co., Inc. ...................................................... 17,800 1,064,663
New York Times Co., Class A ............................................ 24,500 967,750
Time Warner, Inc. ...................................................... 16,200 1,231,200
------------
3,680,763
------------
PROFESSIONAL SERVICES (1.1%)
First Data Corp. ....................................................... 35,400 1,756,725
------------
TOTAL BUSINESS SERVICES .............................................. 5,437,488
------------
CAPITAL GOODS (5.4%)
AEROSPACE (3.6%)
Honeywell International, Inc.* ......................................... 23,400 788,288
Textron, Inc. .......................................................... 21,400 1,162,288
United Technologies Corp. .............................................. 60,300 3,550,162
------------
5,500,738
------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.9%)
Lowe's Cos., Inc. ...................................................... 34,100 1,400,231
------------
MACHINERY (0.9%)
Ingersol-Rand Co. ...................................................... 35,200 1,416,800
------------
TOTAL CAPITAL GOODS .................................................. 8,317,769
------------
CONSUMER CYCLICALS (6.4%)
AUTO RELATED (0.0%)
Visteon Corp.* ......................................................... 4,686 56,818
------------
AUTOS & TRUCKS (1.6%)
Ford Motor Co. ......................................................... 35,800 1,539,400
General Motors Corp. ................................................... 16,019 930,103
------------
2,469,503
------------
LEISURE RELATED (0.8%)
Walt Disney Co. ........................................................ 30,100 1,168,256
------------
PHOTO & OPTICAL (0.6%)
Eastman Kodak Co. ...................................................... 15,700 934,150
------------
RETAIL--GENERAL (3.4%)
Federated Department Stores, Inc.*...................................... 34,700 1,171,125
GAP, Inc. .............................................................. 49,000 1,531,250
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------------- ------------------
<S> <C> <C>
Office Depot, Inc.* .................................................... 54,300 $ 339,375
Target Corp. ........................................................... 37,600 2,180,800
------------
5,222,550
------------
TOTAL CONSUMER CYCLICALS ............................................. 9,851,277
------------
CONSUMER NON-CYCLICALS (21.4%)
BEVERAGES (4.0%)
Anheuser-Busch Cos., Inc. .............................................. 34,500 2,576,719
Diageo plc (ADR) ....................................................... 23,791 846,067
PepsiCo, Inc. .......................................................... 61,600 2,737,350
------------
6,160,136
------------
DRUGS (9.8%)
American Home Products Corp. ........................................... 73,700 4,329,875
Bristol-Myers Squibb Co. ............................................... 59,900 3,489,175
Merck & Co., Inc. ...................................................... 64,600 4,949,975
Schering-Plough Corp. .................................................. 46,800 2,363,400
------------
15,132,425
------------
FOODS (1.7%)
H.J. Heinz Co. ......................................................... 39,400 1,723,750
Hershey Foods Corp. .................................................... 17,400 847,163
------------
2,570,913
------------
HOSPITAL SUPPLIES & SERVICES (2.0%)
Baxter International, Inc. ............................................. 20,700 1,455,469
Johnson & Johnson ...................................................... 16,000 1,630,000
------------
3,085,469
------------
RETAIL--FOOD (0.9%)
McDonald's Corp. ....................................................... 44,300 1,459,131
------------
SOAPS & TOILETRIES (3.0%)
Gillette Co. ........................................................... 27,700 967,769
Kimberly Clark Corp. ................................................... 33,300 1,910,587
Procter & Gamble Co. ................................................... 31,400 1,797,650
------------
4,676,006
------------
TOTAL CONSUMER NON-CYCLICALS ......................................... 33,084,080
------------
CREDIT SENSITIVE (24.0%)
BANKS (5.5%)
Bank of America Corp. .................................................. 43,984 1,891,312
Chase Manhattan Corp. .................................................. 65,700 3,026,306
FleetBoston Financial Corp. ............................................ 43,900 1,492,600
Wells Fargo Co. ........................................................ 52,100 2,018,875
------------
8,429,093
------------
FINANCIAL SERVICES (8.2%)
Citigroup, Inc. ........................................................ 76,750 4,624,188
Fannie Mae ............................................................. 31,000 1,617,813
Hartford Financial Services Group,
Inc. ................................................................. 35,500 1,985,781
Mellon Financial Corp. ................................................. 49,600 1,807,300
Morgan Stanley Dean Witter & Co......................................... 32,400 2,697,300
------------
12,732,382
------------
INSURANCE (1.5%)
Aetna, Inc. ............................................................ 20,400 1,309,425
Allstate Corp. ......................................................... 44,800 996,800
------------
2,306,225
------------
</TABLE>
148
<PAGE>
EQ ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------------- ------------------
<S> <C> <C>
UTILITY--ELECTRIC (1.7%)
Entergy Corp. ..................... 49,500 $ 1,345,781
FPL Group, Inc. ................... 24,400 1,207,800
------------
2,553,581
------------
UTILITY--TELEPHONE (7.1%)
AT&T Corp. ........................ 75,750 2,395,594
Bell Atlantic Corp. ............... 79,700 4,049,756
SBC Communications, Inc. .......... 106,361 4,600,113
------------
11,045,463
------------
TOTAL CREDIT SENSITIVE .......... 37,066,744
------------
DIVERSIFIED (1.6%)
MISCELLANEOUS (1.6%)
Tyco International Ltd. ........... 51,700 2,449,288
------------
ENERGY (7.6%)
COAL & GAS PIPELINES (1.0%)
Coastal Corp. ..................... 25,600 1,558,400
------------
OIL--DOMESTIC (3.1%)
Chevron Corp. ..................... 19,600 1,662,325
Exxon Mobil Corp.* ................ 40,122 3,149,577
------------
4,811,902
------------
OIL--INTERNATIONAL (1.7%)
Conoco, Inc., Class B ............. 44,742 1,098,975
Texaco, Inc. ...................... 28,600 1,522,950
------------
2,621,925
------------
OIL--SUPPLIES &
CONSTRUCTION (1.8%)
Halliburton Co. ................... 10,700 504,906
Schlumberger Ltd. ................. 30,100 2,246,213
------------
2,751,119
------------
TOTAL ENERGY .................... 11,743,346
------------
TECHNOLOGY (21.4%)
COMPUTER HARDWARE (1.5%)
Hewlett Packard Co. ............... 18,500 2,310,188
------------
COMPUTER SOFTWARE (4.0%)
Microsoft Corp.* .................. 45,200 3,616,000
Oracle Corp.* ..................... 31,000 2,605,937
------------
6,221,937
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (4.8%)
Alcatel S.A. (ADR) ................ 39,600 2,633,400
Lucent Technologies, Inc. ......... 59,600 3,531,300
Motorola, Inc. .................... 24,800 720,750
------------
6,885,450
------------
ELECTRONICS (4.7%)
Intel Corp. ....................... 41,700 5,574,769
Seagate Technology, Inc.* ......... 8,600 473,000
Texas Instruments, Inc. ........... 19,600 1,346,275
------------
7,394,044
------------
OFFICE EQUIPMENT (5.2%)
Compaq Computer Corp. ............. 105,700 2,701,956
International Business Machines
Corp. ........................... 39,200 4,294,850
Xerox Corp. ....................... 60,200 1,249,150
------------
8,245,956
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------------- ------------------
<S> <C> <C>
WIRELESS TELECOMMUNICATION
SERVICES (1.2%)
AT&T Wireless Group ............... 68,800 $ 1,917,800
------------
TOTAL TECHNOLOGY ................ 32,975,375
------------
TOTAL COMMON STOCKS (97.3%)
(Cost $148,202,674) ............. 150,202,697
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (0.0%)
Chase Nassau
6.26%, 7/3/2000 ..................... $ 4,773 4,773
-----
U.S. GOVERNMENT (4.4%)
U.S. Treasury Bill
7/27/00 ............................. 3,190,000 3,178,666
8/31/00 ............................. 3,570,000 3,537,179
---------
TOTAL U.S. GOVERNMENT ............... 6,715,845
---------
TOTAL SHORT-TERM DEBT
SECURITIES (4.4%)
(Amortized Cost $6,718,940) ......... 6,720,618
---------
TOTAL INVESTMENTS (101.7%)
(Cost/Amortized Cost
$154,921,614) ....................... 156,923,315
OTHER ASSETS LESS
LIABILITIES (--1.7%) ................ (2,664,350)
-----------
NET ASSETS (100%) ..................... $154,258,965
============
</TABLE>
---------------------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
149
<PAGE>
EQ ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $ 51,864,363
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 22,571,955
As of June 30, 2000 the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 16,973,133
Aggregate gross unrealized depreciation ................ (14,971,432)
-------------
Net unrealized appreciation ............................ $ 2,001,701
=============
Federal income tax cost of investments ................. $ 154,921,614
=============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$8,076,253, which was secured by collateral of
$8,162,686.
See Notes to Financial Statements.
150
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (3.5%)
CHEMICALS--SPECIALTY (2.1%)
Ferro Corp. ............................................................ 32,200 $ 676,200
H.B. Fuller Co. ........................................................ 15,100 687,994
Minerals Technologies, Inc. ............................................ 10,800 496,800
----------
1,860,994
----------
PAPER (1.4%)
Packaging Corporation of
America .............................................................. 66,000 668,250
Wausau-Mosinee Paper Corp. ............................................. 63,600 544,575
----------
1,212,825
----------
TOTAL BASIC MATERIALS ................................................. 3,073,819
----------
BUSINESS SERVICES (13.9%)
PRINTING, PUBLISHING,
BROADCASTING (6.6%)
Banta Corp. ............................................................ 49,500 937,406
Bowne & Co. ............................................................ 63,500 638,969
Houghton Mifflin Co. ................................................... 25,500 1,190,531
Mail-Well, Inc.* ....................................................... 53,700 463,163
Pulitzer, Inc. ......................................................... 13,900 586,406
R.H. Donnelly Corp.* ................................................... 42,600 825,375
Valassis Communications, Inc. .......................................... 33,000 1,258,125
----------
5,899,975
----------
PROFESSIONAL SERVICES (6.6%)
AC Nielson Corp.* ...................................................... 38,500 847,000
CDI Corp.* ............................................................. 20,900 425,838
DeVry, Inc. ............................................................ 12,300 325,181
Electronics for Imaging, Inc. .......................................... 24,300 615,094
Gartner Group, Inc., Class A ........................................... 56,900 682,800
Interim Services, Inc.* ................................................ 35,800 635,450
ITT Educational Services, Inc.* ........................................ 23,700 416,231
Maximus, Inc.* ......................................................... 24,900 550,913
Pittston Brink's Group ................................................. 37,859 518,195
Profit Recovery Group
International, Inc.* ................................................. 53,500 889,437
----------
5,906,139
----------
TRUCKING, SHIPPING (0.7%)
CNF Transportation, Inc. ............................................... 26,700 607,425
----------
TOTAL BUSINESS SERVICES ............................................... 12,413,539
----------
CAPITAL GOODS (13.0%)
AEROSPACE (0.2%)
AAR Corp. .............................................................. 14,700 176,400
----------
BUILDING & CONSTRUCTION (3.2%)
Dycom Industries, Inc.* ................................................ 17,750 816,500
Granite Construction, Inc. ............................................. 16,900 414,050
Insituform Technologies* ............................................... 13,700 371,612
Kaufman and Broad Home
Corp. ................................................................ 16,600 328,888
Toll Brothers, Inc. .................................................... 42,600 873,300
Watts Industries, Inc., Class A ........................................ 2,500 31,563
----------
2,835,913
----------
BUILDING MATERIALS & FOREST
PRODUCTS (2.5%)
Crane Co. .............................................................. 23,250 565,266
Hughes Supply, Inc. .................................................... 34,600 683,350
Martin Marietta Materials, Inc. ........................................ 25,900 1,047,331
----------
2,295,947
----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
ELECTRICAL EQUIPMENT (4.8%)
Belden, Inc. ........................................................... 18,600 $ 476,625
Credence Systems Corp.* ................................................ 6,800 375,275
General Semiconductor, Inc.* ........................................... 31,300 461,675
Harman International Industries,
Inc. ................................................................. 23,000 1,403,000
Lam Research Corp.* .................................................... 5,400 202,500
Mentor Graphics Corp.* ................................................. 65,600 1,303,800
----------
4,222,875
----------
ELECTRONICS (1.1%)
Sensormatics Electronics Corp.*......................................... 61,200 967,725
----------
MACHINERY (1.2%)
JLG Industries, Inc. ................................................... 48,400 574,750
Regal-Beloit Corp. ..................................................... 29,900 476,531
----------
1,051,281
----------
TOTAL CAPITAL GOODS ................................................... 11,550,141
----------
CONSUMER CYCLICALS (13.5%)
AIRLINES (0.7%)
Alaska Air Group, Inc.* ................................................ 22,300 604,888
----------
AUTO RELATED (4.1%)
Borg-Warner Automotive, Inc. ........................................... 20,700 727,087
Mark IV Industries, Inc. ............................................... 21,900 457,163
Pennzoil-Quaker State Co. .............................................. 91,200 1,100,100
Snap-On, Inc. .......................................................... 30,600 814,725
Tower Automotive, Inc.* ................................................ 46,800 585,000
----------
3,684,075
----------
FOOD SERVICES, LODGING (0.8%)
Lone Star Steakhouse & Saloon,
Inc. ................................................................. 12,900 130,613
Prime Hospitality Corp.* ............................................... 57,000 537,937
----------
668,550
----------
HOUSEHOLD FURNITURE,
APPLIANCES (3.0%)
Basset Furniture Industries, Inc........................................ 22,800 287,850
Ethan Allen Interiors, Inc. ............................................ 26,600 638,400
Furniture Brands International,
Inc. ................................................................. 52,100 788,012
Pier 1 Imports, Inc. ................................................... 102,900 1,003,275
----------
2,717,537
----------
LEISURE RELATED (0.5%)
Polaris Industries, Inc. ............................................... 13,700 438,400
----------
PHOTO & OPTICAL (0.7%)
Polaroid Corp. ......................................................... 33,800 610,512
----------
RETAIL--GENERAL (3.7%)
Abercrombie & Fitch Co. ................................................ 5,000 60,938
Borders Group, Inc.* ................................................... 71,000 1,104,937
Men's Wearhouse, Inc.* ................................................. 32,000 714,000
Venator Group, Inc.* ................................................... 136,800 1,402,200
----------
3,282,075
----------
TOTAL CONSUMER CYCLICALS .............................................. 12,006,037
----------
CONSUMER NON-CYCLICALS (15.2%)
BEVERAGES (1.7%)
Adolph Coors Co. ....................................................... 9,300 562,650
Whitman Corp. .......................................................... 75,200 930,600
----------
1,493,250
----------
</TABLE>
151
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
CONTAINERS (0.5%)
American National Can Group,
Inc. ................................................................... 26,100 $ 440,437
-----------
DRUGS (2.1%)
AmeriSource Health Corp.
Class A* ............................................................... 37,200 1,153,200
Enzon, Inc.* ............................................................. 14,800 629,000
West Pharmaceutical Services ............................................. 2,094 45,283
-----------
1,827,483
-----------
FOODS (1.0%)
American Italian Pasta Co.* .............................................. 18,500 382,719
Ralcorp Holdings, Inc. ................................................... 41,100 503,475
-----------
886,194
-----------
HOSPITAL SUPPLIES & SERVICES (7.6%)
Apria Healthcare Group, Inc.* ............................................ 66,500 814,625
DENTSPLY International, Inc. ............................................. 27,000 831,937
Hooper Holmes, Inc. ...................................................... 26,800 214,400
Inamed Corp. ............................................................. 24,800 908,300
Ivacare Corp. ............................................................ 56,600 1,485,750
MedQuist, Inc.* .......................................................... 33,400 1,135,600
STERIS Corp.* ............................................................ 70,300 623,913
Varian Medical Systems, Inc. ............................................. 20,800 813,800
-----------
6,828,325
-----------
RETAIL--FOOD (2.3%)
Flowers Industries, Inc. ................................................. 52,300 1,042,731
Whole Foods Market, Inc.* ................................................ 24,600 1,016,288
-----------
2,059,019
-----------
TOTAL CONSUMER NON-CYCLICALS 13,534,708
-----------
CREDIT SENSITIVE (12.8%)
BANKS (3.0%)
Chittenden Corp. ......................................................... 22,900 559,619
Southwest Bancorporation of
Texas, Inc. ............................................................ 39,700 823,775
Staten Island Bancorp, Inc. .............................................. 44,300 780,787
Wilmington Trust Corp. ................................................... 11,900 508,725
-----------
2,672,906
-----------
FINANCIAL SERVICES (1.6%)
Astoria Financial Corp. .................................................. 9,600 247,200
Heller Financial, Inc. ................................................... 41,000 840,500
Queens County Bancorp, Inc. .............................................. 20,000 368,750
-----------
1,456,450
-----------
INSURANCE (4.0%)
Arthur J. Gallagher & Co. ................................................ 25,200 1,058,400
Everest Re Group Ltd. .................................................... 37,700 1,239,387
HCC Insurance Holdings, Inc. ............................................. 19,500 368,063
Radian Group, Inc. ....................................................... 17,259 893,153
-----------
3,559,003
-----------
REAL ESTATE (3.8%)
Catellus Development Corp.* .............................................. 51,700 775,500
Chateau Communities, Inc. ................................................ 25,900 731,675
Chelsea GCA Realty, Inc. ................................................. 10,200 352,537
FelCor Lodging Trust, Inc. ............................................... 30,000 555,000
Kilroy Realty Corp. ...................................................... 22,100 573,219
Mack-Cali Realty Corp. ................................................... 16,100 413,569
-----------
3,401,500
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
UTILITY--TELEPHONE (0.4%)
Sierra Pacific Resources ................................................. 26,352 $ 331,047
-----------
TOTAL CREDIT SENSITIVE .................................................. 11,420,906
-----------
DIVERSIFIED (1.4%)
MISCELLANEOUS (1.4%)
Federal Signal Corp. ..................................................... 43,400 716,100
Roper Industries, Inc. ................................................... 20,200 517,625
-----------
TOTAL DIVERSIFIED ....................................................... 1,233,725
-----------
ENERGY (4.3%)
OIL--DOMESTIC (1.7%)
Barrett Resources Corp.* ................................................. 19,800 602,663
Louis Dreyfus Natural Gas
Corp.* ................................................................. 30,500 955,031
-----------
1,557,694
-----------
OIL--INTERNATIONAL (0.9%)
Devon Energy Corp. ....................................................... 13,900 781,006
-----------
OIL--SUPPLIES & CONSTRUCTION (1.7%)
Helmerich & Payne, Inc. .................................................. 40,700 1,521,162
-----------
TOTAL ENERGY ............................................................ 3,859,862
-----------
TECHNOLOGY (18.0%)
COMPUTER HARDWARE (2.7%)
Quantum Corp.--Hard Disk
Drive Group* ........................................................... 94,500 1,045,406
RadiSys Corp.* ........................................................... 16,100 913,675
Storage Technology Corp.* ................................................ 43,800 479,063
-----------
2,438,144
-----------
COMPUTER SOFTWARE (2.6%)
American Management Systems,
Inc.* .................................................................. 34,000 1,116,156
Dendrite International, Inc.* ............................................ 15,400 513,013
National Data Corp. ...................................................... 28,000 644,000
-----------
2,273,169
-----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (2.8%)
Allen Telecom, Inc.* ..................................................... 26,100 461,644
AnswerThink Consulting Group,
Inc.* .................................................................. 10,700 177,888
ANTEC Corp.* ............................................................. 15,400 640,062
Black Box Corp.* ......................................................... 7,400 585,872
KEMET Corp.* ............................................................. 25,800 646,612
-----------
2,512,078
-----------
ELECTRONICS (2.1%)
Anixter International, Inc.* ............................................. 29,100 771,150
Tektronix, Inc. .......................................................... 5,900 436,600
Transaction Systems Architechs,
Inc., Class A* ......................................................... 37,900 649,038
-----------
1,856,788
-----------
OFFICE EQUIPMENT (4.7%)
Bell & Howell Co.* ....................................................... 39,200 950,600
ChoicePoint, Inc.* ....................................................... 9,300 413,850
Diebold, Inc. ............................................................ 26,600 741,475
Micron Electronics, Inc.* ................................................ 58,900 736,250
Paradyne Networks Corp. .................................................. 15,000 488,437
United Stationers, Inc.* ................................................. 26,800 867,650
-----------
4,198,262
-----------
</TABLE>
152
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- --------------
<S> <C> <C>
OFFICE EQUIPMENT SERVICES (2.2%)
Acxiom Corp.* .................. 32,900 $ 896,525
Affiliated Computer Services,
Inc., Class A* ............... 10,400 343,850
BISYS Group, Inc. .............. 8,100 498,150
Standard Register Co. .......... 14,100 200,925
-----------
1,939,450
-----------
WIRELESS TELECOMMUNICATION
SERVICES (0.9%)
Brightpoint, Inc.* ............. 96,400 808,494
-----------
TOTAL TECHNOLOGY .............. 16,026,385
-----------
TOTAL COMMON STOCKS (95.6%)
(Cost $82,238,913)............ 85,119,122
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------ --------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (0.0%)
Chase Nassau
6.26%, 7/3/00 ..................... $ 1,359 $ 1,359
-----------
U.S. GOVERNMENT (4.8%)
U.S. Treasury Bill
7/27/00 ........................... 2,820,000 2,809,980
8/31/00 ............................ 1,440,000 1,426,761
-----------
TOTAL U.S. GOVERNMENT .............. 4,236,741
-----------
TOTAL SHORT-TERM DEBT SECURITIES (4.8%)
(Amortized Cost $4,237,067)......... 4,238,100
-----------
TOTAL INVESTMENTS (100.4%)
(Cost/Amortized Cost
$86,475,980) ...................... 89,357,222
OTHER ASSETS
LESS LIABILITIES (--0.4%) ......... (317,435)
-----------
NET ASSETS (100%) ................... $89,039,787
===========
</TABLE>
----------
* Non-income producing.
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $34,559,755
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 23,020,780
</TABLE>
As of June 30, 2000 the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 12,185,314
Aggregate gross unrealized depreciation ......... (9,304,072)
------------
Net unrealized appreciation ..................... $ 2,881,242
============
Federal income tax cost of investments .......... $ 86,475,980
============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$6,644,909, which was secured by collateral of
$6,897,204.
See Notes to Financial Statements.
153
<PAGE>
EQ ADVISORS TRUST
MERCURY BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (5.4%)
CHEMICALS (2.6%)
Du Pont (E.I.) de Nemours & Co. 100,000 $ 4,375,000
Hercules, Inc. ......................................................... 325,000 4,570,313
------------
8,945,313
------------
METALS & MINING (2.8%)
Phelps Dodge Corp. ..................................................... 79,700 2,963,844
Potash Corp. of Saskatchewan, Inc. 115,000 6,346,562
------------
9,310,406
------------
TOTAL BASIC MATERIALS ................................................. 18,255,719
------------
BUSINESS SERVICES (5.7%)
PRINTING, PUBLISHING,
BROADCASTING (5.7%)
Comcast Corp., Class A* ................................................ 135,000 5,467,500
Fox Entertainment Group, Inc.,
Class A* ............................................................. 150,000 4,556,250
Knight Ridder, Inc. .................................................... 115,000 6,116,562
USA Networks, Inc.* .................................................... 134,500 2,908,563
------------
TOTAL BUSINESS SERVICES ............................................... 19,048,875
------------
CAPITAL GOODS (11.1%)
AEROSPACE (5.9%)
Boeing Co. ............................................................. 120,000 5,017,500
Lockheed Martin Corp. .................................................. 295,000 7,319,688
Northrop Grumman Corp. ................................................. 110,000 7,287,500
------------
19,624,688
------------
ELECTRICAL EQUIPMENT (3.8%)
Eaton Corp. ............................................................ 60,000 4,020,000
Emerson Electric Co. ................................................... 65,000 3,924,375
Thomas & Betts Corp. ................................................... 245,000 4,685,625
------------
12,630,000
------------
MACHINERY (1.4%)
Deere & Co. ............................................................ 130,000 4,810,000
------------
TOTAL CAPITAL GOODS ................................................... 37,064,688
------------
CONSUMER CYCLICALS (4.2%)
AUTO RELATED (1.4%)
Delphi Automotive Systems Corp. 325,000 4,732,813
------------
AUTOS & TRUCKS (1.3%)
Ford Motor Co. ......................................................... 100,000 4,300,000
Visteon Corp.* ......................................................... 13,093 158,756
------------
4,458,756
------------
PHOTO & OPTICAL (0.3%)
Eastman Kodak Co. ...................................................... 14,000 833,000
------------
RETAIL--GENERAL (1.2%)
Venator Group, Inc.* ................................................... 380,000 3,895,000
------------
TOTAL CONSUMER CYCLICALS .............................................. 13,919,569
------------
CONSUMER NON-CYCLICALS (14.3%)
CONTAINERS (2.2%)
Crown Cork & Seal Co., Inc. ............................................ 500,000 7,500,000
------------
DRUGS (4.3%)
Abbott Laboratories .................................................... 90,000 4,010,625
Bristol-Myers Squibb Co. ............................................... 100,000 5,825,000
Pharmacia Corp.* ....................................................... 90,000 4,651,875
------------
14,487,500
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- ------------------
<S> <C> <C>
FOODS (2.7%)
General Mills, Inc. .................................................... 120,000 $ 4,590,000
Sara Lee Corp. ......................................................... 225,000 4,345,312
------------
8,935,312
------------
HOSPITAL SUPPLIES & SERVICES (3.6%)
Becton, Dickinson and Co. .............................................. 100,000 2,868,750
HCA - The Healthcare Corp.* ............................................ 169,410 5,145,829
Tenet Healthcare Corp.* ................................................ 145,000 3,915,000
------------
11,929,579
------------
SOAPS & TOILETRIES (1.5%)
Procter & Gamble Co. ................................................... 85,000 4,866,250
------------
TOTAL CONSUMER NON-CYCLICALS 47,718,641
------------
CREDIT SENSITIVE (23.3%)
BANKS (3.7%)
Bank One Corp. ......................................................... 210,000 5,578,125
First Union Corp. ...................................................... 170,000 4,218,125
National City Corp. .................................................... 160,000 2,730,000
------------
12,526,250
------------
FINANCIAL SERVICES (4.5%)
Associates First Capital Corp.,
Class A .............................................................. 240,200 5,359,462
CIT Group, Inc., Class A ............................................... 255,000 4,143,750
Mellon Financial Corp. ................................................. 150,000 5,465,625
------------
14,968,837
------------
INSURANCE (7.0%)
Ace Ltd. ............................................................... 370,000 10,360,000
Allstate Corp. ......................................................... 305,000 6,786,250
St. Paul Cos. .......................................................... 185,000 6,313,125
------------
23,459,375
------------
REAL ESTATE (1.0%)
Simon Property Group, Inc. ............................................. 150,000 3,328,125
------------
UTILITY--TELEPHONE (7.1%)
AT&T Corp. ............................................................. 200,000 6,325,000
GTE Corp. .............................................................. 130,000 8,092,500
SBC Communications, Inc. ............................................... 111,500 4,822,375
Worldcom, Inc.* ........................................................ 100,000 4,587,500
------------
23,827,375
------------
TOTAL CREDIT SENSITIVE ................................................ 78,109,962
------------
ENERGY (13.0%)
COAL & GAS PIPELINES (1.8%)
El Paso Energy Corp. ................................................... 115,000 5,857,813
------------
OIL--DOMESTIC (3.6%)
Burlington Resources, Inc. ............................................. 205,000 7,841,250
Sunoco, Inc. ........................................................... 145,000 4,268,437
------------
12,109,687
------------
OIL--SUPPLIES & CONSTRUCTION (7.6%)
Diamond Offshore Drilling, Inc. ........................................ 190,000 6,673,750
Halliburton Co. ........................................................ 130,000 6,134,375
Rowan Co., Inc.* ....................................................... 165,000 5,011,875
Unocal Corp. ........................................................... 235,000 7,784,375
------------
25,604,375
------------
TOTAL ENERGY .......................................................... 43,571,875
------------
</TABLE>
154
<PAGE>
EQ ADVISORS TRUST
MERCURY BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- --------------
<S> <C> <C>
TECHNOLOGY (14.8%)
COMPUTER HARDWARE (1.9%)
Hewlett Packard Co. ................. 50,000 $ 6,243,750
------------
COMPUTER SOFTWARE (1.1%)
Inprise Corp.* ...................... 600,000 3,675,000
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (3.7%)
Alcatel S.A. (ADR) .................. 130,000 8,645,000
Harris Corp. ........................ 115,000 3,766,250
------------
12,411,250
------------
ELECTRONICS (2.1%)
Agilent Technologies, Inc.* ......... 19,070 1,406,412
Koninklijke (Royal) Philips
Electronics N.V. (N.Y. shares) .... 120,000 5,700,000
------------
7,106,412
------------
OFFICE EQUIPMENT (4.9%)
Compaq Computer Corp. ............... 250,000 6,390,625
International Business Machines
Corp. ............................. 60,000 6,573,750
Xerox Corp. ......................... 160,000 3,320,000
------------
16,284,375
------------
OFFICE EQUIPMENT SERVICES (1.1%)
Unisys Corp.* ....................... 260,000 3,786,250
------------
TOTAL TECHNOLOGY ................... 49,507,037
------------
TOTAL COMMON STOCKS (91.8%)
(Cost $315,436,440) ............... 307,196,366
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (0.0%)
Chase Nassau
6.26%, 7/3/00 ................... $ 853 $ 853
------------
U.S. GOVERNMENT AGENCIES (9.3%)
Federal Home Loan Mortgage
Corp.
(Discount Note), 7/3/00 ......... 31,277,000 31,265,584
------------
TOTAL SHORT-TERM DEBT SECURITIES (9.3%)
(Amortized Cost $31,266,437) ..... 31,266,437
------------
TOTAL INVESTMENTS (101.1%)
(Cost/Amortized Cost
$346,702,877) ................... 338,462,803
OTHER ASSETS
LESS LIABILITIES (--1.1)%) ...... (3,671,399)
------------
NET ASSETS (100%) ................. $334,791,404
============
</TABLE>
----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $117,587,163
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 82,645,058
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 35,057,577
Aggregate gross unrealized depreciation ......... (43,297,651)
-------------
Net unrealized depreciation ..................... $ (8,240,074)
=============
Federal income tax cost of investments .......... $ 346,702,877
=============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$6,689,863 which was secured by collateral of
$6,662,200.
For the period from January 1, 2000 to June 30, 2000, the Portfolio incurred
approximately $6,210 and $23,411 as brokerage commissions with Donaldson,
Lufkin & Jenrette Corp. and Merrill Lynch & Co., respectively, both affiliated
broker/dealers.
See Notes to Financial Statements.
155
<PAGE>
EQ ADVISORS TRUST
MERCURY WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
AUSTRALIA (0.7%)
News Corp. Ltd. (ADR) ............... 6,725 $ 319,437
------------
CANADA (2.1%)
Alberta Energy Co. Ltd. ............. 2,550 103,275
ATI Technologies, Inc.* ............. 6,900 58,650
ATS Automation Tooling
Systems* .......................... 4,900 106,824
BCE, Inc. ........................... 8,250 196,453
Domtar, Inc. ........................ 4,400 40,898
Nortel Networks Corp. ............... 5,305 362,066
------------
TOTAL CANADA ...................... 868,166
------------
JAPAN (11.6%)
East Japan Railway Co. .............. 28 162,495
Fujitsu, Ltd. ....................... 7,000 242,027
Hitachi Ltd. ........................ 16,000 230,628
Honda Motor Co., Ltd. ............... 3,000 102,030
Keyence Corp. ....................... 220 72,542
Matsushita Electric Industrial
Co., Ltd. ......................... 6,000 155,448
Mitsubishi Estate Co., Ltd. ......... 17,000 199,878
Mitsui Fudosan Co., Ltd. ............ 20,000 216,685
NEC Corp. ........................... 18,000 564,699
Nikko Securities Co., Ltd. .......... 27,000 267,087
Nippon Telegraph & Telephone
Corp. ............................. 19 252,391
NTT Mobile Communications
Network, Inc. ..................... 11 297,423
Olympus Optical Co., Ltd. ........... 5,000 89,547
Orix Corp. .......................... 1,400 206,416
Rohm Co. ............................ 1,000 292,053
Shin-Etsu Chemical Co., Ltd. ........ 3,000 152,056
Softbank Corp. ...................... 400 54,265
Sony Corp. (ADR) .................... 2,236 210,883
Takeda Chemical Industries Ltd....... 4,000 262,283
TDK Corp. ........................... 1,000 143,577
Tokio Marine & Fire Insurance
Co., Ltd. ......................... 11,000 126,845
Tokyo Electric Power ................ 8,000 194,828
Toyota Motor Corp. .................. 2,000 91,008
Toyota Motor Corp. (ADR) ............ 400 37,275
Yamanouchi Pharmaceutical Co.
Ltd. .............................. 4,000 218,192
------------
TOTAL JAPAN ....................... 4,842,561
------------
LATIN AMERICA (1.0%)
BRAZIL (0.9%)
Aracruz Celulose S.A. ( ADR) ........ 2,400 46,350
Embratel Participacoes S.A.
(ADR) ............................. 7,150 168,919
Petroleo Brasileiro S.A. ............ 4,680 135,975
------------
351,244
------------
MEXICO (0.1%)
Cemex S.A. (ADR) .................... 2,400 56,100
------------
TOTAL LATIN AMERICA ............... 407,344
------------
OTHER EUROPEAN COUNTRIES (15.2%)
AUSTRIA (0.1%)
Mayr-Melnhof Karton AG .............. 800 37,808
------------
FRANCE (5.3%)
Aventis S.A. ........................ 2,453 178,868
Cap Gemini S.A. ..................... 482 84,820
Christian Dior* ..................... 610 138,181
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
France Telecom S.A. ................. 1,943 $ 271,313
Groupe Danone* ...................... 742 98,373
Scor ................................ 2,074 90,225
STMicroelectronics N.V.
(New York Shares) ................. 6,000 385,125
Thomson CSF ......................... 4,800 188,898
Thomson Multimedia SA* .............. 3,960 256,083
Total Fina S.A., Class B ............ 2,328 356,603
Vivendi* ............................ 1,910 168,421
------------
2,216,910
------------
GERMANY (1.2%)
Deutsche Bank AG
(Registered)* ..................... 4,000 334,020
E.On AG ............................. 710 34,199
Epcos AG* ........................... 1,119 113,347
RWE AG .............................. 975 33,060
------------
514,626
------------
IRELAND (0.3%)
Bank of Ireland ..................... 21,400 133,796
------------
ITALY (0.9%)
Arnoldo Mondadori Editore* .......... 4,100 93,463
ENI S.p.A. (Registered) ............. 27,900 160,996
Finmeccanica S.p.A.* ................ 78,000 107,131
------------
361,590
------------
NETHERLANDS (3.0%)
ASM Lithography
Holding N.V.* ..................... 4,550 195,377
CSM* ................................ 8,500 167,010
Koninklijke (Royal) Philips
Electronics N.V. (N.Y. shares)..... 6,800 323,000
Koninklijke Ahold N.V. .............. 5,700 167,612
Vedior N.V. ......................... 1,800 22,233
Vendex KBB N.V. ..................... 2,150 36,481
VNU N.V. ............................ 4,200 216,722
Wolters Kluwer N.V.* ................ 4,920 130,926
------------
1,259,361
------------
SPAIN (1.8%)
Banco Bilbao Vizcaya ................ 14,800 220,919
Endesa S.A. ......................... 6,500 125,791
Repsol S.A. ......................... 6,000 119,320
Telefonica de Espana S.A.* .......... 13,000 278,986
------------
745,016
------------
SWITZERLAND (2.6%)
Adecco S.A. (Registered)* ........... 58 49,224
Credit Suisse Group ................. 1,100 218,572
Givaudan ............................ 15 4,560
Nestle S.A. (Registered) ............ 57 113,958
Novartis AG (Registered) ............ 183 289,555
Roche Holding AG .................... 15 145,858
UBS AG* ............................. 1,680 245,864
------------
1,067,591
------------
TOTAL OTHER EUROPEAN COUNTRIES 6,336,698
------------
SCANDINAVIA (4.4%)
DENMARK (0.2%)
ISS A/S* ............................ 1,000 76,057
------------
FINLAND (1.4%)
Amer-Yhtymae OYJ .................... 5,100 140,094
Nokia OYJ* .......................... 5,000 254,903
</TABLE>
156
<PAGE>
EQ ADVISORS TRUST
MERCURY WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Sampo Insurance Co., plc,
Class A ........................... 3,000 $ 121,609
Stonesoft Oyj* ...................... 2,300 36,416
Tieto Corp. ......................... 1,000 33,335
------------
586,357
------------
NORWAY (0.6%)
Bergesen d.y. ASA, Class B .......... 2,000 38,316
Merkantildata ASA* .................. 8,100 41,601
Norsk Hydro ......................... 3,900 163,513
------------
243,430
------------
SWEDEN (2.2%)
Autoliv, Inc. ....................... 2,100 51,382
Bure Investment AB .................. 22,800 170,458
Castellum AB ........................ 5,600 60,263
Custos AB, Class B .................. 3,000 82,918
Electrolux AB, Class B .............. 12,000 185,546
Telefonaktiebolaget LM
Ericsson AB* ...................... 11,900 235,223
Telia AB* ........................... 4,400 41,368
Tornet Fastighets AB ................ 8,100 105,975
------------
933,133
------------
TOTAL SCANDINAVIA ................. 1,838,977
------------
SOUTHEAST ASIA (2.0%)
CHINA (0.4%)
PetroChina Company Ltd.
(ADR)* ............................ 6,800 142,375
------------
HONG KONG (0.3%)
China.com Corp., Class A* ........... 2,500 51,094
Hutchison Whampoa Ltd. .............. 6,820 85,737
------------
136,831
------------
KOREA (0.7%)
Daum Communications Corp* ........... 800 76,052
Samsung Electronics Co.
(Foreign) ......................... 480 158,849
SK Telecom* ......................... 200 65,469
------------
300,370
------------
SINGAPORE (0.4%)
City Developments Ltd. .............. 13,000 50,419
DBS Group Holdings Ltd. ............. 3,000 38,553
Singapore Airlines Ltd. ............. 7,000 69,291
------------
158,263
------------
TAIWAN (0.2%)
Far Eastern Textile Ltd (GDR).*...... 3,500 43,750
Taiwan Semiconductor
Manufacturing Co. (ADR)* .......... 1,400 54,250
------------
98,000
------------
TOTAL SOUTHEAST ASIA .............. 835,839
------------
UNITED KINGDOM (7.8%)
United Kingdom ......................
AstraZeneca Group plc ............... 2,830 132,067
Barclays plc ........................ 7,800 193,858
BP Amoco plc ........................ 21,100 202,360
Cable & Wireless plc ................ 6,800 115,104
Diageo plc .......................... 29,272 262,579
Energis plc* ........................ 1,860 69,721
Glaxo Wellcome plc .................. 4,600 134,089
Hanson plc .......................... 43,500 307,297
HSBC Holdings plc ................... 9,200 105,142
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Logica plc .......................... 1,800 $ 42,585
Marconi plc ......................... 15,400 200,342
Old Mutual plc ...................... 88,000 193,353
Reckitt Benckiser plc ............... 14,500 162,313
Shell Transport & Trading Co.
(ADR) ............................. 4,900 244,694
Siebe plc ........................... 79,000 296,368
SmithKline Beecham plc .............. 8,200 107,296
TeleWest Communications plc* ........ 8,800 30,351
Vodafone AirTouch plc ............... 113,964 460,290
------------
TOTAL UNITED KINGDOM .............. 3,259,809
------------
UNITED STATES (28.0%)
Adelphia Business Solutions,
Inc.* ............................. 475 11,014
AES Corp.* .......................... 1,200 54,750
Agilent Technologies, Inc.* ......... 1,086 80,092
Alamosa PCS Holdings, Inc.* ......... 100 2,088
Alcoa, Inc. ......................... 2,268 65,772
Amdocs Ltd.* ........................ 1,600 122,800
America Online, Inc.* ............... 1,950 102,862
American Home Products Corp.......... 1,985 116,619
American International Group,
Inc. .............................. 2,337 274,597
American Tower Corp.,
Class A* .......................... 680 28,348
AMFM, Inc.* ......................... 2,350 162,150
Analog Devices, Inc.* ............... 200 15,200
Ariba, Inc.* ........................ 300 29,414
Associates First Capital Corp.,
Class A ........................... 1,320 29,453
AT&T Corp.--Liberty Media
Group, Class A* ................... 6,500 157,625
Bank of America Corp. ............... 1,751 75,293
Bank of New York Co., Inc. .......... 4,620 214,830
Boeing Co. .......................... 1,000 41,813
Boston Scientific Corp.* ............ 600 13,163
Broadcom Corp., Ltd.* ............... 300 65,681
Burlington Resources, Inc. .......... 3,120 119,340
Calpine Corp.* ...................... 5,200 341,900
Capstone Turbine Corp. * ............ 100 4,506
Cardinal Health, Inc. ............... 2,410 178,340
Charles Schwab Corp. ................ 1,200 40,350
Chase Manhattan Corp. ............... 1,200 55,275
CIENA Corp.* ........................ 100 16,669
Cisco Systems, Inc.* ................ 5,252 333,842
Citigroup, Inc. ..................... 3,540 213,285
Coca-Cola Co. ....................... 3,000 172,312
Colgate Palmolive Co. ............... 2,100 125,737
Compaq Computer Corp. ............... 1,600 40,900
Conexant Systems, Inc.* ............. 600 29,175
Constellation Energy Group .......... 1,100 35,819
Convergys Corp.* .................... 1,700 88,187
Corning, Inc. ....................... 450 121,444
Dell Computer Corp.* ................ 1,000 49,313
Dpl, Inc. ........................... 1,600 35,100
Dynergy, Inc. ....................... 2,750 187,859
Electronic Data Systems Corp. ....... 1,500 61,875
EMC Corp.* .......................... 2,800 215,425
Enron Corp. ......................... 3,740 241,230
Exxon Mobil Corp. ................... 3,516 276,006
Flextronics International, Ltd* ..... 500 34,344
Freddie Mac ......................... 1,000 40,500
GAP, Inc. ........................... 1,200 37,500
</TABLE>
157
<PAGE>
EQ ADVISORS TRUST
MERCURY WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Gemstar International Group
Ltd. ............................ 500 $ 30,727
General Electric Co. .............. 9,650 511,450
General Motors Corp., Class H*..... 200 17,550
GTE Corp. ......................... 2,970 184,882
HCA--The Healthcare Corp.* ........ 1,400 42,525
Hewlett Packard Co. ............... 2,850 355,894
Honeywell International, Inc. ..... 2,000 67,375
InfoSpace.com, Inc.* .............. 600 33,150
Inktomi Corp.* .................... 300 35,475
Intel Corp. ....................... 5,045 674,148
International Business Machines
Corp. ........................... 1,500 164,344
Internet Initiative Japan, Inc.
(ADR)* .......................... 1,150 68,137
Intranet Solutions, Inc.* ......... 400 15,350
JDS Uniphase Corp.* ............... 1,625 194,797
Johnson & Johnson ................. 850 86,594
Kyocera Corp. (ADR) ............... 1,456 250,159
Level 3 Communications, Inc.* ..... 400 35,200
Lilly (Eli) & Co. ................. 600 59,925
Lowe's Cos., Inc. ................. 1,690 69,396
LSI Logic Corp.* .................. 600 32,475
Lucent Technologies, Inc. ......... 4,600 272,550
Macromedia, Inc.* ................. 100 9,669
McLeodUSA, Inc.* .................. 500 10,344
Merck & Co., Inc. ................. 3,000 229,875
Microsoft Corp.* .................. 2,600 208,000
Millipore Corp. ................... 500 37,688
Minnesota Mining &
Manufacturing Co. ............... 300 24,750
Motorola, Inc. .................... 1,800 52,312
Nabors Industries, Inc.* .......... 600 24,938
Network Associates, Inc.* ......... 1,500 30,563
Nextel Communications, Inc.,
Class A* ........................ 3,000 183,562
Oni Systems Corp* ................. 200 23,441
Oracle Corp.* ..................... 1,350 113,484
Panamerican Beverages, Inc. ....... 6,100 91,119
Pegasus Communications Corp.*...... 4,000 196,250
PepsiCo, Inc. ..................... 4,090 181,749
Pfizer, Inc. ...................... 4,550 218,400
Procter & Gamble Co. .............. 400 22,900
Qwest Communications
International, Inc.* ............ 600 29,813
RadioShack Corp.* ................. 850 40,269
Rohm & Haas Co. ................... 2,607 89,941
RSA Security, Inc.* ............... 500 34,625
Safeway, Inc.* .................... 1,700 76,712
SBC Communications, Inc. .......... 2,100 90,825
Schering-Plough Corp. ............. 800 40,400
Schlumberger Ltd. ................. 900 67,162
Siebel Systems, Inc.* ............. 540 88,324
Solectron Corp.* .................. 1,800 75,375
Sprint Corp. (FON Group) .......... 250 12,750
Sprint Corp. (PCS Group)* ......... 1,400 83,300
Sun Microsystems, Inc.* ........... 2,100 190,969
Symbol Technologies, Inc. ......... 400 21,600
Telaxis Communications
Corporation* .................... 100 3,125
Texas Instruments, Inc. ........... 1,700 116,769
Textron, Inc. ..................... 400 21,725
Time Warner, Inc. ................. 500 38,000
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
TV Guide, Inc.* ................... 1,400 47,950
Tyco International Ltd. ........... 2,900 $ 137,387
United Technologies Corp. ......... 2,634 155,077
Univision Communications, Inc.,
Class A* ........................ 300 31,050
Unocal Corp. ...................... 1,000 33,125
VeriSign, Inc.* ................... 322 56,833
VERITAS Software Corp.* ........... 800 90,412
Wal-Mart Stores, Inc. ............. 2,135 123,029
Wells Fargo Co. ................... 2,810 108,887
Wind River Systems* ............... 400 15,150
Worldcom, Inc.* ................... 2,425 111,247
Yahoo!, Inc.* ..................... 400 49,550
------------
TOTAL UNITED STATES ............. 11,702,325
------------
TOTAL COMMON STOCKS (72.8%)
(Cost $25,742,434)............... 30,411,156
------------
PREFERRED STOCKS:
GERMANY (0.2%)
Henkel KGaA (Cost $89,893)......... 1,555 88,989
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
CANADA (0.6%)
Government of Canada
5.50%, 06/01/10 .......... $ 400,000 263,657
-----------
GERMANY (6.7%)
Deutschland Republic
4.75%, 07/04/28 .......... 675,000 575,247
Republic of Germany
4.75%, 11/20/01 .......... 2,220,000 2,112,350
6.50%, 10/14/05 .......... 120,000 121,506
-----------
2,809,103
-----------
UNITED KINGDOM (1.0%)
United Kingdom Treasury
7.00%, 11/06/01 .......... 135,000 206,257
7.25%, 12/07/07 .......... 125,000 208,986
-----------
415,243
-----------
UNITED STATES (11.0%)
Federal National Mortgage Association
5.25%, 1/15/09 ........... 300,000 263,264
U.S. Treasury Bonds
6.25%, 8/15/23 ........... 550,000 553,437
6.13%, 8/15/29 ........... 585,000 591,216
U.S. Treasury Notes
5.50%, 8/31/01 ........... 300,000 296,437
5.00%, 4/30/01 ........... 140,000 138,338
5.75%, 6/30/01 ........... 1,650,000 1,638,141
5.50%, 7/31/01 ........... 1,100,000 1,088,657
-----------
4,569,490
-----------
TOTAL LONG-TERM DEBT SECURITIES (19.3%)
(Cost $8,225,064) ......... 8,057,493
-----------
</TABLE>
158
<PAGE>
EQ ADVISORS TRUST
MERCURY WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------ --------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (0.7%)
Chase Nassau
6.26%, 7/3/00 ..................... $ 266,856 $ 266,856
-----------
U.S. GOVERNMENT AGENCIES (7.0%)
Federal Home Loan Mortgage
Corp.
(Discount Note), 7/3/00 ........... 2,932,000 2,930,930
-----------
TOTAL SHORT-TERM DEBT SECURITIES (7.7%)
(Amortized Cost $3,197,786)......... 3,197,786
-----------
TOTAL INVESTMENTS (100.0%)
(Cost/Amortized Cost
$37,255,177)....................... 41,755,424
OTHER ASSETS
LESS LIABILITIES (0.0%) ........... 10,999
-----------
NET ASSETS (100%) ................... $41,766,423
===========
</TABLE>
<TABLE>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Common Stocks
Basic Materials .............................. 1.8%
Business Services ............................ 5.6
Capital Goods ................................ 6.5
Consumer Cyclicals ........................... 4.4
Consumer Non-Cyclicals ....................... 13.4
Credit Sensitive ............................. 21.0
Diversified .................................. 1.9
Energy ....................................... 8.6
Technology
Computer Hardware .......................... 3.7
Computer Software .......................... 2.9
Diversified Telecommunications Services..... 6.9
Electronics ................................ 15.2
Office Equipment ........................... 2.0
Office Equipment Services .................. 0.9
Wireless Telecommunication Services ........ 5.2 36.8
---- -----
100.0 %
=======
</TABLE>
----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
159
<PAGE>
EQ ADVISORS TRUST
MERCURY WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
At June 30, 2000 the portfolio had outstanding foreign currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S. $ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
European Union, expiring 7/06/00 ............ 2,500 $2,419,750 $2,385,473 $ (34,277)
Japanese Yen, expiring 7/13/00 .............. 135 1,262,991 1,275,096 12,105
FOREIGN CURRENCY SELL CONTRACTS
Australian Dollar, expiring 7/19/00 ......... 450 270,801 268,849 1,952
British Pound, expiring 7/06/00 ............. 500 753,225 756,441 (3,216)
European Union, expiring 7/06/00 ............ 2,500 2,361,250 2,385,473 (24,223)
Japanese Yen, expiring 7/06/00 .............. 675,000 6,406,302 6,375,480 30,822
---------
$ (16,837)
=========
</TABLE>
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $ 25,808,965
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 19,605,893
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 6,040,102
Aggregate gross unrealized depreciation ................ (1,539,855)
------------
Net unrealized appreciation ............................ $ 4,500,247
============
Federal income tax cost of investments ................. $ 37,255,177
============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$5,182,544 which was secured by collateral of $5,180,637 of which $3,823,846
was in the form of U.S. Government Securities.
For the period from January 1, 2000 to June 30, 2000, the Portfolio incurred
approximately $574 and $5,239 as brokerage commissions with Donaldson, Lufkin &
Jenrette Corp. and Merrill Lynch & Co. Inc. respectively, both affiliated
broker/dealer.
See Notes to Financial Statements.
160
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
COMMON STOCKS:
BUSINESS SERVICES (3.2%)
PRINTING, PUBLISHING,
BROADCASTING (1.3%)
AT&T Corp.--Liberty Media
Group, Class A* ...................................................... 375,200 $ 9,098,600
Clear Channel Communications,
Inc.* ................................................................ 84,200 6,315,000
USA Networks, Inc.* .................................................... 209,800 4,536,925
Viacom, Inc., Class B* ................................................. 165,000 11,250,938
--------------
31,201,463
--------------
PROFESSIONAL SERVICES (1.9%)
Amdocs Ltd.* ........................................................... 15,800 1,212,650
Automatic Data Processing, Inc. ........................................ 305,000 16,336,562
Cendant Corp.* ......................................................... 61,436 860,104
Computer Sciences Corp.* ............................................... 171,200 12,786,500
First Data Corp. ....................................................... 238,700 11,845,488
Fiserv, Inc.* .......................................................... 28,600 1,236,950
Learning Tree International,
Inc.* ................................................................ 38,000 2,327,500
--------------
46,605,754
--------------
TOTAL BUSINESS SERVICES ............................................... 77,807,217
--------------
CAPITAL GOODS (2.1%)
BUILDING & CONSTRUCTION (0.8%)
Bouygues S.A. .......................................................... 29,710 19,836,137
Newport News Shipbuilding, Inc. 300 11,025
--------------
19,847,162
--------------
ELECTRICAL EQUIPMENT (1.3%)
Credence Systems Corp.* ................................................ 2,600 143,488
Emerson Electric Co. ................................................... 20,900 1,261,837
General Electric Co. ................................................... 242,300 12,841,900
Lam Research Corp.* .................................................... 177,800 6,667,500
Sanmina Corp.* ......................................................... 128,260 10,966,230
SIPEX Corp.* ........................................................... 9,700 268,569
--------------
32,149,524
--------------
TOTAL CAPITAL GOODS ................................................... 51,996,686
--------------
CONSUMER CYCLICALS (1.2%)
AUTO RELATED (0.0%)
International Speedway Corp.,
Class A .............................................................. 2,050 84,819
--------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.0%)
Insight Enterprises, Inc.* ............................................. 900 53,381
--------------
LEISURE RELATED (0.0%)
Pegasus Systems, Inc.* ................................................. 1,500 16,313
--------------
PHOTO & OPTICAL (0.2%)
Bausch & Lomb, Inc. .................................................... 59,100 4,572,863
--------------
RETAIL--GENERAL (1.0%)
CVS Corp. .............................................................. 167,000 6,680,000
Kohl's Corp.* .......................................................... 22,400 1,246,000
Wal-Mart Stores, Inc. .................................................. 273,300 15,748,912
--------------
23,674,912
--------------
TOTAL CONSUMER CYCLICALS .............................................. 28,402,288
--------------
CONSUMER NON-CYCLICALS (8.8%)
BEVERAGES (0.4%)
Anheuser-Busch Cos., Inc. .............................................. 60,500 4,518,594
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
Coca-Cola Co. .......................................................... 89,500 $ 5,140,656
--------------
9,659,250
--------------
DRUGS (5.7%)
Abbott Laboratories .................................................... 271,500 12,098,719
Alkermes, Inc.* ........................................................ 4,800 226,200
Allergan, Inc. ......................................................... 49,500 3,687,750
Alza Corp.* ............................................................ 22,500 1,330,313
American Home Products Corp. ........................................... 46,800 2,749,500
Amgen, Inc.* ........................................................... 243,100 17,077,775
Andrx Corp.* ........................................................... 15,500 990,789
Bristol-Myers Squibb Co. ............................................... 114,000 6,640,500
Genentech, Inc.* ....................................................... 89,700 15,428,400
Immunex Corp.* ......................................................... 184,025 9,097,736
MedImmune, Inc.* ....................................................... 49,900 3,692,600
Pfizer, Inc. ........................................................... 521,275 25,021,200
Pharmacia Corp.* ....................................................... 47,100 2,434,481
Sepracor, Inc.* ........................................................ 284,200 34,281,625
Teva Pharmaceutical Industries
Ltd. (ADR) ........................................................... 87,800 4,867,412
--------------
139,625,000
--------------
HOSPITAL SUPPLIES & SERVICES (1.2%)
Abgenix, Inc.* ......................................................... 18,800 2,253,356
Allscripts, Inc.* ...................................................... 2,575 59,225
Biosource International, Inc. .......................................... 24,400 542,900
BioSphere Medical, Inc. ................................................ 9,000 126,000
Cardinal Health, Inc. .................................................. 82,100 6,075,400
Human Genome Sciences, Inc.* ........................................... 11,600 1,547,150
PE Corp - PE Biosystems Group 233,200 15,362,050
Quest Diagnostics, Inc.* ............................................... 17,700 1,266,656
St. Jude Medical, Inc.* ................................................ 27,300 1,252,388
--------------
28,485,125
--------------
RETAIL--FOOD (1.5%)
Albertson's, Inc. ...................................................... 143,500 4,771,375
Kroger Co.* ............................................................ 118,700 2,618,819
Safeway, Inc.* ......................................................... 638,300 28,803,287
--------------
36,193,481
--------------
SOAPS & TOILETRIES (0.0%)
Carson, Inc., Class A* ................................................. 1,000 4,500
--------------
TOBACCO (0.0%)
Philip Morris Cos., Inc. ............................................... 34,600 919,063
--------------
TOTAL CONSUMER NON-CYCLICALS........................................... 214,886,419
--------------
CREDIT SENSITIVE (6.7%)
BANKS (0.6%)
Charter One Financial, Inc. ............................................ 49,800 1,145,400
Comerica, Inc. ......................................................... 83,600 3,751,550
First Tennessee National Corp. ......................................... 1,000 16,563
Golden West Financial Corp. ............................................ 103,200 4,211,850
PNC Bank Corp. ......................................................... 87,900 4,120,312
State Street Corp. ..................................................... 12,500 1,325,781
--------------
14,571,456
--------------
FINANCIAL SERVICES (2.3%)
American Express Co. ................................................... 78,600 4,097,025
Citigroup, Inc. ........................................................ 244,200 14,713,050
Household International, Inc. .......................................... 86,100 3,578,531
Mellon Financial Corp. ................................................. 111,600 4,066,425
Merrill Lynch & Co. .................................................... 144,200 16,583,000
</TABLE>
161
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
Merrill Lynch Biotech Holding
Co.* ............................ 57,500 $ 10,235,000
Providian Financial Corp. ......... 43,000 3,870,000
Waddell & Reed Financial,
Class A ......................... 1,500 49,219
--------------
57,192,250
--------------
INSURANCE (0.5%)
American International Group,
Inc. ............................ 71,900 8,448,250
Hartford Financial Services
Group, Inc. ..................... 65,400 3,658,313
--------------
12,106,563
--------------
UTILITY--ELECTRIC (1.9%)
AES Corp.* ........................ 279,600 12,756,750
Calpine Corp.* .................... 491,200 32,296,400
Capstone Turbine Corp. * .......... 2,640 118,965
--------------
45,172,115
--------------
UTILITY--TELEPHONE (1.4%)
Intermedia Communications of
Florida, Inc.* .................. 66,900 1,990,275
Sprint Corp. (FON Group) .......... 244,700 12,479,700
Worldcom, Inc.* ................... 412,694 18,932,337
--------------
33,402,312
--------------
TOTAL CREDIT SENSITIVE ........... 162,444,696
--------------
DIVERSIFIED (3.4%)
MISCELLANEOUS (3.4%)
Quanta Services, Inc.* ............ 2,550 140,250
Tyco International Ltd. ........... 1,769,038 83,808,175
--------------
TOTAL DIVERSIFIED ................ 83,948,425
--------------
ENERGY (3.8%)
COAL & GAS PIPELINES (0.3%)
Enron Corp. ....................... 106,700 6,882,150
--------------
OIL--DOMESTIC (0.7%)
Coastal Corp. ..................... 185,400 11,286,225
Dynergy, Inc. ..................... 97,300 6,646,806
--------------
17,933,031
--------------
OIL--INTERNATIONAL (1.1%)
Devon Energy Corp. ................ 57,400 3,225,162
EOG Resources, Inc. ............... 522,000 17,487,000
Global Marine, Inc.* .............. 138,500 3,903,969
Noble Affiliates, Inc. ............ 26,400 983,400
--------------
25,599,531
--------------
OIL--SUPPLIES & CONSTRUCTION (1.7%)
Anadarko Petroleum Corp. .......... 125,400 6,183,787
Apache Corp. ...................... 75,600 4,446,225
Baker Hughes, Inc. ................ 284,800 9,113,600
Grant Prideco, Inc ................ 45,700 1,142,500
Halliburton Co. ................... 122,900 5,799,344
Noble Drilling Corp.* ............. 112,900 4,650,069
Transocean Sedco Forex, Inc. ...... 158,100 8,448,469
Weatherford Intl., Inc.* .......... 45,700 1,819,431
--------------
41,603,425
--------------
TOTAL ENERGY ..................... 92,018,137
--------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ --------------------
<S> <C> <C>
TECHNOLOGY (66.4%)
COMPUTER HARDWARE (6.5%)
Cisco Systems, Inc.* .............. 1,913,716 $ 121,640,573
Marvell Technology Group Ltd* ..... 2,200 125,400
Sun Microsystems, Inc.* ........... 390,500 35,511,094
--------------
157,277,067
--------------
COMPUTER SOFTWARE (14.9%)
Art Technology Group, Inc.* ....... 6,700 676,281
BEA Systems, Inc.* ................ 11,700 578,419
BMC Software, Inc.* ............... 476,540 17,386,266
Cadence Design Systems, Inc.* ..... 123,790 2,522,221
Check Point Software
Technologies Ltd. ............... 3,000 635,250
Computer Associates
International, Inc. ............. 221,000 11,312,437
E.piphany, Inc.* .................. 15,500 1,661,406
i2 Technologies, Inc.* ............ 32,300 3,367,780
IMRglobal Corp.* .................. 9,800 128,013
Internet Commerce Corp.
Class A* ........................ 5,200 75,400
Lightspan, Inc. ................... 2,940 16,170
Mercury Interactive Corp.* ........ 42,300 4,092,525
Microsoft Corp.* .................. 1,100,100 88,008,000
Oracle Corp.* ..................... 2,342,236 196,894,214
Siebel Systems, Inc.* ............. 88,000 14,393,500
Tibco Software, Inc. .............. 5,000 536,172
VERITAS Software Corp.* ........... 176,200 19,913,354
--------------
362,197,408
--------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (17.0%)
ADC Telecommunications, Inc.* 291,868 24,480,428
Akamai Technologies, Inc. ......... 10,900 1,294,205
Alcatel S.A. (ADR) ................ 81,500 5,419,750
Brocade Communications System 30,300 5,559,594
Call-Net Enterprises, Inc. ........ 5,000 12,188
China Unicom (ADR)* ............... 23,900 507,875
CIENA Corp.* ...................... 290,500 48,422,719
Comverse Technology, Inc.* ........ 69,000 6,417,000
Corning, Inc. ..................... 261,000 70,437,375
Global Crossing, Ltd.* ............ 274,700 7,228,044
ITC DeltaCom, Inc.* ............... 2,400 53,550
Juniper Networks, Inc. ............ 116,100 16,899,806
Lucent Technologies, Inc. ......... 21,000 1,244,250
Metromedia Fiber Network, Inc.
Class A* ........................ 784,400 31,130,875
MGC Communications, Inc.* ......... 37,300 2,235,669
Motorola, Inc. .................... 31,300 909,656
MRV Communications, Inc.* ......... 25,500 1,714,875
NEXTLINK Communications,
Inc., Class A* .................. 13,200 500,775
Nortel Networks Corp. ............. 1,400,180 95,562,285
Scientific-Atlanta, Inc. .......... 3,400 253,300
Sonera Group OYJ .................. 191,800 8,735,312
Sycamore Networks, Inc.* .......... 123,100 13,587,162
Telefonaktiebolaget LM Ericsson
AB (ADR) ........................ 1,151,200 23,024,000
Tellabs, Inc.* .................... 291,000 19,915,312
Voicestream Wireless Corp.* ....... 244,989 28,491,456
--------------
414,037,461
--------------
</TABLE>
162
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- -----------------
<S> <C> <C>
ELECTRONICS (20.5%)
Altera Corp.* ...................... 620,600 $ 63,262,412
AMTI, Inc.* ........................ 1,300 60,450
Analog Devices, Inc.* .............. 467,700 35,545,200
Applied Material, Inc.* ............ 114,600 10,385,625
ARM Holdings plc (ADR)* ............ 615,800 20,244,425
Atmel Corp.* ....................... 136,500 5,033,438
Burr-Brown Corp.* .................. 1,500 130,031
Conductus, Inc. .................... 7,600 150,100
Emulex Corp.* ...................... 19,600 1,287,475
Flextronics International, Ltd* .... 199,000 13,668,812
Intel Corp. ........................ 542,000 72,458,625
Jabil Circuit, Inc.* ............... 30,100 1,493,713
JDS Uniphase Corp.* ................ 135,968 16,299,164
Linear Technology Corp. ............ 220,900 14,123,794
LSI Logic Corp.* ................... 298,900 16,177,962
LTX Corp.* ......................... 4,200 146,738
Maxim Integrated Products* ......... 1,200 81,525
Micrel, Inc.* ...................... 2,000 86,875
Micron Technology, Inc.* ........... 935,800 82,408,887
National Semiconductor Corp.* ...... 264,500 15,010,375
Novellus Systems, Inc.* ............ 25,500 1,442,344
Photronics, Inc.* .................. 1,200 34,050
PMC-Sierra, Inc.* .................. 31,200 5,543,850
RadioShack Corp.* .................. 212,900 10,086,138
SAP AG ............................. 7,500 352,031
Seagate Technology, Inc.* .......... 57,500 3,162,500
Solectron Corp.* ................... 168,800 7,068,500
Teradyne, Inc.* .................... 137,300 10,091,550
Texas Instruments, Inc. ............ 50,200 3,448,113
VeriSign, Inc.* .................... 244,477 43,150,190
Waters Corp. ....................... 25,700 3,207,681
Xilinx, Inc.* ...................... 537,500 44,377,344
--------------
500,019,917
--------------
OFFICE EQUIPMENT (3.3%)
Cabletron Systems Corp.* ........... 113,100 2,855,775
Check Point Software
Technologies* .................... 106,400 22,530,200
Compaq Computer Corp. .............. 121,000 3,093,063
Dell Computer Corp.* ............... 165,500 8,161,219
EMC Corp.* ......................... 583,400 44,885,337
United Stationers, Inc.* ........... 2,400 77,700
--------------
81,603,294
--------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- -----------------
<S> <C> <C>
OFFICE EQUIPMENT SERVICES (0.5%)
Ariba, Inc.* ....................... 14,200 $ 1,392,266
Foundry Networks, Inc.* ............ 14,700 1,617,000
Microchip Technology, Inc. ......... 1,050 61,179
Redback Networks, Inc. ............. 52,700 9,380,600
--------------
12,451,045
--------------
WIRELESS TELECOMMUNICATION
SERVICES (3.7%)
New Focus Inc* ..................... 1,630 133,864
Nextel Communications, Inc.,
Class A* ......................... 96,600 5,910,712
Nokia OYJ (ADR) .................... 694,700 34,691,581
Sprint Corp. (PCS Group)* .......... 450,602 26,810,819
Vodafone AirTouch plc .............. 3,337,492 13,479,819
Vodafone AirTouch plc (ADR) ........ 208,200 8,627,297
--------------
89,654,092
--------------
TOTAL TECHNOLOGY .................. 1,617,240,284
--------------
TOTAL COMMON STOCKS (95.6%)
(Cost $1,912,356,923) ............. 2,328,744,152
--------------
PRINCIPAL
AMOUNT
----------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (6.1%)
Federal Home Loan Mortgage
Corp.:
(Discount Note), 7/21/00 .......... $25,000,000 24,910,278
(Discount Note), 7/3/00 ........... 74,800,000 74,772,822
(Discount Note), 7/19/00 .......... 25,000,000 24,919,375
Federal National Mortgage
Association,
(Discount Note), 7/17/00 ......... 25,000,000 24,928,444
--------------
TOTAL SHORT-TERM DEBT SECURITIES: (6.1%)
(Amortized Cost $149,530,919)...... 149,530,919
--------------
TOTAL INVESTMENTS (101.7%)
(Cost/Amortized Cost
$2,061,887,842) .................. 2,478,275,071
OTHER ASSETS
LESS LIABILITIES (-1.7%) ......... (41,357,873)
--------------
NET ASSETS (100%) .................. $2,436,917,198
==============
</TABLE>
----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
163
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
At June 30, 2000 the portfolio had outstanding foreign currency contracts to
sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$
AMOUNT ORIGINATION CURRENT UNREALIZED
(000'S) DATE VALUE APPRECIATION
---------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY SELL CONTRACT
British Pound, expiring 7/06/00 ......... 1,159 $1,759,831 $1,753,898 $5,933
======
</TABLE>
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities .. $2,811,026,479
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .. 1,966,175,081
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 501,801,491
Aggregate gross unrealized depreciation ......... (85,414,262)
--------------
Net unrealized appreciation ..................... $ 416,387,229
==============
Federal income tax cost of investments .......... $2,061,887,842
==============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$183,474,954 which was secured by collateral of
$186,017,188.
See Notes to Financial Statements.
164
<PAGE>
EQ ADVISORS TRUST
MFS GROWTH WITH INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (1.4%)
CHEMICALS (0.9%)
Air Products & Chemicals, Inc. ......................................... 26,000 $ 801,125
Akzo Nobel N.V. ........................................................ 12,800 543,283
Dow Chemical Co. ....................................................... 1,800 54,338
Du Pont (E.I.)
de Nemours & Co. ..................................................... 3,940 172,375
------------
1,571,121
------------
CHEMICALS--SPECIALTY (0.5%)
PPG Industries, Inc. ................................................... 100 4,431
Rohm & Haas Co. ........................................................ 24,600 848,700
------------
853,131
------------
TOTAL BASIC MATERIALS ................................................ 2,424,252
------------
BUSINESS SERVICES (6.9%)
PRINTING, PUBLISHING,
BROADCASTING (4.1%)
Comcast Corp., Class A* ................................................ 1,700 68,850
Gannett Co., Inc. ...................................................... 21,794 1,303,554
Infinity Broadcasting Corp.,
Class A* ............................................................. 16,400 597,575
New York Times Co., Class A ............................................ 32,170 1,270,715
Reuters Group plc (ADR) ................................................ 5,612 560,849
Time Warner, Inc. ...................................................... 26,303 1,999,028
Tribune Co. ............................................................ 25,438 890,330
Viacom, Inc., Class B* ................................................. 10,000 681,875
------------
7,372,776
------------
PROFESSIONAL SERVICES (2.8%)
Automatic Data Processing, Inc. ........................................ 37,500 2,008,594
Computer Sciences Corp.* ............................................... 16,634 1,242,352
First Data Corp. ....................................................... 33,897 1,682,138
------------
4,933,084
------------
TOTAL BUSINESS SERVICES .............................................. 12,305,860
------------
CAPITAL GOODS (8.8%)
AEROSPACE (3.1%)
Boeing Co. ............................................................. 31,400 1,312,912
General Dynamics Corp. ................................................. 15,336 801,306
United Technologies Corp. .............................................. 56,906 3,350,341
------------
5,464,559
------------
ELECTRICAL EQUIPMENT (4.2%)
Emerson Electric Co. ................................................... 17,942 1,083,249
General Electric Co. ................................................... 120,451 6,383,903
------------
7,467,152
------------
MACHINERY (1.5%)
Deere & Co. ............................................................ 47,000 1,739,000
Ingersol-Rand Co. ...................................................... 17,900 720,475
W.W. Grainger, Inc. .................................................... 9,300 286,556
------------
2,746,031
------------
TOTAL CAPITAL GOODS .................................................. 15,677,742
------------
CONSUMER CYCLICALS (4.0%)
APPAREL & TEXTILES (0.4%)
Cintas Corp. ........................................................... 5,350 196,278
Fast Retailing Co., Ltd. ............................................... 1,200 501,955
------------
698,233
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
AUTO RELATED (0.4%)
Delphi Automotive Systems
Corp. ................................................................ 22,200 $ 323,288
Federal-Mogul Corp. .................................................... 500 4,781
TRW, Inc. .............................................................. 10,550 457,606
------------
785,675
------------
PHOTO & OPTICAL (0.4%)
Bausch & Lomb, Inc. .................................................... 10,000 773,750
------------
RETAIL--GENERAL (2.8%)
CVS Corp. .............................................................. 54,235 2,169,400
Nordstrom, Inc. ........................................................ 1,300 31,362
Wal-Mart Stores, Inc. .................................................. 47,206 2,720,246
------------
4,921,008
------------
TOTAL CONSUMER CYCLICALS ............................................. 7,178,666
------------
CONSUMER NON-CYCLICALS (17.1%)
BEVERAGES (1.5%)
Anheuser-Busch Cos., Inc. .............................................. 17,248 1,288,210
Coca-Cola Co. .......................................................... 20,870 1,198,720
PepsiCo, Inc. .......................................................... 5,538 246,095
------------
2,733,025
------------
DRUGS (9.0%)
Abbott Laboratories .................................................... 10,900 485,731
American Home Products Corp. ........................................... 18,309 1,075,654
AstraZeneca Group plc .................................................. 13,060 609,468
Bristol-Myers Squibb Co. ............................................... 55,372 3,225,419
Pfizer, Inc. ........................................................... 126,240 6,059,508
Pharmacia Corp. ........................................................ 78,670 4,066,256
Schering-Plough Corp. .................................................. 12,755 644,127
------------
16,166,163
------------
FOODS (1.4%)
Nestle S.A. (Registered) ............................................... 539 1,077,604
Quaker Oats Co. ........................................................ 18,126 1,361,716
------------
2,439,320
------------
HOSPITAL SUPPLIES & SERVICES (1.0%)
Medtronic, Inc. ........................................................ 31,592 1,573,677
PE Corp--PE Biosystems Group 2,200 144,925
------------
1,718,602
------------
RETAIL--FOOD (2.9%)
Kroger Co.* ............................................................ 38,800 856,025
McDonald's Corp. ....................................................... 12,734 419,426
Safeway, Inc.* ......................................................... 86,081 3,884,405
------------
5,159,856
------------
SOAPS & TOILETRIES (1.1%)
Clorox Co. ............................................................. 6,036 270,488
Colgate Palmolive Co. .................................................. 19,390 1,160,976
Gillette Co. ........................................................... 6,082 212,490
Johnson & Johnson ...................................................... 2,499 254,586
Procter & Gamble Co. ................................................... 1,869 107,000
------------
2,005,540
------------
TOBACCO (0.2%)
Philip Morris Cos., Inc. ............................................... 12,200 324,063
------------
TOTAL CONSUMER NON-CYCLICALS 30,546,569
------------
</TABLE>
165
<PAGE>
EQ ADVISORS TRUST
MFS GROWTH WITH INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
CREDIT SENSITIVE (16.1%)
BANKS (3.2%)
Bank of New York Co., Inc. ............................................. 6,500 $ 302,250
Chase Manhattan Corp. .................................................. 4,830 222,482
Comerica, Inc. ......................................................... 400 17,950
HSBC Holdings plc ...................................................... 28,800 329,139
State Street Corp. ..................................................... 24,770 2,627,168
U.S. Bancorp ........................................................... 52,853 1,017,420
Wells Fargo Co. ........................................................ 31,238 1,210,473
------------
5,726,882
------------
FINANCIAL SERVICES (3.7%)
American Express Co. ................................................... 23,730 1,236,926
Capital One Financial Corp. ............................................ 9,300 415,013
Citigroup, Inc. ........................................................ 20,960 1,262,840
Fannie Mae ............................................................. 17,100 892,406
Freddie Mac ............................................................ 49,528 2,005,884
ING Groep N.V. ......................................................... 6,300 425,432
Merrill Lynch & Co. .................................................... 1,100 126,500
Providian Financial Corp. .............................................. 3,350 301,500
------------
6,666,501
------------
INSURANCE (3.6%)
American International Group,
Inc. ................................................................. 15,967 1,876,122
CIGNA Corp. ............................................................ 7,293 681,895
Hartford Financial Services
Group, Inc. .......................................................... 43,634 2,440,777
Lincoln National Corp. ................................................. 5,296 191,318
Marsh & McLennan Cos., Inc. ............................................ 3,990 416,706
St. Paul Cos. .......................................................... 9,300 317,363
UnitedHealth Group, Inc.* .............................................. 6,059 519,559
------------
6,443,740
------------
UTILITY--ELECTRIC (1.3%)
Peco Energy Co. ........................................................ 30,870 1,244,447
TXU Corp. .............................................................. 24,737 729,741
Unicom Corp. ........................................................... 5,994 231,893
------------
2,206,081
------------
UTILITY--TELEPHONE (4.3%)
Bell Atlantic Corp. .................................................... 50,266 2,554,141
BellSouth Corp. ........................................................ 7,950 338,869
Nippon Telegraph & Telephone
Corp. (ADR) .......................................................... 9,251 632,537
SBC Communications, Inc. ............................................... 34,941 1,511,198
Sprint Corp. (Fon Group) ............................................... 20,644 1,052,844
Worldcom, Inc.* ........................................................ 35,701 1,637,784
------------
7,727,373
------------
TOTAL CREDIT SENSITIVE ............................................... 28,770,577
------------
DIVERSIFIED (1.0%)
MISCELLANEOUS (1.0%)
Tyco International Ltd. ................................................ 37,816 1,791,533
------------
ENERGY (10.1%)
COAL & GAS PIPELINES (0.7%)
Enron Corp. ............................................................ 6,800 438,600
Williams Cos., Inc. .................................................... 19,000 792,062
------------
1,230,662
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
OIL--DOMESTIC (3.7%)
Chevron Corp. .......................................................... 7,013 $ 594,790
Coastal Corp. .......................................................... 31,270 1,903,561
Exxon Mobil Corp. ...................................................... 52,873 4,150,531
------------
6,648,882
------------
OIL--INTERNATIONAL (4.6%)
BP Amoco plc (ADR) ..................................................... 80,574 4,557,467
Conoco, Inc., Class B .................................................. 61,540 1,511,576
Global Marine, Inc.* ................................................... 9,100 256,506
Royal Dutch Petroleum Co. .............................................. 29,500 1,831,722
USX-Marathon Group, Inc. ............................................... 400 10,025
------------
8,167,296
------------
OIL--SUPPLIES & CONSTRUCTION (0.9%)
Baker Hughes, Inc. ..................................................... 32,700 1,046,400
Transocean Sedco Forex, Inc. ........................................... 12,100 646,594
------------
1,692,994
------------
RAILROADS (0.2%)
Canadian National Railway Co. .......................................... 12,902 376,577
------------
TOTAL ENERGY .......................................................... 18,116,411
------------
TECHNOLOGY (27.2%)
COMPUTER HARDWARE (5.7%)
Cisco Systems, Inc.* ................................................... 60,248 3,829,513
Hewlett Packard Co. .................................................... 32,090 4,007,239
Sun Microsystems, Inc.* ................................................ 24,990 2,272,528
------------
10,109,280
------------
COMPUTER SOFTWARE (4.4%)
America Online, Inc.* .................................................. 3,600 189,900
BMC Software, Inc.* .................................................... 7,244 264,293
Computer Associates
International, Inc. .................................................. 15,189 777,487
Microsoft Corp.* ....................................................... 53,791 4,303,280
Oracle Corp.* .......................................................... 18,768 1,577,685
Rational Software Corp.* ............................................... 5,000 464,687
VERITAS Software Corp.* ................................................ 3,000 339,047
------------
7,916,379
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (8.1%)
Alltel Corp. ........................................................... 25,249 1,563,860
Broadwing, Inc.* ....................................................... 18,100 469,469
Corning, Inc. .......................................................... 14,710 3,969,861
Global Crossing, Ltd.* ................................................. 25,500 670,969
KPN N.V.* .............................................................. 10,600 473,665
Motorola, Inc. ......................................................... 66,524 1,933,354
Nortel Networks Corp. .................................................. 57,620 3,932,565
Qwest Communications
International, Inc.* ................................................. 5,100 253,406
Tellabs, Inc.* ......................................................... 16,400 1,122,375
------------
14,389,524
------------
ELECTRONICS (5.0%)
Agilent Technologies, Inc.* ............................................ 2,132 157,235
Analog Devices, Inc.* .................................................. 2,800 212,800
Flextronics International, Ltd* ........................................ 300 20,606
Intel Corp. ............................................................ 48,650 6,503,897
LSI Logic Corp.* ....................................................... 3,100 167,788
Micron Technology, Inc.* ............................................... 5,700 501,956
</TABLE>
166
<PAGE>
EQ ADVISORS TRUST
MFS GROWTH WITH INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ---------------
<S> <C> <C>
National Semiconductor Corp.* ......... 15,000 $ 851,250
Solectron Corp.* ...................... 8,500 355,937
Texas Instruments, Inc. ............... 3,000 206,063
------------
8,977,532
------------
OFFICE EQUIPMENT (2.6%)
Cabletron Systems Corp.* .............. 24,400 616,100
Compaq Computer Corp. ................. 19,200 490,800
Dell Computer Corp.* .................. 29,000 1,430,062
DST Systems, Inc.* .................... 3,095 235,607
EMC Corp.* ............................ 13,400 1,030,963
International Business Machines
Corp. ............................... 7,200 788,850
------------
4,592,382
------------
OFFICE EQUIPMENT SERVICES (0.0%)
Electronic Data Systems Corp. ......... 100 4,125
------------
WIRELESS TELECOMMUNICATION
SERVICES (1.4%)
Nokia OYJ (ADR) ....................... 13,400 669,163
Sprint Corp. (PCS Group)* ............. 17,586 1,046,367
Vodafone AirTouch plc ................. 198,170 800,390
------------
2,515,920
------------
TOTAL TECHNOLOGY .................... 48,505,142
------------
TOTAL COMMON STOCKS (92.6%)
(Cost $155,189,829).................. 165,316,752
------------
PREFERRED STOCKS:
CREDIT SENSITIVE (0.0%)
UTILITY--ELECTRIC (0.0%)
Houston Industries, Inc. .............. 100 12,300
------------
TECHNOLOGY (0.3%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.3%)
Global Crossing, Ltd. ................. 2,600 570,050
------------
TOTAL PREFERRED STOCKS (0.3%)
(Cost $660,253) ..................... 582,350
------------
PRINCIPAL
AMOUNT
-------
CONVERTIBLE BONDS:
CREDIT SENSITIVE (0.1%)
FINANCIAL SERVICES (0.1%)
Bell Atlantic Financial Services
4.25%, 9/15/05 ...................... $ 10,000 11,775
4.25%, 9/15/05 ...................... 155,000 188,325
------------
TOTAL CREDIT SENSITIVE .............. 200,100
------------
ENERGY (0.1%)
OIL--INTERNATIONAL (0.1%)
Transocean Sedco Forex, Inc.
0.00%, 5/24/20 ...................... 170,000 102,213
------------
TECHNOLOGY (0.2%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.2%)
NTL, Inc.
5.75%, 12/15/09 ..................... 480,000 376,800
------------
TOTAL CONVERTIBLE BONDS (0.4%)
(Cost $762,572)...................... 679,113
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (0.1%)
Chase Nassau
6.26%, 7/3/00 ....................... $ 86,727 $ 86,727
------------
U.S. GOVERNMENT AGENCIES (6.4%)
Federal Home Loan Bank
(Discount Note), 7/3/00 ............. 11,500,000 11,495,822
------------
TOTAL SHORT-TERM DEBT SECURITIES (6.5%)
(Amortized Cost $11,582,643)......... 11,582,549
------------
TOTAL INVESTMENTS (99.8%)
(Cost/Amortized Cost
$168,195,297) ....................... 178,160,764
OTHER ASSETS
LESS LIABILITIES (0.2%) ............. 284,240
------------
NET ASSETS (100%) ..................... $178,445,004
============
</TABLE>
---------------------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
167
<PAGE>
EQ ADVISORS TRUST
MFS GROWTH WITH INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $115,994,362
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 54,977,475
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 17,111,311
Aggregate gross unrealized depreciation ......... (7,145,844)
------------
Net unrealized appreciation ..................... $ 9,965,467
============
Federal income tax cost of investments .......... $168,195,297
============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$3,141,618, which was secured by collateral of
$3,213,756.
The Portfolio had a net capital loss carryforward of $836,647 in 2007.
See Notes to Financial Statements.
168
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (0.7%)
CHEMICALS--SPECIALTY (0.3%)
Rohm & Haas Co. ........................................................ 80,200 $ 2,766,900
------------
METALS & MINING (0.2%)
Alcoa, Inc. ............................................................ 62,200 1,803,800
------------
PAPER (0.2%)
Bowater, Inc. .......................................................... 33,700 1,487,013
------------
TOTAL BASIC MATERIALS ................................................. 6,057,713
------------
BUSINESS SERVICES (5.7%)
PRINTING, PUBLISHING,
BROADCASTING (3.4%)
Comcast Corp., Class A* ................................................ 105,800 4,284,900
Digimarc Corp.* ........................................................ 6,340 244,090
Infinity Broadcasting Corp.,
Class A* ............................................................. 160,875 5,861,883
Time Warner, Inc. ...................................................... 87,800 6,672,800
Tribune Co. ............................................................ 112,600 3,941,000
Viacom, Inc., Class B* ................................................. 116,875 7,969,414
------------
28,974,087
------------
PROFESSIONAL SERVICES (2.3%)
Automatic Data Processing, Inc.......................................... 144,200 7,723,713
Computer Sciences Corp.* ............................................... 125,100 9,343,406
Fiserv, Inc.* .......................................................... 56,500 2,443,625
------------
19,510,744
------------
TOTAL BUSINESS SERVICES ............................................... 48,484,831
------------
CAPITAL GOODS (7.0%)
AEROSPACE (2.3%)
BAE SYSTEMS plc ........................................................ 791,500 4,932,882
Boeing Co. ............................................................. 175,900 7,354,819
General Dynamics Corp. ................................................. 36,100 1,886,225
United Technologies Corp. .............................................. 90,900 5,351,737
------------
19,525,663
------------
ELECTRICAL EQUIPMENT (3.4%)
Flextronics International Ltd.* ........................................ 42,987 2,952,670
General Electric Co. ................................................... 424,400 22,493,200
Lam Research Corp.* .................................................... 109,100 4,091,250
------------
29,537,120
------------
MACHINERY (1.3%)
Deere & Co. ............................................................ 121,700 4,502,900
Ingersol-Rand Co. ...................................................... 90,900 3,658,725
SPX Corp.* ............................................................. 21,800 2,636,437
------------
10,798,062
------------
TOTAL CAPITAL GOODS ................................................... 59,860,845
------------
CONSUMER CYCLICALS (3.4%)
APPAREL & TEXTILES (0.3%)
Fast Retailing Co., Ltd. ............................................... 6,000 2,509,774
------------
PHOTO & OPTICAL (0.5%)
Bausch & Lomb, Inc. .................................................... 55,200 4,271,100
------------
RETAIL--GENERAL (2.6%)
CVS Corp. .............................................................. 355,200 14,208,000
Office Depot, Inc.* .................................................... 374,750 2,342,188
Wal-Mart Stores, Inc. .................................................. 103,100 5,941,137
------------
22,491,325
------------
TOTAL CONSUMER CYCLICALS .............................................. 29,272,199
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
CONSUMER NON-CYCLICALS (11.7%)
BEVERAGES (0.8%)
Anheuser-Busch Cos., Inc. .............................................. 89,400 $ 6,677,062
------------
CONTAINERS (0.1%)
Owens-Illinois, Inc.* .................................................. 97,600 1,140,700
------------
DRUGS (6.5%)
American Home Products Corp............................................. 138,000 8,107,500
AstraZeneca Group plc .................................................. 75,700 3,532,674
Bristol-Myers Squibb Co. ............................................... 265,400 15,459,550
Pfizer, Inc. ........................................................... 199,650 9,583,200
Pharmacia Corp.* ....................................................... 373,828 19,322,235
------------
56,005,159
------------
FOODS (0.5%)
Quaker Oats Co. ........................................................ 53,000 3,981,625
------------
HOSPITAL SUPPLIES & SERVICES (0.7%)
Medtronic, Inc. ........................................................ 126,200 6,286,338
------------
RETAIL--FOOD (1.7%)
Albertson's, Inc. ...................................................... 882 29,327
Safeway, Inc.* ......................................................... 322,500 14,552,812
------------
14,582,139
------------
SOAPS & TOILETRIES (1.4%)
Clorox Co. ............................................................. 115,700 5,184,806
Colgate Palmolive Co. .................................................. 105,600 6,322,800
------------
11,507,606
------------
TOTAL CONSUMER NON-CYCLICALS .......................................... 100,180,629
------------
CREDIT SENSITIVE (12.6%)
BANKS (1.5%)
Chase Manhattan Corp. .................................................. 109,500 5,043,844
HSBC Holdings plc ...................................................... 212,600 2,429,687
Lloyds TSB Group plc ................................................... 806 7,608
PNC Bank Corp. ......................................................... 66,900 3,135,937
State Street Corp. ..................................................... 2,700 286,369
U.S. Bancorp ........................................................... 113,100 2,177,175
------------
13,080,620
------------
FINANCIAL SERVICES (4.6%)
Associates First Capital Corp.,
Class A .............................................................. 214,614 4,788,575
Capital One Financial Corp. ............................................ 75,200 3,355,800
Citigroup, Inc. ........................................................ 176,150 10,613,037
Freddie Mac ............................................................ 151,200 6,123,600
Lehman Brothers Holdings, Inc. ......................................... 21,100 1,995,269
Merrill Lynch & Co. .................................................... 43,000 4,945,000
Morgan Stanley Dean Witter &
Co. .................................................................. 44,100 3,671,325
Providian Financial Corp. .............................................. 47,200 4,248,000
------------
39,740,606
------------
INSURANCE (2.5%)
AFLAC, Inc. ............................................................ 35,600 1,635,375
American International Group,
Inc. ................................................................. 79,650 9,358,875
Hartford Financial Services Group,
Inc. ................................................................. 79,500 4,447,031
Marsh & McLennan Cos., Inc. ............................................ 29,700 3,101,794
Metlife Inc.* .......................................................... 60,400 1,272,175
St. Paul Cos. .......................................................... 37,300 1,272,862
------------
21,088,112
------------
UTILITY--ELECTRIC (0.7%)
AES Corp.* ............................................................. 136,600 6,232,375
------------
</TABLE>
169
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
UTILITY--TELEPHONE (3.3%)
Allegiance Telecom, Inc.* ................................................ 9,800 $ 627,200
Bell Atlantic Corp. ...................................................... 69,200 3,516,225
Intermedia Communications of
Florida, Inc.* ......................................................... 15,500 461,125
Nippon Telegraph & Telephone
Corp. .................................................................. 350 4,649,300
Sprint Corp. (Fon Group) ................................................. 173,900 8,868,900
Worldcom, Inc.* .......................................................... 219,772 10,082,041
------------
28,204,791
------------
TOTAL CREDIT SENSITIVE .................................................. 108,346,504
------------
DIVERSIFIED (2.6%)
MISCELLANEOUS (2.6%)
Tyco International Ltd. .................................................. 461,472 21,862,236
------------
ENERGY (9.3%)
COAL & GAS PIPELINES (0.3%)
Williams Cos., Inc. ...................................................... 73,000 3,043,188
------------
OIL--DOMESTIC (1.6%)
Exxon Mobil Corp. ........................................................ 170,121 13,354,498
------------
OIL--INTERNATIONAL (5.0%)
BP Amoco plc (ADR) ....................................................... 210,416 11,901,655
Conoco, Inc., Class B .................................................... 363,800 8,935,837
Devon Energy Corp. ....................................................... 29,200 1,640,675
EOG Resources, Inc. ...................................................... 105,900 3,547,650
Global Marine, Inc.* ..................................................... 257,100 7,247,006
Royal Dutch Petroleum Co. ................................................ 131,400 8,158,922
Total Fina S.A., Class B ................................................. 8,600 1,317,348
------------
42,749,093
------------
OIL--SUPPLIES & CONSTRUCTION (2.4%)
Baker Hughes, Inc. ....................................................... 90,500 2,896,000
Cooper Cameron Corp.* .................................................... 9,800 646,800
Noble Drilling Corp.* .................................................... 99,600 4,102,275
Santa Fe International Corp. ............................................. 84,400 2,948,725
Transocean Sedco Forex, Inc. ............................................. 128,500 6,866,719
Weatherford Intl., Inc.* ................................................. 88,500 3,523,406
------------
20,983,925
------------
TOTAL ENERGY ............................................................ 80,130,704
------------
TECHNOLOGY (42.4%)
COMPUTER HARDWARE (7.0%)
Cisco Systems, Inc.* ..................................................... 439,900 27,961,144
Hewlett Packard Co. ...................................................... 70,600 8,816,175
Sun Microsystems, Inc.* .................................................. 250,600 22,788,937
------------
59,566,256
------------
COMPUTER SOFTWARE (7.4%)
America Online, Inc.* .................................................... 128,800 6,794,200
BEA Systems, Inc.* ....................................................... 23,800 1,176,612
BMC Software, Inc.* ...................................................... 92,700 3,382,102
Business Objects S.A. (ADR)* ............................................. 6,300 555,187
Computer Associates
International, Inc. .................................................... 39,850 2,039,822
E.piphany, Inc.* ......................................................... 11,800 1,264,812
i2 Technologies, Inc.* ................................................... 22,500 2,345,977
InterWorld Corp.* ........................................................ 7,100 145,550
Intuit* .................................................................. 600 24,825
Liberate Technologies, Inc.* ............................................. 27,950 819,284
Macromedia, Inc.* ........................................................ 31,600 3,055,325
Microsoft Corp.* ......................................................... 269,900 21,592,000
Oracle Corp.* ............................................................ 147,200 12,374,000
Rational Software Corp.* ................................................. 18,900 1,756,519
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Selectica, Inc.* ......................................................... 6,650 $ 465,916
Siebel Systems, Inc.* .................................................... 10,000 1,635,625
Trintech Group plc (ADR)* ................................................ 36,350 716,209
VERITAS Software Corp.* .................................................. 32,100 3,627,802
------------
63,771,767
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (11.1%)
CIENA Corp.* ............................................................. 68,200 11,368,087
Comverse Technology, Inc.* ............................................... 74,500 6,928,500
Corning, Inc. ............................................................ 55,744 15,043,912
FLAG Telecom Holdings Ltd.* .............................................. 123,030 1,830,071
Global Crossing, Ltd.* ................................................... 299,200 7,872,700
KPN N.V.* ................................................................ 107,200 4,790,279
Level 3 Communications, Inc.* ............................................ 24,400 2,147,200
Metromedia Fiber Network, Inc.
Class A* ............................................................... 244,400 9,699,625
Motorola, Inc. ........................................................... 269,536 7,833,390
Nortel Networks Corp. .................................................... 267,400 18,250,050
Qwest Communications
International, Inc.* ................................................... 118,600 5,892,938
Tellabs, Inc.* ........................................................... 37,500 2,566,406
Time Warner Telecom, Inc.
Class A* ............................................................... 6,500 418,438
WinStar Communications, Inc.* ............................................ 14,050 475,944
------------
95,117,540
------------
ELECTRONICS (11.0%)
Analog Devices, Inc.* .................................................... 58,400 4,438,400
Ancor Communications, Inc.* .............................................. 21,875 782,373
Atmel Corp.* ............................................................. 87,400 3,222,875
Fairchild Semiconductor
International, Inc.* ................................................... 54,200 2,195,100
Flextronics International, Ltd* .......................................... 36,000 2,472,750
Hitachi Ltd. ............................................................. 148,000 2,133,308
Intel Corp. .............................................................. 266,400 35,614,350
LSI Logic Corp.* ......................................................... 62,800 3,399,050
Micron Technology, Inc.* ................................................. 134,200 11,817,987
Novellus Systems, Inc.* .................................................. 3,900 220,594
RadioShack Corp.* ........................................................ 147,500 6,987,813
SCI Systems, Inc.* ....................................................... 18,900 740,644
Seagate Technology, Inc.* ................................................ 85,800 4,719,000
Solectron Corp.* ......................................................... 98,600 4,128,875
Teradyne, Inc.* .......................................................... 57,500 4,226,250
VeriSign, Inc.* .......................................................... 40,100 7,077,650
------------
94,177,019
------------
OFFICE EQUIPMENT (4.2%)
Cabletron Systems Corp.* ................................................. 96,800 2,444,200
Compaq Computer Corp. .................................................... 114,400 2,924,350
Dell Computer Corp.* ..................................................... 65,200 3,215,175
EMC Corp.* ............................................................... 274,600 21,127,037
International Business Machines
Corp. .................................................................. 61,200 6,705,225
------------
36,415,987
------------
WIRELESS TELECOMMUNICATION SERVICES (1.7%)
Sprint Corp. (PCS Group)* ................................................ 195,100 11,608,450
Vodafone AirTouch plc .................................................... 699,999 2,827,231
------------
14,435,681
------------
TOTAL TECHNOLOGY ........................................................ 363,484,250
------------
TOTAL COMMON STOCKS (95.4%)
(Cost $692,425,262)..................................................... 817,679,911
------------
</TABLE>
170
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (0.0%)
Chase Nassau
6.26%, 7/3/00 ...................... $ 364,344 $ 364,344
------------
U.S. GOVERNMENT AGENCIES (4.3%)
Federal Home Loan Bank
(Discount Note), 7/3/00 ............ 36,500,000 36,486,738
------------
TOTAL SHORT-TERM DEBT
SECURITIES (4.3%)
(Amortized Cost $36,851,082)......... 36,851,082
------------
TOTAL INVESTMENTS (99.7%)
(Cost/Amortized Cost
$729,276,344)....................... 854,530,993
OTHER ASSETS
LESS LIABILITIES (0.3%) ............ 2,424,760
------------
NET ASSETS (100%) .................... $856,955,753
============
</TABLE>
---------------------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
171
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
At June 30, 2000 the portfolio had outstanding foreign currency contracts to
sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S. $
AMOUNT ORIGINATION CURRENT UNREALIZED
(000'S) DATE VALUE DEPRECIATION
---------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY SELL CONTRACTS
European Union, expiring 7/31/00 ......... 2,789 $2,621,296 $2,665,719 $ (44,423)
European Union, expiring 7/31/00 ......... 1,610 1,522,100 1,538,888 (16,788)
---------
$ (61,211)
=========
</TABLE>
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $477,503,878
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 389,581,113
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 159,865,190
Aggregate gross unrealized depreciation ......... (34,610,541)
-------------
Net unrealized appreciation ..................... $ 125,254,649
=============
Federal income tax cost of investments .......... $ 729,276,344
=============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$51,640,059 which was secured by collateral of
$52,274,820.
See Notes to Financial Statements.
172
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
COMMON STOCKS:
BRAZIL (5.1%)
Cia Paranaense de Energia--
Copel (ADR) ...................... 12,200 $ 113,612
Cia Vale do Rio Doce (ADR) ......... 18,483 522,145
Companhia Energetica de Minas
Gerais ( ADR) .................... 10,072 174,255
Coteminas .......................... 358,600 20,858
Coteminas (ADR)+ ................... 1,155 3,358
Embratel Participacoes S.A.
(ADR) ............................ 129,120 3,050,460
Petrobras S.A. (ADR) ............... 33,130 1,000,907
Tele Nordeste Celular (ADR) ........ 2,235 154,774
Tele Norte Leste Participacoes
S.A. (ADR) ....................... 73,961 1,747,326
Telecentro Sul Participacoes S.A.
(ADR) ............................ 18,676 1,364,515
Telecular Sul (ADR) ................ 17,846 807,531
Telemig Celular (ADR) .............. 11,548 825,682
Telesp Celular Participacoes S.A.
(ADR) ............................ 63,065 2,830,042
Unibanco (GDR) ..................... 91,556 2,632,235
Votorantim Celulose e
Papel SA* ........................ 27,200 499,800
----------
15,747,500
----------
CHILE (0.2%)
CIA de Telecomunicaciones de
Chile S.A. ....................... 28,800 522,000
----------
CHINA (1.9%)
Great Wall Technology Co., Ltd...... 2,923,000 2,024,784
Guangdong Kelon Electrical
Holdings Co. Ltd. ................ 229,000 124,113
Nanjing Panda Electronics* ......... 1,372,000 492,797
PetroChina Company Ltd* ............ 12,901,000 2,680,985
PetroChina Company Ltd.
(ADR)* ........................... 3,600 75,375
Yanzhou Coal Mining Co., Ltd.
(ADR) ............................ 21,520 215,200
Zhenhai Refining and Chenical
Co., Ltd. ........................ 886,300 137,569
----------
5,750,823
----------
CZECH REPUBLIC (0.4%)
SPT Telecom A.S. (GDR)* ............ 18,939 308,706
SPT Telecom A.S.* .................. 50,009 839,615
----------
1,148,321
----------
EGYPT (1.0%)
Al-Ahram Beverages Co.
(GDR)* ........................... 13,351 222,628
Eastern Tobacco .................... 6,805 148,439
Egypt Gas Co. ...................... 3,300 149,584
Egyptian Company for Mobile
Services* ........................ 74,808 2,434,560
----------
2,955,211
----------
GREECE (2.2%)
Hellenic Telecommunications
(ADR) ............................ 214,237 2,611,013
Hellenic Telecommunications
Organization SA .................. 173,652 4,233,736
----------
6,844,749
----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
HONG KONG (6.1%)
Asia Satellite Telecom Holdings..... 107,000 $ 365,794
China Merchants Holdings
International Co. Ltd. ........... 761,000 522,269
China Telecom (Hong Kong)
Ltd.* ............................ 611,000 5,388,526
China Telecom Ltd. (ADR)* .......... 20,400 3,627,375
China Unicom (ADR)* ................ 12,100 257,125
China Unicom* ...................... 1,530,000 3,248,220
Citic Pacific Ltd. ................. 206,000 1,078,161
Cosco Pacific Ltd. ................. 909,000 717,125
Founder Holdings Ltd.* ............. 868,000 386,928
Legend Holdings Ltd. ............... 1,313,000 1,271,650
Phoenix Satellite TV* .............. 1,063,000 147,951
SINA.com* .......................... 2,600 66,625
TCL International .................. 3,144,000 1,149,433
Timeless Software Ltd.* ............ 644,000 291,207
Yue Yuen Industrial Hldgs* ......... 205,000 454,942
----------
18,973,331
----------
HUNGARY (0.7%)
Matav Rt. .......................... 124,215 863,395
Matav Rt. (ADR) .................... 38,030 1,309,658
----------
2,173,053
----------
INDIA (6.5%)
Aptech Ltd. ........................ 15,900 301,245
Bharat Heavy Electricals Ltd.
(Dematerialized) ................. 183,050 547,305
Bses Limited (Dematerialzed) ....... 73,000 401,377
Container Corp. of India Ltd. ...... 114,800 442,231
Dabur India Ltd. ................... 12,450 182,024
Gujarat Ambuja Cements Ltd. ........ 106,200 462,634
HCL Technologies Ltd.* ............. 17,100 493,430
Hero Honda Motors Ltd. ............. 20,927 462,831
Hindustan Lever Ltd. ............... 16,950 1,076,733
Housing Development Finance
Corp., Ltd. (Dematerialized) ..... 73,500 920,273
Indo Gulf Corp., Ltd. .............. 144,500 137,218
Infosys Technologies Ltd. .......... 36,530 6,805,993
Larsen & Toubro Ltd.
(Dematerialized) ................. 33,500 185,094
Lupin Laboratories Ltd. ............ 30,000 131,893
Mahanagar Telephone Nigam
(Dematerialized) ................. 204,750 983,855
Mahanagar Telephone Nigam
Ltd. (GDR) ....................... 31,700 291,244
NIIT Ltd. .......................... 16,950 839,092
Reliance Industries (GDR) .......... 15,500 325,500
Reliance Industries Ltd.
(Dematerialized) ................. 96,750 738,680
Satyam Computer Services* .......... 33,290 2,223,534
Sterlite Industries ................ 13,750 256,600
Strides Arcolab Ltd. ............... 16,500 91,277
Tata Engineering & Locomotive....... 107,000 295,478
Tata TEA Limited
(Dematerialized) ................. 50,320 373,822
Videsh Sanchar Nigam Ltd.
(Dematerialized) ................. 13,242 358,794
Zee Telefilms Ltd.* ................ 72,250 725,008
----------
20,053,165
----------
INDONESIA (0.6%)
Gudang Garam ....................... 677,100 1,094,655
</TABLE>
173
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Indah Kiat Pulp & Paper Co.* ....... 1,094,400 $ 221,943
PT Semen Gresik (Persero) Tbk....... 340,400 309,189
Telekomunikasi (ADR) ............... 48,718 337,981
----------
1,963,768
----------
ISRAEL (7.2%)
Aladdin Knowledge Systems* ......... 26,981 426,637
BATM Advanced
Communications Ltd. .............. 8,658 755,367
BreezeCom Ltd* ..................... 12,389 538,922
Check Point Software
Technologies* .................... 18,864 3,994,452
ECI Telecommunications ............. 191,138 6,833,183
Galileo Technology Ltd.* ........... 95,917 2,062,216
Gilat Satellite Networks Ltd.* ..... 27,782 1,927,376
M-Systems Flash Disk Pioneers*...... 9,482 738,411
Nice Systems Ltd. (ADR)* ........... 7,310 564,241
Nice Systems Ltd.* ................. 5,105 397,097
Optibase Ltd.* ..................... 36,121 634,375
Orckit Communications Ltd.* ........ 22,445 673,350
RADWARE Ltd.* ...................... 14,222 376,883
Tecnomatix Technologies Ltd.* ...... 26,823 365,463
Teva Pharmaceutical Industries
Ltd. (ADR) ....................... 7,230 400,813
TTI Team Telecom International
Ltd.* ............................ 45,406 1,634,616
Vcon Telecommunications Ltd.*....... 10,800 113,826
----------
22,437,228
----------
KOREA (21.0%)
39Shopping Corp .................... 12,430 406,892
Cheil Communications Inc ........... 13,530 1,765,534
Cheil Jedang Corp. ................. 1,606 73,601
Communication Network
Interface, Inc.* ................. 61,690 340,256
Daou Technology, Inc.* ............. 182 1,763
Dreamline Co., Ltd* ................ 2,185 60,160
Hana Bank .......................... 23,740 147,972
Hanvit Bank ........................ 197,840 505,678
Hanvit Bank (GDR)*+ ................ 93,830 469,150
Housing & Commercial Bank .......... 40,420 946,133
Humax Co., Ltd.* ................... 71,038 984,316
Hyundai Electronics Industries
Co.* ............................. 84,700 1,671,173
Hyundai Securities Co.* ............ 673 6,698
Kookmin Bank* ...................... 72,880 928,137
Korea Electric Power ............... 53,390 1,656,729
Korea Electric Power Corp.
(ADR) ............................ 40,419 745,225
Korea Technology Banking Co. ....... 40,710 438,125
Korea Telecom Corp. ................ 105,760 9,314,259
Korea Telecom Corp. SP (ADR)........ 81,900 3,961,913
Korea Telecom Freetel* ............. 10,460 697,005
LG Electronics ..................... 23,240 650,289
LG Home Shopping, Inc.* ............ 8,870 843,228
LG Information &
Communication Ltd. ............... 10,470 588,748
LG Securities Co. .................. 49,740 646,829
Locus Corp.* ....................... 2,920 236,999
Pantech Co., Ltd. .................. 24,231 186,455
Pohang Iron & Steel Co., Ltd. ...... 3,290 287,501
Samsung Electro-Mechanics Co........ 43,623 2,734,690
Samsung Electronics Co. (Foreign) 69,565 23,021,443
Samsung Securities Co., Ltd. ....... 39,660 871,433
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Shinhan Bank Co., Ltd. ............. 65,350 $ 615,390
SK Telecom Co. Ltd. (ADR) .......... 26,130 948,846
SK Telecom Co., Ltd. ............... 19,760 6,468,375
SK Telecom* ........................ 2,400 785,633
Telson Electronics Co., Ltd. ....... 56,802 603,667
Telson Electronics Co., Ltd.* ...... 14,130 150,167
Tongyang Confectionery Co. ......... 12,580 273,595
Trigem Computer, Inc.* ............. 2,240 44,899
----------
65,078,906
----------
MALAYSIA (2.0%)
British American Tobacco Bhd. ...... 118,000 962,632
Commerce Asset Holding Bhd. ........ 112,000 324,211
Digi.Com Berhad* ................... 222,000 406,026
Malayan Banking Bhd. ............... 287,000 1,163,105
Malaysian Pacific Industries Bhd. 62,000 636,316
Public Bank Bhd.* .................. 621,000 571,974
Resorts World Bhd. ................. 170,000 465,263
Telekom Malaysia Bhd. .............. 359,000 1,237,605
Tenaga Nasional Bhd. ............... 180,000 587,368
----------
6,354,500
----------
MEXICO (9.4%)
Alfa S.A. .......................... 226,267 517,300
Cemex S.A. (ADR) ................... 52,846 1,235,277
Cemex S.A. (CPO) ................... 281,847 1,321,672
Cifra S.A., Class B (ADR)* ......... 15,050 353,193
Cifra S.A., Series V* .............. 392,406 921,057
Fomento Economico Mexicano
S.A. (ADR)* ...................... 31,133 1,340,665
Fomento Economico Mexicano
S.A.* ............................ 328,546 1,402,117
Grupo Carso, S.A., Class A1* ....... 299,177 1,060,944
Grupo Financiero Banamex* .......... 460,859 1,938,684
Grupo Financiero Bancomer
(ADR)+ ........................... 23,989 243,711
Grupo Financiero Bancomer* ......... 1,420,275 721,574
Grupo Modelo S.A., Class C ......... 52,300 117,179
Grupo Sanborns S.A.* ............... 10,750 17,258
Grupo Televisa S.A. (GDR)* ......... 71,703 4,943,026
Kimberly Clark de Mexico S.A.,
Class A .......................... 216,327 615,471
Telefonos de Mexico S.A.,
Class L (ADR) .................... 213,520 12,197,330
Wal-Mart de Mexico S.A.,
Series C* ........................ 143,110 330,092
----------
29,276,550
----------
POLAND (0.9%)
Elektrim S.A.* ..................... 33,548 385,219
Polski Koncern Naftowy Orlen
S.A.+ ............................ 9,114 87,899
Telekomunikacja Polska S.A.
(GDR) ............................ 366,937 2,441,966
----------
2,915,084
----------
RUSSIA (3.2%)
Lukoil Holding (ADR) ............... 63,950 3,269,124
RAO Unified Energy Systems
(GDR)* ........................... 60,590 696,785
Rostelecom (ADR) ................... 31,970 435,591
Surgutneftegaz (ADR)* .............. 296,005 3,944,267
Unified Energy System (ADR) ........ 124,753 1,434,659
</TABLE>
174
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Vimpel Communications
(ADR)* ............................. 280 $ 6,195
------------
9,786,621
------------
SOUTH AFRICA (3.8%)
Anglo American Platinum Corp.
Ltd. ............................... 40,709 1,174,102
Bidvest Group Ltd. ................... 120,231 830,526
BOE Corp., Ltd. ...................... 699,819 1,033
BOE, Ltd. ............................ 272,578 154,897
De Beers Centenary AG ................ 22,937 558,613
De Beers Consolidated Mines
(ADR) .............................. 1,830 44,492
Dimension Data Holdings Ltd.*......... 142,301 1,178,315
Ellerine Holdings Ltd. ............... 87,010 373,725
Impala Platinum Holdings Ltd. ........ 7,677 285,777
Liberty Life Association of
Africa ............................. 20,690 196,975
M-Cell Ltd. .......................... 408,370 1,980,067
Naspers Limited* ..................... 35,367 294,942
Nedor Ltd.* .......................... 48,482 1,019,016
New Africa Investments Ltd.,
Class N* ........................... 740,650 189,125
Rembrandt Group Ltd. ................. 164,564 1,554,553
RMB Holdings Ltd.* ................... 5,660 8,438
Sappi Ltd. ........................... 46,040 346,574
Sasol Ltd. ........................... 218,850 1,469,768
------------
11,660,938
------------
TAIWAN (13.4%)
Accton Technology Corp.* ............. 521,400 1,162,438
Acer Peripherals, Inc. (GDR)* ........ 3,000 86,100
Acer Peripherals, Inc.* .............. 598,867 1,695,734
Advanced Semiconductor
Engineering, Inc. (GDR)* ........... 1,700 28,900
Advanced Semiconductor
Engineering, Inc. (GDR)* ........... 331,696 1,014,790
Advantech Co Ltd ..................... 62,400 331,040
Ambit Microsystems Corp.* ............ 73,000 724,654
ASE Test Ltd.* ....................... 25,800 759,488
Asustek Computer, Inc.* .............. 317,081 2,621,273
ChinaTrust Commercial Bank* .......... 513,040 445,831
Compal Electronics, Inc. ............. 107,100 263,175
D-Link Corp. ......................... 487,600 1,142,627
Delta Electronic Industrial* ......... 273,000 1,292,807
Dialer and Business* ................. 300,000 566,314
Far Eastern Textile Ltd (GDR).*....... 4,200 52,500
Far Eastern Textiles Ltd. ............ 696,340 865,751
Far Eastern Textiles Ltd.
(GDR)*+ ............................ 2,700 33,750
Faraday Technology Corp.* ............ 20,000 220,667
GigaMedia Ltd.* ...................... 9,400 113,975
Hon Hai Precision Industry Co.,
Ltd. (GDR)*+ ....................... 20,400 489,600
Hon Hai Precision Industry Co.,
Ltd.* .............................. 326,000 2,949,650
International Commercial Bank
China .............................. 504,200 426,662
Macronix International* .............. 332,310 832,803
Microelectronics Technology* ......... 77,400 256,950
President Chain Store Corp. .......... 313,000 1,171,522
ProMos Technologies, Inc.* ........... 100,000 405,208
Ritek Corp. (GDR)+ ................... 40,590 324,205
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Ritek Corp.* ......................... 51,150 $ 204,767
Siliconware Precision Industries*..... 455,370 1,022,637
Taishin International Bank* .......... 273,648 175,455
Taiwan Semiconductor
Manufacturing Co. (ADR)* ........... 3,220 124,775
Taiwan Semiconductor
Manufacturing Co.* ................. 2,137,037 10,154,837
United Microelectronics
(Dematerialized) ................... 2,269,400 6,315,173
Universal Scientific Industrial
Co., Ltd.* ......................... 312,200 762,083
Winbond Electronics Corp.* ........... 679,430 1,968,080
Wyse Technology Taiwan Ltd.* ......... 250,000 447,518
Zinwell Corp.* ....................... 43,000 212,726
------------
41,666,465
------------
THAILAND (1.2%)
Advanced Information Service
PLC (Foreign)* ..................... 122,200 1,522,236
BEC World PLC (Foreign) .............. 83,000 495,775
Delta Electronics PCL
(Foreign)* ......................... 110,136 775,942
Shinawatra Computer Co.
(Foreign)* ......................... 96,000 504,812
Thai Farmers Bank PCL
(Foreign)* ......................... 343,500 289,356
Total Access Communication* .......... 28,800 115,776
------------
3,703,897
------------
TURKEY (4.1%)
Alcatel Telekomunikasyon* ............ 1,623,847 353,326
Dogan Sirketler Grubu Holdings........ 56,118,000 1,356,720
Dogan Yayin Holdings* ................ 33,671,000 569,826
Ege Biracilik ........................ 18,242,000 1,190,760
Erciyas Biracilik ve Malt Sanayii
A.S.* .............................. 2,766,512 129,308
Garanti Bankasi A.S.* ................ 104,643,000 1,264,935
Netas Telekomunik A.S. ............... 3,936,000 437,724
Vestel Elektronik Sanayi Ve
Ticaret A.S.* ...................... 7,836,062 2,368,077
Yapi ve Kredi Bankasi (GDR)* ......... 7,315 73,516
Yapi ve Kredi Bankasi A.S.* .......... 458,536,266 5,099,405
------------
12,843,597
------------
UNITED STATES (1.6%)
Amdocs Ltd.* ......................... 11,846 909,181
Asiainfo Holdings, Inc.* ............. 250 11,172
Comverse Technology, Inc.* ........... 10,355 963,015
DSP Group, Inc.* ..................... 23,972 1,342,432
MIH Ltd* ............................. 8,618 258,809
Rediff.Com India Ltd.* ............... 31,300 438,200
Zoran Corp.* ......................... 16,577 1,093,046
------------
5,015,855
------------
TOTAL COMMON STOCKS: (92.5%)
(Cost $280,423,827) ................ 286,871,562
------------
RIGHTS:
BRAZIL (0.0%)
Tele Norte Leste Participacoes
S.A.* .............................. 3,223,944 18
Tele Norte Leste Participacoes
S.A.* .............................. 3,223,944 18
</TABLE>
175
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------- -------------
<S> <C> <C>
Telemig Celular S.A.* ................ 69,100 $ --
-----------
TOTAL RIGHTS: (0.0%)
(Cost $0) .......................... 36
-----------
PREFERRED STOCKS:
BRAZIL (3.6%)
Celular CRT Participacoes SA ......... 5,329,239 2,334,405
Companhia Energetica de Minas
Gerais ............................. 20,580,981 359,468
Companhia Vale do Rio Doce,
Class A ............................ 61,171 1,726,423
CRT, Class A ......................... 3,866,759 1,307,859
Embratel Participacoes ............... 50,808,000 1,214,208
Lojas Arapua S.A. .................... 1,248,000
Petrobras S.A. ....................... 36,589 1,105,684
Tele Celular Sul S.A. ................ 40,533,820 195,533
Tele Centro Sul S.A. ................. 70,555,990 1,021,076
Tele Nordeste Celular S.A. ........... 19,986,220 74,249
Tele Norte Leste S.A. ................ 13,365,944 313,120
Telebras S.A. (ADR) .................. 2,100 203,962
Telemig Celular S.A. ................. 66,634,220 239,787
Telesp Celular S.A. .................. 55,871,674 1,009,934
-----------
11,105,708
-----------
RUSSIA (0.1%)
Lukoil-Holding* ...................... 14,300 287,716
Surgutneftegaz* ...................... 6,000 79,950
-----------
367,666
-----------
</TABLE>
<TABLE>
<CAPTION>
VALUE
(NOTE 1)
--------------
<S> <C> <C>
TOTAL PREFERRED STOCKS: (3.7%)
(Cost $8,437,370) ............... $ 11,473,374
------------
TOTAL INVESTMENTS (96.2%)
(Cost $288,861,197) ............. 298,344,972
OTHER ASSETS
LESS LIABILITIES (3.8%) ......... 11,788,012
------------
NET ASSETS (100%) ................. $310,132,984
============
</TABLE>
<TABLE>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Equity Investments
Basic Materials ................................. 1.8%
Business Services ............................... 4.1
Capital Goods ................................... 2.2
Consumer Cyclicals .............................. 2.2
Consumer Non-Cyclicals .......................... 2.9
Credit Sensitive ................................ 15.1
Diversified ..................................... 4.5
Energy .......................................... 4.3
Technology
Computer Hardware ............................. 1.9
Computer Software ............................. 4.1
Diversified Telecommunications Services ....... 22.6
Electronics ................................... 20.6
Office Equipment Services ..................... 5.5
Telecommunications ............................ 8.2 62.9
---- -----
100.0%
=====
</TABLE>
----------
* Non-income producing.
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These Securities may only be resold to qualified institutional
buyers. At June 30, 2000, these securities amounted to $1,651,673 or .53%
of net assets.
Glossary:
ADR--American Depositary Receipt
CPO--Certificate of Participation
GDR--Global Depositary Receipt
Dematerialized--Securities changed from paper to electronic format.
176
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $266,858,041
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 126,979,716
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 33,098,189
Aggregate gross unrealized depreciation ......... (23,614,414)
-------------
Net unrealized appreciation ..................... $ 9,483,775
=============
Federal income tax cost of investments .......... $ 288,861,197
=============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$1,332,630 which was secured by collateral of
$1,448,750.
For the period from January 1, 2000 to June 30, 2000, the Portfolio incurred
approximately $2,565 and $26,102 as brokerage commissions with Morgan Stanley &
Co., Inc. and Donaldson, Lufkin & Jenrette respectively, both affiliated
broker/dealers.
See Notes to Financial Statements.
177
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ -----------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (2.0%)
CHEMICALS (0.7%)
Dow Chemical Co. ...................... 5,850 $ 176,597
Du Pont (E.I.) de Nemours & Co. ....... 11,461 501,419
-----------
678,016
-----------
CHEMICALS--SPECIALTY (0.6%)
Engelhard Corp. ....................... 16,200 276,412
PPG Industries, Inc. .................. 6,000 265,875
-----------
542,287
-----------
METALS & MINING (0.4%)
Minnesota Mining & Manufacturing
Co. ................................. 4,300 354,750
-----------
PAPER (0.3%)
Mead Corp. ............................ 13,300 335,825
-----------
TOTAL BASIC MATERIALS ................ 1,910,878
-----------
BUSINESS SERVICES (1.2%)
ENVIRONMENTAL CONTROL (0.5%)
Waste Management, Inc. ................ 23,800 452,200
-----------
PRINTING, PUBLISHING,
BROADCASTING (0.7%)
McGraw Hill Cos., Inc. ................ 8,000 432,000
Tribune Co. ........................... 8,000 280,000
-----------
712,000
-----------
TOTAL BUSINESS SERVICES .............. 1,164,200
-----------
CAPITAL GOODS (4.1%)
AEROSPACE (1.2%)
Boeing Co. ............................ 15,800 660,637
Honeywell International, Inc. ......... 6,000 202,125
Lockheed Martin Corp. ................. 13,100 325,044
-----------
1,187,806
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (0.6%)
Weyerhaeuser Co. ...................... 12,700 546,100
-----------
ELECTRICAL EQUIPMENT (1.2%)
Eaton Corp. ........................... 5,500 368,500
Emerson Electric Co. .................. 12,600 760,725
-----------
1,129,225
-----------
MACHINERY (1.1%)
Caterpillar, Inc. ..................... 4,000 135,500
Dover Corp. ........................... 6,400 259,600
Illinois Tool Works, Inc. ............. 8,800 501,600
W.W. Grainger, Inc. ................... 5,800 178,713
-----------
1,075,413
-----------
TOTAL CAPITAL GOODS .................. 3,938,544
-----------
CONSUMER CYCLICALS (4.6%)
APPAREL & TEXTILES (0.3%)
Shaw Industries, Inc. ................. 22,732 284,150
-----------
AUTOS & TRUCKS (0.7%)
Ford Motor Co. ........................ 9,400 404,200
General Motors Corp. .................. 4,486 260,468
Visteon Corp.* ........................ 1,231 14,926
-----------
679,594
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ -----------------
<S> <C> <C>
FOOD SERVICES, LODGING (0.6%)
Starwood Hotels & Resorts
Worldwide, Inc. ..................... 18,000 $ 581,625
-----------
HOUSEHOLD FURNITURE,
APPLIANCES (0.3%)
Fortune Brands, Inc. .................. 14,000 322,875
-----------
LEISURE RELATED (0.6%)
Hasbro, Inc. .......................... 9,500 143,094
Walt Disney Co. ....................... 12,100 469,631
-----------
612,725
-----------
PHOTO & OPTICAL (0.5%)
Eastman Kodak Co. ..................... 7,300 434,350
-----------
RETAIL--GENERAL (1.6%)
CVS Corp. ............................. 8,100 324,000
Federated Department Stores, Inc.*..... 15,400 519,750
K-Mart Corp.* ......................... 26,200 178,488
Sears Roebuck & Co. ................... 8,800 287,100
Staples, Inc.* ........................ 12,900 198,337
-----------
1,507,675
-----------
TOTAL CONSUMER CYCLICALS ............. 4,422,994
-----------
CONSUMER NON-CYCLICALS (13.6%)
BEVERAGES (1.2%)
Anheuser-Busch Cos., Inc. ............. 4,100 306,219
Coca-Cola Co. ......................... 6,200 356,112
Diageo plc (ADR) ...................... 8,600 305,838
Pepsi Bottling Group, Inc. ............ 7,500 218,906
-----------
1,187,075
-----------
CONTAINERS (0.2%)
Owens-Illinois, Inc.* ................. 14,800 172,975
-----------
DRUGS (5.1%)
Abbott Laboratories ................... 22,200 989,288
Bristol-Myers Squibb Co. .............. 20,400 1,188,300
Merck & Co., Inc. ..................... 15,200 1,164,700
Pharmacia Corp.* ...................... 16,470 851,293
Schering-Plough Corp. ................. 13,900 701,950
-----------
4,895,531
-----------
FOODS (1.8%)
Archer Daniels Midland Co. ............ 15,500 152,094
General Mills, Inc. ................... 12,400 474,300
H.J. Heinz Co. ........................ 12,200 533,750
Sara Lee Corp. ........................ 27,700 534,956
-----------
1,695,100
-----------
HOSPITAL SUPPLIES & SERVICES (1.6%)
Baxter International, Inc. ............ 9,700 682,031
HCA--The Healthcare Corp.* ............ 13,400 407,025
Healthsouth Corp.* .................... 25,400 182,563
Mallinckrodt, Inc. .................... 5,400 234,562
-----------
1,506,181
-----------
RETAIL--FOOD (0.8%)
Albertson's, Inc. ..................... 8,300 275,975
SYSCO Corp. ........................... 12,900 543,413
-----------
819,388
-----------
</TABLE>
178
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ -----------------
<S> <C> <C>
SOAPS & TOILETRIES (1.9%)
Johnson & Johnson ...................... 13,500 $ 1,375,312
Kimberly Clark Corp. ................... 8,700 499,163
-----------
1,874,475
-----------
TOBACCO (1.0%)
Philip Morris Cos., Inc. ............... 37,300 990,781
-----------
TOTAL CONSUMER NON-CYCLICALS ......... 13,141,506
-----------
CREDIT SENSITIVE (25.4%)
BANKS (6.3%)
Bank of America Corp. .................. 19,300 829,900
BB&T Corp. ............................. 19,500 465,562
Charter One Financial, Inc. ............ 19,000 437,000
Chase Manhattan Corp. .................. 13,050 601,116
Comerica, Inc. ......................... 14,400 646,200
Firstar Corp. .......................... 17,400 366,488
FleetBoston Financial Corp. ............ 17,500 595,000
PNC Bank Corp. ......................... 11,100 520,312
Synovus Financial Corp. ................ 16,016 282,282
U.S. Bancorp ........................... 17,100 329,175
Washington Mutual, Inc. ................ 10,600 306,075
Wells Fargo Co. ........................ 18,400 713,000
-----------
6,092,110
-----------
FINANCIAL SERVICES (4.4%)
Bear Stearns Co., Inc. ................. 10,765 448,093
Capital One Financial Corp. ............ 6,800 303,450
Centaur Funding Corp.+++ ............... 105 108,149
Citigroup, Inc. ........................ 22,500 1,355,625
Fannie Mae ............................. 15,000 782,812
Household International, Inc. .......... 11,800 490,438
MBNA Corp. ............................. 6,600 179,025
Mellon Financial Corp. ................. 14,500 528,344
-----------
4,195,936
-----------
INSURANCE (4.0%)
AFLAC, Inc. ............................ 6,200 284,812
American General Corp. ................. 8,000 488,000
Aon Corp. .............................. 7,200 223,650
Berkshire Hathaway, Inc.* .............. 400 704,000
CIGNA Corp. ............................ 5,900 551,650
Hartford Financial Services Group,
Inc. ................................. 14,700 822,281
Lincoln National Corp. ................. 7,300 263,713
MGIC Investment Corp. .................. 4,300 195,650
Torchmark Corp. ........................ 11,200 276,500
-----------
3,810,256
-----------
REAL ESTATE (0.9%)
Equity Office Properties Trust ......... 12,500 344,531
Equity Residential Property Trust ...... 12,100 556,600
-----------
901,131
-----------
UTILITY--ELECTRIC (3.5%)
C P & L Energy, Inc. ................... 11,600 370,475
CINergy Corp. .......................... 10,700 272,181
Dominion Resources, Inc. ............... 5,800 248,675
Dpl, Inc. .............................. 19,961 437,895
Duke Energy Corp. ...................... 10,800 608,850
Entergy Corp. .......................... 18,000 489,375
PG&E Corp. ............................. 11,200 275,800
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ -----------------
<S> <C> <C>
Reliant Energy, Inc. ................... 9,200 $ 271,975
TXU Corp. .............................. 14,150 417,425
-----------
3,392,651
-----------
UTILITY--GAS (0.3%)
Sempra Energy .......................... 15,420 262,140
-----------
UTILITY--TELEPHONE (6.0%)
AT&T Corp. ............................. 21,800 689,425
Bell Atlantic Corp. .................... 19,400 985,763
BellSouth Corp. ........................ 21,400 912,175
GTE Corp. .............................. 13,800 859,050
SBC Communications, Inc. ............... 40,300 1,742,975
Sprint Corp. (FON Group) ............... 12,600 642,600
-----------
5,831,988
-----------
TOTAL CREDIT SENSITIVE ................ 24,486,212
-----------
DIVERSIFIED (0.4%)
MISCELLANEOUS (0.4%)
Tyco International Ltd. ................ 7,300 345,838
-----------
ENERGY (7.2%)
COAL & GAS PIPELINES (0.4%)
Williams Cos., Inc. .................... 8,900 371,019
-----------
OIL--DOMESTIC (2.6%)
Exxon Mobil Corp. ...................... 28,930 2,271,005
Tosco Corp. ............................ 7,700 218,006
-----------
2,489,011
-----------
OIL--INTERNATIONAL (3.2%)
BP Amoco plc (ADR) ..................... 12,200 690,063
Conoco, Inc., Class A .................. 13,800 303,600
Conoco, Inc., Class B .................. 13,264 325,797
Royal Dutch Petroleum Co. (New
York Shares) ......................... 22,800 1,403,625
Union Pacific Resources Group, Inc...... 17,000 374,000
-----------
3,097,085
-----------
OIL--SUPPLIES & CONSTRUCTION (0.6%)
Schlumberger Ltd. ...................... 2,900 216,413
Transocean Sedco Forex, Inc. ........... 7,400 395,437
-----------
611,850
-----------
RAILROADS (0.4%)
CSX Corp. .............................. 4,300 91,106
Union Pacific Corp. .................... 8,400 312,375
-----------
403,481
-----------
TOTAL ENERGY .......................... 6,972,446
-----------
TECHNOLOGY (5.3%)
COMPUTER HARDWARE (1.5%)
Gateway, Inc.* ......................... 3,300 187,275
Hewlett Packard Co. .................... 10,000 1,248,750
-----------
1,436,025
-----------
COMPUTER SOFTWARE (0.6%)
Computer Associates International,
Inc. ................................. 11,100 568,181
-----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (1.2%)
Alltel Corp. ........................... 10,850 672,022
General Motors Corp., Class H* ......... 1,504 131,976
Motorola, Inc. ......................... 13,600 395,250
-----------
1,199,248
-----------
</TABLE>
179
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- --------------
<S> <C> <C>
OFFICE EQUIPMENT (1.6%)
International Business Machines
Corp. ............................... 12,300 $ 1,347,651
Xerox Corp. ........................... 12,000 249,000
-----------
1,596,651
-----------
OFFICE EQUIPMENT SERVICES (0.4%)
Electronic Data Systems Corp. ......... 8,600 354,750
-----------
TOTAL TECHNOLOGY ..................... 5,154,855
-----------
TOTAL COMMON STOCKS (63.8%)
(Cost $62,823,667) ................... 61,537,473
-----------
PREFERRED STOCKS:
CREDIT SENSITIVE (0.0%)
FINANCIAL SERVICES (0.0%)
Webster Capital Corp.
(Cost $39,974) ..................... 50 39,401
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
-------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
BASIC MATERIALS (0.7%)
CHEMICALS (0.3%)
Lyondell Chemical Co
9.625%, 5/1/07 ..................... $ 260,000 256,100
-----------
CHEMICALS--SPECIALTY (0.0%)
IMC Global, Inc.
7.40%, 11/1/02 ..................... 35,000 34,566
-----------
METALS & MINING (0.1%)
AK Steel Corp.
7.875%, 2/15/09 .................... 110,000 97,625
-----------
PAPER (0.3%)
Abitibi-Consolidated, Inc.
8.50%, 8/1/29 ...................... 165,000 155,303
Georgia Pacific Corp.
7.75%, 11/15/29 .................... 100,000 90,105
Norampac Inc.
9.50%, 2/1/08 ...................... 50,000 48,250
-----------
293,658
-----------
TOTAL BASIC MATERIALS ............... 681,949
-----------
BUSINESS SERVICES (1.0%)
ENVIRONMENTAL CONTROL (0.2%)
Allied Waste North America
Series B#,
7.875%, 1/1/09 ..................... 155,000 132,137
Waste Management, Inc.
(Step Bond) 7.70%, 10/1/02 ......... 50,000 48,474
-----------
180,611
-----------
PRINTING, PUBLISHING,
BROADCASTING (0.7%)
News America Holdings, Inc.
7.75%, 12/1/45 ..................... 325,000 282,293
Time Warner, Inc.
8.375%, 8/15/33 .................... 280,000 284,418
Walt Disney Co.
5.62%, 12/1/08 ..................... 50,000 44,314
-----------
611,025
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- --------------
<S> <C> <C>
TRUCKING, SHIPPING (0.1%)
Federal Express Corp.
Series 98-1A#
6.72%, 1/15/22 ................. $ 132,358 $ 120,754
-----------
TOTAL BUSINESS SERVICES ......... 912,390
-----------
CAPITAL GOODS (1.4%)
AEROSPACE (1.1%)
Boeing Co.
6.625%, 2/15/38 ................ 250,000 214,750
Litton Industries, Inc.
8.00%, 10/15/09 ................ 145,000 145,400
Lockheed Martin Corp.
7.45%, 6/15/04 ................. 310,000 307,626
8.50%, 12/1/29 ................. 150,000 152,739
Raytheon Co.
6.40%, 12/15/18 ................ 320,000 265,097
-----------
1,085,612
-----------
BUILDING & CONSTRUCTION (0.0%)
Lennar Corp.
9.95%, 5/1/10+++ ............... 20,000 19,700
-----------
BUILDING MATERIALS & FOREST PRODUCTS (0.1%)
D.R. Horton, Inc.
8.00%, 2/1/09 .................. 55,000 47,850
-----------
ELECTRICAL EQUIPMENT (0.2%)
DPL, Inc.
8.25%, 3/1/07+++ ............... 165,000 164,480
-----------
MACHINERY (0.0%)
Sequa Corp.
9.00%, 8/1/09 .................. 40,000 38,400
-----------
TOTAL CAPITAL GOODS ............. 1,356,042
-----------
CONSUMER CYCLICALS (1.6%)
AIRLINES (0.6%)
Air 2 US
8.027%, 10/1/20+++ ............. 69,995 69,331
Atlas Air Inc., Series 99-1A#,
7.20%, 1/2/19 .................. 113,694 105,521
Continental Airlines, Inc.
Series 97, Class 4C,
6.80%, 7/2/07 .................. 51,882 49,316
Series 98, Class 1C,
6.541%, 3/15/08 ................ 35,971 33,909
Series 98, Class 2A,
6.32%, 11/1/08 ................. 110,000 99,372
Delta Air Lines
8.30%, 12/15/29 ................ 150,000 131,558
Northwest Airlines, Inc.
8.70%, 3/15/07 ................. 50,000 44,965
7.875%, 3/15/08 ................ 10,000 8,828
Series 99-1A,
6.81%, 2/1/20 .................. 73,875 66,991
-----------
609,791
-----------
AUTO RELATED (0.3%)
Delphi Automotive Systems Corp.
7.125%, 5/1/29 ................. 185,000 158,754
Federal--Mogul Corp.
7.50%, 1/15/09 ................. 125,000 85,732
-----------
244,486
-----------
</TABLE>
180
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------------- -----------------
<S> <C> <C>
AUTOS & TRUCKS (0.2%)
DaimlerChrysler NA Series B,
7.45%, 2/1/97 ....................... $ 40,000 $ 36,750
Ford Motor Co.
7.40%, 11/1/46 ...................... 45,000 40,728
Hertz Corp.
6.50%, 5/15/06 ...................... 115,000 107,989
-----------
185,467
-----------
HOUSEHOLD FURNITURE,
APPLIANCES (0.1%)
Newell Co. Series A,
6.35%, 7/15/08 ...................... 125,000 114,844
-----------
RETAIL--GENERAL (0.4%)
Federated Department Stores, Inc.
6.30%, 4/1/09 ....................... 75,000 66,651
Saks, Inc.
8.25%, 11/15/08 ..................... 110,000 97,492
Sears Roebuck Acceptance Corp.
6.875%, 10/15/17 .................... 105,000 90,126
6.50%, 12/1/28 ...................... 140,000 110,503
-----------
364,772
-----------
TOTAL CONSUMER CYCLICALS ............. 1,519,360
-----------
CONSUMER NON-CYCLICALS (1.3%)
CONTAINERS (0.1%)
Ball Corp.
7.75%, 8/1/06 ....................... 100,000 93,500
-----------
HOSPITAL SUPPLIES & SERVICES (0.5%)
Columbia/HCA Healthcare
6.63%, 7/15/45 ...................... 235,000 224,463
Omega Healthcare Investors, Inc.
6.95%, 6/15/02 ...................... 65,000 54,079
Tenet Healthcare Corp. Sr. Sub. Notes
8.625%, 1/15/07 ..................... 260,000 248,300
-----------
526,842
-----------
RETAIL--FOODS (0.2%)
Pepsi Bottling Group, Inc. Series B,
7.00%, 3/1/29 ....................... 210,000 188,410
-----------
TOBACCO (0.5%)
Imperial Tobacco Group
7.125%, 4/1/09 ...................... 130,000 115,628
Philip Morris Cos., Inc.
7.25%, 1/15/03 ...................... 340,000 332,406
7.125%, 10/1/04 ..................... 10,000 9,590
-----------
457,624
-----------
TOTAL CONSUMER NON-CYCLICALS ......... 1,266,376
-----------
CREDIT SENSITIVE (19.3%)
ASSET BACKED (0.1%)
Abbey National Capital Trust
8.96%, 12/29/49 ..................... 125,000 124,134
-----------
BANKS (1.9%)
Bank of America Corp.
5.875%, 2/15/09 ..................... 200,000 176,110
Bank United Corp.
8.875%, 5/1/07 ...................... 29,000 25,923
Series A,
8.00%, 3/15/09 ...................... 130,000 113,264
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Citicorp Series F,
6.375%, 11/15/08 .................... $ 215,000 $ 198,887
Colonial Bank
8.00%, 3/15/09 ...................... 75,000 65,930
Countrywide Home Loan Series H,
6.25%, 4/15/09 ...................... 180,000 157,377
FCB/NC Capital Trust I
8.05%, 3/1/28 ....................... 40,000 33,046
First Union Capital
7.95%, 11/15/29 ..................... 180,000 156,513
Fleet Boston Corp.
7.375%, 12/1/09 ..................... 125,000 120,279
Golden State Holdings
7.125%, 8/1/05 ...................... 110,000 98,174
Hypovereinsbank
8.741%, 6/30/31+++ .................. 325,000 302,123
Nationsbank Corp.
6.50%, 8/15/03 ...................... 65,000 63,315
NB Capital Trust IV
8.25%, 4/15/27 ...................... 170,000 158,818
Royal Bank of Scotland Group plc
Series 2
8.817%, 3/31/05 ..................... 105,000 108,166
Wilmington Trust Corp.
6.625%, 5/1/08 ...................... 90,000 81,102
-----------
1,859,027
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS (2.2%)
Chase Manhattan Bank-First Union
National Series 99-1, Class A1,
7.134%, 7/15/07 ..................... 135 134
Commercial Mortgage Acceptance
Corp. Series 1998-C2 Class A
15.80%, 3/15/06 ..................... 250 238
CS First Boston Mortgage Securities
Corp. Series 99-C1, Class E,
8.18%, 9/15/09 ...................... 50,000 48,713
DLJ Commercial Mortgage Corp.
Series 98-CG1, Class A1B,
6.11%, 12/10/07 ..................... 159,192 152,102
Ford Credit Auto Owner Trust
7.13%, 9/15/02 ...................... 132,000 131,959
General Electric Capital Mortgage
Series 98-11, Class 2A
46.75%, 6/25/28 ..................... 50,000 46,150
GGP--Homart Series 99-C1, Class F,
8.71%, 6/10/03 +++ .................. 25,000 25,056
Series 99-C1, Class G,
8.96%, 6/10/03+++ ................... 25,000 25,056
GMAC Commercial Mortgage
Securities Inc.
6.135%, 5/15/33 ..................... 565,000 517,994
LB Commercial Conduit Mortgage
Trust Series 99-C2, Class A1,
7.105%, 10/15/32 .................... 223 221
Lehman Manufactured Housing
Trust Series 98-1, Class 1IO,
0.82%, 7/15/28 ...................... 250,000 6,250
Mashantucket Pequot Tribe
Series A,
6.57%, 9/1/13+++ .................... 90,000 81,561
</TABLE>
181
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Merrill Lynch Mortgage Investors,
Inc. Series 96-C2, Class E,
6.96%, 11/21/28 .................. $ 55,000 $ 49,239
Series 98-C2, Class A1
6.22%, 2/15/30 ................... 114,963 111,268
Morgan Stanley Capital Corp.,
Series 98-HF1, Class A1,
6.34%, 1/15/07 ................... 256,428 247,281
Mortgage Capital Funding, Inc.
Series 98-MC1, Class A1,
6.417%, 6/18/07 .................. 76,570 74,161
PNC Mortgage Acceptance Corp.
Series 2000-C1 Class A2
7.61%, 2/15/10 ................... 360,000 360,394
Provident Bank Home Equity Loan
Trust, Series 99-1, Class A2,
6.62%, 7/25/19 ................... 135,088 135,036
Residential Asset Securitization
Trust Series 98-A12, Class A1
48.00%, 11/25/28 ................. 75,000 76,024
-----------
2,088,837
-----------
FINANCIAL SERVICES (4.0%)
Associates Corp. of North America
8.15%, 8/1/09 .................... 290,000 291,315
6.95%, 11/1/18 ................... 40,000 35,189
Bear Stearns Co., Inc.
7.625%, 12/7/09 .................. 105,000 100,375
Capital One Financial Corp.
7.25%, 12/1/03 ................... 15,000 14,646
7.25%, 5/1/06 .................... 25,000 23,513
Commercial Mortgage Asset Trust
6.64%, 9/17/10 ................... 420,000 396,168
Conesco Financial Corp.
10.25%, 6/1/02 ................... 30,000 21,600
Conseco Financing Trust II
8.70%, 11/15/26 .................. 130,000 54,600
Countrywide Home Loan Series E
6.935%, 7/16/07 .................. 75,000 69,822
Dime Capital Trust I Series A,
9.33%, 5/6/27 .................... 165,000 140,753
Finova Capital Corp.
6.25%, 11/1/02 ................... 90,000 78,749
7.25%, 11/8/04 ................... 110,000 97,134
7.40%, 6/1/07 .................... 65,000 53,904
Ford Motor Credit Co.
6.55%, 9/10/02 ................... 10,000 9,826
5.80%, 1/12/09 ................... 265,000 230,547
7.375%, 10/28/09 ................. 190,000 183,829
Goldman Sachs Group, Inc.
Series B,
7.35%, 10/1/09 ................... 145,000 138,983
Green Tree Financial Corp.
Series A,
6.50%, 9/26/02 ................... 55,000 36,300
Heller Financial, Inc.
7.375%, 11/1/09 .................. 285,000 268,201
Household Financial Corp. Series E
5.875%, 2/1/09 ................... 220,000 191,107
KN Capital Trust III
7.63%, 4/15/28 ................... 155,000 129,811
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Merrill Lynch & Co., Inc. Series B,
6.13%, 4/7/03 .................... $ 40,000 $ 38,635
Morgan Stanley Dean Witter Capital I
7.57%, 1/15/10 ................... 25,000 25,004
Newcourt Credit Group
7.125%, 12/17/03 ................. 70,000 68,822
6.875%, 2/16/05 .................. 170,000 162,517
Norwest Corp. Series J,
6.75%, 12/15/27 .................. 40,000 34,814
PaineWebber Group, Inc. Series C,
6.52%, 4/6/05 .................... 60,000 56,963
Principal Financial Group
7.95%, 8/15/04+++ ................ 135,000 135,190
Provident Cos., Inc.
7.405%, 3/15/38 .................. 250,000 184,938
RBF Finance Co.
11.375%, 3/15/09 ................. 260,000 282,100
Salomon, Inc.
6.75%, 2/15/03 ................... 45,000 44,282
Salomon Brothers Mortgage Securities
Series 2000-C1, Class A2,
7.52%, 12/18/09 .................. 105,000 104,591
Sun Life Canada Capital Trust
8.526%, 5/26/49+++ ............... 185,000 162,032
The Money Store, Inc.
8.05%, 4/15/02 ................... 35,000 35,297
-----------
3,901,557
-----------
FOREIGN GOVERNMENT (0.5%)
Ontario Province
5.50%, 10/1/08 ................... 315,000 282,357
Province of Quebec
7.50%, 7/15/02 ................... 50,000 50,203
5.75%, 2/15/09 ................... 185,000 165,658
-----------
498,218
-----------
INSURANCE (0.6%)
American General Finance Corp.
Series D,
5.70%, 2/7/01 .................... 50,000 49,561
8.125%, 3/15/46+++ ............... 310,000 291,647
Hartford Life, Inc.
7.65%, 6/15/27 ................... 15,000 14,221
Intl Game Technology
8.375%, 5/15/09 .................. 30,000 28,350
ITT Corp.
6.75%, 11/15/05 .................. 10,000 9,045
Liberty Mutual Insurance Co.
7.697%, 10/15/69+++ .............. 95,000 72,056
Presidential Life Insurance Co.
7.875%, 2/15/09 .................. 65,000 58,924
Travelers Property & Casualty, Inc.
6.75%, 4/15/01 ................... 50,000 49,850
-----------
573,654
-----------
REAL ESTATE (0.1%)
Avalon Properties, Inc.
6.875%, 12/15/07 ................. 25,000 23,218
EOP Operating L.P.
6.375%, 1/15/02 .................. 35,000 34,177
6.80%, 1/15/09 ................... 25,000 22,847
-----------
80,242
-----------
</TABLE>
182
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------------- -----------------
<S> <C> <C>
U.S. GOVERNMENT (0.5%)
U.S. Treasury Bond
6.125%, 8/15/29 ............... $ 345,000 $ 348,666
U.S. Treasury Notes
6.50%, 2/15/10 ................ 130,000 134,428
-----------
483,094
-----------
U.S. GOVERNMENT AGENCIES (8.6%)
Federal Home Loan Mortgage Corp.
6.00%, 11/1/14 ................ 93,041 88,160
Federal National Mortgage
Association
6.00%, 6/1/14 ................. 165,848 155,626
6.00%, 7/1/14 ................. 94,514 89,408
5.50%, 8/15/14 ................ 262,972 243,494
6.00%, 12/1/14 ................ 191,973 181,602
9.00%, 8/1/26 ................. 101,785 104,806
7.50%, 11/1/29 ................ 550,299 542,386
7.00%, 1/1/30 ................. 1,884,812 1,819,590
7.50%, 3/1/30 ................. 80,001 78,900
7.50%, 4/1/30 ................. 634,576 625,850
7.50%, 5/1/30 ................. 424,706 418,862
TBA:
7.50%, 6/1/30 ................. 40,000 39,400
7.00%, 7/1/30 ................. 1,000,000 964,688
Government National Mortgage
Association
8.50%, 10/15/17 ............... 31,562 32,544
8.50%, 11/15/17 ............... 35,446 36,548
8.00%, 12/15/22 ............... 61,972 62,666
7.00%, 8/15/23 ................ 214,053 208,184
7.00%, 5/15/24 ................ 81,420 79,188
8.00%, 6/15/25 ................ 69,735 70,516
8.00%, 7/15/25 ................ 72,295 73,105
8.00%, 7/15/25 ................ 47,682 48,216
7.00%, 9/15/25 ................ 48,651 47,317
7.00%, 12/15/25 ............... 45,990 44,729
8.00%, 12/15/25 ............... 152,907 154,619
8.00%, 7/15/26 ................ 19,853 20,075
8.00%, 10/15/26 ............... 75,055 75,896
8.00%, 10/15/26 ............... 397,635 402,088
7.00%, 11/15/26 ............... 23,704 23,054
8.00%, 2/15/26 ................ 999,900 1,011,097
7.00%, 7/15/27 ................ 38,376 37,324
8.00%, 7/15/27 ................ 16,527 16,712
7.00%, 9/15/27 ................ 20,269 19,713
7.00%, 11/15/27 ............... 41,018 39,893
7.00%, 11/15/27 ............... 59,228 57,604
8.00%, 11/15/27 ............... 12,245 12,382
7.00%, 2/15/28 ................ 19,545 19,009
7.00%, 3/15/28 ................ 40,348 39,242
7.00%, 4/15/28 ................ 64,911 63,131
7.00%, 5/15/28 ................ 119,727 116,444
TBA:
8.50%, 11/15/17 ............... 81,758 84,301
-----------
8,248,369
-----------
UTILITY--ELECTRIC (0.6%)
Arizona Public Service Co.
6.75%, 11/15/06 ............... 50,000 46,994
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------------- -----------------
<S> <C> <C>
CalEnergy Co., Inc.
7.63%, 10/15/07 ............... $ 60,000 $ 58,647
Cilcorp, Inc.
8.70%, 10/15/09 ............... 90,000 90,699
CMS Energy Corp.
7.00%, 1/15/05 ................ 25,000 23,017
Niagara Mohawk Power, Series G,
7.75%, 10/1/08 ................ 40,000 38,983
Public Service Electric & Gas Co.
8.875%, 6/1/03 ................ 50,000 51,689
Texas Utilities Co.
7.46%, 1/1/15 ................. 40,000 37,611
TXU Eelec Cap V
8.175%, 1/30/37 ............... 200,000 199,727
-----------
547,367
-----------
UTILITY--GAS (0.1%)
Express Pipeline L.P.
7.39%, 12/31/17+++ ............ 19,968 17,956
Louis Dreyfus Natural Gas Corp.
6.875%, 12/1/07 ............... 85,000 76,138
-----------
94,094
-----------
UTILITY--TELEPHONE (0.1%)
GTE Corp.
6.46%, 4/15/08 ................ 65,000 59,922
U.S. West Communications
5.625%, 11/15/08 .............. 40,000 34,335
-----------
94,257
-----------
TOTAL CREDIT SENSITIVE ......... 18,592,850
-----------
DIVERSIFIED (0.4%)
MISCELLANEOUS (0.4%)
Norsk Hydro A/S
6.36%, 1/15/09 ................ 120,000 109,228
Park Place Entertainment
9.375%, 2/15/07 ............... 60,000 60,000
Tyco International Group
Yankee Notes
6.25%, 6/15/03 ................ 200,000 190,372
6.375%, 6/15/05 ............... 90,000 85,009
-----------
TOTAL DIVERSIFIED .............. 444,609
-----------
ENERGY (1.4%)
COAL & GAS PIPELINES (0.4%)
Columbia Gas Systems, Inc.
6.61%, 11/28/02 ............... 65,000 63,952
Maritime & North
7.70%, 11/30/19+++ ............ 75,000 72,736
Sonat, Inc.
7.625%, 7/15/11 ............... 200,000 195,487
-----------
332,175
-----------
OIL--DOMESTIC (0.4%)
Amerada Hess Corp.
7.875%, 10/1/29 ............... 145,000 142,293
Phillips Petroleum
8.75%, 5/25/10 ................ 105,000 110,609
Pride Petroleum Services, Inc.
9.375%, 5/1/07 ................ 30,000 29,925
</TABLE>
183
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- ---------------
<S> <C> <C>
Union Oil Co. of California
7.50%, 2/15/29 ......................... $ 150,000 $ 140,772
-----------
423,599
-----------
OIL--SUPPLIES & CONSTRUCTION (0.4%)
Parker & Parsley
8.25%, 8/15/07 ......................... 20,000 19,469
Petroleum Geo-Services
7.50%, 3/31/07 ......................... 185,000 176,287
Petroleum Geo-Services ASA
7.125%, 3/20/28 ........................ 115,000 95,139
Union Pacific Resources Group, Inc.
7.30%, 4/15/09 ......................... 40,000 38,603
-----------
329,498
-----------
RAILROADS (0.2%)
CSX Corp.
7.95%, 5/1/27 .......................... 120,000 114,012
Norfolk Southern Railway
6.20%, 4/15/09 ......................... 130,000 116,545
-----------
230,557
-----------
TOTAL ENERGY ............................ 1,315,829
-----------
TECHNOLOGY (1.8%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (1.2%)
AT&T Capital Corp. Series F,
6.60%, 5/15/05 ......................... 195,000 183,509
Global Crossing Holdings Ltd.
9.625%, 5/15/08 ........................ 180,000 174,600
Hyperion Telecommunication
Senior Notes
12.25%, 9/1/04 Series B ................ 75,000 75,750
MCI WorldCom, Inc.
6.40%, 8/15/05 ......................... 100,000 95,192
Price Communications Wire
9.125%, 12/15/06 ....................... 90,000 90,900
Sprint Capital Corp.
5.70%, 11/15/03 ........................ 75,000 71,126
6.125%, 11/15/08 ....................... 170,000 151,474
6.90%, 5/1/19 .......................... 50,000 44,381
6.875%, 11/15/28 ....................... 40,000 34,702
TCI Communications, Inc.
8.75%, 8/1/15 .......................... 205,000 221,627
Williams Communications Group, Inc.
10.875%, 10/1/09 ....................... 15,000 14,662
-----------
1,157,923
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- ---------------
<S> <C> <C>
ELECTRONICS (0.3%)
Amkor Technologies, Inc.
9.25%, 5/1/06 .......................... $ 50,000 $ 49,313
Fairchild Semiconductor
10.125%, 3/15/07 ....................... 260,000 262,600
-----------
311,913
-----------
OFFICE EQUIPMENT (0.2%)
IBM Corp.
7.125%, 12/1/96 ........................ 165,000 150,692
-----------
WIRELESS TELECOMMUNICATION
SERVICES (0.1%)
Nextel Communications
9.375%, 11/15/09 ....................... 148,000 141,340
-----------
TOTAL TECHNOLOGY ........................ 1,761,868
-----------
TOTAL LONG-TERM DEBT
SECURITIES (28.9%)
(Cost $29,039,343) ..................... 27,851,273
-----------
SHORT-TERM DEBT
SECURITIES:
REPURCHASE AGREEMENT (8.2%)
Salomon Smith Barney 6.500%,
dated 6/30/00, due 7/3/00, to be
repurchased at $7,924,249,
collateralized by $6,185,000 of U.S.
Treasury Bonds, 8.875% due
8/15/17, valued at $8,107,086. ......... 7,920,000 7,920,000
-----------
TIME DEPOSIT (0.0%)
Chase Nassau
6.26%, 7/3/00 .......................... 577 577
-----------
TOTAL SHORT-TERM DEBT
SECURITIES (8.2%)
(Amortized Cost $7,920,577) ............. 7,920,577
-----------
TOTAL INVESTMENTS (100.9%)
(Cost/Amortized Cost $99,823,561)....... 97,348,724
OTHER ASSETS
LESS LIABILITIES (--0.9%) .............. (824,449)
-----------
NET ASSETS (100%) ........................ $96,524,275
</TABLE>
----------
* Non-income producing.
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These Securities may only be resold to qualified
institutional buyers. At June 30, 2000, these securities amounted to
$1,547,073 or 1.59% of net assets.
++ Illiquid securities: is not actively traded.
Glossary:
ADR--American Depositary Receipt
TBA--Security is subject to delayed delivery
184
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $ 25,052,252
U.S. Government securities ............................. 37,601,794
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 37,277,435
U.S. Government securities ............................. 34,268,053
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for
federal income tax purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 4,855,671
Aggregate gross unrealized depreciation ................ (7,330,508)
------------
Net unrealized depreciation ............................ $ (2,474,837)
============
Federal income tax cost of investments ................. $ 99,823,561
============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$2,743,847 which was secured by collateral valued at
$2,807,660.
See Notes to Financial Statements.
185
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (2.0%)
CHEMICALS (1.0%)
Dow Chemical Co. ....................................................... 75,030 $ 2,264,968
Du Pont (E.I.) de Nemours &
Co. .................................................................. 69,546 3,042,638
------------
5,307,606
------------
CHEMICALS--SPECIALTY (0.3%)
Rohm & Haas Co. ........................................................ 39,500 1,362,750
------------
METALS & MINING (0.4%)
Alcoa, Inc. ............................................................ 82,840 2,402,360
------------
PAPER (0.3%)
Boise Cascade Corp. .................................................... 53,030 1,372,151
------------
TOTAL BASIC MATERIALS ................................................. 10,444,867
------------
BUSINESS SERVICES (2.8%)
PRINTING, PUBLISHING,
BROADCASTING (1.6%)
Adelphia Communications Corp.
Class A* ............................................................. 73,100 3,426,563
Gannett Co., Inc. ...................................................... 22,500 1,345,781
Tribune Co. ............................................................ 104,625 3,661,875
------------
8,434,219
------------
PROFESSIONAL SERVICES (1.2%)
Automatic Data Processing, Inc.......................................... 96,200 5,152,712
Service Corp. International ............................................ 360,580 1,149,349
------------
6,302,061
------------
TOTAL BUSINESS SERVICES ............................................... 14,736,280
------------
CAPITAL GOODS (6.6%)
AEROSPACE (1.1%)
Boeing Co. ............................................................. 80,145 3,351,063
Honeywell International, Inc. .......................................... 37,120 1,250,480
United Technologies Corp. .............................................. 19,840 1,168,080
------------
5,769,623
------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.8%)
Lowe's Cos., Inc. ...................................................... 55,100 2,262,544
Weyerhaeuser Co. ....................................................... 44,425 1,910,275
------------
4,172,819
------------
ELECTRICAL EQUIPMENT (4.3%)
Emerson Electric Co. ................................................... 78,080 4,714,080
General Electric Co. ................................................... 296,100 15,693,300
Rockwell International Corp. ........................................... 74,075 2,333,362
------------
22,740,742
------------
MACHINERY (0.4%)
Caterpillar, Inc. ...................................................... 33,000 1,117,875
W.W. Grainger, Inc. .................................................... 25,315 780,018
------------
1,897,893
------------
TOTAL CAPITAL GOODS ................................................... 34,581,077
------------
CONSUMER CYCLICALS (2.9%)
LEISURE RELATED (0.2%)
Hasbro, Inc. ........................................................... 82,200 1,238,138
------------
PHOTO & OPTICAL (0.7%)
Bausch & Lomb, Inc. .................................................... 46,070 3,564,666
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
RETAIL--GENERAL (2.0%)
CVS Corp. .............................................................. 129,100 $ 5,164,000
Federated Department Stores,
Inc.* ................................................................ 48,705 1,643,794
Sears Roebuck & Co. .................................................... 70,700 2,306,587
Staples, Inc.* ......................................................... 70,000 1,076,250
------------
10,190,631
------------
TOTAL CONSUMER CYCLICALS .............................................. 14,993,435
------------
CONSUMER NON-CYCLICALS (20.7%)
BEVERAGES (3.7%)
Coca-Cola Enterprises, Inc. ............................................ 148,500 2,422,406
Coca-Cola Co. .......................................................... 160,400 9,212,975
PepsiCo, Inc. .......................................................... 174,925 7,773,230
------------
19,408,611
------------
CONTAINERS (0.4%)
Owens-Illinois, Inc.* .................................................. 79,485 928,981
Smurfit-Stone Container Corp.* ......................................... 73,990 952,621
------------
1,881,602
------------
DRUGS (9.4%)
Abbott Laboratories .................................................... 110,130 4,907,668
American Home Products Corp............................................. 96,140 5,648,225
Bristol-Myers Squibb Co. ............................................... 180,730 10,527,522
Merck & Co., Inc. ...................................................... 134,820 10,330,583
Pfizer, Inc. ........................................................... 149,600 7,180,800
Pharmacia Corp.* ....................................................... 138,847 7,176,654
Schering-Plough Corp. .................................................. 67,000 3,383,500
------------
49,154,952
------------
FOODS (1.2%)
General Mills, Inc. .................................................... 79,895 3,055,984
Quaker Oats Co. ........................................................ 42,825 3,217,228
------------
6,273,212
------------
HOSPITAL SUPPLIES & SERVICES (2.5%)
Baxter International, Inc. ............................................. 115,809 8,142,820
Mallinckrodt, Inc. ..................................................... 111,350 4,836,766
------------
12,979,586
------------
SOAPS & TOILETRIES (3.5%)
Johnson & Johnson ...................................................... 139,300 14,191,187
Kimberly Clark Corp. ................................................... 68,135 3,909,246
------------
18,100,433
------------
TOTAL CONSUMER NON-CYCLICALS 107,798,396
------------
CREDIT SENSITIVE (31.6%)
BANKS (9.4%)
Bank of America Corp. .................................................. 131,577 5,657,811
Bank One Corp. ......................................................... 185,639 4,931,036
Charter One Financial, Inc. ............................................ 252,087 5,798,001
Chase Manhattan Corp. .................................................. 53,400 2,459,738
Comerica, Inc. ......................................................... 105,540 4,736,107
First Union Corp. ...................................................... 73,565 1,825,332
FleetBoston Financial Corp. ............................................ 193,989 6,595,626
National City Corp. .................................................... 159,175 2,715,923
PNC Bank Corp. ......................................................... 119,826 5,616,844
Wells Fargo Co. ........................................................ 113,310 4,390,762
Zions Bancorporation ................................................... 96,100 4,410,090
------------
49,137,270
------------
</TABLE>
186
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
FINANCIAL SERVICES (5.3%)
American Express Co. ..................................................... 104,400 $ 5,441,850
Associates First Capital Corp.,
Class A ................................................................ 59,480 1,327,148
Citigroup, Inc. .......................................................... 84,652 5,100,283
Fannie Mae ............................................................... 93,975 4,904,320
J.P. Morgan & Co., Inc. .................................................. 33,683 3,709,340
Merrill Lynch & Co. ...................................................... 35,045 4,030,175
Paine Webber Group, Inc. ................................................. 69,200 3,148,600
------------
27,661,716
------------
INSURANCE (5.0%)
American General Corp. ................................................... 57,464 3,505,304
American International Group,
Inc. ................................................................... 99,900 11,738,250
CIGNA Corp. .............................................................. 67,478 6,309,193
Jefferson-Pilot Corp. .................................................... 29,045 1,639,227
Lincoln National Corp. ................................................... 83,045 3,000,001
------------
26,191,975
------------
UTILITY--ELECTRIC (5.0%)
C P & L Energy, Inc. ..................................................... 79,800 2,548,613
CINergy Corp. ............................................................ 156,720 3,986,565
Dominion Resources, Inc. ................................................. 97,748 4,190,945
Edison International ..................................................... 147,320 3,020,060
Entergy Corp. ............................................................ 184,205 5,008,073
NiSource, Inc. ........................................................... 85,200 1,586,850
Reliant Energy, Inc. ..................................................... 116,900 3,455,856
TXU Corp. ................................................................ 73,675 2,173,413
------------
25,970,375
------------
UTILITY--TELEPHONE (6.9%)
Bell Atlantic Corp. ...................................................... 170,370 8,656,926
GTE Corp. ................................................................ 77,770 4,841,183
SBC Communications, Inc. ................................................. 361,054 15,615,585
Sprint Corp. (Fon Group) ................................................. 132,759 6,770,709
------------
35,884,403
------------
TOTAL CREDIT SENSITIVE .................................................. 164,845,739
------------
DIVERSIFIED (1.8%)
MISCELLANEOUS (1.8%)
Avery Dennison Corp. ..................................................... 16,500 1,107,563
Tyco International Ltd. .................................................. 180,230 8,538,396
------------
TOTAL DIVERSIFIED ....................................................... 9,645,959
------------
ENERGY (9.2%)
COAL & GAS PIPELINES (1.1%)
El Paso Energy Corp. ..................................................... 64,245 3,272,479
Williams Cos., Inc. ...................................................... 64,410 2,685,092
------------
5,957,571
------------
OIL--DOMESTIC (3.3%)
Exxon Mobil Corp. ........................................................ 185,204 14,538,514
Tosco Corp. .............................................................. 95,120 2,693,085
------------
17,231,599
------------
OIL--INTERNATIONAL (3.7%)
BP Amoco plc (ADR) ....................................................... 76,700 4,338,344
Conoco, Inc., Class A .................................................... 118,660 2,610,520
Conoco, Inc., Class B .................................................... 158,000 3,880,875
Royal Dutch Petroleum Co.
(New York Shares) ...................................................... 138,645 8,535,333
------------
19,365,072
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
OIL--SUPPLIES & CONSTRUCTION (0.6%)
Halliburton Co. .......................................................... 33,300 $ 1,571,344
Schlumberger Ltd. ........................................................ 17,370 1,296,236
------------
2,867,580
------------
RAILROADS (0.5%)
Burlington Northern Santa Fe
Corp. .................................................................. 106,158 2,434,999
------------
TOTAL ENERGY ............................................................ 47,856,821
------------
TECHNOLOGY (18.2%)
COMPUTER HARDWARE (2.4%)
Gateway, Inc.* ........................................................... 61,100 3,467,425
Hewlett Packard Co. ...................................................... 74,140 9,258,233
------------
12,725,658
------------
COMPUTER SOFTWARE (2.7%)
BMC Software, Inc.* ...................................................... 66,300 2,418,914
Computer Associates
International, Inc. .................................................... 102,900 5,267,194
Microsoft Corp.* ......................................................... 84,000 6,720,000
------------
14,406,108
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (3.3%)
Alltel Corp. ............................................................. 79,315 4,912,573
Corning, Inc. ............................................................ 9,900 2,671,762
Motorola, Inc. ........................................................... 72,045 2,093,808
Nortel Networks Corp. .................................................... 108,000 7,371,000
------------
17,049,143
------------
ELECTRONICS (3.8%)
Agilent Technologies, Inc.* .............................................. 28,277 2,085,429
Intel Corp. .............................................................. 98,900 13,221,694
Linear Technology Corp. .................................................. 47,000 3,005,062
Seagate Technology, Inc.* ................................................ 26,590 1,462,450
------------
19,774,635
------------
OFFICE EQUIPMENT (4.2%)
Apple Computer, Inc.* .................................................... 41,000 2,147,375
Dell Computer Corp.* ..................................................... 108,800 5,365,200
International Business Machines
Corp. .................................................................. 74,420 8,153,641
Lexmark International Group,
Inc.* .................................................................. 86,200 5,796,950
Parametric Technology Co.* ............................................... 29,300 322,300
------------
21,785,466
------------
OFFICE EQUIPMENT SERVICES (1.3%)
Electronic Data Systems Corp. ............................................ 132,690 5,473,463
NCR Corp.* ............................................................... 30,735 1,196,744
------------
6,670,207
------------
WIRELESS TELECOMMUNICATION
SERVICES (0.5%)
AT&T Wireless Group* ..................................................... 90,600 2,525,475
------------
TOTAL TECHNOLOGY ........................................................ 94,936,692
------------
TOTAL COMMON STOCKS (95.8%)
(Cost $495,119,162)..................................................... 499,839,266
------------
</TABLE>
187
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------- ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (3.5%)
Salomon Smith Barney 6.50%,
dated 6/30/00, due 7/3/00, to be
repurchased at $18,548,041,
collateralized by $14,470,000 of
U.S. Treasury Bonds, 8.875%
due 8/15/17, valued at
$18,966,781......................... $18,538,000 $ 18,538,000
------------
TIME DEPOSIT (0.2%)
Chase Nassau
6.26%, 7/3/00 ...................... 1,000,537 1,000,537
------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
(NOTE 1)
--------------
<S> <C>
TOTAL SHORT-TERM DEBT SECURITIES (3.7%)
(Amortized Cost $19,538,537).......... $ 19,538,537
------------
TOTAL INVESTMENTS (99.5%)
(Cost/Amortized Cost
$514,657,699)...................... 519,377,803
OTHER ASSETS LESS LIABILITIES (0.5%) 2,374,362
------------
NET ASSETS (100%) ...................... $521,752,165
============
</TABLE>
----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $271,723,802
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 286,750,530
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 49,501,069
Aggregate gross unrealized depreciation ......... (44,780,965)
-------------
Net unrealized appreciation ..................... $ 4,720,104
=============
Federal income tax cost of investments .......... $ 514,657,699
=============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$21,870,225 which was secured by collateral valued
at $22,880,300.
See Notes to Financial Statements.
188
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
AUSTRALIA (1.5%)
CSR Ltd. ........................... 66,400 $ 184,010
News Corp., Ltd. (ADR) ............. 92,522 5,042,449
------------
TOTAL AUSTRALIA .................. 5,226,459
------------
CANADA (4.5%)
Bank of Nova Scotia ................ 71,158 1,746,120
BCE, Inc. .......................... 92,265 2,197,060
BCE, Inc. .......................... 23,952 568,487
Nortel Networks Corp. .............. 99,207 6,887,445
Nortel Networks Corporation ........ 14,689 1,019,780
Seagram Ltd. ....................... 24,352 1,412,416
Sun Life Financial Services of
Canada, Inc. ..................... 100,200 1,689,982
Suncor Energy, Inc. ................ 2,800 64,733
Suncor, Inc. ....................... 29,000 670,452
------------
TOTAL CANADA ..................... 16,256,475
------------
JAPAN (14.7%)
Asatsu, Inc. ....................... 9,900 405,719
Eisai Co., Ltd. .................... 49,000 1,569,551
Fuji Television Network, Inc.* ..... 3 46,917
Fujisawa Pharmaceutical Co.,
Ltd. ............................. 15,100 610,288
Fujitsu Ltd. ....................... 204,300 7,063,743
KDD Corp. .......................... 30 3,024
Kyocera Corp. ...................... 22,100 3,745,621
Mitsumi Electric Co., Ltd. ......... 300 11,023
NEC Corp. .......................... 233,133 7,313,890
Nikko Securities Co., Ltd. ......... 632,000 6,251,825
Nintendo Ltd. ...................... 10,300 1,797,127
Nippon Telegraph & Telephone
Corp. ............................ 834 11,078,619
Nippon Television Network
Corp. ............................ 5,460 3,549,296
Nomura Securities Co. .............. 42,000 1,026,803
Rohm Co. ........................... 1,200 350,464
Sharp Corp. ........................ 200 3,533
Shiseido Co., Ltd. ................. 128,000 1,977,672
Sony Corp. ......................... 27,900 2,602,195
Sumitomo Corp. ..................... 140,800 1,582,499
Toshiba Corp. ...................... 184,000 2,074,973
------------
TOTAL JAPAN ...................... 53,064,782
------------
LATIN AMERICA (2.0%)
BRAZIL (0.2%)
Telecomunicacoes de Sao Paulo
S.A. (ADR) ....................... 39,190 725,015
------------
MEXICO (1.8%)
Carso Global Telecom ............... 454,156 1,292,117
Grupo Televisa S.A. (GDR)* ......... 18,901 1,302,988
Telefonos de Mexico S.A.,
Class L (ADR) .................... 66,402 3,793,214
------------
6,388,319
------------
TOTAL LATIN AMERICA .............. 7,113,334
------------
OTHER EUROPEAN COUNTRIES (37.5%)
FRANCE (12.7%)
Aventis S.A. ....................... 98,211 7,161,336
Bouygues S.A. ...................... 6,750 4,506,696
France Telecom S.A. ................ 22,455 3,135,527
Groupe Danone* ..................... 14,696 1,948,365
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Havas Advertising .................. 101,820 $ 2,325,921
Lafarge S.A. ....................... 27,602 2,142,996
Publicis S.A. ...................... 3,472 1,361,062
Sanofi-Synthelabo S.A. ............. 91,579 4,358,659
Societe Television Francaise
(T.F.1) .......................... 43,490 3,028,089
Total Fina S.A., Class B ........... 103,670 15,880,167
------------
45,848,818
------------
GERMANY (2.0%)
Allianz AG ......................... 5,759 2,045,015
Bayerische Motoren Werke
(BMW) AG* ........................ 124,583 3,790,582
Deutsche Lufthansa AG
(Registered) ..................... 55,509 1,294,490
------------
7,130,087
------------
IRELAND (2.0%)
CRH plc ............................ 186,478 3,361,598
Elan Corp. plc (ADR) ............... 30,456 1,475,213
Elan Corp. plc* .................... 54,441 2,536,571
------------
7,373,382
------------
ITALY (2.4%)
Alleanza Assicurazioni ............. 2,700 35,925
Banca Intasa S.p.A. ................ 170,500 762,700
Bulgari S.p.A. ..................... 84,208 1,124,444
ENI S.p.A. (Registered) ............ 736,842 4,251,931
Mediaset S.p.A. .................... 164,328 2,507,771
------------
8,682,771
------------
NETHERLANDS (9.0%)
Akzo Nobel N.V. .................... 98,312 4,172,756
Gucci Group N.V. ................... 38,670 3,663,983
ING Groep N.V. ..................... 143,693 9,703,430
Koninklijke Ahold N.V. ............. 19,900 585,171
Koninklijke Ahold N.V.
(Non-Div) ........................ 47,600 1,399,706
Koninklijke Philips Electronics
N.V. ............................. 225,194 10,610,606
Wolters Kluwer N.V.* ............... 91,159 2,425,829
------------
32,561,481
------------
SPAIN (1.9%)
Banco Bilbao Vizcaya ............... 68,780 1,026,675
Iberdrola S.A. ..................... 80,040 1,030,617
Telefonica de Espana S.A.* ......... 234,425 5,030,867
------------
7,088,159
------------
SWITZERLAND (7.5%)
ABB AG Ltd. ........................ 8,990 1,074,825
Ares-Serono Group, Class B* ........ 5,432 4,523,618
Cie Financiere Richemont,
Class A .......................... 2,118 5,699,963
Clariant AG* ....................... 4,438 1,646,824
Julius Baer Holding AG (Bearer) 797 3,147,786
Nestle S.A. (Registered) ........... 1,891 3,780,611
Swatch Group AG (Bearer) ........... 2,160 2,743,151
Swatch Group AG (Registered) ....... 2,419 630,264
Swiss Reinsurance Co.
(Registered) ..................... 1,900 3,868,410
------------
27,115,452
------------
TOTAL OTHER EUROPEAN
COUNTRIES ..................... 135,800,150
------------
</TABLE>
189
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
SCANDINAVIA (6.8%)
FINLAND (3.2%)
Enso OYJ ........................... 91,928 $ 837,351
Nokia OYJ* ......................... 193,982 9,889,300
Sonera Group OYJ ................... 20,776 946,219
Stora Enso Oyj ..................... 6,713 61,468
------------
11,734,338
------------
SWEDEN (3.6%)
ABB Ltd.* .......................... 2,820 326,466
Investor AB Class B * .............. 297,511 4,060,951
Netcom Systems AB, Class B* ........ 13,639 1,005,776
Sandvik AB ......................... 47,845 1,002,642
SKF AB ............................. 28,750 455,935
Svenska Hadelsbanken, Class A* 79,942 1,159,105
Telefonaktiebolaget LM
Ericsson AB* ..................... 250,249 4,946,585
------------
12,957,460
------------
TOTAL SCANDINAVIA ................ 24,691,798
------------
SOUTHEAST ASIA (7.6%)
HONG KONG (3.0%)
Cheung Kong Holdings Ltd. .......... 377,000 4,171,156
China Telecom (Hong Kong)
Ltd.* ............................ 734,000 6,473,286
Hong Kong & China Gas Co.,
Ltd. ............................. 44,000 49,388
Hong Kong Electric Holdings
Ltd. ............................. 28,000 90,155
------------
10,783,985
------------
KOREA (3.1%)
Korea Electric Power Corp.
(ADR) ............................ 17,100 315,281
Korea Telecom Corp. SP (ADR) 46,571 2,252,872
Pohang Iron & Steel Co., Ltd.
(ADR) ............................ 42,030 1,008,720
Samsung Electronics Co.
(Foreign) ........................ 22,982 7,605,532
------------
11,182,405
------------
SINGAPORE (0.6%)
DBS Group Holdings Ltd. ............ 98,031 1,259,791
Keppel Tat Lee Bank Ltd. ........... 199,000 338,674
Oversea-Chinese Banking Corp
(Foreign) ........................ 84,095 579,294
Singapore Press Holdings Ltd. ...... 4,000 62,518
Venture Manufacturing Ltd. ......... 9,000 91,693
------------
2,331,970
------------
TAIWAN (0.9%)
Hon Hai Precision Industry Co.,
Ltd. (GDR)* ...................... 50,700 1,216,800
Taiwan Semiconductor
Manufacturing Co.* ............... 440,320 2,092,326
------------
3,309,126
------------
TOTAL SOUTHEAST ASIA ............. 27,607,486
------------
UNITED KINGDOM (18.7%)
Aegis Group plc. ................... 405,643 1,193,483
ARM Holdings plc ................... 44,100 472,307
AstraZeneca Group plc .............. 65,791 3,070,253
BOC Group plc ...................... 172,930 2,485,115
BP Amoco plc ....................... 680,399 6,525,375
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Cable & Wireless plc ............... 119,408 $ 2,021,232
Carlton Communications plc ......... 292,905 3,766,156
Diageo plc ......................... 179,165 1,607,165
Emap Plc ........................... 78,246 1,258,195
EMI Group plc ...................... 242,011 2,196,539
Granada Group plc .................. 545,694 5,448,107
Misys plc .......................... 117,305 990,155
Royal Bank of Scotland
Group plc ........................ 147,900 2,474,434
Scottish Power plc ................. 321,356 2,722,244
Shell Transport & Trading Co.,
plc (Registered) ................. 1,286,139 10,729,660
Siebe plc .......................... 301,115 1,129,631
Smiths Industries plc .............. 56,151 730,480
Tesco plc .......................... 672,292 2,089,885
Vodafone AirTouch plc .............. 3,308,208 13,361,543
Williams plc ....................... 121,100 705,273
WPP Group plc ...................... 189,854 2,771,466
------------
TOTAL UNITED KINGDOM ............. 67,748,698
------------
TOTAL COMMON STOCKS (93.3%)
(Cost $294,151,402) .............. 337,509,182
------------------------------------- ------------
PREFERRED STOCK
BRAZIL (0.0%)
Teleps-Telecominicacoes de Sao
Paulo S.A. ....................... 527 10
------------
GERMANY (0.3%)
ProSieben Media AG ................. 9,198 1,096,629
------------
TOTAL PREFERRED STOCKS: (0.3%)
(Cost $806,889) .................. 1,096,639
------------
WARRANTS
UNITED STATES (0.3%)
Korea Electric Power
(Cost $1,080,891)................. 37,500 1,163,625
------------
PRINCIPAL
AMOUNT
------------
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (7.6%)
Warburg Dillon Read 6.580%,
dated 6/30/00, due 7/3/00, to be
repurchased at $27,657,157,
collateralized by $19,279,000 of
U.S. Treasury Bonds, 10.625%,
valued at $28,272,865 ............ $27,642,000 27,642,000
------------
TIME DEPOSIT (0.0%)
Chase Nassau
6.260%, 7/3/00 ................... 858 858
TOTAL SHORT-TERM
DEBT SECURITIES: (7.6%)
(Amortized Cost $27,642,858) ..... 27,642,858
------------
TOTAL INVESTMENTS (101.5%)
(Cost/Amortized Cost
$323,682,040) .................... 367,412,304
OTHER ASSETS
LESS LIABILITIES (-1.5%) ......... (5,513,625)
------------
NET ASSETS (100%) .................. $361,898,679
============
</TABLE>
190
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------
<TABLE>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Common Stocks
Basic Materials .............................. 2.8%
Business Services ............................ 10.7
Capital Goods ................................ 4.1
Consumer Cyclicals ........................... 6.7
Consumer Non-Cyclicals ....................... 13.1
Credit Sensitive ............................. 19.9
Diversified .................................. 2.1
Energy ....................................... 11.3
Technology
Computer Hardware ........................... 2.1
Diversified telecommunications Services ..... 8.2
Electronics ................................. 10.4
Office Equipment Services ................... 0.3
Wireless Telecommunications Services ........ 8.3 29.3
---- -----
100.0%
=====
</TABLE>
----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
--------------------------------------------------------------------------------
At June 30, 2000 the portfolio had outstanding foreign currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL U.S. $
AMOUNT COST ON CURRENT UNREALIZED
(000'S) ORIGINATION DATE VALUE (DEPRECIATION)
--------- ------------------ ----------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 7/06/00 ......... 305 $462,721 $460,842 $ (1,879)
========
</TABLE>
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $238,568,702
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 191,059,016
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 51,282,989
Aggregate gross unrealized depreciation ......... (7,552,725)
------------
Net unrealized appreciation ..................... $ 43,730,264
============
Federal income tax cost of investments .......... $323,682,040
============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$26,558,979 which was secured by collateral of
$27,180,862.
See Notes to Financial Statements.
191
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (0.5%)
CHEMICALS--SPECIALTY (0.5%)
Praxair, Inc. .......................................................... 53,700 $ 2,010,394
------------
BUSINESS SERVICES (9.6%)
PRINTING, PUBLISHING,
BROADCASTING (9.2%)
AT&T Corp.--Liberty Media
Group, Class A* ...................................................... 343,200 8,322,600
Clear Channel Communications,
Inc.* ................................................................ 78,100 5,857,500
Interpublic Group, Inc. ................................................ 94,700 4,072,100
Omnicom Group, Inc. .................................................... 22,000 1,959,375
Time Warner, Inc. ...................................................... 75,800 5,760,800
Viacom, Inc., Class B* ................................................. 205,639 14,022,009
------------
39,994,384
------------
TRUCKING, SHIPPING (0.4%)
United Parcel Service, Inc. Class B 28,400 1,675,600
------------
TOTAL BUSINESS SERVICES ............................................... 41,669,984
------------
CAPITAL GOODS (4.1%)
ELECTRICAL EQUIPMENT (4.1%)
General Electric Co. ................................................... 337,800 17,903,400
------------
CONSUMER CYCLICALS (6.1%)
RETAIL--GENERAL (6.1%)
CVS Corp. .............................................................. 57,700 2,308,000
Home Depot, Inc. ....................................................... 164,000 8,189,750
Kohl's Corp.* .......................................................... 32,000 1,780,000
Target Corp. ........................................................... 60,200 3,491,600
TJX Cos., Inc. ......................................................... 149,000 2,793,750
Wal-Mart Stores, Inc. .................................................. 135,000 7,779,375
------------
TOTAL CONSUMER CYCLICALS .............................................. 26,342,475
------------
CONSUMER NON-CYCLICALS (15.2%)
BEVERAGES (0.4%)
Anheuser-Busch Cos., Inc. .............................................. 25,400 1,897,063
------------
CONTAINERS (0.3%)
Sealed Air Corp.* ...................................................... 27,000 1,414,125
------------
DRUGS (10.2%)
Allergan, Inc. ......................................................... 52,300 3,896,350
American Home Products Corp. ........................................... 65,400 3,842,250
Amgen, Inc.* ........................................................... 80,100 5,627,025
Genentech, Inc.* ....................................................... 22,400 3,852,800
Lilly (Eli) & Co. ...................................................... 28,900 2,886,387
Pfizer, Inc. ........................................................... 265,100 12,724,800
Pharmacia Corp.* ....................................................... 58,900 3,044,394
Schering-Plough Corp. .................................................. 163,000 8,231,500
------------
44,105,506
------------
HOSPITAL SUPPLIES & SERVICES (1.0%)
Baxter International, Inc. ............................................. 31,800 2,235,938
PE Corp--PE Biosystems Group 32,200 2,121,175
------------
4,357,113
------------
RETAIL--FOOD (0.5%)
SYSCO Corp. ............................................................ 47,400 1,996,725
------------
SOAPS & TOILETRIES (2.8%)
Avon Products, Inc. .................................................... 25,300 1,125,850
Colgate Palmolive Co. .................................................. 57,400 3,436,825
Estee Lauder Cos., Class A ............................................. 72,200 3,569,387
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Kimberly Clark Corp. ................................................... 69,200 $ 3,970,350
------------
12,102,412
------------
TOTAL CONSUMER NON-CYCLICALS 65,872,944
------------
CREDIT SENSITIVE (11.6%)
BANKS (2.2%)
Bank of America Corp. .................................................. 28,600 1,229,800
Bank of New York Co., Inc. ............................................. 2,300 106,950
Fifth Third Bancorp .................................................... 53,400 3,377,550
Firstar Corp. .......................................................... 133,500 2,811,844
Northern Trust Corp. ................................................... 17,300 1,125,581
State Street Corp. ..................................................... 1,100 116,669
Zions Bancorporation ................................................... 19,000 871,922
------------
9,640,316
------------
FINANCIAL SERVICES (5.9%)
American Express Co. ................................................... 124,700 6,499,987
Charles Schwab Corp. ................................................... 114,000 3,833,250
Citigroup, Inc. ........................................................ 163,700 9,862,925
Merrill Lynch & Co. .................................................... 19,900 2,288,500
Morgan Stanley Dean Witter &
Co. .................................................................. 33,500 2,788,875
------------
25,273,537
------------
INSURANCE (2.3%)
American International Group,
Inc. ................................................................. 73,500 8,636,250
CIGNA Corp. ............................................................ 15,500 1,449,250
------------
10,085,500
------------
UTILITY--TELEPHONE (1.2%)
Sprint Corp. (Fon Group) ............................................... 96,900 4,941,900
------------
TOTAL CREDIT SENSITIVE ................................................ 49,941,253
------------
DIVERSIFIED (3.9%)
MISCELLANEOUS (3.9%)
Avery Dennison Corp. ................................................... 30,800 2,067,450
Tyco International Ltd. ................................................ 313,100 14,833,112
------------
TOTAL DIVERSIFIED ..................................................... 16,900,562
------------
ENERGY (5.6%)
COAL & GAS PIPELINES (1.5%)
Enron Corp. ............................................................ 103,900 6,701,550
------------
OIL--DOMESTIC (1.4%)
Exxon Mobil Corp. ...................................................... 75,800 5,950,300
------------
OIL--INTERNATIONAL (1.6%)
Conoco, Inc., Class A .................................................. 140,300 3,086,600
Royal Dutch Petroleum Co.
(New York Shares) .................................................... 63,400 3,903,062
------------
6,989,662
------------
OIL--SUPPLIES & CONSTRUCTION (1.1%)
Anadarko Petroleum Corp. ............................................... 46,400 2,288,100
Apache Corp. ........................................................... 40,700 2,393,669
------------
4,681,769
------------
TOTAL ENERGY .......................................................... 24,323,281
------------
TECHNOLOGY (41.3%)
COMPUTER HARDWARE (6.2%)
Cisco Systems, Inc.* ................................................... 239,900 15,248,644
Hewlett Packard Co. .................................................... 38,300 4,782,712
Sun Microsystems, Inc.* ................................................ 74,000 6,729,375
------------
26,760,731
------------
</TABLE>
192
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- ---------------
<S> <C> <C>
COMPUTER SOFTWARE (7.9%)
America Online, Inc.* .............. 63,500 $ 3,349,625
BEA Systems, Inc.* ................. 31,300 1,547,394
i2 Technologies, Inc.* ............. 21,500 2,241,711
Microsoft Corp.* ................... 146,600 11,728,000
Oracle Corp.* ...................... 66,400 5,581,750
Siebel Systems, Inc.* .............. 16,200 2,649,712
VERITAS Software Corp.* ............ 47,900 5,413,449
Yahoo!, Inc.* ...................... 13,400 1,659,925
------------
34,171,566
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (7.5%)
Alltel Corp. ....................... 51,200 3,171,200
Brocade Communications System 17,400 3,192,628
Comverse Technology, Inc.* ......... 29,000 2,697,000
Corning, Inc. ...................... 18,200 4,911,725
EchoStar Communications Corp.,
Class A* ......................... 30,900 1,023,080
General Motors Corp., Class H* ..... 23,500 2,062,125
Nortel Networks Corp. .............. 141,300 9,643,725
Tellabs, Inc.* ..................... 45,100 3,086,531
VoiceStream Wireless Corp.* ........ 24,797 2,883,814
------------
32,671,828
------------
ELECTRONICS (12.6%)
Applied Material, Inc.* ............ 65,900 5,972,188
Broadcom Corp., Ltd.* .............. 9,100 1,992,331
Intel Corp. ........................ 111,000 14,839,312
JDS Uniphase Corp.* ................ 51,500 6,173,562
Linear Technology Corp. ............ 58,000 3,708,375
LSI Logic Corp.* ................... 40,300 2,181,238
RadioShack Corp.* .................. 77,300 3,662,088
SCI Systems, Inc.* ................. 52,100 2,041,669
Teradyne, Inc.* .................... 41,300 3,035,550
Texas Instruments, Inc. ............ 95,000 6,525,312
Xilinx, Inc.* ...................... 52,500 4,334,531
------------
54,466,156
------------
OFFICE EQUIPMENT (2.6%)
Apple Computer, Inc.* .............. 73,600 3,854,800
EMC Corp.* ......................... 94,500 7,270,594
------------
11,125,394
------------
WIRELESS TELECOMMUNICATION SERVICES (4.5%)
Nextel Communications, Inc.,
Class A* ......................... 89,200 5,457,925
Nokia OYJ (ADR) .................... 122,800 6,132,325
Sprint Corp. (PCS Group)* .......... 69,900 4,159,050
Vodafone AirTouch plc (ADR) ........ 91,300 3,783,244
------------
19,532,544
------------
TOTAL TECHNOLOGY .................. 178,728,219
------------
TOTAL COMMON STOCKS (97.9%)
(Cost $338,052,872) .............. 423,692,512
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------- ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (2.7%)
Salomon Smith Barney 6.50%,
dated 6/30/00, due 7/3/00, to be
repurchased at $11,446,197,
collateralized by $8,930,000 of
U.S. Treasury Bonds, 8.878%,
valued at $11,705,139 ................................................ $11,440,000 $ 11,440,000
------------
TIME DEPOSITS (0.0%)
Chase Nassau
6.260%, 7/3/00 ....................................................... 972 972
------------
TOTAL SHORT-TERM DEBT
SECURITIES: (2.7%)
(Amortized Cost $11,440,972) .......................................... 11,440,972
------------
TOTAL INVESTMENTS (100.6%)
(Cost/Amortized Cost
$349,493,844) ........................................................ 435,133,484
OTHER ASSETS
LESS LIABILITIES (--0.6%) ............................................. (2,497,111)
------------
NET ASSETS (100%) ...................................................... $432,636,373
============
</TABLE>
---------------------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
193
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $178,526,766
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 120,929,701
</TABLE>
As of June 30, 2000 the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 99,881,724
Aggregate gross unrealized depreciation ......... (14,242,084)
-------------
Net unrealized appreciation ..................... $ 85,639,640
=============
Federal income tax cost of investments .......... $ 349,493,844
=============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$19,191,039 which was secured by collateral of
$19,434,500.
See Notes to Financial Statements.
194
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (7.6%)
CHEMICALS (3.0%)
Dow Chemical Co. ....................................................... 35,700 $ 1,077,694
Du Pont (E.I.)
de Nemours & Co. ..................................................... 55,400 2,423,750
Great Lakes Chemical Corp. ............................................. 54,700 1,723,050
Hercules, Inc. ......................................................... 90,400 1,271,250
Imperial Chemical Industries plc
(ADR) ................................................................ 24,500 754,906
------------
7,250,650
------------
CHEMICALS--SPECIALTY (0.4%)
PPG Industries, Inc. ................................................... 21,300 943,856
------------
METALS & MINING (2.0%)
Minnesota Mining &
Manufacturing Co. .................................................... 37,000 3,052,500
Newmont Mining Corp. ................................................... 43,500 940,688
Phelps Dodge Corp. ..................................................... 23,900 888,781
------------
4,881,969
------------
PAPER (2.2%)
Consolidated Papers, Inc. .............................................. 6,100 223,031
Fort James Corp. ....................................................... 104,000 2,405,000
International Paper Co. ................................................ 91,721 2,734,433
------------
5,362,464
------------
TOTAL BASIC MATERIALS ................................................ 18,438,939
------------
BUSINESS SERVICES (4.4%)
ENVIRONMENTAL CONTROL (1.7%)
Pall Corp. ............................................................. 101,400 1,875,900
Waste Management, Inc. ................................................. 111,634 2,121,046
------------
3,996,946
------------
PRINTING, PUBLISHING,
BROADCASTING (2.7%)
Donnelley (R.R.) & Sons Co. ............................................ 56,600 1,277,037
Dow Jones & Co., Inc. .................................................. 18,200 1,333,150
Knight Ridder, Inc. .................................................... 45,700 2,430,669
Reader's Digest Association, Inc.,
Class A (Non-Voting) ................................................. 37,700 1,498,575
------------
6,539,431
------------
TOTAL BUSINESS SERVICES .............................................. 10,536,377
------------
CAPITAL GOODS (4.7%)
AEROSPACE (1.7%)
Boeing Co. ............................................................. 24,500 1,024,406
Lockheed Martin Corp. .................................................. 125,300 3,109,006
------------
4,133,412
------------
BUILDING & CONSTRUCTION (0.3%)
Armstrong Holdings, Inc. ............................................... 41,400 633,938
------------
BUILDING MATERIALS &
FOREST PRODUCTS (0.6%)
Stanley Works .......................................................... 66,200 1,572,250
------------
ELECTRICAL EQUIPMENT (2.1%)
Cooper Industries, Inc. ................................................ 14,700 478,669
Eaton Corp. ............................................................ 19,400 1,299,800
Hubbell, Inc., Class B ................................................. 65,600 1,672,800
Rockwell International Corp. ........................................... 48,700 1,534,050
------------
4,985,319
------------
TOTAL CAPITAL GOODS .................................................. 11,324,919
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
CONSUMER CYCLICALS (7.9%)
AUTO RELATED (0.8%)
Dana Corp. ............................................................. 21,900 $ 464,006
Genuine Parts Co. ...................................................... 73,700 1,474,000
------------
1,938,006
------------
FOOD SERVICES, LODGING (1.8%)
Hilton Hotels Corp. .................................................... 153,100 1,435,312
Starwood Hotels & Resorts
Worldwide, Inc. ...................................................... 92,297 2,982,347
------------
4,417,659
------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.6%)
Fortune Brands, Inc. ................................................... 61,100 1,409,119
------------
LEISURE RELATED (1.6%)
Hasbro, Inc. ........................................................... 67,900 1,022,744
Walt Disney Co. ........................................................ 73,300 2,844,956
------------
3,867,700
------------
PHOTO & OPTICAL (1.2%)
Eastman Kodak Co. ...................................................... 50,200 2,986,900
------------
RETAIL--GENERAL (1.9%)
May Department Stores Co. .............................................. 46,950 1,126,800
Penny (J.C.), Inc. ..................................................... 44,700 824,156
Toys-R-Us, Inc.* ....................................................... 177,800 2,589,213
------------
4,540,169
------------
TOTAL CONSUMER CYCLICALS .............................................. 19,159,553
------------
CONSUMER NON-CYCLICALS (18.7%)
BEVERAGES (1.5%)
Anheuser-Busch Cos., Inc. .............................................. 19,600 1,463,875
Brown-Forman Corp., Class B ............................................ 38,100 2,047,875
------------
3,511,750
------------
CONTAINERS (0.2%)
Tupperware Corp. ....................................................... 26,000 572,000
------------
DRUGS (5.1%)
Abbott Laboratories .................................................... 53,900 2,401,919
American Home Products Corp. ........................................... 76,800 4,512,000
Merck & Co., Inc. ...................................................... 19,300 1,478,863
Pharmacia Corp.* ....................................................... 73,350 3,791,278
------------
12,184,060
------------
FOODS (6.6%)
Campbell Soup Co. ...................................................... 58,500 1,703,813
General Mills, Inc. .................................................... 117,700 4,502,025
H.J. Heinz Co. ......................................................... 73,400 3,211,250
Hershey Foods Corp. .................................................... 68,200 3,320,487
Kellogg Co. ............................................................ 35,600 1,059,100
McCormick & Co., Inc.
(Non Voting) ......................................................... 69,000 2,242,500
------------
16,039,175
------------
HOSPITAL SUPPLIES & SERVICES (0.5%)
Becton, Dickinson and Co. .............................................. 42,800 1,227,825
------------
SOAPS & TOILETRIES (3.4%)
Gillette Co. ........................................................... 31,500 1,100,531
International Flavors &
Fragrances, Inc. ..................................................... 78,100 2,357,644
Kimberly Clark Corp. ................................................... 58,400 3,350,700
Procter & Gamble Co. ................................................... 25,400 1,454,150
------------
8,263,025
------------
</TABLE>
195
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
TOBACCO (1.4%)
Philip Morris Cos., Inc. ............................................... 76,300 $ 2,026,719
UST, Inc. .............................................................. 94,300 1,385,031
-----------
3,411,750
-----------
TOTAL CONSUMER NON-CYCLICALS 45,209,585
-----------
CREDIT SENSITIVE (31.1%)
BANKS (5.6%)
Bank of America Corp. .................................................. 31,800 1,367,400
Bank One Corp. ......................................................... 89,250 2,370,703
Firstar Corp. .......................................................... 51,300 1,080,506
FleetBoston Financial Corp. ............................................ 106,806 3,631,404
KeyCorp ................................................................ 29,200 514,650
Mercantile Bankshares Corp. ............................................ 52,350 1,560,684
National City Corp. .................................................... 47,800 815,588
Wells Fargo Co. ........................................................ 57,000 2,208,750
-----------
13,549,685
-----------
FINANCIAL SERVICES (7.1%)
Citigroup, Inc. ........................................................ 50,700 3,054,675
Dun & Bradstreet Corp. ................................................. 56,400 1,614,450
Fannie Mae ............................................................. 53,900 2,812,906
H&R Block, Inc. ........................................................ 39,900 1,291,763
J.P. Morgan & Co., Inc. ................................................ 23,800 2,620,975
Mellon Financial Corp. ................................................. 156,000 5,684,250
-----------
17,079,019
-----------
INSURANCE (5.1%)
American General Corp. ................................................. 47,600 2,903,600
Chubb Corp. ............................................................ 36,100 2,220,150
Lincoln National Corp. ................................................. 41,600 1,502,800
Safeco Corp. ........................................................... 66,300 1,317,712
St. Paul Cos. .......................................................... 72,966 2,489,965
UnumProvident Corp. .................................................... 98,700 1,980,169
-----------
12,414,396
-----------
REAL ESTATE (1.4%)
Rouse Co. .............................................................. 60,300 1,492,425
Simon Property Group, Inc. ............................................. 88,400 1,961,375
-----------
3,453,800
-----------
UTILITY--ELECTRIC (5.3%)
Duke Energy Corp. ...................................................... 45,800 2,581,975
Entergy Corp. .......................................................... 35,400 962,437
FirstEnergy Corp. ...................................................... 76,070 1,778,136
Niagara Mohawk Holdings, Inc.*.......................................... 61,100 851,581
Reliant Energy, Inc. ................................................... 48,300 1,427,869
ScottishPower plc (ADR) ................................................ 31,286 1,046,126
Southern Co. ........................................................... 84,800 1,976,900
Unicom Corp. ........................................................... 53,100 2,054,306
-----------
12,679,330
-----------
UTILITY--TELEPHONE (6.6%)
AT&T Corp. ............................................................. 42,200 1,334,575
Bell Atlantic Corp. .................................................... 57,400 2,916,638
BellSouth Corp. ........................................................ 36,000 1,534,500
GTE Corp. .............................................................. 66,100 4,114,725
SBC Communications, Inc. ............................................... 113,781 4,921,028
U.S. WEST, Inc. ........................................................ 12,300 1,054,725
-----------
15,876,191
-----------
TOTAL CREDIT SENSITIVE ............................................... 75,052,421
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
DIVERSIFIED (0.4%)
MISCELLANEOUS (0.4%)
Unilever N.V. .......................................................... 23,400 $ 1,072,422
-----------
ENERGY (15.3%)
OIL--DOMESTIC (4.2%)
Chevron Corp. .......................................................... 44,800 3,799,600
Exxon Mobil Corp. ...................................................... 80,469 6,316,817
-----------
10,116,417
-----------
OIL--INTERNATIONAL (7.3%)
Amerada Hess Corp. ..................................................... 36,700 2,266,225
BP Amoco plc (ADR) ..................................................... 124,356 7,033,886
Royal Dutch Petroleum Co.
(New York Shares) .................................................... 57,700 3,552,156
Texaco, Inc. ........................................................... 64,700 3,445,275
USX-Marathon Group, Inc. ............................................... 56,300 1,411,019
-----------
17,708,561
-----------
OIL--SUPPLIES & CONSTRUCTION (2.0%)
Baker Hughes, Inc. ..................................................... 61,900 1,980,800
Unocal Corp. ........................................................... 82,400 2,729,500
-----------
4,710,300
-----------
RAILROADS (1.8%)
Norfolk Southern Corp. ................................................. 122,200 1,817,725
Union Pacific Corp. .................................................... 66,400 2,469,250
-----------
4,286,975
-----------
TOTAL ENERGY ......................................................... 36,822,253
-----------
TECHNOLOGY (4.8%)
COMPUTER SOFTWARE (1.2%)
BMC Software, Inc.* .................................................... 24,500 893,867
Microsoft Corp.* ....................................................... 26,700 2,136,000
-----------
3,029,867
-----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (1.8%)
Alltel Corp. ........................................................... 54,900 3,400,368
Motorola, Inc. ......................................................... 30,300 880,594
-----------
4,280,962
-----------
OFFICE EQUIPMENT (1.3%)
Compaq Computer Corp. .................................................. 47,100 1,203,994
Xerox Corp. ............................................................ 88,700 1,840,525
-----------
3,044,519
-----------
OFFICE EQUIPMENT SERVICES (0.2%)
Unisys Corp.* .......................................................... 33,600 489,300
-----------
WIRELESS TELECOMMUNICATION
SERVICES (0.3%)
Vodafone AirTouch plc (ADR) ............................................ 18,100 750,019
-----------
TOTAL TECHNOLOGY ...................................................... 11,594,667
-----------
TOTAL COMMON STOCKS (94.9%)
(Cost $251,644,423)................................................... 229,211,136
-----------
</TABLE>
196
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (4.7%)
CAFCO
8/4/00+++ ................. $3,000,000 $ 2,981,300
Dover Corp.
7/11/00+++ ................ 2,811,000 2,805,792
Park Avenue Receivables Corp.
7/7/00+++ ................. 3,480,000 3,476,212
UBS Finance Corp.
7/3/00 .................... 2,067,000 2,066,196
------------
11,329,500
------------
</TABLE>
<TABLE>
<CAPTION>
VALUE
(NOTE 1)
---------------
<S> <C>
TOTAL SHORT-TERM DEBT SECURITIES (4.7%)
(Amortized Cost $11,329,500)........... $ 11,329,500
------------
TOTAL INVESTMENTS (99.6%)
(Cost/Amortized Cost
$262,973,923)......................... $240,540,636
OTHER ASSETS
LESS LIABILITIES (0.4%) .............. 987,487
------------
NET ASSETS (100%) ...................... $241,528,123
============
</TABLE>
----------
* Non-income producing.
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These Securities may only be resold to qualified
institutional buyers. At June 30, 2000, these securities amounted to
$9,263,305 or 3.84% of net assets.
++ Illiquid security: is not actively traded.
Glossary:
ADR--American Depositary Receipt
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $37,402,223
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 61,348,424
</TABLE>
As of June 30, 2000 the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 13,816,699
Aggregate gross unrealized depreciation ......... (36,249,986)
-------------
Net unrealized deppreciation .................... $ (22,433,287)
=============
Federal income tax cost of investments .......... $ 262,973,923
=============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$16,645,694 which was secured by collateral of
$17,368,618.
For the period from January 1, 2000 to June 30, 2000, the Portfolio incurred
approximately $3,061 as brokerage commissions with Donaldson, Lufkin & Jenrette
Securities Corp., an affiliated broker/dealer.
See Notes to Financial Statements.
197
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
AUSTRALIA & NEW ZEALAND (1.9%)
AUSTRALIA (1.8%)
Brambles Industries Ltd. ........... 23,000 $ 705,190
Commonwealth Bank of
Australia ........................ 36,048 596,157
Lend Lease Corp. ................... 22,296 283,744
News Corp., Ltd. ................... 103,184 1,417,414
Publishing & Broadcasting Ltd. ..... 74,000 567,925
Tabcorp Holdings Ltd. .............. 42,000 240,811
Telstra Corp., Ltd. ................ 138,305 560,046
Telstra Corp., Ltd. (INS RECP)* 22,000 49,930
------------
4,421,217
------------
NEW ZEALAND (0.1%)
Telecom Corp. of New Zealand ....... 95,000 332,041
------------
TOTAL AUSTRALIA & NEW
ZEALAND ....................... 4,753,258
------------
CANADA (1.1%)
Alcan Aluminum Ltd. ................ 6,620 205,854
Celestica, Inc.* ................... 25,712 1,275,958
Nortel Networks Corp. .............. 13,760 955,284
Royal Bank of Canada ............... 3,600 184,344
------------
TOTAL CANADA ...................... 2,621,440
------------
JAPAN (19.0%)
Bridgestone Corp. .................. 13,000 274,954
Canon, Inc. ........................ 69,000 3,432,286
DDI Corp. .......................... 38 365,161
East Japan Railway Co. ............. 44 255,349
Fanuc .............................. 8,300 843,723
Fuji Bank Ltd. ..................... 201,000 1,526,271
Fuji Television Network, Inc.* ..... 86 1,344,953
Fujitsu, Ltd. ...................... 45,000 1,555,891
Hitachi Ltd. ....................... 26,000 374,770
Ito-Yokado Co., Ltd. ............... 7,000 420,745
Kao Corp. .......................... 12,000 366,291
Kokuyo ............................. 17,000 278,515
Komori Corp. ....................... 5,000 87,333
Kyocera Corp. ...................... 17,000 2,881,247
Makita Corp. ....................... 23,000 219,068
Marui Co., Ltd. .................... 39,000 745,867
Matsushita Electric Industrial
Co., Ltd. ........................ 80,000 2,072,637
Mitsui Fudosan Co., Ltd. ........... 106,000 1,148,429
Murata Manufacturing Co., Ltd. ..... 21,000 3,011,164
NEC Corp. .......................... 98,000 3,074,474
Nippon Telegraph & Telephone
Corp. ............................ 256 3,400,631
Nomura Securities Co. .............. 87,000 2,126,949
NTT Mobile Communications
Network, Inc. .................... 87 2,352,348
Sankyo Co. ......................... 24,000 541,523
Seven-Eleven Japan Co. Ltd. ........ 15,000 1,253,474
Shin-Etsu Chemical Co., Ltd. ....... 15,000 760,281
Shiseido Co., Ltd. ................. 31,000 478,967
Softbank Corp. ..................... 6,000 813,981
Sony Corp. ......................... 30,900 2,882,001
Sumitomo Bank Ltd. ................. 120,000 1,469,688
Sumitomo Corp. ..................... 58,000 651,882
Sumitomo Electric Industries ....... 18,000 308,295
TDK Corp. .......................... 6,000 861,463
Toshiba Corp. ...................... 224,000 2,526,054
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Yamanouchi Pharmaceutical Co.
Ltd. ............................. 29,000 $ 1,581,893
------------
TOTAL JAPAN ....................... 46,288,558
------------
LATIN AMERICA (2.9%)
ARGENTINA (0.1%)
Telefonica de Argentina (ADR) ...... 10,280 326,390
------------
BRAZIL (0.4%)
Embratel Participacoes S.A.
(ADR) ............................ 10,000 236,250
Telecomunicacoes de Sao Paulo
S.A. (ADR) ....................... 25,020 462,870
Telesudeste Celular Participacoes
S.A. (ADR) ....................... 5,004 152,622
Unibanco S.A. (GDR) ................ 7,019 201,796
------------
1,053,538
------------
MEXICO (2.4%)
Fomento Economico Mexicano
S.A.* ............................ 134,000 571,864
Grupo Iusacell S.A de C.V.* ........ 17,000 265,625
Grupo Televisa ..................... 27,700 1,909,569
Grupo Televisa S.A. (GDR)* ......... 6,500 448,094
Telefonos de Mexico, Class L
(ADR) ............................ 15,000 856,875
Telefonos de Mexico S.A.,
Class L (ADR) .................... 30,000 1,713,750
------------
5,765,777
------------
TOTAL LATIN AMERICA ............... 7,145,705
------------
OTHER EUROPEAN COUNTRIES (34.9%)
BELGIUM (0.6%)
Dexia .............................. 3,635 535,660
Fortis (B) ......................... 25,550 742,784
UCB S.A. ........................... 2,460 90,287
------------
1,368,731
------------
FRANCE (10.8%)
Alcatel S.A. ....................... 45,300 2,968,324
Altran Technologies SA ............. 1,610 314,955
Aventis S.A. ....................... 30,781 2,244,485
Aventis S.A.* ...................... 3,375 242,396
Banque Nationale de Paris* ......... 22,050 2,119,950
Canal Plus* ........................ 1,200 201,442
Cap Gemini S.A. .................... 4,200 739,098
Carrefour S.A. ..................... 3,312 226,183
Compagnie de Saint Gobain .......... 4,290 579,398
Groupe Danone* ..................... 1,180 156,442
Hermes International* .............. 2,710 365,748
L'Oreal ............................ 270 233,576
Lafarge S.A. ....................... 1,243 96,505
Legrand ............................ 3,680 824,845
LVMH (Louis Vuitton Moet
Hennessy) ........................ 1,412 581,667
Sanofi-Synthelabo S.A. ............. 33,022 1,571,666
Schneider S.A. ..................... 3,559 247,803
Societe Generale Paris* ............ 6,660 400,195
Societe Television Francaise
(T.F.1) .......................... 49,800 3,467,437
Sodexho ............................ 1,568 284,155
STMicroelectronics N.V.* ........... 15,774 992,984
Total Fina S.A., Class B ........... 24,647 3,775,427
Vivendi* ........................... 41,833 3,688,776
------------
26,323,457
------------
</TABLE>
198
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
GERMANY (4.5%)
Allianz AG ............................ 3,610 $ 1,281,908
Bayer AG .............................. 6,362 243,329
Bayerische Vereinsbank AG ............. 23,588 1,541,126
Deutsche Bank AG
(Registered)* ....................... 18,461 1,541,586
Deutsche Telekom AG ................... 20,547 1,183,700
E.On AG ............................... 15,630 752,847
Gehe AG ............................... 9,470 307,104
Infineon Technologies AG
(ADR) ............................... 15,882 1,293,658
Rhoen-Kilnikum AG ..................... 6,540 255,751
SAP AG ................................ 13,680 2,066,796
Siemens AG* ........................... 2,509 375,235
------------
10,843,040
------------
IRELAND (0.2%)
SmartForce Plc ........................ 12,244 587,712
------------
ITALY (5.5%)
Alleanza Assicurazioni ................ 64,000 851,551
Banca Intasa S.p.A. ................... 465,425 2,081,991
Bipop-Carire S.p.A .................... 140,000 1,100,301
ENI S.p.A. (Registered) ............... 201,683 1,163,807
Istituto Bancario San Paolo S.p.A. 8,800 156,034
Mediaset S.p.A. ....................... 18,000 274,694
Mediolanum S.p.A. ..................... 57,000 926,405
Tecnost SpA* .......................... 98,800 372,229
Telecom Italia Mobile S.p.A. .......... 314,000 3,204,571
Telecom Italia S.p.A. ................. 152,665 2,096,807
UniCredito Italiano ................... 233,205 1,114,377
------------
13,342,767
------------
LUXEMBOURG (0.1%)
Societe Europeenne des
Satellites .......................... 1,140 191,370
------------
NETHERLANDS (6.3%)
ABN-Amro Holdings N.V. ................ 10,110 247,437
Akzo Nobel N.V. ....................... 2,220 94,226
ASM Lithography Holding N.V. * . 40,680 1,746,799
CSM* .................................. 12,110 237,940
Equant N.V.* .......................... 7,020 284,967
FORTIS (NL) N.V. ...................... 38,140 1,109,161
ING Groep N.V. ........................ 43,960 2,968,570
Koninklijke Philips Electronics
N.V. ................................ 61,474 2,896,509
KPN N.V.* ............................. 14,760 659,557
Royal Dutch Petroleum Co. ............. 24,020 1,491,456
TNT Post Group N.V. ................... 2,100 56,584
United Pan-Europe
Communications N.V.* ................ 16,560 432,622
VNU N.V. .............................. 47,990 2,476,307
Wolters Kluwer N.V.* .................. 26,843 714,318
------------
15,416,453
------------
PORTUGAL (0.1%)
Jeronimo Martins & Filho .............. 14,253 234,641
------------
SPAIN (2.9%)
Banco Bilbao Vizcaya .................. 105,944 1,581,420
Banco Santander Central
Hispano S.A. ........................ 130,602 1,376,476
Endesa S.A. ........................... 58,746 1,136,885
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Repsol S.A. ........................... 28,179 $ 560,387
Telefonica de Espana S.A.* ............ 114,042 2,447,393
------------
7,102,561
------------
SWITZERLAND (3.9%)
ABB AG Ltd. ........................... 8,064 964,105
Adecco S.A. (Registered)* ............. 3,150 2,673,382
Credit Suisse Group ................... 4,790 951,782
Nestle S.A. (Registered) .............. 1,240 2,479,088
Roche Holding AG ...................... 74 719,564
Swisscom AG (Registered) .............. 620 214,500
UBS AG* ............................... 10,638 1,556,844
------------
9,559,265
------------
TOTAL OTHER EUROPEAN
COUNTRIES ........................ 84,969,997
------------
SCANDINAVIA (6.4%)
DENMARK (0.1%)
Tele Danmark A/S* ..................... 4,790 322,064
------------
FINLAND (2.8%)
Nokia OYJ* ............................ 136,210 6,944,054
------------
NORWAY (0.2%)
Orkla ASA, Class A .................... 25,320 480,657
------------
SWEDEN (3.3%)
ABB Ltd.* ............................. 4,803 556,034
Atlas Copco AB, Class B ............... 5,690 106,349
Electrolux AB, Class B ................ 23,280 359,959
Hennes & Mauritz AB, Class B* 37,850 788,899
Nordbanken AB ......................... 147,099 1,108,075
Nordic Baltic Holding AB .............. 19,183 139,769
Sandvik AB ............................ 6,850 143,549
Securitas AB, Class B* ................ 80,098 1,696,684
Telefonaktiebolaget LM Ericsson
AB* ................................. 154,550 3,054,936
------------
7,954,254
------------
TOTAL SCANDINAVIA .................... 15,701,029
------------
SOUTHEAST ASIA (6.3%)
HONG KONG (3.6%)
Cheung Kong Holdings Ltd. ............. 109,000 1,205,984
China Telecom (Hong Kong)
Ltd.* ............................... 256,000 2,257,713
China Unicom* ......................... 356,000 755,795
Dao Heng Bank Group Ltd. .............. 96,000 424,860
Henderson Land Development
Co., Ltd. ........................... 92,000 404,798
Hong Kong Telecommunications
Ltd. ................................ 174,200 383,238
HSBC Holdings plc ..................... 50,800 579,976
Hutchison Whampoa Ltd. ................ 154,600 1,943,532
Pacific Century CyberWorks Ltd. 398,000 786,248
Sun Hung Kai Properties Ltd. .......... 26,000 186,774
------------
8,928,918
------------
KOREA (1.4%)
Korea Telecom Corp. SP (ADR) 17,300 836,887
Pohang Iron & Steel Co., Ltd. ......... 5,430 130,320
Samsung Electronics Co.
(Foreign) ........................... 7,498 2,481,345
------------
3,448,552
------------
</TABLE>
199
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ ---------------
<S> <C> <C>
SINGAPORE (0.4%)
United Overseas Bank Ltd. ............ 135,992 $ 889,557
------------
TAIWAN (0.9%)
Hon Hai Precision Industry Co.,
Ltd.* .............................. 101,000 913,849
Taiwan Semiconductor
Manufacturing Co.* ................. 260,080 1,235,856
------------
2,149,705
------------
TOTAL SOUTHEAST ASIA ................ 15,416,732
------------
SOUTHERN CENTRAL ASIA (1.1%)
INDIA (1.1%)
Global Tele-Systems Limited .......... 16,000 480,896
Hindustan Lever Ltd. ................. 15,000 952,861
ICICI Ltd ............................ 110,000 309,059
ICICI Ltd (ADR)* ..................... 25,157 471,694
Mahanagar Telephone Nigam
(Dematerialized) ................... 97,000 466,100
------------
TOTAL SOUTHERN CENTRAL ASIA ......... 2,680,610
------------
UNITED KINGDOM (17.8%)
Abbey National plc ................... 26,000 310,708
AstraZeneca Group plc ................ 39,168 1,827,844
Baltimore Technologies Plc ........... 70,000 529,445
BG Group plc* ........................ 21,133 136,503
BG plc ............................... 4,892 31,599
BP Amoco plc ......................... 111,000 1,064,547
Cable & Wireless plc ................. 185,200 3,134,900
Cadbury Schweppes plc ................ 89,800 589,547
Celltech Group plc ................... 31,000 600,239
Centrica plc ......................... 54,800 182,785
Compass Group plc .................... 175,000 2,304,408
David S. Smith Holdings plc .......... 39,000 93,065
Diageo plc ........................... 116,892 1,048,557
Electrocomponents plc ................ 31,000 316,532
GKN plc .............................. 7,000 89,264
Glaxo Wellcome plc ................... 154,900 4,515,290
Hays plc ............................. 16,400 91,418
Kingfisher plc ....................... 87,000 791,603
Ladbroke Group plc ................... 42,000 147,397
Marconi plc .......................... 65,800 856,006
Reed International plc ............... 309,000 2,687,688
Rio Tinto plc ........................ 64,000 1,045,578
Royal Bank of Scotland Group
plc ................................ 209,320 3,502,018
Shell Transport & Trading Co.,
plc (Registered) ................... 421,000 3,512,208
SmithKline Beecham plc ............... 189,600 2,480,887
Standard Chartered plc ............... 61,000 759,420
Tesco plc ............................ 129,700 403,185
Tomkins plc .......................... 202,364 657,384
Unilever plc ......................... 88,000 532,470
United News & Media plc .............. 34,100 490,039
Vodafone AirTouch plc ................ 1,558,625 6,295,141
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ ---------------
<S> <C> <C>
WPP Group plc ........................ 153,000 $ 2,233,425
------------
TOTAL UNITED KINGDOM ................ 43,261,100
------------
TOTAL COMMON STOCKS (91.4%)
(Cost $184,636,894)................. 222,838,429
------------
PREFERRED STOCKS:
AUSTRALIA (0.9%)
News Corp., Ltd. ..................... 189,404 2,281,097
------------
BRAZIL (1.9%)
Banco Itau S.A. ...................... 2,340,000 205,650
Petrobras S.A. ....................... 52,837 1,596,682
Telebras S.A. (ADR) .................. 25,020 2,430,068
Teleps-Telecominicacoes de Sao
Paulo S.A. ......................... 8,327,179 155,601
Telesp Celular S.A. .................. 8,864,019 159,734
------------
4,547,735
------------
GERMANY (0.1%)
SAP AG (Non Voting) .................. 810 151,270
------------
TOTAL PREFERRED STOCKS (2.9%)
(Cost $5,968,904) .................. 6,980,102
------------
RIGHTS:
ITALY (0.0%)
Banca Intesa S.p.A. (Cost $0)......... 106,211 2,431
------------
TOTAL INVESTMENTS (94.3%)
(Cost $190,605,798) ................ 229,820,962
OTHER ASSETS
LESS LIABILITIES (5.7%) ............. 13,885,743
------------
NET ASSETS (100%) .................... $243,706,705
============
</TABLE>
<TABLE>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Common Stocks
Basic Materials .............................. 1.0%
Business Services ............................ 10.9
Capital Goods ................................ 1.0
Consumer Cyclicals ........................... 5.9
Consumer Non-Cyclicals ....................... 11.5
Credit Sensitive ............................. 24.6
Diversified .................................. 5.1
Energy ....................................... 6.1
Technology
Computer Hardware .......................... 0.8
Computer Software .......................... 0.6
Diversified Telecommunications Services 7.6
Electronics ................................ 14.7
Office Equipment ........................... 0.1
Office Equipment services .................. 0.4
Wireless Telecommunications ................ 9.7 33.9
---- -----
100.0%
=====
</TABLE>
----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
Dematerialized--Securities changed from paper to electronic format.
200
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $86,018,834
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 48,934,192
</TABLE>
As of June 30, 2000, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 48,175,595
Aggregate gross unrealized depreciation ......... (8,960,431)
------------
Net unrealized appreciation ..................... $ 39,215,164
============
Federal income tax cost of investments .......... $190,605,798
============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$18,385,108 which was secured by collateral of $19,025,498.
For the period from January 1, 2000 to June 30, 2000, the Portfolio incurred
approximately $2,070, $1,612, and $1,617 as brokerage commissions with
Donaldson, Lufkin & Jenrette Securities Corp., Jardine Fleming Co. and Robert
Fleming Co., respectively, as affiliated broker/dealers.
See Notes to Financial Statements.
201
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (4.5%)
CHEMICALS--SPECIALTY (0.2%)
Lubrizol Corp. ...................... 11,500 $ 241,500
------------
METALS & MINING (3.1%)
Freeport McMoran Copper &
Gold, Inc., Class B* .............. 132,300 1,223,775
Pride International, Inc.* .......... 113,250 2,802,937
------------
4,026,712
------------
PAPER (0.2%)
Packaging Corporation of America 22,400 226,800
------------
STEEL (1.0%)
Bethlehem Steel Corp.* .............. 271,000 965,438
National Steel Corp., Class B ....... 100,000 418,750
------------
1,384,188
------------
TOTAL BASIC MATERIALS .............. 5,879,200
------------
BUSINESS SERVICES (7.7%)
PRINTING, PUBLISHING,
BROADCASTING (1.3%)
Insight Communications .............. 88,000 1,375,000
NBC Internet, Inc. .................. 26,500 331,250
------------
1,706,250
------------
PROFESSIONAL SERVICES (1.3%)
Cambridge Tech Partner, Inc.* ....... 50,000 435,938
Interim Services, Inc.* ............. 73,300 1,301,075
------------
1,737,013
------------
TRUCKING, SHIPPING (5.1%)
Airborne Freight Corp. .............. 96,700 1,831,256
GATX Corp. .......................... 37,300 1,268,200
Landstar Systems, Inc. .............. 40,200 2,394,412
M.S. Carriers, Inc.* ................ 61,100 1,076,888
------------
6,570,756
------------
TOTAL BUSINESS SERVICES ............ 10,014,019
------------
CAPITAL GOODS (8.5%)
BUILDING & CONSTRUCTION (5.1%)
Elcor Corp. ......................... 87,400 2,010,200
Walter Industries, Inc. ............. 263,800 3,017,213
Watts Industries, Inc., Class A ..... 124,200 1,568,025
------------
6,595,438
------------
ELECTRICAL EQUIPMENT (2.2%)
Harman International Industries,
Inc. .............................. 47,100 2,873,100
------------
MACHINERY (1.2%)
Graco, Inc. ......................... 38,574 1,253,655
Kulicke & Soffa Industries* ......... 6,000 356,250
------------
1,609,905
------------
TOTAL CAPITAL GOODS ................ 11,078,443
------------
CONSUMER CYCLICALS (8.7%)
APPAREL & TEXTILES (1.7%)
Westpoint Stevens, Inc. ............. 201,500 2,241,687
------------
AUTO RELATED (1.3%)
Aftermarket Technology Corp.* ....... 200,300 1,702,550
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
FOOD SERVICES, LODGING (1.9%)
Morrison Management Specialist,
Inc. .............................. 86,320 $ 2,433,145
------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.9%)
La-Z-Boy, Inc. ...................... 88,000 1,232,000
------------
LEISURE RELATED (1.8%)
SCP Pool Corp.* ..................... 100,500 2,361,750
------------
RETAIL--GENERAL (1.1%)
AnnTaylor Stores Corp.* ............. 43,400 1,437,625
------------
TOTAL CONSUMER CYCLICALS ........... 11,408,757
------------
CONSUMER NON-CYCLICALS (8.5%)
CONTAINERS (2.9%)
Gaylord Container Corp., Class A 43,418 116,686
Ivex Packaging Corp.* ............... 325,400 3,620,075
------------
3,736,761
------------
DRUGS (2.1%)
Laboratory Corp. Of America
Holdings .......................... 18,000 1,388,250
Quest Diagnostics, Inc.* ............ 18,600 1,390,350
------------
2,778,600
------------
HOSPITAL SUPPLIES & SERVICES (3.5%)
ICU Medical, Inc. ................... 67,800 1,830,600
Lifepoint Hospitals, Inc.* .......... 66,100 1,470,725
Universal Health Services, Inc. ..... 19,600 1,293,600
------------
4,594,925
------------
TOTAL CONSUMER NON-CYCLICALS 11,110,286
------------
CREDIT SENSITIVE (31.6%)
BANKS (6.8%)
Century Bancorp, Inc., Class A ...... 157,900 1,934,275
City National Corp. ................. 56,500 1,963,375
Prosperity Bancshares, Inc. ......... 202,500 3,265,313
Texas Regional Bancshares, Inc.,
Class A ........................... 69,625 1,766,734
------------
8,929,697
------------
FINANCIAL SERVICES (3.2%)
AmeriCredit Corp.* .................. 115,300 1,960,100
Webster Financial Corp. ............. 96,700 2,145,531
------------
4,105,631
------------
INSURANCE (8.4%)
Delphi Financial Group, Inc.,
Class A* .......................... 37,300 1,265,869
HCC Insurance Holdings, Inc. ........ 105,600 1,993,200
Mercury General Corp. ............... 87,400 2,064,825
National Western Life Insurance
Co., Class A ...................... 16,950 1,220,400
Radian Group, Inc. .................. 28,489 1,474,306
StanCorp Financial Group, Inc. ...... 90,500 2,907,312
------------
10,925,912
------------
REAL ESTATE (8.2%)
BRE Properties, Class A ............. 43,700 1,261,837
CenterPoint Properties Corp. ........ 53,300 2,171,975
Essex Property Trust, Inc. .......... 37,400 1,570,800
Grove Property Trust ................ 10,800 175,500
</TABLE>
202
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -------------------
<S> <C> <C>
Home Properties of New York,
Inc. .............................. 79,200 $ 2,376,000
Mission West Properties, Inc. ....... 239,100 2,510,550
Urban Shopping Centers, Inc. ........ 19,050 641,747
------------
10,708,409
------------
UTILITY--ELECTRIC (5.0%)
Idacorp, Inc. ....................... 62,600 2,018,850
NSTAR ............................... 56,810 2,311,457
UniSource Energy Corp.* ............. 147,100 2,206,500
------------
6,536,807
------------
TOTAL CREDIT SENSITIVE ............. 41,206,456
------------
DIVERSIFIED (1.1%)
MISCELLANEOUS (1.1%)
Packaged Ice, Inc.* ................. 344,000 1,419,000
------------
ENERGY (11.4%)
OIL--DOMESTIC (4.2%)
Cross Timbers Oil Co. ............... 62,700 1,387,238
HS Resources, Inc.* ................. 41,200 1,236,000
Newpark Resources, Inc.* ............ 299,500 2,826,531
------------
5,449,769
------------
OIL--SUPPLIES & CONSTRUCTION (7.2%)
Barrett Resources Corp.* ............ 37,100 1,129,231
Evergreen Resources, Inc.* .......... 109,200 3,235,050
Global Industries, Ltd.* ............ 149,500 2,821,812
Varco International, Inc. ........... 94,316 2,192,847
------------
9,378,940
------------
TOTAL ENERGY ....................... 14,828,709
------------
TECHNOLOGY (11.4%)
COMPUTER HARDWARE (0.6%)
Storage Technology Corp.* ........... 33,200 363,125
Western Digital Corp.* .............. 83,000 415,000
------------
778,125
------------
COMPUTER SOFTWARE (3.4%)
Avant! Corp.* ....................... 87,200 1,633,638
Hypercom Corp. ...................... 28,800 414,000
J.D. Edwards & Co.* ................. 22,400 337,400
JDA Software Group, Inc.* ........... 22,800 437,475
New Era of Networks, Inc.* .......... 11,900 505,750
Softnet Systems, Inc.* .............. 34,300 330,138
Structural Dynamics Research* ....... 27,900 420,244
Transaction Systems Architechs,
Inc., Class A* .................... 23,100 395,587
------------
4,474,232
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -------------------
<S> <C> <C>
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.9%)
Allen Telecom, Inc.* ................ 24,700 $ 436,881
Futurelink Distribution Corp.* ...... 48,500 348,594
Network Equipment
Technologies, Inc.* ............... 38,400 386,400
------------
1,171,875
------------
ELECTRONICS (4.7%)
Audiovox Corp. ...................... 15,800 348,588
Avid Technology, Inc.* .............. 39,400 472,800
Electroglas, Inc.* .................. 16,100 346,150
Integrated Device Technology,
Inc.* ............................. 25,300 1,514,837
Kent Electronics Corp.* ............. 13,550 403,959
LoJack Corp.* ....................... 269,700 1,871,044
Sensormatics Electronics Corp.* ..... 22,300 352,619
Ultratech Stepper, Inc.* ............ 25,800 383,775
UNOVA, Inc.* ........................ 55,400 405,112
------------
6,098,884
------------
OFFICE EQUIPMENT (0.6%)
Exabyte Corp.* ...................... 160,400 721,800
------------
OFFICE EQUIPMENT SERVICES (1.0%)
National Data Corp. ................. 59,200 1,361,600
------------
WIRELESS TELECOMMUNICATION
SERVICES (0.2%)
Metricom, Inc.* ..................... 11,100 309,413
------------
TOTAL TECHNOLOGY ................... 14,915,929
------------
TOTAL COMMON STOCKS (93.4%)
(Cost $117,430,934) ............... 121,860,799
------------
PRINCIPAL
AMOUNT
-------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (6.0%)
Chase Nassau
6.26%, 07/03/00
(Amortized Cost $7,784,218) ....... $7,784,218 7,784,218
------------
TOTAL INVESTMENTS (99.4%)
(Cost/Amortized Cost
$125,215,152) ..................... 129,645,017
OTHER ASSETS
LESS LIABILITIES (0.6%) ........... 734,286
------------
NET ASSETS (100%) ................... $130,379,303
============
</TABLE>
---------------------
* Non-income producing.
203
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
Investment in companies which were affiliates for the period from January 1,
2000 to June 30, 2000 were as follows:
<TABLE>
<CAPTION>
MARKET VALUE
DECEMBER 31, PURCHASES SALES MARKET VALUE DIVIDEND REALIZED
SECURITIES 1999 AT COST AT COST JUNE 30, 2000 INCOME GAIN (LOSS)
--------------------------- -------------- ----------- ------------- --------------- ---------- ----------------
<S> <C> <C> <C> <C> <C> <C>
Western Water Co. ......... $787,134 $-- $6,136,211 $-- $-- $ (5,957,951)
============
</TABLE>
Investment security transactions for the period ended June 30, 2000 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $85,607,959
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 98,052,990
</TABLE>
As of June 30, 2000 the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 16,651,909
Aggregate gross unrealized depreciation ......... (12,222,044)
-------------
Net unrealized appreciation ..................... $ 4,429,865
=============
Federal income tax cost of investments .......... $ 125,215,152
=============
</TABLE>
At June 30, 2000, the Portfolio had loaned securities with a total value of
$10,259,157 which was secured by collateral of
$10,513,200.
The portfolio has a net capital loss carryforward of $14,155,545, which expires
in the year 2006 and $12,520,421, which expires in the year 2007.
See Notes to Financial Statements.
204
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 2000 (Unaudited)
Note 1 Organization and Significant Accounting Policies
EQ Advisors Trust (the "Trust") was organized as a Delaware business trust
on October 31, 1996 and is registered under the Investment Company Act of 1940,
as amended (the "1940 Act"), as an open-end management investment company with
thirty-eight diversified portfolios and three non-diversified portfolios (each
a "Portfolio"). The non-diversified Portfolios are: the Lazard Small Cap Value
Portfolio, Mercury World Strategy Portfolio (formerly known as Merrill Lynch
World Strategy Portfolio) and Morgan Stanley Emerging Markets Equity Portfolio.
Effective October 18, 1999, the Class IA and Class IB shares of 14 new
Portfolios of the Trust were substituted for the same class of shares of 14
corresponding portfolios of the Hudson River Trust ("HRT"). For accounting
purposes, this transaction was treated as a continuation of the business of the
former HRT Portfolios. Alliance Capital Management L.P. ("Alliance") continues
to serve as Adviser for each of the 14 new Portfolios. The agreement for this
transaction states that, with respect to the 14 new Portfolios advised by
Alliance, the Manager will not use the powers granted to it under the
Multi-Manager Order (i) to terminate Alliance as investment adviser ("Adviser")
and the Trust for these Portfolios or to select new or additional Advisers for
those Portfolios or (ii) to materially modify the Investment Advisory Agreement
between the Manager and Alliance without first obtaining shareholders' approval
to utilize the powers granted under the Multi-Manager Order or the approval of
shareholders to materially modify the Investment Advisory Agreement.
Effective May 1, 2000, the name of Alliance Aggressive Stock Portfolio was
changed to the "EQ/Aggressive Stock Portfolio," the Alliance Balanced Portfolio
was changed to the "EQ/Balanced Portfolio," the JPM Core Bond Portfolio was
changed to the "J.P. Morgan Core Bond Portfolio," the Merrill Lynch Basic Value
Equity Portfolio was changed to the "Mercury Basic Value Equity Portfolio," and
the Merrill Lynch World Strategy Portfolio was changed to the "Mercury World
Strategy Portfolio." EQ/Alliance Technology Portfolio commenced operations on
May 1, 2000.
The EQ/Aggressive Stock and EQ/Balanced Portfolios employ multiple
Advisers. Each of the Advisers independently chooses and maintains a portfolio
of securities for the Portfolio and each is responsible for investing a
specific allocated portion of the Portfolio's assets. Because each Adviser will
be managing its allocated portion of the Portfolio independently from the other
Advisers, the same security may be held in two different portions of the
Portfolio, or may be acquired for one portion of the Portfolio at a time when
the Adviser of another portion deems it appropriate to dispose of the security
from that other portion. Similarly, under some market conditions, one Adviser
may believe that temporary, defensive investments in short-term instruments or
cash are appropriate when the other Adviser or Advisers believe continued
exposure to the equity markets is appropriate for their portions of the
Portfolio. Because each Adviser directs the trading for its own portion of the
Portfolio, and does not aggregate its transactions with those of the other
Advisers, the Portfolio may incur higher brokerage costs than would be the case
if a single Adviser were managing the entire Portfolio.
The Trust has the right to issue two classes of shares, Class IA and Class
IB. As of and during the six months ended June 30, 2000, the Trust had Class IB
shares outstanding for each Portfolio. In addition, as of and during the six
months ended June 30, 2000, the Trust had Class IA shares outstanding for
certain Portfolios as shown in the Statements of Assets and Liabilities. The
Class IB shares are subject to distribution fees imposed under a distribution
plan ("Distribution Plan") adopted pursuant to Rule 12b-1 under the 1940 Act.
Under the Trust's multiple class distribution system, both classes of shares
have identical voting, dividend, liquidation and other rights, other than the
payment of distribution fees under the Distribution Plan. The Trust's shares
are currently sold only to insurance company separate accounts in connection
with variable life insurance contracts and variable annuity certificates and
contracts issued by The Equitable Life Assurance Society of the United States
("Equitable") and Equitable of Colorado, Inc. ("EOC") as well as insurance
companies that are not affiliated with Equitable or EOC and to The Equitable
Investment Plan for Employees, Managers and Agents.
205
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
The investment objectives and certain investment policies of each
Portfolio are as follows:
EQ/Aggressive Stock Portfolio (formerly known as Alliance Aggressive Stock
Portfolio) (advised by Alliance and the Massachusetts Financial Services
Company) -- Seeks to achieve long-term growth of capital.
EQ/Balanced Portfolio (formerly known as Alliance Balanced Portfolio)
(advised by Alliance, Capital Guardian Trust Company and Jennison Associates)
-- Seeks to achieve a high return through both appreciation of capital and
current income.
Alliance Common Stock Portfolio (advised by Alliance) -- Seeks to achieve
long-term growth of its capital and increase income.
Alliance Conservative Investors Portfolio (advised by Alliance) -- Seeks
to achieve a high total return without, in the opinion of the Adviser, undue
risk to principal.
Alliance Equity Index Portfolio (advised by Alliance) -- Seeks a total
return before expenses that approximates the total return performance of the
Standard & Poor's 500 Index, including reinvestment of dividends, at a risk
level consistent with that of the Index.
Alliance Global Portfolio (advised by Alliance) -- Seeks long-term growth
of capital
Alliance Growth and Income Portfolio (advised by Alliance) -- Seeks to
provide a high total return through a combination of current income and capital
appreciation by investing primarily in income-producing common stocks and
securities convertible into common stocks.
Alliance Growth Investors Portfolio (advised by Alliance) -- Seeks to
achieve the highest total return consistent with the Adviser's determination of
reasonable risk.
Alliance High Yield Portfolio (advised by Alliance) -- Seeks to achieve a
high return by maximizing current income and, to the extent consistent with
that objective, capital appreciation.
Alliance Intermediate Government Securities Portfolio (advised by
Alliance) -- Seeks to achieve high current income consistent with relative
stability of principal through investment primarily in debt securities issued
or guaranteed as to principal and interest by the U.S. Government or its
agencies or instrumentalities.
Alliance International Portfolio (advised by Alliance) -- Seeks to achieve
long-term growth of capital by investing primarily in a diversified portfolio
of equity securities selected principally to permit participation in non-United
States companies with prospects for growth.
Alliance Money Market Portfolio (advised by Alliance) -- Seeks to obtain a
high level of current income, preserve its assets and maintain liquidity.
EQ/Alliance Premier Growth Portfolio (advised by Alliance) -- Seeks to
achieve long-term growth of capital by primarily investing in equity securities
of a limited number of large, carefully selected, high-quality United States
companies that are judged, by the Adviser, likely to achieve superior earnings
growth.
Alliance Quality Bond Portfolio (advised by Alliance) -- Seeks to achieve
high current income consistent with preservation of capital by investing
primarily in investment grade fixed income securities.
Alliance Small Cap Growth Portfolio (advised by Alliance) -- Seeks to
achieve long-term growth of capital
EQ/Alliance Technology Portfolio (advised by Alliance) -- Seeks to achieve
growth of capital. Current income is incidental to the Portfolio's objective.
206
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
BT Equity 500 Index Portfolio (advised by Bankers Trust Company) --Seeks
to replicate as closely as possible (before the deduction of Portfolio
expenses) the total return of the Standard & Poor's 500 Index.
BT International Equity Index Portfolio (advised by Bankers Trust Company)
-- Seeks to replicate as closely as possible (before the deduction of Portfolio
expenses) the total return of the MSCI EAFE Index.
BT Small Company Index Portfolio (advised by Bankers Trust Company) --
Seeks to replicate as closely as possible (before the deduction of Portfolio
expenses) the total return of the Russell 2000 Index.
Calvert Socially Responsible Portfolio (advised by Calvert Asset
Management Company, Inc.) -- Seeks long-term capital appreciation.
Capital Guardian International Portfolio (advised by Capital Guardian
Trust Company) -- Seeks to achieve long-term growth of capital by investing
primarily in non-United States equity securities.
Capital Guardian Research Portfolio (advised by Capital Guardian Trust
Company) -- Seeks to achieve long-term growth of capital.
Capital Guardian U.S. Equity Portfolio (advised by Capital Guardian Trust
Company) -- Seeks to achieve long-term growth of capital.
EQ/Evergreen Portfolio (advised by Evergreen Asset Management Corp.) --
Seeks capital appreciation.
EQ/Evergreen Foundation Portfolio (advised by Evergreen Asset Management
Corp.) -- Seeks to provide, in order of priority, reasonable income,
conservation of capital and capital appreciation.
J.P. Morgan Core Bond Portfolio (formerly known as JPM Core Bond
Portfolio) (advised by J.P. Morgan Investment Management Inc.) -- Seeks to
provide a high total return consistent with moderate risk of capital and
maintenance of liquidity.
Lazard Large Cap Value Portfolio (advised by Lazard Asset Management) --
Seeks capital appreciation by investing primarily in equity securities of
companies with relatively large market capitalizations (i.e., companies having
market capitalizations of at least $3 billion at the time of initial purchase)
that appear to the Adviser to be inexpensively priced relative to the return on
total capital or equity.
Lazard Small Cap Value Portfolio (advised by Lazard Asset Management) --
Seeks capital appreciation by investing in equity securities of United States
companies with small market capitalizations (i.e., companies in the range of
companies represented in the Russell 2000 Index) that the Adviser considers
inexpensively priced relative to the return on total capital or equity.
Mercury Basic Value Equity Portfolio (formerly known as Merrill Lynch
Basic Value Equity Portfolio) (advised by Merrill Lynch Asset Management, L.P.)
-- Seeks capital appreciation and, secondarily, income by investing in
securities, primarily equities, that the Adviser of the Portfolio believes are
undervalued and therefore represent basic investment value.
Mercury World Strategy Portfolio (formerly known as Merrill Lynch World
Strategy Portfolio) (advised by Merrill Lynch Asset Management, L.P.) -- Seeks
high total investment return by investing primarily in a portfolio of equity
and fixed income securities, including convertible securities, of United States
and foreign issuers.
MFS Emerging Growth Companies Portfolio (advised by Massachusetts
Financial Services Company) -- Seeks to provide long-term capital growth.
207
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
MFS Growth with Income Portfolio (advised by Massachusetts Financial
Services Company) -- Seeks to provide reasonable current income and long-term
growth of capital and income.
MFS Research Portfolio (advised by Massachusetts Financial Services
Company) -- Seeks to provide long-term growth of capital and future income.
Morgan Stanley Emerging Markets Equity Portfolio (advised by Morgan
Stanley Asset Management) -- Seeks long-term capital appreciation by investing
primarily in equity securities of emerging country issuers.
EQ/Putnam Balanced Portfolio (advised by Putnam Investment Management,
Inc.) -- Seeks to provide a balanced investment composed of a well-diversified
portfolio of stocks and bonds that will produce both capital growth and current
income.
EQ/Putnam Growth & Income Value Portfolio (advised by Putnam Investment
Management, Inc.) -- Seeks capital growth. Current income is a secondary
objective.
EQ/Putnam International Equity Portfolio (advised by Putnam Investment
Management, Inc.) -- Seeks capital appreciation.
EQ/Putnam Investors Growth Portfolio (advised by Putnam Investment
Management, Inc.) -- Seeks long-term growth of capital and any increased income
that results from this growth.
T. Rowe Price Equity Income Portfolio (advised by T. Rowe Price
Associates, Inc.) -- Seeks to provide substantial dividend income and also
capital appreciation by investing primarily in dividend-paying common stocks of
established companies.
T. Rowe Price International Stock Portfolio (advised by Rowe Price-Fleming
International, Inc.) -- Seeks long-term growth of capital through investment
primarily in common stocks of established non-United States companies.
Warburg Pincus Small Company Value Portfolio (advised by Warburg Pincus
Asset Management, Inc.) -- Seeks long-term capital appreciation.
The following is a summary of the significant accounting policies of the
Trust:
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures. Actual results
could differ from those estimates.
Valuation:
Stocks listed on national securities exchanges or included on the NASDAQ
stock market are valued at the last sale price, or, if there is no sale, at the
latest available bid price. Other unlisted stocks are valued at their last sale
price or, if no reported sale occurs during the day, at a bid price estimated
by a broker.
Convertible preferred stocks listed on national securities exchanges or
included on the NASDAQ stock market are valued as of their last sale price or,
if there is no sale, at the latest available bid price.
Convertible bonds and unlisted convertible preferred stocks are valued at
bid prices obtained from one or more of the major dealers in such securities.
Where there is a discrepancy between dealers, values may be adjusted based on
recent premium spreads to the underlying common stocks. Convertible bonds may
be matrix-priced based upon the conversion value to the underlying common
stocks and market premiums.
208
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
Mortgage backed and asset backed securities are valued at prices obtained
from a bond pricing service where available, or at a bid price obtained from
one or more of the major dealers in such securities. If a quoted price is
unavailable, an equivalent yield or yield spread quote will be obtained from a
broker and converted to a price.
Options, including options on futures that are traded on exchanges, are
valued at their last sale price, and if the last sale price is not available
then the previous day's sale price is used. However, if the bid price is higher
or the asked price is lower than the previous last sale price, the higher bid
or lower asked price may be used. Options not traded on an exchange or actively
traded are valued at fair value as determined in good faith by the Board of
Trustees.
Long-term corporate bonds may be valued on the basis of prices provided by
a pricing service when such prices are believed to reflect the fair market
value of such securities. The prices provided by a pricing service take into
account many factors, including institutional size trading in similar groups of
securities and any developments related to specific securities; however, when
such prices are unavailable, such bonds will be valued using broker quotes.
U.S. Treasury securities and other obligations issued or guaranteed by the
U.S. Government, its agencies or instrumentalities, are valued at
representative quoted prices.
Foreign securities not traded directly, or in American Depositary Receipt
(ADR) or similar form in the United States, are valued at representative quoted
prices from the primary exchange in the currency of the country of origin.
Except for the Alliance Money Market Portfolio, short-term debt securities
which mature in 60 days or less are valued at amortized cost, which
approximates market value. Short-term debt securities which mature in more than
60 days are valued at representative quoted prices. Short-term debt securities
held in the Alliance Money Market Portfolio are valued at representative quoted
prices regardless of the length of maturity.
Futures contracts are valued at their last sale price or, if there is no
sale, at the latest available bid price.
Forward foreign exchange contracts are valued by interpolating between the
forward and spot currency rates as quoted by a pricing service as of a
designated hour on the valuation date.
Other securities and assets for which market quotations are not readily
available or for which valuation can not be provided, are valued at fair value
as determined in good faith by the Board of Trustees.
Securities transactions are recorded on the trade date net of brokerage
fees, commissions, and transfer fees
Interest income (including amortization of premium and discount on
long-term securities using the effective yield method) is accrued daily.
Dividend income is recorded on the ex-dividend date.
Realized gains and losses on the sale of investments are computed on the
basis of the identified cost of the investments sold. Unrealized appreciation
(depreciation) on investments and foreign currency denominated assets and
liabilities is presented net of deferred taxes on unrealized gains of $1,672 in
the Statement of Assets and Liabilities for the Morgan Stanley Emerging Markets
Equity Portfolio. Realized Gain (Loss) on Securities is presented net of
foreign taxes on realized gains of $175,864 in the Statement of Operations for
the Morgan Stanley Emerging Markets Equity Portfolio.
Expenses attributable to a single Portfolio or class are charged to that
Portfolio or class. Expenses of the Trust not attributable to a single
Portfolio or class are charged to each Portfolio or class in proportion to the
average net assets of each Portfolio.
209
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
All income earned and expenses incurred by each Portfolio are borne on a
pro-rata basis by each outstanding class of shares, based on the proportionate
interest in the Portfolio represented by the daily net assets of such class,
except for distribution fees which are charged on a class specific basis.
Foreign Currency Valuation:
The books and records of the Trust are kept in U.S. dollars. Foreign
currency amounts are translated into U.S. dollars at current exchange rates at
the following dates:
(i) market value of investment securities, other assets and liabilities
-- at the valuation date.
(ii) purchases and sales of investment securities, income and expenses --
at the date of such transactions.
The Portfolios do not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with the net realized and unrealized gain or loss on
securities.
Net currency gains or losses realized and unrealized as a result of
differences between interest or dividends, withholding taxes, forward foreign
currency exchange contracts and foreign cash recorded on the Portfolio's books
and the U.S. dollar equivalent amount actually received or paid are presented
under foreign currency transactions in the realized and unrealized gains and
losses section of the Statements of Operations.
Taxes:
The Trust intends to comply with the requirements of the Internal Revenue
Code of 1986, as amended ("Code") applicable to regulated investment companies
and to distribute substantially all of its net investment income and net
realized capital gains to shareholders of each Portfolio. Therefore, no Federal
income tax provision is required. Dividends from net investment income are
declared and distributed at least annually for all Portfolios. Dividends from
net realized short-term and long-term capital gains are declared and
distributed at least annually to the shareholders of the Portfolios to which
such gains are attributable. All dividends are reinvested in additional full
and fractional shares of the related Portfolios. All dividends are distributed
on a tax basis and, as such, the amounts may differ from financial statement
investment income and realized capital gains. Those differences are primarily
due to differing book and tax treatments for deferred organization costs,
forward foreign currency transactions, losses due to wash sales transactions,
mark-to-market of forward contracts, mark-to-market of passive foreign
investment companies and straddle transactions.
Organizational Expense:
Costs incurred by the Trust in connection with its organization have been
allocated equally to and capitalized by each of the Portfolios that commenced
operations on May 1, 1997 and are deferred and amortized on a straight line
basis over a 60-month period from the date the Portfolios commenced operations.
On December 31, 1997 an additional $188,040 in organizational costs was
capitalized and allocated evenly among the BT Equity 500 Index Portfolio, BT
International Equity Index Portfolio, BT Small Company Index Portfolio, J.P.
Morgan Core Bond Portfolio (formerly JPM Core Bond Portfolio), Lazard Large Cap
Value Portfolio and the Lazard Small Cap Value Portfolio in connection with
their organization. Each of these Portfolios commenced operations on January 1,
1998.
The Manager has elected to waive the obligations of the Trust under the
Organizational Expense Reimbursement Agreement to reimburse and pay the Manager
for organization expenses incurred with
210
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
the formation of the EQ/Alliance Premier Growth Portfolio, Calvert Socially
Responsible Portfolio, Capital Guardian International Portfolio, Capital
Guardian Research Portfolio, Capital Guardian U.S. Equity Portfolio,
EQ/Evergreen Portfolio, EQ/Evergreen Foundation Portfolio and MFS Growth with
Income Portfolio.
Securities Lending:
For all Portfolios, the Board of Trustees has approved the lending of
portfolio securities, through its custodian bank The Chase Manhattan Bank
("Chase") acting as lending agent, to certain approved broker-dealers in
exchange for negotiated lenders' fees. By lending investment securities, a
Portfolio attempts to increase its net investment income through the receipt of
interest on the cash held as collateral on the loan. Any gain or loss in the
market price of the securities loaned that might occur and any interest earned
or dividends declared during the term of the loan would be for the account of
the Portfolio. Risks of delay in recovery of the securities or even loss of
rights in the collateral may occur should the borrower of the securities fail
financially. Risks may also arise to the extent that the value of the
securities loaned increases above the value of the collateral received. Any
such loan of portfolio securities will be continuously secured by collateral in
cash or high grade debt securities at least equal at all times to the market
value of the security loaned. Chase will indemnify each Portfolio from any loss
resulting from a borrower's failure to return a loaned security when due. Chase
invests the cash collateral and retains a portion of the interest earned. The
net amount of interest earned, after the interest rebate, is included in the
Statements of Operations as securities lending income. At June 30, 2000, the
cash collateral received by each Portfolio for securities loaned was invested
by Chase in short-term investments, a money market fund and repurchase
agreements in which each Portfolio has a pro rata interest equal to the amount
of cash collateral contributed.
Repurchase Agreements:
Certain Portfolios may enter into repurchase agreements with qualified and
Board of Trustees approved banks, broker-dealers or other financial
institutions as a means of earning a fixed rate of return on its cash reserves
for periods as short as overnight. A repurchase agreement is a contract
pursuant to which a Portfolio, against receipt of securities of at least equal
value including accrued interest, agrees to advance a specified sum to the
financial institution which agrees to reacquire the securities at a mutually
agreed upon time (usually one day) and price. Each repurchase agreement entered
into by a Portfolio will provide that the value of the collateral underlying
the repurchase agreement will always be at least equal to the repurchase price,
including any accrued interest. A Portfolio's right to liquidate such
securities in the event of a default by the seller could involve certain costs,
losses or delays and, to the extent that proceeds from any sale upon a default
of the obligation to repurchase are less than the repurchase price, the
Portfolio could suffer a loss.
Options Written:
Certain Portfolios may write (sell) covered options as a hedge to provide
protection against adverse movements in the price of securities in the
Portfolio or to enhance investment performance. Certain Portfolios may purchase
and sell exchange traded options on foreign currencies. When a Portfolio writes
an option, an amount equal to the premium received by the Portfolio is recorded
as a liability and is subsequently adjusted on a daily basis to the current
market price of the option written. Premiums received from writing options
which expire unexercised are recognized as gains on the expiration date.
Premiums received from writing options which are exercised or are canceled in
closing purchase transactions are offset against the cost of any securities
purchased or added to the proceeds or netted against the amount paid on the
transaction to determine the realized gain or loss. In writing options, a
211
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
Portfolio must assume that the option may be exercised at any time prior to the
expiration of its obligation as a writer, and that in such circumstances the
net proceeds of the sale or cost of purchase of the underlying securities and
currencies pursuant to the call or put option may be substantially below or
above the prevailing market price. A Portfolio also has the additional risk of
not being able to enter into a closing purchase transaction if a liquid
secondary market does not exist and bears the risk of unfavorable changes in
the price of the financial instruments underlying the options.
Futures Contracts, Forward Commitments and Foreign Currency Exchange Contracts:
The futures contracts used by the Portfolios are agreements to buy or sell
a financial instrument for a set price in the future. Certain Portfolios may
buy or sell futures contracts for the purpose of protecting their portfolio
securities against future changes in interest rates and indices which might
adversely affect the value of the Portfolios' securities or the price of
securities that it intends to purchase at a later date. Initial margin deposits
are made upon entering into futures contracts and can be in cash, certain money
market instruments, treasury securities or other liquid, high grade debt.
During the period the futures contracts are open, changes in the market price
of the contract are recognized as unrealized gains or losses by
"marking-to-market" at the end of each trading day. Variation margin payments
on futures contracts are received or made, depending upon whether unrealized
gains or losses are incurred. When the contract is closed, the Portfolio
records a realized gain or loss equal to the difference between the proceeds
from (or cost of) the closing transactions and the Portfolio's basis in the
contract. Should interest rates or indices move unexpectedly, the Portfolio may
not achieve the anticipated benefits of the futures contracts and may incur a
loss. The use of futures contracts transactions involves the risk of imperfect
correlation in movements in the price of futures contracts, interest rates and
the underlying hedged assets.
Certain Portfolios may make contracts to purchase securities for a fixed
price at a future date beyond customary settlement time ("forward commitments")
if they hold, and maintain until the settlement date in a segregated account,
cash or liquid securities in an amount sufficient to meet the purchase price,
or if they enter into offsetting contracts for the forward sale of other
securities they own. Forward commitments may be considered securities in
themselves and involve a risk of loss if the value of the security to be
purchased declines prior to the settlement date, which risk is in addition to
the risk of decline in value of the Portfolio's other assets. Where such
purchases are made through dealers, a Portfolio relies on the dealer to
consummate the sale. The dealer's failure to do so may result in the loss to a
Portfolio of an advantageous yield or price.
Certain Portfolios may purchase foreign currency on a spot (or cash)
basis. In addition, certain Portfolios may enter into contracts to purchase or
sell foreign currencies at a future date ("forward contracts"). A forward
foreign currency exchange contract is a commitment to purchase or sell a
foreign currency at a future date at a negotiated forward rate. The gain or
loss arising from the difference between the original contracts and the closing
of such contracts is included in realized gains or losses from foreign currency
transactions. The Advisers, as defined below, may engage in these forward
contracts to protect against uncertainty in the level of future exchange rates
in connection with the purchase and sale of portfolio securities ("transaction
hedging") and to protect the value of specific portfolio positions ("position
hedging").
Swaps:
Certain Portfolios may invest in swap contracts, which are derivatives in
the form of a contract or other similar instrument which is an agreement to
exchange the return generated by one instrument for the return generated by
another instrument. The payment streams are calculated by reference to a
specified index and agreed upon notional amount. A Portfolio will usually enter
into swaps on a net basis,
212
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
i.e., the two return streams are netted out in a cash settlement on the payment
date or dates specified in the instrument, with the Portfolio receiving or
paying, as the case may be, only the net amount of the two returns. A
Portfolio's obligations under a swap agreement will be accrued daily (offset
against any amounts owing to the Portfolio) and any accrued but unpaid net
amounts owed to a swap counterparty will be covered by the maintenance of a
segregated account consisting of cash, or other liquid obligations. A Portfolio
will not enter into any swap agreement unless the counterparty meets the rating
requirements set forth in guidelines established by the Trust's Board of
Trustees.
Market and Credit Risk:
Written options, futures contracts, forward commitments, forward foreign
currency exchange contracts and swaps involve elements of both market and
credit risk in excess of the amounts reflected in the Statements of Assets and
Liabilities. The risk involved in writing an option on a security is that, if
the option is exercised, the underlying security is then purchased or sold by
the Portfolio at the contract price, which could be disadvantageous relative to
the market price. The contract amounts of these covered written options,
futures contracts, forward commitments, forward foreign currency exchange
contracts and swaps reflect the extent of the Portfolio's exposure to
off-balance sheet risk. The Portfolio bears the market risk which arises from
any changes in security values. The credit risk for futures contracts and
exchange traded options is limited to failure of the exchange or board of trade
which acts as the counterparty to the Portfolio's futures transactions. Forward
commitments, forward foreign currency exchange contracts, over-the-counter
options and swaps are done directly with the counterparty and not through an
exchange and can be terminated only by agreement of both parties to such
contracts. With respect to such transactions there is no daily margin
settlement and the Portfolio is exposed to the risk of default by the
counterparty.
Note 2 Management of the Trust
Effective September 17, 1999, the Trust's investment management agreement
(the "Management Agreement") with AXA Advisors LLC, formerly known as EQ
Financial consultants, Inc. ("EQFC"), an indirect wholly-owned subsidiary of
Equitable, was transferred to Equitable (the new "Manager"). The Management
Agreement states that the Manager will (i) have overall supervisory
responsibility for the general management and investment of each Portfolio's
assets; (ii) select and contract with investment advisers ("Advisers") to
manage the investment operations and composition of each and every Portfolio;
(iii) monitor the Advisers' investment programs and results; (iv) oversee
compliance by the Trust with various Federal and state statutes; and (v) carry
out the directives of the Board of Trustees. For the four months ended April
30, 2000, for its services under the Management Agreement, the Manager was
entitled to receive an annual fee as a percentage of average daily net assets,
for each of the following Portfolios, calculated daily and payable quarterly as
follows:
0.25% OF AVERAGE DAILY NET ASSETS OF THE
BT Equity 500 Index Portfolio
BT Small Company Index Portfolio
0.35% OF AVERAGE DAILY NET ASSETS OF THE
BT International Equity Index Portfolio
0.45% OF AVERAGE DAILY NET ASSETS OF THE
J.P. Morgan Core Bond Portfolio (formerly JPM Core Bond Portfolio)
0.55% OF AVERAGE DAILY NET ASSETS OF THE
Lazard Large Cap Value Portfolio
Mercury Basic Value Equity Portfolio (formerly Merrill Lynch Basic Value
Equity Portfolio)
MFS Emerging Growth Companies Portfolio
213
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
MFS Growth with Income Portfolio
MFS Research Portfolio
EQ/Putnam Balanced Portfolio
EQ/Putnam Growth & Income Value Portfolio
EQ/Putnam Investors Growth Portfolio
T. Rowe Price Equity Income Portfolio
0.63% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Evergreen Foundation Portfolio
0.65% OF AVERAGE DAILY NET ASSETS OF THE
Calvert Socially Responsible Portfolio
Capital Guardian Research Portfolio
Capital Guardian U.S. Equity Portfolio
Warburg Pincus Small Company Value Portfolio
0.70% OF AVERAGE DAILY NET ASSETS OF THE
Mercury World Strategy Portfolio (formerly Merrill Lynch World Strategy
Portfolio)
EQ/Putnam International Equity Portfolio
0.75% OF AVERAGE DAILY NET ASSETS OF THE
Capital Guardian International Portfolio
EQ/Evergreen Portfolio
T. Rowe Price International Stock Portfolio
0.80% OF AVERAGE DAILY NET ASSETS OF THE
Lazard Small Cap Value Portfolio
0.90% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Alliance Premier Growth Portfolio
1.15% OF AVERAGE DAILY NET ASSETS OF THE
Morgan Stanley Emerging Markets Equity Portfolio
For the period January 1, 1999 through October 17, 1999, Alliance acted as
Manager and received fees from the following Portfolios at the following rates.
For the period October 18, 1999 through April 30, 2000, Alliance became Adviser
of the Portfolios and Equitable became Manager. As Manager, Equitable received
an annual fee as a percentage of average daily net assets, for each of the
following Portfolios, calculated daily and payable quarterly as follows:
<TABLE>
<CAPTION>
FIRST NEXT NEXT NEXT
PORTFOLIO $750 MILLION $750 MILLION $1 BILLION $2.5 BILLION THEREAFTER
------------------------------------------------- -------------- -------------- ------------ -------------- -----------
<S> <C> <C> <C> <C> <C>
Alliance Aggressive Stock ....................... .625% .575% .525% .500% .475 %
Alliance Balanced ............................... .450% .400% .350% .325% .300 %
Alliance Common Stock ........................... .475% .425% .375% .355% .345%*
Alliance Conservative Investors ................. .475% .425% .375% .350% .325 %
Alliance Equity Index ........................... .325% .300% .275% .255% .245 %
Alliance Global ................................. .675% .600% .550% .530% .520 %
Alliance Growth and Income ...................... .550% .525% .500% .480% .470 %
Alliance Growth Investors ....................... .550% .500% .450% .425% .400 %
Alliance High Yield ............................. .600% .575% .550% .530% .520 %
Alliance Intermediate Government Securities ..... .500% .475% .450% .430% .420 %
Alliance International .......................... .900% .825% .800% .780% .770 %
Alliance Money Market ........................... .350% .325% .300% .280% .270 %
Alliance Quality Bond ........................... .525% .500% .475% .455% .445 %
Alliance Small Cap Growth ....................... .900% .850% .825% .800% .775 %
</TABLE>
----------
214
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
* On assets in excess of $10 billion, the management fee for the Alliance
Common Stock Portfolio is reduced to 0.335% of average daily net assets.
Effective May 1, 2000, the Management fees are as follows:
<TABLE>
<CAPTION>
INDEX PORTFOLIOS
-------------------------------------------------
<S> <C> <C>
Alliance Equity Index ........................... 0.250%
BT Equity 500 Index ............................. 0.250%
BT International Equity Index ................... 0.350%
BT Small Company Index .......................... 0.250%
FIRST NEXT
DEBT PORTFOLIOS $750 MILLION $750 MILLION
------------------------------------------------- -------------- ---------------
Alliance High Yield ............................. 0.600% 0.575%
Alliance Intermediate Government Securities ..... 0.500% 0.475%
Alliance Money Market ........................... 0.350% 0.325%
Alliance Quality Bond ........................... 0.525% 0.500%
J.P. Morgan Core Bond Portfolio (formerly JPM
Core Bond Portfolio) ........................... 0.450% 0.425%
<CAPTION>
INDEX PORTFOLIOS
-------------------------------------------------
<S> <C> <C> <C>
Alliance Equity Index ...........................
BT Equity 500 Index .............................
BT International Equity Index ...................
BT Small Company Index ..........................
NEXT NEXT
DEBT PORTFOLIOS $1 BILLION $2.5 BILLION THEREAFTER
--------------------------------------------------------------- --------------- -----
Alliance High Yield ............................. 0.550% 0.530% 0.520%
Alliance Intermediate Government Securities ..... 0.450% 0.430% 0.420%
Alliance Money Market ........................... 0.300% 0.280% 0.270%
Alliance Quality Bond ........................... 0.475% 0.455% 0.445%
J.P. Morgan Core Bond Portfolio (formerly JPM
Core Bond Portfolio) ........................... 0.400% 0.380% 0.370%
</TABLE>
<TABLE>
<CAPTION>
FIRST NEXT NEXT NEXT
EQUITY PORTFOLIOS $1 BILLION $1 BILLION $3 BILLION $5 BILLION THEREAFTER
------------------------------------------------------ ------------ ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
EQ/Aggressive Stock Portfolio (formerly
Alliance Aggressive Stock Portfolio) ................ 0.650% 0.600% 0.575% 0.550% 0.525%
EQ/Balanced Portfolio (formerly Alliance
Balanced Portfolio) ................................. 0.600% 0.550% 0.525% 0.500% 0.475%
Alliance Common Stock ................................ 0.550% 0.500% 0.475% 0.450% 0.425%
Alliance Conservative Investors ...................... 0.600% 0.550% 0.525% 0.500% 0.475%
Alliance Global ...................................... 0.750% 0.700% 0.675% 0.650% 0.625%
Alliance Growth and Income ........................... 0.600% 0.550% 0.525% 0.500% 0.475%
Alliance Growth Investors ............................ 0.600% 0.550% 0.525% 0.500% 0.475%
Alliance International ............................... 0.850% 0.800% 0.775% 0.750% 0.725%
Alliance Small Cap Growth ............................ 0.750% 0.700% 0.675% 0.650% 0.625%
Calvert Socially Responsible ......................... 0.650% 0.600% 0.575% 0.550% 0.525%
Capital Guardian International ....................... 0.850% 0.800% 0.775% 0.750% 0.725%
Capital Guardian Research ............................ 0.650% 0.600% 0.575% 0.550% 0.525%
Capital Guardian U.S. Equity ......................... 0.650% 0.600% 0.575% 0.550% 0.525%
EQ/Alliance Premier Growth ........................... 0.900% 0.850% 0.825% 0.800% 0.775%
EQ/Alliance Technology ............................... 0.900% 0.850% 0.825% 0.800% 0.775%
EQ/Evergreen Foundation .............................. 0.600% 0.550% 0.525% 0.500% 0.475%
EQ/Evergreen ......................................... 0.650% 0.600% 0.575% 0.550% 0.525%
EQ/Putnam Balanced ................................... 0.600% 0.550% 0.525% 0.500% 0.475%
EQ/Putnam Growth & Income Value ...................... 0.600% 0.550% 0.525% 0.500% 0.475%
EQ/Putnam International Equity ....................... 0.850% 0.800% 0.775% 0.750% 0.725%
EQ/Putnam Investors Growth ........................... 0.650% 0.600% 0.575% 0.550% 0.525%
Lazard Large Cap Value ............................... 0.650% 0.600% 0.575% 0.550% 0.525%
Lazard Small Cap Value ............................... 0.750% 0.700% 0.675% 0.650% 0.625%
Mercury Basic Value Equity Portfolio (formerly
Merrill Lynch Basic Value Equity Portfolio) ......... 0.600% 0.550% 0.525% 0.500% 0.475%
Mercury World Strategy Portfolio (formerly
Merrill Lynch World Strategy Portfolio) ............. 0.700% 0.650% 0.625% 0.600% 0.575%
MFS Emerging Growth Companies ........................ 0.650% 0.600% 0.575% 0.550% 0.525%
MFS Growth with Income ............................... 0.600% 0.550% 0.525% 0.500% 0.475%
</TABLE>
215
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
FIRST NEXT NEXT NEXT
EQUITY PORTFOLIOS $1 BILLION $1 BILLION $3 BILLION $5 BILLION THEREAFTER
------------------------------------------------ ------------ ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
MFS Research ................................... 0.650% 0.600% 0.575% 0.550% 0.525%
Morgan Stanley Emerging Markets Equity ......... 1.150% 1.100% 1.075% 1.050% 1.025%
T. Rowe Price Equity Income .................... 0.600% 0.550% 0.525% 0.500% 0.475%
T. Rowe Price International Stock .............. 0.850% 0.800% 0.775% 0.750% 0.725%
Warburg Pincus Small Company Value ............. 0.750% 0.700% 0.675% 0.650% 0.625%
</TABLE>
On behalf of the Trust, the Manager has entered into investment advisory
agreements ("Advisory Agreements") with each of the Advisers. Each of the
Advisory Agreements obligates the Advisers for the respective Portfolios to:
(i) continuously furnish investment programs for the Portfolios; (ii) place all
orders for the purchase and sale of investments for the Portfolios with brokers
or dealers selected by the Manager or the respective Advisers; and (iii)
perform certain limited related administrative functions in connection
therewith. The Manager pays the expenses of providing investment advisory
services to the Portfolios, including the fees of the Advisers of each
Portfolio.
For five Portfolios (i.e., Lazard Large Cap Value, T. Rowe Price
International Stock, EQ/Putnam Growth and Income Value, EQ/Putnam Balanced, and
Warburg Pincus Small Cap Value Portfolios) the Manager has agreed not to
implement any increase in the applicable management fee rates (as approved by
shareholders) until July 31, 2001, unless the Board agrees that such a
management fee increase should be put into operation earlier.
Note 3 Administrative Fees
For the four months ending April 30, 2000 Chase Global Funds Services
Company ("Chase Global"), a corporate affiliate of Chase, served as
administrator for the Trust pursuant to an administrative services agreement
with Chase Global. Under that agreement Chase Global provides certain fund
accounting, compliance and administrative services to the Trust. For such
services, Chase Global received compensation at the annual rate of 0.0525 of 1%
of the total Trust assets, plus $25,000 for each Portfolio, until the total
Trust assets reach $2.0 billion, and when the total Trust assets exceed $2.0
billion Chase Global receives: 0.0425 of 1% of the next $500 million of the
total Trust assets; 0.035 of 1% of the next $2.0 billion of the total Trust
assets; 0.025 of 1% of the next $1.0 billion of the total Trust assets; 0.015
of 1% of the next $2.5 billion of the total Trust assets; and 0.01 of 1% of the
total Trust assets in excess of $8.0 billion; except that the annual fee
payable to Chase Global with respect to any Portfolio which commenced
operations after July 1, 1997 and whose assets do not exceed $200 million shall
be computed at the annual rate of 0.0525 of 1% of the Portfolio's total assets
plus $25,000. Effective May 1, 2000 Equitable serves as Administrator to the
Trust. As Administrator, Equitable provides the Trust with necessary
administrative, fund accounting, and compliance services. Equitable may carry
out its responsibilities either directly or through sub-contracting with third
party service providers. For these services, the Trust pays Equitable a monthly
fee at an annual rate of 0.04 of 1% of total Trust Assets, plus $30,000 for
each Portfolio, until the total Trust assets reach $3 billion; 0.03 of 1%of the
next $3 billion of the total Trust assets; 0.025 of 1% of the next $4 billion
of the Trust assets; and 0.0225 of 1% of the total Trust assets in excess of
$10 billion. For the six months ended June 30, 2000, Alliance (an affiliate of
the Manager) performed certain Administrative functions for various Portfolios
of the Trust. The cost of providing these services was paid by the Manager.
216
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
Note 4 Custody Fees
The Trust has entered into a Custody Agreement with Chase. The Custody
Agreement provides for an annual fee based on the amount of assets under
custody plus transaction charges. Chase serves as custodian of the Trust's
portfolio securities and other assets. Under the terms of the Custody Agreement
between the Trust and Chase, Chase maintains and deposits in separate accounts,
cash, securities and other assets of the Portfolios. Chase is also required,
upon the order of the Trust, to deliver securities held by Chase, and to make
payments for securities purchased by the Trust. Chase has also entered into
sub-custodian agreements with a number of foreign banks and clearing agencies,
pursuant to which portfolio securities purchased outside the United States are
maintained in the custody of these entities.
Note 5 Distribution Plan
The Trust has entered into distribution agreements with AXA Advisors LLC
and Equitable Distributors, Inc. ("EDI"), an indirect wholly-owned subsidiary
of Equitable (collectively, the "Distributors"), pursuant to which the
Distributors serve as the principal underwriters of the Class IA and Class IB
shares of the Trust. Class IB shares are subject to distribution fees imposed
pursuant to a distribution plan ("Distribution Plan") adopted pursuant to Rule
12b-1 under the 1940 Act. The Distribution Plan provides that each Distributor
will be entitled to receive a maximum distribution fee at the annual rate of
0.50% of the average net assets attributable to the Trust's Class IB shares.
The distribution agreements, however, limit payments for services provided
under the Distribution Plan to an annual rate of 0.25% of the average daily net
assets attributable to the Trust's Class IB shares. Trust's Class IA shares are
not subject to such fees.
Note 6 Expense Limitation
In the interest of limiting expenses of certain Portfolios, the Manager
has entered into an expense limitation agreement with the Trust, with respect
to such Portfolios ("Expense Limitation Agreement"), pursuant to which the
Manager has agreed to waive or limit its fees and to assume other expenses so
that the total annual operating expenses (excluding the 0.25% annual fee under
the Trust's Class IB Distribution Plan) of such Portfolio are limited to, for
the period from January 1, 2000 through April 30, 2000:
0.30% OF AVERAGE DAILY NET ASSETS OF THE
BT Equity 500 Index Portfolio
0.50% OF AVERAGE DAILY NET ASSETS OF THE
BT Small Company Index Portfolio
0.55% OF AVERAGE DAILY NET ASSETS OF THE
J.P. Morgan Core Bond Portfolio (formerly JPM Core Bond Portfolio)
0.60% OF AVERAGE DAILY NET ASSETS OF THE
Mercury Basic Value Equity Portfolio (formerly Merrill Lynch Basic Value
Equity Portfolio)
MFS Emerging Growth Companies Portfolio
MFS Growth with Income Portfolio
MFS Research Portfolio
EQ/Putnam Growth & Income Value Portfolio
T. Rowe Price Equity Income Portfolio
0.65% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Putnam Balanced Portfolio
0.70% OF AVERAGE DAILY NET ASSETS OF THE
Capital Guardian Research Portfolio
Capital Guardian U.S. Equity Portfolio
217
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
EQ/Evergreen Foundation Portfolio
Lazard Large Cap Value Portfolio
EQ/Putnam Investors Growth Portfolio
0.75% OF AVERAGE DAILY NET ASSETS OF THE
BT International Equity Index Portfolio
Warburg Pincus Small Company Value Portfolio
0.80% OF AVERAGE DAILY NET ASSETS OF THE
Calvert Socially Responsible Portfolio
EQ/Evergreen Portfolio
0.90% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Alliance Premier Growth Portfolio
0.95% OF AVERAGE DAILY NET ASSETS OF THE
Capital Guardian International Portfolio
Lazard Small Cap Value Portfolio
Mercury World Strategy Portfolio (formerly Merrill Lynch Strategy Portfolio)
EQ/Putnam International Equity Portfolio
T. Rowe Price International Stock Portfolio
1.50% OF AVERAGE DAILY NET ASSETS OF THE
Morgan Stanley Emerging Markets Equity Portfolio
Effective May 1, 2000:
0.35% OF AVERAGE DAILY NET ASSETS OF THE
BT Equity 500 Index Portfolio
0.50% OF AVERAGE DAILY NET ASSETS OF THE
BT Small Company Index Portfolio
0.55% OF AVERAGE DAILY NET ASSETS OF THE
J.P. Morgan Core Bond Portfolio (formerly JPM Core Bond Portfolio)
0.65% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Putnam Balanced Portfolio
0.70% OF AVERAGE DAILY NET ASSETS OF THE
Mercury Basic Value Equity Portfolio (formerly Merrill Lynch Basic Value
Equity Portfolio)
MFS Growth with Income Portfolio
EQ/Putnam Growth & Income Value Portfolio
T. Rowe Price Equity Income Portfolio
Capital Guardian Research Portfolio
Capital Guardian U.S. Equity Portfolio
EQ/Evergreen Portfolio
EQ/Evergreen Foundation Portfolio
Lazard Large Cap Value Portfolio
MFS Research Portfolio
EQ/Putnam Investors Growth Portfolio
0.75% OF AVERAGE DAILY NET ASSETS OF THE
MFS Emerging Growth Companies Portfolio
BT International Equity Index Portfolio
0.80% OF AVERAGE DAILY NET ASSETS OF THE
Calvert Socially Responsible Portfolio
0.85% OF AVERAGE DAILY NET ASSETS OF THE
Lazard Small Cap Value Portfolio
Warburg Pincus Small Company Value Portfolio
218
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
0.90% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Alliance Premier Growth Portfolio
EQ/Alliance Technology Portfolio
0.95% OF AVERAGE DAILY NET ASSETS OF THE
Capital Guardian International Portfolio
Mercury World Strategy Portfolio (formerly Merrill Lynch World Strategy
Portfolio)
1.00% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Putnam International Equity Portfolio
T. Rowe Price International Stock Portfolio
1.50% OF AVERAGE DAILY NET ASSETS OF THE
Morgan Stanley Emerging Markets Equity Portfolio
Each Portfolio may at a later date reimburse to the Manager the management
fees waived or other expenses assumed and paid for by the Manager pursuant to
the Expense Limitation Agreement within the prior five fiscal years (prior
three fiscal years for the Calvert Socially Responsible Portfolio, Capital
Guardian International Portfolio, Capital Guardian U.S. Equity Portfolio,
Capital Guardian Research Portfolio, EQ/Alliance Premier Growth Portfolio, and
EQ/Alliance Technology Portfolio) provided such Portfolio has reached a
sufficient asset size to permit such reimbursement to be made without causing
the total annual expense ratio of each Portfolio to exceed the percentage
limits mentioned above. Consequently, no reimbursement by a Portfolio will be
made unless: (i) the Portfolio's assets exceed $100 million; (ii) the
Portfolio's total annual expense ratio is less than the respective percentages
stated above; and (iii) the payment of such reimbursement has been approved by
the Trust's Board of Trustees on a quarterly basis. At June 30, 2000, under the
Expense Limitation Agreement, the amount that would be recoverable from each
Portfolio is as follows:
<TABLE>
<CAPTION>
PORTFOLIOS: AMOUNT
---------------------------------------------------- ------------
<S> <C>
EQ/Alliance Premier Growth ...................... $ 437,617
EQ/Alliance Technology .......................... 10,664
BT Equity 500 Index ............................. 779,779
BT International Equity Index ................... 251,504
BT Small Company Index .......................... 485,199
Calvert Socially Responsible .................... 51,573
Capital Guardian International .................. 85,095
Capital Guardian Research ....................... 77,164
Capital Guardian U.S. Equity .................... 89,121
Evergreen ....................................... 73,898
Evergreen Foundation ............................ 71,003
J.P. Morgan Core Bond ........................... 217,075
Lazard Large Cap Value .......................... 152,932
Lazard Small Cap Value .......................... 149,293
Mercury Basic Value ............................. 643,609
Mercury World Strategy .......................... 288,158
MFS Emerging Growth ............................. 1,652,110
MFS Growth with Income .......................... 162,855
MFS Research .................................... 1,403,858
Morgan Stanley Emerging Markets Equity .......... 909,337
EQ/Putnam Balanced .............................. 501,266
EQ/Putnam Growth & Income Value ................. 1,530,054
EQ/Putnam International ......................... 603,325
EQ/Putnam Investors Growth ...................... 510,026
T. Rowe Price Equity Income ..................... 939,033
T. Rowe Price International Stock ............. 722,176
Warburg Pincus Small Company Value .............. 651,360
</TABLE>
219
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
Note 7 Trustees Deferred Compensation Plan
A deferred compensation plan for the benefit of the unaffiliated Trustees
has been adopted by the Trust. Under the deferred compensation plan, each
Trustee may defer payment of all or part of the fees payable for such Trustee's
services. Each Trustee may defer payment of such fees until their retirement as
a Trustee or until the earlier attainment of a specified age. Fees deferred
under the deferred compensation plan, together with accrued interest thereon,
will be disbursed to a participating Trustee in monthly installments over a
five to twenty year period elected by such Trustee.
Note 8 Shareholder Meeting Results -- April 14, 2000
A special meeting of the shareholders of the EQ Advisors Trust was held on
April 14, 2000 to vote on the following proposals:
1. Election of trustees to the Board of Trustees of the Trust;
2. Permission for Equitable (as manager), subject to approval of the board of
Trustees of the Trust, to rely upon exemptive relief granted by the SEC
enabling the Manager, without obtaining shareholder approval to: (i) select
new or additional investment advisers for each of the Trust's Portfolios,
(ii) enter into and materially modify existing investment advisory
agreements, and (iii) terminate and replace investment advisers;
3. Approval of an Amended and Restated Investment Management Agreement between
the Trust and Equitable, in its capacity as Manager; and
4.(a)(b) Approval of changes to certain fundamental investment policies with
respect to Investments in other investment companies.
The voting results of these proposals are as follows:
1.
<TABLE>
<CAPTION>
NOMINEES VOTES FOR AUTHORITY WITHHELD
------------------------------------------ ---------------------- -------------------
<S> <C> <C>
Theodossios (Ted) Athanassiades .......... 2,037,628,302.370 66,550,348.630
Jettie M. Edwards ........................ 2,039,731,667.512 64,446,983.488
David W. Fox ............................. 2,038,172,171.165 66,006,479.835
Michael Hegarty .......................... 2,039,845,642.990 64,333,008.010
William M. Kearns, Jr. ................... 2,039,424,129.892 64,754,521.108
Christopher P.A. Komisarjevsky ........... 2,039,337,257.327 64,841,393.673
Peter D. Noris ........................... 2,040,020,214.775 64,158,436.225
Harvey Rosenthal ......................... 2,039,429,586.834 64,749,064.166
</TABLE>
220
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
2.
<TABLE>
<CAPTION>
PORTFOLIO VOTES FOR AUTHORITY WITHHELD ABSTAINED
------------------------------------------------------ -------------------- -------------------- ------------------
<S> <C> <C> <C>
EQ/Aggressive Stock .................................. 112,667,372.529 5,128,635.130 4,459,895.341
EQ/Balanced .......................................... 101,647,912.946 4,724,698.488 4,198,380.566
Alliance Common Stock ................................ 574,808,026.528 24,847,932.745 24,037,131.727
Alliance Conservative Investors ...................... 35,214,763.631 1,181,837.044 1,875,324.325
Alliance Equity Index ................................ 77,237,988.499 3,539,365.230 3,073,990.271
Alliance Global ...................................... 75,067,664.370 3,007,997.144 3,068,043.486
Alliance Growth and Income ........................... 77,629,047.992 2,886,726.002 3,278,885.006
Alliance Growth Investors ............................ 112,539,493.049 3,588,376.489 4,449,297.462
Alliance High Yield .................................. 69,943,508.183 2,452,256.294 3,408,143.523
Alliance Intermediate Government Securities .......... 20,017,927.666 818,887.730 764,021.604
Alliance International ............................... 19,067,886.671 936,367.573 836,332.756
Alliance Money Market ................................ 119,720,343.495 3,993,881.422 4,417,999.083
Alliance Quality Bond ................................ 54,983,335.150 178,803.158 194,856.692
Alliance Small Cap Growth ............................ 27,079,948.881 1,706,987.905 1,207,579.214
</TABLE>
3.
<TABLE>
<CAPTION>
SHARES REPRESENTED VOTES IN FAVOR VOTES AGAINST
PORTFOLIO AT THE MEETING OF THE PROPOSAL THE PROPOSAL VOTES ABSTAINED
----------------------------------------- -------------------- -------------------- ------------------ ------------------
<S> <C> <C> <C> <C>
EQ/Aggressive Stock ..................... 122,255,903.000 111,029,143.429 6,555,361.518 4,671,398.053
EQ/Balanced ............................. 110,570,992.000 101,629,115.878 4,597,541.847 4,344,334.275
Alliance Common Stock ................... 623,693,091.000 572,600,152.986 26,494,482.505 24,598,455.509
Alliance Conservative Investors ......... 38,271,925.000 35,203,644.773 1,218,578.092 1,849,682.135
Alliance Equity Index ................... 83,851,344.000 77,025,006.086 3,660,111.165 3,166,226.749
Alliance Global ......................... 81,143,705.000 74,247,301.513 3,661,203.969 3,235,199.518
Alliance Growth and Income .............. 83,794,659.000 77,327,387.219 3,230,284.104 3,236,987.677
Alliance Growth Investors ............... 120,577,167.000 111,894,405.206 4,187,645.009 4,495,116.785
Alliance High Yield ..................... 75,803,904.000 69,646,352.879 2,648,588.405 3,508,962.716
Alliance Intermediate Government
Securities ............................. 21,600,837.000 19,956,797.297 760,349.462 883,690.241
Alliance International .................. 20,840,587.000 19,087,476.822 916,777.422 836,332.756
Alliance Money Market ................... 128,132,224.000 119,557,615.570 4,089,980.590 4,484,627.840
Alliance Quality Bond ................... 55,357,015.000 54,921,908.863 221,428.060 213,678.077
Alliance Small Cap Growth ............... 29,994,516.000 27,024,758.972 1,714,486.534 1,255,270.494
BT Equity 500 Index ..................... 48,738,928.000 45,340,849.940 1,540,637.514 1,857,440.546
BT International Equity Index ........... 7,359,709.000 6,916,801.713 189,365.312 253,541.975
BT Small Company Index .................. 5,802,620.000 5,402,181.195 222,936.660 177,502.145
Calvert Socially Responsible ............ 247,464.000 246,808.222 180.648 475.130
Capital Guardian International .......... 4,800,538.000 4,404,445.611 85,353.565 310,738.824
Capital Guardian Research ............... 3,647,491.000 3,365,758.796 56,463.160 225,269.044
Capital Guardian U.S. Equity ............ 7,484,743.000 6,994,492.335 80,685.529 409,565.136
EQ/Alliance Premier Growth .............. 81,174,617.000 79,560,053.868 611,244.866 1,003,318.266
EQ/Evergreen ............................ 486,331.000 383,078.067 41,129.012 62,123.921
EQ/Evergreen Foundation ................. 923,012.000 865,249.910 8,584.011 49,178.079
EQ/Putnam Balanced ...................... 9,023,066.000 8,277,941.211 267,263.214 477,861.575
EQ/Putnam Growth and Income
Value .................................. 46,796,918.000 42,950,679.311 1,367,405.943 2,478,832.746
EQ/Putnam International Equity .......... 16,790,099.000 15,730,307.953 386,508.078 673,282.969
</TABLE>
221
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
SHARES REPRESENTED VOTES IN FAVOR VOTES AGAINST
PORTFOLIO AT THE MEETING OF THE PROPOSAL THE PROPOSAL VOTES ABSTAINED
------------------------------------------- -------------------- ------------------- ---------------- ------------------
<S> <C> <C> <C> <C>
EQ/Putnam Investors Growth ................ 18,486,240.000 16,776,262.801 637,035.830 1,072,941.369
J.P. Morgan Core Bond ..................... 16,320,315.000 14,923,785.646 349,581.147 1,046,948.207
Lazard Large Cap Value .................... 11,603,560.000 10,767,523.50 2225,689.242 610,347.256
Lazard Small Cap Value .................... 8,132,720.000 7,621,253.240 179,163.821 332,302.939
Mercury Basic Value Equity ................ 22,524,195.000 20,991,423.531 670,770.527 862,000.942
Mercury World Strategy .................... 2,882,668.000 2,573,328.898 99,855.619 209,483.483
MFS Emerging Growth Companies ............. 68,688,879.000 63,184,839.126 2,707,715.610 2,796,324.264
MFS Growth with Income .................... 11,611,380.000 10,680,727.894 336,265.564 594,386.542
MFS Research .............................. 41,524,266.000 38,208,138.118 1,369,470.292 1,946,657.590
Morgan Stanley Emerging Markets
Equity ................................... 21,607,237.000 19,776,671.882 929,327.263 901,237.855
T. Rowe Price Equity Income ............... 21,661,503.000 19,929,882.451 768,766.741 962,853.808
T. Rowe Price International Stock ......... 16,216,199.000 14,820,308.591 731,999.222 663,891.187
Warburg Pincus Small Company
Value .................................... 13,756,084.000 12,444,028.709 773,229.481 538,825.810
</TABLE>
4.(a)
<TABLE>
<CAPTION>
SHARES REPRESENTED VOTES IN FAVOR VOTES AGAINST
PORTFOLIO AT THE MEETING OF THE PROPOSAL THE PROPOSAL VOTES ABSTAINED
----------------------------------------- -------------------- -------------------- ------------------ ------------------
<S> <C> <C> <C> <C>
EQ/Aggressive Stock ..................... 122,255,903.000 111,697,883.218 5,688,567.166 4,869,452.616
EQ/Balanced ............................. 110,570,992.000 100,857,330.354 5,217,845.112 4,495,816.534
Alliance Common Stock ................... 623,693,091.000 570,523,254.994 27,174,307.974 25,995,528.032
Alliance Conservative Investors ......... 38,271,925.000 35,104,540.488 1,257,232.736 1,910,151.776
Alliance Equity Index ................... 83,851,344.000 76,593,171.664 3,806,851.017 3,451,321.319
Alliance Global ......................... 81,143,705.000 74,367,394.197 3,534,619.789 3,241,691.014
Alliance Growth and Income .............. 83,794,659.000 77,084,382.708 3,076,939.878 3,633,336.414
Alliance Growth Investors ............... 120,577,167.000 111,690,629.793 4,210,554.671 4,675,982.536
Alliance High Yield ..................... 75,803,904.000 69,103,596.927 2,991,980.090 3,708,326.983
Alliance Intermediate Government
Securities ............................. 21,600,837.000 19,224,960.939 1,600,838.030 775,038.031
Alliance International .................. 20,840,587.000 19,054,548.695 951,581.202 834,457.103
Alliance Money Market ................... 128,132,224.000 118,884,921.395 4,597,384.197 4,649,918.408
Alliance Quality Bond ................... 55,357,015.000 54,921,355.293 230,285.182 205,374.525
Alliance Small Cap Growth ............... 29,994,516.000 27,779,720.940 987,419.466 1,227,375.594
BT Equity 500 Index ..................... 48,738,928.000 44,966,047.585 1,762,887.025 2,009,993.390
BT International Equity Index ........... 7,359,709.000 6,850,343.542 260,828.086 248,537.372
BT Small Company Index .................. 5,802,620.000 5,264,891.205 347,983.121 189,745.674
Calvert Socially Responsible ............ 247,464.000 215,152.626 17,376.922 14,934.452
Capital Guardian International .......... 4,800,538.000 4,395,180.573 93,850.517 311,506.910
Capital Guardian Research ............... 3,647,491.000 3,281,538.229 125,546.640 240,406.131
Capital Guardian U.S. Equity ............ 7,484,743.000 6,978,474.985 103,888.232 402,379.783
EQ/Alliance Premier Growth .............. 81,174,617.000 79,526,772.276 628,291.535 1,019,553.189
EQ/Evergreen ............................ 486,331.000 380,792.311 43,424.494 62,114.195
EQ/Evergreen Foundation ................. 923,012.000 851,644.713 20,592.397 50,774.890
EQ/Putnam Balanced ...................... 9,023,066.000 8,202,508.379 304,257.785 516,299.836
</TABLE>
222
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
SHARES REPRESENTED VOTES IN FAVOR VOTES AGAINST
PORTFOLIO AT THE MEETING OF THE PROPOSAL THE PROPOSAL VOTES ABSTAINED
------------------------------------------- -------------------- ------------------- ------------------ ------------------
<S> <C> <C> <C> <C>
EQ/Putnam Growth and Income
Value .................................... 46,796,918.000 42,971,737.923 1,350,091.084 2,475,088.993
EQ/Putnam International Equity ............ 16,790,099.000 15,673,053.715 422,774.692 694,270.593
EQ/Putnam Investors Growth ................ 18,486,240.000 16,752,230.688 608,197.296 1,125,812.016
J.P. Morgan Core Bond ..................... 16,320,315.000 14,834,839.930 449,787.881 1,035,687.189
Lazard Large Cap Value .................... 11,603,560.000 10,683,049.586 288,116.394 632,394.020
Mercury Basic Value Equity ................ 22,524,195.00 20,871,594.813 783,391.502 869,208.685
MFS Emerging Growth Companies ............. 68,688,879.000 63,213,001.567 2,521,568.748 2,954,308.685
MFS Growth with Income .................... 11,611,380.000 10,635,907.967 343,929.075 631,542.958
MFS Research .............................. 41,524,266.000 38,232,637.435 1,259,846.230 2,031,782.335
T. Rowe Price Equity Income ............... 21,661,503.000 19,720,415.717 1,005,093.739 935,993.544
T. Rowe Price International Stock ......... 16,216,199.000 14,614,200.702 868,377.456 733,620.842
Warburg Pincus Small Company
Value .................................... 13,756,084.000 12,472,366.242 773,091.920 510,625.838
</TABLE>
4.(b)
<TABLE>
<CAPTION>
SHARES REPRESENTED VOTES IN FAVOR VOTES AGAINST
PORTFOLIO AT THE MEETING OF THE PROPOSAL THE PROPOSAL VOTES ABSTAINED
----------------------------------------- -------------------- -------------------- ------------------ ------------------
<S> <C> <C> <C> <C>
EQ/Aggressive Stock ..................... 122,255,903.000 110,634,256.862 6,629,937.619 4,991,708.519
EQ/Balanced ............................. 110,570,992.000 99,635,520.892 6,377,734.818 4,557,736.290
Alliance Common Stock ................... 623,693,091.000 564,074,268.432 32,943,469.066 26,675,353.502
Alliance Conservative Investors ......... 38,271,925.000 34,555,721.083 1,616,606.112 2,099,597.805
Alliance Equity Index ................... 83,851,344.000 75,966,802.125 4,399,680.019 3,484,861.856
Alliance Global ......................... 81,143,705.000 73,517,819.605 4,320,090.854 3,305,794.541
Alliance Growth and Income .............. 83,794,659.000 76,124,933.863 3,886,396.284 3,783,328.853
Alliance Growth Investors ............... 120,577,167.000 110,698,279.708 5,104,031.479 4,774,855.813
Alliance High Yield ..................... 75,803,904.000 68,532,793.529 3,528,671.731 3,742,438.740
Alliance Intermediate Government
Securities ............................. 21,600,837.000 19,037,033.657 1,823,974.676 739,828.667
Alliance International .................. 20,840,587.000 18,843,641.955 1,143,939.820 853,005.225
Alliance Money Market ................... 128,132,224.000 117,485,717.509 5,545,562.654 5,100,943.837
Alliance Quality Bond ................... 55,357,015.000 54,856,587.585 287,856.478 212,570.937
Alliance Small Cap Growth ............... 29,994,516.000 27,664,841.943 1,104,997.969 1,224,676.088
BT Equity 500 Index ..................... 48,738,928.000 44,563,464.039 2,202,999.545 1,972,464.416
BT International Equity Index ........... 7,359,709.000 6,792,496.228 310,358.928 256,853.844
BT Small Company Index .................. 5,802,620.000 5,200,366.071 414,713.251 187,540.678
Calvert Socially Responsible ............ 247,464.000 186,288.425 28,737.994 32,437.581
Capital Guardian International .......... 4,800,538.000 4,358,120.419 122,701.751 319,715.830
Capital Guardian Research ............... 3,647,491.000 3,281,027.580 126,823.262 239,640.158
Capital Guardian U.S. Equity ............ 7,484,743.000 6,961,559.465 116,387.753 406,795.782
EQ/Alliance Premier Growth .............. 81,174,617.000 79,337,635.418 803,628.708 1,033,352.874
EQ/Evergreen ............................ 486,331.000 387,683.621 36,533.184 62,114.195
EQ/Evergreen Foundation ................. 923,012.000 858,151.947 14,232.845 50,627.208
EQ/Putnam Balanced ...................... 9,023,066.000 8,144,760.756 356,140.415 522,164.829
EQ/Putnam Growth and Income
Value .................................. 46,796,918.000 42,493,005.452 1,810,104.788 2,493,807.760
</TABLE>
223
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Concluded)
June 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
SHARES REPRESENTED VOTES IN FAVOR VOTES AGAINST
PORTFOLIO AT THE MEETING OF THE PROPOSAL THE PROPOSAL VOTES ABSTAINED
------------------------------------------- -------------------- ------------------- ---------------- ----------------
<S> <C> <C> <C> <C>
EQ/Putnam International Equity ............ 16,790,099.000 15,576,510.645 508,572.098 705,016.257
EQ/Putnam Investors Growth ................ 18,486,240.000 16,606,559.117 710,795.928 1,168,884.955
J.P. Morgan Core Bond ..................... 16,320,315.000 14,607,987.551 620,987.985 1,091,339.464
Lazard Large Cap Value .................... 11,603,560.000 10,625,031.786 342,305.020 636,223.194
Mercury Basic Value Equity ................ 22,524,195.000 20,591,844.312 1,056,835.229 875,515.459
MFS Emerging Growth Companies ............. 68,688,879.000 62,325,541.251 3,379,492.846 2,983,844.903
MFS Growth with Income .................... 11,611,380.000 10,575,528.791 413,249.014 622,602.195
MFS Research .............................. 41,524,266.000 37,912,485.345 1,523,110.076 2,088,670.579
T. Rowe Price Equity Income ............... 21,661,503.000 19,464,376.752 1,208,711.867 988,414.381
T. Rowe Price International Stock ......... 16,216,199.000 14,475,227.877 1,010,269.197 730,701.926
Warburg Pincus Small Company
Value .................................... 13,756,084.000 12,368,920.491 884,791.322 502,372.187
</TABLE>
Note 9 Subsequent Event
Effective July 24, 2000 Fidelity Management & Research Company replaced
Credit Suisse Asset Management, LLC as the Adviser to the Warburg Pincus Small
Company Value Portfolio ("Portfolio"). The name of the Portfolio was also
changed to the FI Small/Mid Cap Value Portfolio.
224
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS
EQ/AGGRESSIVE STOCK PORTFOLIO(D)(E):
<TABLE>
<CAPTION>
CLASS IA
------------------------------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 2000 --------------
(UNAUDITED) 1999
--------------------- --------------
<S> <C> <C>
Net asset value, beginning of period ......... $ 38.01 $ 34.15
---------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................... 0.03 0.12
Net realized and unrealized gain (loss) on
investments ................................ ( 1.58) 6.22
---------- ---------
Total from investment operations ............ ( 1.55) 6.34
---------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ........ -- ( 0.12)
Dividends in excess of net investment
income ..................................... -- --
Distributions from realized gains ........... ( 1.78) ( 2.36)
Distributions in excess of realized gains ... -- --
---------- ----------
Total dividends and distributions ........... ( 1.78) ( 2.48)
---------- ----------
Net asset value, end of period ............... $ 34.68 $ 38.01
========== ==========
Total return ................................. ( 4.06)%(b) 18.84%
========== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............ $3,877,605 $4,368,877
Ratio of expenses to average net assets ...... 0.60%(a) 0.56%
Ratio of net investment income (loss) to
average net assets .......................... 0.15%(a) 0.33%
Portfolio turnover rate ...................... 76% 87%
<CAPTION>
CLASS IA
-----------------------------------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------
1998 1997 1996 1995
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ......... $ 36.22 $ 35.85 $ 35.68 $ 30.63
--------- --------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................... 0.09 0.04 0.09 0.10
Net realized and unrealized gain (loss) on
investments ................................ ( 0.28) 3.71 7.52 9.54
---------- --------- --------- ---------
Total from investment operations ............ ( 0.19) 3.75 7.61 9.64
---------- --------- --------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ........ ( 0.16) ( 0.05) ( 0.09) ( 0.10)
Dividends in excess of net investment
income ..................................... -- -- -- --
Distributions from realized gains ........... ( 1.72) ( 3.33) ( 7.33) ( 4.49)
Distributions in excess of realized gains ... -- -- ( 0.02) --
---------- ---------- ---------- ----------
Total dividends and distributions ........... ( 1.88) ( 3.38) ( 7.44) ( 4.59)
---------- ---------- ---------- ----------
Net asset value, end of period ............... $ 34.15 $ 36.22 $ 35.85 $ 35.68
========== ========== ========== ==========
Total return ................................. 0.29% 10.94% 22.20% 31.63%
========== ========== ========== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............ $4,346,907 $4,589,771 $3,865,256 $2,700,515
Ratio of expenses to average net assets ...... 0.56% 0.54% 0.48% 0.49%
Ratio of net investment income (loss) to
average net assets .......................... 0.24% 0.11% 0.24% 0.28%
Portfolio turnover rate ...................... 105% 123% 108% 127%
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
---------------------------------------------------------------------------
SIX MONTHS OCTOBER 2,*
ENDED YEAR ENDED DECEMBER 31, 1996 TO
JUNE 30, 2000 ------------------------------------- DECEMBER 31,
(UNAUDITED) 1999 1998 1997 1996
------------------ ------------ ------------ ----------- ------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 37.83 $ 34.01 $ 36.13 $ 35.83 $ 37.28
--------- ------- ------- ------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ...................... ( 0.02) 0.03 0.01 ( 0.11) ( 0.01)
Net realized and unrealized gain (loss) on
investments ...................................... ( 1.56) 6.20 ( 0.29) 3.77 0.85
--------- ------- -------- ------- ---------
Total from investment operations .................. ( 1.58) 6.23 ( 0.28) 3.66 0.84
--------- ------- -------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income .............. -- ( 0.05) ( 0.12) ( 0.03) --
Dividends in excess of net investment
income ........................................... -- -- -- -- ( 0.02)
Distributions from realized gains ................. ( 1.78) ( 2.36) ( 1.72) ( 3.33) ( 0.23)
Distributions in excess of realized gains ......... -- -- -- -- ( 2.04)
--------- -------- -------- ------- ---------
Total dividends and distributions ................. ( 1.78) ( 2.41) ( 1.84) ( 3.36) ( 2.29)
--------- -------- -------- ------- ---------
Net asset value, end of period ..................... $ 34.47 $ 37.83 $ 34.01 $ 36.13 $ 35.83
========= ======== ======== ======= =========
Total return ....................................... ( 4.17)%(b) 18.55% 0.05% 10.66% 2.32%(b)
========= ======== ======== ======= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $ 269,431 $233,265 $153,782 $73,486 $ 613
Ratio of expenses to average net assets ............ 0.85%(a) 0.81% 0.82% 0.81% 0.73%(a)
Ratio of net investment income (loss) to
average net assets ................................ ( 0.09)%(a) 0.07% 0.02% ( 0.28)% ( 0.10)%(a)
Portfolio turnover rate ............................ 76% 87% 105% 123% 108%
</TABLE>
225
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/BALANCED PORTFOLIO(D)(E):
<TABLE>
<CAPTION>
CLASS IA
-----------------------------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 2000 --------------
(UNAUDITED) 1999
-------------------- --------------
<S> <C> <C>
Net asset value, beginning of period .......... $ 19.18 $ 18.51
--------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................ -- 0.52
Net realized and unrealized gain on
investments and foreign currency
transactions ................................ 0.32 2.69
--------- ---------
Total from investment operations ............. 0.32 3.21
--------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ......... ( 0.01) ( 0.56)
Distributions from realized gains ............ ( 0.41) ( 1.98)
Distributions in excess of realized gains .... -- --
--------- ----------
Total dividends and distributions ............ ( 0.42) ( 2.54)
--------- ----------
Net asset value, end of period ................ $ 19.08 $ 19.18
========= ==========
Total return .................................. 1.67%(b) 17.79%
========= ==========
RATIOS/SUPPLEMENT DATA:
Net assets, end of period (000's) ............. $2,062,432 $2,126,313
Ratio of expenses to average net assets ....... 0.51%(a) 0.44%
Ratio of net investment income to average net
assets ....................................... 3.06%(a) 2.68%
Portfolio turnover rate ....................... 101% 107%
<CAPTION>
CLASS IA
-----------------------------------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------
1998 1997 1996 1995
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .......... $ 17.58 $ 16.64 $ 16.76 $ 14.87
--------- --------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................ 0.56 0.58 0.53 0.54
Net realized and unrealized gain on
investments and foreign currency
transactions ................................ 2.54 1.86 1.31 2.36
--------- --------- --------- ---------
Total from investment operations ............. 3.10 2.44 1.84 2.90
--------- --------- --------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ......... ( 0.50) ( 0.59) ( 0.53) ( 0.54)
Distributions from realized gains ............ ( 1.67) ( 0.91) ( 1.40) ( 0.47)
Distributions in excess of realized gains .... -- -- ( 0.03) --
---------- ---------- ---------- ----------
Total dividends and distributions ............ ( 2.17) ( 1.50) ( 1.96) ( 1.01)
---------- ---------- ---------- ----------
Net asset value, end of period ................ $ 18.51 $ 17.58 $ 16.64 $ 16.76
========== ========== ========== ==========
Total return .................................. 18.11% 15.06% 11.68% 19.75%
========== ========== ========== ==========
RATIOS/SUPPLEMENT DATA:
Net assets, end of period (000's) ............. $1,936,429 $1,724,089 $1,637,856 $1,523,142
Ratio of expenses to average net assets ....... 0.45% 0.45% 0.41% 0.40%
Ratio of net investment income to average net
assets ....................................... 3.00% 3.30% 3.15% 3.33%
Portfolio turnover rate ....................... 95% 146% 177% 186%
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
---------------------------------------------------
SIX MONTHS JULY 8, 1998*
ENDED YEAR ENDED TO
JUNE 30, 2000 DECEMBER 31, DECEMBER 31,
(UNAUDITED) 1999 1998
--------------- -------------- ----------------
<S> <C> <C> <C>
Net asset value, beginning of period ......................... $ 19.15 $ 18.51 $ 19.48
-------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ....................................... -- 0.47 0.24
Net realized and unrealized gain on investments and foreign
currency transactions ...................................... 0.28 2.69 0.66
-------- ------- --------
Total from investment operations ............................ 0.28 3.16 0.90
-------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ........................ ( 0.01) ( 0.54) ( 0.20)
Distributions from realized gains ........................... ( 0.41) ( 1.98) ( 1.67)
-------- ------- --------
Total dividends and distributions ........................... ( 0.42) ( 2.52) ( 1.87)
-------- ------- --------
Net asset value, end of period ............................... $ 19.01 $ 19.15 $ 18.51
======== ======= ========
Total return ................................................. 1.53%(b) 17.50% 4.92%(b)
======== ======= ========
RATIOS/SUPPLEMENT DATA:
Net assets, end of period (000's) ............................ $ 24,741 $10,701 $ 10
Ratio of expenses to average net assets ...................... 0.76%(a) 0.69% 0.70%(a)
Ratio of net investment income to average net assets ......... 2.81%(a) 2.43% 2.65%(a)
Portfolio turnover rate ...................................... 101% 107% 95%
</TABLE>
226
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE COMMON STOCK PORTFOLIO(D)(E):
<TABLE>
<CAPTION>
CLASS IA
--------------------------------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 2000 ---------------
(UNAUDITED) 1999
---------------------- ---------------
<S> <C> <C>
Net asset value, beginning of period ............ $ 26.17 $ 24.35
----------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.09 0.17
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions .................................. ( 0.67) 5.84
----------- ----------
Total from investment operations ............... ( 0.58) 6.01
----------- ----------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... ( 0.01) ( 0.16)
Dividends in excess of net investment
income ........................................ -- --
Distributions from realized gains .............. ( 1.25) ( 4.03)
Distributions in excess of realized gains ...... -- --
----------- -----------
Total dividends and distributions .............. ( 1.26) ( 4.19)
----------- -----------
Net asset value, end of period .................. $ 24.33 $ 26.17
=========== ===========
Total return .................................... ( 2.25)%(b) 25.19%
=========== ===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $13,950,467 $14,951,495
Ratio of expenses to average net assets ......... 0.43%(a) 0.38%
Ratio of net investment income to average net
assets ......................................... 0.70%(a) 0.65%
Portfolio turnover rate ......................... 24% 57%
<CAPTION>
CLASS IA
------------------------------------------------------------
YEAR ENDED DECEMBER 31,
------------------------------------------------------------
1998 1997 1996 1995
--------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............ $ 21.61 $ 18.23 $ 16.48 $ 13.36
---------- --------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.18 0.14 0.15 0.20
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions .................................. 5.99 5.12 3.73 4.12
---------- --------- --------- ---------
Total from investment operations ............... 6.17 5.26 3.88 4.32
---------- --------- --------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... ( 0.15) ( 0.11) ( 0.15) ( 0.20)
Dividends in excess of net investment
income ........................................ -- -- -- ( 0.02)
Distributions from realized gains .............. ( 3.28) ( 1.77) ( 1.76) ( 0.95)
Distributions in excess of realized gains ...... -- -- ( 0.22) ( 0.03)
----------- ---------- ---------- ----------
Total dividends and distributions .............. ( 3.43) ( 1.88) ( 2.13) ( 1.20)
----------- ---------- ---------- ----------
Net asset value, end of period .................. $ 24.35 $ 21.61 $ 18.23 $ 16.48
=========== ========== ========== ==========
Total return .................................... 29.39% 29.40% 24.28% 32.45%
=========== ========== ========== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $12,061,977 $9,331,994 $6,625,390 $4,879,677
Ratio of expenses to average net assets ......... 0.39% 0.39% 0.38% 0.38%
Ratio of net investment income to average net
assets ......................................... 0.75% 0.69% 0.85% 1.27%
Portfolio turnover rate ......................... 46% 52% 55% 61%
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 ----------------------------------------
(UNAUDITED) 1999 1998 1997
--------------------- -------------- ------------ ------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 26.05 $ 24.30 $ 21.58 $ 18.22
---------- --------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 0.06 0.10 0.10 0.10
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions ..................................... ( 0.67) 5.82 6.00 5.11
---------- --------- ------- -------
Total from investment operations .................. ( 0.61) 5.92 6.10 5.21
---------- --------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .............. ( 0.01) ( 0.14) ( 0.10) ( 0.08)
Dividends in excess of net investment
income ........................................... -- -- -- --
Distributions from realized gains ................. ( 1.25) ( 4.03) ( 3.28) ( 1.77)
Distributions in excess of realized gains ......... -- -- -- --
---------- ---------- -------- --------
Total dividends and distributions ................. ( 1.26) ( 4.17) ( 3.38) ( 1.85)
---------- ---------- -------- --------
Net asset value, end of period ..................... $ 24.18 $ 26.05 $ 24.30 $ 21.58
========== ========== ======== ========
Total return ....................................... ( 2.37)%(b) 24.88% 29.06% 29.07%
========== ========== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $1,977,659 $1,642,066 $834,144 $228,780
Ratio of expenses to average net assets ............ 0.68%(a) 0.63% 0.64% 0.64%
Ratio of net investment income to average net
assets ............................................ 0.45%(a) 0.39% 0.44% 0.46%
Portfolio turnover rate ............................ 24% 57% 46% 52%
<CAPTION>
CLASS IB
-----------------
OCTOBER 2, 1996*
TO
DECEMBER 31,
1996
-----------------
<S> <C>
Net asset value, beginning of period ............... $ 17.90
---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 0.02
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions ..................................... 1.52
---------
Total from investment operations .................. 1.54
---------
LESS DISTRIBUTIONS:
Dividends from net investment income .............. --
Dividends in excess of net investment
income ........................................... ( 0.03)
Distributions from realized gains ................. ( 0.16)
Distributions in excess of realized gains ......... ( 1.03)
---------
Total dividends and distributions ................. ( 1.22)
---------
Net asset value, end of period ..................... $ 18.22
=========
Total return ....................................... 8.49%(b)
=========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $ 1,244
Ratio of expenses to average net assets ............ 0.63%(a)
Ratio of net investment income to average net
assets ............................................ 0.61%(a)
Portfolio turnover rate ............................ 55%
</TABLE>
227
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO(D)(E):
<TABLE>
<CAPTION>
CLASS IA
------------------------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 2000 ------------
(UNAUDITED) 1999
----------------- ------------
<S> <C> <C>
Net asset value, beginning of period ............... $ 12.55 $ 12.32
--------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 0.27 0.47
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions ..................................... 0.01 0.76
--------- -------
Total from investment operations .................. 0.28 1.23
--------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .............. -- ( 0.44)
Distributions from realized gains ................. ( 0.06) ( 0.56)
Distributions in excess of realized gains ......... -- --
--------- --------
Total dividends and distributions ................. ( 0.06) ( 1.00)
--------- --------
Net asset value, end of period ..................... $ 12.77 $ 12.55
========= ========
Total return ....................................... 2.24%(b) 10.14%
========= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $ 393,087 $394,489
Ratio of expenses to average net assets ............ 0.58%(a) 0.53%
Ratio of net investment income to average net
assets ............................................ 4.23%(a) 3.73%
Portfolio turnover rate ............................ 75% 111%
<CAPTION>
CLASS IA
--------------------------------------------------
YEAR ENDED DECEMBER 31,
--------------------------------------------------
1998 1997 1996 1995
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 11.89 $ 11.29 $ 11.52 $ 10.15
------- ------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 0.49 0.49 0.50 0.60
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions ..................................... 1.12 0.97 0.07 1.43
------- ------- ------- --------
Total from investment operations .................. 1.61 1.46 0.57 2.03
------- ------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income .............. ( 0.48) ( 0.49) ( 0.51) ( 0.59)
Distributions from realized gains ................. ( 0.70) ( 0.37) ( 0.27) ( 0.07)
Distributions in excess of realized gains ......... -- -- ( 0.02) --
-------- -------- -------- --------
Total dividends and distributions ................. ( 1.18) ( 0.86) ( 0.80) ( 0.66)
-------- -------- -------- --------
Net asset value, end of period ..................... $ 12.32 $ 11.89 $ 11.29 $ 11.52
======== ======== ======== ========
Total return ....................................... 13.88% 13.25% 5.21% 20.40%
======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $355,441 $307,847 $282,402 $252,101
Ratio of expenses to average net assets ............ 0.53% 0.57% 0.61% 0.59%
Ratio of net investment income to average net
assets ............................................ 3.99% 4.17% 4.48% 5.48%
Portfolio turnover rate ............................ 103% 206% 181% 287%
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, MAY 1, 1997*
JUNE 30, 2000 ------------------------- TO
(UNAUDITED) 1999 1998 DECEMBER 31, 1997
----------------- ----------- ----------- ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .................... $ 12.51 $ 12.31 $ 11.88 $ 11.29
-------- ------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................. 0.25 0.44 0.46 0.31
Net realized and unrealized gain (loss) on
investments and foreign currency transactions ......... 0.02 0.75 1.12 1.01
-------- ------- ------- --------
Total from investment operations ....................... 0.27 1.19 1.58 1.32
-------- ------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ................... -- ( 0.43) ( 0.45) ( 0.36)
Distributions from realized gains ...................... ( 0.06) ( 0.56) ( 0.70) ( 0.37)
Distributions in excess of realized gains .............. -- -- -- --
-------- ------- ------- --------
Total dividends and distributions ...................... ( 0.06) ( 0.99) ( 1.15) ( 0.73)
-------- ------- ------- --------
Net asset value, end of period .......................... $ 12.72 $ 12.51 $ 12.31 $ 11.88
======== ======= ======= ========
Total return ............................................ 2.12%(b) 9.87% 13.60% 11.84%(b)
======== ======= ======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................... $120,416 $81,555 $32,653 $ 5,694
Ratio of expenses to average net assets ................. 0.83%(a) 0.78% 0.78% 0.80%(a)
Ratio of net investment income to average net assets..... 4.00%(a) 3.48% 3.68% 3.82%(a)
Portfolio turnover rate ................................. 75% 111% 103% 206%
</TABLE>
228
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE EQUITY INDEX PORTFOLIO(D)(E):
<TABLE>
<CAPTION>
CLASS IA
------------------------------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 2000 --------------
(UNAUDITED) 1999
--------------------- --------------
<S> <C> <C>
Net asset value, beginning of period ............... $ 29.57 $ 25.00
---------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 0.13 0.28
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions ..................................... ( 0.39) 4.78
---------- ---------
Total from investment operations .................. ( 0.26) 5.06
---------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income .............. -- ( 0.27)
Distributions from realized gains ................. ( 0.01) ( 0.22)
Distributions in excess of realized gains ......... -- --
---------- ----------
Total dividends and distributions ................. ( 0.01) ( 0.49)
---------- ----------
Net asset value, end of period ..................... $ 29.30 $ 29.57
========== ==========
Total return ....................................... ( 0.87)%(b) 20.38%
========== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $2,401,455 $2,618,539
Ratio of expenses to average net assets ............ 0.32%(a) 0.33%
Ratio of net investment income to average net
assets ............................................ 0.88%(a) 1.05%
Portfolio turnover rate ............................ 4% 5%
<CAPTION>
CLASS IA
-----------------------------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------------------------
1998 1997 1996 1995
-------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 19.74 $ 15.16 $ 13.13 $ 9.87
--------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 0.27 0.26 0.27 0.26
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions ..................................... 5.25 4.64 2.65 3.32
--------- ------- ------- -------
Total from investment operations .................. 5.52 4.90 2.92 3.58
--------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .............. ( 0.25) ( 0.25) ( 0.25) ( 0.22)
Distributions from realized gains ................. ( 0.01) ( 0.07) ( 0.64) ( 0.09)
Distributions in excess of realized gains ......... -- -- -- ( .01)
---------- -------- -------- --------
Total dividends and distributions ................. ( 0.26) ( 0.32) ( 0.89) ( 0.32)
---------- -------- -------- --------
Net asset value, end of period ..................... $ 25.00 $ 19.74 $ 15.16 $ 13.13
========== ======== ======== ========
Total return ....................................... 28.07% 32.58% 22.39% 36.48%
========== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $1,689,913 $943,631 $386,249 $165,785
Ratio of expenses to average net assets ............ 0.34% 0.37% 0.39% 0.48%
Ratio of net investment income to average net
assets ............................................ 1.23% 1.46% 1.91% 2.16%
Portfolio turnover rate ............................ 6% 3% 15% 9%
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, MAY 1, 1997*
JUNE 30, 2000 ---------------------------- TO
(UNAUDITED) 1999 1998 DECEMBER 31, 1997
------------------ ---------------- ----------- ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .................... $ 29.50 $ 24.98 $ 19.73 $ 16.35
--------- -------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................. 0.10 0.21 0.22 0.14
Net realized and unrealized gain (loss) on
investments and foreign currency transactions ......... ( 0.40) 4.78 5.24 3.48
--------- -------- ------- --------
Total from investment operations ....................... ( 0.30) 4.99 5.46 3.62
--------- -------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ................... -- ( 0.25) ( 0.20) ( 0.17)
Distributions from realized gains ...................... ( 0.01) ( 0.22) ( 0.01) ( 0.07)
--------- -------- -------- --------
Total dividends and distributions ...................... ( 0.01) ( 0.47) ( 0.21) ( 0.24)
--------- -------- -------- --------
Net asset value, end of period .......................... $ 29.19 $ 29.50 $ 24.98 $ 19.73
========= ======== ======== ========
Total return ............................................ ( 0.99)%(b) 20.08% 27.74% 22.28%(b)
========= ======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................... $ 62,671 $ 20,931 $ 443 $ 110
Ratio of expenses to average net assets ................. 0.57%(a) 0.58%(d) 0.59% 0.62%(a)
Ratio of net investment income to average net assets..... 0.69%(a) 0.78%(d) 0.98% 1.10%(a)
Portfolio turnover rate ................................. 4% 5% 6% 3%
</TABLE>
229
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE GLOBAL PORTFOLIO(D)(E):
<TABLE>
<CAPTION>
CLASS IA
------------------------------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 2000 --------------
(UNAUDITED) 1999
--------------------- --------------
<S> <C> <C>
Net asset value, beginning of period ............ $ 25.16 $ 19.46
---------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.02 0.10
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions .................................. ( 0.16) 7.25
---------- ---------
Total from investment operations ............... ( 0.14) 7.35
---------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... ( 0.04) ( 0.02)
Dividends in excess of net investment
income ........................................ -- --
Distributions from realized gains .............. ( 1.39) ( 1.63)
Distributions in excess of realized gains ...... -- --
Tax return of capital distributions ............ -- --
---------- ----------
Total dividends and distributions .............. ( 1.43) ( 1.65)
---------- ----------
Net asset value, end of period .................. $ 23.59 $ 25.16
========== ==========
Total return .................................... ( 0.64)%(b) 38.53%
========== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $1,908,768 $1,869,185
Ratio of expenses to average net assets ......... 0.73%(a) 0.70%
Ratio of net investment income to average net
assets ......................................... 0.14%(a) 0.45%
Portfolio turnover rate ......................... 29% 93%
<CAPTION>
CLASS IA
------------------------------------------------------
YEAR ENDED DECEMBER 31,
------------------------------------------------------
1998 1997 1996 1995
-------------- -------------- ------------ -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............ $ 17.29 $ 16.92 $ 15.74 $ 13.87
--------- --------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.14 0.17 0.21 0.26
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions .................................. 3.56 1.75 2.05 2.32
--------- --------- ------- --------
Total from investment operations ............... 3.70 1.92 2.26 2.58
--------- --------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... ( 0.22) ( 0.36) ( 0.21) ( 0.25)
Dividends in excess of net investment
income ........................................ -- -- ( 0.08) --
Distributions from realized gains .............. ( 1.31) ( 1.19) ( 0.79) ( 0.42)
Distributions in excess of realized gains ...... -- -- -- ( 0.03)
Tax return of capital distributions ............ -- -- -- ( 0.01)
---------- ---------- -------- --------
Total dividends and distributions .............. ( 1.53) ( 1.55) ( 1.08) ( 0.71)
---------- ---------- -------- --------
Net asset value, end of period .................. $ 19.46 $ 17.29 $ 16.92 $ 15.74
========== ========== ======== ========
Total return .................................... 21.80% 11.66% 14.60% 18.81%
========== ========== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $1,360,220 $1,203,867 $997,041 $686,140
Ratio of expenses to average net assets ......... 0.71% 0.69% 0.60% 0.61%
Ratio of net investment income to average net
assets ......................................... 0.72% 0.97% 1.28% 1.76%
Portfolio turnover rate ......................... 105% 57% 59% 67%
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
------------------------------------------------------------------------
SIX MONTHS OCTOBER 2,*
ENDED YEAR ENDED DECEMBER 31, 1996 TO
JUNE 30, 2000 ------------------------------------ DECEMBER 31,
(UNAUDITED) 1999 1998 1997 1996
------------------ ------------ ----------- ----------- ----------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................... $ 25.05 $ 19.41 $ 17.27 $ 16.91 $ 16.57
--------- ------- ------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................. ( 0.01) 0.03 0.08 0.12 0.02
Net realized and unrealized gain (loss) on
investments and foreign currency transactions ........ ( 0.16) 7.24 3.56 1.76 0.81
--------- ------- ------- ------- --------
Total from investment operations ...................... ( 0.17) 7.27 3.64 1.88 0.83
--------- ------- ------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income .................. ( 0.04) -- ( 0.19) ( 0.33) --
Dividends in excess of net investment income .......... -- -- -- -- ( 0.11)
Distributions from realized gains ..................... ( 1.39) ( 1.63) ( 1.31) ( 1.19) ( 0.10)
Distributions in excess of realized gains ............. -- -- -- -- ( 0.28)
--------- -------- ------- ------- --------
Total dividends and distributions ..................... ( 1.43) ( 1.63) ( 1.50) ( 1.52) ( 0.49)
--------- -------- ------- ------- --------
Net asset value, end of period ......................... $ 23.45 $ 25.05 $ 19.41 $ 17.27 $ 16.91
========= ======== ======= ======= ========
Total return ........................................... ( 0.76)%(b) 38.17% 21.50% 11.38% 4.98%(b)
========= ======== ======= ======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................... $ 186,359 $121,052 $47,982 $21,520 $ 290
Ratio of expenses to average net assets ................ 0.98%(a) 0.95% 0.96% 0.97% 0.86%(a)
Ratio of net investment income to average net assets.... ( 0.09)%(a) 0.16% 0.41% 0.67% 0.48%(a)
Portfolio turnover rate ................................ 29% 93% 105% 57% 59%
</TABLE>
230
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE GROWTH AND INCOME PORTFOLIO(D)(E):
<TABLE>
<CAPTION>
CLASS IA
-----------------------------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 2000 --------------
(UNAUDITED) 1999
-------------------- --------------
<S> <C> <C>
Net asset value, beginning of period ............ $ 18.24 $ 16.99
--------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.07 0.06
Net realized and unrealized gain (loss) on
investments ................................... 1.00 3.05
--------- ---------
Total from investment operations ............... 1.07 3.11
--------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... ( 0.01) ( 0.05)
Distributions from realized gains .............. ( 0.77) ( 1.81)
--------- ----------
Total dividends and distributions .............. ( 0.78) ( 1.86)
--------- ----------
Net asset value, end of period .................. $ 18.53 $ 18.24
========= ==========
Total return .................................... 5.85%(b) 18.66%
========= ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $1,322,636 $1,241,619
Ratio of expenses to average net assets ......... 0.59%(a) 0.57%
Ratio of net investment income to average net
assets ......................................... 0.74%(a) 0.33%
Portfolio turnover rate ......................... 29% 70%
<CAPTION>
CLASS IA
-------------------------------------------------
YEAR ENDED DECEMBER 31,
-------------------------------------------------
1998 1997 1996 1995
------------ ------------ ------------ ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............ $ 15.38 $ 13.01 $ 11.70 $ 9.70
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.06 0.15 0.24 0.33
Net realized and unrealized gain (loss) on
investments ................................... 3.08 3.30 2.05 1.97
------- ------- ------- -------
Total from investment operations ............... 3.14 3.45 2.29 2.30
------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... ( 0.05) ( 0.15) ( 0.23) ( 0.30)
Distributions from realized gains .............. ( 1.48) ( 0.93) ( 0.75) --
-------- -------- -------- -------
Total dividends and distributions .............. ( 1.53) ( 1.08) ( 0.98) ( 0.30)
-------- -------- -------- -------
Net asset value, end of period .................. $ 16.99 $ 15.38 $ 13.01 $ 11.70
======== ======== ======== =======
Total return .................................... 20.86% 26.90% 20.09% 24.07%
======== ======== ======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $877,744 $555,059 $232,080 $98,053
Ratio of expenses to average net assets ......... 0.58% 0.58% 0.58% 0.60%
Ratio of net investment income to average net
assets ......................................... 0.38% 0.99% 1.94% 3.11%
Portfolio turnover rate ......................... 74% 79% 88% 65%
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
-----------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, MAY 1, 1997*
JUNE 30, 2000 -------------------------- TO
(UNAUDITED) 1999 1998 DECEMBER 31, 1997
----------------- ------------ ------------ ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .................... $ 18.16 $ 16.95 $ 15.36 $ 13.42
-------- ------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................. 0.05 0.01 0.03 0.05
Net realized and unrealized gain (loss) on
investments ........................................... 0.99 3.04 3.07 2.91
-------- ------- ------- --------
Total from investment operations ....................... 1.04 3.05 3.10 2.96
-------- ------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ................... ( 0.01) ( 0.03) ( 0.03) ( 0.09)
Distributions from realized gains ...................... ( 0.77) ( 1.81) ( 1.48) ( 0.93)
-------- -------- -------- --------
Total dividends and distributions ...................... ( 0.78) ( 1.84) ( 1.51) ( 1.02)
-------- -------- -------- --------
Net asset value, end of period .......................... $ 18.42 $ 18.16 $ 16.95 $ 15.36
======== ======== ======== ========
Total return ............................................ 5.72%(b) 18.37% 20.56% 22.41%(b)
======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................... $359,237 $261,663 $120,558 $ 32,697
Ratio of expenses to average net assets ................. 0.84%(a) 0.82% 0.83% 0.83%(a)
Ratio of net investment income to average net assets..... 0.49%(a) 0.06% 0.17% 0.43%(a)
Portfolio turnover rate ................................. 29% 70% 74% 79%
</TABLE>
231
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE GROWTH INVESTORS PORTFOLIO(D)(E):
<TABLE>
<CAPTION>
CLASS IA
------------------------------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 2000 --------------
(UNAUDITED) 1999
--------------------- --------------
<S> <C> <C>
Net asset value, beginning of period ............ $ 22.57 $ 19.87
---------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.20 0.37
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions .................................. ( 0.36) 4.83
---------- ---------
Total from investment operations ............... ( 0.16) 5.20
---------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... -- ( 0.35)
Dividends in excess of net investment
income ........................................ -- --
Distributions from realized gains .............. ( 0.22) ( 2.15)
Distributions in excess of realized gains ...... -- --
---------- ----------
Total dividends and distributions .............. ( 0.22) ( 2.50)
---------- ----------
Net asset value, end of period .................. $ 22.19 $ 22.57
========== ==========
Total return .................................... ( 0.70)%(b) 26.58%
========== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $2,487,263 $2,495,787
Ratio of expenses to average net assets ......... 0.58%(a) 0.53%
Ratio of net investment income to average net
assets ......................................... 1.83%(a) 1.71%
Portfolio turnover rate ......................... 34% 98%
<CAPTION>
CLASS IA
--------------------------------------------------------
YEAR ENDED DECEMBER 31,
--------------------------------------------------------
1998 1997 1996 1995
-------------- -------------- -------------- -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............ $ 18.55 $ 17.20 $ 17.68 $ 14.66
--------- --------- --------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.41 0.41 0.40 0.57
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions .................................. 3.03 2.43 1.66 3.24
--------- --------- --------- --------
Total from investment operations ............... 3.44 2.84 2.06 3.81
--------- --------- --------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... ( 0.41) ( 0.46) ( 0.40) ( 0.54)
Dividends in excess of net investment
income ........................................ -- -- ( 0.03) ( 0.01)
Distributions from realized gains .............. ( 1.71) ( 1.03) ( 2.10) ( 0.24)
Distributions in excess of realized gains ...... -- -- ( 0.01) --
---------- ---------- ---------- --------
Total dividends and distributions .............. ( 2.12) ( 1.49) ( 2.54) ( 0.79)
---------- ---------- ---------- --------
Net asset value, end of period .................. $ 19.87 $ 18.55 $ 17.20 $ 17.68
========== ========== ========== ========
Total return .................................... 19.13% 16.87% 12.61% 26.37%
========== ========== ========== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $1,963,074 $1,630,389 $1,301,643 $896,134
Ratio of expenses to average net assets ......... 0.55% 0.57% 0.57% 0.56%
Ratio of net investment income to average net
assets ......................................... 2.10% 2.18% 2.31% 3.43%
Portfolio turnover rate ......................... 102% 121% 190% 107%
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
-------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 ------------------------------------
(UNAUDITED) 1999 1998 1997
------------------ ------------ ----------- -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .................... $ 22.51 $ 19.84 $ 18.52 $ 17.19
---------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................. 0.18 0.31 0.36 0.36
Net realized and unrealized gain (loss) on
investments and foreign currency transactions ......... ( 0.37) 4.82 3.03 2.43
---------- ------- ------- -------
Total from investment operations ....................... ( 0.19) 5.13 3.39 2.79
---------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ................... -- ( 0.31) ( 0.36) ( 0.43)
Dividends in excess of net investment income ........... -- -- -- --
Distributions from realized gains ...................... ( 0.22) ( 2.15) ( 1.71) ( 1.03)
Distributions in excess of realized gains .............. -- -- -- --
---------- -------- ------- -------
Total dividends and distributions ...................... ( 0.22) ( 2.46) ( 2.07) ( 1.46)
---------- -------- ------- -------
Net asset value, end of period .......................... $ 22.10 $ 22.51 $ 19.84 $ 18.52
========== ======== ======= =======
Total return ............................................ ( 0.83)%(b) 26.27% 18.83% 16.58%
========== ======== ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................... $ 281,655 $202,850 $92,027 $35,730
Ratio of expenses to average net assets ................. 0.83%(a) 0.78% 0.80% 0.82%
Ratio of net investment income to average net assets..... 1.60%(a) 1.44% 1.85% 1.88%
Portfolio turnover rate ................................. 34% 98% 102% 121%
<CAPTION>
CLASS IB
----------------
OCTOBER 2,*
1996 TO
DECEMBER 31,
1996
----------------
<S> <C>
Net asset value, beginning of period .................... $ 16.78
---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................. 0.07
Net realized and unrealized gain (loss) on
investments and foreign currency transactions ......... 0.71
---------
Total from investment operations ....................... 0.78
---------
LESS DISTRIBUTIONS:
Dividends from net investment income ................... ( 0.02)
Dividends in excess of net investment income ........... ( 0.09)
Distributions from realized gains ...................... ( 0.02)
Distributions in excess of realized gains .............. ( 0.24)
---------
Total dividends and distributions ...................... ( 0.37)
---------
Net asset value, end of period .......................... $ 17.19
=========
Total return ............................................ 4.64%(b)
=========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................... $ 472
Ratio of expenses to average net assets ................. 0.84%(a)
Ratio of net investment income to average net assets..... 1.69%(a)
Portfolio turnover rate ................................. 190%
</TABLE>
232
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE HIGH YIELD PORTFOLIO(D)(E):
<TABLE>
<CAPTION>
CLASS IA
-------------------------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 2000 ------------
(UNAUDITED) 1999
------------------ ------------
<S> <C> <C>
Net asset value, beginning of period ............... $ 7.43 $ 8.71
---------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 0.38 0.90
Net realized and unrealized gain (loss) on
investments. ..................................... (0.49) (1.19)
---------- -------
Total from investment operations .................. (0.11) (0.29)
---------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .............. (0.01) (0.96)
Dividends in excess of net investment
income ........................................... -- --
Distributions from realized gains ................. -- (0.01)
Distributions in excess of realized gains ......... -- --
Return of capital distributions ................... -- (0.02)
---------- -------
Total dividends and distributions ................. (0.01) (0.99)
---------- -------
Net asset value, end of period ..................... $ 7.31 $ 7.43
========== =======
Total return ....................................... (1.46)%(b) (3.35)%
========== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $ 300,800 $336,292
Ratio of expenses to average net assets ............ 0.66%(a) 0.63%
Ratio of net investment income to average net
assets ............................................ 10.53%(a) 10.53%
Portfolio turnover rate ............................ 49% 178%
<CAPTION>
CLASS IA
----------------------------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------------------------
1998 1997 1996 1995
------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 10.41 $ 10.02 $ 9.64 $ 8.91
------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 1.07 1.04 1.02 0.98
Net realized and unrealized gain (loss) on
investments. ..................................... ( 1.56) 0.75 1.07 0.73
------- ------- ------- -------
Total from investment operations .................. ( 0.49) 1.79 2.09 1.71
------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .............. ( 1.03) ( 0.97) ( 0.98) (0.94)
Dividends in excess of net investment
income ........................................... -- -- ( 0.03) (0.04)
Distributions from realized gains ................. ( 0.18) ( 0.43) ( 0.70) --
Distributions in excess of realized gains ......... -- -- -- --
Return of capital distributions ...................
Total dividends and distributions ................. ( 1.21) ( 1.40) ( 1.71) (0.98)
------- -------- -------- --------
Net asset value, end of period ..................... $ 8.71 $ 10.41 $ 10.02 $ 9.64
======= ======== ======== ========
Total return ....................................... ( 5.15)% 18.48% 22.89% 19.92%
======= ======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $405,308 $355,473 $199,360 $118,129
Ratio of expenses to average net assets ............ 0.63% 0.62% 0.59% 0.60%
Ratio of net investment income to average net
assets ............................................ 10.67% 9.82% 9.93% 10.34%
Portfolio turnover rate ............................ 181% 390% 485% 350%
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
---------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 --------------------------------------
(UNAUDITED) 1999 1998 1997
------------------ ------------ ------------- -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .................... $ 7.40 $ 8.69 $ 10.39 $ 10.01
---------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................. 0.37 0.87 1.04 1.05
Net realized and unrealized gain (loss) on
investments. .......................................... (0.49) (1.18) ( 1.56) 0.71
---------- ------- ------- -------
Total from investment operations ....................... (0.12) (0.31) ( 0.52) 1.76
---------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ................... (0.01) (0.95) ( 1.00) ( 0.95)
Dividends in excess of net investment income ........... -- -- -- --
Distributions from realized gains ...................... -- (0.01) ( 0.18) ( 0.43)
Distributions in excess of realized gains .............. -- -- -- --
Return of capital distributions ........................ -- (0.02)
---------- -------
Total dividends and distributions ...................... (0.01) (0.98) ( 1.18) ( 1.38)
---------- ------- ------- -------
Net asset value, end of period .......................... $ 7.27 $ 7.40 $ 8.69 $ 10.39
========== ======= ======= =======
Total return ............................................ (1.59)%(b) (3.58)% ( 5.38)% 18.19%
========== ======= ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................... $ 237,263 $230,290 $207,042 $66,338
Ratio of expenses to average net assets ................. 0.91%(a) 0.88% 0.88% 0.88%
Ratio of net investment income to average net assets..... 10.28%(a) 10.25% 10.60% 9.76%
Portfolio turnover rate ................................. 49% 178% 181% 390%
<CAPTION>
CLASS IB
----------------
OCTOBER 2,*
1996 TO
DECEMBER 31,
1996
----------------
<S> <C>
Net asset value, beginning of period .................... $ 10.25
---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................. 0.19
Net realized and unrealized gain (loss) on
investments. .......................................... 0.15
---------
Total from investment operations ....................... 0.34
---------
LESS DISTRIBUTIONS:
Dividends from net investment income ................... ( 0.03)
Dividends in excess of net investment income ........... ( 0.25)
Distributions from realized gains ...................... ( 0.01)
Distributions in excess of realized gains .............. ( 0.29)
Return of capital distributions ........................
Total dividends and distributions ...................... ( 0.58)
---------
Net asset value, end of period .......................... $ 10.01
=========
Total return ............................................ 3.32%(b)
=========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................... $ 685
Ratio of expenses to average net assets ................. 0.82%(a)
Ratio of net investment income to average net assets..... 8.71%(a)
Portfolio turnover rate ................................. 485%
</TABLE>
233
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO(D)(E):
<TABLE>
<CAPTION>
CLASS IA
-------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 -------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
----------------- ------------ ------------ ------------ ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ............ $ 9.18 $ 9.67 $ 9.44 $ 9.29 $ 9.47 $ 8.87
-------- ------- ------- ------- ------ -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.26 0.50 0.50 0.53 0.54 0.58
Net realized and unrealized gain (loss) on
investments ................................... (0.01) (0.49) 0.21 0.13 (0.19) 0.57
-------- -------- ------- ------- ------- -------
Total from investment operations ............... 0.25 0.01 0.71 0.66 0.35 1.15
-------- -------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income. .......... -- (0.50) (0.48) (0.51) (0.53) (0.55)
-------- -------- -------- -------- ------- -------
Net asset value, end of period .................. $ 9.43 $ 9.18 $ 9.67 $ 9.44 $ 9.29 $ 9.47
======== ======== ======== ======== ======= =======
Total return .................................... 2.77%(b) 0.02% 7.74% 7.29% 3.78% 13.33%
======== ======== ======== ======== ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $145,671 $156,864 $153,383 $115,114 $88,384 $71,780
Ratio of expenses to average net assets ......... 0.57%(a) 0.55% 0.55% 0.55% 0.56% 0.57%
Ratio of net investment income to average net
assets ......................................... 5.72%(a) 5.16% 5.21% 5.61% 5.73% 6.15%
Portfolio turnover rate ......................... 260% 408% 539% 285% 318% 255%
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
-----------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, MAY 1, 1997*
JUNE 30, 2000 -------------------------- TO
(UNAUDITED) 1999 1998 DECEMBER 31, 1997
--------------- ------------ ----------- ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .................... $ 9.15 $ 9.66 $ 9.43 $ 9.27
-------- ------- ------ --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................. 0.25 0.47 0.47 0.32
Net realized and unrealized gain (loss) on
investments ........................................... (0.01) (0.49) 0.22 0.22
-------- ------- ------ --------
Total from investment operations ....................... 0.24 (0.02) 0.69 0.54
-------- ------- ------ --------
LESS DISTRIBUTIONS:
Dividends from net investment income. .................. -- (0.49) (0.46) (0.38)
-------- ------- ------- --------
Net asset value, end of period .......................... $ 9.39 $ 9.15 $ 9.66 $ 9.43
======== ======= ======= ========
Total return ............................................ 2.64%(b) (0.23)% 7.48% 5.83%(b)
======== ======= ======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................... $ 57,506 $45,911 $30,898 $ 5,052
Ratio of expenses to average net assets ................. 0.82%(a) 0.80% 0.80% 0.81%(a)
Ratio of net investment income to average net assets..... 5.46%(a) 4.91% 4.87% 5.15%(a)
Portfolio turnover rate ................................. 260% 408% 539% 285%
</TABLE>
234
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE INTERNATIONAL PORTFOLIO(D)(E):
<TABLE>
<CAPTION>
CLASS IA
-----------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 ----------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996
------------------ ------------ ------------ ------------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ............ $ 15.03 $ 11.13 $ 10.27 $ 11.50 $ 10.87
---------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.02 0.08 0.09 0.10 0.13
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions .................................. ( 0.98) 4.07 0.97 ( 0.45) 0.94
---------- ------- ------- ------- -------
Total from investment operations ............... ( 0.96) 4.15 1.06 ( 0.35) 1.07
---------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... ( 0.05) -- ( 0.20) ( 0.32) ( 0.10)
Dividends in excess of net investment
income ........................................ -- -- -- -- ( 0.09)
Distributions from realized gains .............. ( 0.51) ( 0.25) -- ( 0.56) ( 0.25)
---------- -------- -------- ------- --------
Total dividends and distributions .............. ( 0.56) ( 0.25) ( 0.20) ( 0.88) ( 0.44)
---------- -------- -------- ------- --------
Net asset value, end of period .................. $ 13.51 $ 15.03 $ 11.13 $ 10.27 $ 11.50
========== ======== ======== ======= ========
Total return .................................... ( 6.41)%(b) 37.31 % 10.57 % ( 2.98)% 9.82%
========== ========== ========== ======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $ 289,158 $268,541 $204,767 $190,611 $151,907
Ratio of expenses to average net assets ......... 1.09%(a) 1.08% 1.06% 1.08% 1.06%
Ratio of net investment income to average net
assets ......................................... 0.24%(a) 0.70% 0.81% 0.83% 1.10%
Portfolio turnover rate ......................... 51% 152% 59% 59% 48%
<CAPTION>
CLASS IA
------------------
APRIL 1, 1995*
TO
DECEMBER 31, 1995
------------------
<S> <C>
Net asset value, beginning of period ............ $ 10.00
---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.14
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions .................................. 0.98
---------
Total from investment operations ............... 1.12
---------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... ( 0.07)
Dividends in excess of net investment
income ........................................ ( 0.13)
Distributions from realized gains .............. ( 0.05)
---------
Total dividends and distributions .............. ( 0.25)
---------
Net asset value, end of period .................. $ 10.87
=========
Total return .................................... 11.29%(b)
=========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $ 28,684
Ratio of expenses to average net assets ......... 1.03%(a)
Ratio of net investment income to average net
assets ......................................... 1.71%(a)
Portfolio turnover rate ......................... 56%
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
----------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, MAY 1, 1997*
JUNE 30, 2000 ------------------------ TO
(UNAUDITED) 1999 1998 DECEMBER 31, 1997
------------------ ----------- ----------- ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .................... $ 14.96 $ 11.11 $ 10.26 $ 11.39
--------- ------- ------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................. 0.01 0.04 0.05 0.02
Net realized and unrealized gain (loss) on
investments and foreign currency transactions ......... ( 0.96) 4.06 0.98 ( 0.31)
--------- ------- ------- ---------
Total from investment operations ....................... ( 0.95) 4.10 1.03 ( 0.29)
--------- ------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ................... ( 0.05) -- ( 0.18) ( 0.28)
Dividends in excess of net investment income ........... -- -- -- --
Distributions from realized gains ...................... ( 0.51) ( 0.25) -- ( 0.56)
--------- ------- ------- ---------
Total dividends and distributions ...................... ( 0.56) ( 0.25) ( 0.18) ( 0.84)
--------- ------- ------- ---------
Net asset value, end of period .......................... $ 13.45 $ 14.96 $ 11.11 $ 10.26
========= ======= ======= =========
Total return ............................................ ( 6.41)%(b) 36.90 % 10.30 % ( 2.54)%(b)
========= ========= ========= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................... $ 32,895 $18,977 $7,543 $ 3,286
Ratio of expenses to average net assets ................. 1.34%(a) 1.33% 1.31% 1.38%(a)
Ratio of net investment income to average net assets..... 0.10%(a) 0.36% 0.44% 0.20%(a)
Portfolio turnover rate ................................. 51% 152% 59% 59%
</TABLE>
235
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE MONEY MARKET PORTFOLIO(D)(E):
<TABLE>
<CAPTION>
CLASS IA
------------------------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 2000 ------------
(UNAUDITED) 1999
----------------- ------------
<S> <C> <C>
Net asset value, beginning of period ............ $ 10.28 $ 10.22
--------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.30 0.51
Net realized and unrealized gain (loss) on
investments ................................... -- --
--------- --------
Total from investment operations ............... 0.30 0.51
--------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... -- ( 0.45)
--------- --------
Total dividends and distributions .............. -- ( 0.45)
--------- --------
Net asset value, end of period .................. $ 10.58 $ 10.28
========= ========
Total return .................................... 2.95%(b) 4.96%
========= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $ 851,522 $883,988
Ratio of expenses to average net assets ......... 0.38%(a) 0.37%
Ratio of net investment income to average net
assets ......................................... 5.79%(a) 4.91%
<CAPTION>
CLASS IA
--------------------------------------------------
YEAR ENDED DECEMBER 31,
--------------------------------------------------
1998 1997 1996 1995
------------ ------------ ------------ -----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............ $ 10.18 $ 10.17 $ 10.16 $ 10.14
------- ------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.53 0.54 0.54 0.57
Net realized and unrealized gain (loss) on
investments ................................... -- -- ( 0.01) --
-------- -------- -------- --------
Total from investment operations ............... 0.53 0.54 0.53 0.57
-------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... ( 0.49) ( 0.53) ( 0.52) ( 0.55)
-------- -------- -------- --------
Total dividends and distributions .............. ( 0.49) ( 0.53) ( 0.52) ( 0.55)
-------- -------- -------- --------
Net asset value, end of period .................. $ 10.22 $ 10.18 $ 10.17 $ 10.16
======== ======== ======== ========
Total return .................................... 5.34% 5.42% 5.33% 5.74%
======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $723,311 $449,960 $463,422 $386,691
Ratio of expenses to average net assets ......... 0.37% 0.39% 0.43% 0.44%
Ratio of net investment income to average net
assets ......................................... 5.13% 5.28% 5.17% 5.53%
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 --------------------------------------
(UNAUDITED) 1999 1998 1997
----------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ................... $ 10.25 $ 10.21 $ 10.17 $ 10.16
--------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................. 0.28 0.49 0.49 0.52
Net realized and unrealized gain (loss) on
investments .......................................... -- ( 0.01) 0.02 --
--------- -------- ------- --------
Total from investment operations ...................... 0.28 0.48 0.51 0.52
--------- -------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income .................. -- ( 0.44) ( 0.47) ( 0.51)
Dividends in excess of net investment income .......... -- -- -- --
--------- -------- -------- --------
Total dividends and distributions ..................... -- ( 0.44) ( 0.47) ( 0.51)
--------- -------- -------- --------
Net asset value, end of period ......................... $ 10.53 $ 10.25 $ 10.21 $ 10.17
========= ======== ======== ========
Total return ........................................... 2.83%(b) 4.71% 5.08% 5.16%
========= ======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................... $ 548,118 $559,713 $386,718 $123,675
Ratio of expenses to average net assets ................ 0.63%(a) 0.62% 0.62% 0.63%
Ratio of net investment income to average net assets.... 5.55%(a) 4.68% 4.82% 5.02%
<CAPTION>
CLASS IB
-----------------
OCTOBER 2, 1996*
TO
DECEMBER 31,
1996
-----------------
<S> <C>
Net asset value, beginning of period ................... $ 10.16
---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................. 0.11
Net realized and unrealized gain (loss) on
investments .......................................... 0.01
---------
Total from investment operations ...................... 0.12
---------
LESS DISTRIBUTIONS:
Dividends from net investment income .................. ( 0.02)
Dividends in excess of net investment income .......... ( 0.10)
---------
Total dividends and distributions ..................... ( 0.12)
---------
Net asset value, end of period ......................... $ 10.16
=========
Total return ........................................... 1.29%(b)
=========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................... $ 3,184
Ratio of expenses to average net assets ................ 0.67%(a)
Ratio of net investment income to average net assets.... 4.94%(a)
</TABLE>
236
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/ALLIANCE PREMIER GROWTH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
-----------------------------------------
SIX MONTHS
ENDED MAY 1, 1999*
JUNE 30, 2000 TO
(UNAUDITED) DECEMBER 31, 1999
------------------ ----------------------
<S> <C> <C>
Net asset value, beginning of period ..................... $ 11.87 $ 10.00
---------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................... -- 0.02
Net realized and unrealized gain (loss) on
investments and foreign currency transactions .......... 0.41 1.89
---------- -----------
Total from investment operations ........................ 0.41 1.91
---------- -----------
LESS DISTRIBUTIONS:
Dividends from net investment income .................... -- ( 0.01)
Distributions from realized gains ....................... -- ( 0.03)
---------- -----------
Total dividends and distributions ....................... -- ( 0.04)
---------- -----------
Net asset value, end of period ........................... $ 12.28 $ 11.87
========== ===========
Total return ............................................. 3.78%(b) 19.14%(b)
========== ===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................ $ 50,434 $ 28,834
Ratio of expenses to average net assets after waivers..... 0.90%(a) 0.90%(a)(c)
Ratio of expenses to average net assets before
waivers (Note 6) ........................................ 0.94%(a) 1.12%(a)(c)
Ratio of net investment income to average net assets
after waivers ........................................... 0.02%(a) 0.45%(a)(c)
Ratio of net investment income to average net assets
before waivers (Note 6) ................................. ( 0.03)%(a) 0.23%(a)(c)
Portfolio turnover rate .................................. 61% 29%
Effect of voluntary expense limitation during the
period: (Note 6) .......................................
Per share benefit to net investment income ............. $ -- $ 0.01
<CAPTION>
CLASS IB
---------------------------------------------
SIX MONTHS
ENDED MAY 1, 1999*
JUNE 30, 2000 TO
(UNAUDITED) DECEMBER 31, 1999
-------------------- ------------------------
<S> <C> <C>
Net asset value, beginning of period ..................... $ 11.86 $ 10.00
---------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................... ( 0.01) 0.01
Net realized and unrealized gain (loss) on
investments and foreign currency transactions .......... 0.41 1.89
---------- -----------
Total from investment operations ........................ 0.40 1.90
---------- -----------
LESS DISTRIBUTIONS:
Dividends from net investment income .................... -- ( 0.01)
Distributions from realized gains ....................... -- ( 0.03)
---------- -----------
Total dividends and distributions ....................... -- ( 0.04)
---------- -----------
Net asset value, end of period ........................... $ 12.26 $ 11.86
========== ===========
Total return ............................................. 3.70%(b) 18.97%(b)
========== ===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................ $1,342,756 $ 451,323
Ratio of expenses to average net assets after waivers..... 1.15%(a) 1.15%(a)(c)
Ratio of expenses to average net assets before
waivers (Note 6) ........................................ 1.19%(a) 1.37%(a)(c)
Ratio of net investment income to average net assets
after waivers ........................................... ( 0.21)%(a) 0.20%(a)(c)
Ratio of net investment income to average net assets
before waivers (Note 6) ................................. ( 0.25)%(a) ( 0.02)%(a)(c)
Portfolio turnover rate .................................. 61% 29%
Effect of voluntary expense limitation during the
period: (Note 6) .......................................
Per share benefit to net investment income ............. $ -- $ 0.01
</TABLE>
237
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Concluded)
ALLIANCE QUALITY BOND PORTFOLIO(D)(E):
<TABLE>
<CAPTION>
CLASS IA
-------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 ----------------------------------------------------------------
(UNAUDITED) 1999 1998 1997 1996 1995
-------------- ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ............ $ 9.11 $ 9.84 $ 9.74 $ 9.49 $ 9.61 $ 8.72
-------- -------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.30 0.54 0.55 0.60 0.57 0.57
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions .................................. 0.03 (0.74) 0.28 0.24 (0.07) 0.88
-------- -------- ------- ------- -------- -------
Total from investment operations ............... 0.33 (0.20) 0.83 0.84 0.50 1.45
-------- -------- ------- ------- -------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... (0.03) (0.50) (0.53) (0.59) (0.60) (0.56)
Dividends in excess of net investment
income ........................................ -- -- -- -- (0.02) --
Distributions from realized gains .............. -- (0.03) (0.20) -- -- --
-------- -------- -------- -------- -------- --------
Total dividends and distributions .............. (0.03) (0.53) (0.73) (0.59) (0.62) (0.56)
-------- -------- -------- -------- -------- --------
Net asset value, end of period .................. $ 9.41 $ 9.11 $ 9.84 $ 9.74 $ 9.49 $ 9.61
======== ======== ======== ======== ======== ========
Total return .................................... 3.71 %(b) (2.00)% 8.69% 9.14% 5.36% 17.02%
============ ======== ======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $514,130 $329,895 $322,418 $203,233 $155,023 $157,443
Ratio of expenses to average net assets ......... 0.57 %(a) 0.56 % 0.57% 0.57% 0.59% 0.59%
Ratio of net investment income to average net
assets ......................................... 6.58 %(a) 5.64 % 5.48% 6.19% 6.06% 6.13%
Portfolio turnover rate ......................... 156 % 147 % 194% 374% 431% 411%
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
---------------------------------------------------
SIX MONTHS JULY 8, 1998*
ENDED YEAR ENDED TO
JUNE 30, 2000 DECEMBER 31, DECEMBER 31,
(UNAUDITED) 1999 1998
--------------- -------------- ----------------
<S> <C> <C> <C>
Net asset value, beginning of period .................... $ 9.09 $ 9.84 $ 9.90
------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................. 0.29 0.52 0.25
Net realized and unrealized gain (loss) on
investments and foreign currency transactions ......... 0.04 (0.75) 0.14
------ ------ ------
Total from investment operations ....................... 0.33 (0.23) 0.39
------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income ................... (0.03) (0.49) (0.25)
Dividends in excess of net investment income ........... -- -- --
Distributions from realized gains ...................... -- (0.03) (0.20)
------ ------ ------
Total dividends and distributions ...................... (0.03) (0.52) (0.45)
------ ------ ------
Net asset value, end of period .......................... $ 9.39 $ 9.09 $ 9.84
====== ====== ======
Total return ............................................ 3.64 %(b) (2.25)% 4.05 %(b)
============= ======= ===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................... $3,966 $1,094 $ 10
Ratio of expenses to average net assets ................. 0.82 %(a) 0.81 % 0.81%(a)
Ratio of net investment income to average net assets..... 6.31 %(a) 5.39 % 5.06%(a)
Portfolio turnover rate ................................. 156 % 147 % 194%
</TABLE>
238
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS
ALLIANCE SMALL CAP GROWTH PORTFOLIO(D)(E):
<TABLE>
<CAPTION>
CLASS IA
-------------------------------------------------------------
SIX MONTHS MAY 1, 1997*
ENDED YEAR ENDED DECEMBER 31, TO
JUNE 30, 2000 -------------------------- DECEMBER 31,
(UNAUDITED) 1999 1998 1997
----------------- ------------ ------------- ----------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .............................. $ 15.11 $ 11.82 $ 12.35 $ 10.00
--------- ------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ..................................... ( 0.03) ( 0.05) 0.01 0.01
Net realized and unrealized gain (loss) on investments ........... 4.50 3.34 ( 0.54) 2.65
--------- ------- ------- --------
Total from investment operations ................................. 4.47 3.29 ( 0.53) 2.66
--------- ------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................. -- -- -- ( 0.01)
Distributions from realized gains ................................ -- -- -- ( 0.30)
--------- ------- ------- --------
Total dividends and distributions ................................ -- -- -- ( 0.31)
--------- ------- ------- --------
Net asset value, end of period .................................... $ 19.58 $ 15.11 $ 11.82 $ 12.35
========= ======= ======= ========
Total return ...................................................... 29.64%(b) 27.75% ( 4.28)% 26.74%
========= ======= ======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................. $ 433,835 $241,000 $198,360 $ 94,676
Ratio of expenses to average net assets ........................... 0.90%(a) 0.95% 0.96% 0.95%(a)
Ratio of net investment income (loss) to average net assets ....... ( 0.40)%(a) ( 0.40)% 0.08% 0.10%(a)
Portfolio turnover rate ........................................... 68% 221% 94% 96%
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 --------------------------
(UNAUDITED) 1999 1998
----------------- ------------ -------------
<S> <C> <C> <C>
Net asset value, beginning of period .............................. $ 15.03 $ 11.79 $ 12.34
---------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ..................................... ( 0.06) ( 0.08) ( 0.02)
Net realized and unrealized gain (loss) on investments ........... 4.48 3.32 ( 0.53)
---------- ------- -------
Total from investment operations ................................. 4.42 3.24 ( 0.55)
---------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................. -- -- --
Distributions from realized gains ................................ -- -- --
---------- ------- -------
Total dividends and distributions ................................ -- -- --
---------- ------- -------
Net asset value, end of period .................................... $ 19.45 $ 15.03 $ 11.79
========== ======= =======
Total return ...................................................... 29.42%(b) 27.46% ( 4.44)%
========== ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................. $ 313,039 $162,331 $112,254
Ratio of expenses to average net assets ........................... 1.15%(a) 1.20% 1.20%
Ratio of net investment income (loss) to average net assets ....... ( 0.66)%(a) ( 0.65)% ( 0.17)%
Portfolio turnover rate ........................................... 68% 221% 94%
<CAPTION>
CLASS IB
------------------
MAY 1, 1997*
TO
DECEMBER 31,
1997
------------------
<S> <C>
Net asset value, beginning of period .............................. $ 10.00
----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ..................................... ( 0.01)
Net realized and unrealized gain (loss) on investments ........... 2.65
----------
Total from investment operations ................................. 2.64
----------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................. --
Distributions from realized gains ................................ ( 0.30)
----------
Total dividends and distributions ................................ ( 0.30)
----------
Net asset value, end of period .................................... $ 12.34
==========
Total return ...................................................... 26.57%(b)
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................. $ 46,324
Ratio of expenses to average net assets ........................... 1.15%(a)
Ratio of net investment income (loss) to average net assets ....... ( 0.12)%(a)
Portfolio turnover rate ........................................... 96%
</TABLE>
239
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/ALLIANCE TECHNOLOGY PORTFOLIO(E):
<TABLE>
<CAPTION>
CLASS IA CLASS IB
------------------ ------------------
MAY 1, 2000* MAY 1, 2000*
TO TO
JUNE 30, 2000 JUNE 30, 2000
(UNAUDITED) (UNAUDITED)
------------------ ------------------
<S> <C> <C>
Net asset value, beginning of period (b) ......................................... $ 10.00 $ 10.00
--------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.01 --
Net realized and unrealized gain (loss) on investments .......................... ( 0.81) ( 0.80)
--------- ---------
Total from investment operations ................................................ ( 0.80) ( 0.80)
--------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ -- --
Distributions from realized gains ............................................... -- --
--------- ---------
Total dividends and distributions ............................................... -- --
--------- ---------
Net asset value, end of period ................................................... $ 9.20 $ 9.20
========= =========
Total return ..................................................................... ( 8.00)%(b) ( 8.00)%(b)
========= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $ 8,283 $ 72,118
Ratio of expenses to average net assets after waivers ............................ 0.90%(a) 1.15%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.07%(a) 1.32%(a)
Ratio of net investment income to average net assets after waivers ............... 0.86%(a) 0.22%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 0.69%(a) 0.05%(a)
Portfolio turnover rate .......................................................... 4% 4%
</TABLE>
240
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
BT EQUITY 500 INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
-------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 ------------------------
(UNAUDITED) 1999 1998
------------------ ------------ -----------
<S> <C> <C> <C>
Net asset value, beginning of period ............................................. $ 14.85 $ 12.45 $ 10.00
--------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.04 0.08 0.06
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... ( 0.15) 2.44 2.45
--------- ------- --------
Total from investment operations ................................................ ( 0.11) 2.52 2.51
--------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ -- ( 0.08) ( 0.06)
Dividends in excess of net investment income ....................................
Distributions from realized gains ............................................... -- ( 0.04) --
--------- -------- --------
Total dividends and distributions ............................................... -- ( 0.12) ( 0.06)
--------- -------- --------
Net asset value, end of period ................................................... $ 14.74 $ 14.85 $ 12.45
========= ======== ========
Total return ..................................................................... ( 0.68)%(b) 20.30% 25.14%
========= ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $ 851,244 $683,544 $224,247
Ratio of expenses to average net assets after waivers ............................ 0.57%(a) 0.55% 0.55%
Ratio of expenses to average net assets before waivers (Note 6) .................. 0.57%(a) 0.67% 0.83%
Ratio of net investment income to average net assets after waivers ............... 0.67%(a) 0.84% 1.22%
Ratio of net investment income to average net assets before waivers (Note 6) ..... 0.67%(a) 0.72% 0.94%
Portfolio turnover rate .......................................................... 1% 2% 2%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $ -- $ 0.01 $ 0.01
</TABLE>
241
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
BT INTERNATIONAL EQUITY INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IA
----------------------
SIX MONTHS
ENDED
JUNE 30, 2000
(UNAUDITED)
----------------------
<S> <C>
Net asset value, beginning of period ............................................... $ 14.85
-----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................................................. 0.10
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ..................................................................... ( 1.06)
-----------
Total from investment operations .................................................. ( 0.96)
-----------
LESS DISTRIBUTIONS:
Dividends from net investment income .............................................. ( 0.01)
Dividends in excess of net investment income ...................................... --
Distributions from realized gains ................................................. ( 0.15)
-----------
Total dividends and distributions ................................................. ( 0.16)
-----------
Net asset value, end of period ..................................................... $ 13.73
===========
Total return ....................................................................... ( 6.53)%(b)
===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................................................. $ 5,044
Ratio of expenses to average net assets after waivers .............................. 0.75%(a)(c)
Ratio of expenses to average net assets before waivers (Note 6) .................... 0.75%(a)(c)
Ratio of net investment income to average net assets after waivers ................. 1.51%(a)(c)
Ratio of net investment income to average net assets(c) before waivers (Note 6)..... 1.51%(a)(c)
Portfolio turnover rate ............................................................ 1%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ....................................... $ --
<CAPTION>
CLASS IA
------------------------------------------
NOVEMBER 24, 1998*
YEAR ENDED TO
DECEMBER 31, 1999 DECEMBER 31, 1998
------------------- ----------------------
<S> <C> <C>
Net asset value, beginning of period ............................................... $ 11.84 $ 11.67
--------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................................................. 0.16 0.03
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ..................................................................... 3.10 0.31
--------- -----------
Total from investment operations .................................................. 3.26 0.34
--------- -----------
LESS DISTRIBUTIONS:
Dividends from net investment income .............................................. ( 0.13) ( 0.17)
Dividends in excess of net investment income ...................................... ( 0.01) --
Distributions from realized gains ................................................. ( 0.11) --
--------- -----------
Total dividends and distributions ................................................. ( 0.25) ( 0.17)
--------- -----------
Net asset value, end of period ..................................................... $ 14.85 $ 11.84
========= ===========
Total return ....................................................................... 27.75% 2.94%(b)
========= ===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................................................. $ 3,629 $ 735
Ratio of expenses to average net assets after waivers .............................. 0.69%(c) 0.59%(a)(c)
Ratio of expenses to average net assets before waivers (Note 6) .................... 0.80%(c) 1.24%(a)(c)
Ratio of net investment income to average net assets after waivers ................. 1.21%(c) 1.36%(a)(c)
Ratio of net investment income to average net assets(c) before waivers (Note 6)..... 1.10%(c) 0.71%(a)(c)
Portfolio turnover rate ............................................................ 7% 3%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ....................................... $ 0.03 $ 0.26
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
----------------------
SIX MONTHS
ENDED
JUNE 30, 2000
(UNAUDITED)
----------------------
<S> <C>
Net asset value, beginning of period ............................................... $ 14.87
-----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................................................. 0.08
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ..................................................................... ( 1.07)
-----------
Total from investment operations .................................................. ( 0.99)
-----------
LESS DISTRIBUTIONS:
Dividends from net investment income .............................................. ( 0.01)
Dividends in excess of net investment income ...................................... --
Distributions from realized gains ................................................. ( 0.15)
-----------
Total dividends and distributions ................................................. ( 0.16)
-----------
Net asset value, end of period ..................................................... $ 13.72
===========
Total return ....................................................................... ( 6.66)%(b)
===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................................................. $ 117,518
Ratio of expenses to average net assets after waivers .............................. 1.00%(a)(c)
Ratio of expenses to average net assets before waivers (Note 6) .................... 1.00%(a)(c)
Ratio of net investment income to average net assets after waivers ................. 1.26%(a)(c)
Ratio of net investment income to average net assets(c) before waivers (Note 6)..... 1.26%(a)(c)
Portfolio turnover rate ............................................................ 1%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ....................................... $ --
<CAPTION>
CLASS IB
---------------------------------
YEAR ENDED DECEMBER 31,
---------------------------------
1999 1998
---------------- ----------------
<S> <C> <C>
Net asset value, beginning of period ............................................... $ 11.85 $ 10.00
--------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................................................. 0.10 0.08
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ..................................................................... 3.15 1.92
--------- ---------
Total from investment operations .................................................. 3.25 2.00
--------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income .............................................. ( 0.10) ( 0.15)
Dividends in excess of net investment income ...................................... ( 0.02) --
Distributions from realized gains ................................................. ( 0.11) --
--------- ---------
Total dividends and distributions ................................................. ( 0.23) ( 0.15)
--------- ---------
Net asset value, end of period ..................................................... $ 14.87 $ 11.85
========= =========
Total return ....................................................................... 27.50% 20.07%
========= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................................................. $ 94,581 $ 48,075
Ratio of expenses to average net assets after waivers .............................. 0.94%(c) 0.84%(c)
Ratio of expenses to average net assets before waivers (Note 6) .................... 1.05%(c) 1.49%(c)
Ratio of net investment income to average net assets after waivers ................. 0.96%(c) 1.11%(c)
Ratio of net investment income to average net assets(c) before waivers (Note 6)..... 0.85%(c) 0.46%(c)
Portfolio turnover rate ............................................................ 7% 3%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ....................................... $ 0.03 $ 0.05
</TABLE>
242
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
BT SMALL COMPANY INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
----------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 -----------------------
(UNAUDITED) 1999 1998
---------------- ----------- -----------
<S> <C> <C> <C>
Net asset value, beginning of period ............................................. $ 10.85 $ 9.56 $ 10.00
-------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.03 0.09 0.07
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... 0.23 1.85 ( 0.30)
-------- ------- -------
Total from investment operations ................................................ 0.26 1.94 ( 0.23)
-------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ -- ( 0.09) ( 0.07)
Distributions from realized gains ............................................... ( 0.08) ( 0.56) ( 0.13)
Distributions in excess of realized gains ....................................... -- -- ( 0.01)
-------- ------- -------
Total dividends and distributions ............................................... ( 0.08) ( 0.65) ( 0.21)
-------- ------- -------
Net asset value, end of period ................................................... $ 11.03 $ 10.85 $ 9.56
======== ======= =======
Total return ..................................................................... 2.39%(b) 20.68% ( 2.27)%
======== ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $ 79,230 $59,931 $32,609
Ratio of expenses to average net assets after waivers ............................ 0.86%(a) 0.71% 0.60%
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.05%(a) 1.20% 1.81%
Ratio of net investment income to average net assets after waivers ............... 0.62%(a) 1.11% 1.18%
Ratio of net investment income to average net assets before waivers (Note 6) ..... 0.44%(a) 0.62% ( 0.03)%
Portfolio turnover rate .......................................................... 9% 59% 35%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $ 0.01 $ 0.04 $ 0.07
</TABLE>
243
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
CALVERT SOCIALLY RESPONSIBLE PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------------
SIX MONTHS
ENDED SEPTEMBER 1, 1999*
JUNE 30, 2000 TO
(UNAUDITED) DECEMBER 31, 1999
------------------ -------------------
<S> <C> <C>
Net asset value, beginning of period ............................................ $ 10.76 $ 10.00
--------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................................................... ( 0.01) ( 0.01)
Net realized and unrealized gain (loss) on investments ......................... 0.29 0.83
--------- ---------
Total from investment operations ............................................... 0.28 0.82
--------- ---------
LESS DISTRIBUTIONS:
Distributions from realized gains .............................................. ( 0.10) ( 0.06)
--------- ---------
Total dividends and distributions .............................................. ( 0.10) ( 0.06)
--------- ---------
Net asset value, end of period .................................................. $ 10.94 $ 10.76
========= =========
Total return .................................................................... 2.75%(b) 8.09%(b)
========= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................................... $ 3,233 $ 2,622
Ratio of expenses to average net assets after waivers ........................... 1.05%(a) 1.05%(a)
Ratio of expenses to average net assets before waivers (Note 6) ................. 2.47%(a) 5.38%(a)
Ratio of net investment incone to average net assets after waivers .............. ( 0.16)%(a) ( 0.19)%(a)
Ratio of net investment incone to average net assets after waivers (Note 6) ..... ( 1.59)%(a) ( 4.52)%(a)
Portfolio turnover rate ......................................................... 30% 45%
</TABLE>
244
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------
SIX MONTHS
ENDED MAY 1, 1999*
JUNE 30, 2000 TO
(UNAUDITED) DECEMBER 31, 1999
------------------ ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 14.10 $ 10.00
--------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.05 --
Net realized and unrealized gain (loss) on investments and foreign currency transactions ( 0.30) 4.10
--------- ---------
Total from investment operations ........................................................ ( 0.25) 4.10
--------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... ( 0.02) --
--------- ---------
Total dividends and distributions ....................................................... ( 0.02) --
--------- ---------
Net asset value, end of period ........................................................... $ 13.83 $ 14.10
--------- ---------
Total return ............................................................................. ( 1.77)%(b) 41.00%(b)
========= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $ 104,180 $ 52,049
Ratio of expenses to average net assets after waivers .................................... 1.20%(a) 1.20%(a)
Ratio of expenses to average net assets before waivers (Note 6) .......................... 1.23%(a) 1.65%(a)
Ratio of net investment income to average net assets after waivers ....................... 0.77%(a) 0.02%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ............. 0.74%(a) ( 0.43)%(a)
Portfolio turnover rate .................................................................. 14% 28%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ -- $ 0.02
</TABLE>
245
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
CAPITAL GUARDIAN RESEARCH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
------------------------------------
SIX MONTHS
ENDED MAY 1, 1999*
JUNE 30, 2000 TO
(UNAUDITED) DECEMBER 31, 1999
----------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 10.69 $ 10.00
-------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.02 0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.60 0.69
-------- ---------
Total from investment operations ........................................................ 0.62 0.71
-------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- ( 0.02)
-------- ---------
Total dividends and distributions ....................................................... -- ( 0.02)
-------- ---------
Net asset value, end of period ........................................................... $ 11.31 $ 10.69
======== =========
Total return ............................................................................. $ 5.80%(b) $ 7.10%(b)
========= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $ 53,121 $ 33,903
Ratio of expenses to average net assets after waivers .................................... 0.95%(a) 0.95%(a)
Ratio of expenses to average net assets before waivers (Note 6) .......................... 1.07%(a) 1.35%(a)
Ratio of net investment income to average net assets after waivers ....................... 0.47%(a) 0.37%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ............. 0.35%(a) ( 0.03)%(a)
Portfolio turnover rate .................................................................. 26% 36%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.02
</TABLE>
246
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
------------------------------------
SIX MONTHS
ENDED MAY 1, 1999*
JUNE 30, 2000 TO
(UNAUDITED) DECEMBER 31, 1999
----------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 10.32 $ 10.00
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.03 0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.23 0.35
-------- --------
Total from investment operations ........................................................ 0.26 0.37
-------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- ( 0.02)
Distributions from realized gains ....................................................... -- ( 0.02)
Distributions in excess of realized gains ............................................... -- ( 0.01)
-------- --------
Total dividends and distributions ....................................................... -- ( 0.05)
-------- --------
Net asset value, end of period ........................................................... $ 10.58 $ 10.32
======== ========
Total return ............................................................................. 2.52%(b) 3.76%(b)
======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $109,567 $ 67,472
Ratio of expenses to average net assets after waivers .................................... 0.95%(a) 0.95%(a)
Ratio of expenses to average net assets before waivers (Note 6) .......................... 1.02%(a) 1.23%(a)
Ratio of net investment income to average net assets after waivers ....................... 0.64%(a) 0.63%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ............. 0.57%(a) 0.35%(a)
Portfolio turnover rate .................................................................. 24% 50%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ -- $ 0.01
</TABLE>
247
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/EVERGREEN PORTFOLIO:***
<TABLE>
<CAPTION>
CLASS IB
-------------------------------------
SIX MONTHS
ENDED
JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999
------------------ ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 10.93 $ 10.00
--------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.01 0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions ( 0.26) 0.93
--------- -------
Total from investment operations ........................................................ ( 0.25) 0.97
--------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- ( 0.04)
Dividends in excess of net investment income ............................................ -- --
--------- -------
Total dividends and distributions ....................................................... -- ( 0.04)
--------- -------
Net asset value, end of period ........................................................... $ 10.68 $ 10.93
========= =======
Total return ............................................................................. ( 2.28)%(b) 9.70%
========= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $ 7,953 $ 4,818
Ratio of expenses to average net assets after waivers .................................... 0.99%(a) 1.05%
Ratio of expenses to average net assets before waivers (Note 6) .......................... 1.82%(a) 2.86%
Ratio of net investment income to average net assets after waivers ....................... 0.33%(a) 0.63%
Ratio of net investment income to average net assets before waivers (Note 6) ............. ( 0.50)%(a) ( 1.18)%
Portfolio turnover rate .................................................................. 48% 148%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.04 $ 0.11
</TABLE>
248
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/EVERGREEN FOUNDATION PORTFOLIO:***
<TABLE>
<CAPTION>
CLASS IB
-------------------------------------
SIX MONTHS
ENDED
JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999
------------------ ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 10.62 $ 10.00
--------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.07 0.12
Net realized and unrealized gain (loss) on investments and foreign currency transactions ( 0.16) 0.62
--------- -------
Total from investment operations ........................................................ ( 0.09) 0.74
--------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- ( 0.12)
--------- --------
Total dividends and distributions ....................................................... -- ( 0.12)
--------- --------
Net asset value, end of period ........................................................... $ 10.53 $ 10.62
========= ========
Total return ............................................................................. ( 0.84)%(b) 7.38%
========= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $ 14,876 $ 8,887
Ratio of expenses to average net assets after waivers .................................... 1.22%(a) 0.95%
Ratio of expenses to average net assets before waivers (Note 6) .......................... 1.80%(a) 1.94%
Ratio of net investment income to average net assets after waivers ....................... 2.09%(a) 2.03%
Ratio of net investment income to average net assets before waivers (Note 6) ............. 1.51%(a) 1.04%
Portfolio turnover rate .................................................................. 38%(a) 105%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.02 $ 0.06
</TABLE>
249
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
J.P. MORGAN CORE BOND PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
-------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 -------------------------
(UNAUDITED) 1999 1998
----------------- ------------- -----------
<S> <C> <C> <C>
Net asset value, beginning of period ............................................. $ 9.92 $ 10.57 $ 10.00
-------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.28 0.49 0.21
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... 0.10 ( 0.66) 0.70
-------- ------- --------
Total from investment operations ................................................ 0.38 ( 0.17) 0.91
-------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ -- ( 0.48) ( 0.21)
Dividends in excess of net investment income .................................... -- -- ( 0.01)
Distributions from realized gains ............................................... -- -- ( 0.11)
Distributions in excess of realized gains ....................................... -- -- ( 0.01)
-------- ------- --------
Total dividends and distributions ............................................... -- ( 0.48) ( 0.34)
-------- ------- --------
Net asset value, end of period ................................................... $ 10.30 $ 9.92 $ 10.57
======== ======= ========
Total return ..................................................................... 3.85%(b) ( 1.64)% 9.02%
======== ======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $189,059 $156,581 $103,326
Ratio of expenses to average net assets after waivers ............................ 0.80%(a) 0.80% 0.80%
Ratio of expenses to average net assets before waivers (Note 6) .................. 0.80%(a) 0.89% 1.03%
Ratio of net investment income to average net assets after waivers ............... 5.98%(a) 5.53% 4.95%
Ratio of net investment income to average net assets before waivers (Note 6) ..... 5.98%(a) 5.44% 4.72%
Portfolio turnover rate .......................................................... 136% 233% 428%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $ -- $ 0.01 $ 0.01
</TABLE>
250
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
LAZARD LARGE CAP VALUE PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
-------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 ------------------------
(UNAUDITED) 1999 1998
------------------ ------------ -----------
<S> <C> <C> <C>
Net asset value, beginning of period ............................................. $ 12.06 $ 11.94 $ 10.00
--------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.05 0.11 0.06
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... ( 0.51) 0.31 1.94
--------- ------- -------
Total from investment operations ................................................ ( 0.46) 0.42 2.00
--------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ -- ( 0.11) ( 0.06)
Distributions from realized gains ............................................... -- ( 0.19) --
--------- -------- -------
Total dividends and distributions ............................................... -- ( 0.30) ( 0.06)
--------- -------- -------
Net asset value, end of period ................................................... $ 11.60 $ 12.06 $ 11.94
========= ======== =======
Total return ..................................................................... ( 3.81)%(b) 3.55% 20.01%
========= ======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $ 154,259 $133,503 $74,588
Ratio of expenses to average net assets after waivers ............................ 0.95%(a) 0.94% 0.90%
Ratio of expenses to average net assets before waivers (Note 6) .................. 0.95%(a) 1.00% 1.20%
Ratio of net investment income to average net assets after waivers ............... 0.93%(a) 1.10% 1.19%
Ratio of net investment income to average net assets before waivers (Note 6) ..... 0.93%(a) 1.04% 0.89%
Portfolio turnover rate .......................................................... 16% 32% 37%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $ -- $ 0.01 $ 0.02
</TABLE>
251
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
LAZARD SMALL CAP VALUE PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
----------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2000 -----------------------
(UNAUDITED) 1999 1998
---------------- ----------- -----------
<S> <C> <C> <C>
Net asset value, beginning of period ............................................. $ 9.32 $ 9.27 $ 10.00
------- ------ -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.02 0.04 0.02
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... 0.53 0.11 ( 0.72)
------- ------ -------
Total from investment operations ................................................ 0.55 0.15 ( 0.70)
------- ------ -------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ -- (0.04) ( 0.03)
Distributions from realized gains ............................................... -- (0.06) --
------- ------- -------
Total dividends and distributions ............................................... -- (0.10) ( 0.03)
------- ------- -------
Net asset value, end of period ................................................... $ 9.87 $ 9.32 $ 9.27
======= ======= =======
Total return ..................................................................... 5.90%(b) 1.66% ( 7.03)%
======= ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $89,040 $72,607 $51,046
Ratio of expenses to average net assets after waivers ............................ 1.16%(a) 1.20% 1.20%
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.17%(a) 1.30% 1.54%
Ratio of net investment income to average net assets after waivers ............... 0.36%(a) 0.48% 0.52%
Ratio of net investment income to average net assets before waivers (Note 6) ..... 0.35%(a) 0.39% 0.18%
Portfolio turnover rate .......................................................... 30% 48% 21%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $ -- $ 0.01 $ 0.02
</TABLE>
252
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MERCURY BASIC VALUE EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, MAY 1, 1997*
JUNE 30, 2000 --------------------------- TO
(UNAUDITED) 1999 1998 DECEMBER 31, 1997
----------------- ------------ ------------ ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .................. $ 13.76 $ 12.36 $ 11.58 $ 10.00
-------- ------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................ 0.10 0.17 0.12 0.06
Net realized and unrealized gain (loss) on investments
and foreign currency transactions ................... ( 0.07) 2.15 1.21 1.64
-------- ------- ------- --------
Total from investment operations ..................... 0.03 2.32 1.33 1.70
-------- ------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ................. -- ( 0.18) ( 0.12) ( 0.06)
Distributions from realized gains .................... ( 0.33) ( 0.74) ( 0.43) ( 0.05)
Distributions in excess of realized gains ............ -- -- -- ( 0.01)
-------- -------- -------- --------
Total dividends and distributions .................... ( 0.33) ( 0.92) ( 0.55) ( 0.12)
-------- -------- -------- --------
Net asset value, end of period ........................ $ 13.46 $ 13.76 $ 12.36 $ 11.58
======== ======== ======== ========
Total return .......................................... 0.15%(b) 19.00% 11.59% 16.99%(b)
======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ..................... $334,791 $300,467 $174,104 $ 49,495
Ratio of expenses to average net assets after waivers . 0.89%(a) 0.85% 0.85% 0.85%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ............................................. 0.89%(a) 0.96% 1.06% 1.89%(a)
Ratio of net investment income to average net assets
after waivers ........................................ 1.62%(a) 1.42% 1.41% 1.91%(a)
Ratio of net investment income to average net assets
before waivers (Note 6) .............................. 1.62%(a) 1.31% 1.20% 0.87%(a)
Portfolio turnover rate ............................... 28% 71% 83% 25%
Effect of voluntary expense limitation during the
period: (Note 6)
Per share benefit to net investment income .......... $ -- $ 0.01 $ 0.02 $ 0.03
</TABLE>
253
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MERCURY WORLD STRATEGY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
-------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, MAY 1, 1997*
JUNE 30, 2000 ------------------------- TO
(UNAUDITED) 1999 1998 DECEMBER 31, 1997
------------------ ----------- ----------- ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ................... $ 12.98 $ 10.93 $ 10.31 $ 10.00
--------- ------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................. 0.04 0.11 0.15 0.08
Net realized and unrealized gain (loss) on investments
and foreign currency transactions .................... ( 0.39) 2.22 0.55 0.39
--------- ------- ------- --------
Total from investment operations ...................... ( 0.35) 2.33 0.70 0.47
--------- ------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income .................. -- ( 0.08) ( 0.04) ( 0.05)
Dividends in excess of net investment income .......... -- ( 0.03) ( 0.04) --
Distributions from realized gains ..................... ( 0.03) ( 0.17) -- --
Distributions in excess of realized gains ............. -- -- -- ( 0.11)
--------- ------- ------- --------
Total dividends and distributions ..................... ( 0.03) ( 0.28) ( 0.08) ( 0.16)
--------- ------- ------- --------
Net asset value, end of period ......................... $ 12.60 $ 12.98 $ 10.93 $ 10.31
========= ======= ======= ========
Total return ........................................... ( 2.23)%(b) 21.35% 6.81% 4.70%(b)
========= ======= ======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................... $ 41,766 $35,722 $30,631 $ 18,210
Ratio of expenses to average net assets after waivers .. 1.20%(a) 1.20% 1.20% 1.20%(a)
Ratio of expenses to average net assets before waivers
(Note 6) .............................................. 1.23%(a) 1.40% 1.61% 3.05%(a)
Ratio of net investment income to average net assets
after waivers ......................................... 1.16%(a) 0.99% 1.63% 1.89%(a)
Ratio of net investment income to average net assets
before waivers (Note 6) ............................... 1.13%(a) 0.79% 1.22% 0.04%(a)
Portfolio turnover rate ................................ 54% 116% 115% 58%
Effect of voluntary expense limitation during the
period: (Note 6)
Per share benefit to net investment income ........... $ -- $ 0.02 $ 0.04 $ 0.08
</TABLE>
254
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MFS EMERGING GROWTH COMPANIES PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
------------------
SIX MONTHS
ENDED
JUNE 30, 2000
(UNAUDITED)
------------------
<S> <C>
Net asset value, beginning of period ............................................. $ 27.40
----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .................................................... 0.03
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... ( 0.44)
----------
Total from investment operations ................................................ ( 0.41)
----------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ --
Distributions from realized gains ............................................... ( 0.29)
Distributions in excess of realized gains ....................................... --
----------
Total dividends and distributions ............................................... ( 0.29)
----------
Net asset value, end of period ................................................... $ 26.70
==========
Total return ..................................................................... ( 1.49)%(b)
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $ 85,617
Ratio of expenses to average net assets after waivers ............................ 0.65%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 0.65%(a)
Ratio of net investment income to average net assets after waivers ............... 0.25%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 0.25%(a)
Portfolio turnover rate .......................................................... 103%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $ --
<CAPTION>
CLASS IA
--------------------------------------------
NOVEMBER 24, 1998*
YEAR ENDED TO
DECEMBER 31, 1999 DECEMBER 31, 1998
------------------- ------------------------
<S> <C> <C>
Net asset value, beginning of period ............................................. $ 16.04 $ 14.18
---------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .................................................... 0.01 --
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... 11.83 1.86
---------- -----------
Total from investment operations ................................................ 11.84 1.86
---------- -----------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ -- --
Distributions from realized gains ............................................... ( 0.48) --
Distributions in excess of realized gains ....................................... -- --
---------- -----------
Total dividends and distributions ............................................... ( 0.48) --
---------- -----------
Net asset value, end of period ................................................... $ 27.40 $ 16.04
========== ===========
Total return ..................................................................... 74.43% 13.12%(b)
========== ===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $ 46,248 $ 5,978
Ratio of expenses to average net assets after waivers ............................ 0.60%(c) 0.60%(a)(c)
Ratio of expenses to average net assets before waivers (Note 6) .................. 0.70%(c) 0.79%(a)(c)
Ratio of net investment income to average net assets after waivers ............... 0.09%(c) ( 0.05)%(a)(c)
Ratio of net investment income to average net assets before waivers (Note 6) ..... ( 0.01)%(c) ( 0.24)%(a)(c)
Portfolio turnover rate .......................................................... 184% 79%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $ 0.01 $ --
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
----------------------
SIX MONTHS
ENDED
JUNE 30, 2000
(UNAUDITED)
----------------------
<S> <C>
Net asset value, beginning of period ................... $ 27.33
-----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......................... --
Net realized and unrealized gain (loss) on investments
and foreign currency transactions .................... ( 0.46)
-----------
Total from investment operations ...................... ( 0.46)
-----------
LESS DISTRIBUTIONS:
Dividends from net investment income .................. --
Dividends in excess of net investment income .......... --
Distributions from realized gains ..................... ( 0.29)
Distributions in excess of realized gains ............. --
-----------
Total dividends and distributions ..................... ( 0.29)
-----------
Net asset value, end of period ......................... $ 26.58
===========
Total return ........................................... ( 1.68)%(b)
===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................... $2,351,300
Ratio of expenses to average net assets after waivers .. 0.90%(a)
Ratio of expenses to average net assets before waivers
(Note 6) .............................................. 0.90%(a)
Ratio of net investment income to average net assets
after waivers ......................................... ( 0.02)%(a)
Ratio of net investment income to average net assets
before waivers (Note 6) ............................... ( 0.02)%(a)
Portfolio turnover rate ................................ 103%
Effect of voluntary expense limitation during the
period: (Note 6)
Per share benefit to net investment income ........... $ --
<CAPTION>
CLASS IB
-----------------------------------------------------
YEAR ENDED DECEMBER 31, MAY 1, 1997*
---------------------------------- TO
1999 1998 DECEMBER 31, 1997
--------------- ------------------ ------------------
<S> <C> <C> <C>
Net asset value, beginning of period ................... $ 16.04 $ 11.92 $ 10.00
--------- ------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .......................... ( 0.02) ( 0.03) 0.02
Net realized and unrealized gain (loss) on investments
and foreign currency transactions .................... 11.79 4.15 2.21
---------- ------- ---------
Total from investment operations ...................... 11.77 4.12 2.23
---------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income .................. -- -- ( 0.02)
Dividends in excess of net investment income .......... -- --
Distributions from realized gains ..................... ( 0.48) -- ( 0.18)
Distributions in excess of realized gains ............. -- -- ( 0.11)
---------- ------- ---------
Total dividends and distributions ..................... ( 0.48) -- ( 0.31)
---------- ------- ---------
Net asset value, end of period ......................... $ 27.33 $ 16.04 $ 11.92
========== ======= =========
Total return ........................................... 73.62% 34.57%(b) 22.42%
========== ======== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................... $1,665,635 $461,307 $ 99,317
Ratio of expenses to average net assets after waivers .. 0.85%( c) 0.85%( c) 0.85%(a)
Ratio of expenses to average net assets before waivers
(Note 6) .............................................. 0.95%( c) 1.04%( c) 1.82%(a)
Ratio of net investment income to average net assets
after waivers ......................................... (0.16)%( c) ( 0.30)%(c) 0.61%(a)
Ratio of net investment income to average net assets
before waivers (Note 6) ............................... (0.26)%( c) ( 0.49)%(c) ( 0.36)%
Portfolio turnover rate ................................ 184% 79% 116%
Effect of voluntary expense limitation during the
period: (Note 6)
Per share benefit to net investment income ........... $ 0.01 $ 0.02 $ 0.04
</TABLE>
255
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MFS GROWTH WITH INCOME PORTFOLIO:***
<TABLE>
<CAPTION>
CLASS IB
------------------------------------
SIX MONTHS
ENDED
JUNE 30, 2000 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1999
----------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 10.84 $ 10.00
-------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.02 0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.06 0.84
-------- -------
Total from investment operations ........................................................ 0.08 0.88
-------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- ( 0.04)
-------- --------
Total dividends and distributions ....................................................... -- ( 0.04)
-------- --------
Net asset value, end of period ........................................................... $ 10.92 $ 10.84
======== ========
Total return ............................................................................. 0.74%(b) 8.76%
======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $178,445 $109,828
Ratio of expenses to average net assets after waivers .................................... 0.89%(a) 0.85%
Ratio of expenses to average net assets before waivers (Note 6) .......................... 0.93%(a) 1.16%
Ratio of net investment income to average net assets after waivers ....................... 0.56%(a) 0.80%
Ratio of net investment income to average net assets before waivers (Note 6) ............. 0.52%(a) 0.49%
Portfolio turnover rate .................................................................. 40% 64%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ -- $ 0.01
</TABLE>
256
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MFS RESEARCH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, MAY 1, 1997*
JUNE 30, 2000 ------------------------- TO
(UNAUDITED) 1999 1998 DECEMBER 31, 1997
----------------- ------------ ------------ ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .......................... $ 17.06 $ 14.21 $ 11.48 $ 10.00
-------- ------- ------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ -- 0.02 0.04 0.02
Net realized and unrealized gain (loss) on investments and
foreign currency transactions ............................... 1.03 3.24 2.73 1.58
-------- ------- ------- ---------
Total from investment operations ............................. 1.03 3.26 2.77 1.60
-------- ------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... ( 0.03) ( 0.02) ( 0.04) ( 0.02)
Dividends in excess of net investment income ................. -- -- --
Distributions from realized gains ............................ ( 0.36) ( 0.39) -- ( 0.01)
Distributions in excess of realized gains .................... -- -- -- ( 0.09)
-------- -------- -------- ---------
Total dividends and distributions ............................ ( 0.39) ( 0.41) ( 0.04) ( 0.12)
-------- -------- -------- ---------
Net asset value, end of period ................................ $ 17.70 $ 17.06 $ 14.21 $ 11.48
======== ======== ======== =========
Total return .................................................. 6.06%(b) 23.12% 24.11% 16.07%(b)
======== ======== ======== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $856,956 $685,270 $407,619 $ 114,754
Ratio of expenses to average net assets after waivers ......... 0.88%(a) 0.85% 0.85% 0.85%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 0.90%(a) 0.96% 1.05% 1.78%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... 0.03%(a) 0.12% 0.44% 0.65%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. 0.01%(a) 0.01% 0.24% ( 0.28)%(a)
Portfolio turnover rate ....................................... 53%(a) 91% 73% 51%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income .................. $ -- $ 0.01 $ 0.02 $ 0.03
</TABLE>
257
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
-----------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, AUGUST 20, 1997*
JUNE 30, 2000 --------------------------- TO
(UNAUDITED) 1999 1998 DECEMBER 31, 1997
------------------ ------------- ------------- ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .......................... $ 11.22 $ 5.79 $ 7.96 $ 10.00
--------- ------- -------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ ( 0.03) ( 0.01) 0.03 0.04
Net realized and unrealized gain (loss) on investments and
foreign currency transactions ............................... ( 0.71) 5.55 ( 2.18) ( 2.06)
--------- ------- -------- ----------
Total from investment operations ............................. ( 0.74) 5.54 ( 2.15) ( 2.02)
--------- ------- -------- ----------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... -- -- ( 0.02) ( 0.02)
Dividends in excess of net investment income ................. -- -- -- --
Distributions from realized gains ............................ ( 0.17) ( 0.11) -- --
--------- ------- -------- ----------
Total dividends and distributions ............................ ( 0.17) ( 0.11) ( 0.02) ( 0.02)
--------- ------- -------- ----------
Net asset value, end of period ................................ $ 10.31 $ 11.22 $ 5.79 $ 7.96
========= ======= ======== ==========
Total return .................................................. ( 6.56)%(b) 95.82% (27.10)% (20.16)%(b)
========= ======= ======== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $ 310,133 $191,581 $ 41,359 $ 21,433
Ratio of expenses to average net assets after waivers ......... 1.75%(a) 1.75% 1.75% 1.75%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 1.80%(a) 2.38% 2.63% 2.61%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... ( 0.69)%(a) ( 0.18)% 0.73% 1.96%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. ( 0.74)%(a) ( 0.82)% ( 0.09)% 1.10%(a)
Portfolio turnover rate ....................................... 48% 138% 114% 25%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income .................. $ -- $ 0.02 $ 0.03 $ 0.02
</TABLE>
258
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM BALANCED PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, MAY 1, 1997*
JUNE 30, 2000 ------------------------ TO
(UNAUDITED) 1999 1998 DECEMBER 31, 1997
------------------ ------------ ----------- ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .......................... $ 11.44 $ 12.16 $ 11.21 $ 10.00
--------- ------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ 0.19 0.32 0.25 0.14
Net realized and unrealized gain (loss) on investments and
foreign currency transactions ............................... ( 0.28) ( 0.32) 1.08 1.30
--------- -------- ------- --------
Total from investment operations ............................. ( 0.09) -- 1.33 1.44
--------- -------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... -- ( 0.32) ( 0.23) ( 0.13)
Dividends in excess of net investment income ................. -- -- -- ( 0.01)
Distributions from realized gains ............................ -- ( 0.28) ( 0.15) ( 0.09)
Distributions in excess of realized gains .................... -- ( 0.12) -- --
--------- -------- ------- --------
Total dividends and distributions ............................ -- ( 0.72) ( 0.38) ( 0.23)
--------- -------- ------- --------
Net asset value, end of period ................................ $ 11.35 $ 11.44 $ 12.16 $ 11.21
========= ======== ======= ========
Total return .................................................. ( 0.79)%(b) 0.01% 11.92% 14.38%(b)
========= ======== ======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $ 96,524 $104,977 $75,977 $ 25,854
Ratio of expenses to average net assets after waivers ......... 0.90%(a) 0.90% 0.90% 0.90%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 0.97%(a) 1.07% 1.25% 2.55%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... 3.23%(a) 2.85% 2.88% 3.19%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. 3.14%(a) 2.68% 2.53% 1.54%(a)
Portfolio turnover rate ....................................... 67% 140% 135% 117%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income .................. $ -- $ 0.02 $ 0.03 $ 0.07
</TABLE>
259
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, MAY 1, 1997*
JUNE 30, 2000 -------------------------- TO
(UNAUDITED) 1999 1998 DECEMBER 31, 1997
------------------ ------------- ------------ ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .......................... $ 11.56 $ 12.77 $ 11.52 $ 10.00
--------- ------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ 0.06 0.16 0.11 0.06
Net realized and unrealized gain (loss) on investments and
foreign currency transactions ............................... ( 0.27) ( 0.34) 1.35 1.56
--------- ------- ------- --------
Total from investment operations ............................. ( 0.21) ( 0.18) 1.46 1.62
--------- ------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... -- ( 0.16) ( 0.11) ( 0.06)
Distributions from realized gains ............................ -- ( 0.74) -- ( 0.01)
Distributions in excess of realized gains .................... -- ( 0.13) ( 0.10) ( 0.03)
--------- ------- -------- --------
Total dividends and distributions ............................ -- ( 1.03) ( 0.21) ( 0.10)
--------- ------- -------- --------
Net asset value, end of period ................................ $ 11.35 $ 11.56 $ 12.77 $ 11.52
========= ======= ======== ========
Total return .................................................. ( 1.82)%(b) ( 1.27)% 12.75% 16.23%(b)
========= ======= ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $ 521,752 $544,271 $460,744 $150,260
Ratio of expenses to average net assets after waivers ......... 0.88%(a) 0.85% 0.85% 0.85%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 0.88%(a) 0.95% 1.04% 1.75%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... 1.09%(a) 1.29% 1.30% 1.67%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. 1.09%(a) 1.19% 1.11% 0.77%(a)
Portfolio turnover rate ....................................... 54%(a) 77% 74% 61%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income .................. $ -- $ 0.01 $ 0.02 $ 0.03
</TABLE>
260
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
---------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, MAY 1, 1997*
JUNE 30, 2000 ------------------------- TO
(UNAUDITED) 1999 1998 DECEMBER 31, 1997
------------------ ------------ ------------ ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .......................... $ 19.35 $ 13.01 $ 10.89 $ 10.00
--------- ------- ------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ 0.23 0.07 0.05 0.03
Net realized and unrealized gain (loss) on investments and
foreign currency transactions ............................... ( 0.61) 7.69 2.07 0.93
--------- ------- ------- ---------
Total from investment operations ............................. ( 0.38) 7.76 2.12 0.96
--------- ------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... ( 0.12) ( 0.13) -- ( 0.02)
Dividends in excess of net investment income ................. -- ( 0.22) --
Distributions from realized gains ............................ ( 0.69) ( 1.07) -- ( 0.01)
Distributions in excess of realized gains .................... -- -- -- ( 0.04)
--------- -------- -------- ---------
Total dividends and distributions ............................ ( 0.81) ( 1.42) -- ( 0.07)
--------- -------- -------- ---------
Net asset value, end of period ................................ $ 18.16 $ 19.35 $ 13.01 $ 10.89
========= ======== ======== =========
Total return .................................................. ( 1.95)%(b) 60.24% 19.51% 9.58%(b)
========= ======== ======== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $ 361,899 $299,159 $143,721 $ 55,178
Ratio of expenses to average net assets after waivers ......... 1.20%(a) 1.20% 1.20% 1.20%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 1.20%(a) 1.26% 1.46% 2.53%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... 2.14%(a) 0.54% 0.64% 0.74%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. 2.14%(a) 0.48% 0.38% ( 0.59)%(a)
Portfolio turnover rate ....................................... 61% 119% 94% 43%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income .................. $ -- $ 0.01 $ 0.02 $ 0.05
</TABLE>
261
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31, MAY 1, 1997*
JUNE 30, 2000 -------------------------- TO
(UNAUDITED) 1999 1998 DECEMBER 31, 1997
------------------ ------------- ------------ ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .......................... $ 21.41 $ 16.79 $ 12.33 $ 10.00
--------- ------- -------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ ( 0.03) ( 0.03) 0.01 0.02
Net realized and unrealized gain (loss) on investments and
foreign currency transactions ............................... ( 0.47) 5.09 4.46 2.45
--------- ------- -------- ---------
Total from investment operations ............................. ( 0.50) 5.06 4.47 2.47
--------- ------- -------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... -- -- ( 0.01) ( 0.03)
Distributions from realized gains ............................ ( 0.43) ( 0.44) -- ( 0.04)
Distributions in excess of realized gains .................... -- -- -- ( 0.07)
--------- ------- -------- ---------
Total dividends and distributions ............................ ( 0.43) ( 0.44) ( 0.01) ( 0.14)
--------- ------- -------- ---------
Net asset value, end of period ................................ $ 20.48 $ 21.41 $ 16.79 $ 12.33
========= ======= ======== =========
Total return .................................................. ( 2.34)%(b) 30.24% 36.27% 24.70%(b)
========= ======= ======== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $ 432,636 $384,175 $175,015 $ 39,695
Ratio of expenses to average net assets after waivers ......... 0.95%(a) 0.93% 0.85% 0.85%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 0.95%(a) 0.98% 1.09% 2.13%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... ( 0.26)%(a) ( 0.20)% 0.14% 0.58%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. ( 0.26)%(a) ( 0.25)% ( 0.10)% ( 0.70)%(a)
Portfolio turnover rate ....................................... 31% 76% 64% 47%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income .................. $ -- $ 0.01 $ 0.02 $ 0.05
</TABLE>
262
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
T. ROWE PRICE EQUITY INCOME PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
------------------
SIX MONTHS
ENDED
JUNE 30, 2000
(UNAUDITED)
------------------
<S> <C>
Net asset value, beginning of period ............................................. $ 12.34
----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.13
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... ( 0.46)
----------
Total from investment operations ................................................ ( 0.33)
----------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ --
Distributions from realized gains ............................................... ( 0.24)
----------
Total dividends and distributions ............................................... ( 0.24)
----------
Net asset value, end of period ................................................... $ 11.77
==========
Total return ..................................................................... ( 2.73)%(b)
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $ 5,243
Ratio of expenses to average net assets after waivers ............................ 0.63%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 0.65%(a)
Ratio of net investment income to average net assets after waivers ............... 2.36%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 2.34%(a)
Portfolio turnover rate .......................................................... 16%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $ --
<CAPTION>
CLASS IA
------------------------------------------
NOVEMBER 24, 1998*
YEAR ENDED TO
DECEMBER 31, 1999 DECEMBER 31, 1998
------------------- ----------------------
<S> <C> <C>
Net asset value, beginning of period ............................................. $ 12.67 $ 13.22
------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.28 0.06
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... 0.20 ( 0.09)+
------- -----------
Total from investment operations ................................................ 0.48 ( 0.03)
------- -----------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ ( 0.29) ( 0.24)
Distributions from realized gains ............................................... ( 0.52) ( 0.28)
------- -----------
Total dividends and distributions ............................................... ( 0.81) ( 0.52)
------- -----------
Net asset value, end of period ................................................... $ 12.34 $ 12.67
======= ===========
Total return ..................................................................... 3.80% ( 0.15)%(b)
======= ===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $ 5,181 $ 2,415
Ratio of expenses to average net assets after waivers ............................ 0.60%( c) 0.60%(a)(c)
Ratio of expenses to average net assets before waivers (Note 6) .................. 0.72%( c) 0.79%(a)(c)
Ratio of net investment income to average net assets after waivers ............... 2.15%( c) 2.45%(a)(c)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 2.03%( c) 2.26%(a)(c)
Portfolio turnover rate .......................................................... 31% 17%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $ 0.02 $ 0.03
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
------------------------------------------------
SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED -----------------------------
JUNE 30, 2000
(UNAUDITED) 1999 1998
------------------ ------------ ----------------
<S> <C> <C> <C>
Net asset value, beginning of period .......................... $ 12.34 $ 12.67 $ 12.08
---------- ------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ 0.13 0.24 0.22
Net realized and unrealized gain (loss) on investments and
foreign currency transactions ............................... ( 0.47) 0.20 0.87
---------- ------- ---------
Total from investment operations ............................. ( 0.34) 0.44 1.09
---------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... -- ( 0.25) ( 0.22)
Distributions from realized gains ............................ ( 0.24) ( 0.52) ( 0.28)
---------- -------- ---------
Total dividends and distributions ............................ ( 0.24) ( 0.77) ( 0.50)
---------- -------- ---------
Net asset value, end of period ................................ $ 11.76 $ 12.34 $ 12.67
========== ======== =========
Total return .................................................. ( 2.81)%(b) 3.54% 9.11%
========== ======== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $ 236,285 $273,031 $ 242,001
Ratio of expenses to average net assets after waivers ......... 0.88%(a) 0.85% 0.85%(c)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 0.90%(a) 0.97% 1.04%(c)
Ratio of net investment income to average net assets after
waivers ...................................................... 2.07%(a) 1.90% 2.20%(c)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. 2.05%(a) 1.78% 2.01%(c)
Portfolio turnover rate ....................................... 16% 31% 17%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income .................. $ -- $ 0.02 $ 0.02
<CAPTION>
CLASS IB
------------------
MAY 1, 1997*
TO
DECEMBER 31, 1997
------------------
<S> <C>
Net asset value, beginning of period .......................... $ 10.00
---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ 0.10
Net realized and unrealized gain (loss) on investments and
foreign currency transactions ............................... 2.11
---------
Total from investment operations ............................. 2.21
---------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... ( 0.09)
Distributions from realized gains ............................ ( 0.04)
---------
Total dividends and distributions ............................ ( 0.13)
---------
Net asset value, end of period ................................ $ 12.08
=========
Total return .................................................. 22.11%(b)
=========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $ 99,947
Ratio of expenses to average net assets after waivers ......... 0.85%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 1.74%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... 2.49%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. 1.60%(a)
Portfolio turnover rate ....................................... 9%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income .................. $ 0.03
</TABLE>
263
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
------------------
SIX MONTHS
ENDED
JUNE 30, 2000
(UNAUDITED)
------------------
<S> <C>
Net asset value, beginning of period ............................... $ 14.42
----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................................. 0.02
Net realized and unrealized gain (loss) on investments and
foreign currency transactions .................................... ( 0.85)
----------
Total from investment operations .................................. ( 0.83)
----------
LESS DISTRIBUTIONS:
Dividends from net investment income .............................. --
Dividends in excess of net investment income ...................... --
Distributions from realized gains ................................. ( 0.05)
Distributions in excess of realized gains ......................... --
----------
Total dividends and distributions ................................. ( 0.05)
----------
Net asset value, end of period ..................................... $ 13.54
==========
Total return ....................................................... ( 5.74)%(b)
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................................. $ 243,707
Ratio of expenses to average net assets after waivers .............. 1.20%(a)
Ratio of expenses to average net assets before waivers (Note 6) .... 1.20%(a)
Ratio of net investment income to average net assets after waivers.. 0.31%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) .................................................. 0.31%(a)
Portfolio turnover rate ............................................ 22%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income ....................... $ --
<CAPTION>
CLASS IB
--------------------------------------------
YEAR ENDED DECEMBER 31, MAY 1, 1997*
------------------------- TO
1999 1998 DECEMBER 31, 1997
------------ ------------ ------------------
<S> <C> <C> <C>
Net asset value, beginning of period ............................... $ 11.10 $ 9.85 $ 10.00
------- ------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................................. 0.06 0.06 0.02
Net realized and unrealized gain (loss) on investments and
foreign currency transactions .................................... 3.46 1.28 ( 0.17)
------- ------- ----------
Total from investment operations .................................. 3.52 1.34 ( 0.15)
------- ------- ----------
LESS DISTRIBUTIONS:
Dividends from net investment income .............................. ( 0.05) ( 0.07) --
Dividends in excess of net investment income ...................... -- ( 0.02) --
Distributions from realized gains ................................. -- -- --
Distributions in excess of realized gains ......................... ( 0.15) -- --
-------- -------- ----------
Total dividends and distributions ................................. ( 0.20) ( 0.09) --
-------- -------- ----------
Net asset value, end of period ..................................... $ 14.42 $ 11.10 $ 9.85
======== ======== ==========
Total return ....................................................... 31.92% 13.68% ( 1.49)%(b)
======== ======== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................................. $214,899 $134,653 $ 69,572
Ratio of expenses to average net assets after waivers .............. 1.20% 1.20% 1.20%(a)
Ratio of expenses to average net assets before waivers (Note 6) .... 1.29% 1.40% 2.56%(a)
Ratio of net investment income to average net assets after waivers.. 0.51% 0.67% 0.45%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) .................................................. 0.42% 0.47% ( 0.91)%(a)
Portfolio turnover rate ............................................ 25% 22% 17%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income ....................... $ 0.01 $ 0.02 $ 0.05
</TABLE>
264
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
----------------------
SIX MONTHS
ENDED
JUNE 30, 2000
(UNAUDITED)
----------------------
<S> <C>
Net asset value, beginning of period ............................................. $ 10.76
-----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.07
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... ( 0.80)
-----------
Total from investment operations ................................................ ( 0.73)
-----------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ --
Return of capital distributions ................................................. --
-----------
Total dividends and distributions ............................................... --
-----------
Net asset value, end of period ................................................... $ 10.03
===========
Total return ..................................................................... ( 6.76)%(b)
===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $ 2,761
Ratio of expenses to average net assets after waivers ............................ 0.78%(a)(c)
Ratio of expenses to average net assets before waivers (Note 6) .................. 0.78%(a)(c)
Ratio of net investment income to average net assets after waivers ............... 1.51%(a)(c)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 1.51%(a)(c)
Portfolio turnover rate .......................................................... 67%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $ --
<CAPTION>
CLASS IA
------------------------------------------
NOVEMBER 24, 1998*
YEAR ENDED TO
DECEMBER 31, 1999 DECEMBER 31, 1998
------------------- ----------------------
<S> <C> <C>
Net asset value, beginning of period ............................................. $ 10.59 $ 10.40
--------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.03 0.03
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... 0.19 0.23 +
--------- -----------
Total from investment operations ................................................ 0.22 0.26
--------- -----------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ ( 0.05) ( 0.06)
Return of capital distributions ................................................. -- ( 0.01)
--------- -----------
Total dividends and distributions ............................................... ( 0.05) ( 0.07)
--------- -----------
Net asset value, end of period ................................................... $ 10.76 $ 10.59
========= ===========
Total return ..................................................................... 2.07% 2.63%(b)
========= ===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $ 2,339 $ 747
Ratio of expenses to average net assets after waivers ............................ 0.75%(c) 0.75%(a)(c)
Ratio of expenses to average net assets before waivers (Note 6) .................. 0.84%(c) 0.92%(a)(c)
Ratio of net investment income to average net assets after waivers ............... 0.40%(c) 0.72%(a)(c)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 0.32%(c) 0.55%(a)(c)
Portfolio turnover rate .......................................................... 192% 111%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $ 0.01 $ 0.17
</TABLE>
<TABLE>
<CAPTION>
CLASS IB
----------------------
SIX MONTHS
ENDED
JUNE 30, 2000
(UNAUDITED)
----------------------
<S> <C>
Net asset value, beginning of period ............................... $ 10.78
-----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................................. 0.06
Net realized and unrealized gain (loss) on investments and
foreign currency transactions .................................... ( 0.81)
-----------
Total from investment operations .................................. ( 0.75)
-----------
LESS DISTRIBUTIONS:
Dividends from net investment income .............................. --
Distributions in excess of realized gains ......................... --
Return of capital distributions ................................... --
-----------
Total dividends and distributions ................................. --
-----------
Net asset value, end of period ..................................... $ 10.03
===========
Total return ....................................................... ( 6.93)%
===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................................. $ 127,618
Ratio of expenses to average net assets after waivers .............. 1.03%(a)(c)
Ratio of expenses to average net assets before waivers (Note 6) .... 1.03%(a)(c)
Ratio of net investment income to average net assets after waivers.. 1.19%(a)(c)
Ratio of net investment income to average net assets before
waivers (Note 6) .................................................. 1.19%(a)(c)
Portfolio turnover rate ............................................ 67%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income ....................... $ --
<CAPTION>
CLASS IB
-----------------------------------------------------
YEAR ENDED DECEMBER 31, MAY 1, 1997*
---------------------------------- TO
1999 1998 DECEMBER 31, 1997
---------------- ----------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period ............................... $ 10.61 $ 11.85 $ 10.00
--------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................................. 0.02 0.05 0.01
Net realized and unrealized gain (loss) on investments and
foreign currency transactions .................................... 0.17 ( 1.24) 1.90
--------- ---------- ----------
Total from investment operations .................................. 0.19 ( 1.19) 1.91
--------- ---------- ----------
LESS DISTRIBUTIONS:
Dividends from net investment income .............................. ( 0.02) ( 0.04) ( 0.01)
Distributions in excess of realized gains ......................... -- -- ( 0.05)
Return of capital distributions ................................... -- ( 0.01) --
--------- ---------- ----------
Total dividends and distributions ................................. ( 0.02) ( 0.05) ( 0.06)
--------- ---------- ----------
Net asset value, end of period ..................................... $ 10.78 $ 10.61 $ 11.85
========= ========== ==========
Total return ....................................................... 1.80% (10.02)% 19.15%(b)
========= ========== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................................. $ 149,618 $ 166,746 $ 120,880
Ratio of expenses to average net assets after waivers .............. 1.00%(c) 1.00%(c) 1.00%(a)
Ratio of expenses to average net assets before waivers (Note 6) .... 1.09%(c) 1.17%(c) 1.70%(a)
Ratio of net investment income to average net assets after waivers.. 0.21%(c) 0.47%(c) 0.26%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) .................................................. 0.12%(c) 0.30%(c) ( 0.44)%(a)
Portfolio turnover rate ............................................ 192% 111% 44%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income ....................... $ 0.02 $ 0.02 $ 0.03
</TABLE>
265
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Concluded)
---------
* Commencement of Operations
** Commenced operations on January 1, 1998.
*** Commenced operations on January 1, 1999.
+ The amount shown for a share outstanding throughout the period does not
accord with the aggregate net gains on investments for that period
because of the timing of sales and repurchases of the Portfolio shares in
relation to fluctuating market value of the investments in the Portfolio.
(a) Annualized
(b) Total return is not annualized.
(c) Reflects overall fund ratios for investment income and non-class
specific expense.
(d) On October 18, 1999, this Portfolio received, through a substitution
transaction, the assets and liabilities of the Hudson River Trust
Portfolio that followed the same investment objectives as this
Portfolio. The information from January 1, 1999 through October 17,
1999 is that of the predecessor Hudson River Trust Portfolio.
Information for the year ended December 31, 1999 includes the
results of operations of the predecessor Hudson River Trust
Portfolio from January 1, 1999 through October 17, 1999.
(e) Net investment income and capital changes per share are based on
monthly average shares outstanding.
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