<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
MERRILL LYNCH MERRILL LYNCH MFS
BASIC VALUE WORLD EMERGING GROWTH MFS EQ/PUTNAM
EQUITY STRATEGY COMPANIES RESEARCH BALANCED
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- --------------- ------------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments at value (Note 1) .............. $6,281,672 $6,353,438 $14,529,818 $19,900,339 $7,194,485
Cash ....................................... 2,174 980 -- 559,952 --
Foreign cash ............................... -- -- -- -- --
Receivable for securities sold ............. 646,000 46,608 2,242,315 226,962 74,784
Unrealized appreciation of forward currency
contracts (Note 1)......................... -- 13,908 -- -- --
Receivable for fund shares sold ............ 272,873 60,218 662,235 924,623 231,738
Receivable from investment manager ......... 36,852 69,420 61,546 59,893 56,273
Dividends and interest receivable .......... 3,374 47,264 2,885 9,856 38,084
Deferred organizational costs (Note 1) ..... 27,789 27,789 27,789 27,789 27,789
--------------- --------------- --------------- ------------- ------------
Total assets ............................. 7,270,734 6,619,625 17,526,588 21,709,414 7,623,153
--------------- --------------- --------------- ------------- ------------
LIABILITIES:
Options written at value (Premiums received:
Merrill Lynch Basic Value Equity
Portfolio--$8,392, EQ/Putnam Balanced
Portfolio--$276)(Note 1) .................. 5,250 -- -- -- 783
Payable to custodian ....................... 2,378 17,976 2,378 2,378 2,378
Payable for securities purchased ........... 1,141,494 19,880 855,355 4,908,078 451,997
Unrealized depreciation of forward currency
contracts (Note 1) ........................ -- -- 3,607 18 1,088
Distribution fees payable .................. 1,560 2,298 3,820 3,487 2,331
Trustees' fees payable ..................... 1,874 3,078 3,502 3,370 3,051
Payable for fund shares redeemed ........... 16 3,997 2,863 -- --
Overdraft payable .......................... -- -- 1,162,348 -- 26,173
Other expenses ............................. 64,132 84,888 92,623 90,304 84,696
--------------- --------------- --------------- ------------- ------------
Total liabilities ........................ 1,216,704 132,117 2,126,496 5,007,635 572,497
--------------- --------------- --------------- ------------- ------------
NET ASSETS ................................. $6,054,030 $6,487,508 $15,400,092 $16,701,779 $7,050,656
=============== =============== =============== ============= ============
Investments at cost (including Repurchase
Agreements for the EQ/Putnam Balanced,
EQ/Putnam Growth & Income Value and
EQ/Putnam International Equity Portfolios,
of $962,000, $3,508,000 and $1,515,000,
respectively............................... $5,993,261 $5,913,370 $14,310,741 $19,360,394 $6,913,938
=============== =============== =============== ============= ============
Foreign cash at cost........................ -- -- -- -- --
=============== =============== =============== ============= ============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ........................... $5,748,579 $6,010,058 $14,577,029 $16,083,161 $6,721,765
Accumulated undistributed net investment
income ................................... 13,301 25,713 9,096 18,999 35,063
Accumulated net realized gain (loss) ...... 597 (1,731) 596,062 59,778 14,889
Unrealized appreciation on investments and
foreign currency denominated assets and
liabilities .............................. 291,553 453,468 217,905 539,841 278,939
--------------- --------------- --------------- ------------- ------------
NET ASSETS ................................. $6,054,030 $6,487,508 $15,400,092 $16,701,779 $7,050,656
=============== =============== =============== ============= ============
CLASS IB SHARES:
Net Assets ................................. $6,054,030 $6,487,508 $15,400,092 $16,701,779 $7,050,656
=============== =============== =============== ============= ============
Shares outstanding (Unlimited amount
authorized: no par value) ................. 551,615 593,849 1,371,436 1,517,280 662,439
=============== =============== =============== ============= ============
Net asset value, offering and redemption
price per share (Note 1) .................. $ 10.98 $ 10.92 $ 11.23 $ 11.01 $ 10.64
=============== =============== =============== ============= ============
</TABLE>
See Notes to Financial Statements.
1
<PAGE>
<TABLE>
<CAPTION>
EQ/PUTNAM EQ/PUTNAM EQ/PUTNAM T. ROWE PRICE
GROWTH & INCOME INTERNATIONAL INVESTORS T. ROWE PRICE INTERNATIONAL WARBURG PINCUS
VALUE EQUITY GROWTH EQUITY INCOME STOCK SMALL COMPANY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO VALUE PORTFOLIO
- --------------- --------------- ------------ --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
$19,789,367 $11,689,747 $8,339,591 $17,241,386 $17,086,313 $21,885,060
61,210 55,195 593 31,159 3,914,184 44,250
-- 9,520 -- -- 49,628 --
113,208 85,031 7,327 1,143,000 20,277 --
-- -- -- -- -- --
1,149,608 740,304 645,883 812,801 792,151 1,339,286
40,209 70,421 58,313 37,803 122,024 19,615
19,310 23,415 4,761 16,779 26,479 4,377
27,789 27,789 27,789 27,789 27,789 27,789
- --------------- --------------- ------------ --------------- --------------- ---------------
21,200,701 12,701,422 9,084,257 19,310,717 22,038,845 23,320,377
- --------------- --------------- ------------ --------------- --------------- ---------------
-- -- -- -- -- --
2,378 17,976 2,378 2,378 17,976 2,378
2,402,389 488,133 51,987 3,346,280 1,409,961 7,188,524
-- 703 -- 1,096 1,988 --
3,046 3,042 2,639 2,594 5,522 1,906
2,246 3,265 3,176 2,058 6,528 1,042
168 -- -- 24 250,945 47,623
-- -- -- -- -- --
70,687 88,528 86,880 67,381 146,293 49,701
- --------------- --------------- ------------ --------------- --------------- ---------------
2,480,914 601,647 147,060 3,421,811 1,839,213 7,291,174
- --------------- --------------- ------------ --------------- --------------- ---------------
$18,719,787 $12,099,775 $8,937,197 $15,888,906 $20,199,632 $16,029,203
=============== =============== ============ =============== =============== ===============
$19,427,873 $11,221,921 $7,770,636 $16,942,352 $16,237,597 $21,489,287
=============== =============== ============ =============== =============== ===============
-- $ 9,834 -- -- $ 49,782 --
=============== =============== ============ =============== =============== ===============
$18,288,907 $11,541,589 $8,321,732 $15,534,618 $19,358,299 $15,586,449
33,045 44,973 10,611 33,245 28,391 15,547
36,341 46,452 35,899 22,948 (36,068) 31,434
361,494 466,761 568,955 298,095 849,010 $ 395,773
- --------------- --------------- ------------ --------------- --------------- ---------------
$18,719,787 $12,099,775 $8,937,197 $15,888,906 $20,199,632 $16,029,203
=============== =============== ============ =============== =============== ===============
$18,719,787 $12,099,775 $8,937,197 $15,888,906 $20,199,632 $16,029,203
=============== =============== ============ =============== =============== ===============
1,719,050 1,112,917 806,158 1,461,799 1,880,800 1,427,880
=============== =============== ============ =============== =============== ===============
$ 10.89 $ 10.87 $ 11.09 $ 10.87 $ 10.74 $ 11.23
=============== =============== ============ =============== =============== ===============
</TABLE>
2
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
For the period from May 1, 1997** to June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
MERRILL LYNCH MERRILL LYNCH MFS
BASIC VALUE WORLD EMERGING GROWTH MFS EQ/PUTNAM
EQUITY STRATEGY COMPANIES RESEARCH BALANCED
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- --------------- ----------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends................................ $ 8,340 $ 19,290 $ 3,692 $ 12,912 $ 16,797
Interest................................. 10,264 17,456 18,392 17,945 26,658
--------------- --------------- --------------- ----------- -----------
Total income............................ 18,604 36,746 22,084 30,857 43,455
--------------- --------------- --------------- ----------- -----------
Expenses (Notes 1, 2, 3, 4 and 5):
Investment management fee ............... 3,431 6,435 8,404 7,672 5,128
Administrative fees...................... 7,050 7,226 7,352 7,308 7,223
Custody fees............................. 2,378 17,976 2,378 2,378 2,378
Distribution fees--Class IB.............. 1,560 2,298 3,820 3,487 2,331
Printing and mailing expenses ........... 20,104 33,018 37,569 36,152 32,723
Professional fees ....................... 6,326 10,391 11,822 11,376 10,297
Trustees' fees........................... 1,874 3,078 3,502 3,370 3,051
Amortization of organizational expense .. 961 961 961 961 961
Miscellaneous............................ 6,336 10,115 11,866 11,410 10,308
--------------- --------------- --------------- ----------- -----------
Gross expenses.......................... 50,020 91,498 87,674 84,114 74,400
--------------- --------------- --------------- ----------- -----------
Waivers and reimbursements: (Note 6) ....
Waiver of administrative fees............ (4,434) (4,610) (4,736) (4,691) (4,607)
Waiver of investment management fee ..... (3,431) (6,435) (8,404) (7,672) (5,128)
Reimbursement from investment manager .. (36,852) (69,420) (61,546) (59,893) (56,273)
--------------- --------------- --------------- ----------- -----------
Total waivers and reimbursements ...... (44,717) (80,465) (74,686) (72,256) (66,008)
--------------- --------------- --------------- ----------- -----------
Net expenses............................. 5,303 11,033 12,988 11,858 8,392
--------------- --------------- --------------- ----------- -----------
NET INVESTMENT INCOME ..................... 13,301 25,713 9,096 18,999 35,063
--------------- --------------- --------------- ----------- -----------
REALIZED AND UNREALIZED GAIN
(LOSS)(NOTE 1):
Realized Gain (Loss):
On securities ........................... 597 29,393 596,856 59,882 14,949
On short sales........................... -- -- -- -- 97
On foreign currency transactions ....... -- (31,124) (794) (104) (157)
--------------- --------------- --------------- ----------- -----------
Realized gain (loss)--net ................ 597 (1,731) 596,062 59,778 14,889
--------------- --------------- --------------- ----------- -----------
Change in Unrealized
Appreciation/Depreciation:
On securities............................ 288,411 440,068 219,077 539,945 280,547
On options written....................... 3,142 -- -- -- (507)
On foreign currency translations ....... -- 13,400 (1,172) (104) (1,101)
--------------- --------------- --------------- ----------- -----------
Unrealized
appreciation/depreciation--net........... 291,553 453,468 217,905 539,841 278,939
--------------- --------------- --------------- ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS)--NET .. 292,150 451,737 813,967 599,619 293,828
--------------- --------------- --------------- ----------- -----------
NET INCREASE IN NET ASSETS FROM
OPERATIONS................................ $305,451 $477,450 $823,063 $618,618 $328,891
=============== =============== =============== =========== ===========
</TABLE>
- ------------
* Net of foreign taxes withheld on dividends of $2,100, $77, $369, $23,
$6,717, $51 and $7,790 for the Merrill Lynch World Strategy, MFS
Emerging Growth Companies, MFS Research, EQ/Putnam Balanced, EQ/Putnam
International Equity, T. Rowe Price Equity Income and T. Rowe Price
International Stock Portfolios, respectively and on interest of $79 and
$14 for the Merrill Lynch World Strategy, and EQ/Putnam Balanced
Portfolios, respectively.
** Commencement of Operations
See Notes to Financial Statements.
3
<PAGE>
<TABLE>
<CAPTION>
EQ/PUTNAM EQ/PUTNAM EQ/PUTNAM T. ROWE PRICE WARBURG PINCUS
GROWTH & INTERNATIONAL INVESTORS T. ROWE PRICE INTERNATIONAL SMALL COMPANY
INCOME VALUE EQUITY GROWTH EQUITY INCOME STOCK VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -------------- --------------- ----------- --------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
$ 27,846 $ 40,864 $ 10,780 $ 27,884 $ 46,113 $ 6,297
15,556 18,710 8,803 14,180 8,874 16,872
- -------------- --------------- ----------- --------------- --------------- --------------
43,402 59,574 19,583 42,064 54,987 23,169
- -------------- --------------- ----------- --------------- --------------- --------------
6,702 8,517 5,805 5,706 16,566 4,955
7,150 7,281 7,254 7,102 7,766 6,951
2,378 17,976 2,378 2,378 17,976 2,378
3,046 3,042 2,639 2,594 5,522 1,906
24,094 35,025 34,067 22,082 70,024 11,186
7,581 11,022 10,720 6,949 22,036 3,520
2,246 3,265 3,176 2,058 6,527 1,042
961 961 961 961 961 961
7,644 11,115 10,727 6,984 22,957 3,628
- -------------- --------------- ----------- --------------- --------------- --------------
61,802 98,204 77,727 56,814 170,335 36,527
- -------------- --------------- ----------- --------------- --------------- --------------
(4,534) (4,665) (4,637) (4,486) (5,149) (4,335)
(6,702) (8,517) (5,805) (5,706) (16,566) (4,955)
(40,209) (70,421) (58,313) (37,803) (122,024) (19,615)
- -------------- --------------- ----------- --------------- --------------- --------------
(51,445) (83,603) (68,755) (47,995) (143,739) (28,905)
- -------------- --------------- ----------- --------------- --------------- --------------
10,357 14,601 8,972 8,819 26,596 7,622
- -------------- --------------- ----------- --------------- --------------- --------------
33,045 44,973 10,611 33,245 28,391 15,547
- -------------- --------------- ----------- --------------- --------------- --------------
36,341 52,042 35,899 25,160 18,205 31,434
-- -- -- -- -- --
-- (5,590) -- (2,212) (54,273) --
- -------------- --------------- ----------- --------------- --------------- --------------
36,341 46,452 35,899 22,948 (36,068) 31,434
- -------------- --------------- ----------- --------------- --------------- --------------
361,494 467,826 568,955 299,034 848,716 395,773
-- -- -- -- -- --
-- (1,065) -- (939) 294 --
- -------------- --------------- ----------- --------------- --------------- --------------
361,494 466,761 568,955 298,095 849,010 395,773
- -------------- --------------- ----------- --------------- --------------- --------------
397,835 513,213 604,854 321,043 812,942 427,207
- -------------- --------------- ----------- --------------- --------------- --------------
$430,880 $558,186 $615,465 $354,288 $ 841,333 $442,754
============== =============== =========== =============== =============== ==============
</TABLE>
4
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
For the period from May 1, 1997** to June 30, 1997
(Unaudited)
<TABLE>
<CAPTION>
MERRILL LYNCH MERRILL LYNCH MFS
BASIC VALUE WORLD EMERGING GROWTH MFS EQ/PUTNAM
EQUITY STRATEGY COMPANIES RESEARCH BALANCED
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- --------------- ------------- ------------
<S> <C> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS:
Net investment income ..................... $ 13,301 $ 25,713 $ 9,096 $ 18,999 $ 35,063
Realized gain (loss)--net ................. 597 (1,731) 596,062 59,778 14,889
Change in unrealized
appreciation/depreciation of investments
and foreign currency denominated assets
and liabilities .......................... 291,553 453,468 217,905 539,841 278,939
--------------- --------------- --------------- ------------- ------------
Net increase in net assets from operations 305,451 477,450 823,063 618,618 328,891
--------------- --------------- --------------- ------------- ------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IB:
Shares sold .............................. 5,798,823 6,711,950 31,064,300 16,315,348 6,883,960
Shares redeemed .......................... (50,244) (701,892) (16,487,271) (232,187) (162,195)
--------------- --------------- --------------- ------------- ------------
NET INCREASE IN NET ASSETS DERIVED FROM
CAPITAL SHARE TRANSACTIONS ................ 5,748,579 6,010,058 14,577,029 16,083,161 6,721,765
--------------- --------------- --------------- ------------- ------------
NET ASSETS, END OF PERIOD*.................. $6,054,030 $6,487,508 $ 15,400,092 $16,701,779 $7,050,656
=============== =============== =============== ============= ============
SHARE TRANSACTIONS:
Class IB:
Shares sold .............................. 556,195 658,852 2,858,744 1,538,261 677,637
Shares redeemed........................... (4,580) (65,003) (1,487,308) (20,981) (15,198)
--------------- --------------- --------------- ------------- ------------
Net increase .............................. 551,615 593,849 1,371,436 1,517,280 662,439
--------------- --------------- --------------- ------------- ------------
</TABLE>
- ------------
* Including accumulated undistributed net investment income of $13,301,
$25,713, $9,096, $18,999, $35,063, $33,045, $44,973, $10,611, $33,245,
$28,391 and $15,547 for the Merrill Lynch Basic Value Equity, Merrill
Lynch World Strategy, MFS Emerging Growth Companies, MFS Research,
EQ/Putnam Balanced, EQ/Putnam Growth & Income Value, EQ/Putnam
International Equity, EQ/Putnam Investors Growth, T. Rowe Price Equity
Income, T. Rowe Price International Stock and Warburg Pincus Small
Company Value Portfolios, respectively (as of June 30, 1997).
** Commencement of Operations
See Notes to Financial Statements.
5
<PAGE>
<TABLE>
<CAPTION>
EQ/PUTNAM EQ/PUTNAM EQ/PUTNAM T. ROWE PRICE WARBURG PINCUS
GROWTH & INCOME INTERNATIONAL INVESTORS T. ROWE PRICE INTERNATIONAL SMALL COMPANY
VALUE EQUITY GROWTH EQUITY INCOME STOCK VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- --------------- --------------- ------------ --------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
$ 33,045 $ 44,973 $ 10,611 $ 33,245 $ 28,391 $ 15,547
36,341 46,452 35,899 22,948 (36,068) 31,434
361,494 466,761 568,955 298,095 849,010 395,773
- --------------- --------------- ------------ --------------- --------------- --------------
430,880 558,186 615,465 354,288 841,333 442,754
- --------------- --------------- ------------ --------------- --------------- --------------
18,492,016 11,580,998 8,370,387 16,001,154 21,062,325 17,826,870
(203,109) (39,409) (48,655) (466,536) (1,704,026) (2,240,421)
- --------------- --------------- ------------ --------------- --------------- --------------
18,288,907 11,541,589 8,321,732 15,534,618 19,358,299 15,586,449
- --------------- --------------- ------------ --------------- --------------- --------------
$18,719,787 $12,099,775 $8,937,197 $15,888,906 $20,199,632 $16,029,203
=============== =============== ============ =============== =============== ==============
1,737,623 1,116,570 810,537 1,504,711 2,040,374 1,631,196
(18,573) (3,653) (4,379) (42,912) (159,574) (203,316)
- --------------- --------------- ------------ --------------- --------------- --------------
1,719,050 1,112,917 806,158 1,461,799 1,880,800 1,427,880
- --------------- --------------- ------------ --------------- --------------- --------------
</TABLE>
6
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------- ----------- --------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (11.0%)
CHEMICALS (3.6%)
Eastman Chemical Co. ............ 700 $ 44,450
Great Lakes Chemical Corp. ..... 2,000 104,750
Millennium Chemicals, Inc. ..... 3,000 68,250
--------------
217,450
--------------
METALS & MINING (3.1%)
Asarco, Inc. .................... 4,000 122,500
Phelps Dodge Corp. .............. 750 63,891
--------------
186,391
--------------
PAPER (1.6%)
International Paper Co. ......... 2,000 97,125
--------------
STEEL (2.7%)
USX--U.S. Steel Group, Inc. .... 2,900 101,681
WHX Corp.* ...................... 8,100 61,762
--------------
163,443
--------------
TOTAL BASIC MATERIALS.......... 664,409
--------------
BUSINESS SERVICES (1.7%)
PRINTING, PUBLISHING,
BROADCASTING (1.7%)
Dow Jones & Co., Inc. ........... 2,500 100,469
--------------
CAPITAL GOODS (3.1%)
BUILDING MATERIALS & FOREST
PRODUCTS (1.0%)
Louisiana-Pacific Corp. ......... 3,000 63,375
--------------
ELECTRICAL EQUIPMENT (0.8%)
Black & Decker Corp. ............ 1,200 44,625
--------------
MACHINERY (1.3%)
ITT Industries, Inc. ............ 3,000 77,250
--------------
TOTAL CAPITAL GOODS............. 185,250
--------------
CONSUMER CYCLICALS (10.8%)
AIRLINES (0.5%)
Mesa Air Group, Inc.* ........... 5,200 27,950
--------------
AUTOS & TRUCKS (2.4%)
Ford Motor Co. .................. 2,100 79,275
General Motors Corp. ............ 1,200 66,825
--------------
146,100
--------------
LEISURE RELATED (0.9%)
Harrah's Entertainment, Inc.* .. 3,000 54,000
--------------
PHOTO & OPTICAL (1.3%)
Eastman Kodak Co. ............... 1,000 76,750
--------------
RETAIL--GENERAL (5.7%)
Charming Shoppes, Inc.* ......... 13,000 67,844
Dillards, Inc., Class A ......... 1,800 62,325
K-Mart Corp.* ................... 6,000 73,500
Toys-R-Us, Inc.* ................ 2,000 70,000
Woolworth Corp.* ................ 3,100 74,400
--------------
348,069
--------------
TOTAL CONSUMER CYCLICALS ...... 652,869
--------------
CONSUMER NON-CYCLICALS (5.4%)
BEVERAGES (1.3%)
Seagram Co., Ltd. ............... 2,000 80,500
--------------
DRUGS (4.1%)
Bristol-Myers Squibb Co. ........ 700 $ 56,700
Pharmaceutical Product
Development, Inc.* ............. 4,000 88,000
Pharmacia & Upjohn, Inc. ........ 3,000 104,250
--------------
248,950
--------------
TOTAL CONSUMER NON-CYCLICALS ... 329,450
--------------
CREDIT SENSITIVE (8.1%)
BANKS (4.4%)
Bankers Trust New York Corp. ... 750 65,250
Hibernia Corp., Class A ......... 6,600 91,988
Wells Fargo & Co. ............... 400 107,800
--------------
265,038
--------------
INSURANCE (2.5%)
Humana, Inc.* ................... 3,200 74,000
TIG Holdings, Inc. .............. 2,600 81,250
--------------
155,250
--------------
UTILITY--TELEPHONE (1.2%)
AT&T Corp. ...................... 2,000 70,125
--------------
TOTAL CREDIT SENSITIVE ......... 490,413
--------------
ENERGY (5.0%)
OIL--DOMESTIC (2.6%)
American Exploration Co.* ...... 3,000 43,875
Occidental Petroleum Corp. ..... 4,500 112,781
--------------
156,656
--------------
OIL--INTERNATIONAL (1.3%)
YPF S.A. (ADR) .................. 2,700 83,025
--------------
OIL--SUPPLIES & CONSTRUCTION (1.1%)
Dresser Industries, Inc. ........ 1,800 67,050
--------------
TOTAL ENERGY ................... 306,731
--------------
TECHNOLOGY (13.0%)
ELECTRONICS (9.6%)
3Com Corp.* (a) ................. 1,500 67,500
Apple Computer, Inc.* ........... 4,000 57,000
Digital Equipment Corp.* ........ 2,500 88,594
Exabyte Corp.* .................. 6,000 76,875
Integrated Device Technology,
Inc.* .......................... 6,000 63,000
Mentor Graphics Corp.* .......... 6,000 55,500
Novell, Inc.* ................... 8,000 55,500
Tandem Computer, Inc.* .......... 5,800 117,450
--------------
581,419
--------------
OFFICE EQUIPMENT (1.6%)
International Business Machines
Corp. .......................... 1,100 99,206
--------------
OFFICE EQUIPMENT SERVICES (0.8%)
Scitex Corp., Ltd. .............. 5,300 46,706
--------------
TELECOMMUNICATIONS (1.0%)
U.S. West Media Group* .......... 3,000 60,750
--------------
TOTAL TECHNOLOGY................ 788,081
--------------
TOTAL COMMON STOCKS (58.1%)
(Cost $3,229,261) .............. 3,517,672
--------------
</TABLE>
7
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ------------------------------- ----------- -----------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (7.3%)
General Electric Capital Corp.
6.15%, 7/1/97 ................. $ 250,000 $ 250,000
General Motors Acceptance Corp.
6.25%, 7/1/97 ................. 190,000 190,000
-----------
TOTAL COMMERCIAL PAPER ........ 440,000
-----------
U.S. GOVERNMENT AGENCIES
(38.4%)
Federal Home Loan Bank
(Discount Note), 7/1/97 ....... 1,300,000 1,300,000
Federal Home Loan Mortgage
Corp. (Discount Note), 7/1/97 1,024,000 1,024,000
-----------
TOTAL U.S. GOVERNMENT AGENCIES 2,324,000
-----------
TOTAL SHORT-TERM DEBT SECURITIES (45.7%)
(Amortized Cost $2,764,000) .. 2,764,000
-----------
TOTAL INVESTMENTS (103.8%)
(Cost/Amortized Cost
$5,993,261) ................... 6,281,672
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
CONTRACTS (B) (NOTE 1)
- --------------------------- ------------- ------------
<S> <C> <C>
CALL OPTIONS WRITTEN*(c):
3Com Corp.: (-0.1%)
October @ 50.00
(Premiums Received $8,392) 15 $ (5,250)
------------
OTHER ASSETS
LESS LIABILITIES (-3.7%) . (222,392)
------------
NET ASSETS (100%) .......... $6,054,030
============
</TABLE>
- ------------
* Non-income producing
(a) Partially held 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
8
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
- -----------------------------------------------------------------------------
Transactions in options written for the period from May 1, 1997 to June 30,
1997 are summarized as follows: (Note 1)
<TABLE>
<CAPTION>
NUMBER OF PREMIUMS
CONTRACTS (B) RECEIVED
------------- ----------
<S> <C> <C>
Options outstanding--May 1, 1997 .. -- --
Options written ................... 15 $8,392
------------- ----------
Options outstanding--June 30, 1997 15 $8,392
============= ==========
</TABLE>
Investment security transactions for the period from May 1, 1997 to June 30,
1997 were as follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities $3,486,150
U.S. Government securities...................... --
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities 257,485
U.S. Government securities ..................... --
</TABLE>
As of June 30, 1997, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation .$ 336,861
Aggregate gross unrealized depreciation (48,450)
-----------
Net unrealized appreciation.............. $ 288,411
===========
Federal income tax cost of investments .. $5,993,261
===========
</TABLE>
- ------------
(b) One contract relates to 100 shares.
See Notes to Financial Statements.
9
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------- ------------- --------------
<S> <C> <C>
COMMON STOCKS:
AFRICA (2.3%)
SOUTH AFRICA (2.3%)
De Beers Consolidated Mines
(ADR) .......................... 1,700 $ 62,794
Sasol Ltd. ...................... 6,700 87,866
--------------
TOTAL AFRICA ................... 150,660
--------------
AUSTRALIA & NEW ZEALAND (1.2%)
AUSTRALIA (1.2%)
Broken Hill Property Ltd. ...... 5,400 79,459
--------------
CANADA (4.2%)
Canadian Pacific Ltd. ........... 2,400 68,250
Imax Corp.* ..................... 2,600 64,350
Magna International, Inc.,
Class A ........................ 1,100 66,206
Potash Corp. of Saskatchewan ... 1,000 75,062
--------------
TOTAL CANADA.................... 273,868
--------------
JAPAN (11.4%)
Autobacs Seven Co., Ltd.* ...... 1,000 79,256
Bridgestone Corp. ............... 3,000 69,655
Matsushita Electric Industrial
Co., Ltd. ...................... 4,000 80,653
Matsushita Electric Works Ltd. . 3,000 34,042
Mitsubishi Electric Corp. ...... 14,000 78,331
Mitsubishi Heavy Industries
Ltd............................. 11,000 84,398
Mitsui-Soko* .................... 10,000 69,742
Sony Corp. ...................... 1,000 87,199
Tokio Marine & Fire Insurance
Co. ............................ 6,000 78,558
Toray Industries, Inc. .......... 11,000 78,445
--------------
TOTAL JAPAN .................... 740,279
--------------
LATIN AMERICA (6.4%)
ARGENTINA (1.0%)
YPF S.A. (ADR) .................. 2,200 67,650
--------------
BRAZIL (2.1%)
Telebras (ADR) .................. 500 75,875
Unibanco (GDR)* ................. 1,600 59,400
--------------
135,275
--------------
MEXICO (3.3%)
Grupo Carso ..................... 5,200 72,301
Panamerican Beverages, Inc. .... 2,100 69,037
Telefonos de Mexico, Class L
(ADR) .......................... 1,500 71,625
--------------
212,963
--------------
TOTAL LATIN AMERICA ............ 415,888
--------------
OTHER EUROPEAN COUNTRIES (12.8%)
FRANCE (3.3%)
Scor ............................ 1,500 60,412
SGS-Thomson Microelectronics
N.V.* .......................... 1,000 80,000
Usinor Sacilor .................. 4,000 72,174
--------------
212,586
--------------
GERMANY (2.0%)
Mannesmann AG ................... 150 $ 67,026
Siemens AG ...................... 1,100 65,905
--------------
132,931
--------------
ITALY (1.8%)
Arnoldo Mondadori Editore S.p.A. 5,100 29,465
Danieli & Co. ................... 8,300 29,055
Gucci Group N.V. ................ 900 57,938
--------------
116,458
--------------
NETHERLANDS (1.0%)
ABN-Amro Holdings N.V. .......... 3,600 67,180
--------------
SPAIN (1.2%)
Repsol S.A. (ADR) ............... 1,800 76,387
--------------
SWITZERLAND (3.5%)
ABB AG (Bearer) ................. 50 75,685
Novartis AG ..................... 55 87,925
Roche Holdings AG ............... 7 63,311
--------------
226,921
--------------
TOTAL OTHER EUROPEAN COUNTRIES 832,463
--------------
SCANDINAVIA (4.1%)
FINLAND (2.4%)
Amer-Yhtymae Oy, Class A* ...... 1,700 30,624
Finnlines Oy .................... 1,200 36,761
Orion-Yhtymae Oy, Class B ...... 800 30,333
Upm-Kymmene Oy .................. 2,600 60,112
--------------
157,830
--------------
NORWAY (0.5%)
Color Line ASA .................. 6,800 30,626
--------------
SWEDEN (1.2%)
Castellum AB* ................... 1,200 9,000
Sparbanken Sverige AS, Class A .. 3,000 66,724
--------------
75,724
--------------
TOTAL SCANDINAVIA .............. 264,180
--------------
SOUTHEAST ASIA (2.3%)
INDONESIA (1.2%)
Indostat (ADR) .................. 2,500 74,843
--------------
PHILIPPINES (1.1%)
San Miguel Corp., Class B ...... 28,100 74,043
--------------
TOTAL SOUTHEAST ASIA ........... 148,886
--------------
UNITED KINGDOM (6.0%)
British Steel plc ............... 19,700 49,040
Grand Metropolitan plc .......... 8,900 85,657
Imperial Chemical Industries
plc............................. 5,300 73,601
Lucasvarity plc ................. 9,100 31,517
Rio Tinto plc ................... 3,700 64,474
Vodafone Group plc .............. 17,000 82,939
--------------
TOTAL UNITED KINGDOM ........... 387,228
--------------
</TABLE>
10
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------- ------------- --------------
<S> <C> <C>
UNITED STATES (20.0%)
Abbott Laboratories ............. 300 $ 20,025
Aetna, Inc. ..................... 250 25,594
Airtouch Communications, Inc.* . 480 13,140
Allied Signal, Inc. ............. 320 26,880
Allstate Corp. .................. 360 26,280
American Express Co. ............ 350 26,075
American Home Products Corp. ... 430 32,895
American Standard Cos.* ......... 410 18,348
Banc One Corp. .................. 554 26,825
Bank of New York Co., Inc. ..... 580 25,230
BankAmerica Corp. ............... 400 25,825
Black & Decker Corp. ............ 520 19,338
BMC Software, Inc.* ............. 520 28,795
Brunswick Corp. ................. 900 28,125
Burlington Northern Santa Fe ... 250 22,469
Cabletron Systems, Inc.* ........ 200 5,663
Carnival Corp., Class A ......... 720 29,700
Chase Manhattan Corp. ........... 185 17,957
Compaq Computer Corp.* .......... 200 19,850
Computer Associates
International, Inc. ............ 450 25,059
Dresser Industries, Inc. ........ 775 28,869
E.I. Du Pont De Nemours & Co. ... 440 27,665
Edison International ............ 1,100 27,362
El Paso Natural Gas Co. ......... 400 22,000
Enron Corp. ..................... 750 30,609
First Data Corp. ................ 675 29,658
Hartford Life, Class A* ......... 175 6,563
Hertz Corp., Class A* ........... 780 28,080
IMC Global, Inc. ................ 400 14,000
Ingersol Rand Co. ............... 490 30,257
Intel Corp. ..................... 110 15,599
International Business Machines
Corp. .......................... 70 6,313
Kimberly Clark Corp. ............ 450 22,387
Merck & Co., Inc. ............... 250 25,875
MGIC Investment Corp. ........... 560 26,845
Microsoft, Inc.* ................ 50 6,319
Nationwide Financial Services,
Inc., Class A .................. 875 23,242
Oracle Corp.* ................... 280 14,105
Owens Illinois Inc.* ............ 800 24,800
Oxford Health Plans, Inc.* ..... 345 24,754
Pennzoil Co. .................... 355 27,246
Philip Morris Cos., Inc. ........ 590 26,181
Prentiss Properties Trust ...... 1,030 26,394
Rite Aid Corp. .................. 600 29,925
Schlumberger Ltd. ............... 110 13,750
Sears Roebuck & Co. ............. 480 25,800
Smith International, Inc.* ..... 245 14,884
Starwood Lodging Trust .......... 600 25,612
Sunbeam Corp. ................... 700 26,425
Telecommunications, Inc.,
Class A* ....................... 1,650 24,544
Tenet Healthcare Corp.* ......... 885 26,163
Travelers Group, Inc. ........... 420 26,486
Travelers Property & Casualty,
Inc., Class A .................. 100 3,988
U.S. Air Group, Inc.* ........... 200 $ 7,000
United Technologies Corp. ...... 300 24,900
Unocal Corp. .................... 300 11,644
Unum Corp. ...................... 600 25,200
Worldcom, Inc.* ................. 960 30,720
--------------
TOTAL UNITED STATES............. 1,296,237
--------------
TOTAL COMMON STOCKS (70.7%)
(Cost $4,163,049) .............. 4,589,148
--------------
PREFERRED STOCKS:
LATIN AMERICA (0.9%)
BRAZIL (0.9%)
Cia Cervejaria Brahma
(Cost $54,749) ................. 80,000 61,304
--------------
Principal
Amount
----------
LONG-TERM DEBT SECURITIES:
AUSTRALIA & NEW ZEALAND (1.2%)
AUSTRALIA (1.2%)
Government of Australia
7.50%, 7/15/05 ................. AUD 100,000 78,119
--------------
OTHER EUROPEAN COUNTRIES (9.0%)
GERMANY (5.6%)
Republic of Germany,
Series 95
6.50%, 10/14/05 ................ DEM 175,000 106,977
Republic of Germany,
Series 97
6.00%, 1/4/07 .................. DEM 430,000 253,188
--------------
360,165
--------------
ITALY (2.3%)
Italian Treasury Bond (BTPS)
8.50%, 1/1/04 .................. ITL 235,000,000 151,422
--------------
SPAIN (1.1%)
Government of Spain
7.90%, 2/28/02 ................. ESP 10,000,000 74,390
--------------
TOTAL OTHER EUROPEAN COUNTRIES 585,977
--------------
SCANDINAVIA (2.6%)
DENMARK (1.3%)
Kingdom of Denmark
7.00%, 11/15/07 ................ DKK 525,000 83,338
--------------
SWEDEN (1.3%)
Government of Sweden,
Series 1037
8.00%, 8/15/07 ................. SEK 600,000 85,522
--------------
TOTAL SCANDINAVIA .............. 168,860
--------------
UNITED KINGDOM (3.0%)
United Kingdom Treasury Note
7.25%, 12/7/07 ................. GBP 115,000 193,946
--------------
</TABLE>
11
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ------------------------- ----------- --------------
<S> <C> <C>
UNITED STATES (5.1%)
U.S. Treasury Note
6.50%, 5/31/02 ......... $ 80,000 $ 80,325
U.S. Treasury Note
6.625%, 5/15/07 ........ 105,000 105,886
U.S. Treasury Bond
6.625%, 2/15/27 ........ 145,000 141,873
--------------
TOTAL UNITED STATES ..... 328,084
--------------
TOTAL LONG-TERM DEBT SECURITIES
(20.9%)
(Cost $1,347,572) ....... 1,354,986
--------------
SHORT-TERM DEBT SECURITIES:
UNITED STATES (5.4%)
Federal Home Loan Bank
(Discount Note), 7/1/97
(Amortized Cost
$348,000)................ 348,000 348,000
--------------
TOTAL INVESTMENTS (97.9%)
(Cost/Amortized Cost
$5,913,370).............. $6,353,438
OTHER ASSETS
LESS LIABILITIES (2.1%)
134,070
--------------
NET ASSET VALUE (100%) .. $6,487,508
==============
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
- --------------------------------------
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Equity
Investments
Basic Materials .............. 13.1 %
Business Services ............ 5.7
Capital Goods ................ 9.4
Consumer Cyclicals ........... 16.1
Consumer Non-Cyclicals ....... 14.0
Credit Sensitive ............. 20.0
Diversified .................. 6.4
Energy ....................... 4.7
Technology ................... 10.6
---------
100.0 %
=========
</TABLE>
- ------------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
AUD--Australian Dollar
GBP--British Pound
DKK--Danish Krone
DEM--German Mark
ITL--Italian Lira
ESP--Spanish Peseta
SEK--Swedish Krona
12
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
- -----------------------------------------------------------------------------
At June 30, 1997 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ---------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
Canadian Dollar, expiring 8/12/97 250 $180,236 $181,553 $ 1,317
FOREIGN CURRENCY SALE CONTRACTS
Australian Dollar, expiring 7/16/97 175 131,537 132,188 (651)
British Pound, expiring 7/7/97-8/1/97 381 634,373 633,436 937
Canadian Dollar, expiring 7/14/97 300 216,763 217,490 (727)
Danish Krone, expiring 7/31/97 560 85,175 84,532 643
Finnish Markka, expiring 7/16/97 820 158,983 158,193 790
French Franc, expiring 7/9/97 1,035 177,957 176,292 1,665
German Mark, expiring 7/9/97 955 554,022 548,180 5,842
Italian Lira, expiring 7/31/97 475,000 281,183 279,186 1,997
Japanese Yen, expiring 7/1/97-7/9/97 72,246 626,705 631,480 (4,775)
Spanish Peseta, expiring 7/14/97 20,400 140,481 138,555 1,926
Swedish Krona, expiring 7/31/97 1,275 165,692 165,078 614
Swiss Franc, expiring 7/25/97 330 231,088 226,758 4,330
---------------
$13,908
===============
</TABLE>
Investment security transactions for the period from May 1, 1997 to June 30,
1997 were as follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities $5,869,798
U.S. Government securities...................... 359,762
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities 660,829
U.S. Government securities ..................... 33,715
</TABLE>
As of June 30, 1997, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation.. $ 467,390
Aggregate gross unrealized depreciation.. (27,322)
-----------
Net unrealized appreciation.............. $ 440,068
===========
Federal income tax cost of investments .. $5,913,370
===========
</TABLE>
See Notes to Financial Statements.
13
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------- ----------- --------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (1.3%)
METALS & MINING (0.2%)
Keystone International, Inc. .... 1,000 $ 34,687
--------------
PAPER (1.1%)
Corporate Express, Inc.* ......... 11,300 163,144
Ikon Office Solutions, Inc. ..... 100 2,494
--------------
165,638
--------------
TOTAL BASIC MATERIALS ........... 200,325
--------------
BUSINESS SERVICES (13.6%)
PRINTING, PUBLISHING,
BROADCASTING (8.2%)
American Radio Systems Corp.,
Class A* ........................ 1,300 51,837
CUC International, Inc.* ......... 4,600 118,737
Clear Channel Communications,
Inc.* ........................... 1,950 119,925
Cox Radio Inc., Class A* ......... 2,500 64,062
Emmis Broadcasting Corp.,
Class A* ........................ 700 30,538
Employee Solutions, Inc.* ........ 1,200 6,675
Gibson Greetings, Inc.* .......... 200 4,500
Heritage Media Corp., Class A* .. 2,200 41,525
Intermedia Communications of
Florida, Inc.* .................. 2,300 74,463
Jacor Communications, Inc.* ..... 1,600 61,200
Lear Corp.* ...................... 850 37,719
Learning Tree International,
Inc.* ........................... 9,400 417,125
Lin Television Corp.* ............ 4,000 176,500
Univision Communications, Inc.* .. 1,550 60,644
--------------
1,265,450
--------------
PROFESSIONAL SERVICES (5.3%)
Accustaff, Inc.* ................. 3,400 80,537
Compuware Corp.* ................. 7,700 367,675
Corestaff, Inc. .................. 700 18,900
Jostens, Inc. .................... 400 10,700
Sabre Group Holdings, Inc.* ..... 200 5,425
Secom Co. ........................ 3,000 220,224
Service Corp. International ..... 3,500 115,063
--------------
818,524
--------------
TRUCKING, SHIPPING (0.1%)
Newport News Shipbuilding, Inc. .. 500 9,719
--------------
TOTAL BUSINESS SERVICES ......... 2,093,693
--------------
CAPITAL GOODS (1.3%)
BUILDING MATERIALS & FOREST
PRODUCTS (1.0%)
Home Depot, Inc. ................. 2,200 151,663
--------------
MACHINERY (0.3%)
JLK Direct Distribution, Inc.,
Class A ......................... 100 2,563
Kulicke & Soffa Industries,
Inc.*............................ 1,200 38,962
SI Handling Systems, Inc. ........ 600 11,100
--------------
52,625
--------------
TOTAL CAPITAL GOODS ............. 204,288
--------------
CONSUMER CYCLICALS (17.8%)
AUTO RELATED (0.6%)
SPX Corp. ........................ 1,200 77,775
Tower Automotive, Inc.* .......... 200 8,600
--------------
86,375
--------------
FOOD SERVICES, LODGING (5.6%)
Applebee's International, Inc. .. 2,700 $ 72,225
HFS, Inc.* ....................... 12,350 716,300
Hilton Hotels Corp. .............. 1,700 45,156
Promus Hotel Corp. ............... 200 7,750
Wyndham Hotel Corp.* ............. 900 29,363
--------------
870,794
--------------
HOUSEHOLD FURNITURE, APPLIANCES (0.4%)
Gemstar International Group Ltd.* 600 11,025
Sony Corp. (ADR) ................. 500 44,000
--------------
55,025
--------------
LEISURE RELATED (0.5%)
Coleman Co., Inc.* ............... 2,400 41,400
Harrah's Entertainment, Inc.* ... 1,700 30,600
Hollywood Entertainment Corp.* ... 400 9,150
--------------
81,150
--------------
PHOTO & OPTICAL (0.5%)
Canon, Inc. ...................... 3,000 81,700
--------------
RETAIL--GENERAL (10.2%)
ADT Ltd.* ........................ 17,000 561,000
CVS Corp. ........................ 3,700 189,625
Consolidated Stores Corp.* ...... 2,300 79,925
Costco Co., Inc.* ................ 1,400 46,025
Dillards, Inc., Class A .......... 1,300 45,012
Office Depot, Inc.* .............. 900 17,494
Rite Aid Corp. ................... 7,400 369,075
Staples, Inc.* ................... 11,200 260,400
--------------
1,568,556
--------------
TOTAL CONSUMER CYCLICALS ........ 2,743,600
--------------
CONSUMER NON-CYCLICALS (12.0%)
CONTAINERS (0.1%)
Silgan Holdings, Inc.* ........... 100 3,875
Stone Container Corp. ............ 1,100 15,744
--------------
19,619
--------------
DRUGS (0.9%)
AmeriSource Health Corp.,
Class A* ........................ 600 29,925
Biochem Pharma, Inc.* ............ 3,600 80,100
Cardinal Health, Inc. ............ 600 34,350
--------------
144,375
--------------
HOSPITAL SUPPLIES & SERVICES (8.9%)
Boston Scientific Corp.* ......... 1,300 79,869
Columbia HCA Healthcare Corp. .... 900 35,381
Foundation Health Systems, Inc.,
Class A* ........................ 50 1,516
Genesis Health Ventures, Inc.* .. 1,000 33,750
Guidant Corp. .................... 1,800 153,000
Health Management Associates,
Inc., Class A* .................. 1,000 28,500
Healthsouth Corp.* ............... 14,400 359,100
IDX Systems Corp.* ............... 1,100 37,950
Mariner Health Group, Inc.* ..... 800 12,350
Medpartners, Inc.* ............... 1,900 41,087
Medtronic, Inc. .................. 2,300 186,300
Mentor Corp. ..................... 1,700 50,363
Tenet Healthcare Corp.* .......... 7,700 227,631
Vencor, Inc.* .................... 2,900 122,525
--------------
1,369,322
--------------
</TABLE>
14
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------- ----------- --------------
<S> <C> <C>
RETAIL--FOOD (2.0%)
American Stores Co. .............. 1,300 $ 64,187
Smith's Food & Drug Centers,
Inc., Class B* .................. 4,500 241,313
--------------
305,500
--------------
SOAPS & TOILETRIES (0.1%)
Carson, Inc.* .................... 1,000 10,750
--------------
TOBACCO (0.0%)
800-JR Cigar, Inc.* .............. 100 2,075
--------------
TOTAL CONSUMER NON-CYCLICALS .... 1,851,641
--------------
CREDIT SENSITIVE (7.3%)
FINANCIAL SERVICES (1.8%)
Ameritrade Holding Corp.,
Class A* ........................ 300 4,725
First Data Corp. ................. 1,400 61,512
Franklin Resources, Inc. ......... 2,800 203,175
New Century Financial Corp.* .... 100 1,450
--------------
270,862
--------------
INSURANCE (3.7%)
Hartford Life, Inc., Class A* ... 200 7,500
Healthsource, Inc. ............... 100 2,169
Nationwide Financial Services,
Inc., Class A ................... 1,700 45,156
United Healthcare Corp. .......... 10,000 520,000
--------------
574,825
--------------
UTILITY--TELEPHONE (1.8%)
MCI Communications Corp. ......... 4,900 187,578
Sprint Corp. ..................... 1,700 89,463
--------------
277,041
--------------
TOTAL CREDIT SENSITIVE .......... 1,122,728
--------------
DIVERSIFIED (5.0%)
MISCELLANEOUS (5.0%)
Tyco International Ltd. .......... 10,000 695,625
U.S.A. Waste Services, Inc.* .... 1,700 65,663
--------------
TOTAL DIVERSIFIED ............... 761,288
--------------
ENERGY (0.2%)
OIL--DOMESTIC (0.0%)
Santa Fe International Corp.* ... 100 3,400
--------------
RAILROADS (0.2%)
Wisconsin Central Transport
Corp.* .......................... 600 22,350
--------------
TOTAL ENERGY .................... 25,750
--------------
TECHNOLOGY (33.7%)
ELECTRONICS (25.6%)
Adobe Systems, Inc. .............. 100 3,506
Affiliated Computer Services,
Inc., Class A* .................. 1,700 47,600
Altera Corp.* .................... 3,000 151,500
Autodesk, Inc. ................... 50 1,916
BMC Software, Inc.* .............. 8,800 $ 487,300
Cadence Design Systems, Inc.* ... 9,395 314,732
Cisco Systems, Inc.* ............. 9,000 604,125
Computer Associates
International, Inc. ............. 13,200 735,075
Great Plains Software, Inc.* .... 100 2,700
Micro Warehouse, Inc.* ........... 1,600 27,400
Microsoft, Inc.* ................. 3,400 429,675
Oracle Corp.* .................... 14,575 734,216
RWD Technologies, Inc.* .......... 100 1,725
Sun Microsystems, Inc.* .......... 1,700 63,272
SAP Aktiengesellscha + ........... 300 20,550
Sybase, Inc.* .................... 100 1,487
Synopsys, Inc.* .................. 1,100 40,425
Technology Solutions Co.* ........ 6,200 244,900
Transaction Systems Architects,
Inc.* ........................... 300 10,350
Xilinx, Inc.* .................... 500 24,531
Xionics Document Technologies,
Inc.* ........................... 200 2,950
--------------
3,949,935
--------------
OFFICE EQUIPMENT (1.6%)
Ceridian Corp.* .................. 600 25,350
DST Systems, Inc.* ............... 1,500 49,969
Danka Business Systems plc (ADR) 4,000 163,500
--------------
238,819
--------------
OFFICE EQUIPMENT SERVICES (0.0%)
Global Direct Mail Corp. ......... 200 5,213
--------------
TELECOMMUNICATIONS (6.5%)
Aspect Telecommunications Corp.* 200 4,450
Lucent Technologies, Inc. ........ 3,000 216,187
Qwest Communications
International, Inc.* ............ 100 2,725
Tel-Save Holdings, Inc.* ......... 100 1,525
Telebras (ADR) ................... 1,400 212,450
Worldcom, Inc.* .................. 17,600 563,200
--------------
1,000,537
--------------
TOTAL TECHNOLOGY ................ 5,194,504
--------------
TOTAL COMMON STOCKS (92.2%)
(Cost $13,990,450) .............. 14,197,817
--------------
PREFERRED STOCKS:
TECHNOLOGY (2.1%)
ELECTRONICS (2.1%)
SAP AG (Cost $320,291) .......... 1,610 332,001
--------------
TOTAL INVESTMENTS (94.3%)
(Cost $14,310,741) .............. 14,529,818
OTHER ASSETS
LESS LIABILITIES (5.7%) ......... 870,274
--------------
NET ASSETS (100%) ................ 15,400,092
</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, 1997 these securities amounted to $20,550 or 0.1%
of net assets.
Glossary:
ADR--American Depositary Receipt
15
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
- -----------------------------------------------------------------------------
At June 30, 1997 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ---------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
German Mark, expiring 7/1/97 .......... 222 $128,342 $127,080 $(1,262)
Japanese Yen, expiring 7/1/97-9/30/97 26,960 239,374 237,149 (2,225)
FOREIGN CURRENCY SALE CONTRACTS
German Mark, expiring 7/3/97 .......... 108 61,913 61,979 (66)
Japanese Yen, expiring 7/2/97-7/3/97 . 12,974 113,195 113,249 (54)
---------------
$(3,607)
---------------
</TABLE>
Investment security transactions for the period from May 1, 1997 to June 30,
1997 were as follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities $21,222,857
U.S. Government securities...................... --
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities 7,509,011
U.S. Government securities ..................... --
</TABLE>
As of June 30, 1997, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation..$ 377,811
Aggregate gross unrealized depreciation.. (158,734)
------------
Net unrealized appreciation.............. $ 219,077
============
Federal income tax cost of investments .. $14,310,741
============
</TABLE>
See Notes to Financial Statements.
16
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------- ----------- --------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (6.5%)
CHEMICALS (3.6%)
Air Products & Chemicals, Inc. .. 2,800 $ 227,500
E.I. Du Pont De Nemours & Co. .... 3,100 194,913
Praxair, Inc. .................... 3,100 173,600
--------------
596,013
--------------
CHEMICALS--SPECIALTY (0.4%)
Ferro Corp. ...................... 1,700 63,006
--------------
METALS & MINING (0.8%)
Keystone International, Inc. .... 3,700 128,344
--------------
PAPER (1.7%)
Kimberly Clark Corp. ............. 4,900 243,775
Stone Container Corp. ............ 3,300 47,231
--------------
291,006
--------------
TOTAL BASIC MATERIALS............ 1,078,369
--------------
BUSINESS SERVICES (1.6%)
PRINTING, PUBLISHING,
BROADCASTING (0.5%)
Clear Channel Communications,
Inc.* ........................... 1,200 73,800
Intermedia Communications, Inc.* . 400 12,950
--------------
86,750
--------------
PROFESSIONAL SERVICES (1.1%)
Accustaff, Inc.* ................. 2,500 59,219
Compuware Corp.* ................. 2,600 124,150
--------------
183,369
--------------
TOTAL BUSINESS SERVICES.......... 270,119
--------------
CAPITAL GOODS (4.4%)
AEROSPACE (2.7%)
General Dynamics Corp. ........... 1,100 82,500
Lockheed Martin Corp. ............ 2,600 269,262
Loral Space & Communications* .... 6,200 93,000
--------------
444,762
--------------
BUILDING MATERIALS & FOREST
PRODUCTS (1.3%)
Home Depot, Inc. ................. 1,800 124,087
Lowe's Cos. ...................... 2,500 92,813
--------------
216,900
--------------
MACHINERY (0.4%)
Case Corp. ....................... 1,000 68,875
--------------
TOTAL CAPITAL GOODS.............. 730,537
--------------
CONSUMER CYCLICALS (10.1%)
APPAREL & TEXTILES (2.6%)
Ann Taylor Stores Corp.* ......... 2,900 56,550
Gucci Group N.V. ................. 1,800 115,875
Gymboree Corp.* .................. 3,900 93,600
Reebok International Ltd. ........ 3,500 163,625
--------------
429,650
--------------
AUTO RELATED (0.4%)
Hertz Corp., Class A* ............ 100 3,600
Kwik-Fit Holdings plc ............ 15,500 69,427
--------------
73,027
--------------
FOOD SERVICES, LODGING (3.2%)
Doubletree Corp.* ................ 100 4,112
HFS, Inc.* ....................... 4,300 249,400
Hilton Hotels Corp. .............. 1,900 50,469
Host Marriott Corp.* ............. 10,000 178,125
Jarvis Hotels plc ................ 22,400 51,845
--------------
533,951
--------------
HOUSEHOLD FURNITURE, APPLIANCES (0.7%)
Sony Corp. ....................... 1,300 $ 113,359
--------------
PHOTO & OPTICAL (0.6%)
Canon, Inc. ...................... 4,000 108,934
--------------
RETAIL--GENERAL (2.6%)
ADT Ltd.* ........................ 3,000 99,000
Rite Aid Corp. ................... 4,200 209,475
Staples, Inc.* ................... 3,900 90,675
Storehouse plc ................... 10,600 33,227
--------------
432,377
--------------
TOTAL CONSUMER CYCLICALS......... 1,691,298
--------------
CONSUMER NON-CYCLICALS (18.3%)
BEVERAGES (1.8%)
Coca Cola Co. .................... 4,500 303,750
--------------
DRUGS (2.4%)
Bristol-Myers Squibb Co. ......... 4,000 324,000
Cardinal Health, Inc. ............ 1,300 74,425
--------------
398,425
--------------
FOODS (1.1%)
Earthgrains Co. .................. 500 32,781
McCormick & Co., Inc. ............ 4,000 101,000
Tyson Foods, Inc., Class A ...... 2,500 47,813
--------------
181,594
--------------
HOSPITAL SUPPLIES & SERVICES (4.3%)
Healthsouth Corp.* ............... 1,500 37,406
Horizon/CMS Healthcare Corp.* .... 4,900 98,306
Integrated Health Services, Inc. 900 34,650
Pacificare Health Systems, Inc.,
Class A ......................... 1,100 66,619
Pacificare Health Systems, Inc.,
Class B* ........................ 400 25,550
St. Jude Medical, Inc.* .......... 5,600 218,400
Tenet Healthcare Corp.* .......... 3,900 115,294
Uromed Corp.* .................... 2,600 9,100
Vencor, Inc.* .................... 2,600 109,850
--------------
715,175
--------------
RETAIL--FOOD (1.3%)
Safeway, Inc.* ................... 4,900 226,012
--------------
SOAPS & TOILETRIES (6.8%)
Colgate Palmolive Co. ............ 5,700 371,925
Estee Lauder Cos., Class A ...... 1,800 90,450
Gillette Co. ..................... 3,100 293,725
Procter & Gamble Co. ............. 1,800 254,250
Revlon, Inc., Class A* ........... 2,300 119,169
--------------
1,129,519
--------------
TOBACCO (0.6%)
Philip Morris Cos., Inc. ......... 2,200 97,625
--------------
TOTAL CONSUMER NON-CYCLICALS .... 3,052,100
--------------
CREDIT SENSITIVE (22.3%)
BANKS (4.8%)
BankBoston Corp. ................. 1,300 93,681
Chase Manhattan Corp. ............ 2,600 252,362
Comerica, Inc. ................... 2,600 176,800
Fleet Financial Group, Inc. ..... 2,300 145,475
Union Planters Corp. ............. 2,700 140,063
--------------
808,381
--------------
FINANCIAL SERVICES (5.2%)
Advanta Corp., Class B ........... 3,100 110,631
American Express Co. ............. 1,300 96,850
</TABLE>
17
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------- ----------- --------------
<S> <C> <C>
Conseco, Inc. .................... 5,300 $ 196,100
First Data Corp. ................. 4,900 215,294
Franklin Resources, Inc. ......... 1,200 87,075
Household International, Inc. ... 900 105,694
Morgan Stanley Dean Witter
Discovery & Co. ................. 1,300 55,981
--------------
867,625
--------------
INSURANCE (9.1%)
Allstate Corp. ................... 2,250 164,250
CIGNA Corp. ...................... 1,400 248,500
Chubb Corp. ...................... 1,800 120,375
Equitable of Iowa Cos. ........... 1,000 56,000
Hartford Financial Services
Group, Inc.* .................... 2,300 190,325
Hartford Life, Inc., Class A .... 50 1,875
Penncorp Financial Group, Inc. .. 4,000 154,000
Reliastar Financial Corp. ........ 100 7,312
Security-Connecticut Corp. ...... 1,400 77,087
Travelers Group, Inc. ............ 2,600 163,963
Union des Assurances Federales ... 300 35,287
United Healthcare Corp. .......... 5,700 296,400
--------------
1,515,374
--------------
REAL ESTATE (1.6%)
DBS Land Ltd. .................... 14,000 44,261
Fannie Mae ....................... 3,000 130,875
Wharf Holdings Ltd. .............. 23,000 99,751
--------------
274,887
--------------
UTILITY--TELEPHONE (1.6%)
MCI Communications Corp........... 2,600 99,531
Sprint Corp. ..................... 3,100 163,138
--------------
262,669
--------------
TOTAL CREDIT SENSITIVE .......... 3,728,936
--------------
DIVERSIFIED (1.8%)
MISCELLANEOUS (1.8%)
Browning-Ferris Industries, Inc. 3,000 99,750
Tyco International Ltd. .......... 1,800 125,213
Waste Management, Inc. ........... 2,300 73,887
--------------
TOTAL DIVERSIFIED................ 298,850
--------------
ENERGY (6.9%)
OIL--DOMESTIC (2.9%)
Apache Corp. ..................... 1,800 58,500
Burlington Resources, Inc. ...... 2,200 97,075
Chevron Corp. .................... 1,300 96,119
Coastal Corp. .................... 3,700 196,793
Texaco, Inc. ..................... 400 43,500
--------------
491,987
--------------
OIL--INTERNATIONAL (1.9%)
British Petroleum Co. (ADR) ..... 3,100 232,113
Diamond Offshore Drilling, Inc.* . 1,000 78,125
--------------
310,238
--------------
RAILROADS (2.1%)
Burlington Northern Santa Fe .... 1,800 $ 161,775
Wisconsin Central Transport
Corp.* .......................... 5,100 189,975
--------------
351,750
--------------
TOTAL ENERGY .................... 1,153,975
--------------
TECHNOLOGY (18.2%)
ELECTRONICS (13.9%)
Adobe Systems, Inc. .............. 1,700 59,606
Analog Devices, Inc.* ............ 3,000 79,687
BMC Software, Inc.* .............. 2,600 143,975
Computer Associates
International, Inc. ............. 3,100 172,631
Electronic Arts, Inc.* ........... 4,000 134,500
HBO & Co. ........................ 3,000 206,625
Intel Corp. ...................... 2,600 368,712
Microsoft, Inc.* ................. 3,100 391,763
Oracle Corp.* .................... 6,500 327,438
Sun Microsystems, Inc.* .......... 1,400 52,106
Sybase, Inc.* .................... 2,500 37,188
United Technologies Corp. ........ 4,200 348,600
--------------
2,322,831
--------------
OFFICE EQUIPMENT (1.7%)
Compaq Computer Corp.* ........... 2,600 258,050
DST Systems, Inc.* ............... 1,000 33,313
--------------
291,363
--------------
TELECOMMUNICATIONS (2.6%)
Aspect Telecommunications Corp.* 5,300 116,600
Lucent Technologies, Inc. ........ 1,300 93,681
Qwest Communications
International, Inc.* ............ 100 2,725
Worldcom, Inc.* .................. 6,900 220,800
--------------
433,806
--------------
TOTAL TECHNOLOGY ................ 3,048,000
--------------
TOTAL COMMON STOCKS (90.1%)
(Cost $14,512,239) .............. 15,052,184
PRINCIPAL
AMOUNT
-------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (29.1%)
Federal Home Loan Bank
(Discount Note), 7/1/97 ........ $2,800,000 2,800,000
Federal Home Loan Bank
(Discount Note), 7/7/97 ......... 2,050,000 2,048,155
-------------
TOTAL SHORT-TERM DEBT SECURITIES
(29.1%) (Amortized Cost
$4,848,155)...................... 4,848,155
-------------
TOTAL INVESTMENTS (119.2%)
(Cost/Amortized Cost
$19,360,394)..................... 19,900,339
OTHER ASSETS
LESS LIABILITIES
(-19.2%)......................... (3,198,560)
-------------
NET ASSET VALUE (100%) .......... $16,701,779
-------------
</TABLE>
- ------------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
18
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
- -----------------------------------------------------------------------------
At June 30, 1997 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- --------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 7/3/97 ... 24 $40,373 $40,376 $ 3
Hong Kong Dollar, expiring
7/3/97........................... 200 25,862 25,868 6
Japanese Yen, expiring 7/2/97 .... 6,184 53,978 53,977 (1)
Singapore Dollar, expiring
7/3/97........................... 18 12,590 12,584 (6)
FOREIGN CURRENCY SALE CONTRACTS ..
Finnish Markka, expiring 7/1/97 .. 22 4,308 4,328 (20)
---------------
$(18)
===============
</TABLE>
Investment security transactions for the period from May 1, 1997 to June 30,
1997 were as follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities $15,236,355
U.S. Government securities...................... --
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities 783,998
U.S. Government securities...................... --
</TABLE>
As of June 30, 1997, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation.. $ 670,031
Aggregate gross unrealized depreciation.. (130,086)
------------
Net unrealized appreciation.............. $ 539,945
============
Federal income tax cost of investments .. $19,360,394
============
</TABLE>
See Notes to Financial Statements.
19
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------- ----------- ------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (5.5%)
CHEMICALS (2.8%)
Bayer AG (ADR) ................... 600 $ 23,077
Dow Chemical Co. ................. 500 43,562
E.I. Du Pont De Nemours & Co. .... 500 31,438
Eastman Chemical Co. ............. 700 44,450
Hercules, Inc. ................... 800 38,300
Witco Corp. ...................... 400 15,175
------------
196,002
------------
METALS & MINING (0.4%)
Freeport-McMoran Copper & Gold,
Inc., Class A ................... 900 26,325
------------
PAPER (2.2%)
Chesapeake Corp. ................. 400 13,500
Kimberly Clark Corp. ............. 900 44,775
Temple-Inland, Inc. .............. 500 27,000
Weyerhaeuser Co. ................. 1,400 72,800
------------
158,075
------------
STEEL (0.1%)
Carpenter Technology Corp. ...... 100 4,575
------------
TOTAL BASIC MATERIALS ........... 384,977
------------
BUSINESS SERVICES (2.1%)
ENVIRONMENTAL CONTROL (0.3%)
Browning-Ferris Industries, Inc. 700 23,275
------------
PRINTING, PUBLISHING,
BROADCASTING (1.1%)
Comcast Corp. .................... 1,300 27,787
McGraw Hill Cos., Inc. ........... 850 49,991
------------
77,778
------------
PROFESSIONAL SERVICES (0.7%)
Deluxe Corp. ..................... 600 20,475
NCR Corp.* ....................... 900 26,775
------------
47,250
------------
TOTAL BUSINESS SERVICES ......... 148,303
------------
CAPITAL GOODS (4.9%)
AEROSPACE (1.0%)
Lockheed Martin Corp. ............ 500 51,781
Northrop Grumman Corp. ........... 200 17,563
------------
69,344
------------
BUILDING MATERIALS & FOREST
PRODUCTS (1.3%)
Lowe's Cos. ...................... 900 33,412
Masco Corp. ...................... 300 12,525
PPG Industries, Inc. ............. 500 29,063
Rayonier, Inc. ................... 400 16,825
------------
91,825
------------
ELECTRICAL EQUIPMENT (1.7%)
Cooper Industries, Inc. .......... 700 34,825
Emerson Electric Co. ............. 400 22,025
General Electric Co. ............. 400 26,150
Rockwell International Corp. .... 200 11,800
Siebe plc ........................ 1,630 27,630
------------
122,430
------------
MACHINERY (0.9%)
Deere & Co. ...................... 700 38,412
New Holland N.V. ................. 800 21,900
------------
60,312
------------
TOTAL CAPITAL GOODS ............. 343,911
------------
CONSUMER CYCLICALS (6.6%)
AIRLINES (0.7%)
Delta Airlines, Inc. ............. 600 $ 49,200
------------
AUTO RELATED (1.4%)
Eaton Corp. ...................... 400 34,925
Lear Corp.* ...................... 300 13,313
TRW Inc. ......................... 900 51,131
------------
99,369
------------
AUTOS & TRUCKS (1.6%)
Ford Motor Co. ................... 1,200 45,300
General Motors Corp. ............. 800 44,550
General Motors Corp., Class H ... 400 23,100
------------
112,950
------------
HOUSEHOLD FURNITURE, APPLIANCES (1.0%)
Tupperware Corp. ................. 800 29,200
Whirlpool Corp. .................. 800 43,650
------------
72,850
------------
PHOTO & OPTICAL (1.0%)
Eastman Kodak Co. ................ 550 42,212
Polaroid Corp. ................... 500 27,750
------------
69,962
------------
RETAIL--GENERAL (0.9%)
K-Mart Corp.* .................... 1,400 17,150
Sears Roebuck & Co. .............. 800 43,000
------------
60,150
------------
TOTAL CONSUMER CYCLICALS ........ 464,481
------------
CONSUMER NON-CYCLICALS (8.6%)
BEVERAGES (1.3%)
Anheuser-Busch Cos., Inc. ........ 900 37,744
Cadbury Schweppes plc ............ 1,200 10,710
Cadbury Schweppes plc (ADR) ..... 300 10,987
Whitman Corp. .................... 1,400 33,600
------------
93,041
------------
CONTAINERS (0.6%)
Crown Cork & Seal Co., Inc. ..... 800 42,750
------------
DRUGS (2.3%)
American Home Products Corp. .... 500 38,250
Bristol-Myers Squibb Co. ......... 600 48,600
Glaxo Wellcome plc (ADR) ......... 350 14,635
Pharmacia & Upjohn, Inc. ......... 1,700 59,075
------------
160,560
------------
FOODS (1.5%)
Dole Food Co. .................... 400 17,100
Flowers Industries, Inc. ......... 850 14,291
General Mills, Inc. .............. 600 39,075
Sara Lee Corp. ................... 900 37,462
------------
107,928
------------
HOSPITAL SUPPLIES & SERVICES (0.8%)
Baxter International, Inc. ...... 1,100 57,475
------------
SOAPS & TOILETRIES (0.6%)
Colgate Palmolive Co. ............ 600 39,150
------------
TOBACCO (1.5%)
Gallaher Group plc (ADR)* ........ 700 12,906
Philip Morris Cos., Inc. ......... 1,400 62,125
RJR Nabisco Holdings Corp. ...... 900 29,700
------------
104,731
------------
TOTAL CONSUMER NON-CYCLICALS ... 605,635
------------
</TABLE>
20
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------- ----------- ------------
<S> <C> <C>
CREDIT SENSITIVE (17.8%)
BANKS (7.1%)
Banc One Corp. ................... 1,600 $ 77,500
Bank of New York Co., Inc. ...... 600 26,100
Bankers Trust New York Corp. .... 400 34,800
Fleet Financial Group, Inc. ..... 1,050 66,412
Huntington Bancshares, Inc. ..... 400 11,750
J.P. Morgan & Co. ................ 600 62,625
KeyCorp .......................... 700 39,113
Mercantile Bancorp, Inc. ......... 450 27,338
Nationsbank Corp. ................ 600 38,700
Norwest Corp. .................... 500 28,125
Old Kent Financial Corp. ......... 205 11,070
PNC Bank Corp. ................... 1,200 49,950
Southtrust Corp. ................. 100 4,137
Synovus Financial Corp. .......... 700 19,294
------------
496,914
------------
FINANCIAL SERVICES (0.7%)
Beneficial Corp. ................. 300 21,319
Household International, Inc. ... 100 11,744
Salomon, Inc. .................... 300 16,687
------------
49,750
------------
INSURANCE (1.5%)
American General Corp. ........... 900 42,975
Aon Corp. ........................ 850 43,987
CIGNA Corp. ...................... 70 12,425
St. Paul Cos. .................... 100 7,625
------------
107,012
------------
REAL ESTATE (0.8%)
Beacon Properties Corp. .......... 800 26,700
Duke Realty Investment, Inc. .... 200 8,100
Equity Residential Property
Trust............................ 400 19,000
LTC Properties, Inc. ............. 300 5,437
------------
59,237
------------
UTILITY--ELECTRIC (2.0%)
Baltimore Gas & Electric Co. .... 400 10,675
Carolina Power & Light Co. ...... 200 7,175
Central & South West Corp. ...... 750 15,938
Cinergy Corp. .................... 400 13,925
Duke Energy Corp. ................ 936 44,846
OGE Energy Corp. ................. 500 22,750
Potomac Electric Power Co. ...... 600 13,875
Public Service Co. of Colorado .. 300 12,450
------------
141,634
------------
UTILITY--GAS (0.5%)
Pacific Enterprises .............. 1,100 36,988
------------
UTILITY--TELEPHONE (5.2%)
AT&T Corp. ....................... 800 28,050
Ameritech Corp. .................. 700 47,556
Bell Atlantic Corp. .............. 700 53,112
Bellsouth Corp. .................. 900 41,738
Nynex Corp. ...................... 700 40,338
SBC Communications, Inc. ......... 1,300 80,437
Sprint Corp. ..................... 1,400 73,675
------------
364,906
------------
TOTAL CREDIT SENSITIVE .......... 1,256,441
------------
DIVERSIFIED (1.4%)
MISCELLANEOUS (1.4%)
Fortune Brands, Inc. ............. 800 29,850
Minnesota Mining & Manufacturing
Co. ............................. 700 71,400
------------
TOTAL DIVERSIFIED................ 101,250
------------
ENERGY (7.9%)
OIL--DOMESTIC (3.8%)
Amoco Corp. ...................... 600 $ 52,162
Atlantic Richfield Co. ........... 400 28,200
Exxon Corp. ...................... 1,300 79,950
Mobil Corp. ...................... 1,100 76,863
Occidental Petroleum Corp. ...... 1,300 32,581
------------
269,756
------------
OIL--INTERNATIONAL (2.4%)
British Petroleum Co. (ADR) ..... 500 37,437
ENI S.p.A. (ADR) ................. 75 4,266
Elf Acquitaine S.A. (ADR) ........ 900 48,994
Total S.A. (ADR) ................. 1,000 50,625
Veba AG .......................... 200 11,300
YPF S.A. (ADR) ................... 600 18,450
------------
171,072
------------
RAILROADS (1.7%)
Burlington Northern Santa Fe .... 300 26,963
CSX Corp. ........................ 800 44,400
Norfolk Southern Corp. ........... 200 20,150
Union Pacific Corp. .............. 400 28,200
------------
119,713
------------
TOTAL ENERGY .................... 560,541
------------
TECHNOLOGY (3.4%)
ELECTRONICS (0.9%)
Computer Associates
International, Inc. ............. 500 27,844
Intel Corp. ...................... 100 14,181
Texas Instruments, Inc. .......... 300 25,219
------------
67,244
------------
OFFICE EQUIPMENT (2.2%)
Hewlett Packard Co. .............. 700 39,200
International Business Machines
Corp. ........................... 700 63,131
Xerox Corp. ...................... 650 51,269
------------
153,600
------------
TELECOMMUNICATIONS (0.3%)
Motorola, Inc. ................... 240 18,240
------------
TOTAL TECHNOLOGY ................ 239,084
------------
TOTAL COMMON STOCKS (58.2%)
(Cost $3,833,471) ............... 4,104,623
------------
PREFERRED STOCKS:
CREDIT SENSITIVE (0.1%)
FINANCIAL SERVICES (0.1%)
K-Mart Financing
(Cost $5,755).................... 100 5,487
------------
CONVERTIBLE PREFERRED
STOCKS:
BASIC MATERIALS (0.3%)
METALS & MINING (0.3%)
Freeport-McMoran Copper &
Gold, Inc.*
(Cost $19,373) .................. 700 19,163
------------
</TABLE>
21
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------- -----------------------------
<S> <C> <C>
CALL OPTIONS PURCHASED:
Japanese Currency,
August @ 112.10* .......... JPY 36,000 $ 841
U.S. Treasury Bond,
July @ 98.00* ............. $ 46,000 312
------------
TOTAL OPTIONS (0.0%)
(Cost $937)................ 1,153
------------
LONG-TERM DEBT SECURITIES:
CREDIT SENSITIVE (29.8%)
BANKS (0.4%)
Bancomext Trust
8.00%, 8/5/03 ............. 30,000 29,129
------------
FOREIGN GOVERNMENT (2.6%)
Government of Australia
12.00%, 11/15/01 .......... AUD 50,000 45,900
Kingdom of Denmark
8.00%, 3/15/06 ............ DKK 55,000 9,328
Republic of Bulgaria Series
PDI 6.563%, 7/28/11 ....... $ 33,000 22,894
Republic of Russia
PO 00.00%, 12/15/20 ....... 37,000 24,605
Republic of South Africa
13.00%, 8/31/10 ........... ZAR 97,000 19,569
United Kingdom Treasury
7.50%, 12/7/06 ............ GBP 36,000 61,881
------------
184,177
------------
U.S. GOVERNMENT (17.1%)
U.S. Treasury Bond
8.125%, 8/15/19 ........... $ 486,000 554,344
U.S. Treasury Note
6.375%, 4/30/99 ........... 645,000 648,629
------------
1,202,973
------------
U.S. GOVERNMENT AGENCIES (8.5%)
Government National
Mortgage Association
7.50%, 4/15/27 ............ 104,312 104,703
Government National
Mortgage Association
7.50%, 5/15/27 ............ $ 494,982 $ 496,840
------------
601,543
------------
UTILITY--ELECTRIC (1.2%)
Transamerica Energy
0.00%, 6/15/02 (d)
+(s) ..................... 115,000 84,237
------------
TOTAL CREDIT SENSITIVE ... 2,102,059
------------
TOTAL LONG-TERM DEBT SECURITIES (29.8%)
(Cost $2,092,402) ........................... 2,102,059
------------
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (13.6%)
Chase Securities, Inc.
5.90%, dated 6/30/97,
due 7/1/97, to be
repurchased at $962,158,
collateralized by
$654,000 of U.S. Treasury
Bonds, 11.25% due
2/15/15, valued at
$978,395
(Cost $962,000)........... 962,000 962,000
------------
TOTAL INVESTMENTS (102.0%)
(Cost $6,913,938) ......... 7,194,485
------------
CALL OPTIONS WRITTEN*(c):
Japanese Currency: (0.0%)
August @ 109.10
(Premiums Received $276) . JPY 18,000 (783)
------------
OTHER ASSETS
LESS LIABILITIES (-2.0%) . (143,046)
------------
NET ASSET VALUE (100%) .... $7,050,656
============
</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, 1997 these securities amounted to $84,237 or 1.2%
of net assets.
(s) Illiquid security: is not actively traded.
(c) Covered call option contracts written in connection with securities
held.
(d) Debt security initially issued in zero coupon form which converts to
coupon form at a specific rate and date.
Glossary:
ADR--American Depositary Receipt
PDI--Past Due Interest Bond
PO--Principal Only
AUD--Australian Dollar
GBP--British Pound
DKK--Danish Krone
JPY--Japanese Yen
ZAR--South African Rand
22
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
- -----------------------------------------------------------------------------
At June 30, 1997 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- --------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
Australian Dollar, expiring 9/17/97 ... 22 $ 17,014 $ 16,858 $ (156)
British Pound, expiring 7/1/97-7/7/97 . 39 63,776 64,982 1,206
Canadian Dollar, expiring 9/17/97 ..... 38 27,341 27,292 (49)
German Mark, expiring 9/17/97 .......... 15 8,678 8,535 (143)
Italian Lira, expiring 9/17/97 ......... 80,000 47,114 46,960 (154)
Japanese Yen, expiring 7/1/97-9/17/97 . 6,939 62,152 61,896 (256)
Polish Zlotey, expiring 12/1/97 ....... 58 15,855 16,538 683
FOREIGN CURRENCY SALE CONTRACTS
Australian Dollar, expiring 9/17/97 ... 82 61,789 61,988 (199)
British Pound, expiring 7/1/97-9/17/97 76 124,123 126,396 (2,273)
Danish Krone, expiring 9/17/97 ......... 62 9,654 9,386 268
German Mark, expiring 7/30/97-9/17/97 . 118 68,528 68,041 487
Italian Lira, expiring 9/17/97 ......... 79,000 47,200 46,373 827
Japanese Yen, expiring 7/1/97-9/17/97 . 5,588 47,663 48,992 (1,329)
---------------
$(1,088)
===============
</TABLE>
Transactions in options written for the period from May 1, 1997 to June 30,
1997 are summarized as follows: (Note 1)
<TABLE>
<CAPTION>
NUMBER OF PREMIUMS
CONTRACTS RECEIVED
------------ ----------
<S> <C> <C>
Options outstanding--May 1, 1997 . -- --
Options written ................... JPY 18,000 $276
------------ ----------
Options outstanding June 30, 1997 JPY 18,000 $276
============ ==========
</TABLE>
Investment security transactions for the period from May 1, 1997 to June 30,
1997 were as follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities $4,525,939
U.S. Government securities...................... 2,148,450
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities 380,114
U.S. Government securities ..................... 356,837
</TABLE>
As of June 30, 1997, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation . $ 307,213
Aggregate gross unrealized depreciation (26,666)
-----------
Net unrealized appreciation.............. $ 280,547
===========
Federal income tax cost of investments .. $6,913,938
===========
</TABLE>
See Notes to Financial Statements.
23
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------- ----------- --------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (7.8%)
CHEMICALS (3.7%)
E.I. Du Pont De Nemours & Co. ... 2,944 $ 185,104
Eastman Chemical Co. ............ 2,694 171,069
Hercules, Inc. .................. 2,530 121,124
Witco Corp. ..................... 5,530 209,794
--------------
687,091
--------------
METALS & MINING (0.9%)
Freeport-McMoran Copper & Gold,
Inc., Class A .................. 5,762 168,538
--------------
PAPER (3.2%)
Kimberly Clark Corp. ............ 5,902 293,625
Temple-Inland, Inc. ............. 1,410 76,140
Weyerhaeuser Co. ................ 4,618 240,136
--------------
609,901
--------------
TOTAL BASIC MATERIALS .......... 1,465,530
--------------
BUSINESS SERVICES (1.7%)
PRINTING, PUBLISHING,
BROADCASTING (1.0%)
McGraw Hill Cos., Inc. .......... 3,108 182,789
--------------
PROFESSIONAL SERVICES (0.7%)
NCR Corp.* ...................... 4,386 130,484
--------------
TOTAL BUSINESS SERVICES ........ 313,273
--------------
CAPITAL GOODS (7.6%)
AEROSPACE (0.9%)
Northrop Grumman Corp. .......... 1,942 170,532
--------------
BUILDING MATERIALS & FOREST
PRODUCTS (2.8%)
Armstrong World Industries,
Inc............................. 2,180 159,957
Lowe's Cos. ..................... 4,735 175,787
Masco Corp. ..................... 4,562 190,464
--------------
526,208
--------------
ELECTRICAL EQUIPMENT (2.2%)
Cooper Industries, Inc. ......... 3,281 163,230
General Signal Corp. ............ 2,540 110,807
Rockwell International Corp. ... 2,241 132,219
--------------
406,256
--------------
MACHINERY (1.7%)
New Holland N.V. ................ 6,857 187,710
Tenneco, Inc. ................... 2,965 133,981
--------------
321,691
--------------
TOTAL CAPITAL GOODS ............ 1,424,687
--------------
CONSUMER CYCLICALS (13.2%)
AIRLINES (0.8%)
Delta Airlines, Inc. ............ 1,720 141,040
--------------
AUTO RELATED (4.1%)
Dana Corp. ...................... 3,691 140,258
Eaton Corp. ..................... 1,369 119,531
Goodyear Tire & Rubber Co. ..... 2,423 153,406
Lear Corp.* ..................... 2,633 116,839
TRW Inc. ........................ 4,135 234,920
--------------
764,954
--------------
AUTOS & TRUCKS (2.6%)
Ford Motor Co. .................. 3,970 149,868
General Motors Corp. ............ 3,436 191,342
General Motors Corp., Class H .. 2,589 149,515
--------------
490,725
--------------
HOUSEHOLD FURNITURE, APPLIANCES (1.7%)
Tupperware Corp. ................ 5,035 $ 183,778
Whirlpool Corp. ................. 2,555 139,407
--------------
323,185
--------------
PHOTO & OPTICAL (2.1%)
Eastman Kodak Co. ............... 1,091 83,734
Polaroid Corp. .................. 5,638 312,909
--------------
396,643
--------------
RETAIL--GENERAL (1.9%)
K-Mart Corp.* ................... 15,340 187,915
Sears Roebuck & Co. ............. 3,027 162,701
--------------
350,616
--------------
TOTAL CONSUMER CYCLICALS ...... 2,467,163
--------------
CONSUMER NON-CYCLICALS (12.8%)
BEVERAGES (1.2%)
Anheuser-Busch Cos., Inc. ...... 2,662 111,638
Whitman Corp. ................... 5,192 124,608
--------------
236,246
--------------
CONTAINERS (1.8%)
Crown Cork & Seal Co., Inc. .... 2,837 151,602
Owens Illinois, Inc.* ........... 6,027 186,837
--------------
338,439
--------------
DRUGS (3.6%)
American Home Products Corp. ... 2,576 197,064
Bristol-Myers Squibb Co. ........ 2,291 185,571
Pharmacia & Upjohn, Inc. ........ 8,198 284,880
--------------
667,515
--------------
FOODS (1.7%)
General Mills, Inc. ............. 2,474 161,119
Sara Lee Corp. .................. 3,802 158,258
--------------
319,377
--------------
HOSPITAL SUPPLIES & SERVICES (1.5%)
Baxter International, Inc. ..... 5,382 281,210
--------------
SOAPS & TOILETRIES (0.9%)
Colgate Palmolive Co. ........... 2,567 167,497
--------------
TOBACCO (2.1%)
Gallaher Group plc (ADR)* ...... 2,489 45,891
Philip Morris Cos., Inc. ........ 4,947 219,523
RJR Nabisco Holdings Corp. ..... 3,810 125,730
--------------
391,144
--------------
TOTAL CONSUMER NON-CYCLICALS ... 2,401,428
--------------
CREDIT SENSITIVE (20.7%)
BANKS (10.1%)
Banc One Corp. .................. 4,085 197,867
Bankers Trust New York Corp. ... 1,855 161,385
First Tennessee National Corp. . 886 42,528
Fleet Financial Group, Inc. .... 3,645 230,546
Huntington Bancshares, Inc. .... 1,385 40,684
J.P. Morgan & Co. ............... 3,073 320,744
KeyCorp ......................... 2,689 150,248
Mellon Bank Corp. ............... 2,085 94,086
Mercantile Bancorp, Inc. ........ 1,160 70,470
Old Kent Financial Corp. ........ 864 46,643
PNC Bank Corp. .................. 7,336 305,361
Regions Financial Corp. ......... 1,925 60,878
Summit Bancorp .................. 1,678 84,110
Union Planters Corp. ............ 1,665 86,372
--------------
1,891,922
--------------
</TABLE>
24
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------- ----------- --------------
<S> <C> <C>
FINANCIAL SERVICES (1.1%)
Beneficial Corp. ................ 1,034 $ 73,479
Salomon, Inc. ................... 2,178 121,151
--------------
194,630
--------------
INSURANCE (2.4%)
American General Corp. .......... 3,793 181,116
Aon Corp. ....................... 3,967 205,292
CIGNA Corp. ..................... 378 67,095
--------------
453,503
--------------
UTILITY--ELECTRIC (0.7%)
Duke Energy Corp. ............... 2,800 134,238
--------------
UTILITY--TELEPHONE (6.4%)
Ameritech Corp. ................. 2,599 176,569
AT&T Corp. ...................... 3,017 105,783
Bellsouth Corp. ................. 4,461 206,879
SBC Communications, Inc. ........ 4,026 249,109
Sprint Corp. .................... 6,673 351,167
U.S. West Communications Group . 3,070 115,701
--------------
1,205,208
--------------
TOTAL CREDIT SENSITIVE ......... 3,879,501
--------------
DIVERSIFIED (2.5%)
MISCELLANEOUS (2.5%)
Fortune Brands, Inc. ............ 3,439 128,318
Minnesota Mining & Manufacturing
Co. ............................ 3,322 338,844
--------------
467,162
--------------
ENERGY (11.1%)
OIL--DOMESTIC (5.0%)
Amoco Corp. ..................... 2,400 208,650
Atlantic Richfield Co. .......... 1,191 83,965
Coastal Corp. ................... 2,303 122,491
Exxon Corp. ..................... 2,670 164,205
Mobil Corp. ..................... 2,723 190,270
Occidental Petroleum Corp. ..... 6,361 159,422
--------------
929,003
--------------
OIL--INTERNATIONAL (3.8%)
British Petroleum Co. (ADR) .... 2,496 186,888
ENI S.p.A. (ADR) ................ 600 34,125
Elf Acquitaine S.A. (ADR) ...... 4,300 234,081
Total S.A. (ADR) ................ 3,761 190,401
YPF S.A. (ADR) .................. 2,318 71,278
--------------
716,773
--------------
RAILROADS (2.3%)
Canadian National Railway Co. .. 2,024 $ 88,550
Norfolk Southern Corp. .......... 1,649 166,137
Union Pacific Corp. ............. 2,530 178,365
--------------
433,052
--------------
TOTAL ENERGY ................... 2,078,828
--------------
TECHNOLOGY (8.8%)
ELECTRONICS (5.9%)
Computer Associates
International, Inc. ............ 3,281 182,711
Intel Corp. ..................... 1,008 142,947
International Business Machines
Corp. .......................... 4,008 361,471
Motorola, Inc. .................. 2,340 177,840
Texas Instruments, Inc. ......... 1,420 119,369
United Technologies Corp. ...... 1,338 111,054
--------------
1,095,392
--------------
OFFICE EQUIPMENT (2.9%)
Hewlett Packard Co. ............. 3,573 200,088
Xerox Corp. ..................... 4,273 337,033
--------------
537,121
--------------
TOTAL TECHNOLOGY ............... 1,632,513
--------------
TOTAL COMMON STOCKS (86.2%)
(Cost $15,778,696) ............. 16,130,085
--------------
PREFERRED STOCKS:
CAPITAL GOODS (0.8%)
MACHINERY (0.8%)
Case Corp. (Cost $141,177) ..... 959 151,282
PRINCIPAL
AMOUNT
------------
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (18.7%)
Chase Securities, Inc.
5.90%, dated 6/30/97, due
7/1/97, to be repurchased
at $3,508,575,
collateralized by
$2,384,000 of U.S. Treasury
Bonds,
11.25% due 2/15/15,
valued at $3,501,128
(Cost $3,508,000)........... $3,508,000 3,508,000
-------------
TOTAL INVESTMENTS (105.7%)
(Cost $19,427,873) .......... 19,789,367
OTHER ASSETS
LESS LIABILITIES (-5.7%) ... (1,069,580)
-------------
NET ASSET VALUE (100%) ....... $18,719,787
=============
</TABLE>
- ------------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
25
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
- -----------------------------------------------------------------------------
Investment security transactions for the period from May 1, 1997 to June 30,
1997 were as follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities $16,534,976
U.S. Government securities...................... --
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities 651,447
U.S. Government securities ..................... --
</TABLE>
As of June 30, 1997, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation .$ 479,496
Aggregate gross unrealized depreciation (118,002)
------------
Net unrealized appreciation.............. $ 361,494
============
Federal income tax cost of investments .. $19,427,873
============
</TABLE>
See Notes to Financial Statements.
26
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------- ----------- -------------
<S> <C> <C>
COMMON STOCKS:
AUSTRALIA & NEW ZEALAND (1.4%)
AUSTRALIA (1.4%)
QBE Insurance Group Ltd. ........ 18,129 $ 109,536
Westpac Banking Corp. ........... 9,711 58,454
-------------
TOTAL AUSTRALIA &
NEW ZEALAND ................... 167,990
-------------
CANADA (5.7%)
Bank of Nova Scotia ............. 3,909 171,280
Cae, Inc. ....................... 7,700 61,343
Magna International, Inc.,
Class A ........................ 1,748 105,208
National Bank of Canada ......... 13,032 163,283
Newbridge Networks Corp.* ...... 500 21,438
Northern Telecom Ltd. ........... 1,919 172,964
-------------
TOTAL CANADA ................... 695,516
-------------
JAPAN (13.8%)
Canon, Inc. ..................... 7,000 190,634
Circle K Japan Co., Ltd. ........ 2,000 114,869
Fuji Photo Film Co. ............. 3,000 120,717
Hirose Electric ................. 600 41,164
Kao Corp. ....................... 9,000 124,907
Keyence Corp. ................... 700 103,871
Matsushita Electric Works Ltd. . 9,000 102,126
NEC Corp. ....................... 12,000 167,591
Rohm Co. ........................ 1,000 102,998
Sankyo Co. ...................... 4,000 134,422
Shin-Etsu Chemical Co. .......... 4,000 106,141
Sony Corp. ...................... 2,400 209,279
Taisho Pharmaceutical Co. ...... 2,000 53,943
Tokyo Electron Ltd. ............. 2,000 95,666
-------------
TOTAL JAPAN .................... 1,668,328
-------------
LATIN AMERICA (1.9%)
BRAZIL (0.2%)
Unibanco (GDR)* ................. 700 25,988
-------------
MEXICO (1.7%)
Alfa S.A., Class A .............. 8,300 56,715
Cemex S.A. CPO .................. 15,700 67,297
Femsa S.A., Class B ............. 5,600 33,394
Panamerican Beverages, Inc. .... 1,349 44,348
-------------
201,754
-------------
TOTAL LATIN AMERICA ............ 227,742
-------------
OTHER EUROPEAN COUNTRIES (41.3%)
FRANCE (11.5%)
Cie Generale des Eaux ........... 1,326 169,962
Dexia France .................... 814 79,256
Elf Acquitaine S.A. ............. 1,358 146,556
Lafarge S.A. .................... 1,894 117,837
Michelin, Class B ............... 2,207 132,577
SGS-Thomson Microelectronics
N.V.* .......................... 2,119 169,520
Scor ............................ 3,123 125,777
Societe Generale Paris .......... 1,392 155,438
Television Francaise ............ 1,072 95,801
Total S.A., Class B ............. 1,950 197,168
-------------
1,389,892
-------------
GERMANY (7.5%)
Altana AG ....................... 152 $ 163,042
Bayer AG ........................ 4,419 170,337
Bayerische Motoren Werek
(BMW) AG ....................... 210 173,218
Deutsche Telekom AG ............. 7,490 184,098
Siemens AG ...................... 2,081 124,680
Veba AG ......................... 1,735 98,028
-------------
913,403
-------------
IRELAND (2.9%)
Allied Irish Banks plc .......... 14,686 113,619
Bank of Ireland ................. 10,583 116,165
CRH plc ......................... 11,122 116,524
-------------
346,308
-------------
ITALY (2.7%)
ENI S.p.A. ...................... 39,242 222,218
Gucci Group N.V. ................ 1,623 104,481
-------------
326,699
-------------
NETHERLANDS (7.2%)
ABN-Amro Holdings N.V. .......... 5,628 105,025
Akzo Nobel N.V. ................. 819 112,329
ING Groep N.V. .................. 3,657 168,744
KLM Royal Dutch Airlines N.V. ... 3,305 101,949
Philips Electronics N.V. ........ 2,717 194,774
Unilever N.V. ................... 490 103,232
Vandex International N.V. ...... 1,608 88,135
-------------
874,188
-------------
POLAND (0.1%)
Bank Handlowy (GDS) +(s) ........ 600 7,350
-------------
PORTUGAL (1.2%)
Banco Totta & Acores S.A.,
Class B ........................ 1,000 16,715
Electricidade de Portugal S.A.* 600 11,014
Portugal Telecom S.A. ........... 2,797 112,866
-------------
140,595
-------------
SWITZERLAND (8.2%)
ABB AG (Bearer) ................. 64 96,877
CIBA Specialty Chemicals AG* ... 1,773 163,942
Fischer (Georg) AG (Bearer) .... 62 86,205
Julius Baer Holding AG .......... 53 81,134
Nestle S.A. (Registered) ........ 130 171,493
Novartis AG ..................... 66 105,510
Swiss Reinsurance Co.
(Registered) ................... 97 137,195
Union Bank of Switzerland
(Bearer) ....................... 131 149,842
-------------
992,198
-------------
TOTAL OTHER EUROPEAN COUNTRIES 4,990,633
-------------
SCANDINAVIA (3.7%)
SWEDEN (3.7%)
ABB AB, Class A ................. 554 7,773
Astra AB, Class A ............... 7,428 138,309
Ericsson LM, Class B ............ 3,463 136,356
Pharmacia & Upjohn, Inc. ........ 1,625 54,844
</TABLE>
27
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------- ----------- -------------
<S> <C> <C>
Sandvik AB, Class B ............. 3,515 $ 99,769
Skandia Forsakrings AB .......... 469 17,284
-------------
TOTAL SCANDINAVIA .............. 454,335
-------------
SOUTHEAST ASIA (3.9%)
HONG KONG (3.3%)
Dao Heng Bank Group Ltd. ........ 9,500 51,992
First Pacific Co. ............... 71,000 90,728
Guoco Group Ltd. ................ 8,000 42,131
HSBC Holdings plc ............... 3,800 114,285
Hutchison Whampoa Ltd. .......... 12,000 103,778
-------------
402,914
-------------
MALAYSIA (0.3%)
Malaysia Assurance Alliance Bhd. 5,300 30,867
-------------
SINGAPORE (0.3%)
Cycle & Carriage Ltd. ........... 3,000 31,055
-------------
TOTAL SOUTHEAST ASIA ........... 464,836
-------------
UNITED KINGDOM (10.9%)
Avis Europe plc* ................ 38,382 86,918
B.A.T. Industries plc ........... 17,035 152,463
British Petroleum Co. ........... 9,207 114,520
Burmah Castrol plc .............. 3,622 61,275
General Electric Co., plc ...... 16,483 98,531
Glaxo Wellcome plc .............. 5,027 104,004
Norwich Union plc*+Section ..... 6,900 36,651
Rio Tinto plc.................... 6,371 111,017
Scottish Power plc .............. 18,000 116,891
Shell Transport & Trading Co.
plc ............................ 17,205 117,458
Smiths Industries plc ........... 7,052 90,182
Tomkins plc ..................... 17,933 77,637
Vodafone Group plc .............. 31,177 152,106
-------------
TOTAL UNITED KINGDOM ........... 1,319,653
-------------
TOTAL COMMON STOCKS (82.6%)
(Cost $9,532,878) .............. 9,989,033
-------------
PREFERRED STOCKS:
LATIN AMERICA (0.3%)
BRAZIL (0.3%)
Uniao de Bancos Brasileiros .... 1,200 44,017
-------------
SCANDINAVIA (1.2%)
FINLAND (1.2)
Nokia AB ........................ 1,896 $ 141,697
-------------
TOTAL PREFERRED STOCKS (1.5%)
(Cost $174,043) ................ 185,714
-------------
PRINCIPAL
AMOUNT
------------
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (12.5%)
Chase Securities, Inc.
5.90%, dated 6/30/97,
due 7/1/97, to be
repurchased at $1,515,248,
collateralized by $1,030,000
of U.S. Treasury Bonds,
11.25% due 2/15/15,
valued at $1,540,897
(Cost $1,515,000) ............. $1,515,000 1,515,000
------------
TOTAL INVESTMENTS (96.6%)
(Cost $11,221,921) ............ 11,689,747
OTHER ASSETS
LESS LIABILITIES (3.4%) ....... 410,028
------------
NET ASSETS (100%) .............. $12,099,775
============
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
- ---------------------------------------------
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Equity
Investments
Basic Materials............... 4.8%
Business Services ............ 3.1
Capital Goods ................ 12.4
Consumer Cyclicals ........... 15.2
Consumer Non-Cyclicals ....... 16.8
Credit Sensitive
Banks........................ 15.1
Financial Services........... 3.0
Insurance.................... 4.2
Utility--Electric............ 1.3
Utility--Telephone........... 4.7
------
Total Credit Sensitive........ 28.3
Energy ....................... 9.4
Technology ................... 10.0
-------
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, 1997 these securities amounted to $44,001 or 0.4%
of net assets.
(s) Illiquid security: is not actively traded.
Glossary:
CPO--Certificate of Participation
GDR--Global Depositary Receipt
GDS--Global Depositary Share
28
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
- -----------------------------------------------------------------------------
At June 30, 1997 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- --------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
Australian Dollar, expiring 7/7/97 ..... 20 $ 15,024 $ 15,019 $ (5)
British Pound, expiring 7/2/97-7/797 ... 56 92,947 93,003 56
Canadian Dollar, expiring 7/2/97-7/3/97 30 21,773 21,773 --
French Franc, expiring 7/31/97 .......... 137 23,604 23,344 (260)
German Mark, expiring 7/3/97 ............ 157 90,234 89,812 (422)
Italian Lira, expiring 7/7/97-7/8/97 ... 188,844 111,265 111,104 (161)
Japanese Yen, expiring 7/3/97 ........... 1,603 13,992 13,989 (3)
Malaysian Ringgit, expiring 7/2/97 ..... 15 5,956 5,945 (11)
Netherlands Guilder, expiring 7/3/97 ... 74 37,680 37,732 52
Portuguese Escudos, expiring 7/3/97 .... 2,945 16,733 16,738 5
Swiss Franc, expiring 7/3/97 ............ 57 39,337 39,377 40
FOREIGN CURRENCY SALE CONTRACTS
Swedish Krona, expiring 7/1/97-7/3/97 .. 658 85,037 85,031 6
---------------
$(703)
===============
</TABLE>
Investment security transactions for the period from May 1, 1997 to June 30,
1997 were as follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities $10,360,891
U.S. Government securities...................... --
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities 706,011
U.S. Government securities ..................... --
</TABLE>
As of June 30, 1997, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation ..$ 514,953
Aggregate gross unrealized depreciation (47,127)
------------
Net unrealized appreciation.............. $ 467,826
============
Federal income tax cost of investments .. $11,221,921
============
</TABLE>
See Notes to Financial Statements.
29
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------ ----------- --------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (2.5%)
CHEMICALS (2.5%)
E.I. Du Pont De Nemours & Co. . 1,800 $ 113,175
Praxair, Inc. ................. 1,900 106,400
--------------
TOTAL BASIC MATERIALS ........ 219,575
--------------
BUSINESS SERVICES (2.9%)
PRINTING, PUBLISHING,
BROADCASTING (1.8%)
Gannett Co. ................... 1,700 167,875
--------------
PROFESSIONAL SERVICES (0.3%)
Service Corp. International .. 800 26,300
--------------
TRUCKING, SHIPPING (0.8%)
Carnival Corp., Class A ...... 1,700 70,125
--------------
TOTAL BUSINESS SERVICES ..... 264,300
--------------
CAPITAL GOODS (8.2%)
AEROSPACE (2.2%)
Boeing Co. .................... 1,300 68,981
Textron, Inc. ................. 1,900 126,113
--------------
195,094
--------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.5%)
Sherwin-Williams Co. .......... 1,300 40,137
--------------
ELECTRICAL EQUIPMENT (5.5%)
American Standard Cos., Inc.* 1,000 44,750
Applied Material, Inc.* ...... 800 56,650
General Electric Co. .......... 3,700 241,887
Honeywell, Inc. ............... 2,000 151,750
--------------
495,037
--------------
TOTAL CAPITAL GOODS .......... 730,268
--------------
CONSUMER CYCLICALS (9.9%)
APPAREL & TEXTILES (0.8%)
Liz Claiborne, Inc. ........... 1,500 69,937
--------------
FOOD SERVICES, LODGING (1.0%)
Marriott International, Inc. . 1,500 92,063
--------------
LEISURE RELATED (1.3%)
Walt Disney (The) Co. ......... 1,400 112,350
--------------
RETAIL--GENERAL (6.8%)
CVS Corp. ..................... 2,718 139,297
Consolidated Stores Corp.* ... 1,750 60,812
Costco Co., Inc.* ............. 2,800 92,050
Dayton Hudson Corp. ........... 1,700 90,419
Safeway, Inc.* ................ 1,500 69,188
TJX Cos., Inc. ................ 2,600 68,575
Walgreen Co. .................. 1,600 85,800
--------------
606,141
--------------
TOTAL CONSUMER CYCLICALS .... 880,491
--------------
CONSUMER NON-CYCLICALS (19.3%)
BEVERAGES (1.0%)
Coca Cola Co. ................. 1,300 87,750
--------------
DRUGS (9.1%)
Abbott Laboratories ........... 2,200 146,850
Bristol-Myers Squibb Co. ..... 2,000 162,000
Cardinal Health, Inc. ......... 1,700 97,325
Eli Lilly & Co. ............... 600 65,588
Merck & Co., Inc. ............. 1,300 $ 134,550
Pfizer, Inc. .................. 1,200 143,400
Warner Lambert Co. ............ 500 62,125
--------------
811,838
--------------
FOODS (2.1%)
Campbell Soup Co. ............. 1,100 55,000
Conagra, Inc. ................. 1,200 76,950
Sara Lee Corp. ................ 1,300 54,113
--------------
186,063
--------------
HOSPITAL SUPPLIES &
SERVICES (2.5%)
Healthsouth Corp.* ............ 3,200 79,800
Oxford Health Plans, Inc.* ... 1,000 71,750
U.S. Surgical Corp. ........... 2,100 78,225
--------------
229,775
--------------
SOAPS & TOILETRIES (4.6%)
Avon Products, Inc. ........... 1,000 70,562
Clorox Co. .................... 600 79,200
Gillette Co. .................. 1,000 94,750
Procter & Gamble Co. .......... 1,200 169,500
--------------
414,012
--------------
TOTAL CONSUMER NON-CYCLICALS . 1,729,438
--------------
CREDIT SENSITIVE (19.1%)
BANKS (8.1%)
Banc One Corp. ................ 1,600 77,500
BankAmerica Corp. ............. 3,000 193,688
BankBoston Corp. .............. 100 7,206
Barnett Banks, Inc. ........... 2,200 115,500
Citicorp ...................... 1,300 156,731
Comerica, Inc. ................ 800 54,400
MBNA Corp. .................... 3,200 117,200
--------------
722,225
--------------
FINANCIAL SERVICES (5.3%)
American Express Co. .......... 2,200 163,900
Conseco, Inc. ................. 2,500 92,500
Franklin Resources, Inc. ..... 700 50,794
Washington Mutual, Inc. ...... 2,800 167,300
--------------
474,494
--------------
INSURANCE (4.2%)
American International Group,
Inc. ......................... 1,100 164,312
MGIC Investment Corp. ......... 1,000 47,937
Travelers Group, Inc. ......... 2,600 163,963
--------------
376,212
--------------
UTILITY--TELEPHONE (1.5%)
Sprint Corp. .................. 2,600 136,825
--------------
TOTAL CREDIT SENSITIVE ...... 1,709,756
--------------
DIVERSIFIED (1.8%)
MISCELLANEOUS (1.8%)
Republic Industries, Inc.* ... 1,600 39,800
Tyco International Ltd. ...... 1,700 118,256
--------------
TOTAL DIVERSIFIED ............ 158,056
--------------
ENERGY (5.0%)
COAL & GAS PIPELINES (0.5%)
Sonat, Inc. ................... 900 46,125
--------------
</TABLE>
30
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------ ----------- --------------
<S> <C> <C>
OIL--DOMESTIC (1.7%)
Exxon Corp. ................... 1,300 $ 79,950
Mobil Corp. ................... 1,000 69,875
--------------
149,825
--------------
OIL--SUPPLIES & CONSTRUCTION (2.8%)
Baker Hughes, Inc. ............ 600 23,213
Halliburton Co. ............... 1,400 110,950
Schlumberger Ltd. ............. 900 112,500
--------------
246,663
--------------
TOTAL ENERGY ................. 442,613
--------------
TECHNOLOGY (16.0%)
ELECTRONICS (12.3%)
BMC Software, Inc.* ........... 1,700 94,137
Computer Associates
International, Inc. .......... 2,200 122,513
HBO & Co. ..................... 1,400 96,425
Intel Corp. ................... 500 70,906
Microsoft, Inc.* .............. 1,900 240,113
Motorola, Inc. ................ 1,900 144,400
Parametric Technology Co.* ... 1,600 68,100
Peoplesoft, Inc.* ............. 1,900 100,225
United Technologies Corp. .... 1,200 99,600
Westinghouse Electric Corp. .. 2,700 62,438
--------------
1,098,857
--------------
OFFICE EQUIPMENT (2.2%)
Compaq Computer Corp.* ........ 900 89,325
Dell Computer Corp.* .......... 300 35,231
EMC Corp.* .................... 1,900 74,100
--------------
198,656
--------------
TELECOMMUNICATIONS (1.5%)
Ascend Communications, Inc.* . 800 31,500
Lucent Technologies, Inc. .... 500 36,031
Tellabs, Inc.* ................ 1,200 67,050
--------------
134,581
--------------
TOTAL TECHNOLOGY ............. 1,432,094
--------------
TOTAL COMMON STOCKS (84.7%)
(Cost $6,997,636) ............ 7,566,591
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -------------------------------- ----------- --------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (8.6%)
Chase Securities, Inc. 5.90%,
dated 6/30/97, due 7/1/97, to
be repurchased at $773,127,
collateralized by $526,000 of
U.S. Treasury Bonds, 11.25% due
2/15/15, valued at $786,905
(Cost $773,000)................. $773,000 $ 773,000
--------------
TOTAL INVESTMENTS (93.3%)
(Cost $7,770,636) .............. 8,339,591
OTHER ASSETS
LESS LIABILITIES (6.7%) ........ 597,606
--------------
NET ASSET VALUE (100%) .......... $8,937,197
==============
</TABLE>
- ------------
* Non-income producing
31
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
- -----------------------------------------------------------------------------
Investment security transactions for the period from May 1, 1997 to June 30,
1997 were as follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities $7,835,732
U.S. Government securities...................... --
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities 873,995
U.S. Government securities ..................... --
As of June 30, 1997, 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 ........ $ 603,932
Aggregate gross unrealized depreciation ....... (34,977)
------------
Net unrealized appreciation..................... $ 568,955
============
Federal income tax cost of investments ......... $7,770,636
============
</TABLE>
See Notes to Financial Statements.
32
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------- ----------- -------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (12.2%)
CHEMICALS (6.3%)
Dow Chemical Co. ................. 2,900 $ 252,662
E.I. Du Pont De Nemours & Co. .... 2,700 169,762
Eastman Chemical Co. ............. 1,300 82,550
Great Lakes Chemical Corp. ...... 2,600 136,175
Imperial Chemical Industries plc
(ADR) ........................... 1,600 91,000
Lonrho plc ....................... 19,600 41,448
Nalco Chemical Co. ............... 1,400 54,075
Smith & Nephew plc ............... 4,800 13,348
Witco Corp. ...................... 4,000 151,750
-------------
992,770
-------------
CHEMICALS--SPECIALTY (2.2%)
Betz Laboratories, Inc. .......... 1,100 72,600
FMC Corp.* ....................... 500 39,719
International Flavors &
Fragrances, Inc. ................ 3,300 166,650
Lubrizol Corp. ................... 1,800 75,488
-------------
354,457
-------------
METALS & MINING (1.4%)
Newmont Mining Corp. ............. 3,000 117,000
Reynolds Metals Co. .............. 1,600 114,000
-------------
231,000
-------------
PAPER (2.3%)
Consolidated Papers, Inc. ........ 2,100 113,400
International Paper Co. .......... 2,300 111,694
Union Camp Corp. ................. 2,800 140,000
-------------
365,094
-------------
TOTAL BASIC MATERIALS ........... 1,943,321
-------------
BUSINESS SERVICES (5.0%)
PRINTING, PUBLISHING,
BROADCASTING (4.1%)
Donnelley (R.R.) & Sons Co. ..... 2,900 106,212
Dow Jones & Co., Inc. ............ 3,100 124,581
Dun & Bradstreet Corp. ........... 2,800 73,500
Gannett Co. ...................... 700 69,125
Knight Ridder, Inc. .............. 2,700 132,469
McGraw Hill Cos., Inc. ........... 1,400 82,338
Readers Digest Association, Inc.,
Class A ......................... 2,400 68,850
-------------
657,075
-------------
PROFESSIONAL SERVICES (0.4%)
Deluxe Corp. ..................... 1,200 40,950
Rouse Co. ........................ 600 17,700
-------------
58,650
-------------
TRUCKING, SHIPPING (0.5%)
Alexander & Baldwin, Inc. ........ 1,300 33,962
Gatx Corp. ....................... 700 40,425
-------------
74,387
-------------
TOTAL BUSINESS SERVICES .......... 790,112
-------------
CAPITAL GOODS (5.0%)
BUILDING MATERIALS & FOREST
PRODUCTS (1.3%)
Armstrong World Industries, Inc. . 900 66,038
Georgia-Pacific Corp. ............ 1,600 $ 136,600
-------------
202,638
-------------
ELECTRICAL EQUIPMENT (3.3%)
AMP, Inc. ........................ 2,900 121,075
Cooper Industries, Inc. .......... 1,800 89,550
General Electric Co. ............. 3,400 222,275
Hubbell, Inc., Class A ........... 2,100 92,400
-------------
525,300
-------------
MACHINERY (0.4%)
Pall Corp. ....................... 2,900 67,425
-------------
TOTAL CAPITAL GOODS ............. 795,363
-------------
CONSUMER CYCLICALS (5.9%)
AUTO RELATED (0.9%)
Eaton Corp. ...................... 800 69,850
Genuine Parts Co. ................ 2,300 77,912
-------------
147,762
-------------
AUTOS & TRUCKS (1.0%)
Ford Motor Co. ................... 1,300 49,075
General Motors Corp. ............. 1,900 105,806
-------------
154,881
-------------
FOOD SERVICES, LODGING (0.6%)
ITT Corp. (New)* ................. 1,600 97,700
-------------
HOUSEHOLD FURNITURE, APPLIANCES (1.1%)
Tomkins plc ...................... 16,700 72,299
Whirlpool Corp. .................. 1,700 92,756
-------------
165,055
-------------
PHOTO & OPTICAL (0.6%)
Bausch & Lomb, Inc. .............. 2,100 98,963
-------------
RETAIL--GENERAL (1.7%)
J.C. Penny Co. ................... 3,000 156,563
Limited, Inc. .................... 1,400 28,350
May Department Stores Co. ........ 1,700 80,325
-------------
265,238
-------------
TOTAL CONSUMER CYCLICALS ......... 929,599
-------------
CONSUMER NON-CYCLICALS (13.2%)
BEVERAGES (1.8%)
Anheuser-Busch Cos., Inc. ........ 3,400 142,587
Brown-Forman Corp., Class B ..... 1,900 92,744
Cadbury Schweppes plc ............ 2,000 17,850
Grand Metropolitan plc (ADR) .... 800 31,350
-------------
284,531
-------------
DRUGS (3.1%)
Abbott Laboratories .............. 1,700 113,475
American Home Products Corp. .... 1,900 145,350
Novartis AG ...................... 72 115,102
Pharmacia & Upjohn, Inc. ......... 3,400 118,150
-------------
492,077
-------------
FOODS (4.8%)
General Mills, Inc. .............. 2,600 169,325
H.J. Heinz Co. ................... 2,000 92,250
Kellogg Co. ...................... 1,100 94,188
McCormick & Co., Inc. ............ 3,800 95,950
Quaker Oats Co. .................. 2,800 125,650
Sara Lee Corp. ................... 1,500 62,437
</TABLE>
33
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------- ----------- -------------
<S> <C> <C>
Unilever N.V. (NY Shares) ........ 600 $ 130,800
-------------
770,600
-------------
HOSPITAL SUPPLIES & SERVICES (0.8%)
Bard (C.R.), Inc. ................ 1,200 43,575
Baxter International, Inc. ...... 1,500 78,375
-------------
121,950
-------------
SOAPS & TOILETRIES (0.9%)
Tambrands, Inc. .................. 3,000 149,625
-------------
TOBACCO (1.8%)
Gallaher Group plc (ADR)* ........ 2,700 49,781
Philip Morris Cos., Inc. ......... 2,300 102,063
UST, Inc. ........................ 4,600 127,650
-------------
279,494
-------------
TOTAL CONSUMER NON-CYCLICALS 2,098,277
-------------
CREDIT SENSITIVE (30.4%)
BANKS (9.3%)
Banc One Corp. ................... 3,200 155,000
BankBoston Corp. ................. 1,000 72,063
Bankers Trust New York Corp. .... 1,200 104,400
Chase Manhattan Corp. ............ 1,800 174,713
Fleet Financial Group, Inc. ..... 1,700 107,525
Great Western Financial Corp. ... 400 21,500
J.P. Morgan & Co. ................ 1,400 146,125
Mellon Bank Corp. ................ 5,900 266,237
Mercantile Bankshares Corp. ..... 1,500 60,000
National City Corp. .............. 1,500 78,750
PNC Bank Corp. ................... 1,500 62,437
Signet Banking Corp. ............. 2,600 93,600
Wells Fargo & Co. ................ 500 134,750
-------------
1,477,100
-------------
FINANCIAL SERVICES (2.9%)
American Express Co. ............. 1,400 104,300
Fannie Mae ....................... 2,800 122,150
H&R Block, Inc. .................. 3,000 96,750
Simon Debartolo Group, Inc. ..... 4,300 137,600
-------------
460,800
-------------
INSURANCE (4.6%)
American General Corp. ........... 2,600 124,150
Exel Ltd. ........................ 1,700 89,675
Hilb, Rogal & Hamilton Co. ...... 1,400 23,800
Lincoln National Corp. ........... 1,100 70,813
Safeco Corp. ..................... 1,600 74,700
St. Paul Cos. .................... 1,900 144,875
Travelers Group, Inc. ............ 1,500 94,594
USF&G Corp. ...................... 2,700 64,800
Willis Corroon Group plc (ADR) ... 4,200 46,987
-------------
734,394
-------------
REAL ESTATE (0.4%)
Security Capital Pacific Trust .. 1,300 29,737
Weingarten Realty Investors ..... 800 33,800
-------------
63,537
-------------
UTILITY--ELECTRIC (7.0%)
Baltimore Gas & Electric Co. .... 1,900 50,706
Centerior Energy Corp. ........... 3,000 33,563
Central & South West Corp. ...... 1,200 25,500
DQE, Inc. ........................ 2,000 56,500
Dominion Resources, Inc. ......... 2,300 $ 84,238
Duke Energy Corp. ................ 3,000 143,813
Edison International ............. 2,000 49,750
Entergy Corp. .................... 2,400 65,700
Florida Progress Corp. ........... 1,200 37,575
GPU, Inc. ........................ 800 28,700
Ohio Edison Co. .................. 2,000 43,625
PG&E Corp. ....................... 1,700 41,225
Pacificorp ....................... 3,400 74,800
Peco Energy Co. .................. 3,700 77,700
Public Service Enterprise Group,
Inc. ............................ 1,800 45,000
Southern Co. ..................... 4,900 107,187
Unicom Corp. ..................... 3,600 80,100
Western Resources, Inc. .......... 2,200 71,362
-------------
1,117,044
-------------
UTILITY--TELEPHONE (6.2%)
AT&T Corp. ....................... 4,200 147,262
Alltel Corp. ..................... 4,700 157,156
Bell Atlantic Corp. .............. 1,700 128,987
Bellsouth Corp. .................. 1,900 88,113
GTE Corp. ........................ 3,100 136,013
SBC Communications, Inc. ......... 1,900 117,563
Southern New England
Telecommunications Corp. ........ 1,800 69,975
Sprint Corp. ..................... 1,300 68,412
U.S. West Communications Group .. 1,800 67,838
-------------
981,319
-------------
TOTAL CREDIT SENSITIVE .......... 4,834,194
-------------
DIVERSIFIED (1.2%)
MISCELLANEOUS (1.2%)
Fortune Brands, Inc. ............. 2,200 82,087
Minnesota Mining & Manufacturing
Co. ............................. 1,100 112,200
-------------
194,287
-------------
ENERGY (11.8%)
OIL--DOMESTIC (7.4%)
Amoco Corp. ...................... 1,700 147,794
Atlantic Richfield Co. ........... 3,400 239,700
Chevron Corp. .................... 2,000 147,875
Exxon Corp. ...................... 3,300 202,950
Mobil Corp. ...................... 2,400 167,700
Phillips Petroleum Co. ........... 2,100 91,875
Texaco, Inc. ..................... 1,600 174,000
-------------
1,171,894
-------------
OIL--INTERNATIONAL (2.7%)
Amerada Hess Corp. ............... 1,800 100,013
British Petroleum Co. (ADR) ..... 1,700 127,287
Repsol S.A. (ADR) ................ 1,600 67,900
Royal Dutch Petroleum Co.
(NY Shares) ..................... 2,400 130,500
-------------
425,700
-------------
OIL--SUPPLIES & CONSTRUCTION (0.4%)
USX-Marathon Group, Inc. ......... 2,500 72,187
-------------
RAILROADS (1.3%)
Burlington Northern Santa Fe .... 1,000 89,875
</TABLE>
34
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------- ----------- -------------
<S> <C> <C>
Union Pacific Corp. .............. 1,600 $ 112,800
-------------
202,675
-------------
TOTAL ENERGY .................... 1,872,456
-------------
TECHNOLOGY (0.9%)
TELECOMMUNICATIONS (0.9%)
BCE, Inc. ........................ 2,900 80,652
Frontier Corp. ................... 3,400 67,787
-------------
TOTAL TECHNOLOGY ................ 148,439
-------------
TOTAL COMMON STOCKS (85.6%) (Cost
$13,306,965) .................... 13,606,048
-------------
PRINCIPAL
AMOUNT
-----------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (13.8%)
Archer Daniels Midland Co.
5.52%, 7/15/97 ................. $313,000 312,328
Ciesco L.P. 6.2%, 7/1/97 ........ 657,000 657,000
Delaware Funding Corp. 5.57%,
7/15/97 ........................ 275,000 274,401
GE Capital Corp. 5.55%, 7/22/97 100,000 99,676
Kellogg Co. 5.5%, 7/24/97 ...... 100,000 99,649
Minnesota Mining & Manufacturing
Co. 5.53%, 8/12/97 ............. 200,000 198,679
Motorola Credit Corp. 5.5%,
7/17/97 ........................ 215,000 214,474
Preferred Receivables Funding
5.58%, 8/4/97 .................. 241,000 239,730
Procter & Gamble Co. 5.51%,
8/15/97 ........................ 100,000 99,294
------------
TOTAL COMMERCIAL PAPER ......... 2,195,231
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ---------------------------- ----------- -------------
<S> <C> <C>
U.S. GOVERNMENT AGENCIES (9.1%)
Federal Home Loan Bank
(Discount Note), 7/30/97 .. $620,000 $ 617,293
Federal Home Loan Mortgage
Corporation (Discount
Note), 7/2/97 .............. 273,000 272,959
Federal Home Loan Mortgage
Corporation (Discount
Note), 7/17/97 ............. 131,000 130,680
Federal National Mortgage
Association (Discount
Note), 7/16/97 ............. 20,000 19,954
Federal National Mortgage
Association (Discount
Note), 7/14/97 ............. 400,000 399,221
-------------
TOTAL U.S. GOVERNMENT
AGENCIES .................. 1,440,107
-------------
TOTAL SHORT-TERM DEBT SECURITIES (22.9%)
(Cost/Amortized Cost $3,635,387) 3,635,338
-------------
TOTAL INVESTMENTS (108.5%)
(Cost/Amortized Cost
$16,942,352) ............... 17,241,386
-------------
OTHER ASSETS
LESS LIABILITIES (-8.5%) .. (1,352,480)
-------------
NET ASSET VALUE (100%) ..... $15,888,906
=============
</TABLE>
- ------------
* Non-income producing
Glossary:
ADR -- American Depositary Receipt
35
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
- -----------------------------------------------------------------------------
At June 30, 1997 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- --------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 7/1/97-7/3/97 35 $57,940 $57,647 $ (293)
Swiss Franc, expiring 7/2/97 47 33,314 32,511 (803)
---------------
$(1,096)
===============
</TABLE>
Investment security transactions for the period from May 1, 1997 to June 30,
1997 were as follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities $13,507,035
U.S. Government securities...................... --
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities 205,334
U.S. Government securities ..................... --
As of June 30, 1997, 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 ........ $ 364,184
Aggregate gross unrealized depreciation ....... (65,150)
-------------
Net unrealized appreciation..................... $ 299,034
=============
Federal income tax cost of investments ......... $16,942,352
=============
</TABLE>
See Notes to Financial Statements.
36
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------- ----------- --------------
<S> <C> <C>
COMMON STOCKS, RIGHTS AND WARRANTS:
AUSTRALIA & NEW ZEALAND (1.7%) ...
AUSTRALIA (1.5%)
Australia & New Zealand Banking
Group Ltd. ....................... 2,000 $ 14,954
Australian Gas & Light Co., Ltd. .. 6,000 35,346
Broken Hill Property Ltd. ......... 3,000 44,144
Commonwealth Instalment Ltd. ..... 2,000 17,590
Fosters Brewing Corp. ............. 12,000 22,295
Lend Lease Corp. .................. 1,000 21,147
National Bank of Australia Ltd. .. 1,000 14,327
News Corp., Ltd. .................. 4,000 19,183
Publishing & Broadcasting Ltd. ... 2,000 11,525
St. George Bank Ltd. .............. 2,000 13,308
Sydney Harbour Casino Holdings* .. 7,000 10,996
Tabcorp Holdings Ltd. ............. 3,000 16,313
WMC Ltd. .......................... 2,000 12,613
Westpac Banking Corp. ............. 2,000 12,039
Woodside Petroleum Ltd. ........... 4,000 34,440
--------------
300,220
--------------
NEW ZEALAND (0.2%)
Air New Zealand Ltd., Class B .... 4,000 12,226
Fletcher Challenge Building ...... 4,160 12,518
Fletcher Challenge Forests ........ 8,000 11,629
--------------
36,373
--------------
TOTAL AUSTRALIA & NEW ZEALAND 336,593
--------------
CANADA (0.2%)
Alcan Aluminum Ltd. ............... 970 33,089
Royal Bank of Canada .............. 270 12,231
--------------
TOTAL CANADA ..................... 45,320
--------------
JAPAN (19.1%)
Advantest Corp. ................... 200 15,363
Alps Electric Co., Ltd.* .......... 1,000 13,966
Amada Co., Ltd. ................... 3,000 26,448
Canon, Inc. ....................... 7,000 190,634
Citizen Watch Co., Ltd. ........... 2,000 15,432
DDI Corp. ......................... 10 73,845
Daifuku Co., Ltd. ................. 1,000 13,180
Daiichi Pharma Co., Ltd. .......... 5,000 88,160
Dainippon Screen Manufacturing
Co., Ltd. ........................ 3,000 28,281
Daiwa House Industry Co., Ltd. ... 4,000 48,881
Denso Corp. ....................... 7,000 167,416
East Japan Railway Co. ............ 15 76,987
Fanuc ............................. 700 26,884
Hitachi Ltd. ...................... 8,000 89,382
Hitachi Zosen Corp. ............... 5,000 19,901
Honda Motor Co., Ltd. ............. 1,000 30,114
Inax .............................. 2,000 14,978
Ito Yokado Co., Ltd. .............. 2,000 116,091
Kao Corp. ......................... 4,000 55,514
Kokuyo ............................ 2,000 54,118
Komatsu Ltd. ...................... 4,000 32,471
Komori Corp. ...................... 1,000 23,742
Kuraray Co., Ltd. ................. 3,000 29,852
Kyocera Corp. ..................... 2,000 158,862
Makita Corp. ...................... 2,000 29,328
Marui Co., Ltd. ................... 5,000 $ 92,960
Matsushita Electric Industries
Co................................ 7,000 141,143
Mitsubishi Corp. .................. 2,000 24,964
Mitsubishi Heavy Industries Ltd. .. 20,000 153,450
Mitsui Fudosan Co., Ltd. .......... 10,000 137,913
Murata Manufacturing Co., Ltd. ... 2,000 79,606
NEC Corp. ......................... 14,000 195,522
National House .................... 1,000 13,180
Nippon Steel Corp. ................ 27,000 86,257
Nippon Telegraph & Telephone Corp. 4 38,406
Nomura Securities Co. ............. 7,000 96,539
Pioneer Electric Corp. ............ 2,000 48,531
Sankyo Co. ........................ 5,000 168,027
Sega Enterprises .................. 500 16,585
Sekisui Chemical Co. .............. 7,000 70,877
Sekisui House Ltd. ................ 3,000 30,376
Seven-Eleven Japan Co., Ltd. ..... 1,000 75,590
Sharp Corp. ....................... 6,000 82,748
Shin-Etsu Chemical Co. ............ 4,000 106,141
Shiseido Co., Ltd. ................ 1,000 16,497
Sony Corp. ........................ 1,600 139,519
Sumitomo Corp. .................... 6,000 57,085
Sumitomo Electric Industries ..... 10,000 167,590
Sumitomo Forestry Co. ............. 2,000 21,996
TDK Corp. ......................... 2,000 146,816
Teijin Ltd. ....................... 7,000 32,994
Tokio Marine & Fire Insurance Co. 2,000 26,186
Tokyo Electron Ltd. ............... 1,000 47,833
Tokyo Steel Manufacturing ......... 1,400 15,642
Toppan Printing Co., Ltd .......... 4,000 62,846
Uny Co., Ltd. ..................... 1,000 19,552
--------------
TOTAL JAPAN ...................... 3,853,201
--------------
LATIN AMERICA (4.8%)
ARGENTINA (0.8%)
Banco Frances Rio Plata (ADR) ..... 400 13,000
Banco Galicia Y Bueno (ADR) ...... 450 11,869
Perez Companc S.A. ................ 4,798 38,291
Telefonica de Argentina (ADR) .... 1,660 57,477
YPF S.A. (ADR) .................... 1,210 37,208
--------------
157,845
--------------
BRAZIL (2.1%)
Eletrobras ........................ 73,000 40,819
Pao de Acucar (ADR) ............... 1,000 22,750
SID Nacional ...................... 308,000 10,098
Telebras (ADR) .................... 2,000 303,500
Telemig* (Rights).................. 930 32
Usiminas (ADR) .................... 2,000 21,922
Uniao de Bancos Brasileiros ...... 482,000 17,461
--------------
416,582
--------------
CHILE (0.3%)
Chile Fund, Inc. .................. 387 10,110
Chilectra S.A. (ADR) .............. 455 13,095
Chilgener S.A. (ADR) .............. 419 11,732
Cia Telecom Chile S.A. (ADR) ..... 346 11,418
Endesa Empressa S.A. (ADR) ........ 615 13,876
Enersis S.A. (ADR) ................ 344 12,234
--------------
72,465
--------------
</TABLE>
37
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------- ----------- --------------
<S> <C> <C>
MEXICO (1.6%)
Cemex ............................. 3,000 $ 14,485
Cemex (ADR)* ...................... 5,000 43,372
Cifra S.A., Class B (ADR) ......... 14,000 25,696
Femsa S.A., Class B ............... 2,000 11,926
Grupo Industrial Maseca S.A.,
Class B .......................... 13,000 14,259
Gruma S.A. (GDR)* ................. 891 17,597
Gruma S.A., Class B* .............. 3,000 13,994
Grupo Financeiro Banamex, Class B* 6,000 15,734
Grupo Modelo S.A., Class C ........ 2,000 13,767
Kimberly Clark de Mexico,
Class A .......................... 5,000 19,856
Panamerican Beverages, Inc.,
Class A .......................... 1,000 32,875
Telefonos de Mexico, Class L (ADR) 2,000 95,500
--------------
319,061
--------------
TOTAL LATIN AMERICA .............. 965,953
--------------
OTHER EUROPEAN COUNTRIES (31.4%)
BELGIUM (1.1%)
Credit Communal Holdings/Dexia ... 85 9,138
Generale de Banque S.A. ........... 120 46,231
Kredietbank N.V. .................. 330 133,102
UCB S.A. .......................... 10 31,711
--------------
220,182
--------------
FRANCE (7.1%)
AXA-UAP++ ......................... 180 11,199
Accor S.A. ........................ 70 10,486
Alcatel Alsthom ................... 680 85,192
AGF (Assurances Generales de
France) .......................... 340 10,869
Canal Plus ........................ 180 35,052
Carrefour S.A. .................... 190 138,036
Cie Generale des Eaux ............. 1,800 230,718
Compagnie de Saint Gobain ......... 310 45,223
Dexia France ...................... 74 7,205
Elf Acquitaine S.A. ............... 690 74,465
Guilbert S.A. ..................... 120 16,995
L'Oreal ........................... 70 29,503
LVMH (Moet Hennessy Louis Vuitton) 470 126,406
Lapeyre S.A. ...................... 240 15,933
Legrand S.A. ...................... 160 28,189
Pathe S.A. ........................ 70 13,893
Pinault-Printemps-Redoute S.A. ... 280 134,598
Primagaz Cie Gaz .................. 150 13,277
Rexel S.A. ........................ 40 12,283
Sanofi S.A. ....................... 478 46,867
Schneider S.A. .................... 1,429 76,087
Societe Generale Paris ............ 175 19,541
Sodexho Alliance S.A. ............. 119 60,951
Television Francaise .............. 450 40,215
Total S.A., Class B ............... 1,520 153,690
--------------
1,436,873
--------------
GERMANY (3.7%)
Allianz AG ........................ 360 $ 76,921
Buderus AG ........................ 30 16,658
Bayer AG .......................... 2,140 82,489
Bayer Hypothecken Und Wechselbank
AG ............................... 1,290 39,033
Bilfinger & Berger BAU AG ......... 320 13,454
Commerzbank AG .................... 410 11,712
Deutsche Bank AG .................. 960 56,388
Deutsche Telekom AG ............... 1,660 40,801
Gehe AG ........................... 1,830 125,964
Hoechst AG ........................ 310 13,141
Mannesmann AG ..................... 50 22,342
Rhoen-Kilnikum AG ................. 330 43,348
SAP AG ............................ 180 36,117
Schering AG ....................... 120 12,858
Siemens AG ........................ 268 16,057
Veba AG ........................... 2,090 118,086
Volkswagen AG ..................... 40 30,332
--------------
755,701
--------------
ITALY (2.0%)
Banca Fideuram S.p.A. ............. 5,000 16,341
Credito Italiano S.p.A. ........... 16,205 29,651
ENI S.p.A. ........................ 12,708 71,962
Gucci Group N.V. .................. 276 17,768
Industrie Natuzzi S.p.A. (ADR) ... 1,000 25,625
Instituto Mobiliare Italiano
S.p.A. ........................... 2,000 18,003
Italgas S.p.A. .................... 3,000 9,708
Sip-Societa Italiana S.p.A. ...... 12,000 35,936
Stet S.p.A. ....................... 13,000 75,719
Telecom Italia Mobile S.p.A. ..... 32,000 103,548
--------------
404,261
--------------
NETHERLANDS (9.3%)
ABN-Amro Holdings N.V. ............ 5,420 101,143
Akzo Nobel N.V. ................... 90 12,344
Baan Co., N.V.* ................... 230 15,841
CSM N.V.* ......................... 1,540 77,263
Elsevier N.V. ..................... 11,787 197,121
Fortis Amev N.V. .................. 1,020 45,453
Hagemeyer N.V. .................... 440 22,748
ING Groep N.V. .................... 4,800 221,486
Koninklijke Ahold N.V. ............ 1,170 98,788
Koninklijke PTT Nederland N.V. .... 350 13,741
Nutrica Verenigde Bedrijven N.V. .. 260 41,095
Polygram N.V. ..................... 2,360 123,938
Royal Dutch Petroleum Co. ......... 8,520 443,528
Unilever N.V. ..................... 700 147,474
Wolters Kluwer N.V. ............... 2,590 315,612
--------------
1,877,575
--------------
PORTUGAL (0.4%)
Jeronimo Martins & Filho .......... 1,020 71,275
--------------
SPAIN (1.8%)
Argentina Corp. Banc .............. 510 28,574
Banco Bilbao Vizcaya S.A. ......... 180 14,632
Banco Popular Espanol S.A. ........ 180 44,129
Banco de Santander S.A. ........... 1,530 47,173
Centros Comerciales Pryca S.A. ... 690 14,948
</TABLE>
38
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------- ----------- --------------
<S> <C> <C>
Empresa Nacional S.A. ............. 659 $ 55,361
Gas Natural STK ................... 170 37,163
Iberdrola S.A. .................... 3,690 46,611
Repsol S.A. ....................... 700 29,616
Telefonica de Espana S.A. ......... 1,904 55,083
--------------
373,290
--------------
SWITZERLAND (6.0%)
ABB AG (Bearer) ................... 120 181,644
Adecco S.A. ....................... 280 107,397
CIBA Specialty Chemicals* ......... 130 12,020
CS Holdings ....................... 170 21,832
Nestle S.A. (Registered) .......... 150 197,877
Novartis AG ....................... 220 351,699
Roche Holdings AG ................. 30 271,336
Swiss Bank Corp.* ................. 260 69,541
--------------
1,213,346
--------------
TOTAL OTHER EUROPEAN COUNTRIES . 6,352,503
--------------
SCANDINAVIA (3.6%)
DENMARK (0.1%)
Den Danske Bank AS ................ 160 15,574
Unidanmark A/S, Class A ........... 200 11,240
--------------
26,814
--------------
NORWAY (1.5%)
Norsk Hydro ASA ................... 3,040 165,545
Orkla ASA, Class A ................ 1,920 141,502
--------------
307,047
--------------
SWEDEN (2.0%)
ABB AB, Class A ................... 2,850 39,986
Astra AB .......................... 6,293 111,897
Atlas Copco AB, Class B ........... 1,630 42,261
Electrolux AB, Class B ............ 930 67,105
Granges AB* ....................... 315 4,175
Hennes & Mauritz AB, Class B ..... 1,500 53,729
Nordbanken AB ..................... 770 25,888
Sandvik AB, Class B ............... 1,810 51,374
--------------
396,415
--------------
TOTAL SCANDINAVIA ................ 730,276
--------------
SOUTHEAST ASIA (6.1%)
CHINA (0.1%)
Shanghai Petrochemical Co., Class
H ................................ 50,000 12,004
--------------
HONG KONG (3.1%)
Cathay Pacific Airways ............ 12,000 24,860
China Light & Power Co. ........... 4,000 22,666
Dao Heng Bank Group Ltd. .......... 6,000 32,837
First Pacific Co. ................. 24,000 30,669
Guoco Group Ltd. .................. 12,000 63,196
Hong Kong Land Holdings ........... 19,000 50,540
Hutchison Whampoa Ltd. ............ 14,000 121,075
New World Development Co. ......... 19,000 113,304
Swire Pacific Ltd., Class A ...... 10,000 90,031
Wharf Holdings Ltd. ............... 20,000 86,740
--------------
635,918
--------------
KOREA (0.1%)
Korea Electric Power Corp. ........ 700 $ 20,890
--------------
MALAYSIA (1.2%)
Berjaya Sports Toto Bhd. .......... 6,000 28,288
Commerce Asset Holdings Bhd. ..... 6,000 15,808
Commerce Asset Holdings Bhd.*
(Rights).......................... 1,200 71
Commerce Asset Holdings Bhd.*
(Warrants)........................ 750 --
Renong Bhd. ....................... 20,000 26,149
Resorts World Bhd. ................ 4,000 12,044
Tanjong plc ....................... 12,000 41,363
Technology Resources Industries
Bhd.* ............................ 7,000 12,037
Time Engineering Bhd. ............. 7,000 10,594
United Engineers Bhd. ............. 15,000 108,162
--------------
254,516
--------------
PHILIPPINES (0.1%)
Phillipine National Bank* ......... 2,000 13,573
--------------
SINGAPORE (1.5%)
City Developments Ltd. ............ 2,000 19,584
DBS Land Ltd. ..................... 4,000 12,646
Development Bank of Singapore Ltd. 1,000 12,590
Fraser & Neave Ltd. ............... 2,000 14,269
Overseas Union Bank Ltd. .......... 8,000 49,801
Overseas Union Bank Ltd.*
(Rights).......................... 1,000 1,392
Overseas-Chinese Banking Corp. .... 1,200 12,422
Singapore Land Ltd. ............... 5,000 22,732
Singapore Press Ltd. (Foreign) ... 3,000 60,432
United Overseas Bank Ltd.
(Foreign) ........................ 8,000 82,255
Wing Tai Holdings Ltd. ............ 4,000 11,527
--------------
299,650
--------------
THAILAND (0.0%)
Siam Cement Co., Ltd. (Foreign) ... 300 5,188
--------------
TOTAL SOUTHEAST ASIA ............. 1,241,739
--------------
UNITED KINGDOM (15.2%)
ASDA Group plc .................... 17,000 35,101
Abbey National plc ................ 5,000 68,270
Argos plc ......................... 6,000 54,449
BG plc ............................ 4,000 14,653
British Petroleum Co. ............. 6,000 74,630
Caradon plc* ...................... 5,000 16,734
Cable & Wireless plc .............. 14,000 128,214
Cadbury Schweppes plc ............. 9,000 80,325
Caradon plc, Class B .............. 2,286 3,692
Compass Group plc ................. 5,000 55,948
Electrocomponents plc ............. 3,000 22,329
GKN plc ........................... 1,000 17,184
Glaxo Wellcome plc ................ 10,000 206,890
Grand Metropolitan plc ............ 16,000 153,990
Guinness plc ...................... 14,000 137,072
Hillsdown Holdings plc ............ 4,000 11,289
John Laing plc, Class A ........... 3,000 18,683
Kingfisher plc .................... 14,000 158,985
</TABLE>
39
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------- ----------- --------------
<S> <C> <C>
Ladbroke Group plc ................ 8,000 $ 31,437
MB (Melta Box)-Caradon ............ 8,100 27,110
National Westminster Bank ......... 24,000 322,699
Rank Group plc .................... 9,000 57,022
Reed International plc ............ 24,000 231,784
Rio Tinto plc ..................... 6,000 104,552
Rolls-Royce plc ................... 3,000 11,439
Safeway plc ....................... 12,000 69,435
Shell Transport & Trading Co.,
plc............................... 33,000 225,290
Smith (David S) Holdings plc ..... 5,000 15,652
Smithkline Beecham plc ............ 20,900 384,723
T&N plc ........................... 6,000 14,287
Tesco plc ......................... 10,000 61,776
Tomkins plc ....................... 28,000 121,220
United News & Media plc ........... 11,000 127,573
--------------
TOTAL UNITED KINGDOM ............. 3,064,437
--------------
TOTAL COMMON STOCKS (82.1%)
(Cost $15,780,941) ............... 16,590,022
--------------
PREFERRED STOCKS:
LATIN AMERICA (2.0%)
BRAZIL (2.0%)
Banco Bradesco S.A. ............... 2,412,000 24,196
Banco Itau S.A. ................... 22,000 12,567
Brasmotor S.A. .................... 46,000 10,895
CEMIG ............................. 1,296,000 65,246
Cia Cervejaria Brahma ............. 48,000 36,783
Cia Cimento Portland Itau ......... 30,000 10,310
Cia Tecidos Norte de Mina ......... 20,000 7,802
Petrobras S.A. .................... 149,000 40,828
Telebras .......................... 465,000 70,618
Telec do Rio Janeiro S.A. ......... 72,000 10,767
Telecom de Sao Paulo S.A. ......... 185,000 60,143
Telemig ........................... 75,000 13,306
Usiminas .......................... 3,450,300 38,426
--------------
TOTAL LATIN AMERICA .............. 401,887
--------------
OTHER EUROPEAN COUNTRIES (0.3%)
GERMANY (0.3%)
Hornbach Holding AG ............... 170 $ 14,188
Krones AG ......................... 30 12,304
SAP AG ............................ 130 26,808
--------------
TOTAL OTHER EUROPEAN COUNTRIES . 53,300
--------------
SCANDINAVIA (0.2%)
FINLAND (0.2%)
Nokia AB .......................... 550 41,104
--------------
TOTAL PREFERRED STOCKS (2.5%)
(Cost $456,656) .................. 496,291
--------------
TOTAL INVESTMENTS (84.6%)
(Cost $16,237,597) ............... $17,086,313
OTHER ASSETS
LESS LIABILITIES (15.4%) ......... 3,113,319
--------------
NET ASSETS (100%) ................. $20,199,632
==============
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
- --------------------------------------------
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Equity
Investments
Basic Materials .............. 4.5 %
Business Services ............ 6.9
Capital Goods ................ 7.6
Consumer Cyclicals ........... 12.8
Consumer Non-Cyclicals ....... 22.0
Credit Sensitive ............. 22.6
Diversified .................. 3.9
Energy ....................... 19.6
Technology ................... 0.1
-------
100.0%
=======
</TABLE>
- ------------
* Non-income producing
++ AXA-UAP is the majority shareholder of The Equitable Companies, Inc.
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
40
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
- -----------------------------------------------------------------------------
At June 30, 1997 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- --------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
Belgian Franc, expiring 7/1/97-7/15/97 1,027 $ 28,655 $ 28,575 $ (80)
British Pound, expiring 7/3/97 ......... 246 409,633 409,086 (547)
French Franc, expiring 7/31/97 ......... 843 143,223 143,761 538
German Mark, expiring 7/2/97 ........... 222 127,322 127,099 (223)
Italian Lira, expiring 7/2/97-7/3/97 .. 82,990 49,008 48,822 (186)
Malaysian Ringgit, expiring 7/1/97 .... 74 29,587 29,510 (77)
Netherlands Guilder, expiring 7/2/97 .. 263 134,415 133,970 (445)
Norwegian Krona, expiring 7/2/97 ...... 147 20,119 20,031 (88)
Spanish Peseta, expiring 7/2/97 ....... 2,904 19,865 19,721 (144)
Swedish Krona, expiring 7/2/97 ......... 251 32,560 32,456 (104)
Swiss Franc, expiring 7/2/97 ........... 266 182,832 182,043 (789)
FOREIGN CURRENCY SALE CONTRACTS
French Franc, expiring 7/31/97 ......... 119 20,476 20,319 157
---------------
$(1,988)
</TABLE>
Investment security transactions for the period from May 1, 1997 to June 30,
1997 were as follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities $16,453,578
U.S. Government securities...................... --
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities 234,186
U.S. Government securities ..................... --
</TABLE>
As of June 30, 1997, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation .$ 1,014,648
Aggregate gross unrealized depreciation (165,932)
------------
Net unrealized appreciation.............. $ 848,716
============
Federal income tax cost of investments .. $16,237,597
============
</TABLE>
See Notes to Financial Statements.
41
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
- ---------------------------------- ----------- --------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (9.2%)
STEEL (9.2%)
Citation Corp.* ................... 22,800 $ 390,450
Schnitzer Steel Industries, Inc.,
Class A .......................... 11,700 348,075
Universal Stainless & Alloy
Products, Inc.* .................. 56,500 734,500
--------------
TOTAL BASIC MATERIALS ............ 1,473,025
--------------
BUSINESS SERVICES (14.6%)
PRINTING, PUBLISHING,
BROADCASTING (1.6%)
Gibson Greetings, Inc.* ........... 11,600 261,000
--------------
PROFESSIONAL SERVICES (3.3%)
Fingerhut Cos., Inc. .............. 21,650 377,522
New England Business Services,
Inc. ............................. 1,400 36,838
Thomas Group, Inc.* ............... 9,300 109,275
--------------
523,635
--------------
TRUCKING, SHIPPING (9.7%)
Allied Holdings, Inc.* ............ 5,300 58,962
Landstar Systems, Inc.* ........... 13,250 372,656
MTL, Inc.* ........................ 21,300 497,888
OMI Corp.* ........................ 66,100 632,081
--------------
1,561,587
--------------
TOTAL BUSINESS SERVICES .......... 2,346,222
--------------
CAPITAL GOODS (16.0%)
AEROSPACE (0.8%)
Tracor, Inc.* ..................... 5,100 128,137
--------------
BUILDING & CONSTRUCTION (2.0%)
Avondale Industries, Inc.* ........ 15,000 315,000
--------------
BUILDING MATERIALS & FOREST
PRODUCTS (3.7%)
Fireboard Corp.* .................. 800 43,750
Triangle Pacific Corp.* ........... 12,700 406,400
Zag Industries Ltd.* .............. 13,400 137,350
--------------
587,500
--------------
ELECTRICAL EQUIPMENT (2.2%)
General Cable Corp.* .............. 13,750 352,344
--------------
MACHINERY (7.3%)
Allied Products Corp. ............. 23,250 770,156
Gradall Industries, Inc.* ......... 25,450 407,200
--------------
1,177,356
--------------
TOTAL CAPITAL GOODS .............. 2,560,337
--------------
CONSUMER CYCLICALS (10.9%)
AIRLINES (2.6%)
Atlas Air, Inc.* .................. 12,050 415,725
--------------
APPAREL & TEXTILES (1.0%)
Samsonite Corp.* .................. 600 26,475
Westpoint Stevens, Inc.* .......... 3,550 138,894
--------------
165,369
--------------
FOOD SERVICES, LODGING (1.9%)
Fresh Choice, Inc.* ............... 15,800 59,250
Mortons Restaurant Group, Inc.* ... 12,000 238,500
--------------
297,750
--------------
HOUSEHOLD FURNITURE, APPLIANCES (1.6%)
Standex International Corp. ...... 8,500 $ 255,000
--------------
LEISURE RELATED (2.2%)
Galoob Toys, Inc.* ................ 15,700 296,337
SCP Pool Corp.* ................... 2,300 48,588
--------------
344,925
--------------
PHOTO & OPTICAL (1.2%)
Cole National Corp.* .............. 4,450 195,800
--------------
RETAIL--GENERAL (0.4%)
Filene's Basement Corp. ........... 10,300 68,238
--------------
TOTAL CONSUMER CYCLICALS ......... 1,742,807
--------------
CONSUMER NON-CYCLICALS (4.4%)
CONTAINERS (0.4%)
Silgan Holdings, Inc.* ............ 1,800 69,750
--------------
SOAPS & TOILETRIES (4.0%)
American Safety Razor Co.* ........ 27,000 489,375
USA Detergents, Inc.* ............. 13,800 141,450
--------------
630,825
--------------
TOTAL CONSUMER NON-CYCLICALS ..... 700,575
--------------
CREDIT SENSITIVE (36.2%)
BANKS (8.6%)
Cullen/Frost Bankers, Inc. ........ 4,050 171,619
Quaker City Bancorp, Inc.* ........ 30,387 533,672
Texas Regional Bancshares, Inc.,
Class A .......................... 16,150 678,300
--------------
1,383,591
--------------
FINANCIAL SERVICES (1.2%)
Interstate/Johnson Lane, Inc. .... 6,250 146,875
Long Beach Financial Corp.* ...... 4,600 40,250
--------------
187,125
--------------
INSURANCE (21.6%)
Commerce Group, Inc. .............. 19,650 483,881
Delphi Financial Group, Inc.,
Class A* ......................... 9,018 347,193
Gainsco, Inc. ..................... 12,100 113,437
Home Products International,
Inc.*............................. 4,400 43,450
Liberty Financial Cos. ............ 8,550 426,431
Merchants Group, Inc. ............. 4,200 86,363
Nac Re Corp. ...................... 12,850 621,619
National Western Life Insurance
Co., Class A* .................... 4,800 428,400
Pico Holdings, Inc.* .............. 64,450 290,025
Terra Nova Bermuda Holdings Ltd.,
Class A .......................... 29,600 621,600
--------------
3,462,399
--------------
REAL ESTATE (4.8%)
Equity Inns, Inc. ................. 13,900 185,912
U.S. Restaurant Properties Master
L.P. ............................. 6,900 203,550
Western Water Co.* ................ 29,250 387,562
--------------
777,024
--------------
TOTAL CREDIT SENSITIVE ........... 5,810,139
--------------
</TABLE>
42
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
- ---------------------------------- ----------- --------------
<S> <C> <C>
ENERGY (6.5%)
COAL & GAS PIPELINES (2.8%)
KCS Energy, Inc. .................. 22,300 $ 454,363
--------------
OIL--DOMESTIC (3.7%)
Forest Oil Corp.* ................. 40,150 589,703
--------------
TOTAL ENERGY ..................... 1,044,066
--------------
TECHNOLOGY (1.3%)
ELECTRONICS (0.2%)
Larson Davis, Inc.* ............... 4,100 35,875
--------------
OFFICE EQUIPMENT SERVICES (1.1%)
EA Industries, Inc.* .............. 62,900 172,975
--------------
TOTAL TECHNOLOGY ................. 208,850
--------------
TOTAL COMMON STOCKS (99.1%) (Cost
$15,490,467) ..................... 15,886,021
--------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ---------------------------- ------------- -------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (37.4%)
U.S. Treasury Bill (Discount
Note), 9/25/97
(Cost $5,998,820) .......... $6,072,000 $ 5,999,039
-------------
TOTAL INVESTMENTS (136.5%)
(Cost $21,489,287) ......... 21,885,060
OTHER ASSETS
LESS LIABILITIES (-36.5%) (5,855,857)
-------------
NET ASSET VALUE (100%) ..... $16,029,203
=============
</TABLE>
- ------------
* Non-income producing
43
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1997 (Unaudited)
- -----------------------------------------------------------------------------
Investment security transactions for the period from May 1, 1997 to June 30,
1997 were as follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities $15,901,039
U.S. Government securities...................... --
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities 442,008
U.S. Government securities ..................... --
</TABLE>
As of June 30, 1997, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation . $ 495,533
Aggregate gross unrealized depreciation (99,760)
------------
Net unrealized appreciation.............. $ 395,773
============
Federal income tax cost of investments .. $21,489,287
============
</TABLE>
See Notes to Financial Statements.
44
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 1997 (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 (the "1940 Act"), as amended, as an open-end management investment
company with ten diversified series portfolios and two non-diversified series
portfolios (each a "Portfolio"). The diversified Portfolios include the
Merrill Lynch Basic Value Equity Portfolio, MFS Emerging Growth Companies
Portfolio, MFS Research Portfolio, EQ/Putnam Balanced Portfolio, EQ/Putnam
Growth & Income Value Portfolio, EQ/Putnam International Equity Portfolio,
EQ/Putnam Investors Growth Portfolio, T. Rowe Price Equity Income Portfolio,
T. Rowe Price International Stock Portfolio and the Warburg Pincus Small
Company Value Portfolio. The non-diversified Portfolios include the Merrill
Lynch World Strategy Portfolio and the Morgan Stanley Emerging Markets Equity
Portfolio. As of June 30, 1997 the Morgan Stanley Emerging Markets Equity
Portfolio had not commenced operations.
The Trust has the right to issue two classes of shares, Class IA and Class
IB. As of June 30, 1997, the Trust only had Class IB shares outstanding. The
Class IB shares are subject to distribution fees imposed under a distribution
plan (the "Distribution Plan") adopted pursuant to Rule 12b-1 under the 1940
Act. 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"), a wholly-owned subsidiary of The
Equitable Companies Incorporated.
The investment objectives and certain investment policies of each
Portfolio are as follows:
Merrill Lynch Basic Value Equity Portfolio (which is advised by Merrill
Lynch Asset Management, L.P.) -- 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.
Merrill Lynch World Strategy Portfolio (which is advised by Merrill Lynch
Asset Management, L.P.) -- High total investment return by investing
primarily in a portfolio of equity and fixed income securities, including
convertible securities, of U.S. and foreign issuers.
MFS Emerging Growth Companies Portfolio (which is advised by Massachusetts
Financial Services Co.) -- Long-term growth of capital. Dividend and interest
income from portfolio securities, if any, is incidental to the Portfolio's
investment objective. The Portfolio invests primarily in common stocks of
emerging growth companies that the Adviser believes are early in their life
cycle but which have the potential to become major enterprises.
MFS Research Portfolio (which is advised by Massachusetts Financial
Services Co.) -- Long-term growth of capital and future income, by investing
a substantial portion of its assets in common stock or securities convertible
into common stock of companies believed by the Adviser to possess better than
average prospects for long-term growth.
EQ/Putnam Balanced Portfolio (which is advised by Putnam Investment
Management, Inc.) -- 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 (which is advised by Putnam
Investment Management, Inc.) -- Capital growth. Current income is a secondary
objective. The Portfolio invests primarily in common stocks that offer
potential for capital growth and may, consistent with the Portfolio's
investment objective, invest in common stocks that offer potential for
current income.
EQ/Putnam International Equity Portfolio (which is advised by Putnam
Investment Management, Inc.) -- Capital appreciation. The Portfolio is
designed for investors seeking capital appreciation primarily through a
diversified portfolio of equity securities of companies organized under the
laws of a country other than the United States.
45
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1997 (Unaudited)
EQ/Putnam Investors Growth Portfolio (which is advised by Putnam
Investment Management, Inc.) -- Long-term growth of capital and any increased
income that results from this growth, by investing primarily in common stocks
that the Adviser believes afford the best opportunity for long-term capital
growth.
T. Rowe Price Equity Income Portfolio (which is advised by T. Rowe Price
Associates, Inc.) -- Substantial dividend income and also capital
appreciation by investing primarily in dividend-paying common stocks of
established companies.
T. Rowe Price International Stock Portfolio (which is advised by Rowe
Price-Fleming International, Inc.) -- Long-term growth of capital through
investment primarily in common stocks of established non-United States
companies.
Warburg Pincus Small Company Value Portfolio (which is advised by Warburg,
Pincus Counselors, Inc.) -- Long-term capital appreciation. The Portfolio
invests primarily in equity securities of small capitalization companies
(i.e. companies having market capitalizations of $1 billion or less at the
time of initial purchase) that the Adviser considers to be relatively
under-valued.
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.
The following is a summary of the significant accounting policies of the
Trust:
Stocks listed on national securities exchanges and certain
over-the-counter issues traded on the NASDAQ national market system are
valued at the last sales 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 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.
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.
Purchased options, including options on futures are valued at their last
bid price. Written options are valued at their last asked price.
Long-term corporate bonds are valued at a price obtained from a bond
pricing service of a major dealer in bonds when such prices are available;
however, when such prices are not available, such bonds are valued at a bid
price estimated by a broker.
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 in the currency of the country of origin.
Short-term debt securities that mature in 60 days or less are valued at
amortized cost, which approximates market value. Short-term debt securities
that mature in more than 60 days are valued at representative quoted prices.
46
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1997 (Unaudited)
Futures and forward contracts are valued at their last sale price or, if
there is no sale, at the latest available bid price.
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
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 related investments sold.
Expenses attributable to a single Portfolio are charged to that Portfolio.
Expenses of the Trust are charged to each Portfolio in proportion to net
assets.
The books and records of the Trust are kept in U.S. dollars. Foreign
currency amounts are translated into U.S. dollars at the bid price last
quoted by a composite list of major U.S. banks at the following dates:
(i) market value of investment securities, other assets and liabilities
-at the valuation date.
(ii) purchase 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 and withholding taxes 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.
The Trust intends to comply with the requirements of the Internal Revenue
Code (the "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 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. In addition, each Portfolio will also
comply with the investment diversification requirements of Subchapter L of
the Code.
Costs incurred by the Trust in connection with its organization have been
allocated equally to and capitalized by each of the Portfolios and will be
deferred and amortized on a straight line basis over a 60-month period from
the date the Portfolios commenced operations.
47
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1997 (Unaudited)
Repurchase Agreements:
Each Portfolio, except for the Merrill Lynch Basic Value Equity Portfolio
and the Merrill Lynch World Strategy Portfolio, 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:
All Portfolios (except for the MFS Research Portfolio) 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. 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. In writing
options, a 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 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 Forward Foreign Currency Exchange
Contracts:
Futures contracts are agreements to buy or sell a financial instrument for
a set price in the future. Each Portfolio, with the exception of the MFS
Research Portfolio, may buy or sell futures contracts for the purpose of
protecting its portfolio securities against future changes in interest rates
which might adversely affect the value of the Portfolio's 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 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.
Each Portfolio (except the Warburg Pincus Small Company Value Portfolio)
may make contracts to purchase securities for a fixed price at a future date
beyond customary settlement time ("forward commitments") if it holds, and
maintains until the settlement date in a segregated account, cash or liquid
securities in an amount sufficient to meet the purchase price, or if it
enters into offsetting contracts for the forward sale of other securities it
owns. Forward commitments may be considered securities in themselves
48
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1997 (Unaudited)
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.
Each of the Portfolios (except the MFS Research Portfolio, under certain
conditions) may purchase foreign currency on a spot (or cash) basis, and 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 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").
Limitations on Market and Credit Risk:
Written options, futures contracts, forward commitments and forward
foreign currency exchange contracts involve elements of both market and
credit risk in excess of the amounts reflected in the Statements of Assets
and Liabilities. The contract amounts of these written options, futures
contracts, forward commitments and forward foreign currency exchange
contracts 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 is limited to failure
of the exchange or board of trade which acts as the counterparty to the
Portfolio's futures transactions. Forward commitments and forward foreign
currency exchange contracts are done directly with the counterparty and not
through an exchange and can be terminated only by agreement of both parties
to the forward commitments or forward currency exchange contract. 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
The Trust has entered into an investment management agreement (the
"Management Agreement") with EQ Financial Consultants, Inc., (the "Manager"),
an indirect wholly-owned subsidiary of Equitable. 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 its services under the Management
Agreement, the Manager will receive an annual fee for each of the Portfolios,
calculated daily and payable quarterly. The fee is calculated based on an
annual rate of .55% of average daily net assets of the T. Rowe Price Equity
Income Portfolio, the EQ/Putnam Growth & Income Value Portfolio, the
EQ/Putnam Investors Growth Portfolio, the EQ/Putnam Balanced Portfolio, the
MFS Research Portfolio, the MFS Emerging Growth Companies Portfolio and the
Merrill Lynch Basic Value Equity Portfolio; .65% of average daily net assets
of the Warburg Pincus Small Company Value Portfolio; .70% of average daily
net assets of the EQ/Putnam International Equity Portfolio and the Merrill
Lynch World Strategy Portfolio; and .75% of average daily net assets of the
T. Rowe Price International Stock Portfolio.
On behalf of the Trust, the Manager has entered into investment advisory
agreements ("Advisory Agreements") with unaffiliated 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.
49
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1997 (Unaudited)
Note 3 Administrative Fees
The Trust has entered into an administration agreement with Chase Global
Funds Services Company ("Chase Global"), a subsidiary of The Chase Manhattan
Bank, N.A. ("Chase"), pursuant to which Chase Global will provide certain
fund accounting, compliance and administrative services to the Trust. For
such services, Chase Global will receive compensation at the annual rate of
.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 will receive: .0425 of 1% of the first $500
million of the total Trust assets; .035 of 1% of the next $2.0 billion of the
total Trust assets; .025 of 1% of the next $1.0 billion of the total Trust
assets; .015 of 1% of the next $2.5 billion of the total Trust assets; and
.01 of 1% of the total Trust assets in excess of $6.0 billion; except that
the annual fee payable to Chase Global with respect to any Portfolio which
commences operation after July 1, 1997 and whose assets do not exceed $200
million shall be computed at the rate of .0525 of 1% of the Portfolio's total
assets plus $25,000. Chase Global has agreed to waive all fees under this
agreement, excluding out-of-pocket expenses for the period from May 1, 1997,
to October 31, 1997.
Note 4 Custody fees
The Trust has entered into a Custody Agreement with Chase. The Custody
Agreement will provide for an annual fee based on the amount of assets under
custody plus transaction charges. Chase will serve 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 U.S. are maintained in the custody of these entities.
Note 5 Distribution Plan
The Trust has entered into distribution agreements with the Manager and
Equitable Distributors, Inc. ("EDI"), an indirect wholly-owned subsidiary of
Equitable (collectively, the "Distributors") pursuant to which the
Distributors will 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 distribution fee of .50%
of the average net assets attributable to the Trust's Class IB shares. The
distribution agreements, however, limit payments to each Distributor for
services provided under the Distribution Plan to .25% of the average net
assets attributable to the Trust's Class IB shares. The Trust's Class IA
shares will not be subject to such fees.
Note 6 Expense Limitation
In the interest of limiting expenses of the Portfolios, the Manager has
entered into an expense limitation agreement with the Trust, with respect to
each Portfolio ("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 of each Portfolio are limited to:
0.85% of the respective average daily net assets of the T. Rowe Price Equity
Income, EQ/Putnam Growth and Income Value, EQ/Putnam Investors Growth, MFS
Research, MFS Emerging Growth Companies and Merrill Lynch Basic Value Equity
Portfolios; 0.90% of the EQ/Putnam Balanced Portfolio's average daily net
assets; 1.00% of the Warburg Pincus Small Company Value Portfolio's average
daily net assets; and 1.20% of the respective average daily net assets of the
T. Rowe Price International Stock, EQ/Putnam International Equity and Merrill
Lynch World Strategy Portfolios.
Each Portfolio may at a later date reimburse to the Manager the management
fees waived or limited and other expenses assumed and paid by the Manager
pursuant to the Expense Limitation Agreement
50
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1997 (Unaudited)
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.
51
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS
For the period from May 1, 1997** to June 30, 1997
(Unaudited)
SELECTED DATA FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT THE PERIOD
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------
<S> <C>
Net asset value, beginning of period .................................................... $ 10.00
----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................................................. 0.02
Net realized and unrealized gain (loss) on investments and foreign currency
transactions .......................................................................... 0.96
----------
Total from investment operations ....................................................... 0.98
----------
Net asset value, end of period .......................................................... $ 10.98
==========
Total return (b) ........................................................................ 9.80%
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................................................... $ 6,054
Ratio of expenses to average net assets after waivers (a) ............................... 0.85%
Ratio of expenses to average net assets before waivers (Note 6) (a)...................... 7.97%
Ratio of net investment income to average net assets after waivers (a) ................. 2.12%
Ratio of net investment income to average net assets before waivers (Note 6)(a) ........ (5.01)%
Portfolio turnover rate (a) ............................................................. 49%
Average commission rate paid ............................................................ $0.0570
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................ $ 0.08
</TABLE>
MERRILL LYNCH WORLD STRATEGY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------
<S> <C>
Net asset value, beginning of period .................................................... $ 10.00
----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................................................. 0.04
Net realized and unrealized gain (loss) on investments and foreign currency
transactions .......................................................................... 0.88
----------
Total from investment operations ....................................................... 0.92
----------
Net asset value, end of period .......................................................... $ 10.92
==========
Total return (b) ........................................................................ 9.20%
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................................................... $ 6,488
Ratio of expenses to average net assets after waivers (a) ............................... 1.20%
Ratio of expenses to average net assets before waivers (Note 6)(a) ...................... 9.93%
Ratio of net investment income to average net assets after waivers (a) ................. 2.79%
Ratio of net investment income to average net assets before waivers (Note 6)(a) ........ (5.94)%
Portfolio turnover rate (a) ............................................................. 75%
Average commission rate paid ............................................................ $0.0356
Effect of voluntary expense limitation during the period: (Note 6) .....................
Per share benefit to net investment income ............................................ $ 0.14
</TABLE>
52
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
For the period from May 1, 1997** to June 30, 1997
(Unaudited)
MFS EMERGING GROWTH COMPANIES PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------
<S> <C>
Net asset value, beginning of period .................................................... $ 10.00
----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................................................. 0.01
Net realized and unrealized gain (loss) on investments and foreign currency
transactions .......................................................................... 1.22
----------
Total from investment operations ....................................................... 1.23
----------
Net asset value, end of period .......................................................... $ 11.23
==========
Total return (b) ........................................................................ 12.30%
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................................................... $15,400
Ratio of expenses to average net assets after waivers (a) ............................... 0.85%
Ratio of expenses to average net assets before waivers (Note 6)(a) ...................... 5.71%
Ratio of net investment income to average net assets after waivers (a) ................. 0.59%
Ratio of net investment income to average net assets before waivers (Note 6)(a) ........ (4.27)%
Portfolio turnover rate (a) ............................................................. 426%
Average commission rate paid ............................................................ $0.0474
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................ $ 0.05
</TABLE>
MFS RESEARCH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------
<S> <C>
Net asset value, beginning of period .................................................... $ 10.00
----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................................................. 0.01
Net realized and unrealized gain (loss) on investments and foreign currency
transactions .......................................................................... 1.00
----------
Total from investment operations ....................................................... 1.01
----------
Net asset value, end of period .......................................................... $ 11.01
==========
Total return (b) ........................................................................ 10.10%
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................................................... $16,702
Ratio of expenses to average net assets after waivers (a) ............................... 0.85%
Ratio of expenses to average net assets before waivers (Note 6)(a) ...................... 5.99%
Ratio of net investment income to average net assets after waivers (a) ................. 1.35%
Ratio of net investment income to average net assets before waivers (Note 6)(a) ........ (3.79)%
Portfolio turnover rate (a) ............................................................. 45%
Average commission rate paid ............................................................ $0.0388
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income............................................. $ 0.05
</TABLE>
53
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
For the period from May 1, 1997** to June 30, 1997
(Unaudited)
EQ/PUTNAM BALANCED PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------
<S> <C>
Net asset value, beginning of period .................................................... $ 10.00
----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................................................. 0.05
Net realized and unrealized gain (loss) on investments and foreign currency
transactions .......................................................................... 0.59
----------
Total from investment operations ....................................................... 0.64
----------
Net asset value, end of period .......................................................... $ 10.64
==========
Total return (b) ........................................................................ 6.40%
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................................................... $ 7,051
Ratio of expenses to average net assets after waivers (a) ............................... 0.90%
Ratio of expenses to average net assets before waivers (Note 6)(a) ...................... 7.97%
Ratio of net investment income to average net assets after waivers (a) ................. 3.76%
Ratio of net investment income to average net assets before waivers (Note 6)(a) ........ (3.31)%
Portfolio turnover rate (a) ............................................................. 75%
Average commission rate paid ............................................................ $0.0256
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income............................................. $ 0.10
</TABLE>
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------
<S> <C>
Net asset value, beginning of period .................................................... $ 10.00
----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................................................. 0.02
Net realized and unrealized gain (loss) on investments and foreign currency
transactions .......................................................................... 0.87
----------
Total from investment operations ....................................................... 0.89
----------
Net asset value, end of period .......................................................... $ 10.89
==========
Total return (b) ........................................................................ 8.90%
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................................................... $18,720
Ratio of expenses to average net assets after waivers (a) ............................... 0.85%
Ratio of expenses to average net assets before waivers (Note 6)(a) ...................... 5.07%
Ratio of net investment income to average net assets after waivers (a) ................. 2.71%
Ratio of net investment income to average net assets before waivers (Note 6)(a) ........ (1.51)%
Portfolio turnover rate (a) ............................................................. 37%
Average commission rate paid ............................................................ $0.0233
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................ $ 0.03
</TABLE>
54
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
For the period from May 1, 1997** to June 30, 1997
(Unaudited)
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------
<S> <C>
Net asset value, beginning of period .................................................... $ 10.00
----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................................................. 0.04
Net realized and unrealized gain (loss) on investments and foreign currency
transactions .......................................................................... 0.83
----------
Total from investment operations ....................................................... 0.87
----------
Net asset value, end of period .......................................................... $ 10.87
==========
Total return (b) ........................................................................ 8.70%
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................................................... $12,100
Ratio of expenses to average net assets after waivers (a) ............................... 1.20%
Ratio of expenses to average net assets before waivers (Note 6)(a) ...................... 8.06%
Ratio of net investment income to average net assets after waivers (a) ................. 3.69%
Ratio of net investment income to average net assets before waivers (Note 6)(a) ........ (3.17)%
Portfolio turnover rate (a) ............................................................. 54%
Average commission rate paid ............................................................ $0.0472
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................ $ 0.08
</TABLE>
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------
<S> <C>
Net asset value, beginning of period .................................................... $ 10.00
----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................................................. 0.01
Net realized and unrealized gain (loss) on investments and foreign currency
transactions .......................................................................... 1.08
----------
Total from investment operations ....................................................... 1.09
----------
Net asset value, end of period .......................................................... $ 11.09
==========
Total return (b) ........................................................................ 10.90%
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................................................... $ 8,937
Ratio of expenses to average net assets after waivers (a) ............................... 0.85%
Ratio of expenses to average net assets before waivers (Note 6)(a) ...................... 7.35%
Ratio of net investment income to average net assets after waivers (a) ................. 1.00%
Ratio of net investment income to average net assets before waivers (Note 6)(a) ........ (5.50)%
Portfolio turnover rate (a) ............................................................. 83%
Average commission rate paid ............................................................ $0.0259
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................ $ 0.09
</TABLE>
55
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
For the period from May 1, 1997** to June 30, 1997
(Unaudited)
T. ROWE PRICE EQUITY INCOME PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------
<S> <C>
Net asset value, beginning of period .................................................... $ 10.00
----------
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 ....................................................... 0.87
----------
Net asset value, end of period .......................................................... $ 10.87
==========
Total return (b) ........................................................................ 8.70%
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................................................... $15,889
Ratio of expenses to average net assets after waivers (a) ............................... 0.85%
Ratio of expenses to average net assets before waivers (Note 6)(a) ...................... 5.48%
Ratio of net investment income to average net assets after waivers (a) ................. 3.20%
Ratio of net investment income to average net assets before waivers (Note 6)(a) ........ (1.42)%
Portfolio turnover rate (a) ............................................................. 14%
Average commission rate paid ............................................................ $0.0283
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................ $ 0.03
</TABLE>
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------
<S> <C>
Net asset value, beginning of period .................................................... $ 10.00
----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................................................. 0.02
Net realized and unrealized gain (loss) on investments and foreign currency
transactions .......................................................................... 0.72
----------
Total from investment operations ....................................................... 0.74
----------
Net asset value, end of period .......................................................... $ 10.74
==========
Total return (b) ........................................................................ 7.40%
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................................................... $20,200
Ratio of expenses to average net assets after waivers (a) ............................... 1.20%
Ratio of expenses to average net assets before waivers (Note 6)(a) ...................... 7.70%
Ratio of net investment income to average net assets after waivers (a) ................. 1.28%
Ratio of net investment income to average net assets before waivers (Note 6)(a) ........ (5.22)%
Portfolio turnover rate (a) ............................................................. 10%
Average commission rate paid ............................................................ $0.0012
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................ $ 0.08
</TABLE>
56
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Concluded)
For the period from May 1, 1997** to June 30, 1997
(Unaudited)
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------
<S> <C>
Net asset value, beginning of period .................................................... $ 10.00
----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................................................. 0.01
Net realized and unrealized gain (loss) on investments and foreign currency
transactions .......................................................................... 1.22
----------
Total from investment operations ....................................................... 1.23
----------
Net asset value, end of period .......................................................... $ 11.23
==========
Total return (b) ........................................................................ 12.30%
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ....................................................... $16,029
Ratio of expenses to average net assets after waivers (a) ............................... 1.00%
Ratio of expenses to average net assets before waivers (Note 6)(a) ...................... 4.78%
Ratio of net investment income to average net assets after waivers (a) ................. 2.03%
Ratio of net investment income to average net assets before waivers (Note 6)(a) ........ (1.75)%
Portfolio turnover rate (a).............................................................. 30%
Average commission rate paid ............................................................ $0.0544
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income............................................. $ 0.02
</TABLE>
- ------------
** Commencement of Operations
(a) Annualized
(b) Total return calculated for a period of less than one year is not
annualized.
57
