<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
MERRILL LYNCH MERRILL LYNCH MFS
BASIC VALUE WORLD EMERGING GROWTH
EQUITY STRATEGY COMPANIES
PORTFOLIO PORTFOLIO PORTFOLIO
----------------- --------------- ----------------
<S> <C> <C> <C>
ASSETS:
Investments at value (Note 1) .......................................... $ 124,946,475 $29,030,939 $258,814,689
Cash ................................................................... 805 -- 21,831
Foreign cash ........................................................... -- 34,292 --
Receivable for securities sold ......................................... -- 102,671 1,499,294
Unrealized appreciation of forward currency contracts (Note 1) ......... -- 61,306 --
Short-term investments held as collateral for loaned securities ........ 20,123,100 3,083,740 62,970,340
Receivable from Separate Accounts for Trust shares sold ................ 1,448,521 223,739 2,869,236
Receivable for forward commitments ..................................... -- -- --
Daily variation margin receivable on futures contracts ................. -- -- --
Dividends, interest and other receivables .............................. 122,092 170,593 29,589
Deferred organizational costs (Note 1) ................................. 24,155 24,155 24,155
------------- ----------- ------------
Total assets ......................................................... 146,665,148 32,731,435 326,229,134
------------- ----------- ------------
LIABILITIES:
Payable to custodian ................................................... 11,521 18,272 30,981
Payable for securities purchased ....................................... 513,674 983,253 3,363,972
Unrealized depreciation of forward currency contracts (Note 1) ......... -- 20,995 --
Payable for deposits received for loaned securities .................... 20,123,100 3,083,740 62,970,340
Market value of swap agreements (Note 1) ............................... -- -- --
Interest payable on swap agreements .................................... -- -- --
Variation margin payable on futures contracts (Note 1) ................. -- -- --
Distribution fees payable .............................................. 46,404 10,947 91,490
Investment management fees payable ..................................... 111,231 46,619 218,448
Trustees' fees payable ................................................. 4,267 2,264 9,183
Payable to Separate Accounts for Trust shares redeemed ................. 68,872 3,981 42,020
Forward commitments at value (Note 1) .................................. -- -- --
Daily variation margin payable on futures contracts .................... -- -- --
Overdraft payable ...................................................... -- 2,118 --
Accrued expenses (Note 1) .............................................. 80,108 32,980 164,380
------------- ----------- ------------
Total liabilities .................................................... 20,959,177 4,205,169 66,890,814
------------- ----------- ------------
NET ASSETS ............................................................. $ 125,705,971 $28,526,266 $259,338,320
============= =========== ============
Investments at cost .................................................... $ 122,970,165 $27,266,550 $228,746,215
============= =========== ============
Foreign cash at cost ................................................... -- $ 34,387 --
============= =========== ============
Investments at value include repurchase agreements of .................. -- -- --
============= =========== ============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ....................................................... $ 118,117,343 $27,214,851 $230,283,557
Accumulated undistributed (overdistributed) net investment income ..... 594,019 230,265 (219,173)
Accumulated undistributed (distributions in excess of) net realized
gain (loss) .......................................................... 5,018,299 (722,009) (794,482)
Unrealized appreciation (depreciation) on investments and foreign
currency denominated assets and liabilities .......................... 1,976,310 1,803,159 30,068,418
------------- ----------- ------------
NET ASSETS ............................................................. $ 125,705,971 $28,526,266 $259,338,320
============= =========== ============
CLASS IB SHARES:
Net Assets ............................................................. $ 125,705,971 $28,526,266 $259,338,320
============= =========== ============
Shares outstanding (Unlimited amount authorized: no par value) ......... 9,527,575 2,543,919 17,889,192
============= =========== ============
Net asset value, offering and redemption price per share (Note 1) ...... $ 13.19 $ 11.21 $ 14.50
============= =========== ============
</TABLE>
See Notes to Financial Statements.
1
<PAGE>
<TABLE>
<CAPTION>
EQ/PUTNAM EQ/PUTNAM EQ/PUTNAM
MFS EQ/PUTNAM GROWTH & INCOME INTERNATIONAL INVESTORS T. ROWE PRICE
RESEARCH BALANCED VALUE EQUITY GROWTH EQUITY INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------ ---------------- ----------------- --------------- -------------- -----------------
<S> <C> <C> <C> <C> <C>
$ 253,810,827 $ 52,515,477 $ 320,504,482 $103,502,691 $ 96,965,844 $ 199,205,389
115,540 11,633 523 41,504 30,706 406
24 -- -- -- -- --
986,692 193,507 6,041,956 2,001,474 125,341 18,573
-- 27,661 -- 61,261 -- --
46,364,830 9,412,753 42,154,551 3,601,700 16,147,100 34,638,064
2,337,897 436,861 2,930,300 1,127,642 872,700 2,114,618
-- 336,257 -- -- -- --
-- -- -- -- -- --
237,559 291,831 583,248 310,472 51,353 402,502
24,155 24,155 24,155 24,155 24,155 24,155
-------------- ------------ ------------- ------------ ------------ -------------
303,877,524 63,250,135 372,239,215 110,670,899 114,217,199 236,403,707
-------------- ------------ ------------- ------------ ------------ -------------
30,961 21,429 54,277 69,287 9,989 23,967
1,042,235 1,292,422 7,866,346 3,060,906 2,371,736 1,595,578
-- 26,305 -- 210,429 -- --
46,364,830 9,412,753 42,154,551 3,601,700 16,147,100 34,638,064
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
92,413 19,135 120,336 38,464 32,898 77,269
225,831 53,693 287,593 143,064 82,286 193,328
10,013 2,935 12,348 5,353 3,967 8,948
25,708 147,314 34,910 -- -- 31,544
-- 333,024 -- -- -- --
-- -- -- -- -- --
-- -- -- 7,291 -- --
176,565 46,530 223,767 86,714 66,316 156,565
-------------- ------------ ------------- ------------ ------------ -------------
47,968,556 11,355,540 50,754,128 7,223,208 18,714,292 36,725,263
-------------- ------------ ------------- ------------ ------------ -------------
$ 255,908,968 $ 51,894,595 $ 321,485,087 $103,447,691 $ 95,502,907 $ 199,678,444
============== ============ ============= ============ ============ =============
$ 227,225,440 $ 50,673,751 $ 309,656,871 $ 91,780,724 $ 82,129,018 $ 190,671,176
============== ============ ============= ============ ============ =============
$ 25 -- -- -- -- --
============== ============ ============= ============ ============ =============
-- $ 3,135,000 $ 15,574,000 $ 11,534,000 $ 4,828,000 --
============== ============ ============= ============ ============ =============
$ 226,876,390 $ 48,377,547 $ 305,105,103 $ 91,230,852 $ 80,624,195 $ 186,803,782
395,630 544,256 1,476,911 716,102 62,688 1,688,760
2,051,879 1,128,207 4,055,462 (63,476) (20,801) 2,651,458
26,585,069 1,844,585 10,847,611 11,564,213 14,836,825 8,534,444
-------------- ------------ ------------- ------------ ------------ -------------
$ 255,908,968 $ 51,894,595 $ 321,485,087 $103,447,691 $ 95,502,907 $ 199,678,444
============== ============ ============= ============ ============ =============
$ 255,908,968 $ 51,894,595 $ 321,485,087 $103,447,691 $ 95,502,907 $ 199,678,444
============== ============ ============= ============ ============ =============
18,694,573 4,284,557 25,774,857 7,916,516 6,319,027 15,546,264
============== ============ ============= ============ ============ =============
$ 13.69 $ 12.11 $ 12.47 $ 13.07 $ 15.11 $ 12.84
============== ============ ============= ============ ============ =============
</TABLE>
2
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
MORGAN STANLEY
T. ROWE PRICE WARBURG PINCUS EMERGING
INTERNATIONAL SMALL COMPANY MARKETS
STOCK VALUE EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ---------------- ---------------
<S> <C> <C> <C>
ASSETS:
Investments at value (Note 1) ............................................ $111,253,099 $ 182,701,251 $ 28,472,295
Cash ..................................................................... 10,114,321 877 5,050,598
Foreign cash ............................................................. -- -- 151,635
Receivable for securities sold ........................................... 8,428 793,477 19,622
Unrealized appreciation of forward currency contracts (Note 1) ........... 15,132 -- 141,362
Short-term investments held as collateral for loaned securities .......... 2,102,778 17,272,300 95,420
Receivable from Separate Accounts for Trust shares sold .................. 1,001,644 1,398,763 721,996
Receivable for forward commitments ....................................... -- -- --
Daily variation margin receivable on futures contracts ................... -- -- --
Dividends, interest and other receivables ................................ 287,319 92,382 124,406
Deferred organizational costs (Note 1) ................................... 24,155 24,155 26,071
------------ ------------- ------------
Total assets ........................................................... 124,806,876 202,283,205 34,803,405
------------ ------------- ------------
LIABILITIES:
Payable to custodian ..................................................... 74,107 16,204 35,777
Payable for securities purchased ......................................... 6,867,385 3,411,099 257,177
Unrealized depreciation of forward currency contracts (Note 1) ........... 2,103 -- 20,899
Payable for deposits received for loaned securities ...................... 2,102,778 17,272,300 95,420
Market value of swap agreement (Note 1) .................................. -- -- 128,364
Interest payable on swap agreement ....................................... -- -- 3,936
Variation margin payable on futures contracts (Note 1) ................... -- -- --
Distribution fees payable ................................................ 44,520 70,599 13,407
Investment management fees payable ....................................... 186,838 249,760 68,211
Trustees' fees payable ................................................... 7,785 10,476 1,610
Payable to Separate Accounts for Trust shares redeemed ................... 349,991 88,702 159,328
Forward commitments at value ............................................. -- -- --
Daily variation margin payable on futures contracts ...................... -- -- --
Overdraft payable ........................................................ -- -- --
Accrued expenses (Note 1) ................................................ 118,456 163,188 36,953
------------ ------------- ------------
Total liabilities ...................................................... 9,753,963 21,282,328 821,082
------------ ------------- ------------
NET ASSETS ............................................................... $115,052,913 $ 181,000,877 $ 33,982,323
============ ============= ============
Investments at cost ...................................................... $104,517,554 $ 176,034,160 $ 36,451,778
============ ============= ============
Foreign cash at cost ..................................................... -- -- $ 160,962
============ ============= ============
Investments at value include repurchase agreements of .................... -- $ 17,191,000 --
============ ============= ============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ......................................................... $109,157,685 $ 172,596,769 $ 43,964,975
Accumulated undistributed (overdistributed) net investment income ....... 641,355 251,185 172,266
Accumulated undistributed (distributions in excess of) net realized
gain (loss) ............................................................ (1,448,982) 1,485,832 (2,154,731)
Unrealized appreciation (depreciation) on investments and foreign
currency denominated assets and liabilities ............................ 6,702,855 6,667,091 (8,000,187)
------------ ------------- ------------
NET ASSETS ............................................................... $115,052,913 $ 181,000,877 $ 33,982,323
============ ============= ============
CLASS IB SHARES:
Net Assets ............................................................... $115,052,913 $ 181,000,877 $ 33,982,323
============ ============= ============
Shares outstanding (Unlimited amount authorized: no par value) ........... 10,366,644 14,319,215 5,252,820
============ ============= ============
Net asset value, offering and redemption price per share (Note 1) ........ $ 11.10 $ 12.64 $ 6.47
============ ============= ============
</TABLE>
See Notes to Financial Statements.
3
<PAGE>
<TABLE>
<CAPTION>
BT
BT BT SMALL LAZARD LAZARD
EQUITY 500 INTERNATIONAL COMPANY JPM LARGE CAP SMALL CAP
INDEX EQUITY INDEX INDEX CORE BOND VALUE VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------- --------------- -------------- ---------------- ---------------- --------------
<S> <C> <C> <C> <C> <C>
$ 81,375,070 $27,674,735 $19,877,827 $ 31,539,126 $ 29,820,236 $ 28,607,687
-- 5,468 -- 1,632 4,723 3,249
-- 708,668 -- -- -- --
5,584 -- 4,269 -- 18,407 1,721
-- 2,626 -- 29,458 -- --
213,144 -- 1,289,180 963,280 1,867,744 1,992,400
1,928,182 802,169 -- 474,794 527,747 250,575
-- -- -- 2,160,264 -- --
-- -- -- 5,094 -- --
66,376 49,686 20,775 333,234 32,554 16,634
28,233 28,233 28,233 28,233 28,233 28,233
------------- ----------- ----------- ------------ ------------ ------------
83,616,589 29,271,585 21,220,284 35,535,115 32,299,644 30,900,499
------------- ----------- ----------- ------------ ------------ ------------
18,347 1,533 28,697 4,258 8,148 8,550
72,311 38,186 -- 3,187,329 2,288,281 2,005,042
-- 402 -- -- -- --
213,144 -- 1,289,180 963,280 1,867,744 1,992,400
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
26,020 10,350 7,345 9,688 8,395 8,732
27,861 77,703 10,833 60,264 31,581 36,109
797 655 435 317 203 283
-- -- -- -- -- --
-- -- -- 2,158,220 -- --
3,924 9,467 24,256 -- -- --
32,795 -- 2,909 -- -- --
36,106 35,199 30,628 23,927 22,384 21,709
------------- ----------- ----------- ------------ ------------ ------------
431,305 173,495 1,394,283 6,407,283 4,226,736 4,072,825
------------- ----------- ----------- ------------ ------------ ------------
$ 83,185,284 $29,098,090 $19,826,001 $ 29,127,832 $ 28,072,908 $ 26,827,674
============= =========== =========== ============ ============ ============
$ 77,909,613 $25,347,100 $19,690,251 $ 31,430,508 $ 29,319,422 $ 29,704,193
============= =========== =========== ============ ============ ============
-- $ 707,583 -- -- -- --
============= =========== =========== ============ ============ ============
-- -- -- -- -- --
============= =========== =========== ============ ============ ============
$ 79,549,184 $26,542,400 $19,554,811 $ 28,573,514 $ 27,392,581 $ 27,765,632
257,064 218,313 79,073 350,881 84,698 30,798
(74,550) (20,379) (80,206) 47,124 94,815 127,750
3,453,586 2,357,756 272,323 156,313 500,814 (1,096,506)
------------- ----------- ----------- ------------ ------------ ------------
$ 83,185,284 $29,098,090 $19,826,001 $ 29,127,832 $ 28,072,908 $ 26,827,674
============= =========== =========== ============ ============ ============
$ 83,185,284 $29,098,090 $19,826,001 $ 29,127,832 $ 28,072,908 $ 26,827,674
============= =========== =========== ============ ============ ============
7,252,754 2,513,612 1,897,706 2,803,825 2,497,950 2,669,741
============= =========== =========== ============ ============ ============
$ 11.47 $ 11.58 $ 10.45 $ 10.39 $ 11.24 $ 10.05
============= =========== =========== ============ ============ ============
</TABLE>
4
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
For the six months ended June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
MERRILL LYNCH MERRILL LYNCH MFS
BASIC VALUE WORLD EMERGING GROWTH
EQUITY STRATEGY COMPANIES
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- ----------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends ................................................... $ 505,016 $ 168,982 $ 113,390
Interest .................................................... 426,836 201,662 341,632
Securities lending--Net ..................................... 12,387 4,407 46,060
---------- ---------- -----------
Total income ............................................... 944,239 375,051 501,082
---------- ---------- -----------
Expenses (Notes 1, 2, 3, 4 and 5):
Investment management fee ................................... 234,316 80,501 465,196
Administrative fees ......................................... 37,263 23,915 62,710
Custody fees ................................................ 14,479 25,010 39,226
Distribution fees--Class IB ................................. 106,507 28,750 211,453
Printing and mailing expenses ............................... 28,172 8,427 56,636
Professional fees ........................................... 16,200 3,592 32,229
Interest expense on swap agreements ......................... -- -- --
Trustees' fees (Note 7) ..................................... 3,708 1,351 7,141
Amortization of deferred organizational expense ............. 3,146 3,146 3,146
Miscellaneous ............................................... 2,139 1,133 3,980
---------- ---------- -----------
Gross expenses ............................................. 445,930 175,825 881,717
---------- ---------- -----------
Waivers and reimbursements: (Note 6)
Waiver of investment management fee ......................... (83,234) (37,253) (161,975)
Reimbursement from investment manager ....................... -- -- --
---------- ---------- -----------
Total waivers and reimbursements ........................... (83,234) (37,253) (161,975)
---------- ---------- -----------
Net expenses ............................................... 362,696 138,572 719,742
---------- ---------- -----------
NET INVESTMENT INCOME ......................................... 581,543 236,479 (218,660)
---------- ---------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Realized Gain (Loss):
On securities ............................................... 5,041,501 (371,792) 71,420
On swap agreements .......................................... -- -- --
On options written .......................................... -- -- --
On foreign currency transactions ............................ -- 65,446 (896)
On futures contracts ........................................ -- -- --
---------- ---------- -----------
Realized gain (loss)--net .................................... 5,041,501 (306,346) 70,524
---------- ---------- -----------
Change in Unrealized Appreciation (Depreciation):
On securities ............................................... 2,023,740 1,834,237 29,828,432
On swap agreements .......................................... -- -- --
On options written .......................................... -- -- --
On foreign currency translations ............................ -- 55,463 106
On forward commitments ...................................... -- -- --
On futures contracts ........................................ -- -- --
---------- ---------- -----------
Unrealized appreciation (depreciation)--net .................. 2,023,740 1,889,700 29,828,538
---------- ---------- -----------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ...................... 7,065,241 1,583,354 29,899,062
---------- ---------- -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ......... $7,646,784 $1,819,833 $29,680,402
========== ========== ===========
*Foreign taxes withheld on dividends .......................... -- $ 18,874 $ 1,912
========== ========== ===========
*Foreign taxes withheld on interest ........................... -- -- --
========== ========== ===========
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
<TABLE>
<CAPTION>
EQ/PUTNAM EQ/PUTNAM EQ/PUTNAM
MFS EQ/PUTNAM GROWTH & INCOME INTERNATIONAL INVESTORS T. ROWE PRICE
RESEARCH BALANCED VALUE EQUITY GROWTH EQUITY INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- --------------- ------------- ----------------- --------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
$ 871,981 $ 260,218 $ 2,082,361 $ 939,533 $ 241,458 $1,951,320
271,685 459,969 363,787 169,151 80,645 369,212
25,232 7,266 22,984 3,830 4,557 17,435
----------- ---------- ----------- ----------- ----------- ----------
1,168,898 727,453 2,469,132 1,112,514 326,660 2,337,967
----------- ---------- ----------- ----------- ----------- ----------
487,331 103,243 641,629 267,637 170,703 421,000
63,406 28,069 77,362 39,785 32,293 57,595
38,607 28,486 64,592 88,792 14,875 25,356
221,514 46,929 291,649 95,585 77,592 191,364
63,020 12,934 83,045 26,687 21,685 55,205
35,960 7,539 47,629 15,822 12,295 31,396
-- -- -- -- -- --
7,922 1,919 10,432 3,699 2,963 6,866
3,146 3,146 3,146 3,146 3,146 3,146
4,121 1,399 5,245 4,892 1,770 3,668
----------- ---------- ----------- ----------- ----------- ----------
925,027 233,664 1,224,729 546,045 337,322 795,596
----------- ---------- ----------- ----------- ----------- ----------
(171,298) (64,148) (232,550) (86,668) (72,938) (144,388)
-- -- -- -- -- --
----------- ---------- ----------- ----------- ----------- ----------
(171,298) (64,148) (232,550) (86,668) (72,938) (144,388)
----------- ---------- ----------- ----------- ----------- ----------
753,729 169,516 992,179 459,377 264,384 651,208
----------- ---------- ----------- ----------- ----------- ----------
415,169 557,937 1,476,953 653,137 62,276 1,686,759
----------- ---------- ----------- ----------- ----------- ----------
2,919,156 1,042,877 4,468,625 73,508 209,843 2,565,296
-- -- -- -- -- --
-- 30 -- -- -- --
(4,053) (21,592) -- 42,277 -- (4,963)
-- -- -- -- -- --
----------- ---------- ----------- ----------- ----------- ----------
2,915,103 1,021,315 4,468,625 115,785 209,843 2,560,333
----------- ---------- ----------- ----------- ----------- ----------
25,009,634 1,000,590 8,032,698 11,898,514 12,298,433 3,087,768
-- -- -- -- -- --
-- -- -- -- -- --
54 2,813 -- (112,231) -- 661
-- -- -- -- -- --
-- -- -- -- -- --
----------- ---------- ----------- ----------- ----------- ----------
25,009,688 1,003,403 8,032,698 11,786,283 12,298,433 3,088,429
----------- ---------- ----------- ----------- ----------- ----------
27,924,791 2,024,718 12,501,323 11,902,068 12,508,276 5,648,762
----------- ---------- ----------- ----------- ----------- ----------
$28,339,960 $2,582,655 $13,978,276 $12,555,205 $12,570,552 $7,335,521
=========== ========== =========== =========== =========== ==========
$ 7,297 $ 117 -- $ 136,634 -- $ 6,091
=========== ========== =========== =========== =========== ==========
-- $ 148 -- -- -- --
=========== ========== =========== =========== =========== ==========
</TABLE>
6
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
For the six months ended June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
MORGAN STANLEY
T. ROWE PRICE WARBURG PINCUS EMERGING
INTERNATIONAL SMALL COMPANY MARKETS
STOCK VALUE EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ---------------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends ................................................... $ 1,059,252 $ 584,386 $ 289,115
Interest .................................................... 155,012 414,206 95,353
Securities lending---Net .................................... 2,642 11,437 81
------------ ---------- ------------
Total income ............................................... 1,216,906 1,010,029 384,549
------------ ---------- ------------
Expenses (Notes 1, 2, 3, 4 and 5):
Investment management fee ................................... 346,500 492,859 161,061
Administrative fees ......................................... 52,770 55,240 26,925
Custody fees ................................................ 73,796 18,800 74,592
Distribution fees--Class IB ................................. 115,460 189,561 35,013
Printing and mailing expenses ............................... 32,093 55,759 10,543
Professional fees ........................................... 19,173 26,660 6,629
Interest expense on swap agreements ......................... -- -- --
Trustees' fees (Note 7) ..................................... 4,366 7,215 1,349
Amortization of deferred organizational expense ............. 3,146 3,146 3,136
Miscellaneous ............................................... 5,667 4,000 5,536
------------ ---------- ------------
Gross expenses ............................................. 652,971 853,240 324,784
------------ ---------- ------------
Waivers and reimbursements: (Note 6)
Waiver of investment management fee ......................... (97,797) (94,424) (79,211)
Reimbursement from investment manager ....................... -- -- --
------------ ---------- ------------
Total waivers and reimbursements ........................... (97,797) (94,424) (79,211)
------------ ---------- ------------
Net expenses ............................................... 555,174 758,816 245,573
------------ ---------- ------------
NET INVESTMENT INCOME ......................................... 661,732 251,213 138,976
------------ ---------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Realized Gain (Loss):
On securities ............................................... (1,182,851) 2,951,790 (1,614,444)
On swap agreements .......................................... -- -- (94,066)
On options written .......................................... -- -- --
On foreign currency transactions ............................ (40,792) -- (65,599)
On futures contracts ........................................ -- -- --
------------ ---------- ------------
Realized gain (loss)--net .................................... (1,223,643) 2,951,790 (1,774,109)
------------ ---------- ------------
Change in Unrealized Appreciation (Depreciation):
On securities ............................................... 10,348,857 6,227,608 (5,069,360)
On swap agreements .......................................... -- -- (55,767)
On options written .......................................... -- -- --
On foreign currency translations ............................ (29,182) -- 108,814
On forward commitments ...................................... -- -- --
On futures contracts ........................................ -- -- --
------------ ---------- ------------
Unrealized appreciation (depreciation)--net .................. 10,319,675 6,227,608 (5,016,313)
------------ ---------- ------------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ...................... 9,096,032 9,179,398 (6,790,422)
------------ ---------- ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ......... $ 9,757,764 $9,430,611 $ (6,651,446)
============ ========== ============
*Foreign taxes withheld on dividends .......................... $ 146,573 -- $ 18,330
============ ========== ============
*Foreign taxes withheld on interest ........................... -- -- --
============ ========== ============
</TABLE>
See Notes to Financial Statements.
7
<PAGE>
<TABLE>
<CAPTION>
BT
BT BT SMALL LAZARD LAZARD
EQUITY 500 INTERNATIONAL COMPANY JPM LARGE CAP SMALL CAP
INDEX EQUITY INDEX INDEX CORE BOND VALUE VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------- --------------- ------------- ----------- ----------- ---------------
<S> <C> <C> <C> <C> <C>
$ 228,713 $ 230,946 $ 82,554 $ 8,327 $ 92,310 $ 48,237
123,180 67,267 36,728 397,948 41,382 57,541
-- 27 760 487 156 287
---------- ---------- ---------- --------- --------- ------------
351,893 298,240 120,042 406,762 133,848 106,065
---------- ---------- ---------- --------- --------- ------------
43,104 34,968 17,070 31,433 30,036 50,178
26,555 31,341 32,255 18,854 19,197 17,351
21,946 19,526 39,203 4,898 9,143 9,859
43,105 24,977 17,070 17,463 13,653 15,681
8,451 7,556 5,007 3,661 2,345 3,263
4,963 4,442 2,944 2,153 1,380 1,919
-- -- -- -- -- --
1,103 990 654 469 297 419
3,108 3,108 3,108 3,108 3,108 3,108
480 497 296 262 185 268
---------- ---------- ---------- --------- --------- ------------
152,815 127,405 117,607 82,301 79,344 102,046
---------- ---------- ---------- --------- --------- ------------
(43,104) (34,968) (17,070) (26,420) (30,036) (26,779)
(14,882) (12,510) (59,568) -- (158) --
---------- ---------- ---------- --------- --------- ------------
(57,986) (47,478) (76,638) (26,420) (30,194) (26,779)
---------- ---------- ---------- --------- --------- ------------
94,829 79,927 40,969 55,881 49,150 75,267
---------- ---------- ---------- --------- --------- ------------
257,064 218,313 79,073 350,881 84,698 30,798
---------- ---------- ---------- --------- --------- ------------
3,318 37,976 (103,279) 47,978 94,815 127,750
-- -- -- -- -- --
-- -- -- -- -- --
-- (157,750) -- (854) -- --
(77,868) 99,395 23,073 -- -- --
---------- ---------- ---------- --------- --------- ------------
(74,550) (20,379) (80,206) 47,124 94,815 127,750
---------- ---------- ---------- --------- --------- ------------
3,465,456 2,327,635 187,576 108,618 500,814 (1,096,506)
-- -- -- -- -- --
-- -- -- -- -- --
(11,870) 16,038 -- 28,984 -- --
-- -- -- 2,044 -- --
-- 14,083 84,747 16,667 -- --
---------- ---------- ---------- --------- --------- ------------
3,453,586 2,357,756 272,323 156,313 500,814 (1,096,506)
---------- ---------- ---------- --------- --------- ------------
3,379,036 2,337,377 192,117 203,437 595,629 (968,756)
---------- ---------- ---------- --------- --------- ------------
$3,636,100 $2,555,690 $ 271,190 $ 554,318 $ 680,327 $ (937,958)
========== ========== ========== ========= ========= ============
-- -- -- -- -- --
========== ========== ========== ========= ========= ============
-- -- -- -- -- --
========== ========== ========== ========= ========= ============
</TABLE>
8
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MERRILL LYNCH BASIC VALUE EQUITY
PORTFOLIO
------------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
---------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ........................................... $ 581,543 $ 255,492
Realized gain (loss)--net ....................................... 5,041,501 209,710
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated assets
and liabilities ................................................ 2,023,740 (47,430)
------------- ------------
Net increase (decrease) in net assets from operations ........... 7,646,784 417,772
------------- ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IB:
Dividends from net investment income ........................... -- (247,223)
Dividends in excess of net investment income ................... -- --
Distributions from realized gains .............................. -- (209,710)
Distributions in excess of realized gains ...................... -- (23,202)
------------- ------------
Total Class IB dividends and distributions ...................... -- (480,135)
------------- ------------
Decrease in net assets from dividends and distributions ......... -- (480,135)
------------- ------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IB:
Shares sold .................................................... 90,921,608 53,828,437
Shares issued in reinvestment of dividends and
distributions ................................................. -- 480,135
Shares redeemed ................................................ (22,357,465) (4,751,165)
------------- ------------
Net increase in net assets derived from share
transactions ................................................... 68,564,143 49,557,407
------------- ------------
INCREASE IN NET ASSETS ........................................... 76,210,927 49,495,044
NET ASSETS, BEGINNING OF PERIOD .................................. 49,495,044 --
------------- ------------
NET ASSETS, END OF PERIOD ........................................ $ 125,705,971 $ 49,495,044
============= ============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ...................... $ 594,019 $ 12,476
============= ============
SHARE TRANSACTIONS:
Class IB:
Shares sold .................................................... 6,960,785 4,633,508
Shares issued in reinvestment of dividends and
distributions ................................................. -- 42,265
Shares redeemed ................................................ (1,706,815) (402,168)
------------- ------------
Net increase .................................................... 5,253,970 4,273,605
------------- ------------
<CAPTION>
MERRILL LYNCH WORLD STRATEGY
PORTFOLIO
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ........................................... $ 236,479 $ 133,437
Realized gain (loss)--net ....................................... (306,346) (294,596)
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated assets
and liabilities ................................................ 1,889,700 (86,541)
------------ ------------
Net increase (decrease) in net assets from operations ........... 1,819,833 (247,700)
------------ ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IB:
Dividends from net investment income ........................... -- (75,981)
Dividends in excess of net investment income ................... -- (6,214)
Distributions from realized gains .............................. -- --
Distributions in excess of realized gains ...................... -- (187,184)
------------ ------------
Total Class IB dividends and distributions ...................... -- (269,379)
------------ ------------
Decrease in net assets from dividends and distributions ......... -- (269,379)
------------ ------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IB:
Shares sold .................................................... 13,687,936 24,010,398
Shares issued in reinvestment of dividends and
distributions ................................................. -- 269,379
Shares redeemed ................................................ (5,191,953) (5,552,248)
------------ ------------
Net increase in net assets derived from share
transactions ................................................... 8,495,983 18,727,529
------------ ------------
INCREASE IN NET ASSETS ........................................... 10,315,816 18,210,450
NET ASSETS, BEGINNING OF PERIOD .................................. 18,210,450 --
------------ ------------
NET ASSETS, END OF PERIOD ........................................ $ 28,526,266 $ 18,210,450
============ ============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ...................... $ 230,265 $ (6,214)
============ ============
SHARE TRANSACTIONS:
Class IB:
Shares sold .................................................... 1,252,941 2,241,153
Shares issued in reinvestment of dividends and
distributions ................................................. -- 26,332
Shares redeemed ................................................ (474,939) (501,568)
------------ ------------
Net increase .................................................... 778,002 1,765,917
------------ ------------
</TABLE>
- ---------
* Commencement of Operations
See Notes to Financial Statements.
9
<PAGE>
<TABLE>
<CAPTION>
MFS EMERGING GROWTH COMPANIES
PORTFOLIO MFS RESEARCH PORTFOLIO
- ------------------------------------- ------------------------------------
SIX MONTHS SIX MONTHS
ENDED MAY 1, 1997* ENDED MAY 1, 1997*
JUNE 30, 1998 TO JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997 (UNAUDITED) DECEMBER 31, 1997
- ----------------- ------------------- ---------------- -------------------
<S> <C> <C> <C>
$ (218,660) $ 189,683 $ 415,169 $ 219,276
70,524 1,472,642 2,915,103 104,995
29,828,538 239,880 25,009,688 1,575,381
--------------- ------------- ------------- ------------
29,680,402 1,902,205 28,339,960 1,899,652
--------------- ------------- ------------- ------------
-- (191,439) -- (225,007)
-- (513) -- (19,539)
-- (1,475,542) -- (107,634)
-- (865,006) -- (863,224)
--------------- ------------- ------------- ------------
-- (2,532,500) -- (1,215,404)
--------------- ------------- ------------- ------------
-- (2,532,500) -- (1,215,404)
--------------- ------------- ------------- ------------
249,793,199 146,747,168 123,691,318 120,065,201
-- 2,532,500 -- 1,215,404
(121,952,524) (46,832,130) (12,876,774) (5,210,389)
--------------- ------------- ------------- ------------
127,840,675 102,447,538 110,814,544 116,070,216
--------------- ------------- ------------- ------------
157,521,077 101,817,243 139,154,504 116,754,464
101,817,243 -- 116,754,464 --
--------------- ------------- ------------- ------------
$ 259,338,320 $ 101,817,243 $ 255,908,968 $116,754,464
=============== ============= ============= ============
$ (219,173) $ (513) $ 395,630 $ (19,539)
=============== ============= ============= ============
18,203,550 12,281,631 9,520,957 10,512,264
-- 219,454 -- 108,421
(8,855,119) (3,960,324) (997,315) (449,754)
--------------- ------------- ------------- ------------
9,348,431 8,540,761 8,523,642 10,170,931
--------------- ------------- ------------- ------------
[TABLE RESTUBBED FROM ABOVE]
<CAPTION>
EQ/PUTNAM GROWTH & INCOME VALUE
EQ/PUTNAM BALANCED PORTFOLIO PORTFOLIO
------------------------------------ -----------------------------------
SIX MONTHS SIX MONTHS
ENDED MAY 1, 1997* ENDED MAY 1, 1997*
JUNE 30, 1998 TO JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997 (UNAUDITED) DECEMBER 31, 1997
---------------- ------------------- ---------------- ------------------
<S> <C> <C> <C>
$ 557,937 $ 296,083 $ 1,476,953 $ 691,408
1,021,315 281,700 4,468,625 157,072
1,003,403 841,182 8,032,698 2,814,913
-------------- ------------ ------------ ------------
2,582,655 1,418,965 13,978,276 3,663,393
-------------- ------------ ------------ ------------
-- (279,057) -- (695,650)
-- (13,681) -- (1,258)
-- (196,041) -- (157,079)
-- -- -- (413,163)
-------------- ------------ ------------ ------------
-- (488,779) -- (1,267,150)
-------------- ------------ ------------ ------------
-- (488,779) -- (1,267,150)
-------------- ------------ ------------ ------------
35,441,097 32,089,702 163,020,205 150,166,887
-- 488,779 -- 1,267,150
(11,982,745) (7,655,079) (5,773,116) (3,570,558)
-------------- ------------ ------------ ------------
23,458,352 24,923,402 157,247,089 147,863,479
-------------- ------------ ------------ ------------
26,041,007 25,853,588 171,225,365 150,259,722
25,853,588 -- 150,259,722 --
-------------- ------------ ------------ ------------
$ 51,894,595 $ 25,853,588 $321,485,087 $150,259,722
============== ============ ============ ============
$ 544,256 $ (13,681) $ 1,476,911 $ (42)
============== ============ ============ ============
3,005,962 2,939,085 13,200,793 13,247,726
-- 43,995 -- 111,940
(1,026,804) (677,681) (471,649) (313,953)
-------------- ------------ ------------ ------------
1,979,158 2,305,399 12,729,144 13,045,713
-------------- ------------ ------------ ------------
</TABLE>
10
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQ/PUTNAM INTERNATIONAL EQUITY
PORTFOLIO
------------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
---------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ......................................... $ 653,137 $ 136,844
Realized gain (loss)--net ..................................... 115,785 91,742
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated assets
and liabilities .............................................. 11,786,283 (222,070)
------------ -----------
Net increase (decrease) in net assets from operations ......... 12,555,205 6,516
------------ -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IB:
Dividends from net investment income ......................... -- (99,488)
Dividends in excess of net investment income ................. -- --
Distributions from realized gains ............................ -- (70,340)
Distributions in excess of realized gains .................... -- (179,261)
------------ -----------
Total Class IB dividends and distributions .................... -- (349,089)
------------ -----------
Decrease in net assets from dividends and distributions ....... -- (349,089)
------------ -----------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IB:
Shares sold .................................................. 34,298,820 58,043,736
Shares issued in reinvestment of dividends and
distributions ............................................... -- 349,089
Shares redeemed .............................................. (1,084,480) (372,106)
------------ -----------
Net increase in net assets derived from share
transactions ................................................. 33,214,340 58,020,719
------------ -----------
INCREASE IN NET ASSETS ......................................... 45,769,545 57,678,146
NET ASSETS, BEGINNING OF PERIOD ................................ 57,678,146 --
------------ -----------
NET ASSETS, END OF PERIOD ...................................... $103,447,691 $57,678,146
============ ===========
Net Assets include accumulated undistributed
(overdistributed) net investment income of .................... $ 716,102 $ 62,965
============ ===========
SHARE TRANSACTIONS:
Class IB:
Shares sold .................................................. 2,710,099 5,297,238
Shares issued in reinvestment of dividends and
distributions ............................................... -- 32,263
Shares redeemed .............................................. (89,602) (33,482)
------------ -----------
Net increase .................................................. 2,620,497 5,296,019
------------ -----------
<CAPTION>
EQ/PUTNAM INVESTORS GROWTH
PORTFOLIO
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ......................................... $ 62,276 $ 71,785
Realized gain (loss)--net ..................................... 209,843 115,368
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated assets
and liabilities .............................................. 12,298,433 2,538,392
----------- -----------
Net increase (decrease) in net assets from operations ......... 12,570,552 2,725,545
----------- -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IB:
Dividends from net investment income ......................... -- (75,580)
Dividends in excess of net investment income ................. -- --
Distributions from realized gains ............................ -- (115,368)
Distributions in excess of realized gains .................... -- (230,644)
----------- -----------
Total Class IB dividends and distributions .................... -- (421,592)
----------- -----------
Decrease in net assets from dividends and distributions ....... -- (421,592)
----------- -----------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IB:
Shares sold .................................................. 43,671,477 37,267,750
Shares issued in reinvestment of dividends and
distributions ............................................... -- 421,592
Shares redeemed .............................................. (433,728) (298,689)
----------- -----------
Net increase in net assets derived from share
transactions ................................................. 43,237,749 37,390,653
----------- -----------
INCREASE IN NET ASSETS ......................................... 55,808,301 39,694,606
NET ASSETS, BEGINNING OF PERIOD ................................ 39,694,606 --
----------- -----------
NET ASSETS, END OF PERIOD ...................................... $95,502,907 $39,694,606
=========== ===========
Net Assets include accumulated undistributed
(overdistributed) net investment income of .................... $ 62,688 $ 412
=========== ===========
SHARE TRANSACTIONS:
Class IB:
Shares sold .................................................. 3,131,820 3,210,087
Shares issued in reinvestment of dividends and
distributions ............................................... -- 35,192
Shares redeemed .............................................. (32,871) (25,201)
----------- -----------
Net increase .................................................. 3,098,949 3,220,078
----------- -----------
</TABLE>
- ---------
* Commencement of Operations
See Notes to Financial Statements.
11
<PAGE>
<TABLE>
<CAPTION>
T. ROWE PRICE EQUITY T. ROWE PRICE INTERNATIONAL
INCOME PORTFOLIO STOCK PORTFOLIO
- ------------------------------------ ------------------------------------
SIX MONTHS SIX MONTHS
ENDED MAY 1, 1997* ENDED MAY 1, 1997*
JUNE 30, 1998 TO JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997 (UNAUDITED) DECEMBER 31, 1997
- ---------------- ------------------- ---------------- -------------------
<S> <C> <C> <C>
$ 1,686,759 $ 755,994 $ 661,732 $ 128,093
2,560,333 350,530 (1,223,643) (368,231)
3,088,429 5,446,015 10,319,675 (3,616,820)
------------- -------------- ------------- --------------
7,335,521 6,552,539 9,757,764 (3,856,958)
------------- -------------- ------------- --------------
-- (742,913) -- --
-- -- -- (9,785)
-- (274,692) -- --
-- -- -- --
------------- -------------- ------------- --------------
-- (1,017,605) -- (9,785)
------------- -------------- ------------- --------------
-- (1,017,605) -- (9,785)
------------- -------------- ------------- --------------
107,395,262 104,824,753 73,329,038 100,986,940
-- 1,017,605 -- 9,785
(14,999,649) (11,529,982) (42,605,858) (22,558,013)
------------- -------------- ------------- --------------
92,395,613 94,312,376 30,723,180 78,438,712
------------- -------------- ------------- --------------
99,731,134 99,847,310 40,480,944 74,571,969
99,947,310 100,000 74,571,969 --
------------- -------------- ------------- --------------
$ 199,678,444 $ 99,947,310 $ 115,052,913 $ 74,571,969
============= ============== ============= ==============
$ 1,688,760 $ 2,001 $ 641,355 $ (20,377)
============= ============== ============= ==============
8,463,906 9,163,385 6,726,254 9,802,776
-- 85,226 -- 997
(1,190,445) (985,808) (3,930,922) (2,232,461)
------------- -------------- ------------- --------------
7,273,461 8,262,803 2,795,332 7,571,312
------------- -------------- ------------- --------------
<CAPTION>
WARBURG PINCUS SMALL COMPANY MORGAN STANLEY EMERGING MARKETS
VALUE PORTFOLIO EQUITY PORTFOLIO
------------------------------------ -----------------------------------
SIX MONTHS SIX MONTHS
ENDED MAY 1, 1997* ENDED AUGUST 20, 1997*
JUNE 30, 1998 TO JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997 (UNAUDITED) DECEMBER 31, 1997
---------------- ------------------- ---------------- ------------------
<S> <C> <C> <C>
$ 251,213 $ 99,305 $ 138,976 $ 112,895
2,951,790 (937,026) (1,774,109) (403,302)
6,227,608 439,483 (5,016,313) (2,983,874)
------------- ------------- -------------- --------------
9,430,611 (398,238) (6,651,446) (3,274,281)
------------- ------------- -------------- --------------
-- (103,540) -- (59,226)
-- (204) -- --
-- (528,932) -- --
-- -- -- --
------------- ------------- -------------- --------------
-- (632,676) -- (59,226)
------------- ------------- -------------- --------------
-- (632,676) -- (59,226)
------------- ------------- -------------- --------------
79,704,940 170,997,522 46,166,392 35,354,533
-- 632,676 -- 59,226
(29,014,348) (49,719,610) (26,965,254) (10,647,621)
------------- ------------- -------------- --------------
50,690,592 121,910,588 19,201,138 24,766,138
------------- ------------- -------------- --------------
60,121,203 120,879,674 12,549,692 21,432,631
120,879,674 -- 21,432,631 --
------------- ------------- -------------- --------------
$ 181,000,877 $ 120,879,674 $ 33,982,323 $ 21,432,631
============= ============= ============== ==============
$ 251,185 $ (28) $ 172,266 $ 33,290
============= ============= ============== ==============
6,491,870 14,177,457 6,087,833 3,928,086
-- 54,682 -- 7,554
(2,377,442) (4,027,352) (3,528,823) (1,241,830)
------------- ------------- -------------- --------------
4,114,428 10,204,787 2,559,010 2,693,810
------------- ------------- -------------- --------------
</TABLE>
12
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
BT EQUITY 500
INDEX PORTFOLIO
-------------------------------------
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED) DECEMBER 31, 1997**
--------------- ---------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ....................................... $ 257,064 --
Realized gain (loss)--net ................................... (74,550) --
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated assets
and liabilities ............................................ 3,453,586 --
------------ --
Net increase (decrease) in net assets from operations ....... 3,636,100 --
------------ --
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IB:
Dividends from net investment income ....................... -- --
Dividends in excess of net investment income ............... -- --
Distributions from realized gains .......................... -- --
Distributions in excess of realized gains .................. -- --
------------ --
Total Class IB dividends and distributions .................. -- --
------------ --
Decrease in net assets from dividends and distributions ..... -- --
------------ --
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IB:
Shares sold ................................................ 80,617,733 $1,000
Shares issued in reinvestment of dividends and
distributions ............................................. -- --
Shares redeemed ............................................ (1,069,549) --
------------ ------
Net increase in net assets derived from share
transactions ............................................... 79,548,184 1,000
------------ ------
INCREASE IN NET ASSETS ....................................... 83,184,284 1,000
NET ASSETS, BEGINNING OF PERIOD .............................. 1,000 --
------------ ------
NET ASSETS, END OF PERIOD .................................... $ 83,185,284 $1,000
============ ======
Net Assets include accumulated undistributed
(overdistributed) net investment income of .................. $ 257,064 --
============ ======
SHARE TRANSACTIONS:
Class IB:
Shares sold ................................................ 7,349,061 100
Shares issued in reinvestment of dividends and
distributions ............................................. -- --
Shares redeemed ............................................ (96,407) --
------------ ------
Net increase ................................................ 7,252,654 100
------------ ------
<CAPTION>
BT INTERNATIONAL EQUITY
INDEX PORTFOLIO
------------------------------------
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED) DECEMBER 31, 1997**
--------------- --------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ....................................... $ 218,313 --
Realized gain (loss)--net ................................... (20,379) --
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated assets
and liabilities ............................................ 2,357,756 --
------------ --
Net increase (decrease) in net assets from operations ....... 2,555,690 --
------------ --
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IB:
Dividends from net investment income ....................... -- --
Dividends in excess of net investment income ............... -- --
Distributions from realized gains .......................... -- --
Distributions in excess of realized gains .................. -- --
------------ --
Total Class IB dividends and distributions .................. -- --
------------ --
Decrease in net assets from dividends and distributions ..... -- --
------------ --
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IB:
Shares sold ................................................ 27,603,710 $1,000
Shares issued in reinvestment of dividends and
distributions ............................................. -- --
Shares redeemed ............................................ (1,062,310) --
------------ ------
Net increase in net assets derived from share
transactions ............................................... 26,541,400 1,000
------------ ------
INCREASE IN NET ASSETS ....................................... 29,097,090 1,000
NET ASSETS, BEGINNING OF PERIOD .............................. 1,000 --
------------ ------
NET ASSETS, END OF PERIOD .................................... $ 29,098,090 $1,000
============ ======
Net Assets include accumulated undistributed
(overdistributed) net investment income of .................. $ 218,313 --
============ ======
SHARE TRANSACTIONS:
Class IB:
Shares sold ................................................ 2,607,974 100
Shares issued in reinvestment of dividends and
distributions ............................................. -- --
Shares redeemed ............................................ (94,462) --
------------ ------
Net increase ................................................ 2,513,512 100
------------ ------
</TABLE>
- ---------
** The Portfolios that received initial capital on December 31, 1997
commenced operations on January 1, 1998.
See Notes to Financial Statements.
13
<PAGE>
<TABLE>
<CAPTION>
BT SMALL COMPANY JPM CORE
INDEX PORTFOLIO BOND PORTFOLIO
- ------------------------------------- -------------------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, 1998 JUNE 30, 1998
(UNAUDITED) DECEMBER 31, 1997** (UNAUDITED) DECEMBER 31, 1997**
- --------------- --------------------- --------------- ---------------------
<S> <C> <C> <C>
$ 79,073 -- $ 350,881 --
(80,206) -- 47,124 --
272,323 -- 156,313 --
----------- -- ----------- --
271,190 -- 554,318 --
----------- -- ----------- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
----------- -- ----------- --
-- -- -- --
----------- -- ----------- --
-- -- -- --
----------- -- ----------- --
19,985,058 $1,000 29,455,031 $1,000
-- -- -- --
(431,247) -- (882,517) --
----------- ------ ----------- ------
19,553,811 1,000 28,572,514 1,000
----------- ------ ----------- ------
19,825,001 1,000 29,126,832 1,000
1,000 -- 1,000 --
----------- ------ ----------- ------
$19,826,001 $1,000 $29,127,832 $1,000
=========== ====== =========== ======
$ 79,073 -- $ 350,881 --
=========== ====== =========== ======
1,938,457 100 2,890,133 100
-- -- -- --
------
(40,851) -- (86,408) --
----------- ------ ----------- ------
1,897,606 100 2,803,725 100
----------- ------ ----------- ------
<CAPTION>
LAZARD LARGE CAP LAZARD SMALL CAP
VALUE PORTFOLIO VALUE PORTFOLIO
------------------------------------- ------------------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, 1998 JUNE 30, 1998
(UNAUDITED) DECEMBER 31, 1997** (UNAUDITED) DECEMBER 31, 1997**
--------------- --------------------- --------------- --------------------
<S> <C> <C> <C>
$ 84,698 -- $ 30,798 --
94,815 -- 127,750 --
500,814 -- (1,096,506) --
----------- -- ------------ --
680,327 -- (937,958) --
----------- -- ------------ --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
----------- -- ------------ --
-- -- -- --
----------- -- ------------ --
-- -- -- --
----------- -- ------------ --
27,561,876 $1,000 27,890,692 $1,000
-- -- -- --
(170,295) -- (126,060)
----------- ------ ------------
27,391,581 1,000 27,764,632 1,000
----------- ------ ------------ ------
28,071,908 1,000 26,826,674 1,000
1,000 -- 1,000 --
----------- ------ ------------ ------
$28,072,908 $1,000 $ 26,827,674 $1,000
=========== ====== ============ ======
$ 84,698 -- $ 30,798 --
=========== ====== ============ ======
2,513,051 100 2,681,806 100
-- -- -- --
----------- ------ ------------ ------
(15,201) -- (12,165) --
----------- ------ ------------ ------
2,497,850 100 2,669,641 100
----------- ------ ------------ ------
</TABLE>
14
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (14.5%)
CHEMICALS (5.5%)
E.I. Du Pont de Nemours & Co. 25,000 $ 1,865,625
Great Lakes Chemical Corp. ............................................. 65,000 2,563,437
Hercules, Inc. ......................................................... 60,000 2,467,500
------------
6,896,562
------------
METALS & MINING (4.0%)
Asarco, Inc. ........................................................... 80,000 1,780,000
Newmont Mining Corp. ................................................... 75,000 1,771,875
Potash Corp. of Saskatchewan,
Inc. ................................................................. 20,000 1,511,250
------------
5,063,125
------------
PAPER (3.8%)
International Paper Co. ................................................ 27,000 1,161,000
Kimberly-Clark Corp. ................................................... 45,000 2,064,375
Stone Container Corp.* ................................................. 100,000 1,562,500
------------
4,787,875
------------
STEEL (1.2%)
WHX Corp.* ............................................................. 120,000 1,545,000
------------
TOTAL BASIC MATERIALS ................................................ 18,292,562
------------
BUSINESS SERVICES (2.0%)
PRINTING, PUBLISHING,
BROADCASTING (2.0%)
Dow Jones & Co., Inc. .................................................. 45,000 2,508,750
------------
CAPITAL GOODS (4.9%)
BUILDING MATERIALS & FOREST
PRODUCTS (1.5%)
Louisiana-Pacific Corp. ................................................ 100,000 1,825,000
------------
ELECTRICAL EQUIPMENT (0.9%)
Mentor Graphics Corp.* ................................................. 110,000 1,161,875
------------
MACHINERY (2.5%)
Caterpillar, Inc. ...................................................... 30,000 1,586,250
Deere & Co. ............................................................ 30,000 1,586,250
------------
3,172,500
------------
TOTAL CAPITAL GOODS .................................................. 6,159,375
------------
CONSUMER CYCLICALS (9.5%)
AUTOS & TRUCKS (1.6%)
General Motors Corp. ................................................... 30,000 2,004,375
------------
LEISURE RELATED (1.0%)
Harrah's Entertainment, Inc.* .......................................... 55,000 1,278,750
------------
PHOTO & OPTICAL (1.8%)
Eastman Kodak Co. ...................................................... 30,000 2,191,875
------------
RETAIL--GENERAL (5.1%)
Dillards, Inc., Class A ................................................ 50,000 2,071,875
K-Mart Corp.* .......................................................... 85,000 1,636,250
Sears Roebuck & Co. .................................................... 20,000 1,221,250
Woolworth Corp.* ....................................................... 80,000 1,530,000
------------
6,459,375
------------
TOTAL CONSUMER CYCLICALS ............................................. 11,934,375
------------
CONSUMER NON-CYCLICALS (12.1%)
BEVERAGES (2.5%)
Seagram Co., Ltd. ...................................................... 75,000 3,070,313
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
DRUGS (4.4%)
Bristol-Myers Squibb Co. ............................................... 10,000 $ 1,149,375
Pharmaceutical Product
Development, Inc.* ................................................... 75,600 1,663,200
Pharmacia & Upjohn, Inc. ............................................... 60,000 2,767,500
------------
5,580,075
------------
FOODS (2.1%)
General Mills, Inc. .................................................... 38,600 2,639,275
------------
HOSPITAL SUPPLIES &
SERVICES (1.4%)
Columbia HCA Healthcare Corp. 60,000 1,747,500
------------
TOBACCO (1.7%)
Philip Morris Cos., Inc. ............................................... 55,000 2,165,625
------------
TOTAL CONSUMER NON-CYCLICALS 15,202,788
------------
CREDIT SENSITIVE (13.2%)
BANKS (4.5%)
Bankers Trust New York Corp. ........................................... 15,000 1,740,937
Hibernia Corp., Class A ................................................ 90,000 1,816,875
National City Corp. .................................................... 30,000 2,130,000
------------
5,687,812
------------
FINANCIAL SERVICES (1.8%)
Associates First Capital Corp.,
Class A .............................................................. 30,000 2,306,250
------------
INSURANCE (4.1%)
Aetna, Inc. ............................................................ 40,000 3,045,000
TIG Holdings, Inc. ..................................................... 90,000 2,070,000
------------
5,115,000
------------
UTILITY--ELECTRIC (1.1%)
Cinergy Corp. .......................................................... 37,500 1,312,500
------------
UTILITY--TELEPHONE (1.7%)
AT&T Corp. ............................................................. 37,000 2,113,625
------------
TOTAL CREDIT SENSITIVE ............................................... 16,535,187
------------
DIVERSIFIED (1.5%)
MISCELLANEOUS (1.5%)
ITT Industries, Inc. ................................................... 50,000 1,868,750
------------
ENERGY (11.7%)
OIL--DOMESTIC (6.8%)
Atlantic Richfield Co. ................................................. 22,500 1,757,812
Royal Dutch Petroleum Co.
(NY Shares) .......................................................... 35,000 1,918,438
Sonat, Inc. ............................................................ 60,000 2,317,500
Unocal Corp. ........................................................... 70,000 2,502,500
------------
8,496,250
------------
OIL--INTERNATIONAL (0.9%)
Diamond Offshore Drilling, Inc. ........................................ 30,000 1,200,000
------------
OIL--SUPPLIES & CONSTRUCTION (1.6%)
Dresser Industries, Inc. ............................................... 45,000 1,982,813
------------
RAILROADS (2.4%)
Union Pacific Corp. .................................................... 70,000 3,088,750
------------
TOTAL ENERGY ......................................................... 14,767,813
------------
</TABLE>
15
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- ---------------
<S> <C> <C>
TECHNOLOGY (14.5%)
ELECTRONICS (6.6%)
3Com Corp.* .......................... 75,000 $ 2,301,562
Exabyte Corp.* ....................... 130,000 1,084,688
Integrated Device Technology,
Inc.* .............................. 150,000 1,073,438
Novell, Inc.* ........................ 250,000 3,187,500
Seagate Technology, Inc.* ............ 30,000 714,375
------------
8,361,563
------------
OFFICE EQUIPMENT (5.3%)
Hewlett Packard Co. .................. 30,000 1,796,250
International Business Machines
Corp. .............................. 8,000 918,500
Scitex Corp., Ltd.* .................. 200,000 2,612,500
Silicon Graphics, Inc.* .............. 110,000 1,333,750
------------
6,661,000
------------
TELECOMMUNICATIONS (2.6%)
Glenayre Technologies, Inc.* ......... 80,000 860,000
Motorola, Inc. ....................... 45,000 2,365,312
------------
3,225,312
------------
TOTAL TECHNOLOGY ................... 18,247,875
------------
TOTAL COMMON STOCKS (83.9%)
(Cost $103,541,165) ................ 105,517,475
------------
PRINCIPAL
AMOUNT
--------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (15.5%)
Federal Home Loan Mortgage
Corporation (Discount Note),
7/1/98 (Amortized Cost
$19,429,000) ....................... $19,429,000 19,429,000
------------
TOTAL INVESTMENTS (99.4%)
(Cost/Amortized Cost
$122,970,165) ...................... 124,946,475
OTHER ASSETS
LESS LIABILITIES (0.6%) ............ 759,496
------------
NET ASSETS (100%) .................... $125,705,971
============
</TABLE>
- ----------
* Non-income producing
16
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ....... $89,439,250
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ....... 29,713,926
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 6,956,519
Aggregate gross unrealized depreciation .......... (4,980,209)
------------
Net unrealized appreciation ...................... $ 1,976,310
============
Federal income tax cost of investments ........... $122,970,165
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$19,580,785, which was secured by collateral valued at $20,123,100, of which
$809,400 was in the form of U.S. Government Securities.
For the six months ended June 30, 1998 the Portfolio incurred approximately
$4,804 as brokerage commissions with Donaldson, Lufkin & Jenrette Securities
Corp., and $1,676 with Merrill Lynch & Co., both affiliated broker/dealers.
See Notes to Financial Statements.
17
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
CANADA (1.1%)
Imax Corp.* ........................ 3,300 $ 75,281
Magna International, Inc.,
Class A .......................... 3,200 219,600
----------
TOTAL CANADA ..................... 294,881
----------
JAPAN (5.9%)
Amway Japan Ltd. ................... 700 7,423
Bank of Tokyo-Mitsubushi Ltd. ...... 21,000 222,544
Ito-Yokado Co., Ltd. ............... 4,000 188,429
Matsushita Electric Industries Co. 14,000 225,220
Matsushita Electric Works Ltd. ..... 4,000 32,319
Rohm Co. ........................... 2,000 205,598
Sanwa Bank Ltd. .................... 22,000 196,956
Sony Corp. ......................... 3,000 258,621
Tokio Marine & Fire Insurance
Co. .............................. 21,000 216,029
Tokyo Electron Ltd. ................ 4,000 122,637
----------
TOTAL JAPAN ...................... 1,675,776
----------
LATIN AMERICA (3.0%)
ARGENTINA (0.8%)
YPF S.A., Class D (ADR) ............ 7,200 216,450
----------
MEXICO (2.2%)
Grupo Carso (ADR) .................. 20,900 171,877
Panamerican Beverages, Inc.,
Class A .......................... 7,100 223,206
Telmex, Class L (ADR) .............. 5,100 245,119
----------
640,202
----------
TOTAL LATIN AMERICA .............. 856,652
----------
OTHER EUROPEAN COUNTRIES (15.0%)
FRANCE (4.9%)
Alstom* ............................ 7,900 259,958
Elf Acquitaine S.A. ................ 2,300 323,274
STMicroelectronics N.V.
(N.Y. Shares)* ................... 3,200 223,600
Scor ............................... 4,900 310,732
Thomson CSF ........................ 7,000 266,226
----------
1,383,790
----------
GERMANY (3.4%)
Bayerische Vereinsbank AG .......... 3,500 297,893
Daimler-Benz AG .................... 3,200 314,056
Mannesmann AG ...................... 3,600 365,489
----------
977,438
----------
IRELAND (0.2%)
Bank of Ireland .................... 2,800 57,422
----------
ITALY (1.6%)
Arnoldo Mondadori Editore .......... 23,100 273,011
Danieli & Co. ...................... 41,100 190,830
----------
463,841
----------
NETHERLANDS (1.0%)
Royal Dutch Petroleum Co.
(NY Shares) ...................... 5,300 290,506
----------
SPAIN (2.1%)
Dinamia Capital Privado* ........... 7,400 127,877
Metrovacesa S.A. ................... 3,600 105,876
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Metrovacesa S.A.
(Bonus Shares)* .................. 180 $ 254
Repsol S.A. (ADR) .................. 4,500 247,500
Uralita S.A. ....................... 8,200 116,837
----------
598,344
----------
SWITZERLAND (1.8%)
Schindler Holding AG ............... 140 213,367
UBS AG (Registered) ................ 680 253,031
Valora Holding AG .................. 200 52,781
----------
519,179
----------
TOTAL OTHER EUROPEAN
COUNTRIES ..................... 4,290,520
----------
SCANDINAVIA (9.2%)
FINLAND (3.7%)
Amer-Yhtymae OYJ, Class A* ......... 8,700 168,206
Finnlines OYJ ...................... 4,000 248,060
Orion-Yhtymae OYJ, Class B ......... 4,620 142,412
Sampo Insurance Co., plc,
Class A .......................... 3,000 142,269
Sponda OYJ* ........................ 15,210 106,809
Upm-Kymmene OYJ .................... 9,300 256,140
----------
1,063,896
----------
NORWAY (0.1%)
Color Line ASA* .................... 11,200 35,068
----------
SWEDEN (5.4%)
Autoliv, Inc. ...................... 5,200 166,228
Bure Investment AB ................. 8,000 127,366
Castellum AB ....................... 9,200 108,412
Custos AB, Class A ................. 3,000 76,345
Custos AB, Class B ................. 3,000 75,592
ForeningsSparbanken AB ............. 7,000 210,605
Haldex AB .......................... 5,800 104,701
Nordbanken Holding AB .............. 34,200 250,809
Perstorp AB, Class B ............... 11,200 209,201
Spectra-Physics AB, Class A ........ 5,300 84,712
Tornet Fastighets AB ............... 7,000 112,323
----------
1,526,294
----------
TOTAL SCANDINAVIA ................ 2,625,258
----------
SOUTHEAST ASIA (0.8%)
INDONESIA (0.5%)
Indostat (ADR) ..................... 13,300 147,963
----------
SINGAPORE (0.3%)
Oversea-Chinese Banking Corp.,
Ltd. (Foreign) ................... 20,000 68,067
----------
TOTAL SOUTHEAST ASIA ............. 216,030
----------
UNITED KINGDOM (4.4%)
British Aerospace plc .............. 30,000 229,960
Devro plc .......................... 13,200 110,661
Diageo plc ......................... 20,272 240,366
Imperial Chemical Industries plc 13,500 216,884
LucasVarity plc .................... 53,100 211,052
Thomson Travel Group plc* .......... 81,000 252,956
----------
TOTAL UNITED KINGDOM ............. 1,261,879
----------
</TABLE>
18
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
UNITED STATES (29.6%)
Allmerica Financial Corp. ............. 3,000 $ 195,000
Avis Rent A Car, Inc.* ................ 3,700 91,575
BMC Software, Inc.* ................... 3,720 193,207
Bank of New York Co., Inc. ............ 4,150 251,853
BankAmerica Corp. ..................... 1,400 121,012
Beckman Coulter, Inc. ................. 1,700 99,025
Black & Decker Corp. .................. 2,820 172,020
Bristol-Myers Squibb Co. .............. 1,500 172,406
Burlington Northern Santa Fe
Corp. ............................... 1,220 119,789
Capstar Broadcasting Corp.,
Class A* ............................ 6,100 153,262
Carnival Corp., Class A ............... 4,800 190,200
Chancellor Media Corp.* ............... 2,010 99,809
Cisco Systems, Inc.* .................. 2,130 196,093
Columbia HCA Healthcare Corp. 3,200 93,200
Compaq Computer Corp. ................. 4,700 133,362
Computer Associates
International, Inc. ................. 1,990 110,569
Dial Corp. ............................ 6,130 158,997
El Paso Natural Gas Co. ............... 5,100 195,075
Enron Corp. ........................... 2,250 121,641
Federal-Mogul Corp. ................... 2,700 182,250
First Union Corp. ..................... 2,950 171,837
Gartner Group, Inc., Class A* ......... 3,025 105,875
GenCorp, Inc. ......................... 3,200 80,800
General Electric Co. .................. 1,300 118,300
Gillette Co. .......................... 1,800 102,037
Great Lakes Chemical Corp. ............ 4,000 157,750
Healthsouth Corp.* .................... 6,200 165,462
Heller Financial, Inc.* ............... 4,000 120,000
Hertz Corp., Class A .................. 2,500 110,781
Ingersol-Rand Co. ..................... 3,450 152,016
Intel Corp. ........................... 1,500 111,188
International Business Machines
Corp. ............................... 850 97,591
Keebler Foods Co.* .................... 2,800 77,000
Lowe's Cos., Inc. ..................... 3,500 141,969
Makino Milling Machine Co.,
Ltd. ................................ 34,000 239,634
Orbital Sciences Corp.* ............... 750 28,031
Owens Illinois, Inc.* ................. 3,200 143,200
Premier Parks, Inc.* .................. 4,050 269,831
Providian Financial Corp. ............. 1,750 137,484
Rite Aid Corp. ........................ 4,750 178,422
Royal Caribbean Cruises Ltd. .......... 1,600 127,200
Safeway, Inc.* ........................ 4,000 162,750
Schlumberger Ltd. ..................... 1,240 84,708
Seagram Co., Ltd. ..................... 2,500 102,344
Sears Roebuck & Co. ................... 2,750 167,922
SmarTalk Teleservices, Inc.* .......... 1,800 26,213
Starwood Hotels & Resorts ............. 1,720 83,098
Tele-Communications TCI
Ventures Group, Class A* ............ 7,010 140,638
Telecommunications, Inc.,
Class A* ............................ 2,770 106,472
Texas Instruments, Inc. ............... 1,700 99,131
Travelers Group, Inc. ................. 3,100 187,938
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Tyco International Ltd. ............... 2,100 $ 132,300
U.S. Airways Group, Inc.* ............. 2,200 174,350
U.S.A. Waste Services, Inc.* .......... 3,680 181,700
Unocal Corp. .......................... 3,730 133,348
Unum Corp. ............................ 1,425 79,088
Wal-Mart Stores, Inc. ................. 3,400 206,550
Warner Lambert Co. .................... 2,700 187,313
World Color Press, Inc.* .............. 4,000 140,000
Worldcom, Inc.* ....................... 3,700 179,219
----------
TOTAL UNITED STATES ................. 8,461,835
----------
TOTAL COMMON STOCKS (69.0%)
(Cost $18,218,311) .................. 19,682,831
----------
PREFERRED STOCKS:
OTHER EUROPEAN COUNTRIES (1.1%)
GERMANY (1.1%)
Henkel KGaA (Cost $192,980) ........... 3,200 318,492
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
-----------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
OTHER EUROPEAN COUNTRIES (4.7%)
GERMANY (4.7%)
Republic of Germany
Series 86
6.00%, 6/20/16 DEM 375,000 230,156
Series 95
6.50%, 10/14/05 .............. 175,000 107,794
Series 97
6.00%, 7/4/07 ................ 1,285,000 775,418
Series 98
5.63%, 1/4/28 ................ 370,000 213,635
-------
TOTAL OTHER EUROPEAN
COUNTRIES ................. 1,327,003
---------
SCANDINAVIA (3.3%)
SWEDEN (3.3%)
Kingdom of Sweden
Series 1037
8.00%, 8/15/07 SEK 2,900,000 444,318
Series 1039
5.50%, 4/12/02 ............... 3,800,000 492,744
---------
TOTAL SCANDINAVIA ............ 937,062
---------
UNITED KINGDOM (2.9%)
United Kingdom Treasury Bill
8.00%, 12/7/00 GBP 90,000 154,031
United Kingdom Treasury Note
7.25%, 12/7/07 ............... 360,000 662,239
---------
TOTAL UNITED KINGDOM ......... 816,270
---------
UNITED STATES (12.4%)
U.S. Treasury Note
6.00%, 8/15/99 $ 950,000 954,751
6.50%, 5/31/02 1,070,000 1,105,779
6.63%, 5/15/07 ............... 360,000 387,000
6.63%, 2/15/27 ............... 975,000 1,101,751
---------
TOTAL UNITED STATES .......... 3,549,281
---------
TOTAL LONG-TERM DEBT SECURITIES (23.3%)
(Cost $6,455,259) ............. 6,629,616
---------
</TABLE>
19
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- --------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (8.4%)
Federal Home Loan Mortgage
Corporation (Discount Note),
7/1/98 (Amortized Cost
$2,400,000) ....................... $2,400,000 $ 2,400,000
-----------
TOTAL INVESTMENTS (101.8%)
(Cost/Amortized Cost
$27,266,550) ...................... 29,030,939
OTHER ASSETS
LESS LIABILITIES (--1.8%) ......... (504,673)
-----------
NET ASSETS (100%) ................... $28,526,266
===========
</TABLE>
- --------------------------------------------------------------------------------
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Equity Investments
<TABLE>
<S> <C>
Basic Materials ................. 5.8%
Business Services ............... 6.0
Capital Goods ................... 12.5
Consumer Cyclicals .............. 18.5
Consumer Non-Cyclicals .......... 10.9
Credit Sensitive ................ 24.4
Diversified ..................... 3.1
Energy .......................... 7.1
Technology ...................... 11.7
-----
100.0%
=====
</TABLE>
- ---------------------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
GBP--British Pound
DEM--German Mark
SEK--Swedish Krona
20
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1998 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------ ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
Australian Dollar, expiring 7/27/98 ........... 320 $ 197,472 $ 198,483 $ 1,011
British Pound, expiring 7/7/98 ................ 35 58,376 58,418 42
Finnish Markka, expiring 7/1/98 ............... 891 162,380 162,519 139
French Franc, expiring 7/16/98 ................ 300 50,353 49,658 (695)
German Mark, expiring 7/1/98 .................. 73 40,570 40,689 119
Japanese Yen, expiring 7/3/98 ................. 7,695 55,646 55,514 (132)
Swedish Krona, expiring 7/1/98-7/2/98 ......... 654 82,136 82,045 (91)
FOREIGN CURRENCY SALE CONTRACTS
Australian Dollar, expiring 7/27/98 ........... 320 201,662 198,483 3,179
British Pound, expiring 7/22/98 ............... 930 1,548,915 1,551,189 (2,274)
Canadian Dollar, expiring 7/23/98 ............. 675 459,346 458,950 396
Finnish Markka, expiring 9/18/98 .............. 4,500 828,195 824,375 3,820
French Franc, expiring 7/16/98 ................ 6,700 1,115,571 1,109,020 6,551
German Mark, expiring 7/16/98 ................. 3,900 2,177,578 2,164,659 12,919
Italian Lira, expiring 8/24/98 ................ 770,000 435,792 433,734 2,058
Japanese Yen, expiring 7/1/98-9/22/98 ......... 235,196 1,728,710 1,717,415 11,295
Norwegian Krone, expiring 7/1/98 .............. 377 49,002 49,213 (211)
Spanish Peseta, expiring 8/24/98 .............. 70,000 459,701 457,380 2,321
Swedish Krona, expiring 9/18/98 ............... 16,200 2,021,005 2,037,549 (16,544)
Swiss Franc, expiring 7/16/98 ................. 1,000 677,263 660,855 16,408
---------
$ 40,311
=========
</TABLE>
Investment security transactions for the six months ended
June 30, 1998 were as follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $17,055,113
U.S. Government securities ............................. 2,450,367
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 8,301,445
U.S. Government securities ............................. 1,224,586
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 2,460,724
Aggregate gross unrealized depreciation .......... (696,335)
-----------
Net unrealized appreciation ...................... $ 1,764,389
===========
Federal income tax cost of investments ........... $27,266,550
===========
</TABLE>
<PAGE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$3,002,462, which was secured by collateral valued at $3,083,740, of which
$904,720 was in the form of U.S. Government Securities.
For the six months ended June 30, 1998 the Portfolio incurred approximately
$563 as brokerage commissions with Donaldson, Lufkin & Jenrette Securities
Corp., and $2,361 with Merrill Lynch & Co., Inc., both affiliated
broker/dealers.
See Notes to Financial Statements.
21
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (0.0%)
CHEMICALS (0.0%)
Waters Corp.* ........................ 400 $ 23,575
------------
BUSINESS SERVICES (20.7%)
ENVIRONMENTAL CONTROL (0.2%)
American Disposal Services,
Inc.* .............................. 600 28,125
U.S.A. Waste Services, Inc.* ......... 12,100 597,437
------------
625,562
------------
PRINTING, PUBLISHING,
BROADCASTING (7.5%)
American Tower Corp., Class A* 26,100 650,869
CBS Corp. ............................ 51,500 1,635,125
Clear Channel Communications,
Inc.* .............................. 20,350 2,220,694
Cox Radio Inc., Class A* ............. 14,400 622,800
Hearst-Argyle Television, Inc.* ...... 4,500 180,000
Heftel Broadcasting Corp.,
Class A* ........................... 8,000 358,000
Intermedia Communications of
Florida, Inc.* ..................... 86,400 3,623,400
Jacor Communications, Inc.* .......... 31,500 1,858,500
Learning Tree International,
Inc.* .............................. 39,700 798,963
Siebel Systems, Inc.* ................ 8,200 264,450
Time Warner, Inc. .................... 31,500 2,691,281
Univision Communications, Inc.,
Class A* ........................... 15,700 584,825
Viacom, Inc., Class B* ............... 64,900 3,780,425
Workflow Management, Inc.* ........... 8,165 65,830
------------
19,335,162
------------
PROFESSIONAL SERVICES (12.9%)
Accustaff, Inc.* ..................... 106,100 3,315,625
Aztec Technology Partners, Inc.* 1 8
BISYS Group, Inc.* ................... 12,800 524,800
Cendant Corp.* ....................... 516,552 10,783,023
Central Parking Corp. ................ 1,700 79,050
Coach USA, Inc.* ..................... 9,600 438,000
Computer Learning Centers,
Inc.* .............................. 15,700 390,537
Compuware Corp.* ..................... 179,600 9,182,050
DA Consulting Group, Inc.* ........... 1,800 25,875
Interim Services, Inc.* .............. 800 25,700
Metamor Worldwide, Inc.* ............. 7,800 274,462
NOVA Corp.* .......................... 7,200 257,400
Orthodontic Centers of America,
Inc.* .............................. 22,100 462,719
Pacificare Health Systems, Inc.,
Class B* ........................... 14,700 1,299,113
Policy Management Systems
Corp.* ............................. 68,840 2,701,970
Professional Detailing, Inc.* ........ 600 14,925
Renaissance Worldwide, Inc.* ......... 37,500 815,625
SEMA Group plc ....................... 104,720 1,232,926
Taylor Nelson Sofres plc ............. 182,400 374,669
Wellpoint Health Networks, Inc.* 14,500 1,073,000
Whittman-Hart, Inc.* ................. 600 29,025
------------
33,300,502
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
TRUCKING, SHIPPING (0.1%)
Newport News Shipbuilding, Inc. 9,800 $ 262,150
------------
TOTAL BUSINESS SERVICES ............ 53,523,376
------------
CAPITAL GOODS (1.8%)
AEROSPACE (0.7%)
Gulfstream Aerospace Corp.* .......... 22,300 1,036,950
Saab AB, Class B* .................... 81,425 857,428
------------
1,894,378
------------
BUILDING MATERIALS & FOREST
PRODUCTS (1.1%)
Lowe's Cos., Inc. .................... 67,900 2,754,194
------------
ELECTRICAL EQUIPMENT (0.0%)
Elsag Bailey Process Automation
N.V.* .............................. 3,900 93,844
------------
MACHINERY (0.0%)
SI Handling Systems, Inc. ............ 900 11,812
------------
TOTAL CAPITAL GOODS ................ 4,754,228
------------
CONSUMER CYCLICALS (12.0%)
APPAREL & TEXTILES (0.2%)
Linens 'N Things, Inc.* .............. 13,300 406,481
------------
AUTO RELATED (1.3%)
Federal-Mogul Corp. .................. 1,200 81,000
Republic Industries, Inc.* ........... 132,600 3,315,000
------------
3,396,000
------------
AUTOS & TRUCKS (0.0%)
Hayes Lemmerz International,
Inc.* .............................. 300 11,925
------------
FOOD SERVICES, LODGING (1.0%)
Applebee's International, Inc. ....... 9,200 205,850
Buffets, Inc.* ....................... 40,000 627,500
Outback Steakhouse, Inc.* ............ 700 27,300
Promus Hotel Corp.* .................. 44,378 1,708,534
Sedexho Marriott Services, Inc.* ..... 900 26,100
Showbiz Pizza Time, Inc.* ............ 700 28,219
------------
2,623,503
------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.1%)
Gemstar International Group
Ltd.* .............................. 7,300 273,294
------------
LEISURE RELATED (0.4%)
Harrah's Entertainment, Inc.* ........ 24,900 578,925
Navigant International, Inc.* ........ 6,124 52,054
Premier Parks, Inc.* ................. 6,600 439,725
------------
1,070,704
------------
RETAIL--GENERAL (9.0%)
Borders Group, Inc.* ................. 700 25,900
Consolidated Stores Corp.* ........... 6,200 224,750
CVS Corp. ............................ 53,000 2,063,688
Dollar General Corp. ................. 3,000 118,688
Duane Reade, Inc.* ................... 800 24,000
Fred Meyer, Inc.* .................... 87,700 3,727,250
Home Depot, Inc. ..................... 68,400 5,681,475
Kohls Corp.* ......................... 8,400 435,750
Office Depot, Inc.* .................. 158,100 4,990,031
Proffitt's, Inc.* .................... 5,400 218,025
Rite Aid Corp. ....................... 107,800 4,049,237
</TABLE>
22
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
School Specialty, Inc.* .............. 6,805 $ 111,432
Staples, Inc.* ....................... 58,750 1,700,078
The Learning Co., Inc.* .............. 900 26,662
Viking Office Products, Inc.* ........ 800 25,100
------------
23,422,066
------------
TOTAL CONSUMER CYCLICALS ........... 31,203,973
------------
CONSUMER NON-CYCLICALS (6.1%)
CONTAINERS (0.2%)
Rubbermaid, Inc. ..................... 14,100 467,944
------------
DRUGS (1.0%)
Cardinal Health, Inc. ................ 7,500 703,125
ICON plc (ADR)* ...................... 100 2,525
King Pharmaceuticals, Inc.* .......... 6,200 86,800
McKesson Corp. ....................... 23,100 1,876,875
------------
2,669,325
------------
HOSPITAL SUPPLIES & SERVICES (4.4%)
Boston Scientific Corp.* ............. 15,300 1,095,862
Columbia HCA Healthcare Corp. 9,000 262,125
Guidant Corp. ........................ 7,600 541,975
Health Management Associates,
Inc., Class A* ..................... 4,300 143,781
Healthsouth Corp.* ................... 76,600 2,044,262
Integrated Health Services, Inc. ..... 13,000 487,500
Medtronic, Inc. ...................... 10,000 637,500
PSS World Medical, Inc.* ............. 4,900 71,663
Province Healthcare Co.* ............. 300 8,306
STERIS Corp.* ........................ 17,100 1,087,453
Total Renal Care Holdings, Inc.* 45,248 1,561,056
U.S. Surgical Corp. .................. 79,100 3,608,938
------------
11,550,421
------------
RETAIL--FOOD (0.5%)
General Nutrition Cos., Inc.* ........ 14,000 435,750
Safeway, Inc.* ....................... 18,000 732,375
Suiza Foods Corp.* ................... 400 23,875
------------
1,192,000
------------
SOAPS & TOILETRIES (0.0%)
Carson, Inc., Class A* ............... 1,000 7,875
------------
TOTAL CONSUMER NON-CYCLICALS 15,887,565
------------
CREDIT SENSITIVE (8.1%)
BANKS (0.1%)
U.S. Trust Corp. ..................... 2,400 183,000
------------
FINANCIAL SERVICES (2.5%)
Associates First Capital Corp.,
Class A ............................ 8,400 645,750
Conseco, Inc. ........................ 2,600 121,550
Consolidation Capital Corp.* ......... 25,500 573,352
First Data Corp. ..................... 57,800 1,925,462
Franklin Resources, Inc. ............. 37,700 2,035,800
Morgan Stanley Dean Witter
& Co. .............................. 13,900 1,270,112
------------
6,572,026
------------
INSURANCE (3.4%)
Ace Ltd. ............................. 5,000 195,000
Annuity & Life RE Holdings
Ltd.* .............................. 10,500 232,313
Life Re Corp. ........................ 3,200 262,400
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Skandia Forsakrings AB ............... 14,000 $ 200,075
United Healthcare Corp. .............. 124,400 7,899,400
------------
8,789,188
------------
UTILITY--TELEPHONE (2.1%)
MCI Communications Corp. ............. 93,000 5,405,625
------------
TOTAL CREDIT SENSITIVE ............. 20,949,839
------------
DIVERSIFIED (5.0%)
MISCELLANEOUS (5.0%)
Tyco International Ltd. .............. 206,537 13,011,821
------------
TECHNOLOGY (38.3%)
ELECTRONICS (19.6%)
ARM Holdings plc* .................... 500 9,895
ARM Holdings plc (ADR)* .............. 8,500 520,625
Affiliated Computer Services,
Inc., Class A* ..................... 17,200 662,200
Altera Corp.* ........................ 43,400 1,283,012
Aspen Technologies, Inc.* ............ 500 25,250
Autodesk, Inc. ....................... 7,750 299,344
BMC Software, Inc.* .................. 201,700 10,475,794
CBT Group plc (ADR)* ................. 500 26,750
Cable Design Technologies* ........... 6,800 140,250
Cadence Design Systems, Inc.* ........ 192,490 6,015,312
Computer Associates
International, Inc. ................ 207,900 11,551,444
HBO & Co. ............................ 95,000 3,348,750
Intel Corp. .......................... 1,700 126,012
Keane, Inc.* ......................... 500 28,000
Micro Warehouse, Inc.* ............... 59,400 920,700
Microsoft Corp.* ..................... 111,700 12,105,487
SAP AG+ .............................. 100 22,575
SAP AG (ADR) ......................... 200 45,199
Sun Microsystems, Inc.* .............. 9,800 425,688
Synopsys, Inc.* ...................... 29,400 1,345,050
Technology Solutions Co.* ............ 42,600 1,349,888
Xilinx, Inc.* ........................ 6,600 224,400
------------
50,951,625
------------
OFFICE EQUIPMENT (10.2%)
Ceridian Corp.* ...................... 11,800 693,250
Cisco Systems, Inc.* ................. 145,550 13,399,697
Compaq Computer Corp. ................ 11,700 331,987
Corporate Express, Inc.* ............. 70,900 899,544
DST Systems, Inc.* ................... 17,900 1,002,400
Danka Business Systems plc
(ADR) .............................. 57,100 674,494
Mobius Management Systems,
Inc.* .............................. 15,400 231,000
Oracle Corp.* ........................ 374,612 9,201,407
------------
26,433,779
------------
OFFICE EQUIPMENT SERVICES (1.9%)
Computer Sciences Corp. .............. 72,600 4,646,400
International Integration, Inc.* ..... 600 10,350
Sungard Data Systems, Inc.* .......... 2,700 103,613
U.S. Office Products Co.* ............ 4,111 80,169
------------
4,840,532
------------
TELECOMMUNICATIONS (6.6%)
AirTouch Communications, Inc.* 17,500 1,022,656
Amdocs Ltd.* ......................... 3,700 55,963
Aspect Telecommunications
Corp.* ............................. 1,000 27,375
</TABLE>
23
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------- ---------------
<S> <C> <C>
Century Telephone Enterprises,
Inc. ............................ 31,900 $ 1,463,412
DoubleClick, Inc.* ................ 200 9,938
Fiserv, Inc.* ..................... 600 25,481
Global TeleSystems Group, Inc.* 59,200 2,886,000
L-3 Communications Holdings,
Inc.* ........................... 800 26,150
Loral Space & Communications* 21,600 610,200
Lucent Technologies, Inc. ......... 30,700 2,553,856
Sprint Corp. ...................... 20,100 1,417,050
Tel-Save Holdings, Inc.* .......... 45,900 677,025
Tellabs, Inc.* .................... 17,200 1,231,950
Worldcom, Inc.* ................... 104,430 5,058,328
------------
17,065,384
------------
TOTAL TECHNOLOGY ................ 99,291,320
------------
TOTAL COMMON STOCKS (92.0%)
(Cost $212,636,859) ............. 238,645,697
------------
PREFERRED STOCKS:
TECHNOLOGY (3.8%)
ELECTRONICS (3.8%)
SAP AG (Non Voting)
(Cost $5,812,152) ............... 14,510 9,871,788
------------
PRINCIPAL
AMOUNT
--------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (4.0%)
Federal National Mortgage
Association (Discount Note),
7/6/98 .......................... $3,700,000 3,697,204
Student Loan Marketing
Association (Discount Note),
7/1/98 .......................... 6,600,000 6,600,000
------------
TOTAL SHORT-TERM DEBT SECURITIES (4.0%)
(Amortized Cost $10,297,204) ..... 10,297,204
------------
TOTAL INVESTMENTS (99.8%)
(Cost/Amortized Cost
$228,746,215) ................... 258,814,689
OTHER ASSETS
LESS LIABILITIES (0.2%) ......... 523,631
------------
NET ASSETS (100%) ................. $259,338,320
============
</TABLE>
- ----------
* Non-income producing
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may only be resold to qualified
institutional buyers. At June 30, 1998 these securities amounted to
$22,575 or 0.01% of net assets.
Glossary:
ADR--American Depositary Receipt
24
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $169,183,791
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 45,907,796
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 38,644,342
Aggregate gross unrealized depreciation .......... (8,575,868)
------------
Net unrealized appreciation ...................... $ 30,068,474
============
Federal income tax cost of investments ........... $228,746,215
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$61,497,015, which was secured by collateral valued at $62,970,340, of which
$1,108,250 was in the form of U.S. Government Securities.
For the six months ended June 30, 1998 the Portfolio incurred approximately $12
as brokerage commissions with Donaldson, Lufkin & Jenrette Securities Corp., an
affiliated broker/dealer.
See Notes to Financial Statements.
25
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (4.5%)
CHEMICALS (1.2%)
Air Products & Chemicals, Inc. ......................................... 42,000 $ 1,680,000
Akzo Nobel N.V. ........................................................ 3,600 800,630
E.I. Du Pont de Nemours & Co. 8,200 611,925
------------
3,092,555
------------
CHEMICALS--SPECIALTY (1.5%)
Cambrex Corp. .......................................................... 18,000 472,500
Cytec Industries, Inc.* ................................................ 25,600 1,132,800
Minerals Technologies, Inc. ............................................ 17,000 864,875
Sigma-Aldrich Corp. .................................................... 36,400 1,278,550
------------
3,748,725
------------
PAPER (1.8%)
Kimberly Clark Corp. ................................................... 65,200 2,991,050
Stone Container Corp.* ................................................. 111,900 1,748,437
------------
4,739,487
------------
TOTAL BASIC MATERIALS ................................................ 11,580,767
------------
BUSINESS SERVICES (4.5%)
ENVIRONMENTAL CONTROL (0.6%)
Browning-Ferris Industries, Inc. ....................................... 32,800 1,139,800
Waste Management, Inc. ................................................. 10,900 381,500
------------
1,521,300
------------
PRINTING, PUBLISHING,
BROADCASTING (1.2%)
CBS Corp. .............................................................. 45,600 1,447,800
Intermedia Communications of
Florida, Inc.* ....................................................... 31,800 1,333,612
Jacor Communications, Inc.* ............................................ 4,200 247,800
------------
3,029,212
------------
PROFESSIONAL SERVICES (2.3%)
AccuStaff, Inc.* ....................................................... 24,600 768,750
Cendant Corp.* ......................................................... 91,800 1,916,325
Compuware Corp.* ....................................................... 64,600 3,302,675
------------
5,987,750
------------
TRUCKING, SHIPPING (0.4%)
Newport News Shipbuilding, Inc. 38,400 1,027,200
------------
TOTAL BUSINESS SERVICES .............................................. 11,565,462
------------
CAPITAL GOODS (5.9%)
AEROSPACE (2.8%)
Lockheed Martin Corp. .................................................. 17,900 1,895,162
United Technologies Corp. .............................................. 56,700 5,244,750
------------
7,139,912
------------
ELECTRICAL EQUIPMENT (1.9%)
Cooper Industries, Inc. ................................................ 6,100 335,119
General Electric Co. ................................................... 33,900 3,084,900
Teradyne, Inc.* ........................................................ 49,000 1,310,750
------------
4,730,769
------------
MACHINERY (1.2%)
American Standard Cos., Inc.* .......................................... 29,600 1,322,750
Black & Decker Corp. ................................................... 30,300 1,848,300
------------
3,171,050
------------
TOTAL CAPITAL GOODS .................................................. 15,041,731
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
CONSUMER CYCLICALS (7.8%)
AIRLINES (0.6%)
AMR Corp.* ............................................................. 10,100 $ 840,825
U.S. Airways Group, Inc.* .............................................. 9,400 744,950
------------
1,585,775
------------
APPAREL & TEXTILES (0.6%)
Nordstrom, Inc. ........................................................ 20,800 1,606,800
------------
AUTO RELATED (0.5%)
Eaton Corp. ............................................................ 6,200 482,050
Lear Corp.* ............................................................ 16,700 856,919
------------
1,338,969
------------
AUTOS & TRUCKS (0.1%)
Ford Motor Co. ......................................................... 3,000 177,000
------------
FOOD SERVICES, LODGING (1.2%)
CKE Restaurants, Inc. .................................................. 27,300 1,126,125
Jarvis Hotels plc ...................................................... 84,600 243,006
McDonald's Corp. ....................................................... 20,100 1,386,900
Promus Hotel Corp.* .................................................... 9,500 365,750
------------
3,121,781
------------
HOUSEHOLD FURNITURE, APPLIANCES (0.1%)
Sony Corp. ............................................................. 1,800 155,172
------------
RETAIL--GENERAL (4.7%)
CVS Corp. .............................................................. 59,200 2,305,100
Fred Meyer, Inc.* ...................................................... 27,800 1,181,500
Home Depot, Inc. ....................................................... 31,100 2,583,244
Office Depot, Inc.* .................................................... 43,600 1,376,125
Rite Aid Corp. ......................................................... 120,000 4,507,500
------------
11,953,469
------------
TOTAL CONSUMER CYCLICALS ............................................. 19,938,966
------------
CONSUMER NON-CYCLICALS (16.0%)
BEVERAGES (0.2%)
Brahma (ADR) ........................................................... 37,300 466,250
------------
DRUGS (4.8%)
American Home Products Corp. ........................................... 73,500 3,803,625
Bristol-Myers Squibb Co. ............................................... 60,000 6,896,250
Cardinal Health, Inc. .................................................. 16,900 1,584,375
------------
12,284,250
------------
FOODS (1.5%)
Archer Daniels Midland Co. ............................................. 60,000 1,162,500
Corn Products International,
Inc.* ................................................................ 31,300 1,060,287
McCormick & Co., Inc.
(Non-Voting) ......................................................... 39,100 1,396,603
Nabisco Holdings Corp. ................................................. 7,900 284,894
------------
3,904,284
------------
HOSPITAL SUPPLIES & SERVICES (2.4%)
Boston Scientific Corp.* ............................................... 21,900 1,568,587
Columbia HCA Healthcare Corp. 71,500 2,082,438
Healthsouth Corp.* ..................................................... 96,858 2,584,898
------------
6,235,923
------------
RETAIL--FOOD (1.3%)
Safeway, Inc.* ......................................................... 81,000 3,295,688
------------
</TABLE>
26
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
SOAPS & TOILETRIES (5.8%)
Clorox Co. ............................................................. 19,900 $ 1,897,962
Colgate Palmolive Co. .................................................. 47,900 4,215,200
Dial Corp. ............................................................. 40,700 1,055,656
Gillette Co. ........................................................... 67,000 3,798,063
Procter & Gamble Co. ................................................... 28,800 2,622,600
Revlon, Inc., Class A* ................................................. 23,700 1,217,588
------------
14,807,069
------------
TOTAL CONSUMER NON-CYCLICALS 40,993,464
------------
CREDIT SENSITIVE (24.0%)
BANKS (5.6%)
BankBoston Corp. ....................................................... 31,400 1,746,625
Chase Manhattan Corp. .................................................. 40,000 3,020,000
Comerica, Inc. ......................................................... 36,050 2,388,312
First Union Corp. ...................................................... 39,662 2,310,312
Fleet Financial Group, Inc. ............................................ 29,200 2,438,200
PNC Bank Corp. ......................................................... 27,400 1,474,462
Union Planters Corp. ................................................... 18,000 1,058,625
------------
14,436,536
------------
FINANCIAL SERVICES (6.5%)
Associates First Capital Corp.,
Class A .............................................................. 14,657 1,126,757
CIT Group, Inc., Class A ............................................... 12,000 450,000
Conseco, Inc. .......................................................... 72,200 3,375,350
Fannie Mae ............................................................. 40,200 2,442,150
Green Tree Financial Corp. ............................................. 4,500 192,656
Hutchison Whampoa Ltd. ................................................. 167,000 881,557
ING Groep N.V. ......................................................... 38,700 2,535,209
Merrill Lynch & Co. .................................................... 8,700 802,575
Morgan Stanley Dean Witter &
Co. .................................................................. 29,700 2,713,837
National City Corp. .................................................... 28,100 1,995,100
------------
16,515,191
------------
INSURANCE (10.2%)
Ace Ltd. ............................................................... 30,100 1,173,900
Allstate Corp. ......................................................... 21,450 1,964,016
Chubb Corp. ............................................................ 20,700 1,663,762
CIGNA Corp. ............................................................ 33,900 2,339,100
EXEL Ltd. .............................................................. 7,300 568,031
FPIC Insurance Group, Inc.* ............................................ 3,100 104,238
Hartford Financial Services
Group, Inc. .......................................................... 24,300 2,779,313
Life Re Corp. .......................................................... 6,100 500,200
Lincoln National Corp. ................................................. 35,300 3,225,537
Mid Ocean Ltd. ......................................................... 400 31,400
Nationwide Financial Services,
Inc. Class A ......................................................... 14,700 749,700
Reliastar Financial Corp. .............................................. 32,662 1,567,776
Skandia Forsakrings AB ................................................. 183,200 2,618,127
Travelers Group, Inc. .................................................. 18,600 1,127,625
United Healthcare Corp. ................................................ 87,700 5,568,950
------------
25,981,675
------------
UTILITY--ELECTRIC (0.4%)
CalEnergy Co., Inc.* ................................................... 38,300 1,151,394
------------
UTILITY--TELEPHONE (1.3%)
MCI Communications Corp. ............................................... 25,800 1,499,625
Sprint Corp. ........................................................... 24,500 1,727,250
------------
3,226,875
------------
TOTAL CREDIT SENSITIVE ............................................... 61,311,671
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
DIVERSIFIED (2.7%)
MISCELLANEOUS (2.7%)
Tyco International Ltd. ................................................ 109,686 $ 6,910,218
------------
ENERGY (7.5%)
COAL & GAS PIPELINES (0.9%)
Columbia Energy Group .................................................. 16,050 892,782
K N Energy, Inc. ....................................................... 27,100 1,468,481
------------
2,361,263
------------
OIL--DOMESTIC (3.7%)
Chevron Corp. .......................................................... 19,800 1,644,637
Mobil Corp. ............................................................ 15,400 1,180,025
Texaco, Inc. ........................................................... 61,600 3,676,750
USX-Marathon Group, Inc. ............................................... 85,100 2,919,994
------------
9,421,406
------------
OIL--INTERNATIONAL (1.9%)
British Petroleum Co. plc (ADR) 42,887 3,784,778
Diamond Offshore Drilling, Inc. ........................................ 25,200 1,008,000
------------
4,792,778
------------
OIL--SUPPLIES & CONSTRUCTION (0.7%)
Cooper Cameron Corp.* .................................................. 18,100 923,100
EVI Weatherford, Inc.* ................................................. 26,055 967,292
------------
1,890,392
------------
RAILROADS (0.3%)
Wisconsin Central Transport
Corp.* ............................................................... 34,300 750,312
------------
TOTAL ENERGY ......................................................... 19,216,151
------------
TECHNOLOGY (17.9%)
ELECTRONICS (11.3%)
Adobe Systems, Inc. .................................................... 3,300 140,044
Analog Devices, Inc.* .................................................. 30,400 746,700
BMC Software, Inc.* .................................................... 73,300 3,807,019
Cadence Design Systems, Inc.* .......................................... 92,900 2,903,125
Computer Associates
International, Inc. .................................................. 34,450 1,914,128
Electronic Arts, Inc.* ................................................. 37,800 2,041,200
HBO & Co. .............................................................. 116,400 4,103,100
Microsoft Corp.* ....................................................... 90,000 9,753,750
Sun Microsystems, Inc.* ................................................ 60,100 2,610,594
Synopsys, Inc.* ........................................................ 20,000 915,000
------------
28,934,660
------------
OFFICE EQUIPMENT (3.6%)
Cisco Systems, Inc.* ................................................... 38,800 3,572,025
EMC Corp.* ............................................................. 28,600 1,281,637
Oracle Corp.* .......................................................... 128,500 3,156,281
Xerox Corp. ............................................................ 11,700 1,189,013
------------
9,198,956
------------
TELECOMMUNICATIONS (3.0%)
Alcatel Alsthom (ADR) .................................................. 85,600 3,482,850
Aspect Telecommunications
Corp.* ............................................................... 31,500 862,312
Worldcom, Inc.* ........................................................ 65,650 3,179,922
------------
7,525,084
------------
TOTAL TECHNOLOGY ..................................................... 45,658,700
------------
TOTAL COMMON STOCKS (90.8%)
(Cost $205,795,603) 232,217,130
------------
PREFERRED STOCKS
BASIC MATERIALS (0.2%)
CHEMICALS (0.2%)
Henkel KGaA (Cost $443,265) ............................................ 6,100 607,125
------------
</TABLE>
27
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------- ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (8.2%)
Federal Home Loan Bank
(Discount Note), 7/8/98 ........ $ 7,800,000 $ 7,791,734
Federal National Mortgage
Association (Discount Note),
7/6/98 ......................... 5,100,000 5,096,062
Federal National Mortgage
Association (Discount Note),
7/2/98 ......................... 8,100,000 8,098,776
------------
TOTAL SHORT-TERM DEBT SECURITIES (8.2%)
(Cost $20,986,572) .............. 20,986,572
------------
TOTAL INVESTMENTS (99.2%)
(Cost/Amortized Cost
$227,225,440) .................. 253,810,827
OTHER ASSETS
LESS LIABILITIES (0.8%) ........ 2,098,141
------------
NET ASSETS (100%) ................ $255,908,968
============
</TABLE>
- ----------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
28
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $145,808,912
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 53,310,556
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 31,309,415
Aggregate gross unrealized depreciation .......... (4,724,028)
------------
Net unrealized appreciation ...................... $ 26,585,387
============
Federal income tax cost of investments ........... $227,225,440
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$45,103,788, which was secured by collateral valued
at $46,364,830.
For the six months ended June 30, 1998 the Portfolio incurred approximately $30
as brokerage commissions with Donaldson, Lufkin & Jenrette Securities Corp.,
and $432 with Equitable Distributors, Inc., both affiliated broker/dealers.
See Notes to Financial Statements.
29
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (3.4%)
CHEMICALS (1.7%)
E.I. Du Pont de Nemours & Co. 7,804 $ 582,374
Eastman Chemical Co. ............... 4,453 277,199
-----------
859,573
-----------
PAPER (1.7%)
Chesapeake Corp. ................... 2,072 80,679
Kimberly Clark Corp. ............... 5,800 266,075
Temple-Inland, Inc. ................ 3,500 188,562
Weyerhaeuser Co. ................... 7,885 364,188
-----------
899,504
-----------
TOTAL BASIC MATERIALS ............ 1,759,077
-----------
BUSINESS SERVICES (3.5%)
PRINTING, PUBLISHING,
BROADCASTING (1.8%)
Comcast Corp., Class A Special ..... 8,200 332,869
McGraw Hill Cos., Inc. ............. 3,800 309,937
Time Warner, Inc. .................. 3,300 281,944
-----------
924,750
-----------
PROFESSIONAL SERVICES (0.5%)
Pitney Bowes, Inc. ................. 5,734 275,949
-----------
TRUCKING, SHIPPING (1.2%)
FDX Corp.* ......................... 5,300 332,575
Ryder System, Inc. ................. 8,600 271,437
-----------
604,012
-----------
TOTAL BUSINESS SERVICES .......... 1,804,711
-----------
CAPITAL GOODS (2.5%)
AEROSPACE (0.5%)
Lockheed Martin Corp. .............. 2,306 244,148
-----------
ELECTRICAL EQUIPMENT (1.1%)
Cooper Industries, Inc. ............ 4,100 225,244
Emerson Electric Co. ............... 5,852 353,314
-----------
578,558
-----------
MACHINERY (0.9%)
Caterpillar, Inc. .................. 3,000 158,625
Deere & Co. ........................ 5,900 311,963
-----------
470,588
-----------
TOTAL CAPITAL GOODS .............. 1,293,294
-----------
CONSUMER CYCLICALS (6.0%)
AIRLINES (1.3%)
Delta Airlines, Inc. ............... 2,562 331,139
UAL Corp.* ......................... 4,200 327,600
-----------
658,739
-----------
AUTO RELATED (1.9%)
Dana Corp. ......................... 4,800 256,800
Eaton Corp. ........................ 3,900 303,225
Goodyear Tire & Rubber Co. ......... 4,100 264,194
TRW Inc. ........................... 3,132 171,085
-----------
995,304
-----------
AUTOS & TRUCKS (0.8%)
Ford Motor Co. ..................... 7,100 418,900
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- ------------------
<S> <C> <C>
RETAIL--GENERAL (2.0%)
Hasbro, Inc. ....................... 6,000 $ 235,875
May Department Stores Co. .......... 5,000 327,500
Sears Roebuck & Co. ................ 4,200 256,462
Toys-R-Us, Inc.* ................... 10,087 237,675
-----------
1,057,512
-----------
TOTAL CONSUMER CYCLICALS ......... 3,130,455
-----------
CONSUMER NON-CYCLICALS (11.0%)
BEVERAGES (1.1%)
Anheuser-Busch Cos., Inc. .......... 5,727 270,243
Whitman Corp. ...................... 12,700 291,306
-----------
561,549
-----------
CONTAINERS (0.4%)
Owens-Illinois, Inc.* .............. 4,500 201,375
-----------
DRUGS (3.9%)
American Home Products Corp. ....... 10,454 540,995
Bristol-Myers Squibb Co. ........... 4,348 499,748
Merck & Co., Inc. .................. 4,100 548,375
Pharmacia & Upjohn, Inc. ........... 9,700 447,412
-----------
2,036,530
-----------
FOODS (2.4%)
ConAgra, Inc. ...................... 9,100 288,356
General Mills, Inc. ................ 4,000 273,500
H.J. Heinz Co. ..................... 5,400 303,075
Nabisco Holdings Corp. ............. 3,900 140,644
Sara Lee Corp. ..................... 4,300 240,531
-----------
1,246,106
-----------
HOSPITAL SUPPLIES &
SERVICES (1.8%)
Baxter International, Inc. ......... 8,294 446,321
Columbia HCA Healthcare Corp. 7,400 215,525
Wellpoint Health Networks, Inc.* 4,100 303,400
-----------
965,246
-----------
SOAPS & TOILETRIES (0.5%)
Colgate Palmolive Co. .............. 3,000 264,000
-----------
TOBACCO (0.9%)
Philip Morris Cos., Inc. ........... 11,500 452,813
-----------
TOTAL CONSUMER NON-CYCLICALS...... 5,727,619
-----------
CREDIT SENSITIVE (23.3%)
BANKS (9.6%)
BankAmerica Corp. .................. 3,500 302,531
BankBoston Corp. ................... 5,348 297,483
Bankers Trust New York Corp. ....... 1,400 162,488
Charter One Financial, Inc. ........ 4,700 158,331
Citicorp ........................... 3,900 582,075
Crestar Financial Corp. ............ 1,520 82,935
First Chicago NBD Corp. ............ 5,083 450,481
First Union Corp. .................. 6,800 396,100
Firstar Corp. ...................... 2,281 86,678
Fleet Financial Group, Inc. ........ 3,685 307,698
J.P. Morgan & Co. .................. 2,600 304,525
KeyCorp ............................ 7,074 252,011
Nationsbank Corp. .................. 6,800 520,200
Norwest Corp. ...................... 10,600 396,175
PNC Bank Corp. ..................... 5,400 290,587
Synovus Financial Corp. ............ 5,616 133,380
Washington Mutual, Inc. ............ 5,850 254,109
-----------
4,977,787
-----------
</TABLE>
30
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
FINANCIAL SERVICES (1.2%)
Fannie Mae .......................... 5,160 $ 313,470
Morgan Stanley Dean Witter &
Co. ............................... 3,200 292,400
----------
605,870
----------
INSURANCE (2.8%)
Allstate Corp. ...................... 3,800 347,938
American General Corp. .............. 6,025 428,905
CIGNA Corp. ......................... 4,200 289,800
Hartford Financial Services
Group, Inc. ....................... 3,257 372,519
ReliaStar Financial Corp. ........... 400 19,200
----------
1,458,362
----------
REAL ESTATE (1.0%)
Duke Realty Investment, Inc. ........ 3,551 84,114
Equity Residential Property Trust 3,567 169,210
Starwood Hotels & Resorts ........... 5,200 251,225
----------
504,549
----------
UTILITY--ELECTRIC (2.9%)
Duke Energy Corp. ................... 5,868 347,679
Entergy Corp. ....................... 4,600 132,250
OGE Energy Corp. .................... 7,400 199,800
PP&L Resources, Inc. ................ 5,500 124,781
Potomac Electric Power Co. .......... 5,600 140,350
Southern Co. ........................ 10,722 296,865
Texas Utilities Co. ................. 7,100 295,538
----------
1,537,263
----------
UTILITY--GAS (1.1%)
Enron Corp. ......................... 5,300 286,531
Sempra Energy* ...................... 9,601 266,422
----------
552,953
----------
UTILITY--TELEPHONE (4.7%)
Ameritech Corp. ..................... 10,800 484,650
AT&T Corp. .......................... 6,200 354,175
Bellsouth Corp. ..................... 5,418 363,683
Cincinnati Bell, Inc. ............... 3,900 111,638
GTE Corp. ........................... 6,700 372,687
SBC Communications, Inc. ............ 8,008 320,320
Sprint Corp. ........................ 3,915 276,008
U.S. WEST, Inc. ..................... 3,600 169,200
----------
2,452,361
----------
TOTAL CREDIT SENSITIVE ............ 12,089,145
----------
DIVERSIFIED (0.6%)
MISCELLANEOUS (0.6%)
Minnesota Mining &
Manufacturing Co. ................. 3,458 284,204
----------
ENERGY (6.6%)
OIL--DOMESTIC (1.6%)
Amoco Corp. ......................... 9,110 379,204
Kerr-McGee Corp. .................... 3,700 214,137
Sonat, Inc. ......................... 5,900 227,888
----------
821,229
----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
OIL--INTERNATIONAL (4.3%)
British Petroleum Co. plc (ADR) 5,033 $ 444,162
Elf Acquitaine S.A. (ADR) ........... 4,549 322,979
Exxon Corp. ......................... 8,513 607,083
Mobil Corp. ......................... 6,600 505,725
Total S.A. (ADR) .................... 5,429 354,921
----------
2,234,870
----------
RAILROADS (0.7%)
Burlington Northern Santa Fe
Corp. ............................. 3,800 373,113
----------
TOTAL ENERGY ...................... 3,429,212
----------
TECHNOLOGY (3.7%)
ELECTRONICS (1.1%)
Computer Associates
International, Inc. ............... 3,900 216,694
Texas Instruments, Inc. ............. 6,500 379,031
----------
595,725
----------
OFFICE EQUIPMENT (2.0%)
Hewlett Packard Co. ................. 4,400 263,450
International Business Machines
Corp. ............................. 3,700 424,806
Xerox Corp. ......................... 3,260 331,298
----------
1,019,554
----------
OFFICE EQUIPMENT SERVICES (0.6%)
Electronic Data Systems Corp. ....... 7,800 312,000
----------
TOTAL TECHNOLOGY .................. 1,927,279
----------
TOTAL COMMON STOCKS (60.6%)
(Cost $29,715,140) ................ 31,444,996
----------
PREFERRED STOCKS:
CREDIT SENSITIVE (0.2%)
FINANCIAL SERVICES (0.2%)
K-Mart Financing .................... 739 51,730
Webster Capital Corp., Series A ..... 40 40,520
----------
TOTAL PREFERRED STOCKS (0.2%)
(Cost $83,191) .................... 92,250
----------
CONVERTIBLE PREFERRED
STOCKS:
BASIC MATERIALS (0.1%)
METALS & MINING (0.1%)
Freeport-McMoran Copper &
Gold, Inc. (Cost $68,677) ......... 2,648 51,636
----------
PRINCIPAL
AMOUNT
------
LONG-TERM DEBT
SECURITIES:
BASIC MATERIALS (0.1%)
CHEMICALS (0.1%)
Solutia, Inc. 6.72%, 10/15/37 ....... $55,000 55,816
----------
BUSINESS SERVICES (0.7%)
ENVIRONMENTAL CONTROL (0.2%)
U.S. Filter Corp.
6.50%, 5/15/03+ Section .......... 75,000 74,791
Waste Management
Technologies, Inc.
7.70%, 10/1/02 .................... 50,000 52,401
----------
127,192
----------
</TABLE>
31
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
---------------------- -----------------
<S> <C> <C>
PRINTING, PUBLISHING,
BROADCASTING (0.5%)
News America Holdings, Inc.
7.75%, 12/1/45 .................. $ 105,000 $ 113,060
Viacom, Inc.
7.75%, 6/1/05 ................... 115,000 123,193
-----------
236,253
-----------
TOTAL BUSINESS SERVICES ......... 363,445
-----------
CAPITAL GOODS (0.1%)
ELECTRICAL EQUIPMENT (0.1%)
Raytheon Co.
6.45%, 8/15/02 .................. 35,000 35,560
-----------
CONSUMER CYCLICALS (0.6%)
AIRLINES (0.2%)
Continental Airlines, Inc.
Class 4C
6.80%, 7/2/07 ................... 50,000 50,478
Series 981C
6.541%, 9/15/09 ................. 40,000 40,013
-----------
90,491
-----------
LEISURE RELATED (0.3%)
Time Warner, Inc.
8.375%, 7/15/33 ................. 135,000 161,586
-----------
RETAIL--GENERAL (0.1%)
Neiman Marcus Group, Inc.
7.125%, 6/1/28 .................. 70,000 72,027
-----------
TOTAL CONSUMER CYCLICALS ........ 324,104
-----------
CONSUMER NON-CYCLICALS (0.3%)
HOSPITAL SUPPLIES &
SERVICES (0.1%)
Beckman Instruments, Inc.
7.10%, 3/4/03+ Section .......... 50,000 50,345
Manor Care, Inc.
7.50%, 6/15/06 .................. 10,000 10,797
-----------
61,142
-----------
TOBACCO (0.2%)
Philip Morris Cos., Inc.
7.25%, 1/15/03 .................. 60,000 62,083
7.125%, 10/1/04 ................. 10,000 10,381
-----------
72,464
-----------
TOTAL CONSUMER NON-CYCLICALS..... 133,606
-----------
CREDIT SENSITIVE (30.3%)
BANKS (0.9%)
Bancomext Trust
8.00%, 8/5/03 ................... 99,000 95,560
Den Danske Bank
6.55%, 9/15/03+ Section ........ 40,000 40,844
FCB/NC Capital Trust I
8.05%, 3/1/28+ Section ......... 40,000 42,103
Long Island Savings Bank
7.00%, 6/13/02 .................. 60,000 61,695
Merita Bank Ltd.
6.50%, 1/15/06 .................. 65,000 65,729
Nationsbank Corp.
6.50%, 8/15/03 .................. 65,000 66,292
Peoples Bank of Bridgeport
(Conn.)
7.20%, 12/1/06 .................. 70,000 72,624
-----------
444,847
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
---------------------- -----------------
<S> <C> <C>
COLLATERALIZED MORTGAGE
OBLIGATIONS (1.5%)
Commercial Mortgage
Acceptance Corp.
Series 97-ML1, Class A2
6.53%, 12/15/30 ................. $ 20,000 $ 20,459
Series 97-ML1, Class A3
6.57%, 12/15/30 ................. 76,000 77,971
Series 97-ML1, Class D
7.06%, 12/15/10 ................. 15,000 15,295
Chase Mortgage Finance Corp.,
Series 98-S2, Class A14
6.75%, 7/25/28 .................. 30,000 30,197
First Union-Lehman Brothers
Series 97-C2, Class A3
6.65%, 11/18/29 ................. 30,000 30,752
Series 97-C2, Class D
7.12%, 11/18/12 (Pass Through) 30,000 30,356
Series 98-C2, Class D
6.778%, 3/18/13 ................. 95,000 93,159
General Motors Acceptance
Corp.
Series 98-C1, Class A1
6.44%, 11/15/07 ................. 69,631 70,632
Series 98-C1, Class A2
6.70%, 3/15/08 .................. 30,000 30,956
Series 98-C1, Class E
7.153%, 3/15/11 ................. 50,000 51,281
Goldman Sachs Mortgage
Securities Corp.
Series 98, GL2, Class A2
6.562%, 4/13/31 ................. 60,000 61,256
Series 98, GL2, Class D
7.191%, 4/13/31 ................. 25,000 25,414
Green Tree Financial Corp.
Series 98-2, Class A5
6.24%, 3/18/28 .................. 50,000 50,297
Series 98-A, Class A1C
6.18%, 6/15/19 .................. 46,775 46,819
Lehman Manufactured Housing
Trust, Series 98-1
0.82%, 7/15/28 .................. 250,000 11,992
Merrill Lynch Mortgage
Investors, Inc., Series 98-C2,
Class D
7.11%, 2/15/30 .................. 25,000 25,387
Morgan Stanley Capital Corp.,
Series 96-WF1, Class A2
7.226%, 1/16/06 ................. 20,000 20,813
Residential Funding Mortgage
Co., Series 98-SB
6.75%, 11/15/08 ................. 75,000 74,954
-----------
767,990
-----------
FINANCIAL SERVICES (1.7%)
AFC Capital Trust I, Series B
8.207%, 2/3/27 .................. 25,000 28,808
Amvescap plc
6.60%, 5/15/05+ Section ........ 70,000 70,767
Avalon Properties, Inc.
6.625%, 12/15/07 ................ 30,000 30,023
</TABLE>
32
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
----------------------- -----------------
<S> <C> <C>
Commercial Credit Corp.
7.75%, 3/1/05 ..................... $ 25,000 $ 27,187
ERP Operating LP
6.63%, 4/13/05 .................... 60,000 60,413
Ford Motor Credit Co.
6.00%, 1/14/03 .................... 85,000 84,778
Lehman Brothers Holdings, Inc.
6.50%, 10/1/02 .................... 85,000 86,029
Merrill Lynch & Co., Inc., Series B
6.13%, 4/7/03 ..................... 40,000 40,158
North Fork Capital Trust
8.00%, 12/15/27 ................... 10,000 10,565
Paine Webber Group, Inc.
6.55%, 4/15/08 .................... 60,000 59,601
Series C
6.52%, 4/6/05 ...................... 60,000 60,225
Provident Cos., Inc.
7.405%, 3/15/38 ................... 75,000 79,573
Salomon, Inc.
6.75%, 2/15/03 .................... 45,000 46,140
The Money Store, Inc.
8.05%, 4/15/02 .................... 35,000 37,222
Trenwick Group, Inc.
6.70%, 4/1/03+ Section ........... 50,000 50,133
Wilmington Trust Corp.
6.625%, 5/1/08 .................... 90,000 91,447
-----------
863,069
-----------
FOREIGN GOVERNMENT (1.9%)
Central Bank of the Philippines,
Series B, FL,
6.50%, 12/1/17 .................... 50,000 41,063
Government of Brazil, Series C,
FL,
8.00%, 4/15/14 .................... 41,768 30,804
Government of Russia
12.75%, 6/24/28+ Section ......... 50,000 44,500
PO
0.00%, 12/15/20 TBA ............... 60,000 28,350
Province of Quebec
7.50%, 7/15/02 TBA ................ 50,000 52,582
Republic of Argentina FL,
5.75%, 3/31/23 .................... 120,000 89,145
Republic of Germany
8.00%, 1/21/02 .................... DEM 70,000 43,484
Series 98
5.625%, 1/4/28 .................... 230,000 132,800
Republic of Korea
8.875%, 4/15/08 ................... $ 50,000 45,461
Republic of Peru PDI
4.00%, 3/7/17 ..................... 91,000 56,088
Republic of South Africa
13.00%, 8/31/10 ................... ZAR 387,000 57,710
United Kingdom Treasury Note
7.25%, 12/7/07 .................... GBP 210,000 386,306
-----------
1,008,293
-----------
GENERAL OBLIGATIONS (0.1%)
New Jersey Economic
Development Authority, Series A
7.425%, 2/15/29 .................... $ 65,000 73,464
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
----------------------- -----------------
<S> <C> <C>
INSURANCE (0.6%)
American General Finance Corp.
8.125%, 3/15/46+ Section .......... $ 70,000 $ 82,493
5.70%, 2/7/01 ...................... 50,000 49,712
Cincinnati Financial Corp.
6.90%, 5/15/28 .................... 70,000 71,537
Hartford Life, Inc.
7.65%, 6/15/27 .................... 15,000 16,551
Southern Investments Capital
Trust
6.80%, 12/1/06 .................... 50,000 51,905
Travelers Property & Casualty,
Inc.
6.75%, 4/15/01 .................... 50,000 51,045
-----------
323,243
-----------
REAL ESTATE (0.2%)
Avalon Properties, Inc.
6.875%, 12/15/07 .................. 25,000 25,041
Chelsea GCA Realty Properties
7.25%, 10/21/07 ................... 50,000 50,407
Omega Healthcare Investors, Inc.
6.95%, 8/1/07 ..................... 50,000 49,995
-----------
125,443
-----------
U.S. GOVERNMENT (16.3%)
U.S. Treasury Note
5.50%, 2/29/00 ..................... 240,000 240,000
5.50%, 3/31/00 ..................... 395,000 395,001
5.50%, 5/31/00 ..................... 845,000 845,265
6.25%, 8/31/02 ..................... 895,000 918,495
5.875%, 9/30/02 .................... 10,000 10,128
5.625%, 12/31/02 ................... 570,000 572,494
5.50%, 1/31/03 ..................... 165,000 164,897
5.50%, 3/31/03 ..................... 2,280,000 2,279,289
5.75%, 4/30/03 ..................... 15,000 15,150
5.50%, 5/31/03 ..................... 860,000 860,269
7.00%, 7/15/06 ..................... 790,000 863,322
6.125%, 8/15/07 .................... 615,000 640,369
6.125%, 11/15/27 ................... 610,000 653,844
-----------
8,458,523
-----------
U.S. GOVERNMENT AGENCIES (5.9%)
Federal National Mortgage
Association
5.50%, 3/1/13 ...................... 199,687 193,860
9.00%, 8/1/26 ...................... 268,486 283,756
7.00%, 7/15/28 TBA ................. 30,000 30,422
Government National Mortgage
Association
7.375%, 6/20/22 ARM ................ 21,655 22,311
7.375%, 4/20/23 .................... 19,715 20,304
7.375%, 6/20/23 ARM ................ 26,438 27,228
7.125%, 7/20/23 ARM ................ 21,253 21,787
7.375%, 5/20/24 ARM ................ 18,465 19,007
7.00%, 7/20/24 ARM ................. 39,351 40,319
7.125%, 9/20/24 ARM ................ 39,110 40,073
8.00%, 7/15/25 ..................... 140,700 146,084
7.00%, 9/15/25 ..................... 73,836 75,173
7.00%, 12/15/25 .................... 65,361 66,544
6.50%, 3/15/26 ..................... 288,508 288,396
</TABLE>
33
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
---------------------- -----------------
<S> <C> <C>
8.00%, 10/15/26 ......................................................... $ 164,881 $ 171,062
7.50%, 12/15/26 ......................................................... 89,927 92,540
7.00%, 7/15/27 .......................................................... 52,664 53,582
7.50%, 8/15/27 .......................................................... 182,429 187,713
7.00%, 9/15/27 .......................................................... 24,479 24,906
7.50%, 10/15/27 ......................................................... 31,635 32,551
7.00%, 11/15/27 ......................................................... 650,039 661,368
7.00%, 2/15/28 .......................................................... 24,916 25,347
7.00%, 5/15/28 .......................................................... 148,367 150,929
6.50%, 7/15/28 TBA ...................................................... 335,000 333,221
7.50%, 7/15/28 TBA ...................................................... 25,000 25,617
-----------
3,034,100
-----------
UTILITY--ELECTRIC (0.9%)
Arizona Public Service Co.
6.75%, 11/15/06 ........................................................ 50,000 51,065
Baltimore Gas & Electric Co.
6.90%, 2/1/05 .......................................................... 50,000 52,144
CMS Energy Corp.
7.00%, 1/15/05 ......................................................... 25,000 24,407
CalEnergy Co., Inc.
7.63%, 10/15/07 ........................................................ 60,000 60,252
Connecticut Light & Power Co.,
Series C
7.75%, 6/1/02 .......................................................... 20,000 20,531
Illinova Corp.
7.125%, 2/1/04 ......................................................... 70,000 72,245
Public Service Electric & Gas Co.
8.875%, 6/1/03 .......................................................... 50,000 55,345
Texas Utilities Co.
7.46%, 1/1/15 .......................................................... 40,000 42,050
Transamerica Energy
0.00%, 6/15/02 (d) ..................................................... 115,000 94,300
-----------
472,339
-----------
UTILITY--GAS (0.3%)
Express Pipeline, Inc.
7.39%, 12/31/17+ Section .............................................. 20,000 20,166
KN Energy, Inc.
6.45%, 3/1/03 .......................................................... 55,000 55,279
Louis Dreyfus Natural Gas Corp.
6.875%, 12/1/07 ........................................................ 85,000 85,745
-----------
161,190
-----------
TOTAL CREDIT SENSITIVE .................................................. 15,732,501
-----------
ENERGY (1.2%)
COAL & GAS PIPELINES (0.3%)
Columbia Gas Systems, Inc.
6.61%, 11/28/02 ........................................................ 65,000 66,576
Union Pacific Resources Group
6.75%, 5/15/08 ......................................................... 70,000 69,892
-----------
136,468
-----------
OIL--DOMESTIC (0.2%)
Coastal Corp.
6.95%, 6/2/28 .......................................................... 75,000 74,156
Saga Petroleum ADS
7.25%, 9/23/27 ......................................................... 15,000 15,173
-----------
Seagull Energy Corp.
7.50%, 9/15/27 ......................................................... 20,000 20,699
-----------
110,028
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
---------------------- -----------------
<S> <C> <C>
OIL--INTERNATIONAL (0.1%)
Pioneer Natural Resource Co.
7.20%, 1/15/28 ......................................................... $ 70,000 $ 68,099
-----------
RAILROADS (0.6%)
Burlington Northern Santa Fe
Corp.
6.875%, 12/1/27 ........................................................ 80,000 82,195
CSX Corp.
7.95%, 5/1/27 .......................................................... 110,000 127,796
Norfolk Southern Corp.
7.80%, 5/15/27 ......................................................... 70,000 80,411
Wisconsin Central Transport
Corp.
6.625%, 4/15/08 ........................................................ 15,000 14,971
-----------
305,373
-----------
TOTAL ENERGY ............................................................ 619,968
-----------
TECHNOLOGY (1.0%)
OFFICE EQUIPMENT (0.1%)
Dell Computer Corp.
7.10%, 4/15/28 ......................................................... 65,000 66,392
-----------
OFFICE EQUIPMENT (0.0%)
Western Digital Corp.
(Zero Coupon)
2/18/18+ Section ...................................................... 50,000 13,125
-----------
TELECOMMUNICATIONS (0.9%)
AT&T Capital Corp.
6.60%, 5/15/05 ......................................................... 55,000 55,391
AirTouch Communications, Inc.
7.00%, 10/1/03 ......................................................... 60,000 62,324
Colt Telecom Group plc
8.875%, 11/30/07 ....................................................... 50,000 30,496
LCI International, Inc.
7.25%, 6/15/07 ......................................................... 110,000 110,381
TCI Communications, Inc.
8.65%, 9/15/04 ......................................................... 110,000 123,567
Worldcom, Inc.
7.75%, 4/1/07 .......................................................... 60,000 64,919
-----------
447,078
-----------
TOTAL TECHNOLOGY ........................................................ 526,595
-----------
TOTAL LONG-TERM DEBT SECURITIES (34.3%)
(Cost $17,671,743) ...................................................... 17,791,595
-----------
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (6.0%)
Chase Securities, Inc. 5.80%,
dated 6/30/98, due 7/1/98, to be
repurchased at $3,135,505,
collateralized by $1,973,000 of
U.S. Treasury Bonds, 13.25%
due 5/15/14, valued at
$3,206,443 (Cost $3,135,000) ........................................... 3,135,000 3,135,000
-----------
TOTAL INVESTMENTS (101.2%)
(Cost $50,673,751) ..................................................... 52,515,477
OTHER ASSETS
LESS LIABILITIES (-1.2%) ............................................... (620,882)
-----------
NET ASSETS (100%) ........................................................ $51,894,595
===========
</TABLE>
34
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
- ----------
* Non-income producing
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may only be resold to qualified
institutional buyers. At June 30, 1998 these securities amounted to
$489,267 or 0.94% of net assets.
Section Illiquid security: is not actively traded.
(d) Debt security initially issued in zero coupon form which converts to
coupon form at a specific rate and date.
Glossary:
ADR--American Depositary Receipt
ARM--Adjustable Rate Mortgage
FL--Floating Rate
PDI--Past Due Interest Bond
PO--Principal Only
TBA--Security is subject to delayed delivery
DEM--German Mark
GBP--British Pound
ZAR--South African Rand
35
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1998 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ---------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
Australian Dollar, expiring 9/26/98 .......... 4 $ 2,741 $ 2,731 $ (10)
German Mark, expiring 9/16/98 ................ 461 259,181 256,589 (2,592)
Mexican Peso, expiring 8/5/98 ................ 174 19,636 18,996 (640)
South African Rand, expiring 9/16/98 ......... 139 26,266 22,775 (3,491)
South Korean Won, expiring 3/11/99 ........... 78,465 46,385 57,148 10,763
FOREIGN CURRENCY SALE CONTRACTS
British Pound, expiring 8/5/98 ............... 232 375,747 385,229 (9,482)
German Mark, expiring 9/16/98 ................ 824 467,727 458,851 8,876
South Korean Won, expiring 3/11/99 ........... 78,465 47,058 57,148 (10,090)
South African Rand, expiring 9/16/98 ......... 497 89,205 81,183 8,022
---------
$ 1,356
=========
</TABLE>
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities .. $32,433,076
U.S. Government securities ...................... 17,195,733
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .. 14,987,202
U.S. Government securities ...................... 10,569,531
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 2,629,006
Aggregate gross unrealized depreciation ......... (787,280)
-----------
Net unrealized appreciation ..................... $ 1,841,726
===========
Federal income tax cost of investments .......... $50,673,751
===========
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$9,221,240, which was secured by collateral valued at $9,412,753, of which
$8,581,253 was in the form of U.S. Government Securities.
See Notes to Financial Statements.
36
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (4.7%)
CHEMICALS (2.6%)
E.I. Du Pont de Nemours & Co. 57,911 $ 4,321,608
Eastman Chemical Co. ................................................... 37,851 2,356,225
Witco Corp. ............................................................ 64,025 1,872,731
------------
8,550,564
------------
PAPER (2.1%)
Boise Cascade Corp. .................................................... 72,395 2,370,936
International Paper Co. ................................................ 38,875 1,671,625
Kimberly Clark Corp. ................................................... 58,400 2,679,100
------------
6,721,661
------------
TOTAL BASIC MATERIALS ................................................ 15,272,225
------------
BUSINESS SERVICES (5.1%)
PRINTING, PUBLISHING,
BROADCASTING (3.7%)
McGraw Hill Cos., Inc. ................................................. 30,828 2,514,409
MediaOne Group, Inc.* .................................................. 82,480 3,623,965
Times Mirror Co., Class A .............................................. 48,675 3,060,441
Viacom, Inc., Class B* ................................................. 43,965 2,560,961
------------
11,759,776
------------
PROFESSIONAL SERVICES (1.4%)
NCR Corp.* ............................................................. 60,413 1,963,423
Pitney Bowes, Inc. ..................................................... 54,220 2,609,337
------------
4,572,760
------------
TOTAL BUSINESS SERVICES .............................................. 16,332,536
------------
CAPITAL GOODS (4.6%)
AEROSPACE (0.8%)
Boeing Co. ............................................................. 59,310 2,643,002
------------
ELECTRICAL EQUIPMENT (1.8%)
Cooper Industries, Inc. ................................................ 56,436 3,100,453
Emerson Electric Co. ................................................... 42,495 2,565,635
------------
5,666,088
------------
MACHINERY (2.0%)
Caterpillar, Inc. ...................................................... 14,585 771,182
Deere & Co. ............................................................ 48,475 2,563,116
Ingersoll-Rand Co. ..................................................... 68,590 3,022,247
------------
6,356,545
------------
TOTAL CAPITAL GOODS .................................................. 14,665,635
------------
CONSUMER CYCLICALS (10.4%)
AIRLINES (0.6%)
UAL Corp.* ............................................................. 23,600 1,840,800
------------
AUTO RELATED (3.7%)
Dana Corp. ............................................................. 60,272 3,224,552
Eaton Corp. ............................................................ 29,237 2,273,177
Goodyear Tire & Rubber Co. ............................................. 60,263 3,883,197
Lear Corp.* ............................................................ 48,020 2,464,026
------------
11,844,952
------------
AUTOS & TRUCKS (1.0%)
Ford Motor Co. ......................................................... 55,775 3,290,725
------------
PHOTO & OPTICAL (1.0%)
Eastman Kodak Co. ...................................................... 44,838 3,275,976
------------
RETAIL--GENERAL (4.1%)
Hasbro, Inc. ........................................................... 69,100 2,716,494
J.C. Penny Co. ......................................................... 41,465 2,998,438
K-Mart Corp.* .......................................................... 156,240 3,007,620
Sears Roebuck & Co. .................................................... 37,540 2,292,286
Toys-R-Us, Inc.* ....................................................... 87,165 2,053,825
------------
13,068,663
------------
TOTAL CONSUMER CYCLICALS ............................................. 33,321,116
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
CONSUMER NON-CYCLICALS (21.0%)
BEVERAGES (2.1%)
PepsiCo, Inc. .......................................................... 75,735 $ 3,119,335
Whitman Corp. .......................................................... 154,242 3,537,926
------------
6,657,261
------------
CONTAINERS (1.3%)
Owens Illinois, Inc.* .................................................. 94,825 4,243,419
------------
DRUGS (8.5%)
American Home Products Corp. ........................................... 105,310 5,449,793
Bristol-Myers Squibb Co. ............................................... 52,530 6,037,667
Johnson & Johnson ...................................................... 40,775 3,007,156
Merck & Co., Inc. ...................................................... 44,830 5,996,012
Pharmacia & Upjohn, Inc. ............................................... 150,349 6,934,848
------------
27,425,476
------------
FOODS (3.8%)
General Mills, Inc. .................................................... 35,855 2,451,586
H.J. Heinz Co. ......................................................... 68,720 3,856,910
Quaker Oats Co. ........................................................ 59,980 3,295,151
Sara Lee Corp. ......................................................... 47,086 2,633,873
------------
12,237,520
------------
HOSPITAL SUPPLIES & SERVICES (1.3%)
Baxter International, Inc. ............................................. 77,204 4,154,540
------------
RETAIL--FOOD (1.1%)
McDonald's Corp. ....................................................... 52,100 3,594,900
------------
SOAPS & TOILETRIES (1.7%)
Clorox Co. ............................................................. 25,695 2,450,661
Colgate Palmolive Co. .................................................. 34,115 3,002,120
------------
5,452,781
------------
TOBACCO (1.2%)
Philip Morris Cos., Inc. ............................................... 97,985 3,858,159
------------
TOTAL CONSUMER NON-CYCLICALS 67,624,056
------------
CREDIT SENSITIVE (29.2%)
BANKS (12.8%)
BankBoston Corp. ....................................................... 59,450 3,306,906
Bankers Trust New York Corp. ........................................... 21,919 2,543,974
Chase Manhattan Corp. .................................................. 5,100 385,050
Citicorp ............................................................... 36,500 5,447,625
Crestar Financial Corp. ................................................ 30,600 1,669,612
First Chicago NBD Corp. ................................................ 40,755 3,611,912
Firstar Corp. .......................................................... 27,055 1,028,090
Fleet Financial Group, Inc. ............................................ 22,795 1,903,383
H.F. Ahmanson & Co. .................................................... 3,005 213,355
Hibernia Corp., Class A ................................................ 32,815 662,453
J.P. Morgan & Co. ...................................................... 23,488 2,751,032
KeyCorp ................................................................ 65,010 2,315,981
Mercantile Bancorp, Inc. ............................................... 27,308 1,375,641
National City Corp. .................................................... 36,935 2,622,385
PNC Bank Corp. ......................................................... 58,052 3,123,923
Summit Bancorp ......................................................... 23,485 1,115,537
Union Planters Corp. ................................................... 26,524 1,559,943
Washington Mutual, Inc. ................................................ 47,785 2,075,661
Wells Fargo & Co. ...................................................... 9,680 3,571,920
------------
41,284,383
------------
FINANCIAL SERVICES (3.1%)
American Express Co. ................................................... 19,700 2,245,800
Fannie Mae ............................................................. 44,985 2,732,839
Merrill Lynch & Co. .................................................... 26,340 2,429,865
Travelers Group, Inc. .................................................. 42,355 2,567,772
------------
9,976,276
------------
INSURANCE (4.2%)
Allstate Corp. ......................................................... 32,745 2,998,214
American General Corp. ................................................. 50,989 3,629,780
</TABLE>
37
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- ---------------
<S> <C> <C>
Aon Corp. ......................... 51,481 $ 3,616,540
CIGNA Corp. ....................... 49,183 3,393,627
------------
13,638,161
------------
REAL ESTATE (0.7%)
Starwood Hotels & Resorts ......... 47,752 2,307,026
------------
UTILITY--ELECTRIC (2.1%)
Duke Energy Corp. ................. 43,150 2,556,637
Texas Utilities Co. ............... 97,195 4,045,742
------------
6,602,379
------------
UTILITY--TELEPHONE (6.3%)
AT&T Corp. ........................ 72,008 4,113,457
Ameritech Corp. ................... 67,725 3,039,159
GTE Corp. ......................... 52,850 2,939,781
SBC Communications, Inc. .......... 94,700 3,788,000
Sprint Corp. ...................... 45,352 3,197,316
U.S. West Communications
Group ........................... 65,643 3,085,221
------------
20,162,934
------------
TOTAL CREDIT SENSITIVE .......... 93,971,159
------------
DIVERSIFIED (0.9%)
MISCELLANEOUS (0.9%)
Minnesota Mining &
Manufacturing Co. ............... 34,965 2,873,686
------------
ENERGY (10.1%)
COAL & GAS PIPELINES (0.7%)
Sonat, Inc. ....................... 54,250 2,095,406
------------
OIL--DOMESTIC (4.5%)
Amoco Corp. ....................... 77,462 3,224,356
Atlantic Richfield Co. ............ 36,872 2,880,625
Coastal Corp. ..................... 37,006 2,583,481
Kerr-McGee Corp. .................. 57,870 3,349,226
Tosco Corp. ....................... 77,660 2,281,262
------------
14,318,950
------------
OIL--INTERNATIONAL (4.4%)
British Petroleum Co. plc (ADR) 46,306 4,086,505
Elf Acquitaine S.A. (ADR) ......... 45,761 3,249,031
Exxon Corp. ....................... 54,796 3,907,640
Mobil Corp. ....................... 38,564 2,954,967
------------
14,198,143
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- ---------------
<S> <C> <C>
OIL--SUPPLIES & CONSTRUCTION (0.5%)
Cooper Cameron Corp.* ............. 33,695 $ 1,718,445
------------
TOTAL ENERGY .................... 32,330,944
------------
TECHNOLOGY (8.9%)
ELECTRONICS (3.8%)
Computer Associates
International, Inc. ............. 41,945 2,330,569
Seagate Technology, Inc.* ......... 100,640 2,396,490
Texas Instruments, Inc. ........... 127,130 7,413,268
------------
12,140,327
------------
OFFICE EQUIPMENT (5.1%)
Hewlett Packard Co. ............... 54,153 3,242,411
International Business Machines
Corp. ........................... 46,685 5,360,022
Xerox Corp. ....................... 76,717 7,796,365
------------
16,398,798
------------
TOTAL TECHNOLOGY ................ 28,539,125
------------
TOTAL COMMON STOCKS (94.9%)
(Cost $294,082,871) ............. 304,930,482
------------
PRINCIPAL
AMOUNT
SHORT-TERM DEBT
SECURITIES:
REPURCHASE AGREEMENT (4.8%)
Chase Securities, Inc. 5.80%,
dated 6/30/98, due 7/1/98, to be
repurchased at $15,576,509,
collateralized by $9,799,000 of
U.S. Treasury Bonds, 13.25%
due 5/15/14, valued at
$ 15,924,906
(Cost $15,574,000) .............. $15,574,000 15,574,000
------------
TOTAL INVESTMENTS (99.7%)
(Cost $309,656,871) ............. 320,504,482
OTHER ASSETS
LESS LIABILITIES (0.3%) ......... 980,605
------------
NET ASSET VALUE (100%) ............ $321,485,087
============
</TABLE>
- ----------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
38
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ... $246,645,493
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ... 91,531,908
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 19,347,909
Aggregate gross unrealized depreciation .......... (8,500,298)
------------
Net unrealized appreciation ...................... $ 10,847,611
============
Federal income tax cost of investments ........... $309,656,871
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$41,160,590, which was secured by collateral valued at $42,154,551.
See Notes to Financial Statements.
39
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
COMMON STOCKS:
AUSTRALIA & NEW ZEALAND (0.3%)
AUSTRALIA (0.3%)
QBE Insurance Group Ltd. ............... 97,742 $ 345,421
----------
CANADA (6.1%)
BCE, Inc. .............................. 42,300 1,787,951
BCE Mobile Communications,
Inc.* Section ....................... 16,300 423,686
Bank of Nova Scotia .................... 60,716 1,501,859
Bombardier, Inc., Class B .............. 35,400 962,251
National Bank of Canada ................ 39,354 768,868
Northern Telecom Ltd. .................. 15,284 866,224
----------
TOTAL CANADA ......................... 6,310,839
----------
JAPAN (7.9%)
Canon, Inc. ............................ 35,000 795,340
Circle K Japan Co., Ltd. ............... 700 24,390
Fuji Photo Film Co. .................... 13,000 452,965
Fujitsu Ltd. ........................... 30,000 315,972
Honda Motor Co., Ltd. .................. 9,000 320,733
Mabuchi Motor Co., Ltd. ................ 6,900 438,032
Matsushita-Kotobuki Electronics
Industries Ltd. ...................... 12,000 299,524
Mitsumi Electric Co., Ltd. ............. 19,000 335,810
Nikko Securities Co., Ltd. ............. 353,000 1,464,255
Nippon Television Network
Corp. ................................ 1,550 449,502
Promise Co., Ltd. ...................... 11,800 486,062
Ricoh Co., Ltd. ........................ 46,000 484,822
Shiseido Co., Ltd. ..................... 23,000 261,492
Sony Corp. ............................. 23,100 1,991,379
----------
TOTAL JAPAN .......................... 8,120,278
----------
LATIN AMERICA (0.5%)
MEXICO (0.5%)
Coca-Cola Femsa S.A. (ADR) ............. 28,300 491,712
----------
OTHER EUROPEAN COUNTRIES (47.3%)
FRANCE (13.8%)
Alcatel Alsthom ........................ 4,694 955,488
Assurances Generales France ............ 9,504 537,630
Banque Nationale de Paris .............. 23,554 1,924,047
Bouygues S.A. .......................... 4,569 829,560
Cie Generale des Eaux .................. 9,885 2,110,217
Credit Commercial de France ............ 7,277 612,483
Elf Acquitaine S.A. .................... 6,627 931,451
Michelin, Class B (Registered) ......... 20,673 1,193,035
STMicroelectronics N.V. (N.Y.
Shares)* ............................. 14,870 1,039,041
Scor ................................... 22,250 1,410,975
Societe Generale Paris ................. 7,905 1,643,090
Television Francaise ................... 5,477 848,607
Total S.A., Class B .................... 2,172 282,297
----------
14,317,921
----------
GERMANY (7.9%)
Bayer AG ............................... 12,577 649,248
Bayerische Motoren Werek
(BMW) AG ............................. 1,191 1,202,961
Bayerische Vereinsbank AG .............. 9,320 793,246
Deutsche Bank AG ....................... 15,481 1,312,044
Deutsche Lufthansa AG
(Registered) ......................... 38,266 961,159
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Deutsche Telekom AG .................... 25,480 $ 688,038
Mannesmann AG .......................... 15,390 1,562,467
Veba AG ................................ 14,007 955,287
----------
8,124,450
----------
GREECE (0.2%)
Hellenic Telecommunication
Organization S.A. .................... 8,666 222,397
----------
IRELAND (4.0%)
Allied Irish Banks plc* ................ 97,222 1,401,966
Bank of Ireland ........................ 70,240 1,436,803
CRH plc ................................ 89,591 1,272,223
----------
4,110,992
----------
ITALY (1.8%)
Telecom Italia S.p.A. .................. 248,094 1,827,003
----------
NETHERLANDS (7.6%)
ABN-Amro Holdings N.V. ................. 43,356 1,014,974
Akzo Nobel N.V. ........................ 6,919 1,538,765
Gucci Group N.V. ....................... 300 15,900
ING Groep N.V. ......................... 40,227 2,635,241
Koninklijke KPN N.V. ................... 5,033 193,815
Philips Electronics N.V. ............... 20,642 1,735,987
TNT Post Group N.V.* ................... 5,033 128,715
Vedior N.V. ............................ 9,703 274,398
Vendex International N.V. Section ..... 9,833 378,174
----------
7,915,969
----------
POLAND (0.1%)
Bank Handlowy (GDS)+ Section .......... 5,571 105,013
----------
PORTUGAL (0.9%)
Cimpor-Cimentos de Portugal
S.A. ................................. 7,900 277,681
Electricidade de Portugal S.A. ......... 30,114 700,333
----------
978,014
----------
SPAIN (1.2%)
Telefonica S.A. ........................ 25,968 1,200,624
----------
SWITZERLAND (9.8%)
Edipresse S.A. (Bearer) ................ 804 221,197
Fischer (Georg) AG (Bearer) ............ 1,485 578,050
Julius Baer Holding AG
(Bearer) Section .................... 428 1,339,882
Liechtenstein Global Trust AG .......... 427 467,652
Nestle S.A. (Registered) ............... 1,119 2,396,433
Novartis AG (Registered) ............... 889 1,480,396
SAirGroup (Registered) ................. 670 220,578
UBS AG (Registered)* ................... 6,930 2,578,690
Zurich Versicherungs-
Gesellschaft (Registered) ............ 1,288 822,579
----------
10,105,457
----------
TOTAL OTHER EUROPEAN
COUNTRIES ......................... 48,907,840
----------
SCANDINAVIA (7.7%)
DENMARK (0.4%)
Unidanmark A/S, Class A
(Registered) ......................... 4,319 388,465
----------
FINLAND (2.3%)
Huhtamaki, Class I ..................... 4,500 257,727
Nokia OYJ, Class A ..................... 26,332 1,937,960
Sampo Insurance Co., plc,
Class A .............................. 3,100 147,012
----------
2,342,699
----------
</TABLE>
40
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- ---------------
<S> <C> <C>
SWEDEN (5.0%)
Ericsson LM, Class B ..................... 34,582 $ 1,010,105
ForeningsSparbanken AB ................... 20,067 603,746
Nordbanken Holding AB .................... 87,139 639,041
Pharmacia & Upjohn, Inc. ................. 38,540 1,773,120
Svenska Handelsbanken, Class A 15,415 714,999
Volvo AB, Class B ........................ 16,211 482,652
------------
5,223,663
------------
TOTAL SCANDINAVIA ...................... 7,954,827
------------
SOUTHEAST ASIA (3.7%)
HONG KONG (1.1%)
China Telecom Ltd. ....................... 343,000 595,425
Dao Heng Bank Group Ltd. Section ........ 41,000 58,209
Guoco Group Ltd. Section ................ 94,000 98,877
Smartone Telecommunications .............. 112,000 273,206
Smartone Telecommunications*+ Section . 48,000 117,088
------------
1,142,805
------------
KOREA (1.0%)
Korea Electric Power ..................... 94,700 1,010,455
------------
SINGAPORE (1.6%)
Development Bank of Singapore
Ltd. (Foreign) ......................... 59,000 326,517
Overseas Union Bank Ltd.
(Foreign) .............................. 177,000 387,629
Overseas-Chinese Banking Corp.
(Foreign) .............................. 179,000 609,204
United Overseas Bank Ltd.
(Foreign) .............................. 123,000 382,214
------------
1,705,564
------------
TOTAL SOUTHEAST ASIA ................... 3,858,824
------------
UNITED KINGDOM (14.7%)
Avis Europe plc .......................... 112,264 508,699
B.A.T. Industries plc .................... 178,998 1,793,567
BTR plc .................................. 1 2
Bass plc ................................. 55,665 1,043,951
British Airways plc ...................... 94,316 1,021,442
British Petroleum Co. plc ................ 19,600 286,079
Dixons Group plc ......................... 54,780 437,289
Glaxo Wellcome plc ....................... 25,964 780,047
Granada Group plc ........................ 52,100 958,821
National Westminster Bank plc ............ 64,724 1,157,639
Orange plc* .............................. 70,400 746,560
Premier Farnell plc ...................... 6,500 32,999
Rio Tinto plc (Registered) 49,726 560,539
Securicor plc ............................ 158,503 1,291,741
Siebe plc ................................ 46,848 936,491
SmithKline Beecham plc ................... 111,200 1,358,430
Smiths Industries plc .................... 68,297 946,668
Tomkins plc .............................. 36,870 200,267
Vodafone Group plc ....................... 92,894 1,179,791
------------
TOTAL UNITED KINGDOM ................... 15,241,022
------------
TOTAL COMMON STOCKS (88.2%)
(Cost $79,509,221) ..................... 91,230,763
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- ---------------
<S> <C> <C>
PREFERRED STOCKS AND RIGHTS:
LATIN AMERICA (0.7%)
BRAZIL (0.7%)
Telecomunicacoes de Sao Paulo
S.A. ................................... 1,950,000 $ 465,350
Telecomunicacoes de Sao Paulo
S.A.* (Rights)(expiring 7/1/98) 91,645 --
Telesp Celular S.A., Class B* ............ 3,250,000 272,578
------------
TOTAL PREFERRED STOCKS
AND RIGHTS (0.7%)
(Cost $737,503) ........................ 737,928
------------
PRINCIPAL
AMOUNT
----------
SHORT-TERM DEBT SECURITIES:
UNITED STATES (11.2%)
REPURCHASE AGREEMENT (11.2%)
Chase Securities, Inc. 5.80%,
dated 6/30/98, due 7/1/98, to be
repurchased at $11,535,858,
collateralized by $7,257,000 of
U.S. Treasury Bonds, 13.25%
due 5/15/14, valued at
$11,793,759 ............................ $11,534,000 11,534,000
------------
TOTAL INVESTMENTS (100.1%)
(Cost $91,780,724) ..................... 103,502,691
OTHER ASSETS
LESS LIABILITIES (--0.1%) .............. (55,000)
------------
NET ASSETS (100%) ........................ $103,447,691
==============
</TABLE>
<TABLE>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Equity Investments
Basic Materials ......................... 2.3%
Business Services ....................... 1.9
Capital Goods ........................... 8.9
Consumer Cyclicals ...................... 14.8
Consumer Non-Cyclicals .................. 13.1
Credit Sensitive ........................
Banks ................................. 23.4
Financial Services .................... 5.8
Insurance ............................. 3.5
Utility--Electric ..................... 1.9
Utility--Telephone .................... 4.6
----
Total Credit Sensitive .................. 39.2
Diversified ............................. 2.4
Energy .................................. 2.7
Technology .............................. 14.7
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may only be resold to qualified
institutional buyers. At June 30, 1998 these securities amounted to
$222,101 or 0.21% of net assets.
Section Illiquid security: is not actively traded.
Glossary:
ADR--American Depositary Receipt
GDS--Global Depositary Share
41
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1998 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 10/28/98 ................. 1,670 $2,716,631 $2,769,762 $ 53,131
Canadian Dollar, expiring 7/3/98 ................. 101 68,740 68,658 (82)
French Franc, expiring 7/31/98 ................... 1,344 222,520 222,271 (249)
German Mark, expiring 7/2/98 ..................... 169 93,016 93,563 547
Irish Punt, expiring 7/2/98 ...................... 12 16,275 16,227 (48)
Italian Lira, expiring 7/2/98-7/3/98 ............. 583,543 328,267 328,414 147
Japanese Yen, expiring 7/2/98-7/3/98 ............. 10,617 76,043 76,593 550
Netherlands Guilder, expiring 7/2/98 ............. 179 87,608 88,069 461
Portuguese Escudos, expiring 7/2/98 .............. 82,560 445,512 447,141 1,629
Spanish Peseta, expiring 7/1/98 .................. 11,159 72,736 72,769 33
Swedish Krona, expiring 7/1/98-7/2/98 ............ 4,088 512,536 512,432 (104)
Swiss Franc, expiring 7/1/98-7/2/98 .............. 601 393,574 396,345 2,771
FOREIGN CURRENCY SALE CONTRACTS
British Pound, expiring 7/1/98-10/28/98 .......... 2,226 3,685,940 3,698,243 (12,303)
French Franc, expiring 7/31/98 ................... 39 6,445 6,432 13
Hong Kong Dollar, expiring 7/2/98-7/3/98 ......... 85 10,989 10,990 (1)
Japanese Yen, expiring 7/1/98-9/14/98 ............ 978,495 6,941,695 7,137,666 (195,971)
Singapore Dollar, expiring 7/2/98-7/6/98 ......... 349 206,976 206,571 405
Swiss Franc, expiring 7/3/98 ..................... 59 38,660 38,757 (97)
-----------
$(149,168)
===========
</TABLE>
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities .. $ 64,259,747
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .. 34,310,616
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 13,814,222
Aggregate gross unrealized depreciation ......... (2,092,255)
------------
Net unrealized appreciation ..................... $ 11,721,967
============
Federal income tax cost of investments .......... $ 91,780,724
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$3,500,180, which was secured by collateral valued at $3,601,700.
See Notes to Financial Statements.
42
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
BUSINESS SERVICES (9.3%)
ENVIRONMENTAL CONTROL (0.8%)
U.S.A. Waste Services, Inc.* ........................................... 15,700 $ 775,188
----------
PRINTING, PUBLISHING,
BROADCASTING (4.4%)
CBS Corp. .............................................................. 44,600 1,416,050
Gannett Co. ............................................................ 25,400 1,804,987
Time Warner, Inc. ...................................................... 10,900 931,269
----------
4,152,306
----------
PROFESSIONAL SERVICES (4.1%)
Cendant Corp.* ......................................................... 50,600 1,056,275
Compuware Corp.* ....................................................... 14,900 761,763
Interpublic Group, Inc. ................................................ 14,100 855,694
Pitney Bowes, Inc. ..................................................... 16,700 803,687
Quintiles Transnational Corp.* ......................................... 9,500 467,281
----------
3,944,700
----------
TOTAL BUSINESS SERVICES .............................................. 8,872,194
----------
CAPITAL GOODS (5.0%)
BUILDING MATERIALS & FOREST
PRODUCTS (0.9%)
Masco Corp. ............................................................ 15,000 907,500
----------
ELECTRICAL EQUIPMENT (2.9%)
General Electric Co. ................................................... 30,200 2,748,200
----------
MACHINERY (1.2%)
Ingersoll-Rand Co. ..................................................... 26,100 1,150,031
----------
TOTAL CAPITAL GOODS .................................................. 4,805,731
----------
CONSUMER CYCLICALS (17.1%)
AIRLINES (0.9%)
AMR Corp.* ............................................................. 9,600 799,200
----------
APPAREL & TEXTILES (0.6%)
Jones Apparel Group, Inc.* ............................................. 16,000 585,000
----------
FOOD SERVICES, LODGING (0.5%)
Marriott International, Inc. ........................................... 15,600 505,050
----------
LEISURE RELATED (1.3%)
Carnival Corp., Class A ................................................ 30,000 1,188,750
----------
RETAIL--GENERAL (13.8%)
CVS Corp. .............................................................. 51,300 1,997,494
Costco Co., Inc.* ...................................................... 28,400 1,790,975
Dayton Hudson Corp. .................................................... 28,700 1,391,950
Estee Lauder Cos., Class A ............................................. 11,400 794,438
Fred Meyer, Inc.* ...................................................... 8,100 344,250
Home Depot, Inc. ....................................................... 13,100 1,088,119
Office Depot, Inc.* 13,300 419,781
Safeway, Inc.* ......................................................... 24,200 984,637
TJX Cos., Inc. ......................................................... 41,800 1,008,425
Wal-Mart Stores, Inc. .................................................. 37,900 2,302,425
Walgreen Co. ........................................................... 26,300 1,086,519
----------
13,209,013
----------
TOTAL CONSUMER CYCLICALS ............................................. 16,287,013
----------
CONSUMER NON-CYCLICALS (17.8%)
BEVERAGES (1.2%)
Coca-Cola Enterprises, Inc. ............................................ 28,100 1,102,925
----------
CONTAINERS (0.5%)
Owens-lllinois, Inc.* .................................................. 10,800 483,300
----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
DRUGS (11.3%)
Bristol-Myers Squibb Co. ............................................... 15,800 $1,816,013
Cardinal Health, Inc. .................................................. 8,900 834,375
Eli Lilly & Co. ........................................................ 17,100 1,129,669
Merck & Co., Inc. ...................................................... 7,800 1,043,250
Pfizer, Inc. ........................................................... 16,700 1,815,081
Schering-Plough Corp. .................................................. 18,800 1,722,550
Warner Lambert Co. ..................................................... 34,800 2,414,250
----------
10,775,188
----------
FOODS (0.7%)
Sara Lee Corp. ......................................................... 11,600 648,875
----------
HOSPITAL SUPPLIES & SERVICES (1.1%)
Healthsouth Corp.* ..................................................... 30,000 800,625
McKesson Corp. ......................................................... 3,500 284,375
----------
1,085,000
----------
SOAPS & TOILETRIES (3.0%)
Clorox Co. ............................................................. 5,700 543,637
Colgate Palmolive Co. .................................................. 10,900 959,200
Procter & Gamble Co. ................................................... 15,100 1,375,044
----------
2,877,881
----------
TOTAL CONSUMER NON-CYCLICALS.......................................... 16,973,169
----------
CREDIT SENSITIVE (22.3%)
BANKS (7.1%)
BankAmerica Corp. ...................................................... 25,100 2,169,581
Chase Manhattan Corp. .................................................. 10,100 762,550
Comerica, Inc. ......................................................... 13,850 917,562
Fifth Third Bancorp .................................................... 11,500 724,500
J.P. Morgan & Co. ...................................................... 3,500 409,938
MBNA Corp. ............................................................. 32,800 1,082,400
Norwest Corp. .......................................................... 12,000 448,500
Southtrust Corp. ....................................................... 6,850 297,975
----------
6,813,006
----------
FINANCIAL SERVICES (6.4%)
American Express Co. ................................................... 18,000 2,052,000
Associates First Capital Corp.,
Class A .............................................................. 6,100 468,937
Conseco, Inc. .......................................................... 16,600 776,050
Morgan Stanley Dean Witter &
Co. .................................................................. 15,000 1,370,625
SunAmerica, Inc. ....................................................... 26,100 1,499,119
----------
6,166,731
----------
INSURANCE (4.5%)
American International Group,
Inc. ................................................................. 11,100 1,620,600
Travelers Group, Inc. .................................................. 43,800 2,655,375
----------
4,275,975
----------
MORTGAGE RELATED (1.2%)
Federal Home Loan Mortgage
Corp. ................................................................ 24,200 1,138,913
----------
UTILITY--TELEPHONE (3.1%)
Northern Telecom Ltd. .................................................. 10,200 578,850
Sprint Corp. ........................................................... 20,100 1,417,050
Worldcom, Inc.* ........................................................ 19,100 925,156
----------
2,921,056
----------
TOTAL CREDIT SENSITIVE ............................................... 21,315,681
----------
</TABLE>
43
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- -------------
<S> <C> <C>
DIVERSIFIED (3.3%)
MISCELLANEOUS (3.3%)
Tyco International Ltd. .............. 50,200 $3,162,600
----------
ENERGY (1.8%)
OIL--DOMESTIC (1.0%)
Exxon Corp. .......................... 12,700 905,669
----------
OIL--SUPPLIES & CONSTRUCTION (0.8%)
Cooper Cameron Corp.* ................ 6,800 346,800
Western Atlas, Inc. .................. 5,200 441,350
----------
788,150
----------
TOTAL ENERGY ....................... 1,693,819
----------
TECHNOLOGY (19.9%)
ELECTRONICS (9.4%)
BMC Software, Inc.* .................. 30,400 1,578,900
Cisco Systems, Inc.* ................. 13,600 1,252,050
Computer Associates
International, Inc. ................ 23,500 1,305,719
HBO & Co. ............................ 38,000 1,339,500
Microsoft Corp.* ..................... 25,900 2,806,912
Peoplesoft, Inc.* .................... 14,900 700,300
----------
8,983,381
----------
OFFICE EQUIPMENT (1.8%)
Dell Computer Corp.* ................. 6,200 575,437
EMC Corp.* ........................... 25,600 1,147,200
----------
1,722,637
----------
OFFICE EQUIPMENT SERVICES (1.3%)
America Online, Inc. ................. 6,600 699,600
Parametric Technology Corp.* ......... 19,800 537,075
----------
1,236,675
----------
TELECOMMUNICATIONS (7.4%)
AT&T Corp. ........................... 21,700 1,239,612
AirTouch Communications, Inc.* 14,100 823,969
Lucent Technologies, Inc. ............ 25,200 2,096,325
Tele-Communications TCI
Ventures Group, Class A* ........... 41,900 840,619
Telecommunications, Inc.,
Class A* ........................... 28,700 1,103,156
Tellabs, Inc.* ....................... 13,700 981,263
----------
7,084,944
----------
TOTAL TECHNOLOGY ................... 19,027,637
----------
TOTAL COMMON STOCKS (96.5%)
(Cost $77,301,019) .................. 92,137,844
----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (5.0%)
Chase Securities, Inc. 5.80%,
dated 6/30/98, due 7/1/98, to be
repurchased at $4,828,778,
collateralized by $3,038,000 of
U.S. Treasury Bonds, 13.25%
due 5/15/14, valued at
$4,937,225 (Cost $4,828,000) ......... $4,828,000 $ 4,828,000
-----------
TOTAL INVESTMENTS (101.5%)
(Cost $82,129,019) ................... 96,965,844
OTHER ASSETS
LESS LIABILITIES (-1.5%) ............. (1,462,937)
-----------
NET ASSETS (100%) ...................... $95,502,907
===========
</TABLE>
- ---------------------
* Non-income producing
44
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $54,890,641
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 13,427,249
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 15,884,435
Aggregate gross unrealized depreciation ......... (1,047,610)
------------
Net unrealized appreciation ..................... $ 14,836,825
============
Federal income tax cost of investments .......... $ 82,129,019
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$15,718,854, which was secured by collateral valued at $16,147,100.
See Notes to Financial Statements.
45
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (11.2%)
CHEMICALS (5.6%)
Dow Chemical Co. ..................... 28,400 $ 2,745,925
E.I. Du Pont de Nemours & Co. 26,400 1,970,100
Eastman Chemical Co. ................. 7,100 441,975
Great Lakes Chemical Corp. ........... 33,600 1,325,100
Hercules, Inc. ....................... 36,300 1,492,837
Imperial Chemical Industries plc
(ADR) .............................. 13,800 890,100
Lonrho plc* .......................... 28,350 133,039
Nalco Chemical Co. ................... 28,400 997,550
Octel Corp.* ......................... 7,375 146,578
Witco Corp. .......................... 38,100 1,114,425
------------
11,257,629
------------
CHEMICALS--SPECIALTY (1.2%)
International Flavors &
Fragrances, Inc. ................... 41,500 1,802,656
Lubrizol Corp. ....................... 19,100 577,775
------------
2,380,431
------------
METALS & MINING (1.5%)
Inco Ltd. ............................ 31,800 433,275
Newmont Mining Corp. ................. 37,400 883,575
Phelps Dodge Corp. ................... 14,400 823,500
Reynolds Metals Co. .................. 13,600 760,750
------------
2,901,100
------------
PAPER (2.6%)
Consolidated Papers, Inc. ............ 37,800 1,030,050
Georgia-Pacific Corp. (Timber
Group) ............................. 7,400 170,663
International Paper Co. .............. 23,100 993,300
Kimberly-Clark Corp. ................. 36,100 1,656,088
Union Camp Corp. ..................... 27,300 1,354,762
------------
5,204,863
------------
STEEL (0.3%)
USX-U.S. Steel Group, Inc. ........... 20,400 673,200
------------
TOTAL BASIC MATERIALS .............. 22,417,223
------------
BUSINESS SERVICES (5.1%)
ENVIRONMENTAL CONTROL (1.4%)
Browning-Ferris Industries, Inc. ..... 35,400 1,230,150
Waste Management, Inc. ............... 44,600 1,561,000
------------
2,791,150
------------
PRINTING, PUBLISHING,
BROADCASTING (3.2%)
Donnelley (R.R.) & Sons Co. .......... 32,200 1,473,150
Dow Jones & Co., Inc. ................ 23,300 1,298,975
Dun & Bradstreet Corp.* .............. 29,900 1,080,137
Knight Ridder, Inc. .................. 31,300 1,723,456
Readers Digest Association, Inc.,
Class A (Non Voting) ............... 30,100 816,463
------------
6,392,181
------------
TRUCKING, SHIPPING (0.5%)
Alexander & Baldwin, Inc. ............ 14,500 422,313
Gatx Corp. ........................... 14,000 614,250
------------
1,036,563
------------
TOTAL BUSINESS SERVICES ............ 10,219,894
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
CAPITAL GOODS (5.7%)
AEROSPACE (0.5%)
Allied Signal, Inc. .................. 24,100 $ 1,069,438
------------
BUILDING MATERIALS & FOREST
PRODUCTS (1.5%)
Armstrong World Industries, Inc. 14,600 983,675
Georgia-Pacific Corp. ................ 9,800 577,587
PPG Industries, Inc. ................. 20,000 1,391,250
------------
2,952,512
------------
ELECTRICAL EQUIPMENT (2.6%)
AMP, Inc. ............................ 37,200 1,278,750
Cooper Industries, Inc. .............. 18,400 1,010,850
General Electric Co. ................. 21,300 1,938,300
Hubbell, Inc., Class B ............... 21,100 878,287
------------
5,106,187
------------
MACHINERY (1.1%)
Pall Corp. ........................... 47,500 973,750
Tomkins plc .......................... 241,500 1,311,755
------------
2,285,505
------------
TOTAL CAPITAL GOODS ................ 11,413,642
------------
CONSUMER CYCLICALS (6.3%)
APPAREL & TEXTILES (0.1%)
Unifi, Inc. .......................... 4,200 143,850
------------
AUTO RELATED (1.5%)
Genuine Parts Co. .................... 43,900 1,517,294
TRW Inc. ............................. 26,600 1,453,025
------------
2,970,319
------------
AUTOS & TRUCKS (0.8%)
General Motors Corp. ................. 23,600 1,576,775
------------
FOOD SERVICES, LODGING (0.4%)
Hilton Hotels Corp. .................. 27,500 783,750
------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.7%)
Whirlpool Corp. ...................... 21,300 1,464,375
------------
PHOTO & OPTICAL (1.5%)
Bausch & Lomb, Inc. .................. 22,500 1,127,812
Eastman Kodak Co. .................... 26,800 1,958,075
------------
3,085,887
------------
RETAIL--GENERAL (1.3%)
J.C. Penny Co. ....................... 21,300 1,540,256
May Department Stores Co. ............ 15,500 1,015,250
------------
2,555,506
------------
TOTAL CONSUMER CYCLICALS ........... 12,580,462
------------
CONSUMER NON-CYCLICALS (14.3%)
BEVERAGES (1.6%)
Anheuser-Busch Cos., Inc. ............ 44,000 2,076,250
Brown-Forman Corp., Class B .......... 18,700 1,201,475
------------
3,277,725
------------
CONTAINERS (0.3%)
Tupperware Corp. ..................... 23,500 660,938
------------
DRUGS (3.6%)
Abbott Laboratories .................. 31,300 1,279,388
American Home Products Corp. ......... 56,300 2,913,525
</TABLE>
46
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Amgen, Inc.* ....................... 8,100 $ 529,537
Pharmacia & Upjohn, Inc. ........... 52,100 2,403,112
------------
7,125,562
------------
FOODS (3.9%)
General Mills, Inc. ................ 30,000 2,051,250
H.J. Heinz Co. ..................... 23,900 1,341,387
Kellogg Co. ........................ 21,600 811,350
McCormick & Co., Inc.
(Non-Voting) ..................... 42,500 1,518,047
Quaker Oats Co. .................... 29,400 1,615,163
Sara Lee Corp. ..................... 7,200 402,750
------------
7,739,947
------------
HOSPITAL SUPPLIES & SERVICES (1.8%)
Baxter International, Inc. ......... 12,000 645,750
Johnson & Johnson .................. 6,900 508,875
Smith & Nephew plc ................. 215,900 539,029
U.S. Surgical Corp. ................ 43,700 1,993,812
------------
3,687,466
------------
TOBACCO (3.1%)
Fortune Brands, Inc. ............... 34,300 1,318,406
Philip Morris Cos., Inc. ........... 60,500 2,382,188
RJR Nabisco Holdings Corp. ......... 42,300 1,004,625
UST, Inc. .......................... 51,900 1,401,300
------------
6,106,519
------------
TOTAL CONSUMER NON-CYCLICALS 28,598,157
------------
CREDIT SENSITIVE (33.2%)
BANKS (9.0%)
Banc One Corp. ..................... 29,450 1,643,678
BankBoston Corp. ................... 19,600 1,090,250
Bankers Trust New York Corp. ....... 12,500 1,450,781
Chase Manhattan Corp. .............. 21,600 1,630,800
First Union Corp. .................. 24,660 1,436,445
Fleet Financial Group, Inc. ........ 16,900 1,411,150
J.P. Morgan & Co. .................. 18,500 2,166,813
Mellon Bank Corp. .................. 51,000 3,550,875
Mercantile Bankshares Corp. ........ 18,150 631,847
National City Corp. ................ 14,400 1,022,400
PNC Bank Corp. ..................... 12,500 672,656
Wells Fargo & Co. .................. 3,300 1,217,700
------------
17,925,395
------------
FINANCIAL SERVICES (2.1%)
Fannie Mae ......................... 30,100 1,828,575
H&R Block, Inc. .................... 28,500 1,200,562
Transamerica Corp. ................. 10,200 1,174,275
------------
4,203,412
------------
INSURANCE (5.1%)
American General Corp. ............. 26,300 1,872,231
Exel Ltd. .......................... 17,600 1,369,500
Hilb, Rogal & Hamilton Co. ......... 1,000 15,625
Lincoln National Corp. ............. 11,100 1,014,262
Safeco Corp. ....................... 36,900 1,676,644
St. Paul Cos. ...................... 55,966 2,354,070
Travelers Group, Inc. .............. 21,400 1,297,375
Willis Corroon Group plc (ADR) 45,100 566,569
------------
10,166,276
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
REAL ESTATE (3.0%)
Cresent Real Estate Equities Co. 31,200 $ 1,049,100
Rouse Co. .......................... 10,700 336,381
Security Capital Pacific Trust ..... 17,200 387,000
Simon Debartolo Group, Inc. ........ 48,900 1,589,250
Starwood Hotels & Resorts .......... 44,697 2,159,424
Weingarten Realty Investments ...... 11,500 480,844
------------
6,001,999
------------
UTILITY--ELECTRIC (7.0%)
Baltimore Gas & Electric Co. ....... 21,700 674,056
Central & South West Corp. ......... 19,600 526,750
DQE, Inc. .......................... 26,600 957,600
Dominion Resources, Inc. ........... 25,200 1,026,900
Duke Energy Corp. .................. 27,800 1,647,150
Entergy Corp. ...................... 25,200 724,500
FirstEnergy Corp. .................. 44,570 1,370,528
GPU, Inc. .......................... 17,300 654,156
Houston Industries, Inc. ........... 38,300 1,182,513
Pacificorp ......................... 36,000 814,500
Peco Energy Co. .................... 29,200 852,275
Southern Co. ....................... 52,800 1,461,900
TECO Energy, Inc. .................. 24,400 654,225
Unicom Corp. ....................... 39,200 1,374,450
------------
13,921,503
------------
UTILITY--TELEPHONE (7.0%)
AT&T Corp. ......................... 33,900 1,936,537
Alltel Corp. ....................... 61,100 2,841,150
Bell Atlantic Corp. ................ 36,200 1,651,625
Bellsouth Corp. .................... 21,100 1,416,338
GTE Corp. .......................... 37,400 2,080,375
SBC Communications, Inc. ........... 55,000 2,200,000
Southern New England
Telecommunications Corp. ......... 16,100 1,054,550
U.S. West Communications
Group ............................ 18,700 878,900
------------
14,059,475
------------
TOTAL CREDIT SENSITIVE ........... 66,278,060
------------
DIVERSIFIED (1.5%)
MISCELLANEOUS (1.5%)
Lonrho Africa plc .................. 18,950 22,786
Minnesota Mining &
Manufacturing Co. ................ 19,700 1,619,094
Olin Corp. ......................... 29,900 1,246,456
------------
TOTAL DIVERSIFIED ................ 2,888,336
------------
ENERGY (14.0%)
OIL--DOMESTIC (8.8%)
Amoco Corp. ........................ 64,400 2,680,650
Atlantic Richfield Co. ............. 32,900 2,570,312
Chevron Corp. ...................... 29,500 2,450,344
Exxon Corp. ........................ 42,000 2,995,125
Mobil Corp. ........................ 25,900 1,984,588
Occidental Petroleum Corp. ......... 34,700 936,900
Phillips Petroleum Co. ............. 18,400 886,650
Texaco, Inc. ....................... 39,200 2,339,750
Unocal Corp. ....................... 19,600 700,700
------------
17,545,019
------------
</TABLE>
47
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- ---------------
<S> <C> <C>
OIL--INTERNATIONAL (2.1%)
Amerada Hess Corp. ............... 27,300 $ 1,482,731
British Petroleum Co. plc (ADR) 14,800 1,306,100
Royal Dutch Petroleum Co.
(NY Shares) .................... 25,000 1,370,313
------------
4,159,144
------------
OIL--SUPPLIES & CONSTRUCTION (0.5%)
USX-Marathon Group, Inc. ......... 27,100 929,869
------------
RAILROADS (2.6%)
Burlington Northern Santa Fe
Corp. .......................... 10,900 1,070,244
Norfolk Southern Corp. ........... 75,000 2,235,937
Union Pacific Corp. .............. 44,800 1,976,800
------------
5,282,981
------------
TOTAL ENERGY ................... 27,917,013
------------
TECHNOLOGY (1.4%)
OFFICE EQUIPMENT (0.4%)
Hewlett Packard Co. .............. 14,100 844,237
------------
TELECOMMUNICATIONS (1.0%)
BCE, Inc. ........................ 26,300 1,114,339
Frontier Corp. ................... 27,700 872,550
------------
1,986,889
------------
TOTAL TECHNOLOGY ............... 2,831,126
------------
TOTAL COMMON STOCKS (92.7%)
(Cost $176,609,700) ............ 185,143,913
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------ ---------------
<S> <C> <C>
SHORT-TERM DEBT
SECURITIES:
COMMERCIAL PAPER (7.1%)
Abbey National North America
plc
5.55%, 7/2/98 .................... $ 250,000 $ 249,961
Bellsouth Corp.
5.71%, 7/8/98 .................... 202,000 201,776
H.J. Heinz Co.
5.55%, 7/31/98 ................... 1,154,000 1,148,692
Metlife Funding, Inc.
5.52%, 7/8/98 .................... 6,590,000 6,582,939
Preferred Receivables Funding
5.54%, 7/1/98+ Section .......... 5,250,000 5,250,000
Proctor & Gamble Corp.
5.53%, 7/31/98 ................... 631,000 628,108
------------
TOTAL SHORT-TERM DEBT SECURITIES (7.1%)
(Amortized Cost $14,061,476) ..... 14,061,476
------------
TOTAL INVESTMENTS (99.8%)
(Cost/Amortized Cost $190,671,176) 199,205,389
OTHER ASSETS
LESS LIABILITIES (0.2%) .......... 473,055
------------
NET ASSETS (100%) .................. $199,678,444
============
</TABLE>
<PAGE>
- ----------
* Non-income producing
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may only be resold to qualified
institutional buyers. At June 30, 1998 these securities amounted to
$5,250,000 or 2.63% of net assets.
Section Illiquid security: is not actively traded.
Glossary:
ADR--American Depositary Receipt
48
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $101,427,225
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 12,942,471
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 14,279,790
Aggregate gross unrealized depreciation .......... (5,745,577)
------------
Net unrealized appreciation ...................... $ 8,534,213
============
Federal income tax cost of investments ........... $190,671,176
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$33,914,899, which was secured by collateral valued at $34,638,064.
For the six months ended June 30, 1998 the Portfolio incurred approximately
$1,912 as brokerage commissions with Donaldson, Lufkin & Jenrette Securities
Corp., an affiliated broker/dealer.
See Notes to Financial Statements.
49
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS AND WARRANTS:
AUSTRALIA & NEW ZEALAND (2.2%)
AUSTRALIA (2.0%)
AMP Ltd.* .......................... 11,000 $ 128,898
Australian Gas & Light Co., Ltd. 26,346 164,979
Brambles Industries Ltd. ........... 6,000 117,887
Broken Hill Proprietary Ltd. ....... 20,569 174,076
Colonial Ltd.* ..................... 32,000 96,819
Commonwealth Bank of
Australia ........................ 22,597 263,952
Fosters Brewing Corp. .............. 22,000 51,832
GIO Australia Holdings, Ltd. ....... 15,000 38,539
Goodman Fielder, Ltd. .............. 52,000 75,764
John Fairfax Holdings Ltd. ......... 45,000 78,316
Lend Lease Corp. ................... 7,108 143,888
National Australia Bank Ltd. ....... 7,126 94,106
News Corp., Ltd. ................... 29,034 237,255
Publishing & Broadcasting Ltd. ..... 22,000 94,798
Sydney Harbour Casino
Holdings* ........................ 71,200 41,496
Tabcorp Holdings Ltd. .............. 23,000 117,645
Telstra Corp., Ltd. ................ 47,305 121,423
Westpac Banking Corp. .............. 30,000 183,210
Woodside Petroleum Ltd. ............ 16,000 79,955
------------
2,304,838
------------
NEW ZEALAND (0.2%)
Fletcher Challenge Building ........ 16,251 20,264
Fletcher Challenge Energy .......... 14,255 34,068
Telecom Corp. of New Zealand
Ltd. ............................. 28,000 115,507
Telecom Corp. of New Zealand
Ltd. ............................. 8,000 17,124
------------
186,963
------------
TOTAL AUSTRALIA & NEW
ZEALAND ....................... 2,491,801
------------
CANADA (0.2%)
Alcan Aluminum Ltd. ................ 4,800 132,106
Royal Bank of Canada ............... 1,800 108,253
------------
TOTAL CANADA ..................... 240,359
------------
JAPAN (15.7%)
Advantest Corp. .................... 1,500 80,724
Alps Electric Co., Ltd. ............ 13,000 154,740
Amada Co., Ltd. .................... 17,000 82,780
Canon, Inc. ........................ 52,000 1,181,648
Citizen Watch Co., Ltd. ............ 10,000 82,600
DDI Corp. .......................... 55 191,639
Daifuku Co., Ltd. .................. 2,000 7,459
Daiichi Pharma Co., Ltd. ........... 22,000 290,434
Dainippon Screen Manufacturing
Co., Ltd. ........................ 15,000 61,463
Daiwa House Industry Co., Ltd. ..... 23,000 203,253
Denso Corp. ........................ 47,000 779,830
East Japan Railway Co. ............. 73 343,356
Fanuc .............................. 5,700 197,374
Fujitsu Ltd. ....................... 9,000 94,792
Hitachi Ltd. ....................... 51,000 332,961
Hitachi Zosen Corp. ................ 25,000 40,398
Honda Motor Co., Ltd. .............. 3,000 106,911
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Inax ............................... 5,000 $ 17,205
Ito-Yokado Co., Ltd. ............... 14,000 659,501
Kao Corp. .......................... 20,000 308,758
Kokuyo ............................. 14,000 237,339
Komatsu Ltd. ....................... 18,000 87,520
Komori Corp. ....................... 9,000 171,079
Kuraray Co., Ltd. .................. 31,000 263,663
Kyocera Corp. ...................... 13,000 635,839
Makita Corp. ....................... 15,000 173,027
Marui Co., Ltd. .................... 34,000 507,719
Matsushita Electric Industries Co. 53,000 852,619
Mitsubishi Corp. ................... 28,000 173,712
Mitsubishi Heavy Industries Ltd. 158,000 597,259
Mitsui Fudosan Co., Ltd. ........... 77,000 608,801
Murata Manufacturing Co., Ltd. ..... 15,000 486,943
NEC Corp. .......................... 85,000 792,851
Nippon Telegraph & Telephone
Corp. ............................ 41 340,139
Nomura Securities Co. .............. 47,000 547,576
Pioneer Electric Corp. ............. 8,000 152,936
Sangetsu Co., Ltd. ................. 2,000 25,826
Sankyo Co. ......................... 36,000 820,661
Sega Enterprises ................... 2,500 43,194
Sekisui Chemical Co. ............... 33,000 169,023
Sekisui House Ltd. ................. 20,000 155,100
Seven-Eleven Japan Co., Ltd. ....... 4,000 238,349
Sharp Corp. ........................ 8,000 64,868
Shin-Etsu Chemical Co. ............. 29,000 502,092
Shiseido Co., Ltd. ................. 13,000 147,800
Sony Corp. ......................... 13,000 1,120,690
Sumitomo Corp. ..................... 57,000 274,268
Sumitomo Electric Industries ....... 77,000 779,332
Sumitomo Forestry Co. .............. 8,000 44,957
TDK Corp. .......................... 13,000 961,261
Tokio Marine & Fire Insurance
Co. .............................. 11,000 113,158
Tokyo Electron Ltd. ................ 5,000 153,297
Tokyo Steel Manufacturing .......... 7,800 40,176
Toppan Printing Co., Ltd. .......... 30,000 321,166
Uny Co., Ltd. ...................... 15,000 243,471
Yurtec Corp. ....................... 3,000 17,919
------------
TOTAL JAPAN ...................... 18,083,456
------------
LATIN AMERICA (4.2%)
ARGENTINA (0.8%)
Banco Frances Rio Plata (ADR) 2,220 50,921
Banco Galicia Y Bueno (ADR) ........ 2,561 46,738
Perez Companc S.A. ................. 22,347 112,198
Telefonica de Argentina (ADR) ...... 5,810 188,462
YPF S.A., Class D (ADR) ............ 16,031 481,932
------------
880,251
------------
BRAZIL (1.7%)
CEMIG (ADR) ........................ 3,224 99,785
Eletrobras ......................... 3,593,000 105,626
Empresa S.A. ....................... 20,000 51
Pao de Acucar (ADR) ................ 2,000 45,250
Telebras S.A. (ADR) ................ 15,000 1,637,813
Unibanco S.A. (GDR) ................ 3,675 108,412
------------
1,996,937
------------
</TABLE>
50
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
CHILE (0.1%)
CCU S.A. (ADS) ..................... 649 $ 13,710
Chilectra S.A. (ADR)+ Section ..... 2,211 47,395
Enersis S.A. (ADR) ................. 1,645 40,200
Santa Isabel S.A. (ADR) ............ 200 2,200
------------
103,505
------------
MEXICO (1.5%)
Cemex S.A. ......................... 10,300 45,368
Cemex S.A. (ADR) ................... 16,000 119,296
Cifra S.A., Class B (ADR) .......... 2,360 34,562
Fomento Economico Mexicano
S.A. de C.V. ..................... 3,400 105,890
Gruma S.A. (ADS)*+ Section ........ 3,467 30,557
Gruma S.A., Class B* ............... 15,250 33,585
Grupo Financeiro Banamex,
Class B* ......................... 22,000 42,823
Grupo Industrial Maseca S.A.,
Class B .......................... 26,000 18,219
Grupo Modelo S.A., Class C ......... 13,000 107,725
Grupo Televisa S.A. (GDR)* ......... 4,500 169,313
Kimberly Clark de Mexico,
Class A .......................... 31,000 109,477
Panamerican Beverages, Inc.,
Class A .......................... 7,000 220,062
TV Azteca S.A. (ADS) ............... 5,800 62,712
Telmex, Class L (ADR) .............. 12,000 576,750
------------
1,676,339
------------
PANAMA (0.0%)
Banco Latinoamericano de
Exportaciones S.A. ............... 387 11,900
------------
PERU (0.0%)
Credicorp Ltd. ..................... 1,012 14,864
Telefonica de Peru S.A. (ADS) ...... 1,330 27,182
------------
42,046
------------
VENEZUELA (0.1%)
CANTV (ADR) ........................ 2,841 71,025
------------
TOTAL LATIN AMERICA .............. 4,782,003
------------
OTHER EUROPEAN COUNTRIES (46.2%)
BELGIUM (2.2%)
Credit Communal Holdings/Dexia 715 107,577
Generale de Banque S.A. ............ 750 556,656
Kredietbank N.V. ................... 19,840 1,775,046
UCB S.A. ........................... 26 134,855
------------
2,574,134
------------
CZECH REPUBLIC (0.0%)
SPT Telecom A/S* ................... 1,900 26,301
------------
FRANCE (10.3%)
Accor S.A. ......................... 590 165,073
Alcatel Alsthom .................... 3,700 753,154
Canal Plus ......................... 1,090 203,671
Carrefour S.A. ..................... 601 380,128
Cie Generale des Eaux .............. 7,540 1,609,614
Compagnie de Saint Gobain .......... 3,060 567,219
Credit Commercial de France ........ 3,989 335,742
Dexia France ....................... 1,464 197,056
Elf Acquitaine S.A. ................ 3,440 483,506
Groupe Danone ...................... 1,970 543,033
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Groupe GTM ......................... 440 $ 45,692
L'Oreal ............................ 410 228,000
Lafarge S.A. ....................... 1,931 199,566
Lapeyre S.A. ....................... 1,920 178,745
Legrand S.A. ....................... 930 246,052
Pathe S.A. ......................... 390 76,420
Pinault-Printemps-Redoute S.A. ..... 1,650 1,380,570
Primagaz Cie Gaz ................... 150 13,171
STMicroelectronics N.V.* ........... 1,200 85,027
Sanofi S.A. ........................ 5,218 613,476
Schneider S.A. ..................... 8,149 649,629
Societe Generale Paris ............. 2,145 445,848
Sodexho Alliance S.A. .............. 3,642 688,352
Television Francaise ............... 3,230 500,456
Total S.A., Class B ................ 9,330 1,212,630
------------
11,801,830
------------
GERMANY (6.9%)
Allianz AG (Registered) ............ 1,890 623,538
Bayer AG ........................... 9,382 484,316
Bayer Hypothecken Und
Wechselbank AG ................... 7,520 477,010
Bayerische Vereinsbank AG .......... 6,043 514,333
Bilfinger & Berger BAU AG .......... 1,640 55,743
Buderus AG ......................... 110 54,893
Commerzbank AG ..................... 2,240 85,700
Deutsche Bank AG ................... 8,502 720,560
Deutsche Telekom AG ................ 16,750 452,301
Dresdner Bank AG ................... 7,518 405,601
Dresdner Bank AG* (Warrants)
(expiring 4/30/02) ............... 4,238 110,679
Gehe AG ............................ 12,770 686,826
Hoechst AG ......................... 3,180 158,868
Hornbach Baumarkt AG ............... 260 12,758
Mannesmann AG* ..................... 8,570 870,068
Rhoen-Kilnikum AG .................. 1,420 137,788
SAP AG ............................. 1,560 947,158
Siemens AG ......................... 3,249 197,804
Veba AG ............................ 10,940 746,116
Volkswagen AG ...................... 199 191,442
------------
7,933,502
------------
ITALY (5.2%)
Assicurazioni Generali S.p.A. ...... 13,440 437,196
Banca Commerciale Italiana ......... 23,000 137,597
Banca di Roma ...................... 278,000 578,890
Credito Italiano S.p.A. ............ 140,205 734,225
ENI S.p.A. (Registered) ............ 104,683 686,359
Industrie Natuzzi S.p.A. (ADR) ..... 4,000 104,000
Istituto Mobiliare Italiano S.p.A. 24,000 378,197
Istituto Nazionale delle
Assicurazioni .................... 73,000 207,474
Italgas S.p.A. ..................... 15,000 61,119
La Rinascente S.p.A. ............... 3,000 29,884
Mediolanum S.p.A. .................. 11,000 349,157
Telecom Italia Mobile S.p.A. ....... 163,000 997,164
Telecom Italia S.p.A. .............. 169,665 1,249,440
------------
5,950,702
------------
NETHERLANDS (11.4%)
ABN-Amro Holdings N.V. ............. 25,310 592,513
ASM Lithography Holding N.V.* 11,890 352,028
Akzo Nobel N.V. .................... 580 128,990
Baan Co., N.V.* .................... 3,970 141,928
CSM ................................ 9,640 463,202
</TABLE>
51
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Elsevier N.V. ..................... 60,137 $ 907,985
Fortis Amev N.V. .................. 10,850 635,536
Gucci Group N.V. .................. 2,781 147,393
ING Groep N.V. .................... 30,870 2,022,271
ING Groep N.V.* (Warrants)
(expiring 1/5/08) ............... 3,244 59,829
Koninklijke Ahold N.V. ............ 9,678 310,812
Koninklijke KPN N.V. .............. 2,640 101,663
Koninklijke Numico N.V. ........... 5,650 177,005
Otra N.V. ......................... 730 11,022
Philips Electronics N.V. .......... 6,360 534,874
Polygram N.V. ..................... 10,200 520,710
Royal Dutch Petroleum Co. ......... 46,770 2,594,627
TNT Post Group N.V.* .............. 2,640 67,516
Unilever N.V. ..................... 15,240 1,209,726
Wolters Kluwer N.V. ............... 15,270 2,096,781
------------
13,076,411
------------
PORTUGAL (0.5%)
Jeronimo Martins & Filho .......... 11,970 575,291
------------
RUSSIA (0.0%)
Gazprom (ADS) ..................... 3,131 33,424
LUKoil Holding (ADR) .............. 110 3,677
------------
37,101
------------
SPAIN (2.9%)
Argentaria Corp. Banc* ............ 12,520 280,853
Banco Bilbao Vizcaya S.A. ......... 4,000 205,282
Banco Popular Espanol S.A. ........ 3,373 287,700
Banco de Santander S.A. ........... 26,796 685,845
Endesa S.A. ....................... 17,766 388,686
Gas Natural SDG S.A. .............. 3,510 253,608
Iberdrola S.A. .................... 17,130 278,146
Repsol S.A. ....................... 3,970 218,758
Telefonica S.A. ................... 15,153 700,585
------------
3,299,463
------------
SWITZERLAND (6.8%)
ABB AG (Bearer) ................... 320 472,917
Adecco S.A. (Bearer) .............. 1,450 654,351
CS Holdings ....................... 2,950 656,875
Nestle S.A. (Registered) .......... 1,040 2,227,248
Novartis AG (Registered) .......... 880 1,465,409
Roche Holdings AG ................. 110 1,080,986
UBS AG (Registered)* .............. 3,459 1,287,183
------------
7,844,969
------------
TOTAL OTHER EUROPEAN
COUNTRIES .................... 53,119,704
------------
SCANDINAVIA (5.4%)
DENMARK (0.2%)
Den Danske Bank AS ................ 1,630 195,714
Tele Danmark A/S, Class B ......... 240 23,053
Unidanmark A/S, Class A
(Registered) .................... 930 83,647
------------
302,414
------------
NORWAY (1.6%)
Bergesen ASA, Class A ............. 810 15,429
Norsk Hydro ASA ................... 16,330 719,031
Orkla ASA, Class A ................ 45,720 1,064,712
Saga Petroleum ASA, Class B ....... 1,250 17,694
------------
1,816,866
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
SWEDEN (3.6%)
ABB AB, Class A ................... 18,290 $ 259,091
Astra AB, Class B ................. 54,163 1,079,594
Atlas Copco AB, Class B ........... 10,500 286,292
Electrolux AB, Class B ............ 31,050 533,264
Esselte AB, Class B ............... 1,890 43,832
Granges AB ........................ 1,115 20,407
Hennes & Mauritz AB, Class B ...... 14,790 943,727
Nordbanken Holding AB ............. 74,989 549,938
Sandvik AB, Class A ............... 2,330 64,406
Sandvik AB, Class B ............... 11,110 305,013
Scribona AB, Class B .............. 940 11,313
------------
4,096,877
------------
TOTAL SCANDINAVIA ............... 6,216,157
------------
SOUTHEAST ASIA (1.4%)
CHINA (0.2%)
Huaneng Power International,
Inc. (ADR)* ..................... 16,000 215,000
------------
HONG KONG (1.1%)
CLP Holdings Ltd. ................. 48,000 218,689
Hang Seng Bank Ltd. ............... 15,000 84,796
Henderson Land Development
Co., Ltd. ....................... 45,000 148,393
Hong Kong & China Gas Co.,
Ltd. ............................ 94,000 106,763
Hong Kong Telecommunications
Ltd. ............................ 84,800 159,246
Hutchison Whampoa Ltd. ............ 100,000 527,878
------------
1,245,765
------------
KOREA (0.0%)
Samsung Electronics ............... 303 9,379
------------
SINGAPORE (0.1%)
Singapore Press Holdings Ltd. ..... 11,588 77,505
Singapore Telecommunications
Ltd. ............................ 37,000 52,560
------------
130,065
------------
THAILAND (0.0%)
Thai Farmers Bank PCL
(Foreign) ....................... 64,000 56,493
------------
TOTAL SOUTHEAST ASIA ............ 1,656,702
------------
SOUTHERN CENTRAL ASIA (0.1%)
INDIA (0.1%)
Mahanagar Telephone Nigam
Ltd. (GDR)* ..................... 6,000 58,200
------------
UNITED KINGDOM (19.0%)
ASDA Group plc .................... 131,000 450,121
Abbey National plc ................ 38,000 675,852
BG plc ............................ 41,529 240,311
British Petroleum Co. plc ......... 32,000 467,067
Cable & Wireless plc .............. 80,000 972,612
Cadbury Schweppes plc ............. 55,000 851,912
Caradon plc ....................... 78,100 239,987
Centrica plc* ..................... 13,000 21,927
Compass Group plc* ................ 53,000 609,836
Diageo plc ........................ 152,592 1,809,291
Electrocomponents plc ............. 28,000 219,773
GKN plc* .......................... 10,000 127,505
</TABLE>
52
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------- ---------------
<S> <C> <C>
Glaxo Wellcome plc ................. 60,000 $ 1,802,605
Heywood Williams Group plc ......... 4,000 17,502
John Laing plc, Class A ............ 9,000 59,594
Kingfisher plc ..................... 85,000 1,369,823
Ladbroke Group plc ................. 50,000 274,716
National Westminster Bank plc ...... 159,000 2,843,838
Rank Group plc ..................... 64,000 351,637
Reed International plc ............. 142,000 1,285,304
Rio Tinto plc (Registered) ......... 38,000 428,357
Rolls-Royce plc .................... 17,000 70,265
Safeway plc ........................ 69,000 452,279
Shell Transport & Trading Co.,
plc (Registered) ................. 214,000 1,508,150
Smith (David S) Holdings plc ....... 38,000 122,478
SmithKline Beecham plc ............. 192,800 2,355,264
Tesco plc .......................... 60,000 586,172
Tomkins plc ........................ 168,000 912,525
United News & Media plc ............ 56,000 783,701
------------
TOTAL UNITED KINGDOM ............. 21,910,404
------------
TOTAL COMMON STOCKS AND
WARRANTS (94.4%)
(Cost $101,962,534) .............. 108,558,786
------------
PREFERRED STOCKS AND RIGHTS:
AUSTRALIA & NEW ZEALAND (0.1%)
AUSTRALIA (0.1%)
Colonial Ltd. (Rights) (expiring
7/2/98)* ......................... 15,000 3,441
News Corp., Ltd. ................... 24,176 171,476
------------
TOTAL AUSTRALIA & NEW
ZEALAND ....................... 174,917
------------
LATIN AMERICA (1.1%)
BRAZIL (1.1%)
Banco Bradesco S.A. ................ 13,277,000 111,354
Banco Itau S.A. .................... 158,000 89,482
Brahma ............................. 150,000 92,798
Brasmotor S.A. ..................... 134,000 12,280
CEMIG .............................. 5,147,177 159,326
Cia Cimento Portland Itau .......... 70,000 12,829
Petrobras S.A. ..................... 1,666,654 309,827
Telecomunicacoes do Rio de
Janeiro S.A. ..................... 290,536 22,106
Telecomunicacoes do Rio de
Janeiro S.A. (Rights) (expiring
7/3/98)*# ........................ 2,620 --
Telecomunicacoes de Sao Paulo
S.A. ............................. 1,158,706 276,514
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------- ---------------
<S> <C> <C>
Telecomunicacoes de Sao Paulo
S.A. (Rights) (expiring
7/2/98)*# ........................ 42,848 $ --
Telemig Celular S.A., Class C* ..... 284,930 8,623
Telemig, Class B* .................. 284,930 20,202
Telerj Celular S.A., Class B ....... 290,536 17,082
Telesp Celular S.A., Class B ....... 911,706 76,465
USIMINAS S.A. ...................... 11,450 57,619
------------
TOTAL LATIN AMERICA .............. 1,266,507
------------
OTHER EUROPEAN COUNTRIES (0.6%)
GERMANY (0.6%)
Fielmann AG ........................ 420 14,578
Fresenius AG ....................... 470 87,563
Hornbach Holding AG ................ 770 70,660
SAP AG (Non Voting) ................ 826 561,964
------------
TOTAL OTHER EUROPEAN
COUNTRIES ..................... 734,765
------------
SCANDINAVIA (0.5%)
FINLAND (0.5%)
Nokia OYJ, Class A ................. 7,040 518,124
------------
TOTAL PREFERRED STOCKS AND
RIGHTS (2.3%)
(Cost $2,555,020) ................ 2,694,313
------------
TOTAL INVESTMENTS (96.7%)
(Cost $104,517,554) .............. 111,253,099
------------
OTHER ASSETS
LESS LIABILITIES (3.3%) .......... 3,799,814
------------
NET ASSETS (100%) .................. $115,052,913
============
</TABLE>
<TABLE>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Equity Investments
Basic Materials ........................... 1.7%
Business Services ......................... 6.0
Capital Goods ............................. 8.2
Consumer Cyclicals ........................ 12.7
Consumer Non-Cyclicals .................... 22.4
Banks ................................... 15.3
Financial Services ...................... 3.3
Insurance ............................... 2.2
Real Estate ............................. 0.8
Utility--Electric ....................... 2.1
Utility--Gas ............................ 0.1
Utility--Telephone ...................... 8.4
Credit Sensitive .......................... 32.2
Diversified ............................... 1.8
Energy .................................... 10.7
Technology ................................ 4.3
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may only be resold to qualified
institutional buyers. At June 30, 1998 these securities amounted to
$77,952 or 0.07% of net assets.
Section Illiquid security: is not actively traded.
Securities (totaling $0 or 0.00% of net assets) valued at fair value.
#
Glossary:
ADR--American Depositary Receipt
ADS--American Depositary Share
GDR--Global Depositary Receipt
53
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1998 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 7/6/98 ................. 874 $1,456,981 $1,459,279 $ 2,298
Belgian Franc, expiring 7/14/98 ................ 3,855 103,627 103,599 (28)
Danish Krone, expiring 7/2/98 .................. 458 66,604 66,623 19
Finnish Markka, expiring 7/2/98 ................ 567 103,340 103,367 27
French Franc, expiring 7/2/98--7/31/98 ......... 9,017 1,492,661 1,491,047 (1,614)
German Mark, expiring 7/2/98 ................... 1,034 573,220 573,538 318
Italian Lira, expiring 7/6/98 .................. 732,787 412,234 412,408 174
Japanese Yen, expiring 7/2/98 .................. 77,627 548,924 560,002 11,078
Netherlands Guilder, expiring 7/2/98 ........... 1,791 880,151 880,965 814
Norwegian Krone, expiring 7/2/98 ............... 548 71,493 71,446 (47)
Portuguese Escudos, expiring 7/3/98 ............ 16,902 91,528 91,543 15
Spanish Peseta, expiring 7/2/98 ................ 43,356 283,098 282,729 (369)
Swedish Krona, expiring 7/2/98 ................. 1,646 206,338 206,330 (8)
Swiss Franc, expiring 7/2/98 ................... 899 592,518 592,870 352
---------
$13,029
=========
</TABLE>
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $47,194,065
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 11,199,810
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 13,385,325
Aggregate gross unrealized depreciation .......... (6,649,780)
------------
Net unrealized appreciation ...................... $ 6,735,545
============
Federal income tax cost of investments ........... $104,517,554
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$2,010,917, which was secured by collateral valued at $2,102,778, of which
$1,288,200 was in the form of U.S. Government Securities.
For the six months ended June 30, 1998 the Portfolio incurred approximately $90
as brokerage commissions with Equitable Distributors, Inc., $142 with Fleming
Martin Holdings Ltd., $1,977 with Jardine Fleming Securities Ltd., $168 with
Ord Minnett Group Ltd. and $1,637 with Robert Fleming Securities Ltd., all
affiliated broker/dealers.
See Notes to Financial Statements.
54
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (5.2%)
METALS & MINING (0.1%)
Metal Management, Inc.* ............ 24,100 $ 257,569
------------
STEEL (5.1%)
Citation Corp.* .................... 102,900 2,058,000
Inland Steel Industries, Inc. ...... 126,500 3,565,719
Roanoke Electric Steel Corp. ....... 64,050 1,200,937
Universal Stainless & Alloy
Products, Inc.* .................. 261,600 2,403,450
------------
9,228,106
------------
TOTAL BASIC MATERIALS ............ 9,485,675
------------
BUSINESS SERVICES (8.9%)
PRINTING, PUBLISHING,
BROADCASTING (3.2%)
Granite Broadcasting Corp.* ........ 167,500 1,989,062
John H. Harland Co. ................ 226,500 3,836,344
------------
5,825,406
------------
PROFESSIONAL SERVICES (1.5%)
Standex International Corp. ........ 90,800 2,689,950
------------
TRUCKING, SHIPPING (4.2%)
Landstar System, Inc.* ............. 146,900 5,132,319
M.S. Carriers* ..................... 79,700 2,161,863
Matlack Systems, Inc.* ............. 32,500 253,906
------------
7,548,088
------------
TOTAL BUSINESS SERVICES .......... 16,063,444
------------
CAPITAL GOODS (15.1%)
BUILDING & CONSTRUCTION (9.6%)
Avondale Industries, Inc.* ......... 158,900 4,384,647
Cavalier Homes, Inc. ............... 423,100 5,473,856
HomeUSA, Inc.* ..................... 288,000 2,880,000
Walter Industries, Inc.* ........... 247,100 4,679,457
------------
17,417,960
------------
BUILDING MATERIALS & FOREST
PRODUCTS (2.1%)
Triangle Pacific Corp.* ............ 69,100 3,800,500
------------
ELECTRICAL EQUIPMENT (1.2%)
General Cable Corp. ................ 73,950 2,135,306
------------
MACHINERY (2.2%)
Allied Products Corp. .............. 100,725 2,134,111
Gradall Industries, Inc.* .......... 89,250 1,305,281
Stewart & Stevenson Services,
Inc. ............................. 32,000 576,000
------------
4,015,392
------------
TOTAL CAPITAL GOODS .............. 27,369,158
------------
CONSUMER CYCLICALS (16.1%)
FOOD SERVICES, LODGING (1.9%)
Ryan's Family Steak Houses,
Inc.* ............................ 332,000 3,403,000
------------
HOUSEHOLD FURNITURE, APPLIANCES (6.0%)
Home Products International,
Inc.* ............................ 350,100 4,069,912
La-Z-Boy, Inc. ..................... 79,100 4,469,150
Zag Industries Ltd.* ............... 165,700 2,322,390
------------
10,861,452
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
LEISURE RELATED (1.7%)
SCP Pool Corp.* .................... 125,600 $ 3,077,200
------------
RETAIL--GENERAL (6.5%)
Ann Taylor Stores Corp.* ........... 81,600 1,728,900
Callaway Golf Co. .................. 148,600 2,925,563
Filene's Basement Corp.* ........... 502,600 2,740,743
Fingerhut Cos., Inc. ............... 134,050 4,423,650
------------
11,818,856
------------
TOTAL CONSUMER CYCLICALS ......... 29,160,508
------------
CONSUMER NON-CYCLICALS (2.7%)
FOODS (1.0%)
Vlasic Foods International, Inc.* 90,000 1,811,250
------------
RETAIL--FOOD (1.7%)
Pilgrims Pride Corp. ............... 157,100 3,142,000
------------
TOTAL CONSUMER NON-CYCLICALS...... 4,953,250
------------
CREDIT SENSITIVE (34.3%)
BANKS (7.9%)
Century Bancorp, Inc., Class A ..... 106,600 2,225,275
Quaker City Bancorp, Inc.* ......... 157,087 3,613,001
Riggs National Corp.
(Washington D.C.) ................ 158,900 4,618,031
Texas Regional Bancshares, Inc.,
Class A .......................... 114,125 3,737,594
------------
14,193,901
------------
FINANCIAL SERVICES (3.4%)
Long Beach Financial Corp.* ........ 308,100 3,389,100
White River Corp.* ................. 30,900 2,796,450
------------
6,185,550
------------
INSURANCE (14.9%)
Commerce Group, Inc. ............... 109,300 4,235,375
Delphi Financial Group, Inc.,
Class A* ......................... 60,494 3,406,568
HCC Insurance Holdings, Inc. ....... 102,700 2,259,400
Nac Re Corp. ....................... 60,750 3,242,531
National Western Life Insurance
Co., Class A* .................... 43,600 5,275,600
Pico Holdings, Inc.* ............... 166,350 717,385
TIG Holdings, Inc. ................. 117,300 2,697,900
Terra Nova Bermuda Holdings
Ltd., Class A .................... 163,100 5,117,263
------------
26,952,022
------------
REAL ESTATE (8.1%)
Equity Inns, Inc. .................. 219,400 2,893,337
U.S. Restaurant Properties
Master L.P. ...................... 121,100 3,277,269
Weeks Corp. ........................ 163,100 5,158,037
Western Water Co.* ................. 353,650 3,359,675
------------
14,688,318
------------
TOTAL CREDIT SENSITIVE ........... 62,019,791
------------
ENERGY (4.9%)
COAL & GAS PIPELINES (1.2%)
KCS Energy, Inc. ................... 197,000 2,253,188
------------
OIL--DOMESTIC (2.3%)
Forest Oil Corp.* .................. 285,800 4,090,513
------------
OIL--INTERNATIONAL (0.2%)
Vintage Petroleum, Inc. ............ 24,300 458,662
------------
</TABLE>
55
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- ---------------
<S> <C> <C>
OIL--SUPPLIES & CONSTRUCTION (1.2%)
Tokheim Corp.* ..................... 102,200 $ 2,095,100
------------
TOTAL ENERGY ..................... 8,897,463
------------
TECHNOLOGY (4.2%)
ELECTRONICS (2.7%)
UNOVA, Inc.* ....................... 230,500 4,955,750
------------
OFFICE EQUIPMENT (1.1%)
Avant! Corp.* ...................... 79,400 1,965,150
------------
OFFICE EQUIPMENT SERVICES (0.4%)
EA Industries, Inc.* ............... 209,000 640,062
------------
TOTAL TECHNOLOGY ................. 7,560,962
------------
TOTAL COMMON STOCKS (91.4%)
(Cost $158,843,160) .............. 165,510,251
------------
PRINCIPAL
AMOUNT
---------
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (9.5%)
State Street Bank & Trust 5.75%,
dated 6/30/98, due 7/1/98, to be
repurchased at $17,193,746,
collateralized by $12,630,000 of
U.S. Treasury Bonds, 8.875%
due 8/15/17, valued at
$ 17,636,262
(Cost $17,191,000) ............... $17,191,000 17,191,000
------------
TOTAL INVESTMENTS (100.9%)
(Cost $176,034,160)............... 182,701,251
OTHER ASSETS
LESS LIABILITIES (-0.9%) ......... (1,700,374)
------------
NET ASSETS (100%) .................. $181,000,877
============
</TABLE>
- ----------
* Non-income producing
56
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities .. $115,573,389
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .. 68,431,303
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 14,787,923
Aggregate gross unrealized depreciation ......... (8,120,832)
------------
Net unrealized appreciation ..................... $ 6,667,091
============
Federal income tax cost of investments .......... $176,034,160
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$16,638,146, which was secured by collateral valued at $17,272,300.
For the six months ended June 30, 1998 the Portfolio incurred approximately
$4,146 as brokerage commissions with S. G. Warburg & Co., Inc., an affiliated
broker/dealer.
See Notes to Financial Statements.
57
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
AFRICA AND THE MIDDLE EAST (19.8%)
EGYPT (1.5%)
Al-Ahram Beverages Co. (GDR) 1,960 $ 61,642
Commercial International Bank ...... 6,484 71,469
Eastern Tobacco .................... 3,900 69,946
Egypt Gas Co. ...................... 500 47,913
Egyptian Financial & Industrial
Co. .............................. 1,920 41,088
Helwan Portland Cement ............. 2,485 37,531
Industrial Engineering
Enterprises ...................... 2,890 47,019
Madinet Nasar Housing &
Development ...................... 995 47,617
Paints & Chemical Industries Co.
(GDR) ............................ 5,300 46,905
Suez Cement Co. .................... 2,500 46,171
-----------
517,301
-----------
ISRAEL (4.1%)
Bank Hapoalim Ltd.* ................ 56,800 171,816
First International Bank of Israel,
Class 5 .......................... 27,000 211,173
Koor Industries Ltd. (ADR) ......... 20,700 483,862
Orbotech Ltd.* ..................... 4,130 150,229
Super-Sol Ltd. ..................... 63,000 207,568
Super-Sol Ltd. (ADR) ............... 11,300 186,450
-----------
1,411,098
-----------
SOUTH AFRICA (7.3%)
Amalgamated Banks of South
Africa Group Ltd. ................ 13,200 82,510
Barlow Rand Ltd. ................... 14,700 77,607
Bidvest Group Ltd. ................. 15,640 119,561
Coronation Holdings Ltd.,
Class N .......................... 2,200 33,079
Education Investment Corp., Ltd. 63,800 115,868
Ellerine Holdings Ltd. ............. 26,380 144,395
Forbes Group Ltd. .................. 18,490 36,704
Illovo Sugar Ltd. .................. 42,300 52,882
Liberty Life Association of
Africa Ltd. ...................... 13,220 258,180
Morgan Stanley Africa
Investment Fund, Inc. ............ 1,700 20,187
NBS Boland Group Ltd. .............. 31,300 40,716
New Africa Investments Ltd.* ....... 68,100 85,136
New Africa Investments Ltd.,
Class N* ......................... 60,500 64,903
Orion Selections Holdings Ltd. ..... 82,000 138,531
Orion Selections Ltd. .............. 91,000 112,996
Persetel Holdings Ltd. ............. 20,700 185,344
Primedia Ltd., Class N* ............ 10,770 70,778
Protea Furnishers Ltd. ............. 86,474 61,358
Rembrandt Group Ltd. ............... 23,854 149,106
Sasol Ltd. ......................... 26,500 153,782
Sasol Ltd. (ADR) ................... 25,000 148,438
South African Breweries Ltd. ....... 12,330 254,130
Woolworths Holdings Ltd. ........... 89,540 66,558
-----------
2,472,749
-----------
TURKEY (6.1%)
Akbank A.S. ........................ 2,500,000 80,736
Arcelik A.S. ....................... 2,720,000 127,676
Ege Biracilik ...................... 1,229,000 145,376
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Erciyas Biracilik ve Malt Sanayii
A.S. ............................. 288,000 $ 43,800
Eregli Demir ve Celik
Fabrikalari* ..................... 2,448,000 381,495
Petrol Ofisi A.S. .................. 460,000 117,461
Vestel Elektronik Sanayi Ve
Ticaret A.S.* .................... 1,652,000 220,225
Yapi Ve Kredi Bankasi A.S. ......... 37,005,170 944,931
-----------
2,061,700
-----------
ZIMBABWE (0.8%)
Delta Corp., Ltd. .................. 150,000 98,279
Meikles Africa Ltd. ................ 134,625 164,915
-----------
263,194
-----------
TOTAL AFRICA AND THE MIDDLE
EAST .......................... 6,726,042
-----------
LATIN AMERICA (20.5%)
ARGENTINA (4.2%)
Nortel Inversora (ADR) ............. 1,430 35,571
Telecom Argentina (ADR) ............ 16,577 494,202
Telefonica de Argentina (ADR) ...... 22,886 742,365
YPF S.A., Class D (ADR) ............ 5,225 157,076
-----------
1,429,214
-----------
BRAZIL (6.6%)
Brahma (ADR) ....................... 22,770 284,625
CEMIG (ADR) ........................ 2,295 71,036
Cia Vale do Rio Doce (ADR) ......... 420 8,534
Coteminas .......................... 359,200 97,832
Coteminas (ADR)+ ................... 1,155 15,743
Lightpar ........................... 7,000 2
Pao de Acucar (ADR) ................ 5,000 113,125
Telebras S.A. ...................... 968,100 77,009
Telebras S.A. (ADR) ................ 12,276 1,340,386
Unibanco (GDR) ..................... 7,655 225,823
-----------
2,234,115
-----------
CHILE (0.4%)
CCU S.A. (ADR) ..................... 2,050 43,306
Endesa Empresa S.A. (ADR) .......... 2,110 30,067
Enersis S.A. (ADR) ................. 2,745 67,081
Santa Isabel S.A. (ADR) ............ 931 10,241
-----------
150,695
-----------
MEXICO (9.3%)
Cemex S.A., Class B ................ 760 3,352
Cemex S.A. CPO ..................... 87,771 329,001
Cemex S.A., Class B (ADR) .......... 4,079 35,951
Fomento Economico Mexicano
S.A. ............................. 17,538 546,203
Fomento Economico Mexicano
S.A. (ADR)* ...................... 6,537 205,915
Grupo Financeiro Banamex,
Class B* ......................... 71,905 139,963
Grupo Financerio Bancomer,
Class B .......................... 85,025 31,682
Grupo Financiero Bancomer,
Class B (ADR)*+ .................. 2,830 20,885
Grupo Televisa S.A. (GDR)* ......... 12,463 468,920
Kimberly Clark de Mexico,
Class A .......................... 72,501 256,038
TV Azteca S.A. (ADS) ............... 3,930 42,493
Telmex, Class L (ADR) .............. 22,300 1,071,794
-----------
3,152,197
-----------
TOTAL LATIN AMERICA .............. 6,966,221
-----------
</TABLE>
58
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
OTHER EUROPEAN COUNTRIES (11.1%)
GREECE (1.8%)
Hellenic Petroleum S.A.* ............ 6,000 $ 49,057
Hellenic Telecommunication
Organization S.A. ................. 16,154 414,572
National Bank of Greece S.A. ........ 730 93,649
STET Hellas
Telecommunications S.A.* .......... 1,660 68,890
-----------
626,168
-----------
HUNGARY (2.8%)
Gedeon Richter (Registered)
(GDS)* ............................ 1,978 158,240
Gedeon Richter Rt. .................. 59 4,748
MOL Magyar Olaj-es Gazipari
Rt. (GDR) (Registered) ............ 19,193 517,251
Matav Rt. (ADR) ..................... 6,920 203,708
OTP Bank Rt. (GDR) .................. 1,325 64,329
-----------
948,276
-----------
POLAND (2.3%)
Agros Holdings S.A., Class C* ....... 3,520 51,483
Bank Slaski S.A. .................... 678 45,498
Bank of Handlowy W Warszawie
S.A. .............................. 4,450 84,865
Big BG Bank (GDS)+ .................. 3,000 60,008
Big Bank Gdanski S.A. (GDR) ......... 5,095 99,098
Debica S.A.* ........................ 2,950 59,220
Elektrim S.A.* ...................... 23,930 291,662
Exbud S.A. (GDR)* ................... 6,875 82,807
-----------
774,641
-----------
RUSSIA (4.2%)
AO Tatneft (ADR) .................... 180 1,395
LUKoil Holding (ADR) ................ 11,690 388,692
Moscow Energy (Registered) .......... 4,000 200
Mosenergo (ADR) ..................... 3,900 19,407
Rostelecom .......................... 113,200 254,700
Rostelecom (ADR)* ................... 17,700 236,738
Surgutneftgaz (ADR) ................. 71,080 284,320
Unified Energy System (GDR)* ........ 8,950 126,546
Vimpel-Communications (ADR)* 2,874 128,611
-----------
1,440,609
-----------
TOTAL OTHER EUROPEAN
COUNTRIES ...................... 3,789,694
-----------
SOUTHEAST ASIA (14.7%)
CHINA (0.9%)
Huaneng Power International,
Inc. (ADR)* ....................... 10,105 135,786
Yanzhou Coal Mining Co., Ltd.
(ADR)* ............................ 15,240 148,590
Zhenhai Refining and Chemical
Co., Ltd. ......................... 280,000 36,138
-----------
320,514
-----------
HONG KONG (1.3%)
CLP Holdings Ltd. ................... 36,000 164,017
China Resources Enterprises Ltd. 7,200 7,434
NG Fung Hong Ltd. ................... 206,600 142,657
Shanghai Industrial Holdings Ltd. 7,000 16,488
South China Morning Post
Holdings Ltd. ..................... 66,000 31,731
Sun Hung Kai Properties Ltd. ........ 21,310 90,488
-----------
452,815
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
INDONESIA (0.8%)
Gudang Garam* ....................... 136,300 $ 80,394
Gulf Indonesia Resources Ltd.* ...... 3,350 38,525
Indah Kiat Pulp & Paper Co. ......... 30,300 5,803
London Sumatra Indonesia* ........... 2,200 171
Telekomunikasi (ADR) ................ 19,100 111,019
Telekomunikasi, Class B ............. 92,000 26,041
-----------
261,953
-----------
KOREA (3.7%)
Pohang Iron & Steel Co., Ltd. ....... 17,330 568,091
Samsung Electronics ................. 12,570 389,093
Samsung Electronics (GDR)+ .......... 34,238 289,311
-----------
1,246,495
-----------
MALAYSIA (2.2%)
AMMB Holdings Bhd. .................. 7,400 3,887
Carlberg Brewery Malaysia Bhd. 37,000 112,331
Genting Bhd. ........................ 44,800 80,959
Golden Hope Plantations Bhd. ........ 35,000 32,046
IOI Corp., Bhd. ..................... 11,000 5,486
Kuala Lumpur Kepong Bhd. ............ 6,000 9,686
Magnum Corp.* ....................... 15,000 5,566
Malayan Banking Bhd. ................ 48,800 49,150
Malaysian International Shipping
Bhd. (Foreign) .................... 5,000 7,289
Nestle (Malaysia) Bhd. .............. 4,000 18,119
New Straits Times Press Bhd. ........ 57,100 21,188
Petronas Gas Bhd. ................... 37,000 68,647
RHB Capital Bhd. .................... 23,000 9,366
Rashid Hussain Bhd. ................. 5,000 2,458
Resorts World Bhd. .................. 5,000 5,494
Technology Resources Industries
Bhd. .............................. 9,000 6,180
Telekom Malaysia Bhd. ............... 72,000 121,438
Tenaga Nasional Bhd. ................ 152,000 183,121
-----------
742,411
-----------
PHILIPPINES (1.6%)
Ayala Corp. ......................... 255,600 65,892
Ayala Land, Inc., Class B ........... 23,412 6,737
Manila Electronics Co., Class B ..... 42,790 112,876
Philippines Long Distance
Telephone Co. ..................... 490 11,163
Philippines Long Distance
Telephone Co. (ADR) ............... 10,000 226,250
SM Prime Holdings, Inc. ............. 303,670 48,063
San Miguel Corp., Class B ........... 55,070 72,634
-----------
543,615
-----------
TAIWAN (3.2%)
Asustek Computer, Inc. (GDR)* 41,128 308,970
ROC Taiwan Fund ..................... 84,600 571,050
Siliconware Percision Industries
Co. (GDR)* ........................ 24,096 194,575
-----------
1,074,595
-----------
THAILAND (1.0%)
Advance Agro PCL (Foreign)* ......... 700 606
Advanced Information Service
PCL (Foreign) ..................... 25,800 110,047
BEC World PCL (Foreign) ............. 26,000 99,194
Bangkok Bank PCL (Foreign) .......... 75,650 93,218
Bangkok Expressway PCL
(Foreign)* ........................ 1,400 539
Bank of Ayudhya Ltd. (Foreign)
(Registered) ...................... 300 39
</TABLE>
59
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------- --------------
<S> <C> <C>
Siam Cement Co., Ltd.
(Foreign)* .......................... 300 $ 213
Siam Commercial Bank PCL
(Foreign) ........................... 85,000 27,192
Siam Commercial Bank PCL
(Warrants) (expiring 12/31/02)* 10,500 --
Thailand Petrochemical PCL
(Foreign) ........................... 700 47
United Communications Industry
PCL (Foreign) ....................... 33,200 15,735
-----------
346,830
-----------
TOTAL SOUTHEAST ASIA ................ 4,989,228
-----------
SOUTHERN CENTRAL ASIA (7.7%)
INDIA (6.0%)
Bajaj Auto Ltd. (GDR) ................. 12,000 154,200
Bharat Heavy Electricals Ltd. ......... 81,000 469,857
ITC Ltd. (GDR) ........................ 27,235 477,974
Indian Petrochemicals Corp., Ltd.
(GDS) ............................... 16,870 51,032
Larsen & Toubro Ltd. (GDR) ............ 30,000 280,500
Mahindra & Mahindra (GDR)
(Registered) ........................ 34,320 148,434
Morgan Stanley India Investment
Fund, Inc.* ......................... 11,200 72,100
Reliance Industries (GDR) ............. 11,580 74,981
State Bank of India (GDR) ............. 17,260 205,394
Tata Engineering & Locomotive
Co. (GDS) (Registered)* ............. 30,000 97,500
-----------
2,031,972
-----------
PAKISTAN (1.7%)
Fauji Fertilizer Co., Ltd. ............ 125,300 135,206
Hub Power Co. ......................... 281,000 77,099
Pakistan Telecommunications
Corp. (GDR)+ ........................ 2,700 93,992
Pakistan Telecommunications
Corp. (GDR) ......................... 4,570 166,805
Pakistan Telecommunications
Corp., Class A ...................... 297,000 104,357
Sui Northern Gas Pipelines* ........... 3,500 661
-----------
578,120
-----------
TOTAL SOUTHERN CENTRAL ASIA ......... 2,610,092
-----------
TOTAL COMMON STOCKS (73.8%)
(Cost $32,796,789) .................. 25,081,277
-----------
PREFERRED STOCKS AND RIGHTS:
LATIN AMERICA (9.7%)
BRAZIL (9.7%)
Banco Bradesco S.A. ................... 32,372,411 271,508
Brahma ................................ 89,000 55,406
CEMIG ................................. 18,437,114 570,705
CRT, Class A .......................... 1,062,624 1,158,591
Cia Vale do Rio Doce .................. 7,586 150,861
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------- --------------
<S> <C> <C>
Electro Paulo Metropolitana ........... 11,900 $ 881
Empresa Bandeirante de Energia
S.A.* ............................... 11,900 183
Empresa Metropolitana de
Aguas e Energia S.A.* 11,900 9
Empresa Paulista de Tranmissao
de Energia Electrica S.A. ........... 11,900 41
Lojas Arapua S.A.* .................... 1,248,000 788
Lojas Renner S.A. ..................... 629,000 18,491
Petrobras S.A. ........................ 983,000 182,737
Telebras S.A. ......................... 5,748,000 625,220
Telecomunicacoes de Sao Paulo
S.A. ................................ 116,000 27,281
Telecomunicacoes de Sao Paulo
S.A. (Rights) (expiring
7/2/98)*# ........................... 5,451 92
Telerj Celular S.A., Class B* ......... 369,000 21,696
Telesp Celular S.A., Class B* ......... 2,362,000 198,101
-----------
TOTAL LATIN AMERICA ................. 3,282,591
-----------
OTHER EUROPEAN COUNTRIES (0.3%)
POLAND (0.3%)
Bank Rozwoju Eksport S.A. ............. 3,918 106,180
Bank Rozwoju Eksport S.A.
(Rights) (expiring 7/8/98)* ......... 7,836 2,247
-----------
TOTAL OTHER EUROPEAN
COUNTRIES ........................ 108,427
-----------
TOTAL PREFERRED STOCKS AND
RIGHTS (10.0%)
(Cost $3,654,989).................... 3,391,018
-----------
TOTAL INVESTMENTS (83.8%)
(Cost $36,451,778) .................. 28,472,295
OTHER ASSETS
LESS LIABILITIES (16.2%) ............ 5,510,028
-----------
NET ASSETS (100%) ..................... $33,982,323
===========
</TABLE>
<TABLE>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Equity Investments
Basic Materials ......................... 6.0%
Business Services ....................... 2.8
Capital Goods ........................... 4.9
Consumer Cyclicals ...................... 4.2
Consumer Non-Cyclicals .................. 9.9
Credit Sensitive
Banks ................................. 11.5
Financial Services .................... 0.9
Insurance ............................. 0.9
Real Estate ........................... 0.5
Utility--Electric ..................... 5.1
Utility--Gas .......................... 0.2
Utility--Telephone .................... 21.6
Investment Companies .................. 2.5
----
Total Credit Sensitive .................. 43.2
Diversified ............................. 6.0
Energy .................................. 6.4
Technology .............................. 16.6
-----
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, 1998 these securities amounted to $479,939 or 1.41%
of net assets.
# Securities (totaling $92 or 0.00% of net assets) valued at fair value.
Glossary:
ADR--American Depositary Receipt
ADS--American Depositary Share
CPO--Certificate of Participation
GDR--Global Depositary Receipt
GDS--Global Depositary Share
60
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Swap Agreements:
The Portfolio had the following Total Return Swap Agreement open at June
30, 1998:
<TABLE>
<CAPTION>
NOTIONAL UNREALIZED
AMOUNT DESCRIPTION (DEPRECIATION)
- ---------- ----------------------------------------------------------------------------------------------- ---------------
<S> <C> <C>
$250,000 Agreement with Goldman Sachs International terminating November 30, 1998 the Portfolio to pay $(128,364)
12 month USD-LIBOR minus 4.00% and to receive the THB SET Index converted into USD at the
mid-market rate on October 30, 1998 Section
</TABLE>
Section Illiquid security: is not actively traded.
Glossary:
LIBOR--London Interbank Offer Rate
THB--Thai Baht
USD--U.S. Dollar
At June 30, 1998 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------ ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
South African Rand, expiring 6/21/99 ................. 72 $ 11,000 $ 10,970 $ (30)
FOREIGN CURRENCY SALE CONTRACTS
Indonesian Rupiah, expiring 7/1/98-7/2/98 ............ 145,708 9,480 9,878 (398)
Malaysian Ringgit, expiring 8/11/98 .................. 1,174 312,000 277,429 34,571
South African Rand, expiring 9/18/98-6/21/99 ......... 7,609 1,316,000 1,209,209 106,791
South Korean Won, expiring 12/29/98-1/4/99 ........... 282,912 184,000 204,471 (20,471)
---------
$ 120,463
=========
</TABLE>
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $25,174,206
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 7,648,620
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<PAGE>
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 546,719
Aggregate gross unrealized depreciation ......... (8,526,202)
------------
Net unrealized (depreciation) ................... $ (7,979,483)
============
Federal income tax cost of investments .......... $ 36,451,778
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$87,699, which was secured by collateral valued at
$95,420.
For the six months ended June 30, 1998 the Portfolio incurred approximately
$8,953 as brokerage commissions with Goldman Sachs International, and $35,873
with Merrill Lynch And Co., Inc., both affiliated broker/dealers.
See Notes to Financial Statements.
61
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (3.6%)
CHEMICALS (1.9%)
Dow Chemical Co. ..................... 2,000 $ 193,375
E.I. Du Pont de Nemours & Co. 9,400 701,475
Ecolab, Inc. ......................... 600 18,600
FMC Corp.* ........................... 100 6,819
Great Lakes Chemical Corp. ........... 800 31,550
Hercules, Inc. ....................... 600 24,675
Monsanto Co. ......................... 5,300 296,138
NACCO Industries, Inc, Class A 100 12,925
PPG Industries, Inc. ................. 1,700 118,256
Perkin-Elmer Corp. ................... 600 37,313
Rohm & Haas Co. ...................... 700 72,756
Sealed Air Corp.* .................... 1,007 37,007
Union Carbide Corp. Holding Co. 1,300 69,388
-----------
1,620,277
-----------
CHEMICALS--SPECIALTY (0.3%)
Eastman Chemical Co. ................. 500 31,125
Engelhard Corp. ...................... 800 16,200
Morton International, Inc. ........... 1,500 37,500
Nalco Chemical Co. ................... 200 7,025
Praxair, Inc. ........................ 1,500 70,219
Sigma Aldrich Corp. .................. 1,000 35,125
W.R. Grace & Co.* .................... 700 11,944
-----------
209,138
-----------
METALS & MINING (0.8%)
Asarco, Inc. ......................... 400 8,900
Barrick Gold Corp. ................... 3,500 67,156
Cyprus Amax Minerals Co. ............. 400 5,300
Freeport McMoran Copper &
Gold, Inc., Class B ................ 800 12,150
Homestake Mining Co. ................. 1,700 17,638
Inco Ltd. ............................ 800 10,900
Minnesota Mining &
Manufacturing Co. .................. 3,700 304,094
Newmont Mining Corp. ................. 1,700 40,163
Owens Illinois, Inc.* ................ 1,500 67,125
Phelps Dodge Corp. ................... 700 40,031
Placer Dome, Inc. .................... 1,900 22,325
Reynolds Metals Co. .................. 1,400 78,313
Worthington Industries, Inc. ......... 700 10,544
-----------
684,639
-----------
PAPER (0.5%)
Fort James Corp. ..................... 2,100 93,450
Georgia-Pacific Corp. ................ 900 53,044
Ikon Office Solutions, Inc. .......... 1,300 18,931
International Paper Co. .............. 2,900 124,700
Louisiana-Pacific Corp. .............. 300 5,475
Mead Corp. ........................... 1,200 38,100
Temple-Inland, Inc. .................. 700 37,713
Union Camp Corp. ..................... 400 19,850
Westvaco Corp. ....................... 400 11,300
Willamette Industries, Inc. .......... 600 19,200
-----------
421,763
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
STEEL (0.1%)
Nucor Corp. .......................... 800 $ 36,800
Timken Co. ........................... 600 18,488
USX-U.S. Steel Group, Inc. ........... 900 29,700
-----------
84,988
-----------
TOTAL BASIC MATERIALS .............. 3,020,805
-----------
BUSINESS SERVICES (2.2%)
ENVIRONMENTAL CONTROL (0.2%)
Browning-Ferris Industries, Inc. ..... 1,900 66,025
Pall Corp. ........................... 600 12,300
Pioneer Hi-Bred International,
Inc. ............................... 2,300 95,163
-----------
173,488
-----------
PRINTING, PUBLISHING,
BROADCASTING (1.4%)
Donnelley (R.R.) & Sons Co. .......... 1,000 45,750
Dow Jones & Co., Inc. ................ 600 33,450
Harcourt General, Inc. ............... 300 17,850
Interpublic Group, Inc. .............. 1,000 60,688
King World Productions, Inc.* ........ 200 5,100
Knight Ridder, Inc. .................. 800 44,050
McGraw Hill Cos., Inc. ............... 1,200 97,875
MediaOne Group, Inc.* ................ 1,200 52,725
New York Times Co., Class A .......... 1,000 79,250
Omnicom Group, Inc. .................. 1,700 84,788
Polaroid Corp. ....................... 400 14,225
Time Warner, Inc. .................... 4,500 384,469
Times Mirror Co., Class A ............ 400 25,150
Tribune Co. .......................... 1,400 96,338
Viacom, Inc., Class B* ............... 2,800 163,100
-----------
1,204,808
-----------
PROFESSIONAL SERVICES (0.3%)
Dun & Bradstreet Corp. ............... 1,100 39,738
Pitney Bowes, Inc. ................... 2,600 125,125
Service Corp. International .......... 2,500 107,188
-----------
272,051
-----------
TRUCKING, SHIPPING (0.3%)
FDX Corp.* ........................... 1,480 92,870
Laidlaw, Inc. ........................ 1,900 23,156
Waste Management, Inc. ............... 3,700 129,500
-----------
245,526
-----------
TOTAL BUSINESS SERVICES ............ 1,895,873
-----------
CAPITAL GOODS (6.4%)
AEROSPACE (1.3%)
B.F. Goodrich Co. .................... 900 44,663
Boeing Co. ........................... 8,400 374,325
General Dynamics Corp. ............... 1,400 65,100
Lockheed Martin Corp. ................ 1,500 158,813
Northrop Grumman Corp. ............... 600 61,875
Parker-Hannifin Corp. ................ 900 34,313
Raytheon Co., Class B ................ 3,100 183,288
United Technologies Corp. ............ 2,100 194,250
-----------
1,116,627
-----------
BUILDING & CONSTRUCTION (0.5%)
Alcan Aluminum Ltd. .................. 2,500 69,063
Allegheny Teledyne, Inc. ............. 1,200 27,450
</TABLE>
62
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Aluminum Company of America 300 $ 19,781
Armstrong World Industries, Inc. 400 26,950
Eaton Corp. ............................ 800 62,200
Fleetwood Enterprises, Inc. ............ 100 4,000
Fluor Corp. ............................ 800 40,800
Masco Corp. ............................ 1,600 96,800
Pulte Corp. ............................ 200 5,975
Snap-On, Inc. .......................... 300 10,875
The Stanley Works ...................... 500 20,781
-----------
384,675
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (0.5%)
Bethlehem Steel Corp.* ................. 1,500 18,656
Black & Decker Corp. ................... 900 54,900
Boise Cascade Corp. .................... 500 16,375
Champion International Corp. ........... 1,000 49,188
Lowe's Cos., Inc. ...................... 3,200 129,800
Owens Corning .......................... 500 20,406
Weyerhaeuser Co. ....................... 2,000 92,375
-----------
381,700
-----------
ELECTRICAL EQUIPMENT (3.2%)
Cooper Industries, Inc. ................ 1,200 65,925
General Electric Co. ................... 27,500 2,502,500
General Signal Corp. ................... 400 14,400
Honeywell, Inc. ........................ 1,200 100,275
-----------
2,683,100
-----------
MACHINERY (0.9%)
Case Corp. ............................. 800 38,600
Caterpillar, Inc. ...................... 3,300 174,488
Cummins Engine, Inc. ................... 400 20,500
Deere & Co. ............................ 2,300 121,613
Dover Corp. ............................ 1,700 58,225
Harnischfeger Industries, Inc. ......... 500 14,156
Illinois Tool Works, Inc. .............. 2,000 133,375
Ingersoll-Rand Co. ..................... 1,700 74,906
McDermott International, Inc. .......... 700 24,106
Thermo Electron Corp.* ................. 1,500 51,281
W.W. Grainger, Inc. .................... 600 29,888
-----------
741,138
-----------
TOTAL CAPITAL GOODS .................. 5,307,240
-----------
CONSUMER CYCLICALS (9.8%)
AIRLINES (0.4%)
AMR Corp.* ............................. 1,400 116,550
Delta Airlines, Inc. ................... 600 77,550
Southwest Airlines Co. ................. 2,200 65,175
U.S. Air Group, Inc.* .................. 800 63,400
-----------
322,675
-----------
APPAREL & TEXTILES (0.0%)
Fruit of the Loom, Inc.* ............... 600 19,913
-----------
AUTO RELATED (0.9%)
Allied Signal, Inc. .................... 5,100 226,313
Autozone, Inc.* ........................ 1,600 51,100
Cooper Tire & Rubber Co. ............... 200 4,125
Echlin, Inc. ........................... 700 34,344
Genuine Parts Co. ...................... 1,000 34,563
Goodyear Tire & Rubber Co. ............. 1,500 96,656
Johnson Controls, Inc. ................. 500 28,594
Paccar Inc. ............................ 800 41,800
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Ryder System Inc. ...................... 300 $ 9,469
TRW Inc. ............................... 1,200 65,550
Tenneco, Inc. .......................... 1,700 64,706
Textron, Inc. .......................... 1,600 114,700
-----------
771,920
-----------
AUTOS & TRUCKS (1.6%)
Chrysler Corp. ......................... 5,500 310,063
Dana Corp. ............................. 1,100 58,850
Ford Motor Co. ......................... 9,600 566,400
General Motors Corp. ................... 5,500 367,469
Navistar International Corp.* .......... 700 20,213
-----------
1,322,995
-----------
FOOD SERVICES, LODGING (0.2%)
Darden Restaurants, Inc. ............... 1,200 19,050
Hilton Hotels Corp. .................... 2,400 68,400
Mirage Resorts, Inc.* .................. 1,900 40,494
Marriot International, Inc. ............ 1,800 58,275
-----------
186,219
-----------
HOUSEHOLD FURNITURE,
APPLIANCES (0.6%)
Maytag Corp. ........................... 1,000 49,375
Unilever N.V. (NY Shares) .............. 5,300 418,369
Whirlpool Corp. ........................ 500 34,375
-----------
502,119
-----------
LEISURE RELATED (1.1%)
American Greetings Corp.,
Class A .............................. 400 20,375
Brunswick Corp. ........................ 400 9,900
Cendant Corp.* ......................... 7,500 156,563
Fortune Brands, Inc. ................... 1,800 69,188
Walt Disney (The) Co. .................. 5,900 619,869
-----------
875,895
-----------
PHOTO & OPTICAL (0.3%)
Bausch & Lomb, Inc. .................... 500 25,063
Eastman Kodak Co. ...................... 2,700 197,269
-----------
222,332
-----------
RETAIL--GENERAL (4.7%)
Consolidated Stores Corp.* ............. 1,200 43,500
Costco Co., Inc.* ...................... 2,000 126,125
Dayton Hudson Corp. .................... 3,600 174,600
Dillards, Inc., Class A ................ 1,200 49,725
Federated Department Stores,
Inc.* ................................ 1,600 86,100
GAP, Inc. .............................. 3,500 215,688
Hasbro, Inc. ........................... 900 35,381
Home Depot, Inc. ....................... 6,100 506,681
J.C. Penny Co. ......................... 2,000 144,625
K-Mart Corp.* .......................... 4,400 84,700
Limited, Inc. .......................... 2,200 72,875
Liz Claiborne, Inc. .................... 700 36,575
Loews Corp. ............................ 1,100 95,838
Mattel, Inc. ........................... 2,600 110,013
May Department Stores Co. .............. 1,800 117,900
Mercantile Stores Co. .................. 400 31,575
Newell Co. ............................. 1,100 54,794
Nike, Inc., Class B .................... 1,800 87,638
Nordstrom, Inc. ........................ 700 54,075
Reebok International Ltd.* ............. 200 5,538
</TABLE>
63
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Sears Roebuck & Co. .................................................... 3,100 $ 189,294
Sherwin-Williams Co. ................................................... 1,300 43,063
TJX Cos., Inc. ......................................................... 3,000 72,375
Toys-R-Us, Inc.* ....................................................... 2,800 65,975
VF Corp. ............................................................... 1,200 61,800
Venator Group, Inc.* ................................................... 700 13,388
Wal-Mart Stores, Inc. .................................................. 18,900 1,148,165
Walgreen Co. ........................................................... 4,500 185,906
-----------
3,913,912
-----------
TOTAL CONSUMER CYCLICALS ............................................. 8,137,980
-----------
CONSUMER NON-CYCLICALS (21.4%)
BEVERAGES (3.2%)
Adolph Coors Co., Class B .............................................. 200 6,800
Anheuser-Busch Cos., Inc. .............................................. 4,200 198,188
Coca Cola Co. .......................................................... 20,900 1,786,950
PepsiCo, Inc. .......................................................... 12,900 531,319
Seagram Co., Ltd. ...................................................... 3,200 131,000
-----------
2,654,257
-----------
CONTAINERS (0.2%)
BB&T Corp. ............................................................. 1,100 74,388
Crown Cork & Seal Co., Inc. ............................................ 800 38,000
Rubbermaid, Inc. ....................................................... 1,600 53,100
-----------
165,488
-----------
DRUGS (6.9%)
Abbott Laboratories .................................................... 13,500 551,813
Allergan, Inc. ......................................................... 700 32,463
Alza Corp.* ............................................................ 900 38,925
American Home Products Corp. ........................................... 11,000 569,250
Amgen, Inc.* ........................................................... 2,300 150,363
Bristol-Myers Squibb Co. ............................................... 8,300 953,981
CVS Corp. .............................................................. 3,000 116,813
Centrex Corp. .......................................................... 500 18,875
Merck & Co., Inc. ...................................................... 10,100 1,350,875
Pfizer, Inc. ........................................................... 11,000 1,195,563
Pharmacia & Upjohn, Inc. ............................................... 4,600 212,175
Rite Aid Corp. ......................................................... 2,500 93,906
Warner Lambert Co. ..................................................... 6,800 471,750
-----------
5,756,752
-----------
FOODS (2.6%)
Albertson's, Inc. ...................................................... 2,300 119,169
American Stores Co. .................................................... 2,800 67,725
Archer Daniels Midland Co. ............................................. 5,400 104,625
Bestfoods .............................................................. 2,600 150,963
Campbell Soup Co. ...................................................... 3,700 196,563
ConAgra, Inc. .......................................................... 3,700 117,244
General Mills, Inc. .................................................... 1,600 109,400
Giant Food, Inc., Class A .............................................. 600 25,838
H.J. Heinz Co. ......................................................... 2,900 162,763
Hershey Foods Corp. .................................................... 800 55,200
Kellogg Co. ............................................................ 3,200 120,200
McDonald's Corp. ....................................................... 6,000 414,000
Quaker Oats Co. ........................................................ 1,400 76,913
Ralston-Ralston Purina Group ........................................... 1,000 116,813
Sara Lee Corp. ......................................................... 3,800 212,563
Supervalu, Inc. ........................................................ 200 8,875
Wm. Wrigley Jr. Co. .................................................... 900 88,200
-----------
2,147,054
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
HOSPITAL SUPPLIES & SERVICES (4.4%)
Air Products & Chemicals, Inc. ......................................... 1,900 $ 76,000
Bard (C.R.), Inc. ...................................................... 200 7,613
Baxter International, Inc. ............................................. 2,600 139,913
Becton Dickinson & Co. ................................................. 1,200 93,150
Biomet, Inc. ........................................................... 1,100 36,369
Boston Scientific Corp.* ............................................... 1,700 121,763
Cardinal Health, Inc. .................................................. 1,000 93,750
Cognizant Corp. ........................................................ 1,600 100,800
Columbia HCA Healthcare Corp. 5,000 145,625
Eli Lilly & Co. ........................................................ 9,300 614,381
Guidant Corp. .......................................................... 1,400 99,838
HBO & Co. .............................................................. 3,900 137,475
Healthsouth Corp.* ..................................................... 2,300 61,381
Humana, Inc.* .......................................................... 1,700 53,019
Johnson & Johnson ...................................................... 11,600 855,500
Mallinckrodt, Inc. ..................................................... 300 8,906
Medtronic, Inc. ........................................................ 4,200 267,750
Schering-Plough Corp. .................................................. 6,400 586,400
St. Jude Medical, Inc.* ................................................ 393 14,467
Tenet Healthcare Corp.* ................................................ 3,000 93,750
U.S. Surgical Corp. .................................................... 800 36,500
-----------
3,644,350
-----------
RETAIL--FOOD (0.4%)
Kroger Co.* ............................................................ 2,200 94,325
Sysco Corp. ............................................................ 3,200 82,000
Tricon Global Restaurants, Inc. ........................................ 1,100 34,856
Wendy's International, Inc. ............................................ 1,500 35,250
Winn-Dixie Stores, Inc. ................................................ 1,100 56,306
-----------
302,737
-----------
SOAPS & TOILETRIES (2.7%)
Avon Products, Inc. .................................................... 1,300 100,750
Clorox Co. ............................................................. 1,000 95,375
Colgate Palmolive Co. .................................................. 2,700 237,600
Gillette Co. ........................................................... 9,300 527,194
International Flavors &
Fragrances, Inc. ..................................................... 1,200 52,125
Kimberly Clark Corp. ................................................... 5,000 229,365
Procter & Gamble Co. ................................................... 11,300 1,029,006
-----------
2,271,415
-----------
TOBACCO (1.0%)
Philip Morris Cos., Inc. ............................................... 20,500 807,188
UST, Inc. .............................................................. 1,900 51,300
-----------
858,488
-----------
TOTAL CONSUMER NON-CYCLICALS 17,800,541
-----------
CREDIT SENSITIVE (24.6%)
BANKS (7.7%)
Banc One Corp. ......................................................... 6,270 349,944
Bank of New York Co., Inc. ............................................. 3,400 206,338
BankAmerica Corp. ...................................................... 5,700 492,694
BankBoston Corp. ....................................................... 2,400 133,500
Chase Manhattan Corp. .................................................. 7,100 536,050
Citicorp ............................................................... 3,700 552,225
Comerica, Inc. ......................................................... 1,550 102,688
Fifth Third Bancorp .................................................... 2,300 144,900
First Chicago NBD Corp. ................................................ 2,600 230,425
First Union Corp. ...................................................... 8,020 467,165
Huntington Bancshares .................................................. 1,200 40,200
</TABLE>
64
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
J.P. Morgan & Co. ................... 1,700 $ 199,113
KeyCorp ............................. 4,100 146,063
MBNA Corp. .......................... 4,500 148,500
Mellon Bank Corp. ................... 2,400 167,100
Mercantile Bancorp, Inc. ............ 900 45,338
National City Corp. ................. 3,000 213,000
Nationsbank Corp. ................... 7,956 608,634
Northern Trust Corp. ................ 1,100 83,875
Norwest Corp. ....................... 6,800 254,150
PNC Bank Corp. ...................... 2,800 150,675
Republic New York Corp. ............. 700 44,056
State Street Corp. .................. 1,200 83,400
Summit Bancorp ...................... 1,800 85,500
SunTrust Banks, Inc. ................ 2,000 162,625
Synovus Financial Corp. ............. 1,850 43,938
U.S. Bancorp ........................ 6,700 288,100
Wachovia Corp. ...................... 1,900 160,550
Wells Fargo & Co. ................... 700 258,300
-----------
6,399,046
-----------
FINANCIAL SERVICES (5.6%)
American Express Co. ................ 3,800 433,200
Associates First Capital Corp.,
Class A ........................... 3,012 231,548
Automatic Data Processing, Inc. ..... 2,700 196,763
Bear Stearns Co., Inc. .............. 200 11,375
Beneficial Corp. .................... 500 76,594
Capital One Financial Corp. ......... 300 37,256
Charles Schwab Corp. ................ 2,200 71,500
Countrywide Credit Industries,
Inc. .............................. 1,100 55,825
Deluxe Corp. ........................ 800 28,650
Equifax, Inc. ....................... 900 32,681
Fannie Mae .......................... 8,600 522,450
Federal Home Loan Mortgage
Corp. ............................. 5,800 272,963
First Data Corp. .................... 4,000 133,250
Fleet Financial Group, Inc. ......... 2,600 217,100
Franklin Resources, Inc. ............ 2,300 124,200
Golden West Financial Corp. ......... 300 31,894
Green Tree Financial Corp. .......... 1,200 51,375
H&R Block, Inc. ..................... 1,200 50,550
H.F. Ahmanson & Co. ................. 1,000 71,000
Hartford Financial Services
Group, Inc. ....................... 1,200 137,250
Household International, Inc. ....... 2,800 139,300
Lehman Brothers Holdings, Inc. ...... 1,100 85,319
MGIC Investment Corp. ............... 1,200 68,475
Merrill Lynch & Co. ................. 2,800 258,300
Morgan Stanley Dean Witter &
Co. ............................... 5,000 456,875
Providian Financial Corp. ........... 900 70,706
SLM Holding Corp. ................... 800 39,200
Transamerica Corp. .................. 400 46,050
Travelers Group, Inc. ............... 9,600 582,000
Washington Mutual, Inc. ............. 3,650 158,547
-----------
4,692,196
-----------
INSURANCE (3.5%)
Aetna, Inc. ......................... 1,400 106,575
Allstate Corp. ...................... 3,400 311,313
American General Corp. .............. 2,000 142,375
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
American International Group,
Inc. .............................. 5,800 $ 846,800
Aon Corp. ........................... 1,200 84,300
CIGNA Corp. ......................... 1,600 110,400
Chubb Corp. ......................... 1,600 128,600
Cincinnati Financial Corp. .......... 1,200 46,050
Conseco, Inc. ....................... 1,700 79,475
General Re Corp. .................... 600 152,100
Jefferson-Pilot Corp. ............... 650 37,659
Lincoln National Corp. .............. 700 63,963
MBIA, Inc. .......................... 900 67,388
Marsh & McClennan Cos. .............. 2,400 145,050
Progressive Corp. ................... 500 70,500
Safeco Corp. ........................ 1,500 68,156
St. Paul Cos. ....................... 2,324 97,753
SunAmerica, Inc. .................... 1,700 97,644
Torchmark Corp. ..................... 1,500 68,625
United Healthcare Corp. ............. 1,600 101,600
Unum Corp. .......................... 1,200 66,600
-----------
2,892,926
-----------
UTILITY--ELECTRIC (1.9%)
Ameren Corp. ........................ 900 35,775
American Electric Power Co. ......... 1,400 63,525
Baltimore Gas & Electric Co. ........ 700 21,744
Carolina Power & Light .............. 900 39,038
Central & South West Corp. .......... 2,400 64,500
Cinergy Corp. ....................... 800 28,000
Consolidated Edison, Inc. ........... 2,400 110,550
DTE Energy Co. ...................... 1,200 48,450
Dominion Resources, Inc. ............ 2,100 85,575
Duke Energy Corp. ................... 2,800 165,900
Edison International ................ 2,700 79,819
Entergy Corp. ....................... 2,700 77,625
FPL Group, Inc. ..................... 1,300 81,900
FirstEnergy Corp. ................... 1,600 49,200
GPU, Inc. ........................... 1,400 52,938
Northern States Power Co. ........... 600 17,175
PG&E Corp. .......................... 3,700 116,781
PP&L Resources, Inc. ................ 2,100 47,644
Pacificorp .......................... 1,700 38,463
Peco Energy Co. ..................... 2,300 67,131
Public Service Enterprise Group ..... 2,400 82,650
Southern Co. ........................ 6,100 168,894
Unicom Corp. ........................ 2,000 70,125
-----------
1,613,402
-----------
UTILITY--GAS (0.2%)
Apache Corp. ........................ 500 15,750
Consolidated Natural Gas Co. ........ 1,100 64,763
Sempra Energy* ...................... 1,753 48,657
-----------
129,170
-----------
UTILITY--TELEPHONE (5.7%)
AT&T Corp. .......................... 13,600 776,900
Alltel Corp. ........................ 2,100 97,650
Ameritech Corp. ..................... 9,700 435,288
Bell Atlantic Corp. ................. 12,800 584,000
Bellsouth Corp. ..................... 8,300 557,138
GTE Corp. ........................... 7,900 439,438
MCI Communications Corp. ............ 6,000 348,750
SBC Communications, Inc. ............ 15,400 616,000
Sprint Corp. ........................ 3,100 218,550
</TABLE>
65
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
U.S. West Media Group* ............ 4,500 $ 197,719
U.S. West, Inc. ................... 800 37,600
Worldcom, Inc.* ................... 8,600 416,553
-----------
4,725,586
-----------
TOTAL CREDIT SENSITIVE .......... 20,452,326
-----------
DIVERSIFIED (0.4%)
MISCELLANEOUS (0.4%)
Tyco International Ltd. ........... 5,100 321,300
-----------
ENERGY (7.9%)
COAL & GAS PIPELINES (0.5%)
Columbia Energy Group ............. 750 41,719
Eastern Enterprises ............... 100 4,288
Enron Corp. ....................... 2,900 156,781
Sonat, Inc. ....................... 800 30,900
Williams Cos., Inc. ............... 4,000 135,000
-----------
368,688
-----------
OIL--DOMESTIC (2.3%)
Atlantic Richfield Co. ............ 2,600 203,125
Burlington Resources, Inc. ........ 1,700 73,206
Coastal Corp. ..................... 1,100 76,794
Exxon Corp. ....................... 20,600 1,469,038
Halliburton Co. ................... 2,000 89,125
Sun Co., Inc. ..................... 900 34,931
-----------
1,946,219
-----------
OIL--INTERNATIONAL (2.9%)
Amerada Hess Corp. ................ 900 48,881
Amoco Corp. ....................... 7,900 328,838
Ashland, Inc. ..................... 800 41,300
Chevron Corp. ..................... 5,400 448,538
Houston Industries, Inc. .......... 2,900 89,538
Kerr-McGee Corp. .................. 500 28,938
Mobil Corp. ....................... 6,800 521,050
Occidental Petroleum Corp. ........ 2,800 75,600
Oryx Energy Co.* .................. 400 8,850
Pennzoil Co. ...................... 500 25,313
Phillips Petroleum Co. ............ 2,500 120,469
Texaco, Inc. ...................... 4,900 292,469
Texas Utilities Co. ............... 2,500 104,063
USX-Marathon Group, Inc. .......... 2,200 75,488
Union Pacific Resources Group,
Inc. ............................ 2,700 47,419
Unocal Corp. ...................... 2,400 85,800
Western Atlas, Inc. ............... 500 42,438
-----------
2,384,992
-----------
OIL--SUPPLIES & CONSTRUCTION (1.7%)
Anadarko Petroleum Corp. .......... 400 26,875
Baker Hughes, Inc. ................ 1,700 58,756
Dresser Industries, Inc. .......... 1,700 74,906
Helmerich & Payne, Inc. ........... 200 4,450
Rowan Co., Inc.* .................. 600 11,663
Royal Dutch Petroleum Co.
(NY Shares) ..................... 18,000 986,625
Schlumberger Ltd. ................. 4,100 280,081
-----------
1,443,356
-----------
RAILROADS (0.5%)
Burlington Northern Santa Fe
Corp. ........................... 1,200 117,825
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
CSX Corp. ......................... 2,100 $ 95,550
Norfolk Southern Corp. ............ 3,100 92,419
Union Pacific Corp. ............... 2,300 101,478
-----------
407,272
-----------
TOTAL ENERGY .................... 6,550,527
-----------
TECHNOLOGY (14.9%)
ELECTRONICS (6.0%)
AMP, Inc. ......................... 2,200 75,625
Adobe Systems, Inc. ............... 700 29,706
Applied Material, Inc.* ........... 2,900 85,550
Circuit City Stores-Circuit City
Group ........................... 1,000 46,875
Computer Associates
International, Inc. ............. 4,800 266,700
Emerson Electric Co. .............. 4,000 241,500
Gateway 2000, Inc.* ............... 1,400 70,875
Harris Corp. ...................... 1,000 44,688
ITT Industries, Inc. .............. 600 22,425
Intel Corp. ....................... 14,300 1,059,988
KLA Tencor Corp.* ................. 600 16,613
LSI Logic Corp.* .................. 1,000 23,063
Micron Technology, Inc.* .......... 1,600 39,700
Microsoft Corp.* .................. 20,900 2,265,038
National Semiconductor Corp.* ..... 1,200 15,825
Novell, Inc.* ..................... 3,500 44,625
Raychem Corp. ..................... 700 20,694
Rockwell International Corp. ...... 1,900 91,319
Seagate Technology, Inc.* ......... 2,300 54,769
Silicon Graphics, Inc.* ........... 1,200 14,550
Sun Microsystems, Inc.* ........... 3,400 147,688
Tandy Corp. ....................... 1,000 53,063
Tektronix, Inc. ................... 400 14,150
Texas Instruments, Inc. ........... 3,200 186,600
Thomas & Betts Corp. .............. 200 9,850
-----------
4,941,479
-----------
OFFICE EQUIPMENT (3.9%)
Apple Computer, Inc.* ............. 1,100 31,556
Autodesk, Inc. .................... 500 19,313
Avery Dennison Corp. .............. 1,000 53,750
Cabletron Systems* ................ 1,800 24,188
Compaq Computer Corp. ............. 13,840 392,696
Data General Corp.* ............... 200 2,988
Dell Computer Corp.* .............. 5,300 491,906
EMC Corp.* ........................ 4,400 197,175
Hewlett Packard Co. ............... 8,700 520,913
International Business Machines
Corp. ........................... 7,900 907,019
Oracle Corp.* ..................... 8,600 211,238
Parametric Technology Corp.* ...... 2,500 67,813
Unisys Corp.* ..................... 1,900 53,675
Xerox Corp. ....................... 2,900 294,713
-----------
3,268,943
-----------
OFFICE EQUIPMENT SERVICES (0.1%)
Ceridian Corp.* ................... 500 29,375
Computer Sciences Corp. ........... 1,200 76,800
-----------
106,175
-----------
TELECOMMUNICATIONS (4.9%)
3Com Corp.* ....................... 3,300 101,269
Advanced Micro Devices, Inc.* ..... 900 15,356
</TABLE>
66
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- --------------
<S> <C> <C>
AirTouch Communications, Inc.* 5,100 $ 298,031
Andrew Corp.* ........................ 1,000 18,063
Ascend Communications, Inc.* ......... 1,800 89,213
Bay Networks, Inc.* .................. 1,700 54,825
CBS Corp. ............................ 6,800 215,900
Cisco Systems, Inc.* ................. 8,700 800,944
Comcast Corp., Class A ............... 3,300 133,959
Corning, Inc. ........................ 2,000 69,500
DSC Communications Corp.* ............ 1,200 36,000
Frontier Corp. ....................... 1,800 56,700
Gannett Co. .......................... 2,800 198,975
General Instrument Corp.* ............ 2,000 54,375
Lucent Technologies, Inc. ............ 11,100 923,381
Motorola, Inc. ....................... 4,900 257,556
Nextel Communications, Inc.,
Class A* ........................... 1,900 47,263
Northern Telecom Ltd. ................ 4,300 244,025
Scientific-Atlanta, Inc. ............. 800 20,300
Telecommunications, Inc.,
Class A* ........................... 4,500 172,969
Tellabs, Inc.* ....................... 1,700 121,752
U.S. West Communications
Group .............................. 3,500 164,500
-----------
4,094,856
-----------
TOTAL TECHNOLOGY ................... 12,411,453
-----------
TOTAL COMMON STOCKS (91.2%)
(Cost $72,432,635) ................. 75,898,045
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- -------------
<S> <C> <C>
SHORT-TERM DEBT
SECURITIES:
U.S. GOVERNMENT (6.6%)
U.S. Treasury Bill
8/20/98- ........................ $ 395,000 $ 392,272
9/3/98 .......................... 541,000 536,249
10/15/98 ........................ 459,000 452,310
10/22/98 ........................ 2,950,000 2,903,806
11/12/98 ........................ 1,215,000 1,192,388
-----------
TOTAL SHORT-TERM DEBT SECURITIES (6.6%)
(Cost/Amortized Cost
$5,476,979) ..................... 5,477,025
-----------
TOTAL INVESTMENTS (97.8%)
(Cost/Amortized Cost
$77,909,614) .................... 81,375,070
OTHER ASSETS
LESS LIABILITIES (2.2%) ......... 1,810,214
-----------
NET ASSETS (100%) ................. $83,185,284
===========
</TABLE>
- ----------
* Non-income producing
- - Security segregated as collateral for financial futures contracts.
67
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
FUTURES CONTRACTS: At June 30, 1998, the Portfolio had futures contracts open:
<TABLE>
<CAPTION>
NUMBER
OF AGGREGATE EXPIRATION UNREALIZED
PURCHASES: CONTRACTS FACE VALUE DATE (DEPRECIATION)
- ----------------------- ----------- ------------ ------------ ---------------
<S> <C> <C> <C> <C>
S&P 500 Index ......... 20 $5,715,000 Sept '98 $ (11,870)
</TABLE>
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities .. $72,525,541
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .. 68,181
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 4,779,070
Aggregate gross unrealized depreciation .......... (1,313,614)
------------
Net unrealized appreciation ...................... $ 3,465,456
============
Federal income tax cost of investments ........... $ 77,909,614
============
</TABLE>
At June 30, 1998, the Portfolio had loaned securities with a total value of
$208,446, which were secured by collateral valued at $213,144.
See Notes to Financial Statements.
68
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS AND RIGHTS:
AUSTRALIA & NEW ZEALAND (2.1%)
AUSTRALIA (1.9%)
Amcor Ltd. .......................... 2,508 $ 10,994
Australian Gas & Light Co., Ltd. 2,314 14,490
Boral Ltd. .......................... 7,027 13,201
Brambles Industries Ltd. ............ 916 17,997
Broken Hill Proprietary Ltd. ........ 8,099 68,542
CSR Ltd. ............................ 4,280 12,366
Coca-Cola Amatil Ltd. ............... 3,490 23,369
Coles Meyer Ltd. .................... 4,628 18,077
Fosters Brewing Corp. ............... 9,579 22,568
General Property Trust .............. 5,806 9,395
Lend Lease Corp. .................... 1,167 23,624
National Australia Bank Ltd. ........ 5,374 70,969
News Corp., Ltd. .................... 7,582 61,957
Pioneer International Ltd. .......... 5,222 12,465
Rio Tinto Ltd. ...................... 1,721 20,487
Santos Ltd. ......................... 4,030 12,493
Southcorp Ltd. ...................... 4,187 12,175
Telstra Corp., Ltd. ................. 21,739 55,800
WMC Ltd. ............................ 4,403 13,267
Westfield Trust ..................... 7,792 14,976
Westpac Banking Corp. ............... 7,939 48,484
-----------
557,696
-----------
NEW ZEALAND (0.2%)
Brierley Investments Ltd. ........... 14,287 7,126
Carter Holt Harvey Ltd. ............. 7,285 6,359
Lion Nathan Ltd. .................... 2,964 6,591
Telecom Corp. of New Zealand
Ltd. .............................. 7,099 29,285
-----------
49,361
-----------
TOTAL AUSTRALIA & NEW ZEALAND 607,057
-----------
JAPAN (19.1%)
Acom Co., Ltd. ...................... 1,000 47,540
Ajinomoto Co. ....................... 3,000 26,295
Amada Co., Ltd. ..................... 3,000 14,608
Aoyamma Trading Co., Ltd. ........... 200 4,934
Asahi Breweries Ltd. ................ 2,000 25,249
Asahi Chemical Industry Co.,
Ltd. .............................. 8,000 28,856
Asahi Glass Co., Ltd. ............... 6,000 32,463
Bank of Tokyo-Mitsubushi Ltd. ....... 18,000 190,752
Bridgestone Corp. ................... 4,000 94,647
Canon, Inc. ......................... 4,000 90,896
Casio Computer Co., Ltd. ............ 2,000 18,598
Citizen Watch Co., Ltd. ............. 1,000 8,260
Dai Nippon Printing Co., Ltd. ....... 3,000 47,937
Daiichi Pharma Co., Ltd. ............ 1,000 13,202
Dainippon Ink and Chemicals,
Inc. .............................. 4,000 12,264
Daiwa House Industry Co., Ltd. ...... 2,000 17,674
Daiwa Securities Co., Ltd. .......... 5,000 21,534
Denso Corp. ......................... 4,000 66,368
East Japan Railway Co. .............. 17 79,960
Ebara Corp. ......................... 2,000 17,804
Eisai Co., Ltd. ..................... 1,000 13,634
Fanuc ............................... 1,000 34,627
Fuji Photo Film Co. ................. 2,000 69,687
Fujitsu Ltd. ........................ 7,000 73,727
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Hankyu Corp. ........................ 5,000 $ 20,524
Hitachi Ltd. ........................ 14,000 91,401
Honda Motor Co., Ltd. ............... 4,000 142,548
House Foods Corp. ................... 1,000 12,848
Hoya Corp. .......................... 1,000 28,351
Ito-Yokado Co., Ltd. ................ 2,000 94,214
Itochu Corporation .................. 9,000 19,478
JUSCO Co., Ltd. ..................... 2,000 36,719
Japan Airlines Co., Ltd.* ........... 9,000 25,061
Japan Energy Corp. .................. 7,000 7,423
Joyo Bank Ltd. ...................... 3,000 11,081
Kajima Corp. ........................ 4,000 10,965
Kansai Electric Power Co., Inc. ..... 3,700 64,327
Kao Corp. ........................... 3,000 46,314
Kawasaki Heavy Industries Ltd. ...... 6,000 12,119
Kawasaki Steel Corp. ................ 17,000 30,659
Kinden Corp. ........................ 2,000 24,239
Kinki Nippon Railway Co., Ltd. ...... 7,000 32,824
Kirin Brewery Co., Ltd. ............. 4,000 37,801
Kokuyo .............................. 1,000 16,953
Komatsu Ltd. ........................ 5,000 24,311
Kubuto Corp. ........................ 9,000 20,776
Kuraray Co., Ltd. ................... 2,000 17,011
Kyocera Corp. ....................... 1,000 48,911
Marui Co., Ltd. ..................... 2,000 29,866
Matsushita Electric Industries
Co. ............................... 8,000 128,697
Minebea Co., Ltd. ................... 2,000 19,925
Mitsubishi Chemical Corp. ........... 8,000 14,486
Mitsubishi Corp. .................... 6,000 37,224
Mitsubishi Electric Corp. ........... 9,000 20,711
Mitsubishi Estate Co., Ltd. ......... 5,000 44,005
Mitsubishi Heavy Industries Ltd. 13,000 49,142
Mitsubishi Materials Corp. .......... 4,000 8,166
Mitsubishi Trust & Banking
Corp. ............................. 5,000 42,526
Mitsui & Co., Ltd. .................. 7,000 37,873
Mitsui Fudosan Co., Ltd. ............ 4,000 31,626
Mitsui Marine & Fire Insurance
Co., Ltd. ......................... 3,000 15,084
Murata Manufacturing Co., Ltd. ...... 1,000 32,463
NEC Corp. ........................... 7,000 65,294
NGK Insulators Ltd. ................. 2,000 17,386
Nikon Corp. ......................... 1,000 7,200
Nippon Express Co., Ltd. ............ 6,000 32,203
Nippon Meat Packers, Inc. ........... 1,000 12,257
Nippon Oil Co. ...................... 5,000 16,159
Nippon Paper Industries Co. ......... 6,000 25,018
Nippon Steel Corp. .................. 28,000 49,286
Nippon Telegraph & Telephone
Corp. ............................. 49 406,507
Nippon Yusen Labushiki Kaisha ....... 7,000 23,734
Nissan Motor Co., Ltd. .............. 9,000 28,373
Nissin Food Products Co., Ltd. ...... 1,000 17,927
Nitto Denko Corp. ................... 1,000 15,041
Nomura Securities Co. ............... 8,000 93,204
Obayashi Corp. ...................... 3,000 12,725
Odakyu Electric Railway ............. 3,000 9,198
Oji Paper Co., Ltd. ................. 4,000 17,429
Omron Corp. ......................... 1,000 15,294
Onward Kashiyama Co., Ltd. .......... 1,000 12,516
Osaka Gas Co., Ltd. ................. 12,000 30,818
</TABLE>
69
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Rohm Co. ............................ 1,000 $ 102,799
SHIMANO, Inc. ....................... 1,000 25,393
Sankyo Co. .......................... 2,000 45,592
Sanyo Electric Co., Ltd. ............ 9,000 27,269
Secom Co. ........................... 1,000 57,784
Sekisui Chemical Co. ................ 4,000 20,488
Sekisui House Ltd. .................. 4,000 31,020
Sharp Corp. ......................... 5,000 40,542
Shimizu Corp. ....................... 4,000 11,542
Shin-Etsu Chemical Co. .............. 2,000 34,627
Shiseido Co., Ltd. .................. 2,000 22,738
Sony Corp. .......................... 1,600 137,931
Sumitomo Chemical Co., Ltd. ......... 9,000 27,788
Sumitomo Corp. ...................... 5,000 24,059
Sumitomo Electric Industries ........ 3,000 30,364
Sumitomo Metal Industries ........... 17,000 27,348
Sumitomo Metal Mining Co. ........... 3,000 12,184
Taisei Corp. ........................ 7,000 15,149
Taisho Pharmaceutical ............... 2,000 37,368
Takeda Chemical Industries .......... 4,000 106,478
Teijin Ltd. ......................... 6,000 18,179
The 77 Bank Ltd. .................... 3,000 25,105
The Asahi Bank Ltd. ................. 11,000 48,406
The Chiba Bank Ltd. ................. 2,000 6,925
The Daiei, Inc. ..................... 3,000 7,034
The Fuji Bank Ltd. .................. 13,000 58,051
The Gunma Bank Ltd. ................. 2,000 13,548
The Industrial Bank of Japan
Ltd. .............................. 10,000 62,762
The Sakura Bank Ltd. ................ 15,000 38,955
The Shizuoka Bank Ltd. .............. 4,000 42,995
The Sumitomo Bank Ltd. .............. 13,000 126,605
The Sumitomo Marine & Fire
Insurance Co., Ltd. ............... 4,000 22,392
The Tokai Bank Ltd. ................. 8,000 44,092
Toho Co., Ltd. ...................... 100 10,532
Tohoku Electric Power Co., Inc. ..... 1,800 26,555
Tokio Marine & Fire Insurance
Co. ............................... 6,000 61,723
Tokyo Electric Power ................ 5,500 107,921
Tokyo Electron Ltd. ................. 1,000 30,659
Tokyo Gas Co., Ltd. ................. 9,000 20,062
Tokyu Corp. ......................... 4,000 12,148
Toppan Printing Co., Ltd. ........... 3,000 32,117
Toray Industries, Inc. .............. 6,000 31,164
Tostem Corp. ........................ 1,000 12,971
Toto Ltd. ........................... 2,000 12,163
Toyo Seikan Kaisha Ltd. ............. 1,000 12,264
Toyota Automatic Loom Works
Ltd. .............................. 2,000 35,348
Toyota Motor Corp. .................. 14,000 362,574
Uny Co., Ltd. ....................... 1,000 16,231
Wacaol Corp. ........................ 1,000 10,172
Yamanouchi Pharmaceutical Co.,
Ltd. .............................. 2,000 41,697
Yamato Transport Co., Ltd. .......... 2,000 22,435
Yamazaki Banking Co., Ltd. .......... 1,000 8,873
----------
TOTAL JAPAN ........................ 5,568,858
----------
OTHER EUROPEAN COUNTRIES (40.9%)
AUSTRIA (0.3%)
Bank Austria AG ..................... 250 20,340
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Bank Austria AG (Rights)* ........... 250 $ --
Bank Austria AG Vorzug .............. 150 12,181
EA-Generali AG ...................... 30 8,814
Flughafen Wein AG ................... 150 7,195
OMV AG .............................. 100 13,398
Oesterreichische
Elektrizitaetseirtschafts AG ...... 120 14,367
VA Technologies AG .................. 70 8,712
Wienerberger Baustoffindustrie
AG ................................ 50 12,099
----------
97,106
----------
BELGIUM (1.6%)
Barco N.V. .......................... 28 7,824
Colruyt S.A. ........................ 8 6,276
D'Ieteren S.A. ...................... 28 13,071
Delhaize Le Lion S.A. ............... 127 8,872
Electrabel S.A. ..................... 222 62,926
Fortis AG ........................... 178 45,433
Generale de Banque S.A. ............. 61 45,275
Groupe Bruxelles Lambert S.A. ....... 99 19,976
Kredietbank N.V. .................... 1,111 99,399
Petrofina S.A. ...................... 88 36,115
Royale Belge ........................ 60 22,810
Solvay S.A., Class A ................ 334 26,472
Tractebel ........................... 318 46,564
UCB S.A. ............................ 6 31,119
----------
472,132
----------
FRANCE (8.2%)
Accor S.A. .......................... 145 40,569
Alcatel Alsthom ..................... 638 129,868
Banque Nationale de Paris ........... 860 70,251
Bouygues ............................ 123 22,332
Canal Plus .......................... 138 25,786
Cap Gemini Sogeti ................... 270 42,414
Carrefour S.A. ...................... 152 96,139
Cie Generale des Eaux ............... 521 111,221
Coflexip S.A. ....................... 44 5,384
Compagnie de Saint Gobain ........... 348 64,507
Dassault Systemes S.A.* ............. 195 9,190
Elf Acquitaine S.A. ................. 1,067 149,971
Eridania Beghin ..................... 116 25,607
Etablissements Economiques du
Casino Guichard-Perrachon
S.A. .............................. 335 26,745
France Telecom S.A. ................. 3,080 212,379
Groupe Danone ....................... 292 80,490
Havas S.A. .......................... 244 20,698
L'Air Liquide ....................... 338 55,850
L'Oreal ............................. 264 146,810
LVMH (Moet Hennessy Louis
Vuitton) .......................... 353 70,629
Lafarge S.A. ........................ 409 42,270
Legardere S.C.A. .................... 367 15,275
Legrand S.A. ........................ 123 32,542
Michelin, Class B (Registered) ...... 560 32,317
PSA Peugeot Citroen ................. 210 45,143
Paribas ............................. 621 66,439
Pechiney S.A., Class A .............. 415 16,710
Pernod Ricard ....................... 275 19,053
Pinault-Printemps-Redoute S.A. ...... 94 78,651
</TABLE>
70
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Promodes .............................. 81 $ 44,870
Rhone-Poulenc, Class A ................ 1,484 83,678
Sanofi S.A. ........................... 412 48,439
Schneider S.A. ........................ 596 47,512
Sidel S.A. ............................ 114 8,294
Simco ................................. 82 6,725
Societe BIC S.A. ...................... 119 8,461
Societe Eurafrance S.A. ............... 12 7,540
Societe Generale Paris ................ 380 78,985
Sodexho Alliance S.A. ................. 144 27,217
Suez Lyonnaise des Eaux ............... 503 82,759
Thomson CSF ........................... 567 21,564
Total S.A., Class B ................... 919 119,443
Usinor Sacilor ........................ 1,205 18,611
Valero S.A. ........................... 312 31,883
-----------
2,391,221
-----------
GERMANY (10.0%)
AMB Aachener & Muenchener
Beteilgungs-AG ...................... 150 17,541
Adidas-Salomon AG ..................... 200 34,599
Allianz AG (New)* ..................... 17 5,561
Allianz AG (Registered) ............... 950 313,418
Axa Colonia Konzern AG ................ 50 6,196
BASF AG ............................... 2,450 116,149
Bayer AG .............................. 2,850 147,122
Bayer Hypothecken Und
Wechselbank AG ...................... 1,100 69,775
Bayerische Vereinsbank AG ............. 1,200 102,135
Beiersdorf AG ......................... 250 15,927
Bresdner Bank AG ...................... 1,850 99,809
Continental AG ........................ 350 10,907
Daimler-Benz AG ....................... 2,230 218,858
Degussa AG ............................ 250 15,401
Deutsche Bank AG ...................... 2,000 169,504
Deutsche Lufthansa AG
(Registered) ........................ 1,500 37,677
Deutsche Telekom AG ................... 8,350 225,475
Heidelberger Zement AG ................ 200 18,963
Hochtief AG ........................... 250 11,991
Karstadt AG ........................... 50 24,175
Linde AG .............................. 50 35,071
M.A.N. AG ............................. 50 19,462
Mannesmann AG ......................... 1,500 152,287
Merck KGaA ............................ 650 29,085
Metro AG .............................. 850 51,608
Muenchener Rueckversicherungs-
Gesellschaft AG ..................... 300 148,877
Preussag AG ........................... 50 17,854
RWE AG ................................ 1,350 80,094
SAP AG ................................ 250 151,788
SGL Carbon AG ......................... 50 5,850
Schering AG ........................... 250 29,484
Siemens AG ............................ 2,250 136,984
Thyssen AG ............................ 150 38,009
Veba AG ............................... 1,950 132,991
Viag AG ............................... 100 67,646
Volkswagen AG ......................... 107 102,939
Volkswagen AG ......................... 50 34,100
-----------
2,895,312
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
IRELAND (0.5%)
Allied Irish Banks plc ................ 3,530 $ 50,904
CRH plc ............................... 2,116 30,048
Independent Newspapers plc ............ 1,605 8,628
Irish Life plc ........................ 1,908 17,583
Jefferson Smurfit Group plc ........... 3,797 11,293
Kerry Group plc, Class A .............. 679 9,386
Ryanair Holdings plc* ................. 885 6,179
-----------
134,021
-----------
ITALY (4.1%)
Assicurazioni Generali S.p.A. ......... 4,223 137,372
Banca Commerciale Italiana ............ 8,808 52,694
Banco Intasa S.p.A. ................... 6,417 35,916
Benetton Group S.p.A.* ................ 7,940 16,489
Credito Italiano S.p.A. ............... 13,042 68,298
ENI S.p.A. (Registered) ............... 28,696 188,147
Edison S.P.A. ......................... 3,006 24,133
Fiat S.p.A. ........................... 14,943 65,428
Istituto Bancario Sao Paulo di
Torino .............................. 3,474 50,149
Istituto Mobiliare Italiano S.p.A. 2,683 42,279
Istituto Nazionale delle
Assicurazioni ....................... 17,008 48,339
Italgas S.p.A. ........................ 1,739 7,086
Mediaset S.p.A. ....................... 6,322 40,365
Mediobanca S.p.A. ..................... 1,207 15,318
Montedison S.p.A. ..................... 19,184 23,807
Parmalat Finanziaria S.p.A. ........... 3,526 7,193
Pirelli S.p.A. ........................ 10,775 33,656
Riunione Adriatica di Sicurta
S.p.A. .............................. 2,189 28,520
Telecom Italia Mobile S.p.A. .......... 27,111 165,853
Telecom Italia Mobile S.p.A. .......... 8,433 28,476
Telecom Italia S.p.A. ................. 13,893 102,310
Telecom Italia S.p.A. (RNC) ........... 4,077 19,744
-----------
1,201,572
-----------
NETHERLANDS (5.3%)
ABN-Amro Holdings N.V. ................ 5,369 125,689
ASR Verzekeringsgroep N.V. ............ 116 9,847
Akzo Nobel N.V. ....................... 270 60,047
Elsevier N.V. ......................... 2,610 39,407
Getronics N.V. ........................ 305 15,825
Hienekin N.V. ......................... 1,247 49,002
IHC Caland N.V. ....................... 64 3,604
ING Groep N.V. ........................ 3,528 231,117
KLM Royal Dutch Airlines N.V. 139 5,647
Koninklijke Ahold N.V. ................ 2,145 68,887
Koninklijke KNP BT .................... 186 4,803
Koninklijke PTT Nederland N.V. 1,832 70,548
Oce N.V. .............................. 160 6,815
Oce N.V. .............................. 141 6,005
Philips Electronics N.V. .............. 1,392 117,067
Royal Dutch Petroleum Co. ............. 8,089 448,748
TNT Post Group N.V.* .................. 1,832 46,852
Unilever N.V. ......................... 2,425 192,492
Wolters Kluwer N.V. ................... 257 35,290
-----------
1,537,692
-----------
</TABLE>
71
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
PORTUGAL (0.6%)
BPI-SGPS S.A. (Registered) ......... 300 $ 9,685
Banco Comercial Portugues
(Registered) ..................... 1,000 28,407
Banco Espirito Santo ............... 662 19,888
Brisa-Auto Estradas de Portugal
S.A. ............................. 200 8,557
Cimentos de Portugal S.A. .......... 500 17,575
Electricidade de Portugal S.A. ..... 1,300 30,233
Jeronimo Martins & Filho ........... 500 24,031
Portugal Telecom S.A. .............. 800 42,418
Sonae Investimentos-Sociedade
Gestora de ....................... 100 5,464
-----------
186,258
-----------
SPAIN (3.0%)
Acerinox S.A. ...................... 56 7,457
Argentaria Corp. Banc .............. 2,156 48,364
Autopistas Concesionaria Espana 1,369 21,199
Banco Bilbao Vizcaya S.A. .......... 2,500 128,301
Banco Central Hispanoamer S.A. 1,177 36,995
Banco Santander S.A. ............... 4,580 117,225
Dragados & Construcciones S.A. 306 9,798
Endesa S.A. ........................ 4,205 91,997
Fomento de Construcciones y
Contratas S.A. ................... 253 13,050
Gas Natural SDG S.A. ............... 593 42,846
Iberdrola S.A. ..................... 3,514 57,058
Repsol S.A. ........................ 1,154 63,589
Sociedad General de Aguas de
Barcelona S.A. ................... 177 9,869
Tabacalera S.A., Class A ........... 705 14,436
Telefonica de Espana S.A. .......... 3,949 182,578
Union Electrica Fenosa S.A. ........ 620 7,985
Vallehermoso S.A. .................. 254 9,342
Zardoya Otis S.A. .................. 376 11,171
-----------
873,260
-----------
SWITZERLAND (7.3%)
ABB AG (Bearer) .................... 40 59,115
Adecco S.A. (Bearer) ............... 80 36,102
Adecco S.A. (Rights)* .............. 80 --
Alusuisse Lonza Group AG ........... 30 38,081
CS Holdings ........................ 1,030 229,349
Holderbank Financiere Glarus
AG, Class B ...................... 20 25,467
Kuoni Reisen AG (Registered) ....... 1 4,968
Nestle S.A. (Registered) ........... 150 321,238
Novartis AG (Bearer) ............... 20 33,331
Novartis AG (Registered) ........... 230 383,005
Roche Holding AG ................... 6 88,969
Roche Holdings AG .................. 27 265,333
SGS Societe Generale de
Surveillance Holding S.A. ........ 5 8,481
SAirGroup (Registered) ............. 50 16,461
Sulzer AG .......................... 20 15,795
Swiss Reinsurance Co.
(Registered) ..................... 55 139,196
The Swatch Group AG ................ 10 7,732
The Swatch Group AG ................ 100 16,692
UBS AG (Registered)* ............... 702 261,046
Union Bank of Switzerland .......... 100 36,023
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Zurich Versicherungs-
Gesellschaft (Registered) ........ 180 $ 114,957
Holderbank Financiere Glarus
AG (Registered) .................. 50 12,585
-----------
2,113,926
-----------
TOTAL OTHER EUROPEAN
COUNTRIES ..................... 11,902,500
-----------
SCANDINAVIA (5.3%)
DENMARK (0.8%)
Carlsberg A.S., Class B ............ 100 7,277
Carlsberg, Class A ................. 200 14,554
D/S 1912, Class B .................. 5 42,934
D/S Svendborg, Class B ............. 3 36,676
Danisco ............................ 202 13,582
Den Danske Bank AS ................. 200 24,014
ISS International Service System
A/S, Class B ..................... 143 8,325
Novo-Nordisk A/S, Class B .......... 278 38,356
Tele Danmark A/S, Class B .......... 489 46,971
Unidanmark A/S, Class A
(Registered) ..................... 200 17,989
-----------
250,678
-----------
FINLAND (1.0%)
Kemira Oyj ......................... 1,000 10,342
Kesco Oyj .......................... 700 11,044
Merita Plc, Class A ................ 4,000 26,411
Metra Oyj, Class B ................. 200 6,566
Nokia Oyj, Class A ................. 1,800 132,475
Nokia Oyj, Class K ................. 600 44,213
Outokumpu Oyj ...................... 500 6,384
Sampo Insurance Co., plc,
Class A .......................... 300 14,227
Upm-Kymmene OYJ .................... 1,200 33,050
-----------
284,712
-----------
NORWAY (0.5%)
Christiania Bank OG Kreditkasse 2,900 12,145
Den Norske Bank .................... 2,600 13,636
Kvaerner plc ....................... 200 6,784
Merkantildata ASA .................. 550 6,960
NCL Holdings ASA* .................. 1,200 5,933
Norsk Hydro ASA .................... 950 41,830
Orkla ASA, Class A ................. 800 18,630
Petroleum Geo-Services* ............ 400 12,472
Schibsted ASA ...................... 450 7,573
Storebrand ASA* .................... 950 8,428
Tomra Systems ASA .................. 200 6,001
-----------
140,392
-----------
SWEDEN (3.0%)
ABB AB, Class A .................... 3,100 43,914
ABB AB, Class B .................... 400 5,566
AGA AB, Class A .................... 400 6,268
Astra AB, Class A .................. 5,200 106,255
Astra AB, Class B .................. 1,400 27,905
Atlas Copco AB ..................... 600 16,360
Electrolux AB, Class B ............. 1,500 25,762
Ericsson LM, Class B ............... 7,600 221,988
ForeningsSparbanken AB,
Class A .......................... 1,600 48,138
Hennes & Mauritz AB, Class B ....... 900 57,428
</TABLE>
72
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Mandamus AB* ....................... 45 $ 282
Netcom Systems AB, Class B* ........ 200 7,660
Sandvik AB, Class A ................ 1,000 27,642
Securitas AB, Class B .............. 400 19,581
Skandia Forsakrings AB ............. 2,700 38,586
Skandinaviska Enskilds Banken ...... 2,500 42,779
Skanska AB, B Shares ............... 500 22,440
Stora Kopparbergs Bergslags
Aktiebolag, Class A .............. 1,200 18,879
Svenska Cellulosa, AB, Class B ..... 1,200 31,064
Svenska Handelsbanken, Class A 800 37,107
Volvo AB, Class B .................. 1,300 38,705
Volvo AB, Class A .................. 700 20,359
-----------
864,668
-----------
TOTAL SCANDINAVIA ................. 1,540,450
-----------
SOUTHEAST ASIA (2.4%)
HONG KONG (1.5%)
Bank of East Asia Ltd. ............. 4,744 5,143
CLP Holdings Ltd. .................. 10,000 45,560
Cathay Pacific Airways ............. 13,000 9,144
Cheung Kong Ltd. ................... 9,000 44,257
Hang Seng Bank Ltd. ................ 8,000 45,225
Hong Kong & China Gas Co.,
Ltd. ............................. 15,000 17,037
Hong Kong Telecommunications
Ltd. ............................. 46,800 87,886
Hutchison Whampoa Ltd. ............. 16,000 84,461
Johnson Electric Holdings Ltd. ..... 2,000 7,408
New World Development Co. .......... 8,108 15,697
Sun Hung Kai Properties Ltd. ....... 9,084 38,573
Swire Pacific Ltd., Class A ........ 6,000 22,651
Television Broadcasts Ltd. ......... 2,000 5,292
Wharf Holdings ..................... 13,000 12,835
-----------
441,169
-----------
MALAYSIA (0.4%)
Golden Hope Plantations Bhd. ....... 8,000 7,325
Kuala Lumpur Kepong Bhd. ........... 5,000 8,072
Malayan Banking Bhd. ............... 10,000 10,072
Malaysian International Shipping
Bhd. (Foreign) ................... 6,000 8,746
Nestle (Malaysia) Bhd. ............. 2,000 9,060
Oriental Holdings Bhd. ............. 4,000 6,650
RHB Capital Bhd. ................... 16,000 6,515
Resorts World Bhd. ................. 6,000 6,592
Rothmans of Pall Mall Bhd. ......... 2,000 13,855
Sime Darby Bhd. .................... 12,000 8,269
Telekom Malaysia Bhd. .............. 12,000 20,240
Tenaga Nasional Bhd. ............... 13,000 15,662
YTL Corp. Bhd. ..................... 9,000 6,766
-----------
127,824
-----------
SINGAPORE (0.5%)
City Developments .................. 4,000 11,175
Creative Technology Ltd.* .......... 1,000 12,134
Development Bank of Singapore
(Foreign) ........................ 2,600 14,389
Keppel Corp. Ltd. .................. 6,000 9,020
Oversea-Chinese Banking Corp.,
Ltd. (Foreign) ................... 6,000 20,420
Singapore Airlines Ltd. ............ 4,000 18,704
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Singapore Press Holdings Ltd. ...... 2,276 $ 15,223
Singapore Telecommunications
Ltd. ............................. 23,000 32,672
United Overseas Bank Ltd.
(Foreign) ........................ 3,000 9,322
-----------
143,059
-----------
TOTAL SOUTHEAST ASIA .............. 712,052
-----------
UNITED KINGDOM (20.4%)
Abbey National plc ................. 5,651 100,506
Anglian Water plc .................. 902 12,653
Arjo Wiggins Appleton plc .......... 2,323 7,798
Associated British Foods plc ....... 4,023 37,993
B.A.T. Industries plc .............. 12,302 123,267
BBA Group plc ...................... 1,507 11,350
BG plc ............................. 15,118 87,481
BOC Group plc ...................... 2,268 30,926
BPB plc ............................ 1,635 9,912
BTR plc ............................ 14,468 41,075
Barclays plc ....................... 5,947 171,617
Bass plc ........................... 3,288 61,664
Blue Circle Industries plc ......... 3,834 21,673
Boots Co. plc ...................... 3,766 62,452
British Aerospace plc .............. 7,550 57,873
British Airport Authority plc ...... 4,220 45,597
British Airways plc ................ 4,472 48,432
British Land Co. plc ............... 2,528 25,985
British Petroleum Co. plc .......... 22,281 325,210
British Sky Broadcasting plc ....... 6,984 50,211
British Steel ...................... 8,995 19,791
British Telecom plc ................ 24,598 303,983
Bunzl plc .......................... 2,883 13,529
Burmah Castrol plc ................. 714 12,759
Cable & Wireless plc ............... 8,518 103,559
Cadbury Schweppes plc .............. 4,177 64,699
Carlton Communications plc ......... 1,857 16,591
Centrica plc* ...................... 17,532 29,571
Commercial Union plc ............... 5,103 95,276
Compass Group plc .................. 3,264 37,557
Diageo plc ......................... 13,125 155,624
EMI Group plc ...................... 3,870 33,866
Electrocomponents plc .............. 1,842 14,458
GKN plc ............................ 3,082 39,297
General Electric Co., plc .......... 10,913 94,131
Glaxo Wellcome plc ................. 13,242 397,835
Granada Group plc .................. 3,571 65,719
Great Universal Stores plc ......... 3,376 44,540
Guardian Royal Exchange plc ........ 1,514 8,875
HSBC Holdings plc .................. 3,324 84,432
HSBC Holdings plc .................. 6,599 160,016
Halifax plc ........................ 9,930 129,017
Hanson plc ......................... 3,355 20,408
Imperial Chemical Industries plc 3,072 49,353
Jarvis plc ......................... 904 10,492
Kingfisher plc ..................... 2,909 46,880
Ladbroke Group plc ................. 3,642 20,010
Land Securities plc ................ 2,423 37,490
Lasmo plc .......................... 1,694 6,790
Legal & General Group plc .......... 5,340 57,030
Lloyds TSB Group plc ............... 20,721 290,156
LucasVarity plc .................... 6,785 26,968
MEPC plc ........................... 2,224 19,573
</TABLE>
73
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ --------------
<S> <C> <C>
Marks & Spencer plc ................ 11,221 $ 102,222
Misys plc .......................... 489 27,806
National Grid Group plc ............ 6,041 40,758
National Power plc ................. 5,191 48,893
Pearson plc ........................ 1,836 33,666
Penninsular & Oriental Steam
Navigation Co. ................... 2,555 36,823
Pilkington plc ..................... 342 631
Prudential Corp. plc ............... 7,754 102,234
RMC Group plc ...................... 1,309 22,713
Railtrack Group plc ................ 2,153 52,818
Rank Group plc ..................... 2,528 13,890
Reed International plc ............. 4,863 44,017
Rentokil Initial plc ............... 10,787 77,642
Reuters Group plc .................. 6,011 68,763
Rexam plc .......................... 1,923 8,390
Rio Tinto plc (Registered) ......... 4,389 49,475
Rolls-Royce plc .................... 6,428 26,569
Royal & Sun Alliance Insurance
Group ............................ 6,480 67,040
Royal Bank of Scotland plc ......... 2,916 50,645
Safeway plc ........................ 3,918 25,682
Sainsbury J plc .................... 7,814 69,684
Schroeders plc ..................... 1,341 34,622
Scottish & Newcastle plc ........... 2,584 36,594
Scottish Power plc ................. 5,155 45,197
Siebe plc .......................... 1,980 39,580
Smithkline Beecham plc ............. 21,343 260,728
Smiths Industries plc .............. 1,439 19,946
Stagecoach Holdings plc* ........... 898 19,121
TI Group plc ....................... 1,303 9,901
Tate Lyle ORD plc .................. 2,148 17,048
Tesco plc .......................... 8,899 86,939
Thames Water plc ................... 1,158 21,098
The Berkeley Group plc ............. 1,015 10,577
Unilever plc ....................... 12,783 136,198
United Utilities plc ............... 2,047 29,792
Vodafone Group plc ................. 11,367 144,365
Williams plc ....................... 3,846 24,728
Wolseley plc ....................... 3,086 18,141
Zeneca Group plc ................... 3,636 156,176
-----------
TOTAL UNITED KINGDOM .............. 5,925,062
-----------
TOTAL COMMON STOCKS AND RIGHTS (90.2%)
(Cost $23,988,860)................. 26,255,979
-----------
PREFERRED STOCKS:
OTHER EUROPEAN COUNTRIES (0.7%)
AUSTRALIA (0.2%)
News Corp., Ltd. ................... 7,509 53,260
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ --------------
<S> <C> <C>
GERMANY (0.5%)
RWE AG ............................. 700 $ 30,119
SAP AG (Non Voting) ................ 150 102,052
-----------
132,171
-----------
TOTAL PREFERRED STOCKS (0.7%)
(Cost $125,069) ................... 185,431
-----------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT SECURITIES:
U.S GOVERNMENT (4.2%)
U.S. Treasury Bill
08/20/98- ......................... $ 10,000 9,932
10/15/98 ......................... 518,000 510,404
10/22/98 .......................... 495,000 487,278
11/12/98 .......................... 230,000 225,711
-----------
TOTAL SHORT-TERM DEBT SECURITIES (4.2%)
(Cost/Amortized Cost $1,233,171) 1,233,325
-----------
TOTAL INVESTMENTS (95.1%)
(Cost/Amortized Cost $25,347,100) 27,674,735
-----------
OTHER ASSETS
LESS LIABILITIES (4.9%) .......... 1,423,355
-----------
NET ASSETS (100%) .................. $29,098,090
===========
</TABLE>
<TABLE>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Equity Investments
Basic Materials ................ 3.9%
Business Services .............. 4.3
Capital Goods .................. 5.6
Consumer Cyclicals ............. 12.2
Consumer Non-Cyclicals ......... 19.0
Credit Sensitive
Banks ......................... 15.6
Financial Services ............ 3.4
Insurance ..................... 5.4
Real Estate ................... 1.6
Utility--Electric ............. 2.2
Utility--Gas .................. 1.1
Utility--Telephone ............ 2.7
Investment Company ............ 0.3
----
Total Credit Sensitive ......... 32.3
Diversified .................... 1.6
Energy ......................... 7.8
Technology ..................... 13.3
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing
- - Security segregated as collateral for financial futures contracts.
74
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1998, the Portfolio had futures contracts open:(Note 1)
<TABLE>
<CAPTION>
NUMBER UNREALIZED
OF AGGREGATE EXPIRATION APPRECIATION
PURCHASES: CONTRACTS FACE VALUE DATE (DEPRECIATION)
- ---------------------------------------- ----------- ------------ ------------ ---------------
<S> <C> <C> <C> <C>
Australia All Ordinaries Index ......... 2 $ 82,107 Sept `98 $ 2,466
German Index ........................... 1 327,198 Sept `98 (2,800)
Hang Seng Index ........................ 2 111,233 July `98 723
IBEX Plus Index ........................ 2 131,904 July `98 449
Milan MIB 30 Index ..................... 1 192,584 Sept `98 (743)
CAC 40 Index ........................... 2 281,209 Sept `98 3,120
Nikkei 300 Index ....................... 13 228,350 Sept `98 11,718
Tokyo Price Index ...................... 1 88,335 Sept `98 1,299
Financial Times 100 Index .............. 3 293,020 Sept `98 (2,149)
--------
$ 14,083
========
</TABLE>
At June 30, 1998 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 7/27/98 ........... 706 $392,697 $392,295 $ (402)
Japanese Yen, expiring 7/27/98 .......... 20,925 149,098 151,582 2,484
British Pound, expiring 7/27/98 ......... 95 158,268 158,410 142
------
$2,224
======
</TABLE>
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities .. $24,246,832
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .. 169,601
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 2,957,066
Aggregate gross unrealized depreciation ......... (629,431)
-----------
Net unrealized appreciation ..................... $ 2,327,635
===========
Federal income tax cost of investments .......... $25,347,100
===========
</TABLE>
See Notes to Financial Statements.
75
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (3.5%)
CHEMICALS (0.9%)
A. Schulman, Inc. ................... 800 $ 15,650
Calgon Carbon Corp. ................. 600 5,963
Cambrex Corp. ....................... 700 18,375
ChemFirst, Inc. ..................... 500 12,625
Dionex Corp.* ....................... 600 15,825
Geon Co. ............................ 600 13,763
Georgia Gulf Corp. .................. 400 9,125
Mycogen Corp.* ...................... 300 7,209
NOVA Corp.* ......................... 500 17,875
Spartech Corp. ...................... 300 6,431
Stepan Co. .......................... 200 5,963
Waters Corp.* ....................... 500 29,469
Wellman, Inc. ....................... 600 13,613
-----------
171,886
-----------
CHEMICALS--SPECIALTY (0.7%)
Airgas, Inc.* ....................... 100 1,438
Albemarle Corp. ..................... 300 6,619
Ferro Corp. ......................... 600 15,188
General Chemical Group, Inc. ........ 200 5,550
H.B. Fuller Co. ..................... 300 16,631
LeaRonal, Inc. ...................... 200 4,775
Lilly Industries, Inc., Class A ..... 600 12,975
M.A. Hanna Co. ...................... 1,000 18,313
MacDermid, Inc. ..................... 300 8,475
Minerals Technologies, Inc. ......... 400 20,350
NCH Corp. ........................... 100 6,406
NL Industries, Inc. ................. 400 8,000
OM Group, Inc. ...................... 400 16,500
Terra Industries, Inc. .............. 400 3,600
The Carbide/Graphite Group,
Inc.* ............................. 200 5,563
-----------
150,383
-----------
METALS & MINING (0.7%)
ASARCO, Inc. ........................ 100 2,225
Battle Mountain Gold Co. ............ 300 1,781
Century Aluminum Co. ................ 400 5,900
Cleveland-Cliffs, Inc. .............. 400 21,450
Commercial Metals Co. ............... 200 6,150
Commonwealth Industries, Inc. ....... 300 3,000
Getchell Gold Corp.* ................ 500 7,500
Helca Mining Co.* ................... 1,000 5,313
Intermet Corp. ...................... 200 3,625
Lawson Products, Inc. ............... 300 7,725
MAXXAM, Inc.* ....................... 100 5,675
MDU Resources Group, Inc. ........... 500 17,844
Mueller Industries, Inc.* ........... 600 22,275
Ryerson Tull, Inc., Class A* ........ 200 4,100
Stillwater Mining Co.* .............. 300 8,138
Titanium Metals Corp. ............... 200 4,413
Wolverine Tube, Inc.* ............... 300 11,400
-----------
138,514
-----------
PAPER (0.6%)
Buckeye Technologies, Inc.* ......... 400 9,425
Caraustar Industries, Inc. .......... 300 8,663
Chesapeake Corp. .................... 600 23,363
Gibson Greetings, Inc.* ............. 400 10,000
Longview Fibre, Co. ................. 1,100 15,675
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
P.H. Glatfelter Co. ................. 200 $ 3,163
Rock-Tenn Co., Class A .............. 800 10,050
Schweitzer-Mauduit
International, Inc. ............... 400 11,600
Unisource Worldwide, Inc. ........... 100 1,081
Wausau-Mosinee Paper Corp. .......... 1,000 22,875
-----------
115,895
-----------
STEEL (0.6%)
AK Steel Holding Corp. .............. 1,100 19,663
Armco, Inc.* ........................ 2,200 14,025
Bethlehem Steel Corp.* .............. 210 2,612
Birmingham Steel Corp. .............. 600 7,425
Carpenter Technology Corp. .......... 300 15,075
Citation Corp.* ..................... 200 4,000
Gibraltar Steel Corp.* .............. 100 2,050
J & L Specialty Steel, Inc. ......... 400 2,375
Lone Star Technologies, Inc.* ....... 400 6,100
LTV Corp. ........................... 100 956
Maverick Tube Corp.* ................ 200 2,325
National Steel Corp., Class B ....... 400 4,750
Oregon Steel Mills, Inc. ............ 300 5,588
Quanex Corp. ........................ 100 3,031
Reliance Steel & Aluminum, Co. 100 3,863
Rouge Industries, Inc., Class A ..... 300 3,825
Shaw Group, Inc.* ................... 200 5,200
Shiloh Industries, Inc.* ............ 200 4,050
Steel Dynamics, Inc.* ............... 700 9,713
Valmont Industries .................. 200 3,994
-----------
120,620
-----------
TOTAL BASIC MATERIALS ............. 697,298
-----------
BUSINESS SERVICES (9.0%)
ENVIRONMENTAL CONTROL (1.4%)
AgriBioTech, Inc.* .................. 100 2,769
Air & Water Technologies Corp.,
Class A* .......................... 400 1,250
Allied Waste Industries, Inc.* ...... 1,800 43,200
CCC Information Services
Group, Inc.* ...................... 300 4,950
CLARCOR, Inc. ....................... 750 15,750
CSG Systems International, Inc.* 500 23,438
Catalytica, Inc.* ................... 100 1,963
Dames & Moore Group ................. 600 7,725
Donaldson Co., Inc. ................. 800 18,900
Eastern Environmental Services,
Inc.* ............................. 200 6,800
Ionics, Inc.* ....................... 400 14,750
Laidlaw Environmental Services,
Inc.* ............................. 3,340 12,108
Mine Saftey Appliances Co. .......... 100 7,500
Mississippi Chemical Corp. .......... 300 4,931
ONEOK, Inc. ......................... 500 19,938
Philadelphia Suburban Corp. ......... 400 8,750
Rollins, Inc. ....................... 400 8,200
Roper Industries, Inc. .............. 500 13,063
Superior Services, Inc.* ............ 300 9,019
Tejon Ranch Co. ..................... 300 7,950
Tetra Tech, Inc.* ................... 400 9,700
U.S. Filter Corp.* .................. 938 26,309
-----------
268,963
-----------
</TABLE>
76
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
PRINTING, PUBLISHING, BROADCASTING (3.0%)
Ackerley Group, Inc. ................. 200 $ 4,200
American Media, Inc., Class A* ....... 800 5,300
Analysts International Corp. ......... 600 17,025
BET Holdings, Inc.* .................. 200 12,588
Banta Corp. .......................... 600 18,525
Big Flower Holdings, Inc.* ........... 500 15,000
Bowne & Co., Inc. .................... 600 27,000
Cablevision Systems Corp.,
Class A* ........................... 500 41,750
Catalina Marketing Corp.* ............ 400 20,775
Century Communications Corp.,
Class A* ........................... 700 13,125
CKS Group, Inc.* ..................... 200 3,600
Consolidated Graphics, Inc.* ......... 100 5,900
Cox Radio Inc., Class A* ............. 100 4,325
Emmis Broadcasting Corp.,
Class A* ........................... 200 9,563
HA-LO Industries, Inc.* .............. 200 6,225
Heftel Broadcasting Corp.,
Class A* ........................... 400 17,900
Hollinger International, Inc. ........ 100 1,700
Houghton Mifflin Co. ................. 600 19,050
Jacor Communications, Inc.* .......... 800 47,200
John Wiley & Sons, Inc., Class A 300 18,258
Jones Intercable, Inc., Class A* ..... 300 7,500
Journal Register Co.* ................ 900 15,075
Lamar Advertising Co.* ............... 400 14,350
Lee Enterprises, Inc. ................ 100 3,063
Mail-Well, Inc.* ..................... 1,000 21,688
McClatchy Co., Class A ............... 400 13,850
Media General, Inc., Class A ......... 200 9,750
Merrill Corp. ........................ 200 4,413
Outdoor Systems, Inc.* ............... 900 25,200
Playboy Enterprises, Inc.,
Class B* ........................... 300 5,325
Pulitzer Publishing Co. .............. 100 8,925
SFX Entertainment, Class A* .......... 100 4,588
Saga Communications, Inc.,
Class A* ........................... 375 5,250
Scholastic Corp.* .................... 200 7,975
Spelling Entertainment Group,
Inc.* .............................. 500 4,688
Standard Register Co. ................ 200 7,075
TCI Satellite Entertainment, Inc.,
Class A* ........................... 800 4,700
True North Communications, Inc. 500 14,625
United International Holdings,
Inc., Class A* ..................... 900 14,400
United Television, Inc. .............. 100 11,450
United Video Satellite Group,
Inc., Class A* ..................... 100 3,963
USA Networks, Inc.* .................. 226 5,658
Westwood One, Inc. ................... 500 12,609
World Color Press, Inc.* ............. 800 28,000
Young Broadcasting, Inc.,
Class A* ........................... 200 13,000
Zebra Technologies Corp.,
Class A* ........................... 400 17,100
-----------
593,229
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
PROFESSIONAL SERVICES (3.3%)
ABM Industries, Inc. ................. 300 $ 8,363
ACNielson Corp.* ..................... 900 22,725
ADVO, Inc.* .......................... 500 14,094
Abacus Direct Corp.* ................. 100 5,194
Alexander & Baldwin, Inc. ............ 100 2,913
Alternative Resources Corp.* ......... 200 2,475
American Business Information,
Inc., Class B* ..................... 300 4,800
APAC TeleServices, Inc.* ............. 300 1,753
Applied Graphics Technologies,
Inc.* .............................. 160 7,320
Aztec Technology Partners, Inc. ...... 1 8
Berlitz International, Inc.* ......... 200 5,400
Billing Concepts Corp.* .............. 500 7,750
Borg-Warner Security Corp.* .......... 200 4,525
Brightpoint, Inc.* ................... 800 11,600
CDI Corp.* ........................... 200 5,350
CORT Business Service Corp.* ......... 300 9,450
Caribiner International, Inc.* ....... 200 3,500
Century Business Services, Inc.* ..... 600 12,000
Cerner Corp.* ........................ 600 16,988
Circle International Group, Inc. ..... 300 8,400
Coach USA, Inc.* ..................... 300 13,688
Computer Learning Centers,
Inc.* .............................. 300 7,463
Computer Management Sciences,
Inc.* .............................. 100 2,375
Concentra Managed Care, Inc.* ........ 700 18,200
Coventry Health Care, Inc.* .......... 900 13,388
Crawford & Co., Class B .............. 800 15,000
Data Processing Resources
Corp.* ............................. 200 6,213
DeVry, Inc.* ......................... 1,200 26,325
EG&G, Inc. ........................... 800 24,000
E.W. Blanch Holdings, Inc. ........... 200 7,350
Education Management Corp.* .......... 200 6,575
Equity Corporation
International* ..................... 200 4,800
Fisher Scientific International,
Inc. ............................... 600 8,663
Franklin Covey Co.* .................. 400 7,700
HealthPlan Services Corp. ............ 300 5,250
ITT Educational Services, Inc.* ...... 200 6,450
InaCom Corp.* ........................ 200 6,350
Informix Corp.* ...................... 200 1,581
Interim Services, Inc.* .............. 800 25,700
Kelly Services, Inc., Class A ........ 500 17,688
LabOne, Inc. ......................... 100 1,663
Landauer, Inc. ....................... 200 5,975
Lason, Inc.* ......................... 100 5,450
Learning Tree International,
Inc.* .............................. 200 4,025
May & Speh, Inc.* .................... 300 5,963
Metamor Worldwide, Inc.* ............. 400 14,075
Metzler Group, Inc.* ................. 150 5,494
National Data Corp. .................. 100 4,375
Navigant International, Inc.* ........ 1 9
NCO Group, Inc.* ..................... 200 4,400
NFO Worldwide, Inc.* ................. 400 7,125
Norrell Corp. ........................ 300 5,981
</TABLE>
77
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Ogden Corp. .......................... 1,000 $ 27,688
Olsten Corp. ......................... 800 8,950
Pegasystems, Inc.* ................... 200 5,425
Personnel Group of America,
Inc.* .............................. 600 12,000
Pharmaceutical Product
Development, Inc.* ................. 300 6,600
Pinkertons, Inc.* .................... 200 4,150
Pre-paid Legal Services, Inc.* ....... 400 12,625
Renaissance Worldwide, Inc.* ......... 400 8,700
Romac International, Inc.* ........... 640 19,440
SITEL Corp.* ......................... 900 5,963
Seitel, Inc.* ........................ 400 6,475
Snyder Communications, Inc.* ......... 200 8,800
StaffMark, Inc.* ..................... 300 10,988
Strayer Education, Inc. .............. 200 7,250
Superior Consultant Holdings
Corp.* ............................. 100 4,313
Sybase, Inc.* ........................ 100 697
Sylvan Learning Systems, Inc.* ....... 600 19,650
US Office Products Co.* .............. 423 8,239
Valassis Communications, Inc.* ....... 100 3,856
Veritas DGC, Inc.* ................... 400 19,975
Vincam Group, Inc.* .................. 100 1,963
Volt Information Sciences, Inc.* ..... 200 5,425
Wackenhut Corrections Corp.* ......... 200 4,675
Whittman-Hart, Inc.* ................. 100 4,833
-----------
662,582
-----------
TRUCKING, SHIPPING (1.3%)
AMERCO* .............................. 300 8,831
Air Express International Corp. ...... 400 10,700
Airborne Freight Corp. ............... 800 27,950
AirNet Systems, Inc.* ................ 200 3,225
American Freightways Corp.* .......... 400 4,000
Arnold Industries, Inc. .............. 300 4,425
C.H. Robinson Worldwide, Inc. ........ 100 2,488
Consolidated Freightways Corp.* 500 6,969
Eagle USA Airfreight, Inc.* .......... 100 3,469
Expeditors International of
Washington, Inc. ................... 400 17,600
Fritz Cos., Inc.* .................... 200 2,675
Heartland Express, Inc.* ............. 400 8,100
Hvide Marine, Inc., Class A* ......... 200 2,713
Iron Mountain, Inc.* ................. 200 8,950
J.B. Hunt Transport Services, Inc. 600 21,375
Kirby Corp.* ......................... 575 14,519
Knight Transportation, Inc.* ......... 150 2,869
Landstar Systems, Inc.* .............. 200 6,988
M.S. Carriers, Inc.* ................. 200 5,425
Marine Transport Corp.* .............. 140 569
OMI Corp.* ........................... 400 3,225
Overseas Shipholding Group, Inc. 900 18,338
Pittston BAX Group ................... 500 7,781
Roadway Express, Inc. ................ 200 3,775
Swift Transportation Co., Inc.* ...... 400 7,925
United Rentals, Inc.* ................ 100 4,200
USFreightways Corp. .................. 400 13,138
Werner Enterprises, Inc. ............. 500 9,531
Wisconsin Central Transport
Corp.* ............................. 100 2,188
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
XTRA Corp. ........................... 200 $ 12,100
Yellow Corp.* ........................ 400 7,420
-----------
253,461
-----------
TOTAL BUSINESS SERVICES ............ 1,778,235
-----------
CAPITAL GOODS (8.4%)
AEROSPACE (0.7%)
AAR Corp. ............................ 650 19,216
BE Aerospace, Inc.* .................. 500 14,563
Curtiss-Wright Corp. ................. 200 7,838
Cymer, Inc.* ......................... 600 9,675
Ducommun, Inc.* ...................... 150 3,000
GenCorp, Inc. ........................ 500 12,625
Hexcel Corp.* ........................ 400 9,050
Kaman Corp., Class A ................. 600 11,419
Moog, Inc., Class A* ................. 200 7,638
Orbital Sciences Corp.* .............. 600 22,425
REMEC, Inc.* ......................... 400 4,550
Scott Technologies, Inc.,
Class A* ........................... 400 5,845
-----------
127,844
-----------
BUILDING & CONSTRUCTION (1.6%)
A.O. Smith Corp. ..................... 200 10,338
American Homestar Corp.* ............. 200 4,788
Butler Manufacturing Co. ............. 200 6,813
Champion Enterprises, Inc.* .......... 700 20,475
Coachman Industries, Inc. ............ 400 10,450
Dal-Tile International, Inc.* ........ 800 7,850
Del Webb Corp. ....................... 200 5,188
Elcor Corp. .......................... 300 7,575
Fairfield Communities, Inc.* ......... 900 17,269
Fleetwood Enterprises, Inc. .......... 300 12,000
Halter Marine Group, Inc.* ........... 100 1,506
Jacobs Engineering Group, Inc.* 700 22,488
Kaufman & Broad Home Corp. ........... 700 22,225
Kennametal, Inc. ..................... 400 16,700
Morrison Knudsen Corp.* .............. 500 7,031
Newport News Shipbuilding, Inc. 700 18,725
Palm Harbor Homes, Inc.* ............. 400 17,050
Pulte Corp. .......................... 400 11,950
Republic Group, Inc. ................. 300 6,300
Service Experts, Inc.* ............... 200 6,900
Standard Pacific Corp. ............... 500 10,313
Synthetic Industries, Inc.* .......... 200 2,913
TJ International, Inc. ............... 300 9,038
Thomas Industries, Inc. .............. 300 7,331
Toll Brothers, Inc.* ................. 500 14,344
U.S. Industries, Inc. ................ 100 4,125
U.S. Home Corp.* ..................... 320 7,920
Walter Industries, Inc.* ............. 800 15,150
Watts Industries, Inc., Class A ...... 400 8,350
Wilmar Industries, Inc.* ............. 300 7,650
Winnebago Industries, Inc. ........... 400 5,095
-----------
325,850
-----------
BUILDING MATERIALS & FOREST PRODUCTS (1.4%)
Advanced Lighting Technologies,
Inc.* .............................. 200 4,650
Apogee Enterprises, Inc. ............. 700 10,719
Cadiz Land Co., Inc.* ................ 100 1,156
CalMat Co. ........................... 500 11,000
</TABLE>
78
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Centex Construction Products,
Inc. .............................. 300 $ 11,550
Deltic Timber Corp. ................. 200 5,013
Fedders Corp. ....................... 1,200 8,025
Florida Rock Industries, Inc. ....... 300 8,756
Griffon Corp.* ...................... 500 6,406
Holophane Corp.* .................... 200 5,100
HomeBase, Inc.* ..................... 1,000 7,938
Hughes Supply, Inc. ................. 200 7,325
Juno Lighting, Inc. ................. 500 11,813
Kaydon Corp. ........................ 600 21,188
Lone Star Industries, Inc. .......... 200 15,413
Medusa Corp. ........................ 200 12,550
Modine Manufacturing Co. ............ 300 10,388
Park Electrochemical Corp. .......... 300 6,338
Regal-Beloit Corp. .................. 600 17,100
RMI Titanium Co.* ................... 300 6,825
Scotts Co. .......................... 300 11,175
Southdown, Inc. ..................... 500 35,688
Sturm Ruger & Co., Inc. ............. 200 3,350
Texas Industries, Inc. .............. 400 21,200
Toro Co. ............................ 200 6,850
Universal Forest Products, Inc. ..... 300 4,908
------------
272,424
------------
ELECTRICAL EQUIPMENT (2.6%)
ADTRAN, Inc.* ....................... 300 7,838
AMETEK, Inc. ........................ 500 14,656
Applied Power, Inc. Class A ......... 500 17,188
Arctic Cat, Inc. .................... 500 4,938
Barnes Group, Inc. .................. 300 8,119
Comfort Systems USA, Inc.* .......... 400 9,350
CommScope, Inc.* .................... 100 1,619
Credence Systems Corp.* ............. 400 7,600
Cypress Semiconductor Corp.* ........ 300 2,494
Dallas Semiconductor Corp. .......... 100 3,100
Electro Rent Corp.* ................. 400 8,975
Encore Wire Corp.* .................. 300 4,838
Esterline Technologies Corp.* ....... 400 8,225
Flowserve Corp. ..................... 800 19,700
Franklin Electric Co., Inc. ......... 100 6,800
Harman International Industries,
Inc. .............................. 500 19,250
Hussmann International, Inc. ........ 100 1,856
Integrated Process Equipment
Corp.* ............................ 300 3,375
Kuhlman Corp. ....................... 500 19,781
Kulicke & Soffa Industries, Inc.* 500 8,500
Lam Research Corp.* ................. 100 1,913
Level One Communications,
Inc.* ............................. 450 10,575
MMC Networks, Inc.* ................. 100 3,188
Marquette Medical Systems, Inc.* 200 5,131
Marshall Industries* ................ 500 13,625
Mentor Graphics Corp.* .............. 800 8,450
Methode Electronics, Inc.,
Class A ........................... 400 6,200
Mettler-Toledo International,
Inc.* ............................. 100 2,006
Micrel, Inc.* ....................... 300 9,750
Nevada Power Co. .................... 1,100 28,325
Oak Technology, Inc.* ............... 600 2,738
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
PairGain Technologies, Inc.* ........ 100 $ 1,744
Photronics, Inc.* ................... 500 11,031
Pioneer-Standard Electronics ........ 400 3,850
Plexus Corp.* ....................... 400 7,950
PMC-Sierra, Inc.* ................... 500 23,438
Powerwave Technologies, Inc.* ....... 200 3,350
Public Service Co. of New
Mexico, Inc. ...................... 800 18,150
Qlogic Corp.* ....................... 100 3,569
ROHN Industries, Inc. ............... 1,000 4,688
RPC, Inc. ........................... 400 5,000
Rambus, Inc.* ....................... 200 12,225
Rayovac Corp.* ...................... 300 6,806
Recoton Corp.* ...................... 100 3,350
SDL, Inc.* .......................... 200 4,775
SIPEX Corp.* ........................ 100 2,150
Sanmina Corp.* ...................... 600 26,025
Sawtek, Inc.* ....................... 200 2,950
Scotsman Industries, Inc. ........... 200 5,550
Semtech Corp.* ...................... 200 3,538
Sensormatics Electronics Corp.* ..... 100 1,400
Silicon Valley Group, Inc.* ......... 700 11,244
Siliconix, Inc.* .................... 100 2,450
Sunrise Medical, Inc.* .............. 500 7,500
TNP Enterprises, Inc. ............... 200 6,175
Tecumseh Products Co., Class A 100 5,281
ThermoLase Corp.* ................... 300 2,175
Ultratech Stepper, Inc.* ............ 200 3,950
Unitrode Corp.* ..................... 900 10,350
VLSI Technology, Inc.* .............. 300 5,034
Veeco Instruments, Inc.* ............ 200 4,975
Vicor Corp.* ........................ 600 8,325
Vishay Intertechnology, Inc.* ....... 100 1,794
Watkins-Johnson Co. ................. 200 5,200
Watsco, Inc. ........................ 500 17,594
X-Rite, Inc. ........................ 100 1,364
------------
515,053
------------
MACHINERY (2.1%)
Albany International Corp.,
Class A ........................... 402 9,611
Allied Products Corp. ............... 200 4,238
Anchor Gaming* ...................... 200 15,525
Applied Industrial Technologies,
Inc. .............................. 200 4,113
Baldor Electric Co. ................. 400 9,750
Chart Industries, Inc. .............. 100 2,388
Cincinnati Milacron, Inc. ........... 700 17,019
Cognex Corp.* ....................... 600 11,100
Columbus McKinnon Corp. ............. 200 5,200
Commercial Intertech Corp. .......... 400 7,250
DT Industries, Inc. ................. 200 4,850
Gardner Denver, Inc.* ............... 200 5,525
Gleason Corp. ....................... 300 8,438
Global Industrial Technologies,
Inc.* ............................. 200 2,875
Graco, Inc. ......................... 650 22,669
IDEX Corp. .......................... 600 20,700
Imation Corp.* ...................... 900 14,906
JLG Industries, Inc. ................ 900 18,225
Lincoln Electric Holdings ........... 1,200 26,550
Lindsay Manufacturing Co. ........... 150 4,069
</TABLE>
79
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
MagneTek, Inc.* ...................... 400 $ 6,300
Manitowoc Co., Inc. .................. 400 16,125
MascoTech, Inc. ...................... 600 14,400
NACCO Industries, Inc, Class A 100 12,925
National-Oilwell, Inc.* .............. 1,000 26,813
Nordson Corp. ........................ 500 23,500
OmniQuip International, Inc. ......... 200 3,700
PRI Automation, Inc.* ................ 200 3,413
Robbins & Myers, Inc. ................ 200 5,813
Sequa Corp., Class A* ................ 200 13,350
Specialty Equipment Co.'s, Inc.* ..... 300 6,788
Stewart & Stevenson Services,
Inc. ............................... 500 9,000
Tennant Co. .......................... 100 4,425
Terex Corp.* ......................... 400 11,400
Uniphase Corp.* ...................... 600 37,669
UNOVA, Inc.* ......................... 100 2,150
Zoltec Cos., Inc.* ................... 100 2,008
-----------
414,780
-----------
TOTAL CAPITAL GOODS ................ 1,655,951
-----------
CONSUMER CYCLICALS (11.0%)
AIRLINES (0.5%)
ASA Holdings, Inc. ................... 400 19,850
AirTran Holdings, Inc.* .............. 900 6,778
Alaska Air Group, Inc.* .............. 300 16,369
America West Holdings Corp.,
Class B* ........................... 600 17,138
Atlas Air, Inc.* ..................... 300 10,144
Aviall, Inc.* ........................ 300 4,106
Aviation Sales Co.* .................. 100 3,963
Mesaba Holdings, Inc.* ............... 300 6,900
Midwest Express Holdings, Inc.* 150 5,428
SkyWest, Inc. ........................ 100 2,800
Trans World Airlines, Inc.* .......... 800 8,295
-----------
101,771
-----------
APPAREL & TEXTILES (2.3%)
Brown Group, Inc. .................... 500 9,938
Buckle, Inc.* ........................ 150 4,425
Burlington Coat Factory
Warehouse Corp. .................... 600 13,500
Burlington Industries, Inc.* ......... 1,200 16,875
Charming Shoppes, Inc.* .............. 1,600 7,600
Collins & Aikman Corp.* .............. 1,300 9,669
Donna Karan International, Inc.* 400 5,875
Dress Barn, Inc.* .................... 300 7,463
Enesco Group, Inc. ................... 500 15,375
Fabri-Centers of America, Class
A* ................................. 200 5,475
Finish Line, Inc., Class A* .......... 200 5,625
Footstar, Inc.* ...................... 500 24,000
G&K Services, Inc., Class A .......... 400 17,450
Gadzooks, Inc.* ...................... 200 5,513
Genesco, Inc.* ....................... 600 9,788
Goody's Family Clothing, Inc.* ....... 100 5,488
Guess ?, Inc.* ....................... 400 1,975
Guilford Mills, Inc. ................. 500 10,000
Gymboree Corp.* ...................... 400 6,063
Hancock Fabrics, Inc. ................ 600 7,500
Hartmarx Corp.* ...................... 300 2,269
Interface, Inc. ...................... 1,200 24,225
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
International Speedway Corp.,
Class A ............................ 100 $ 2,844
Just For Feet, Inc.* ................. 500 14,250
Kellwood Co. ......................... 600 21,450
Men's Wearhouse, Inc.* ............... 300 9,900
Michaels Stores, Inc.* ............... 500 17,641
Mohawk Industries, Inc.* ............. 500 15,844
Nautica Enterprises, Inc.* ........... 700 18,769
OshKosh B'Gosh, Inc. ................. 200 8,900
Oxford Industries, Inc. .............. 100 3,494
Pacific Sunwear of California,
Inc.* .............................. 450 15,750
Phillips-Van Heusen Corp. ............ 600 8,850
Polymer Group, Inc.* ................. 500 5,813
Quiksilver, Inc. ..................... 200 3,988
Russell Corp. ........................ 400 12,075
St. John Knits, Inc. ................. 400 15,450
Stage Stores, Inc.* .................. 500 22,625
Stein Mart, Inc.* .................... 600 8,100
Stride Rite Corp. .................... 1,100 16,569
Syms Corp.* .......................... 300 4,275
Timberland Co., Class A* ............. 100 7,194
Wet Seal, Inc., Class A* ............. 100 3,195
-----------
453,067
-----------
AUTO RELATED (1.7%)
Action Performance Cos., Inc.* ....... 300 9,656
Aftermarket Technology Corp.* ........ 300 5,625
Arvin Industries, Inc. ............... 400 14,525
Avis Rent A Car, Inc.* ............... 300 7,425
Detroit Diesel Corp.* ................ 200 4,313
Discount Auto Parts, Inc.* ........... 300 7,800
Excel Industries, Inc. ............... 200 2,863
Exide Corp. .......................... 400 6,725
Federal-Mogul Corp. .................. 600 40,500
Hayes Lemmerz International,
Inc.* .............................. 500 19,875
Littelfuse, Inc.* .................... 200 5,050
LoJack Corp.* ........................ 300 3,731
McGrath Rentcorp ..................... 300 6,338
Miller Industries, Inc.* ............. 500 3,875
OEA, Inc. ............................ 100 1,600
O'Reilly Automotive, Inc.* ........... 400 14,400
Penske Motorsports, Inc.* ............ 100 2,919
Polaris Industries, Inc. ............. 600 22,575
Precision Castparts Corp. ............ 100 5,338
Rental Service Corp.* ................ 200 6,725
Renters Choice, Inc.* ................ 200 5,675
Rollins Truck Leasing Corp. .......... 1,350 16,706
SPX Corp.* ........................... 200 12,875
Standard Motor Products, Inc.* ....... 200 4,450
Standard Products Co. ................ 500 14,063
Superior Industries International 500 14,094
TCA Cable TV, Inc. ................... 400 24,000
Titan International, Inc. ............ 500 8,500
Tower Automotive, Inc.* .............. 300 12,863
U.S. Rentals, Inc.* .................. 300 11,831
United Auto Group, Inc.* ............. 300 6,563
Westinghouse Air Brake Co. ........... 300 7,913
Wynn's International, Inc. ........... 300 5,770
-----------
337,161
-----------
</TABLE>
80
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
AUTOS & TRUCKS (0.1%)
Wabash National Corp. ................ 500 $ 12,875
----------
FOOD SERVICES, LODGING (1.6%)
Apple South, Inc. .................... 500 6,531
Applebee's International, Inc. ....... 600 13,425
Bob Evans Farms, Inc. ................ 600 12,713
Brinker International, Inc.* ......... 1,300 25,025
Bristol Hotel Co.* ................... 600 14,700
Buffets, Inc.* ....................... 900 14,119
CKE Restaurants, Inc. ................ 840 34,650
CapStar Hotel Co.* ................... 600 16,800
Cheesecake Factory, Inc.* ............ 150 3,394
Consolidated Products, Inc.* ......... 400 8,450
Foodmaker, Inc.* ..................... 900 15,188
Host Marriott Services Corp.* ........ 400 5,825
IHOP Corp.* .......................... 200 8,275
Landry's Seafood Restaurants,
Inc.* .............................. 400 7,238
Lone Star Steakhouse & Saloon,
Inc.* .............................. 800 11,050
Marcus Corp. ......................... 400 7,150
Papa John's International, Inc.* ..... 400 15,775
Primadonna Resorts, Inc.* ............ 200 2,869
Prime Hospitality Corp.* ............. 600 10,463
Red Roof Inns, Inc.* ................. 500 8,469
Ruby Tuesday, Inc. ................... 700 10,850
Ryan's Family Steak Houses,
Inc.* .............................. 1,100 11,275
Sbarro, Inc. ......................... 300 8,138
Showbiz Pizza Time, Inc.* ............ 300 12,094
Sonic Corp.* ......................... 300 6,713
Station Casinos, Inc.* ............... 500 7,344
Suburban Lodges of America,
Inc.* .............................. 300 4,538
Vail Resorts, Inc.* .................. 400 10,645
----------
313,706
----------
HOUSEHOLD FURNITURE, APPLIANCES (1.5%)
Aaron Rents, Inc. .................... 300 6,000
Bassett Furniture Industries, Inc. 300 8,456
Central Garden & Pet Co.* ............ 500 15,563
Cost Plus, Inc.* ..................... 200 5,950
Department 56, Inc.* ................. 400 14,200
Ethan Allen Interiors Inc. ........... 600 29,963
Furniture Brands International,
Inc.* .............................. 1,100 30,869
Garden Ridge Corp.* .................. 300 5,813
Heilig-Meyers Co. .................... 1,300 16,006
Kimball International Inc.,
Class B ............................ 800 14,500
La-Z-Boy, Inc. ....................... 300 16,950
Lands' End, Inc.* .................... 200 6,325
Libbey, Inc. ......................... 200 7,663
Linens `n Things, Inc.* .............. 500 15,281
Mikasa, Inc. ......................... 300 3,825
O'Sullivan Industries Holdings,
Inc.* .............................. 400 5,600
Pier 1 Imports, Inc. ................. 1,100 26,263
Pillowtex Corp. ...................... 100 4,013
SLI, Inc.* ........................... 350 9,144
Southeby's Holdings, Inc. Class A 800 17,900
Spiegel, Inc., Class A* .............. 500 3,594
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Spring Industries, Inc., Class A ..... 300 $ 13,838
Windmere-Durable Holdings,
Inc.* .............................. 500 17,901
----------
295,617
----------
LEISURE RELATED (0.8%)
AMC Entertainment, Inc.* ............. 200 3,613
Alternative Living Services, Inc.* 400 10,800
Ascent Entertainment Group,
Inc.* .............................. 800 8,900
Authentic Fitness Corp. .............. 200 3,163
Aztar Corp.* ......................... 800 5,450
Bally Total Fitness Holding
Corp.* ............................. 200 7,200
Coleman Co., Inc.* ................... 300 3,469
Family Golf Centers, Inc.* ........... 300 7,594
Florida Panthers Holdings, Inc.* ..... 600 11,813
GC Cos., Inc.* ....................... 200 10,375
GTECH Holdings Corp.* ................ 100 3,369
Grand Casinos, Inc.* ................. 800 13,400
Hollywood Park, Inc.* ................ 600 7,575
Midway Games, Inc.* .................. 459 7,172
North Face, Inc.* .................... 200 4,800
Premier Parks, Inc.* ................. 300 19,988
Regis Corp. .......................... 400 11,825
Rio Hotel & Casino, Inc.* ............ 200 3,775
Signature Resorts, Inc.* ............. 300 4,950
Speedway Motorsports, Inc.* .......... 300 7,669
West Marine, Inc.* ................... 300 5,395
----------
162,295
----------
PHOTO & OPTICAL (0.3%)
BMC Industries, Inc. ................. 300 2,625
CPI Corp. ............................ 300 7,144
Cole National Corp.* ................. 400 16,000
Metromedia International Group,
Inc.* .............................. 700 8,356
Oakley, Inc.* ........................ 700 9,363
Panavision, Inc.* .................... 24 623
Sola International, Inc.* ............ 400 13,075
Sunglass Hut International, Inc.* 1,100 12,169
Wesley Jessen Visioncare, Inc.* ...... 100 2,308
----------
71,663
----------
RETAIL--GENERAL (2.2%)
Amazon.com, Inc.* .................... 200 19,950
Ames Department Stores, Inc.* ........ 600 15,788
AnnTaylor Stores Corp.* .............. 600 12,713
BJ's Wholesale Club, Inc.* ........... 600 24,375
Barnett, Inc.* ....................... 500 10,125
Best Buy Co., Inc.* .................. 1,200 43,350
Brylane, Inc.* ....................... 100 4,600
Casey's General Stores, Inc. ......... 1,200 19,875
CellStar Corp.* ...................... 400 5,175
Claire's Stores, Inc. ................ 800 16,400
Corporate Express, Inc.* ............. 100 1,269
DELIA*S, Inc.* ....................... 200 3,125
Eagle Hardware & Garden, Inc.* 300 6,938
Fingerhut Cos., Inc. ................. 700 23,100
Fossil, Inc.* ........................ 300 7,463
Guitar Center, Inc.* ................. 200 6,025
Handleman Co.* ....................... 700 8,050
Hollywood Entertainment Corp.* 400 5,425
</TABLE>
81
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Longs Drug Stores Corp. ............. 400 $ 11,550
Micro Warehouse, Inc.* .............. 600 9,300
Mills Corp. ......................... 600 14,400
Nu Skin Enterprises, Inc.,
Class A* .......................... 200 3,900
Oneida Ltd. ......................... 200 6,125
PETSMART, Inc.* ..................... 100 1,000
Proffitt's, Inc.* ................... 1,275 51,478
Samsonite Corp.* .................... 146 1,579
ShopKo Stores, Inc.* ................ 400 13,600
Southland Corp.* .................... 200 550
Sports Authority, Inc.* ............. 500 7,469
Talbots, Inc. ....................... 400 10,475
Trans World Entertainment
Corp.* ............................ 100 4,313
United Stationers, Inc.* ............ 200 12,950
Value City Department Stores,
Inc.* ............................. 300 6,300
WD-40 Co. ........................... 200 5,425
Williams-Sonoma, Inc.* .............. 800 25,450
Zale Corp.* ......................... 700 22,264
----------
441,874
----------
TOTAL CONSUMER CYCLICALS .......... 2,190,029
----------
CONSUMER NON-CYCLICALS (10.3%)
BEVERAGES (0.2%)
Adolph Coors Co., Class B ........... 600 20,400
Canandaigua Wine Co., Class A* 400 19,675
Robert Mondavi Corp., Class A* 200 5,675
----------
45,750
----------
CONTAINERS (0.5%)
Ball Corp. .......................... 600 24,113
CUNO, Inc.* ......................... 500 10,813
First Brands Corp. .................. 600 15,375
Gaylord Container Corp.,
Class A* .......................... 800 6,150
Greif Brothers Corp., Class A ....... 400 14,950
Interpool, Inc. ..................... 500 7,219
Shorewood Packaging Corp.* .......... 150 2,381
Silgan Holdings, Inc.* .............. 400 11,200
ZERO Corp. .......................... 200 5,675
Zila, Inc.* ......................... 900 6,520
----------
104,396
----------
DRUGS (2.4%)
AXYS Pharmaceuticals, Inc.* ......... 300 2,138
Agouron Pharmaceutical, Inc.* ....... 500 15,156
Algos Pharmaceuticals Corp.* ........ 200 5,400
Alkermes, Inc.* ..................... 400 7,150
AmeriSource Health Corp.,
Class A* .......................... 500 32,844
Andrx Corp.* ........................ 200 7,350
Block Drug Co., Inc., Class A ....... 100 3,800
Carter-Wallace, Inc. ................ 600 10,838
Cephalon, Inc.* ..................... 400 3,150
Columbia Laboratories, Inc.* ........ 500 2,875
Dura Pharmaceuticals, Inc.* ......... 100 2,238
Fuisz Technologies Ltd.* ............ 300 3,319
GelTex Pharmaceuticals, Inc.* ....... 200 3,725
Genovese Drug Stores, Inc. .......... 300 5,888
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Gensia Sicor, Inc. .................. 1,700 $ 6,800
Gilead Sciences, Inc.* .............. 600 19,238
Guilford Pharmaceuticals, Inc.* ..... 400 7,050
ICN Pharmaceuticals, Inc. ........... 1,150 52,541
ICOS Corp.* ......................... 800 15,300
IDEC Pharmaceuticals Corp.* ......... 400 9,425
Incyte Pharmaceuticals, Inc.* ....... 400 13,650
Interneuron Pharmaceuticals,
Inc.* ............................. 200 725
Isis Pharmaceuticals, Inc.* ......... 700 9,581
Jones Medical Industries, Inc. ...... 400 13,250
Ligand Pharmaceuticals, Inc.,
Class B* .......................... 700 9,013
Lipsome Co., Inc.* .................. 700 3,784
Medicis Pharmaceutical Corp.,
Class A* .......................... 400 14,600
MedImmune, Inc.* .................... 400 24,950
Millennium Pharmaceuticals,
Inc.* ............................. 800 11,300
NBTY, Inc.* ......................... 900 16,538
NCS HealthCare, Inc., Class A* ...... 300 8,550
NeXstar Pharmaceuticals, Inc.* ...... 600 5,981
PathoGenesis Corp.* ................. 500 14,500
Perrigo Co.* ........................ 1,400 14,088
PharMerica, Inc.* ................... 1,200 14,475
Rexall Sundown, Inc.* ............... 500 17,625
Roberts Pharmaceutical Corp.* ....... 100 2,300
SEQUUS Pharmaceuticals, Inc.* 800 9,100
Sepracor, Inc.* ..................... 500 20,750
Twinlab Corp.* ...................... 400 17,475
US Bioscience, Inc.* ................ 400 3,275
Vertex Pharmaceuticals, Inc.* ....... 400 9,000
Vitalink Pharmacy Services, Inc.* 300 6,619
VIVUS, Inc.* ........................ 800 4,820
----------
482,174
----------
FOODS (1.4%)
American Italian Pasta Co.,
Class A* .......................... 100 3,725
DEKALB Genetics Corp.,
Class B ........................... 500 47,313
Delta & Pine Land Co. ............... 700 31,150
Dreyer's Grand Ice Cream, Inc. ...... 300 6,038
Earthgrains Co. ..................... 300 16,763
International Multifoods Corp. ...... 400 11,000
J.M. Smucker Co., Class A ........... 400 9,925
Lance, Inc. ......................... 300 6,713
Michael Foods, Inc. ................. 200 5,875
Morrison Health Care, Inc. .......... 400 7,600
Performance Food Group Co.* ......... 200 3,975
Pilgrims Pride Corp. ................ 100 2,000
Rainforest Cafe, Inc.* .............. 300 4,163
Ralcorp Holdings, Inc.* ............. 900 16,988
Richfood Holdings, Inc. ............. 900 18,619
Smithfield Foods, Inc.* ............. 600 18,300
Suiza Foods Corp.* .................. 400 23,875
U.S. Foodservice, Inc.* ............. 600 21,033
Universal Foods Corp. ............... 1,000 22,188
----------
277,243
----------
</TABLE>
82
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
HOSPITAL SUPPLIES & SERVICES (4.9%)
ABR Information Services, Inc.* 500 $ 11,875
ADAC Laboratories* ................... 400 9,000
ALARIS Medical, Inc.* ................ 1,200 8,325
ATL Ultrasound, Inc. ................. 300 13,688
Access Health, Inc.* ................. 400 10,200
Acuson Corp.* ........................ 400 7,275
Advanced Tissue Sciences, Inc.* ...... 500 2,219
Affymetrix, Inc.* .................... 400 9,625
American HomePatient, Inc.* .......... 300 5,738
American Oncology Resources,
Inc.* .............................. 600 7,331
Apria Healthcare Group, Inc.* ........ 700 4,681
Arrow International, Inc. ............ 200 5,488
Arterial Vascular Engineering,
Inc.* .............................. 1,100 39,325
Atria Communities, Inc.* ............. 200 3,450
BRC Holdings, Inc.* .................. 200 3,838
Ballard Medical Products ............. 800 14,400
Bindley Western Industries, Inc. ..... 400 13,200
Bio-Technology General Corp.* ........ 1,100 7,803
Biomatrix, Inc.* ..................... 200 8,200
Chemed Corp. ......................... 200 6,813
CONMED Corp.* ........................ 300 6,900
COR Therapeutics, Inc.* .............. 400 5,550
Closure Medical Corp.* ............... 200 4,975
Coherent, Inc.* ...................... 600 10,294
Cooper Cos., Inc.* ................... 200 7,288
Covance, Inc.* ....................... 900 20,250
Curative Health Services, Inc. ....... 300 8,550
Cytyc Corp.* ......................... 200 3,263
Datascope Corp.* ..................... 400 10,625
Envoy Corp.* ......................... 500 23,688
Express Scripts, Inc., Class A* ...... 200 16,125
Genesis Health Ventures, Inc.* ....... 400 10,000
Haemonetics Corp.* ................... 600 9,600
Hanger Orthopedic Group, Inc.* 100 2,038
Henry Schein, Inc.* .................. 300 13,838
Hologic, Inc.* ....................... 200 3,638
Human Genome Sciences, Inc.* ......... 300 10,706
IDEXX Laboratories, Inc. ............. 500 12,438
IDX Systems Corp.* ................... 300 13,819
IVAX Corp.* .......................... 100 925
Inhale Therapeutic Systems, Inc.* 400 9,900
Integrated Health Services, Inc. ..... 800 30,000
Ivacare Corp. ........................ 400 10,250
Life Technologies, Inc. .............. 300 9,413
Magellan Health Services, Inc.* ...... 500 12,688
Mariner Health Group, Inc.* .......... 400 6,650
Medaphis Corp.* ...................... 1,100 6,600
MedQuist, Inc.* ...................... 400 11,550
Mentor Corp. ......................... 600 14,550
Mid Atlantic Medical Services,
Inc.* .............................. 1,100 12,650
MiniMed, Inc.* ....................... 100 5,238
National Surgery Centers, Inc.* ...... 300 8,719
Neurex Corp.* ........................ 300 9,113
Neurogen Corp.* ...................... 300 5,325
NovaCare Corp.* ...................... 900 10,575
Organogenesis, Inc.* ................. 600 11,850
Orthodontic Centers of America,
Inc.* .............................. 800 16,750
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Owens & Minor, Inc. .................. 400 $ 4,000
Oxford Health Plans, Inc.* ........... 100 1,531
PAREXEL International Corp.* ......... 500 18,188
PSS World Medical, Inc.* ............. 1,100 16,088
Paragon Health Network, Inc.* ........ 1,100 17,738
Patterson Dental Co.* ................ 450 16,481
Pediatrix Medical Group, Inc.* ....... 200 7,438
PhyCor, Inc.* ........................ 200 3,313
PhyMatrix, Inc.* ..................... 300 2,644
Physician Computer Network,
Inc.*# ............................. 700 280
Physician Reliance Network,
Inc.* .............................. 400 4,575
Physio-Control International
Corp.* ............................. 200 5,263
Protein Design Labs, Inc.* ........... 400 9,638
Quest Diagnostics, Inc.* ............. 700 15,313
Regeneron Pharmaceuticals, Inc.* 600 5,531
Renal Care Group, Inc.* .............. 400 17,625
Res-Care, Inc.* ...................... 300 5,531
Respironics, Inc.* ................... 400 6,225
Rural/Metro Corp.* ................... 200 2,600
Sabratek Corp.* ...................... 200 4,550
Safe Skin Corp.* ..................... 600 24,675
SangStat Medical Corp.* .............. 200 6,275
Scios, Inc.* ......................... 600 5,325
Serologicals Corp.* .................. 300 9,675
Sierra Health Services, Inc.* ........ 800 20,150
Sun Healthcare Group, Inc.* .......... 1,000 14,625
Sunrise Assisted Living, Inc.* ....... 100 3,438
Synetic, Inc.* ....................... 300 17,100
Techne Corp.* ........................ 400 7,625
Theragenics Corp.* ................... 600 15,638
Thermo Cardiosystems, Inc.* .......... 200 4,550
ThermoTrex Corp.* .................... 300 5,138
Total Renal Care Holdings, Inc.* 1,167 40,262
Transition Systems, Inc.* ............ 300 3,188
Transkaryotic Therapies, Inc.* ....... 500 12,875
VISX, Inc.* .......................... 200 11,900
VWR Scientific Products Corp.* ....... 200 4,925
Vencor, Inc.* ........................ 100 725
Venta Medical Systems, Inc. .......... 100 2,800
Veterinary Centers of America,
Inc.* .............................. 300 5,644
Vical, Inc.* ......................... 300 5,081
West Co., Inc. ....................... 100 2,826
-----------
967,797
-----------
RETAIL--FOOD (0.6%)
Advantica Restaurant Group,
Inc.* .............................. 100 975
Dave & Busters, Inc.* ................ 100 2,488
Dominick's Supermarkets, Inc.* ....... 200 8,913
Fleming Cos., Inc. ................... 800 14,050
Great Atlantic & Pacific Tea Co.,
Inc. ............................... 500 16,531
Ingles Markets, Inc., Class A ........ 300 4,350
Luby's Cafeterias, Inc. .............. 600 10,538
Petco Animal Supplies, Inc.* ......... 600 11,963
Ruddick Corp. ........................ 300 5,438
Smart & Final, Inc. .................. 300 5,138
</TABLE>
83
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
United Natural Foods, Inc.* .......... 100 $ 2,850
Whole Foods Market, Inc.* ............ 400 24,195
-----------
107,429
-----------
SOAPS & TOILETRIES (0.2%)
Alberto-Culver Co., Class B .......... 300 8,700
Church & Dwight Co., Inc. ............ 300 9,713
Del Laboratories, Inc. ............... 200 4,350
Nature's Sunshine Products, Inc. ..... 400 9,025
Playtex Products, Inc.* .............. 500 7,964
-----------
39,752
-----------
TOBACCO (0.1%)
Consolidated Cigar Holdings, Inc. 100 1,225
DIMON, Inc. .......................... 500 5,625
General Cigar Holdings, Inc.* ........ 300 2,963
-----------
9,813
-----------
TOTAL CONSUMER NON-CYCLICALS 2,034,354
-----------
CREDIT SENSITIVE (25.3%)
BANKS (7.6%)
Anchor Bancorp Wisconsin, Inc. ....... 200 7,813
Area Bancshares Corp. ................ 100 3,400
Arthur J. Gallagher & Co. ............ 400 17,900
Associated Banc-Corp. ................ 1,250 47,031
BISYS Group, Inc.* ................... 400 16,400
BSB Bancorp, Inc. .................... 200 6,050
BT Financial Corp. ................... 200 5,300
BancorpSouth, Inc. ................... 1,000 21,000
Bank of Granite Corp. ................ 250 7,875
Banknorth Group, Inc. ................ 500 18,500
Bay View Capital Corp. ............... 200 6,350
Brenton Banks, Inc. .................. 440 8,993
CBT Corp. ............................ 200 6,500
CNB Bancshares, Inc. ................. 300 14,400
CVB Financial Corp. .................. 300 7,275
Capital City Bank Group, Inc. ........ 150 4,706
CashAmerica International, Inc. ...... 400 6,100
Chemical Financial Corp. ............. 200 8,538
Chittenden Corp. ..................... 400 14,000
Citizens Bancshares, Inc. ............ 200 6,600
Colonial BancGroup, Inc. ............. 500 16,125
Commerce Bancorp, Inc. ............... 305 17,843
Commercial Federal Corp. ............. 700 22,138
Commonwealth Bancorp, Inc. ........... 100 2,294
Community Bank System, Inc. .......... 100 3,131
Community First Bankshares,
Inc. ............................... 600 15,713
Community Trust Bancorp, Inc. ........ 200 6,650
Cullen/Frost Bankers, Inc. ........... 400 21,700
Dime Community Bancshares,
Inc. ............................... 300 8,325
Downey Financial Corp. ............... 525 17,161
F&M Bancorporation, Inc. ............. 200 8,350
F&M National Corp. ................... 700 20,300
Fifth Third Bancorp .................. 402 25,326
Firstbank of Illinois Co. ............ 400 16,800
FirstBank Puerto Rico ................ 700 18,200
First Citizens BankShares, Inc.,
Class A ............................ 300 30,019
First Commerce Bankshares, Inc.,
Class B ............................ 300 8,794
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
First Commonwealth Financial
Corp. .............................. 800 $ 22,600
First Federal Capital Corp. .......... 400 7,175
FirstFed Financial Corp.* ............ 200 10,400
First Financial Bancorp .............. 600 15,525
First Financial Bankshares, Inc. ..... 100 4,100
First Financial Corp. ................ 200 10,075
First Financial Holdings, Inc. ....... 500 11,875
First Hawaiian, Inc. ................. 100 3,638
First Midwest Bancorp, Inc. .......... 400 17,588
First Republic Bank .................. 200 7,225
First Source Bancorp, Inc. ........... 782 7,576
First Source Corp. ................... 220 7,865
First United Bankshares, Inc. ........ 100 4,888
First Western Bancorp, Inc. .......... 400 11,775
Flagstar Bancorp, Inc. ............... 100 2,437
Fulton Financial Corp. ............... 875 22,203
GBC Bancorp .......................... 300 7,950
HUBCO, Inc. .......................... 600 21,487
Hancock Holding Corp. ................ 100 5,300
Harbor Florida Bancorp, Inc. ......... 400 4,775
Harleysville National Corp. .......... 200 8,500
Heritage Financial Service, Inc. ..... 100 3,438
IBS Financial Corp. .................. 300 5,700
Imperial Bancorp* .................... 750 22,500
Independence Community Bank
Corp.* ............................. 100 1,700
InterWest Bancorp, Inc. .............. 200 8,675
Keystone Financial, Inc. ............. 1,000 37,000
Long Island Bancorp, Inc. ............ 400 24,300
MAF Bancorp, Inc. .................... 300 10,913
Magna Group, Inc. .................... 500 28,250
MainStreet Financial Corp. ........... 300 8,850
Mid Am, Inc. ......................... 700 17,675
MidAmerica Bancorp ................... 200 6,475
Mississippi Valley Bancshares,
Inc. ............................... 100 3,950
NTB Bancorp, Inc. .................... 266 6,750
National Bancorp of Alaska, Inc. 400 12,350
National City Bancshares, Inc. ....... 300 12,075
National Penn Bancshares, Inc. ....... 200 6,800
Ocean Financial Corp. ................ 400 7,650
Old National Bancorp ................. 420 20,055
Omega Financial Corp. ................ 300 10,838
One Valley Bancorp, Inc. ............. 400 14,550
PFF Bancorp, Inc. .................... 400 7,450
Park National Corp. .................. 200 20,188
Peoples First Corp. .................. 400 14,000
Peoples Heritage Financial
Group, Inc. ........................ 1,400 33,075
Provident Bankshares Corp. ........... 610 17,995
Republic Bancorp, Inc. ............... 300 5,663
Riggs National Corp.
(Washington D.C.) .................. 400 11,688
Roslyn Bancorp, Inc. ................. 600 13,388
S & T Bancorp, Inc. .................. 180 9,945
Santa Barbara Bancorp ................ 200 5,750
Signal Corp. ......................... 250 7,281
Silicon Valley Bancshares* ........... 300 10,678
Southwest Bancorporation of
Texas, Inc.* ....................... 400 7,525
</TABLE>
84
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Sovereign Bancorp, Inc. ............... 3,100 $ 50,666
St. Francis Capital Corp. ............. 200 7,750
St. Paul Bancorp, Inc. ................ 300 6,778
Sterling Bancshares, Inc., Texas ...... 450 7,088
Susquehanna Bancshares, Inc. .......... 300 11,213
TR Financial Corp. .................... 600 25,125
Texas Regional Bancshares, Inc.,
Class A ............................. 300 9,825
Triangle Bancorp, Inc. ................ 200 6,275
Triangle Pacific Corp.* ............... 400 22,000
TrustCo Bank Corp. (New York) 900 23,625
Trust Co. of New Jersey ............... 100 2,700
Trustmark Corp. ....................... 1,100 24,131
USBANCORP, Inc.* ...................... 100 7,731
UST Corp. ............................. 600 15,900
U.S. Trust Corp. ...................... 400 30,500
United Bankshares, Inc. ............... 700 23,888
Webster Financial Corp. ............... 600 19,950
WesBanco, Inc. ........................ 100 2,688
West Coast Bancorp (Oregon) ........... 200 4,925
Westamerica Bancorporation ............ 600 19,275
Westernbank Puerto Rico ............... 1,300 21,938
Whitney Holding Corp. ................. 500 25,370
-----------
1,513,018
-----------
FINANCIAL SERVICES (3.1%)
Aames Financial Corp. ................. 400 5,500
Affiliated Managers Group, Inc.* 200 7,425
ALBANK Financial Corp. ................ 300 21,169
AMCORE Financial, Inc. ................ 200 4,800
AMRESCO Inc.* ......................... 700 20,388
AmeriCredit Corp.* .................... 500 17,844
Arcadia Financial Ltd.* ............... 1,000 7,563
Astoria Financial Corp. ............... 400 21,400
Bank United Corp., Class A ............ 600 28,725
BOK Financial Corp. ................... 100 4,725
Citizens Banking Corp. ................ 500 16,813
Credit Acceptance Corp.* .............. 600 5,100
Dain Rauscher Corp. ................... 400 21,900
Delta Financial Corp.* ................ 200 3,675
Doral Financial Corp. ................. 500 8,750
EVEREN Capital Corp. .................. 200 5,600
Eaton Vance Corp. ..................... 400 18,525
Enhance Financial Services
Group, Inc. ......................... 600 20,250
FIRSTPLUS Financial Group,
Inc.* ............................... 500 18,000
FNB Corp. ............................. 105 3,504
First Colorado Bancorp, Inc. .......... 100 2,775
First Sierra Financial, Inc.* ......... 100 3,050
Hambrecht & Quist Group* .............. 400 14,525
Headlands Mortgage Co.* ............... 100 1,875
HealthCare Financial Partners,
Inc.* ............................... 100 6,131
IMC Mortgage Co.* ..................... 400 4,225
Imperial Credit Industries, Inc.* ..... 700 16,450
Indymac Mortgage Holdings, Inc. 1,000 22,750
Investors Financial Services
Corp. ............................... 100 5,300
Jeffries Group, Inc. .................. 400 16,400
John Nuveen Co., Class A .............. 200 7,938
Legg Mason, Inc. ...................... 500 28,781
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Life USA Holding, Inc. ................ 400 $ 5,175
McDonald & Co. Investments,
Inc. ................................ 400 13,125
Metris Cos., Inc. ..................... 100 6,375
Morgan Keegan, Inc. ................... 500 12,938
Oakwood Homes Corp. ................... 900 27,000
Ocwen Financial Corp.* ................ 500 13,438
Oriental Financial Group, Inc. ........ 100 3,688
Paymentech, Inc.* ..................... 100 2,056
Pioneer Group, Inc. ................... 600 15,788
Queens County Bancorp, Inc. ........... 100 4,363
Raymond James Financial, Inc. ......... 750 22,453
Reliance Bancorp, Inc. ................ 200 7,663
Resource Bankshares Mortgage
Group, Inc. ......................... 400 7,450
SPS Transaction Services, Inc.* ....... 200 6,275
Southern Pacific Funding Corp.* ....... 200 3,138
Trans Financial, Inc. ................. 400 22,950
Triad Guaranty, Inc.* ................. 300 10,200
UMB Financial Corp. ................... 200 9,900
United Cos. Financial Corp. ........... 600 9,375
Vermont Financial Services Corp. 100 2,744
WSFS Financial Corp. .................. 200 4,100
Westcorp .............................. 400 5,500
White River Corp.* .................... 100 9,045
-----------
616,595
-----------
INSURANCE (3.8%)
ALLIED Group, Inc. .................... 600 28,088
Alfa Corp. ............................ 400 8,300
American Annuity Group, Inc. .......... 300 7,219
Amerin Corp.* ......................... 300 8,756
AmerUs Life Holdings, Inc.,
Class A ............................. 300 9,713
Argonaut Group, Inc. .................. 500 15,813
CMAC Investments Corp. ................ 400 24,600
CNA Surety Corp.* ..................... 400 5,900
Capital Re Corp. ...................... 200 14,325
Capitol Transamerica Corp. ............ 200 4,113
Chartwell Re Corp. .................... 200 5,888
Citizens Corp. ........................ 200 6,263
Commerce Group, Inc. .................. 400 15,500
Delphi Financial Group, Inc.,
Class A ............................. 204 11,488
Executive Risk, Inc. .................. 200 14,750
FBL Financial Group, Inc.,
Class A ............................. 1,000 25,625
Fidelity National Financial, Inc. ..... 500 19,906
Financial Security Assurance
Holdings Ltd. ....................... 500 29,375
First American Financial Corp. ........ 250 22,500
Foremost Corp. of America ............. 600 14,475
Fremont General Corp. ................. 500 27,094
Frontier Insurance Group, Inc. ........ 770 17,373
Fund American Enterprises
Holdings, Inc. ...................... 100 14,800
Guarantee Life Cos., Inc. ............. 300 6,563
HCC Insurance Holdings, Inc. .......... 900 19,800
HSB Group, Inc. ....................... 600 32,100
Harleysville Group, Inc. .............. 300 6,225
Hartford Life, Inc., Class A .......... 500 28,469
Highlands Insurance Group, Inc.* 100 1,850
</TABLE>
85
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Hilb, Rogal & Hamilton Co. ........... 500 $ 7,813
John Alden Financial Corp. ........... 600 13,200
LandAmerica Financial Group,
Inc. ............................... 200 11,450
Liberty Corp. ........................ 92 4,629
Life Re Corp. ........................ 200 16,400
MMI Cos., Inc. ....................... 400 9,250
Markel Corp.* ........................ 100 17,800
Meadowbrook Insurance Group,
Inc. ............................... 100 2,719
Medical Assurance, Inc. .............. 200 5,550
NAC Re Corp. ......................... 200 10,675
Nationwide Financial Services,
Inc., Class A ...................... 100 5,100
Nymagic, Inc. ........................ 200 5,475
Ocwen Asset Investment Corp. ......... 200 3,313
Orion Capital Corp. .................. 500 27,938
PXRE Corp. ........................... 200 6,000
PennCorp Financial Group, Inc. ....... 700 14,350
Philadelphia Consolidated
Holdings Corp.* .................... 300 6,300
Poe & Brown, Inc. .................... 100 3,719
Presidential Life Corp. .............. 400 8,550
RLI Corp. ............................ 125 5,086
Reinsurance Group of America,
Inc. ............................... 400 23,650
Risk Capital Holdings, Inc.* ......... 400 9,975
SCPIE Holdings, Inc. ................. 300 10,163
Selective Insurance Group, Inc. ...... 700 15,684
Trenwick Group, Inc. ................. 100 3,884
Trigon Healthcare, Inc.* ............. 600 21,713
United Fire & Casualty Co. ........... 200 7,838
Vesta Insurance Group, Inc. .......... 200 4,263
W.R. Berkley Corp. ................... 500 20,026
-----------
749,384
-----------
INVESTMENT COMPANY (0.1%)
Excel Legacy Corp.* .................. 200 875
Phoenix Investment Partners,
Ltd. ............................... 800 6,950
SEI Corp. ............................ 200 12,400
-----------
20,225
-----------
REAL ESTATE (7.2%)
AMLI Residential Properties
Trust .............................. 500 10,719
American General Hospitality
Corp. .............................. 600 12,750
American Health Properties, Inc. 900 22,500
Apartment Investment &
Management Co., Class A ............ 965 38,118
Arden Realty, Inc. ................... 800 20,700
Avalon Bay Communities, Inc. ......... 884 33,598
Avatar Holdings, Inc.* ............... 300 8,363
BRE Properties, Class A .............. 1000 26,063
Bedford Property Investors, Inc. ..... 200 3,650
Berkshire Realty Co. ................. 100 1,169
Boykin Lodging Trust, Inc. ........... 400 8,675
Bradley Real Estate, Inc. ............ 400 8,450
Burnham Pacific Properties, Inc. ..... 400 5,675
CB Richard Ellis Services, Inc.* ..... 400 13,375
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
CBL & Associates Properties,
Inc. ............................... 700 $ 16,975
CCA Prison Realty Trust .............. 200 6,125
CRIIMI MAE, Inc. ..................... 1,200 16,650
Camden Property Trust ................ 700 20,825
Capstead Mortgage Corp. .............. 1,200 10,050
Capstone Capital Corp. ............... 300 6,900
CenterPoint Properties Corp. ......... 400 13,225
Chateau Communities, Inc. ............ 300 8,625
Chelsea GCA Realty, Inc. ............. 300 12,000
Choice Hotels International,
Inc.* .............................. 800 10,850
Colonial Properties Trust ............ 700 21,700
Commercial Net Lease Realty .......... 500 8,094
Consolidation Capital Corp.* ......... 100 2,248
Cornerstone Properties, Inc. ......... 1,900 33,488
Cornerstone Realty Income
Trust, Inc. ........................ 600 6,863
Cousins Properties, Inc. ............. 600 17,925
D.R. Horton, Inc. .................... 600 12,525
Developers Diversified Realty
Corp. .............................. 400 15,675
Dynex Capital, Inc. .................. 800 8,900
EastGroup Properties, Inc. ........... 600 12,038
Equity Inns, Inc. .................... 900 11,869
Essex Property Trust, Inc. ........... 300 9,300
Excel Realty Trust, Inc. ............. 600 17,288
Federal Realty Investment Trust ...... 900 21,656
FelCcor Suite Hotels, Inc. ........... 500 15,688
First Industrial Realty Trust, Inc. 800 25,450
First Union Real Estate
Investments ........................ 500 4,625
Forest City Enterprises, Inc.,
Class A ............................ 200 11,838
Franchise Finance Corp. of
America ............................ 700 18,156
Gables Residential Trust ............. 800 21,700
General Growth Properties ............ 800 29,900
Glenborough Realty Trust, Inc. ....... 700 18,463
Glimcher Realty Trust ................ 100 1,944
Great Lakes REIT, Inc. ............... 200 3,488
Grubb & Ellis Co.* ................... 300 4,275
Health Care Property Investors,
Inc. ............................... 400 14,425
Health Care REIT, Inc. ............... 600 15,300
Healthcare Realty Trust, Inc. ........ 700 19,075
Highwoods Properties, Inc. ........... 900 29,081
Horizon Group Properties, Inc. ....... 25 165
Hospitality Properties Trust ......... 400 12,850
IRT Property Co. ..................... 600 6,600
Innkeepers USA Trust ................. 600 7,575
Insignia Financial Group, Inc.,
Class A* ........................... 500 12,250
Irvine Apartment Communities,
Inc. ............................... 300 8,681
JDN Realty Corp. ..................... 800 25,500
JP Realty, Inc. ...................... 400 9,425
Kilroy Realty Corp. .................. 200 5,000
Kimco Realty Corp. ................... 400 16,400
Kimco Realty Corp., Series D ......... 144 3,906
Koger Equity Inc. .................... 200 4,038
LNR Property Corp. ................... 400 10,250
</TABLE>
86
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
LTC Properties, Inc. ................ 800 $ 14,900
LaSalle Partners, Inc.* ............. 200 8,900
Lennar Corp. ........................ 700 20,650
Liberty Property Trust .............. 1,100 28,119
MGI Properties, Inc. ................ 300 7,856
Mack-Cali Realty Corp. .............. 800 27,500
Manufactured Home
Communities, Inc. ................. 400 9,650
Meridian Industrial Trust, Inc. ..... 500 11,500
Merry Land & Investment Co.,
Inc. .............................. 600 12,638
Mid-America Apartment
Communities, Inc. ................. 300 7,894
NVR, Inc.* .......................... 200 8,213
National Health Investors, Inc. ..... 200 6,625
Nationwide Health Properties,
Inc. .............................. 700 16,713
OMEGA Healthcare Investors .......... 300 10,538
Patriot American Hospitality, Inc. 152 3,639
Post Properties, Inc. ............... 800 30,800
Prentiss Properties Trust ........... 400 9,725
Price Enterprises, Inc. ............. 400 7,350
Prime Retail, Inc. .................. 500 5,969
RFS Hotel Investors, Inc. ........... 400 7,600
Realty Income Corp. ................. 700 18,463
Reckson Associates Realty ........... 700 16,538
Reckson Service Industries, Inc.* 56 186
Redwood Trust, Inc. ................. 400 7,025
Regency Realty Corp. ................ 200 5,025
Ryland Group, Inc. .................. 300 7,875
Security Capital Atlantic ........... 600 13,388
Security Capital Group, Inc.,
Class B* .......................... 100 2,663
Shurgard Storage Centers,
Class A ........................... 600 16,650
Smith (Charles E.) Residential
Realty ............................ 400 12,800
Sovran Self Storage, Inc. ........... 200 5,650
Storage Trust Realty ................ 500 17,500
Storage USA, Inc. ................... 300 7,013
Summit Properties, Inc. ............. 400 7,575
Sun Communities, Inc. ............... 600 19,875
Sunstone Hotel Investors ............ 600 7,988
Taubman Center, Inc. ................ 600 8,550
The Macerich Co. .................... 500 14,656
Thornburg Mortgage Asset Corp. 500 6,094
Town & Country Trust ................ 400 6,625
TriNet Corp. Realty Trust ........... 400 13,600
United Dominion Realty Trust,
Inc. .............................. 100 1,388
Urban Shopping Centers, Inc. ........ 500 15,750
Washington Real Estate
Investment Trust .................. 1,300 22,588
Weeks Corp. ......................... 600 18,975
Weingarten Realty Investors ......... 100 4,181
Westfield America, Inc. ............. 100 1,833
-----------
1,428,880
-----------
UTILITY--ELECTRIC (2.0%)
Black Hills Corp. ................... 550 12,650
CILCORP, Inc. ....................... 200 9,600
Calpine Corp.* ...................... 300 6,056
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Central Hudson Gas & Electric ....... 200 $ 9,175
Central Maine Power Co. ............. 600 11,700
Cleco Corp. ......................... 500 14,875
Commonwealth Energy System .......... 400 15,100
Conectiv, Inc. ...................... 2,000 41,000
Eastern Utilities Associates ........ 500 13,125
El Paso Electric Co.* ............... 1,400 12,863
Hawaiian Electronics Industries,
Inc. .............................. 600 23,813
Interstate Energy Corp. ............. 1,470 47,775
Minnesota Power. Inc. ............... 700 27,825
Northwestern Corp. .................. 100 2,500
Orange & Rockland Utilities,
Inc. .............................. 500 26,844
Otter Tail Power Co. ................ 300 11,119
Rochester Gas & Electric ............ 500 15,969
SIGCORP, Inc. ....................... 200 6,413
Sierra Pacific Resources ............ 700 25,419
UniSource Energy Corp. .............. 800 12,600
United Illuminating Co. ............. 200 10,125
United Water Resources, Inc. ........ 500 9,000
WPS Resources Corp. ................. 800 26,245
-----------
391,791
-----------
UTILITY--GAS (1.3%)
AGL Resources, Inc. ................. 900 17,888
Atmos Energy Corp. .................. 400 12,200
Bay State Gas Co. ................... 200 7,663
Connecticut Energy Corp. ............ 200 5,575
Energen Corp. ....................... 400 8,050
Indiana Energy, Inc. ................ 300 8,963
Kelley Oil & Gas Corp.* ............. 1,600 3,700
Laclede Gas Co. ..................... 100 2,450
Madison Gas & Electric Co. .......... 400 9,150
NUI Corp. ........................... 100 2,544
New Jersey Resources Corp. .......... 700 24,981
North Carolina Natural Gas
Corp. ............................. 300 7,613
Northwest Natural Gas Co. ........... 500 13,984
Piedmont Natural Gas Co. ............ 600 20,175
Public Service Co. of North
Carolina, Inc. .................... 100 2,175
SEMCO Energy, Inc. .................. 420 7,376
Southern Union Co. .................. 300 9,675
Southwest Gas Corp. ................. 1,000 24,438
UGI Corp. ........................... 800 19,900
Washington Gas Light Co. ............ 700 18,725
Washington Water Power Co. .......... 1,200 26,920
-----------
254,145
-----------
UTILITY--TELEPHONE (0.2%)
Aliant Communications, Inc. ......... 800 21,950
Western Wireless Corp., Class A* 1,500 29,906
-----------
51,856
-----------
TOTAL CREDIT SENSITIVE ............ 5,025,894
-----------
DIVERSIFIED (1.0%)
DIVERSIFIED (0.0%)
Federal Signal Corp. ................ 100 2,431
-----------
MISCELLANEOUS (1.0%)
AMCOL International Corp. ........... 600 7,238
AptarGroup, Inc. .................... 400 24,875
</TABLE>
87
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Blount International, Inc.,
Class A .............................................................. 500 $ 14,250
Brush Wellman, Inc. .................................................... 400 8,225
Carlisle Cos., Inc. .................................................... 400 17,225
Central Parking Corp. .................................................. 100 4,550
DBT Online, Inc.* ...................................................... 200 5,400
Dexter Corp. ........................................................... 600 19,087
Foamex International, Inc. ............................................. 300 5,231
Furon Co. .............................................................. 300 5,437
Jostens, Inc. .......................................................... 600 14,475
Justin Industries, inc. ................................................ 400 6,450
Matthews International Corp.,
Class A .............................................................. 200 4,913
Myers Industries, Inc. ................................................. 500 12,000
National Golf Properties, Inc. ......................................... 200 6,013
SPS Technologies, Inc.* ................................................ 100 5,850
Standex International Corp. ............................................ 200 5,925
Tredegar Industries, Inc. .............................................. 200 16,975
Triarc Cos.* ........................................................... 200 4,383
-----------
188,502
-----------
TOTAL DIVERSIFIED .................................................... 190,933
-----------
ENERGY (2.8%)
COAL & GAS PIPELINES (0.5%)
Aquila Gas Pipeline Corp. .............................................. 200 2,450
Arch Coal, Inc. ........................................................ 600 14,925
Eastern Enterprises .................................................... 300 12,863
Equitable Resources, Inc. .............................................. 700 21,350
Nuevo Energy Co.* ...................................................... 500 16,063
TransMontaigne Oil Co.* ................................................ 600 8,925
Western Gas Resources, Inc. ............................................ 500 7,313
Ziegler Coal Holding Co. ............................................... 400 6,845
-----------
90,734
-----------
OIL--DOMESTIC (0.7%)
Atwood Oceanics, Inc.* ................................................. 100 3,981
Barrett Resources Corp.* ............................................... 500 18,719
Berry Petroleum, Class A ............................................... 500 6,500
Cabot Oil & Gas Corp., Class A 400 8,000
Chesapeake Energy Corp. ................................................ 990 3,960
Cliffs Drilling Co.* ................................................... 200 6,563
Cross Timbers Oil Co. .................................................. 1,000 19,063
EEX Corp.* ............................................................. 100 938
Houston Exploration Co.* ............................................... 200 4,588
KCS Energy, Inc. ....................................................... 300 3,431
Key Energy Group, Inc.* ................................................ 500 6,563
Lomak Petroleum, Inc. .................................................. 400 4,175
Louis Dreyfus Natural Gas
Corp.* ............................................................... 200 3,788
Meridian Resource Corp.* ............................................... 500 3,531
Plains Resources, Inc.* ................................................ 500 8,969
St. Mary Land and Exploration
Co. .................................................................. 200 4,825
Stone Energy Corp.* .................................................... 200 7,113
Tom Brown, Inc. ........................................................ 700 13,169
Vintage Petroleum, Inc. ................................................ 700 13,208
-----------
141,084
-----------
OIL--INTERNATIONAL (0.3%)
Benton Oil & Gas Co.* .................................................. 700 7,438
Newfield Exploration Co.* .............................................. 600 14,925
Pride International, Inc.* ............................................. 900 15,244
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Rutherford-Moran Oil Corp.* ............................................ 200 $ 4,025
Santa Fe Energy Resources, Inc. 100 1,075
Seacor Holdings, Inc.* ................................................. 300 18,394
-----------
61,101
-----------
OIL--SUPPLIES & CONSTRUCTION (1.3%)
Belco Oil & Gas Corp.* ................................................. 300 2,588
CARBO Ceramics Inc. .................................................... 200 6,825
Comstock Resources, Inc.* .............................................. 600 4,463
Daniel Industries, Inc. ................................................ 300 5,700
Devon Energy Corp. ..................................................... 400 13,975
Forecenergy, Inc.* ..................................................... 200 3,563
Forest Oil Corp.* ...................................................... 500 7,156
Global Industries Ltd.* ................................................ 800 13,500
Hanover Compressor Co.* ................................................ 100 2,706
Harken Energy Corp.* ................................................... 2,300 11,069
Holly Corp. ............................................................ 200 5,150
Input/Output, Inc.* .................................................... 1,100 19,594
Marine Drilling Co., Inc.* ............................................. 800 12,800
Newpark Resources, Inc.* ............................................... 1,100 12,238
Oceaneering International, Inc.* ....................................... 400 7,100
Offshore Logistics, Inc.* .............................................. 700 12,425
Parker Drilling Co.* ................................................... 1,500 10,594
Patterson Energy, Inc.* ................................................ 300 2,934
Pool Energy Services Co.* .............................................. 400 5,900
Quaker State Corp. ..................................................... 1,000 16,375
Snyder Oil Corp. ....................................................... 700 13,956
Swift Energy Co.* ...................................................... 200 3,188
Tesoro Petroleum Corp.* ................................................ 300 4,763
Trico Marine Services, Inc.* ........................................... 300 4,106
Tuboscope, Inc.* ....................................................... 800 15,800
Varco International, Inc.* ............................................. 600 11,888
WICOR, Inc. ............................................................ 1,000 23,120
-----------
253,476
-----------
RAILROADS (0.0%)
MotivePower Industries, Inc.* .......................................... 400 9,800
-----------
TOTAL ENERGY ......................................................... 556,195
-----------
TECHNOLOGY (12.9%)
ELECTRONICS (4.9%)
ACX Technologies, Inc.* ................................................ 500 10,875
AFC Cable Systems, Inc.* ............................................... 100 3,550
ATL Products, Inc., Class A* ........................................... 200 5,213
ATMI, Inc. ............................................................. 200 3,000
Acclaim Entertainment, Inc.* ........................................... 800 4,750
Actel Corp.* ........................................................... 300 3,225
Acxiom Corp.* .......................................................... 500 12,469
Advent Software, Inc.* ................................................. 100 4,200
Affiliated Computer Services,
Inc.* ................................................................ 900 34,650
American Management Systems,
Inc.* ................................................................ 600 17,963
Amphenol Corp., Class A* ............................................... 300 11,700
Analogic Corp. ......................................................... 200 8,950
Anixter International, Inc.* ........................................... 800 15,250
Apex PC Solutions, Inc.* ............................................... 100 2,788
Applied Micro Circuits Corp.* .......................................... 100 2,588
Arbor Software Corp.* .................................................. 200 6,288
Artesyn Technologies, Inc.* ............................................ 600 9,600
Aspen Technologies, Inc.* .............................................. 400 20,200
Avant! Corp.* .......................................................... 600 14,850
Avid Technology, Inc.* ................................................. 500 16,750
</TABLE>
88
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
BARRA, Inc.* ........................ 200 $ 4,900
BEA Systems, Inc.* .................. 300 6,881
BancTec, Inc. ....................... 500 11,563
Belden, Inc. ........................ 300 9,188
Berg Electronics Corp.* ............. 400 7,825
Boole & Babbage, Inc.* .............. 750 17,906
Broderbund Software, Inc.* .......... 300 6,844
Budget Group, Inc.* ................. 400 12,775
Burr-Brown Corp.* ................... 750 15,750
C & D Technology, Inc. .............. 100 5,800
CDW Computer Centers, Inc.* ......... 100 5,000
CHS Electronics, Inc.* .............. 800 14,300
CIBER Inc.* ......................... 400 15,200
C-Cube Microsystems, Inc.* .......... 800 14,850
Cable Design Technologies* .......... 700 14,438
Checkfree Holdings Corp.* ........... 900 26,494
Checkpoint Systems Inc.* ............ 700 9,888
Cirrus Logic, Inc.* ................. 1,500 16,688
Citrix Systems, Inc.* ............... 650 44,444
Clarify, Inc.* ...................... 500 6,750
Cohu, Inc. .......................... 100 2,431
CompuCom Systems, Inc.* ............. 400 2,600
Computer Horizons Corp.* ............ 500 18,531
Computer Task Group, Inc. ........... 500 16,750
CTS Corp. ........................... 300 8,850
Cubic Corp. ......................... 100 2,388
Data General Corp.* ................. 1,300 19,419
Data Transmission Network
Corp.* ............................ 200 8,000
DII Group, Inc.* .................... 600 10,238
Documentum, Inc.* ................... 300 14,400
Electro Scientific Industries, Inc.* 200 6,313
Essex International, Inc.* .......... 200 4,725
Etec Systems, Inc.* ................. 500 17,594
FactSet Research Systems, Inc.* ..... 100 3,250
Fluke Corp. ......................... 100 3,288
FSI International, Inc.* ............ 400 3,875
General Cable Corp. ................. 550 15,881
GenRad, Inc.* ....................... 600 11,850
Gentex Corp.* ....................... 1,400 25,375
Gerber Scientific, Inc. ............. 400 9,100
Hadco Corp.* ........................ 200 4,663
Harbinger Corp.* .................... 600 14,513
Helix Technology Corp. .............. 400 6,000
HNC Software, Inc.* ................. 300 12,244
Hyperion Software Corp.* ............ 400 11,400
Industri-Matematik International
Corp.* ............................ 400 4,375
Information Resources, Inc.* ........ 600 11,100
Innovex, Inc. ....................... 300 3,919
Inprise Corp.* ...................... 1,000 7,375
Integrated Device Technology,
Inc.* ............................. 1,600 11,450
Integrated Systems, Inc.* ........... 300 4,613
Intergraph Corp.* ................... 700 5,994
International Rectifier Corp.* ...... 1,200 10,200
Intersolv, Inc.* .................... 400 6,425
InterVoice, Inc.* ................... 400 7,100
Itron, Inc.* ........................ 300 3,825
JDA Software Group, Inc.* ........... 300 13,125
Jabil Circuit, Inc.* ................ 200 6,613
Jack Henry & Associates, Inc. ....... 200 6,875
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Kent Electronics Corp.* ............. 600 $ 10,988
MTS Systems Corp. ................... 400 6,425
National Instruments Corp.* ......... 200 7,150
Nichols Research Corp.* ............. 100 2,731
Optical Cable Corp.* ................ 200 2,000
P-Com, Inc.* ........................ 600 5,494
Paxar Corp.* ........................ 1,000 11,500
PMT Services, Inc.* ................. 1,000 25,438
Read-Rite Corp.* .................... 700 6,344
Rogers Corp.* ....................... 100 3,300
S3, Inc.* ........................... 800 4,050
SABRE Group Holdings, Inc.* ......... 300 11,400
SpeedFam International, Inc.* ....... 200 3,688
System Software Associates, Inc.* 600 4,275
Technology Solutions Co.* ........... 500 15,844
Transaction Systems Architects,
Inc.* ............................. 100 3,850
Trimble Navigation Ltd.* ............ 600 9,713
Wyman-Gordon Co.* ................... 300 5,976
-----------
973,176
-----------
OFFICE EQUIPMENT (2.5%)
12 Technologies, Inc. ............... 200 7,025
American Business Products, Inc. 400 8,200
Aspect Development, Inc.* ........... 100 7,563
Bell & Howell Co.* .................. 300 7,744
Day Runner, Inc.* ................... 200 5,038
DecisionOne Holdings Corp.* ......... 400 8,000
Evans & Sutherland Computer
Corp.* ............................ 200 5,038
FileNET Corp.* ...................... 600 17,325
GT Interactive Software Corp.* ...... 600 4,519
Global DirectMail Corp. ............. 400 5,050
HMT Technology Corp.* ............... 800 6,700
Hutchinson Technology, Inc.* ........ 400 10,900
John H. Harland Co. ................. 400 6,775
Knoll, Inc.* ........................ 300 8,850
Kronos, Inc.* ....................... 100 3,625
MICROS Systems, Inc.* ............... 400 13,238
Mastech Corp.* ...................... 200 5,625
Micron Electronics, Inc.* ........... 100 1,206
National Computer Systems, Inc. 500 12,000
Network Appliance, Inc.* ............ 400 15,575
New England Business Services,
Inc. .............................. 400 12,900
Pixar, Inc.* ........................ 100 6,038
Platinum Technology* ................ 1,300 37,131
Policy Management Systems
Corp.* ............................ 600 23,550
Rational Software Corp.* ............ 1,600 24,400
SMART Modular Technologies* ......... 500 7,313
Sandisk Corp.* ...................... 300 4,144
Tech-Sym Corp.* ..................... 200 5,563
Technitrol, Inc. .................... 300 11,981
Telxon Corp. ........................ 200 6,475
Triumph Group, Inc.* ................ 300 12,600
VERITAS Software Corp.* ............. 600 24,825
Vanstar Corp.* ...................... 1,100 16,019
Vantive Corp.* ...................... 200 4,100
Viasoft, Inc.* ...................... 500 8,094
Visio Corp.* ........................ 500 23,875
WH Brady Co. ........................ 200 5,563
</TABLE>
89
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Wind River Systems* ................. 300 $ 10,763
Xircom, Inc.* ....................... 600 9,338
Xylan Corp.* ........................ 600 17,883
Yahoo! Inc.* ........................ 400 63,000
-----------
495,551
-----------
OFFICE EQUIPMENT SERVICES (1.9%)
BA Merchant Services, Inc.,
Class A* .......................... 200 4,038
ChoicePoint, Inc.* .................. 100 5,063
Complete Business Solutions,
Inc.* ............................. 100 3,594
Fair Issac & Co., Inc. .............. 100 3,800
General Magic, Inc.* ................ 100 1,231
Information Management
Resources, Inc.* .................. 200 6,763
Komag, Inc.* ........................ 100 534
Learning Co., Inc.* ................. 700 20,738
Legato Systems, Inc.* ............... 700 27,300
Lycos, Inc.* ........................ 300 22,613
Macromedia, Inc.* ................... 700 13,081
Manugistics Group, Inc.* ............ 300 7,425
Mercury Interactive Corp.* .......... 400 17,850
Progress Software Corp.* ............ 200 8,200
Project Software &
Development, Inc.* ................ 200 4,013
PSINet, Inc.* ....................... 900 11,700
Radiant Systems, Inc.* .............. 100 1,450
Remedy Corp.* ....................... 400 6,800
Safeguard Scientifics, Inc.* ........ 600 25,013
Sapient Corp.* ...................... 200 10,550
Security Dynamics Technologies,
Inc.* ............................. 100 1,850
Sequent Computer System* ............ 1,000 12,063
Shiva Corp.* ........................ 700 5,863
Siebel Systems, Inc.* ............... 1,064 34,314
Software AG Systems, Inc.* .......... 200 5,850
Stratus Computer, Inc.* ............. 600 15,188
Structural Dynamics Research* ....... 900 20,813
Sykes Enterprises, Inc.* ............ 300 6,019
Symantec Corp.* ..................... 1,000 26,125
Systems & Computer Tech
Corp.* ............................ 600 16,200
USCS International, Inc.* ........... 400 8,275
Wang Laboratories, Inc.* ............ 600 15,258
-----------
369,574
-----------
TELECOMMUNICATIONS (3.6%)
ANTEC Corp.* ........................ 600 13,913
Aerial Communications, Inc.* ........ 100 625
Allen Telecom, Inc.* ................ 200 2,325
Alliant Techsystems, Inc.* .......... 200 12,650
Alpine Group, Inc.* ................. 400 8,300
American Mobile Satellite Corp.* 400 3,900
American Tower Corp., Class A* 400 9,975
Aspect Telecommunications
Corp.* ............................ 700 19,163
Associated Group, Inc., Class A* 300 12,300
AXENT Technologies, Inc.* ........... 200 6,125
Black Box Corp.* .................... 400 13,275
CFW Communications Co. .............. 100 2,325
CNET, Inc.* ......................... 100 6,825
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
COMSAT Corp. ........................ 800 $ 22,650
California Microwave, Inc.* ......... 300 5,250
CellNet Data Systems, Inc.* ......... 900 8,719
Cellular Communications
International, Inc.* .............. 300 14,963
Centennial Cellular Corp.,
Class A* .......................... 300 11,194
Coherent Communications
Systems Corp.* .................... 200 9,363
Commonwealth Telephone
Enterprises, Inc.* ................ 200 5,275
CommNet Cellular, Inc.* ............. 600 8,813
Comverse Technology, Inc.* .......... 830 43,056
Cylink Corp.* ....................... 300 3,600
Dialogic Corp.* ..................... 100 2,975
Diamond Multimedia Systems,
Inc. .............................. 500 3,422
Digital Microwave Corp.* ............ 500 3,625
DSP Communications, Inc.* ........... 800 11,000
E*TRADE Group, Inc.* ................ 600 13,763
General Communications, Inc.,
Class A* .......................... 500 3,031
GeoTel Communications Corp.* ........ 300 12,225
Glenayre Technologies, Inc.* ........ 1,000 10,750
ICG Communications, Inc.* ........... 100 3,656
IXC Communications, Inc.* ........... 300 14,550
Inter-Tel, Inc. ..................... 600 9,600
InterDigital Communications
Corp.* ............................ 900 4,838
Intermedia Communications,
Inc.* ............................. 600 25,163
International Network Services* ..... 300 12,300
KEMET Corp.* ........................ 600 7,894
LHS Group Inc.* ..................... 200 13,175
MasTec, Inc.* ....................... 300 7,163
McLeodUSA, Inc. ..................... 600 23,325
Metro Information Services, Inc.* 200 7,825
MRV Communications, Inc.* ........... 400 8,300
Natural MicroSystems Corp.* ......... 200 3,200
Network Equipment
Technologies, Inc.* ............... 300 4,706
North Pittsburgh Systems, Inc. ...... 300 4,781
NTL, Inc.* .......................... 400 21,400
Oak Industries, Inc.* ............... 300 10,613
Omnipoint Corp. ..................... 500 11,469
Open Market, Inc.* .................. 200 3,775
Pacific Gateway Exchange, Inc.* ..... 100 4,006
PageMart Wireless, Inc.,
Class A* .......................... 400 3,625
Paging Network, Inc.* ............... 1,700 23,800
PictureTel Corp.* ................... 600 5,550
Plantronics, Inc.* .................. 400 20,600
Powertel, Inc.* ..................... 400 7,400
Premiere Technologies, Inc.* ........ 400 3,319
Premisys Communications, Inc.* ...... 600 14,925
Primus Telecommunications
Group, Inc.* ...................... 200 3,788
RCN Corp.* .......................... 800 15,500
Skytel Communications, Inc.* ........ 900 21,066
SmarTalk TeleServices, Inc. ......... 300 4,369
Superior TeleCom, Inc. .............. 125 5,203
Tekelec* ............................ 200 8,950
</TABLE>
90
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
---------- --------------
<S> <C> <C>
Tel-Save Holdings, Inc.* ........... 700 $ 10,325
U.S. Satellite Broadcasting Co.,
Inc.* ............................ 800 9,350
Vanguard Cellular Systems, Inc.,
Class A* ......................... 900 16,988
West TeleServices Corp.* ........... 300 3,638
Westell Technologies, Inc.* ........ 300 2,775
WinStar Communications, Inc.* ...... 600 25,756
World Access, Inc.* ................ 400 12,000
-----------
726,041
-----------
TOTAL TECHNOLOGY ................. 2,564,342
-----------
TOTAL COMMON STOCKS (84.2%)
(Cost $16,510,398) ............... 16,693,231
-----------
PREFERRED STOCKS:
CONSUMER NON-CYCLICALS (0.0%)
HOSPITAL SUPPLIES & SERVICES (0.0%)
Mediq, Inc., Class A* (Cost $0)..... 23 152
-----------
RIGHTS:
CREDIT SENSITIVE (0.0%)
FINANCIAL SERVICES (0.0%)
Coast Federal Litigation
Contingent Payment Rights*
(Cost $0) ........................ 300 4,538
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------ --------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (16.1%)
U.S. Treasury Bill
8/20/98- ......................... $ 150,000 $ 148,974
9/3/98 ........................... 1,483,000 1,470,002
10/15/98 ......................... 743,000 732,105
10/22/98 ......................... 503,000 495,153
11/12/98 ......................... 340,000 333,672
-----------
TOTAL SHORT-TERM DEBT SECURITIES (16.1%)
(Cost/Amortized Cost $3,179,853) 3,179,906
-----------
TOTAL INVESTMENTS (100.3%)
(Cost/Amortized Cost $19,690,251) 19,877,827
OTHER ASSETS
LESS LIABILITIES (-0.3%) ......... (51,826)
-----------
NET ASSETS (100%) .................. $19,826,001
===========
</TABLE>
- ----------
* Non-income producing
# Securities (totaling $280 or 0.00% of net assets) valued at fair value.
- - Security segregated as collateral for financial futures contracts.
91
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
FUTURES CONTRACTS: At June 30, 1998, the Portfolio had futures contracts open:
<TABLE>
<CAPTION>
NUMBER
OF AGGREGATE EXPIRATION UNREALIZED
PURCHASES: CONTRACTS FACE VALUE DATE APPRECIATION
- ----------------------- ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C>
S&P 500 Index ......... 11 $3,143,250 Sept `98 $84,747
</TABLE>
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $20,602,200
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 3,310,341
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 1,360,289
Aggregate gross unrealized depreciation .......... (1,172,713)
------------
Net unrealized appreciation ...................... $ 187,576
============
Federal income tax cost of investments ........... $ 19,690,251
============
</TABLE>
At June 30, 1998, the Portfolio had loaned securities with a total value of
$1,250,362 which was secured by collateral valued at $1,289,180
See Notes to Financial Statements.
92
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------------------ -----------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES (1.3%)
ENVIRONMENTAL CONTROL (1.3%)
Lamso USA, Inc.
6.75%, 12/15/07 .................. $ 250,000 $ 252,660
7.50%, 6/30/06 ................... 100,000 106,791
-----------
TOTAL BUSINESS SERVICES .......... 359,451
-----------
CAPITAL GOODS (0.9%)
AEROSPACE (0.9%)
Boeing Co.
6.625%, 2/15/38+ ................. 150,000 154,280
Lockheed Martin Corp.
7.25%, 5/15/06 ................... 100,000 106,337
-----------
TOTAL CAPITAL GOODS .............. 260,617
-----------
CONSUMER CYCLICALS (1.6%)
LEISURE RELATED (1.0%)
Time Warner Entertainment
8.375%, 3/15/23 .................. 250,000 293,521
-----------
RETAIL--GENERAL (0.6%)
Nordstrom Inc.
6.95%, 3/15/28 ................... 175,000 178,658
-----------
TOTAL CONSUMER CYCLICALS ......... 472,179
-----------
CONSUMER NON-CYCLICALS (0.1%)
TOBACCO (0.1%)
Philip Morris Cos., Inc.
6.15%, 3/15/10 ................... 30,000 30,060
-----------
CREDIT SENSITIVE (77.8%)
BANKS (0.4%)
Amsouth Bank of Alabama
6.45%, 2/1/18 .................... 100,000 103,266
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS (6.0%)
Advanta Mortgage Loan Trust,
Series 98-2, Class A17,
6.05%, 9/25/18 ................... 500,000 496,563
Ford Credit Auto Loan Master
Trust,
Series 95-1,
6.50%, 8/15/02 ................... 500,000 507,148
Series 96-1,
5.50%, 2/15/03 ................... 300,000 297,581
Morgan Stanley Capital Inc.,
Series 98-HF1,
6.19%, 1/15/07 ................... 98,388 100,509
Series 98-WF1,
6.25%, 7/15/07 ................... 98,927 99,298
Ocwen Residential MBS Corp.,
Series 98-R1,
4.00%, 10/25/40+ ................. 245,683 242,957
-----------
1,744,056
-----------
FINANCIAL SERVICES (7.4%)
Associates Corp. of North
America
6.00%, 4/15/03 ................... 200,000 199,947
ERP Operating LP
6.63%, 4/13/15 ................... 500,000 503,440
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------------------ -----------------
<S> <C> <C>
First USA, Inc., Series 98-2,
6.80%, 2/18/11 ................... $ 300,000 $ 300,938
Fleet Financial Group, Inc.
6.875%, 1/15/28 .................. 100,000 101,873
Ford Motor Credit
6.625%, 6/30/03 .................. 150,000 152,891
General Electric Capital Corp.
5.50%, 11/1/01 ................... 100,000 98,661
Household Finance Co., Series E,
6.125%, 2/27/03 .................. 250,000 247,813
Household Finance N.V.
6.125%, 3/1/03 ................... 250,000 249,626
John Deere Capital Corp.
5.85%, 1/15/01 ................... 100,000 99,968
Keystone Financial Midatlantic
6.50%, 5/31/08 ................... 200,000 202,107
-----------
2,157,264
-----------
FOREIGN GOVERNMENT (7.3%)
French Treasury Bill BTAN
4.75%, 3/12/02 ................... FRF 6,650,000 1,115,902
German Unity Fund
8.50%, 2/20/01 ................... DEM 1,650,000 1,012,831
-----------
2,128,733
-----------
MORTGAGE RELATED (2.1%)
Deutche Mortgage and Asset
Receiving Corp.,
6.22%, 9/15/07 ................... $ 98,751 100,850
First Union-Lehman Brothers,
Series 98-C2, Class A1,
6.28%, 6/18/07 ................... 498,080 502,107
-----------
602,957
-----------
REAL ESTATE (0.1%)
Weeks Realty LP 6.875%, 3/15/05 37,000 37,147
-----------
U.S. GOVERNMENT (22.8%)
U.S. Treasury Note
5.50%, 1/31/03 ................... 325,000 324,797
5.75%, 4/30/03 ................... 1,300,000 1,313,001
5.75%, 8/15/03 ................... 2,130,000 2,153,298
6.875%, 5/15/06- ................. 1,410,000 1,527,648
5.50%, 2/15/08 ................... 285,000 285,000
5.625%, 5/15/08 .................. 200,000 202,813
6.75%, 8/15/26 ................... 723,000 828,061
-----------
6,634,618
-----------
U.S. GOVERNMENT AGENCIES (24.9%)
Federal Home Mortgage Corp.
Gold
7.00%, 5/1/28 .................... 2,376,916 2,415,525
Federal National Mortgage
Association
6.50%, 2/1/13 .................... 318,591 320,779
6.50%, 5/1/13 .................... 230,720 232,305
6.50%, 6/1/13 .................... 440,691 443,719
6.50%, 5/1/28 .................... 504,600 503,019
6.50%, 5/1/28 .................... 145,924 145,467
6.50%, 6/1/28 .................... 505,000 503,418
6.50%, 6/1/28 .................... 559,634 557,881
6.50%, 7/1/28 .................... 495,000 491,597
Government National Mortgage
Association
8.00%, 8/15/27 ................... 487,519 505,650
7.50%, 2/15/28 ................... 108,901 111,998
</TABLE>
93
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------- ---------------
<S> <C> <C>
7.50%, 5/15/28 ................... $ 501,274 $ 515,530
7.00%, 6/15/28 ................... 495,000 503,355
-----------
7,250,243
-----------
UTILITY--ELECTRIC (2.5%)
Detroit Edison, Series E
6.75%, 3/17/03 ................... 100,000 102,870
Kincaid Generation LLC
7.33%, 6/15/20+ .................. 300,000 314,273
National Rural Utilities
6.20%, 2/1/08 .................... 100,000 100,597
Texas Utilities Electric Co.
6.25%, 10/1/04 ................... 200,000 202,134
-----------
719,874
-----------
UTILITY--GAS (2.2%)
Energen Corp.
7.125%, 2/15/28 .................. 150,000 148,502
Ferrellgas LP, Series A, 6.99%,
8/1/05# .......................... 500,000 500,000
-----------
648,502
-----------
UTILITY--TELEPHONE (2.1%)
Century Telephone Enterprises,
Series E,
6.15%, 1/15/05 ................... 100,000 98,704
Pacific Bell
6.125%, 2/15/08 .................. 250,000 250,310
Pacific Telecommunications,
Series B,
6.625%, 10/20/05 ................. 150,000 154,852
U.S. West Capital Funding, Inc.
6.25%, 7/15/05 ................... 125,000 124,727
-----------
628,593
-----------
TOTAL CREDIT SENSITIVE ........... 22,655,253
-----------
ENERGY (2.1%)
COAL & GAS PIPELINES (0.3%)
Laidlaw, Inc.
6.50%, 5/1/05 .................... 100,000 101,748
-----------
OIL--INTERNATIONAL (0.9%)
Peco Energy Capital Trust III,
Series D,
7.38%, 4/6/28 .................... 150,000 151,974
Tailsman Energy, Inc.
7.25%, 10/15/27 .................. 100,000 104,827
-----------
256,801
-----------
RAILROADS (0.9%)
Union Pacific Corp.
6.625%, 2/1/08 ................... 250,000 252,165
-----------
TOTAL ENERGY ..................... 610,714
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------- ---------------
<S> <C> <C>
TECHNOLOGY (3.3%)
ELECTRONICS (1.7%)
Computer Associates
International, Inc.
6.375%, 5/15/05+ ................. $ 500,000 $ 502,885
-----------
TELECOMMUNICATIONS (1.6%)
Aerial Communications, Inc.
Zero Coupon, 2/1/08+ ............. 435,000 208,011
Cable & Wireless
Communications
6.375%, 3/6/03 ................... 150,000 150,126
TCA Cable TV, Inc.
6.53%, 2/1/28 .................... 100,000 104,163
-----------
462,300
-----------
TOTAL TECHNOLOGY ................. 965,185
-----------
TOTAL LONG-TERM DEBT SECURITIES (87.1%)
(Cost $25,229,329) ............... 25,353,459
-----------
NUMBER
OF
SHARES
-----------
PREFERRED STOCKS:
CREDIT SENSITIVE (1.3%)
FINANCIAL SERVICES (1.3%)
Equity Residential Properties
Trust
(Cost $397,850) .................. 14,600 382,338
-----------
PRINCIPAL
AMOUNT
-----------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (10.7%)
Banque et Caisse Espargne
5.52%, 7/20/98 ................... $ 700,000 697,968
Diago Capital plc
5.49%, 7/7/98 .................... 700,000 699,361
Koch Industries, Inc.
6.30%, 7/1/98 .................... 1,725,000 1,725,000
-----------
3,122,329
-----------
U.S. GOVERNMENT AGENCIES (9.2%)
Federal Farm Credit Discount
Note
5.55%, 7/1/98 .................... 2,681,000 2,681,000
-----------
TOTAL SHORT-TERM DEBT SECURITIES (19.9%)
(Cost $5,803,329) ................ 5,803,329
-----------
TOTAL INVESTMENTS (108.3%)
(Cost/Amortized Cost
$31,430,508)................... 31,539,126
OTHER ASSETS
LESS LIABILITIES (-8.3%) ......... (2,411,294)
-----------
NET ASSETS (100%) .................. $29,127,832
============
</TABLE>
- ----------
+ Security exempt from registration under rule 144A of the Securities Act of
1933, as amended. These securities may only be resold to qualified
institutional buyers. At June 30, 1998, these securities amounted to
$1,422,406 or 4.88% of net assets.
# Securities (totaling $500,000 or 1.72% of net assets) valued at fair value.
- - Security segregated as collateral for financial futures contracts.
Glossary:
DEM--German Mark
FRF--French Franc
94
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1998, the Portfolio had futures contracts open:
<TABLE>
<CAPTION>
NUMBER
OF AGGREGATE EXPIRATION UNREALIZED
PURCHASES: CONTRACTS FACE VALUE DATE APPRECIATION
- -------------------------- ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C>
U.S. 5 Year Note ......... 2 $ 219,375 Sept '98 $ 144
U.S. Long Bond ........... 17 2,101,094 Sept '98 16,523
-------
$16,667
=======
</TABLE>
At June 30, 1998 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S. $
AMOUNT ORIGINATION CURRENT UNREALIZED
(000'S) DATE VALUE APPRECIATION
---------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY SALE CONTRACTS
German Mark, expiring 7/30/98 .......... 1,900 $1,069,528 $1,055,673 $13,855
French Franc, expiring 7/31/98 ......... 6,833 1,147,638 1,132,035 15,603
-------
$29,458
=======
</TABLE>
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $14,526,320
U.S. Government securities ............................. 45,888,040
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 1,065,634
U.S. Government securities ............................. 32,074,388
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 152,094
Aggregate gross unrealized depreciation ......... (43,476)
-----------
Net unrealized appreciation ..................... $ 108,618
===========
Federal income tax cost of investments .......... $31,430,508
===========
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$944,561, which was secured by collateral valued at $963,280.
See Notes to FinSancial Statements.
95
<PAGE>
EQ ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (2.8%)
CHEMICALS (1.8%)
E.I. Du Pont de Nemours & Co. 6,600 $ 492,525
------------
PAPER (1.0%)
Kimberly Clark Corp. ................................................... 6,200 284,425
------------
TOTAL BASIC MATERIALS ................................................ 776,950
------------
BUSINESS SERVICES (5.3%)
PRINTING, PUBLISHING,
BROADCASTING (2.9%)
Gannett Co. ............................................................ 6,200 440,588
New York Times Co., Class A ............................................ 4,600 364,550
------------
805,138
------------
PROFESSIONAL SERVICES (1.4%)
Cendant Corp.* ......................................................... 19,400 404,975
------------
TRUCKING, SHIPPING (1.0%)
FDX Corp.* ............................................................. 4,600 288,650
------------
TOTAL BUSINESS SERVICES .............................................. 1,498,763
------------
CAPITAL GOODS (10.5%)
AEROSPACE (4.4%)
Allied Signal, Inc. .................................................... 8,500 377,188
Gulfstream Aerospace Corp.* ............................................ 6,100 283,650
United Technologies Corp. .............................................. 6,100 564,250
------------
1,225,088
------------
ELECTRICAL EQUIPMENT (3.5%)
Advanced Micro Devices, Inc.* .......................................... 13,200 225,225
Honeywell, Inc. ........................................................ 6,400 534,800
LSI Logic Corp.* ....................................................... 9,900 228,319
------------
988,344
------------
MACHINERY (2.6%)
Deere & Co. ............................................................ 7,700 407,138
Ingersoll-Rand Co. ..................................................... 7,300 321,656
------------
728,794
------------
TOTAL CAPITAL GOODS .................................................. 2,942,226
------------
CONSUMER CYCLICALS (10.8%)
AIRLINES (1.0%)
UAL Corp.* ............................................................. 3,600 280,800
------------
AUTO RELATED (2.0%)
Republic Industries, Inc.* ............................................. 11,000 275,000
TRW Inc. ............................................................... 5,200 284,050
------------
559,050
------------
AUTOS & TRUCKS (1.3%)
General Motors Corp. ................................................... 5,500 367,469
------------
FOOD SERVICES, LODGING (0.9%)
ConAgra, Inc. .......................................................... 8,400 266,175
------------
LEISURE RELATED (0.2%)
Brunswick Corp. ........................................................ 1,800 44,550
------------
RETAIL--GENERAL (5.4%)
Federated Department Stores,
Inc.* ................................................................ 6,200 333,638
Office Depot, Inc.* .................................................... 1,800 56,813
Sears, Roebuck & Co. ................................................... 7,400 451,863
Toys-R-Us, Inc.* ....................................................... 12,500 294,531
Wal-Mart Stores, Inc. .................................................. 6,400 388,800
------------
1,525,645
------------
TOTAL CONSUMER CYCLICALS ............................................. 3,043,689
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
CONSUMER NON-CYCLICALS (18.1%)
BEVERAGES (5.5%)
Cadbury Schweppes plc (ADR) ............................................ 4,000 $ 246,500
Diago plc (ADR) ........................................................ 8,991 433,254
Heineken N.V. (ADR) .................................................... 12,812 503,228
PepsiCo, Inc. .......................................................... 8,400 345,975
------------
1,528,957
------------
DRUGS (6.0%)
American Home Products Corp. ........................................... 11,600 600,300
Amgen, Inc.* ........................................................... 5,300 346,488
Astra AB, Class A (ADR) ................................................ 10,700 219,350
Bristol-Myers Squibb Co. ............................................... 4,550 522,966
------------
1,689,104
------------
HOSPITAL SUPPLIES & SERVICES (3.1%)
Cognizant Corp. ........................................................ 6,200 390,600
Johnson & Johnson ...................................................... 6,600 486,750
------------
877,350
------------
RETAIL--FOOD (1.5%)
McDonald's Corp. ....................................................... 6,000 414,000
------------
TOBACCO (2.0%)
Philip Morris Cos., Inc. ............................................... 14,300 563,063
------------
TOTAL CONSUMER NON-CYCLICALS 5,072,474
------------
CREDIT SENSITIVE (24.5%)
BANKS (4.7%)
BankAmerica Corp. ...................................................... 5,500 475,406
Chase Manhattan Corp. .................................................. 5,900 445,450
First Union Corp. ...................................................... 4,300 250,475
KeyCorp ................................................................ 4,000 142,500
------------
1,313,831
------------
FINANCIAL SERVICES (3.3%)
Bankers Trust New York Corp. ........................................... 2,700 313,369
Fleet Financial Group, Inc. ............................................ 3,400 283,900
Mellon Bank Corp. ...................................................... 4,600 320,275
------------
917,544
------------
INSURANCE (7.6%)
Aetna, Inc. ............................................................ 5,000 380,625
Allstate Corp. ......................................................... 3,600 329,625
Hartford Financial Services
Group, Inc. .......................................................... 5,000 571,875
Travelers Group, Inc. .................................................. 9,800 594,125
Washington Mutual, Inc. ................................................ 6,100 264,969
------------
2,141,219
------------
UTILITY--ELECTRIC (4.4%)
Consolidated Edison, Inc. .............................................. 5,800 267,163
Duke Energy Corp. ...................................................... 4,400 260,700
Edison International ................................................... 15,700 464,131
Pacificorp ............................................................. 10,400 235,300
------------
1,227,294
------------
UTILITY--TELEPHONE (4.5%)
AT&T Corp. ............................................................. 8,500 485,563
Bell Atlantic Corp. .................................................... 17,100 780,188
------------
1,265,751
------------
TOTAL CREDIT SENSITIVE ............................................... 6,865,639
------------
</TABLE>
96
<PAGE>
EQ ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- -------------
<S> <C> <C>
ENERGY (8.2%)
OIL--DOMESTIC (3.1%)
Chevron Corp. ....................... 4,000 $ 332,250
Mobil Corp. ......................... 7,100 544,038
----------
876,288
----------
OIL--INTERNATIONAL (4.3%)
Atlantic Richfield Co. .............. 3,100 242,188
Diamond Offshore Drilling, Inc. ..... 6,500 260,000
Elf Aquitaine S.A. (ADR) ............ 6,500 461,500
Noble Affiliates, Inc. .............. 6,200 235,600
----------
1,199,288
----------
OIL--SUPPLIES & CONSTRUCTION (0.8%)
Dresser Industries, Inc. ............ 5,300 233,531
----------
TOTAL ENERGY ...................... 2,309,107
----------
TECHNOLOGY (13.1%)
ELECTRONICS (2.6%)
3Com Corp.* ......................... 8,100 248,569
Texas Instruments, Inc. ............. 8,400 489,825
----------
738,394
----------
OFFICE EQUIPMENT (4.3%)
Circuit City Stores-Circuit City
Group ............................. 4,100 192,188
Compaq Computer Corp. ............... 7,400 209,975
Hewlett Packard Co. ................. 6,900 413,138
International Business Machines
Corp. ............................. 3,500 401,844
----------
1,217,145
----------
OFFICE EQUIPMENT SERVICES (4.0%)
Electronic Data Systems Corp. ....... 8,100 324,000
First Data Corp. .................... 14,000 466,375
NCR Corp.* .......................... 10,100 328,250
----------
1,118,625
----------
TELECOMMUNICATIONS (2.2%)
Ameritech Corp. ..................... 9,400 421,825
Motorola, Inc. ...................... 3,700 194,473
----------
616,298
----------
TOTAL TECHNOLOGY .................. 3,690,462
----------
TOTAL COMMON STOCKS (93.3%)
(Cost $25,698,496) ................ 26,199,310
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (12.9%)
U.S. Treasury Bill 10/15/98
(Amortized Cost $3,620,926) ......... $3,675,000 $ 3,620,926
-----------
TOTAL INVESTMENTS (106.2%)
(Cost/Amortized Cost
$29,319,422)......................... 29,820,236
OTHER ASSETS
LESS LIABILITIES (-6.2%) ............ (1,747,328)
-----------
NET ASSETS (100%) ..................... $28,072,908
===========
</TABLE>
- ---------------------
* Non-income producing
97
<PAGE>
EQ ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities .. $27,452,231
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .. 1,847,464
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 1,002,792
Aggregate gross unrealized depreciation .......... (501,978)
-----------
Net unrealized appreciation ...................... $ 500,814
===========
Federal income tax cost of investments ........... $29,319,422
===========
</TABLE>
At June 30, 1998, the Portfolio had loaned securities with a total value of
$1,816,596, which was secured by collateral valued at $1,867,744.
See Notes to Financial Statements.
98
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (5.3%)
CHEMICALS (0.7%)
Ferro Corp. .......................... 7,700 $ 194,906
-----------
CHEMICALS--SPECIALTY (0.7%)
A. Schulman, Inc. .................... 10,000 195,625
-----------
METALS & MINING (1.9%)
Reliance Steel & Aluminum ............ 6,000 231,750
Wyman-Gordon Co.* .................... 13,400 267,163
-----------
498,913
-----------
PAPER (2.0%)
Albany International Corp.,
Class A ............................ 10,138 242,666
Unisource Worldwide, Inc. ............ 11,800 127,588
Wausau-Mosinee Paper Corp. ........... 7,700 176,138
-----------
546,392
-----------
TOTAL BASIC MATERIALS .............. 1,435,836
-----------
BUSINESS SERVICES (8.0%)
PRINTING, PUBLISHING,
BROADCASTING (4.0%)
Banta Corp. .......................... 10,700 330,363
Bowne & Co. .......................... 6,400 288,000
Gibson Greetings, Inc.* .............. 9,300 232,500
World Color Press, Inc.* ............. 6,000 210,000
-----------
1,060,863
-----------
PROFESSIONAL SERVICES (0.6%)
CDI Corp.* ........................... 6,400 171,200
-----------
TRUCKING, SHIPPING (3.4%)
CNF Transportation, Inc. ............. 7,700 327,250
Circle International Group, Inc. ..... 11,600 324,800
Pittston Bax Group ................... 14,200 220,988
Rollins Truck Leasing Corp. .......... 3,150 38,981
-----------
912,019
-----------
TOTAL BUSINESS SERVICES ............ 2,144,082
-----------
CAPITAL GOODS (22.9%)
BUILDING & CONSTRUCTION (3.9%)
Crane Co. ............................ 6,400 310,800
JLG Industries, Inc. ................. 17,800 360,450
Kaufman & Broad Home Corp. ........... 11,700 371,475
-----------
1,042,725
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (3.6%)
Apogee Enterprises, Inc. ............. 20,400 312,375
Eagle Hardware & Garden, Inc.* 14,300 330,688
Hughes Supply, Inc. .................. 5,400 197,775
Martin Marietta Materials, Inc. ...... 700 31,500
Rock-Tenn Co., Class A ............... 7,800 97,988
-----------
970,326
-----------
ELECTRICAL EQUIPMENT (10.0%)
Anixter International, Inc.* ......... 19,000 362,188
Belden, Inc. ......................... 5,500 168,438
Credence Systems Corp.* .............. 12,400 235,600
Harman International Industries,
Inc. ............................... 8,300 319,550
Lam Research Corp.* .................. 10,200 195,075
Magnetek, Inc.* ...................... 13,700 215,775
Pittston Brink's Group ............... 8,300 306,063
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Scotsman Industries .................. 7,600 $ 210,900
Silicon Valley Group, Inc.* .......... 10,600 170,263
United Dominion Industries Ltd. 7,200 240,300
VLSI Technology, Inc.* ............... 15,200 255,075
-----------
2,679,227
-----------
MACHINERY (5.4%)
Aeroquip-Vickers, Inc. ............... 3,300 192,638
Briggs & Stratton Corp. .............. 7,900 295,756
International Rectifier Corp.* ....... 4,300 36,550
Omniquip International, Inc. ......... 8,600 159,100
Regal Beloit ......................... 8,700 247,950
Roper Industries, Inc. ............... 10,100 263,863
Watts Industries, Inc., Class A ...... 11,600 242,150
-----------
1,438,007
-----------
TOTAL CAPITAL GOODS ................ 6,130,285
-----------
CONSUMER CYCLICALS (14.6%)
APPAREL & TEXTILES (1.6%)
Mohawk Industries, Inc.* ............. 1,400 44,363
Oakley, Inc.* ........................ 15,400 205,975
The Wet Seal, Inc., Class A* ......... 5,700 182,400
-----------
432,738
-----------
AUTO RELATED (5.0%)
Borg-Warner Automotive, Inc. ......... 6,000 288,375
Budget Group, Inc.* .................. 5,500 175,656
Dura Automotive Systems, Inc.* 3,500 112,438
Mark IV Industries, Inc. ............. 14,900 322,213
Tower Automotive* .................... 10,300 441,613
-----------
1,340,295
-----------
FOOD SERVICES, LODGING (1.0%)
Prime Hospitality Corp.* ............. 15,300 266,794
-----------
HOUSEHOLD FURNITURE, APPLIANCES (2.3%)
Basset Furniture Industries Corp. 10,800 304,425
Furniture Brands International,
Inc.* .............................. 11,400 319,913
-----------
624,338
-----------
LEISURE RELATED (1.5%)
Polaris Industries, Inc. ............. 10,400 391,300
-----------
PHOTO & OPTICAL (0.3%)
BMC Industries, Inc. ................. 10,300 90,125
-----------
RETAIL--GENERAL (2.9%)
Ann Taylor Stores Corp.* ............. 9,500 201,281
Cole National Corp.* ................. 6,500 260,000
Footstar, Inc.* ...................... 4,600 220,800
Stride Rite Corp. .................... 6,700 100,919
-----------
783,000
-----------
TOTAL CONSUMER CYCLICALS ........... 3,928,590
-----------
CONSUMER NON-CYCLICALS (12.4%)
CONTAINERS (1.6%)
First Brands Corp. ................... 16,300 417,688
-----------
DRUGS (1.2%)
Perrigo Co.* ......................... 32,100 323,006
-----------
FOODS (0.5%)
Lance, Inc. .......................... 900 20,138
Vlasic Foods International, Inc.* 5,000 100,625
-----------
120,763
-----------
</TABLE>
99
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ --------------
<S> <C> <C>
HOSPITAL SUPPLIES & SERVICES (7.4%)
Apria Healthcare Group* ............. 13,700 $ 91,619
Integrated Health Services, Inc. .... 9,500 356,250
Magellan Health Services, Inc.* ..... 12,500 317,188
Sierra Health Services* ............. 16,950 426,928
Sun Healthcare Group, Inc.* ......... 16,600 242,775
Sunrise Medical, Inc.* .............. 14,900 223,500
West Co., Inc. ...................... 11,400 322,763
-----------
1,981,023
-----------
RETAIL--FOODS (1.7%)
Lone Star Steakhouse & Saloon,
Inc.* ............................. 12,500 172,656
Ryan's Family Steak Houses,
Inc.* ............................. 28,600 293,150
-----------
465,806
-----------
TOBACCO (0.0%)
Swisher International Group,
Inc., Class A* .................... 1,500 12,000
-----------
TOTAL CONSUMER NON-CYCLICALS 3,320,286
-----------
CREDIT SENSITIVE (17.6%)
BANKS (1.5%)
Astoria Financial Corp. ............. 4,100 219,350
Hubco, Inc. ......................... 5,300 189,806
-----------
409,156
-----------
FINANCIAL SERVICES (0.8%)
Amresco, Inc.* ...................... 7,500 218,438
-----------
INSURANCE (7.2%)
CMAC Investments Corp. .............. 2,500 153,750
Delphi Financial Group, Class A* 2,826 159,139
E.W. Blanch Holdings, Inc. .......... 8,500 312,375
Enhance Financial Services
Group, Inc. ....................... 1,700 57,375
Frontier Insurance Group, Inc. ...... 10,150 229,009
HCC Insurance Holdings, Inc. ........ 12,200 268,400
Horace Mann Educators Corp. ......... 7,900 272,550
NAC Re Corp. ........................ 5,500 293,563
Reliance Group Holdings, Inc. ....... 9,600 168,000
-----------
1,914,161
-----------
MORTGAGE RELATED (2.1%)
Amerin Corp.* ....................... 8,800 256,850
Toll Brothers, Inc.* ................ 10,700 306,956
-----------
563,806
-----------
REAL ESTATE (3.5%)
Chateau Properties, Inc. ............ 8,000 230,000
Glenborough Realty Trust, Inc. ...... 9,200 242,650
Kilroy Realty Corp. ................. 9,000 225,000
Mack-Cali Realty Corp. .............. 6,600 226,875
-----------
924,525
-----------
UTILITY--ELECTRIC (1.3%)
Calpine Corp.* ...................... 17,500 353,281
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ --------------
<S> <C> <C>
UTILITY--GAS (1.2%)
Sierra Pacific Resources ............ 9,200 $ 334,075
-----------
TOTAL CREDIT SENSITIVE ............ 4,717,442
-----------
DIVERSIFIED (1.6%)
MISCELLANEOUS (1.6%)
ACX Technologies, Inc.* ............. 10,500 228,375
Walter Industries, Inc.* ............ 10,700 202,631
-----------
TOTAL DIVERSIFIED ................. 431,006
-----------
ENERGY (4.8%)
OIL--DOMESTIC (2.5%)
Barrett Resources Corp.* ............ 9,200 344,425
Devon Energy Corp. .................. 9,500 331,906
-----------
676,331
-----------
OIL--INTERNATIONAL (2.3%)
Helmerich & Payne, Inc. ............. 11,600 258,100
Vintage Petroleum, Inc. ............. 19,000 358,625
-----------
616,725
-----------
TOTAL ENERGY ...................... 1,293,056
-----------
TECHNOLOGY (9.2%)
OFFICE EQUIPMENT (1.4%)
Komag, Inc.* ........................ 25,200 134,663
Wang Laboratories, Inc.* ............ 9,800 249,288
-----------
383,951
-----------
OFFICE EQUIPMENT SERVICES (3.3%)
Bell & Howell Co.* .................. 12,500 322,656
Data General Corp.* ................. 14,500 216,594
Stratus Computer, Inc.* ............. 7,700 194,906
Tuboscope, Inc.* .................... 7,300 144,175
-----------
878,331
-----------
TELECOMMUNICATIONS (4.5%)
Allen Telecommunications, Inc.* 22,800 265,050
Electronics for Imaging, Inc.* ...... 8,200 173,225
Kemet Corp.* ........................ 13,700 180,241
Oak Industries, Inc.* ............... 8,300 293,613
Vanguard Cellular Systems,
Class A* .......................... 15,300 288,777
-----------
1,200,906
-----------
TOTAL TECHNOLOGY .................. 2,463,188
-----------
TOTAL COMMON STOCKS (96.4%)
(Cost $26,960,156) ............. 25,863,771
-----------
PRINCIPAL
AMOUNT
---------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (10.2%)
U.S. Treasury Bill 10/15/98
(Amortized Cost $2,744,037) ....... $2,785,000 2,743,916
-----------
TOTAL INVESTMENTS (106.6%)
(Cost/Amortized Cost
$29,704,193)....................... 28,607,687
OTHER ASSETS
LESS LIABILITIES (-6.6%) .......... (1,780,013)
-----------
NET ASSETS (100%) ................... $26,827,674
===========
</TABLE>
- ----------
* Non-income producing
100
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $27,649,728
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 816,623
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 869,792
Aggregate gross unrealized depreciation .......... (1,966,298)
------------
Net unrealized (depreciation) .................... $ (1,096,506)
============
Federal income tax cost of investments ........... $ 29,704,193
============
</TABLE>
At June 30, 1998, the Portfolio had loaned securities with a total value of
$1,927,628, which was secured by collateral valued at $1,992,400.
For the six months ended June 30, 1998 the Portfolio incurred approximately
$150 as brokerage commissions with Donaldson, Lufkin & Jenrette Securities
Corp., an affiliated broker/dealer.
See Notes to Financial Statements.
101
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 1998 (Unaudited)
Note 1 Organization and Significant Accounting Policies
EQ Advisors Trust (the "Trust") was organized as a Delaware business trust
on October 31, 1996 and is registered under the Investment Company Act of 1940,
as amended (the "1940 Act"), as an open-end management investment company with
fifteen diversified series portfolios and three non-diversified series
portfolios (each a "Portfolio"). The diversified Portfolios include the Merrill
Lynch Basic Value Equity Portfolio which commenced operations on May 1, 1997,
MFS Emerging Growth Companies Portfolio which commenced operations on May 1,
1997, MFS Research Portfolio which commenced operations on May 1, 1997,
EQ/Putnam Balanced Portfolio which commenced operations on May 1, 1997,
EQ/Putnam Growth & Income Value Portfolio which commenced operations on May 1,
1997, EQ/Putnam International Equity Portfolio which commenced operations on
May 1, 1997, EQ/Putnam Investors Growth Portfolio which commenced operations on
May 1, 1997, T. Rowe Price Equity Income Portfolio which commenced operations
on May 1, 1997, T. Rowe Price International Stock Portfolio which commenced
operations on May 1, 1997, Warburg Pincus Small Company Value Portfolio which
commenced operations on May 1, 1997, BT Equity 500 Index Portfolio which
received initial capital on December 31, 1997, BT International Equity Index
Portfolio which received initial capital on December 31, 1997, BT Small Company
Index Portfolio which received initial capital on December 31, 1997, JPM Core
Bond Portfolio which received initial capital on December 31, 1997 and the
Lazard Large Cap Value Portfolio which received initial capital on December 31,
1997. The non-diversified Portfolios include the Merrill Lynch World Strategy
Portfolio which commenced operations on May 1, 1997, Morgan Stanley Emerging
Markets Equity Portfolio which commenced operations on August 20th, 1997 and
the Lazard Small Cap Value Portfolio which received initial capital on December
31, 1997. The Portfolios that received initial capital on December 31, 1997,
commenced operations on January 1, 1998.
The Trust has the right to issue two classes of shares, Class IA and Class
IB. As of and during the period ended June 30, 1998, 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 (advised by Merrill Lynch Asset
Management, L.P.) -- Capital appreciation and, secondarily, income by investing
in securities, primarily equities, that the Adviser (as defined below) of the
Portfolio believes are undervalued and therefore represent basic investment
value.
Merrill Lynch World Strategy Portfolio (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 United States and foreign issuers.
MFS Emerging Growth Companies Portfolio (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 (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.
102
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998 (Unaudited)
EQ/Putnam Balanced Portfolio (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 (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 (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.
EQ/Putnam Investors Growth Portfolio (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 (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 (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 (advised by Warburg Pincus
Asset Management, 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 undervalued.
Morgan Stanley Emerging Markets Equity Portfolio (advised by Morgan
Stanley Asset Management, Inc.) -- Long-term capital appreciation. In pursuing
its investment objective, the Adviser focuses on issuers in emerging market
countries in which it believes the economies are developing strongly and in
which the markets are becoming more sophisticated.
BT Equity 500 Index Portfolio (advised by Bankers Trust Co.) -- Replicate
as closely as possible (before the deduction of Portfolio expenses) the total
return of the Standard & Poor's 500 Composite Stock Price Index ("S&P 500") by
allocating the Portfolio's investment among common stocks included in the S&P
500 in approximately the same proportions as they are represented in the S&P
500, beginning with the heaviest weighted stocks that make up a larger portion
of the S&P 500's value.
BT International Equity Index Portfolio (advised by Bankers Trust Co.) --
Replicate as closely as possible (before the deduction of Portfolio expenses)
the total return of the Morgan Stanley Capital International Europe, Australia,
Far East Index ("EAFE Index") by investing in a statistically selected sample
of the securities of companies included in the EAFE Index, although not all
companies within a country will be represented in the Portfolio at the same
time.
BT Small Company Index Portfolio (advised by Bankers Trust Co.) --
Replicate as closely as possible (before the deduction of Portfolio expenses)
the total return of the Russell 2000 Small Stock Index ("Russell 2000 Index")
by investing in a statistically selected sample of the 2,000 stocks included in
the Russell 2000 Index.
103
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998 (Unaudited)
JPM Core Bond Portfolio (advised by J.P. Morgan Investment Management
Inc.) -- High total return consistent with moderate risk of capital and
maintenance of liquidity. Under normal circumstances, all of the Portfolio's
assets will, at the time of purchase, consist of investment grade securities
rated BBB or better by Standard & Poor's Rating Service or Baa or better by
Moody's Investors Service, Inc. or unrated securities of comparable quality.
Lazard Large Cap Value Portfolio (advised by Lazard Asset Management) --
Capital appreciation by investing primarily in equity securities of companies
with relatively large market capitalizations (i.e., companies having market
capitalizations of at least $1 billion at the time of initial purchase) that
appear to the Adviser to be inexpensively priced relative to the return on
total capital or equity.
Lazard Small Cap Value Portfolio (advised by Lazard Asset Management) --
Capital appreciation by investing primarily in equity securities of United
States companies with small market capitalizations (i.e., companies in the
range of companies represented in the Russell 2000 Index) that the Adviser
considers inexpensively priced relative to the return on total capital or
equity.
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 sale price on the primary exchange for such securities 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.
Options, including options on futures that are traded on exchanges, are
valued at their last sale price, and if the last sale price is not available
then the previous day's sale price is used. However, if the bid price is higher
or the asked price is lower than the previous last sale price, the higher bid
or lower asked price may be used. Options not traded on an exchange or actively
traded are valued at fair value as determined in good faith by the Board of
Trustees.
Long-term corporate bonds 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 bid prices.
Foreign securities not traded directly, or in American Depositary Receipt
(ADR) or similar form in the United States, are valued at representative quoted
bid prices from the primary exchange in the currency of the country of origin.
104
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998 (Unaudited)
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.
Futures contracts are valued at their last sale price or, if there is no
sale, at the latest available bid price.
Forward foreign exchange contracts are valued by interpolating between the
forward and spot currency rates as quoted by a pricing service as of a
designated hour on the valuation date.
Other securities and assets for which market quotations are not readily
available or for which valuation can not be provided, are valued at fair value
as determined in good faith by the Board of Trustees.
Securities transactions are recorded on the trade date net of brokerage
fees, commissions, and transfer fees.
Interest income (including amortization of premium and discount on
long-term securities using the effective yield method) is accrued daily.
Dividend income is recorded on the ex-dividend date.
Realized gains and losses on the sale of investments are computed on the
basis of the identified cost of the investments sold.
Expenses attributable to a single Portfolio are charged to that Portfolio.
Expenses of the Trust not attributable to a single Portfolio are charged to
each Portfolio in proportion to the average net assets of each Portfolio.
Equitable pays substantially all operating expenses on behalf of the Trust for
which Equitable is then reimbursed by the Trust.
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, withholding taxes, forward foreign
currency exchange contracts and foreign cash recorded on the Portfolio's books
and the U.S. dollar equivalent amount actually received or paid are presented
under foreign currency transactions in the realized and unrealized gains and
losses section of the Statements of Operations.
The Trust intends to comply with the requirements of the Internal Revenue
Code of 1986, as amended (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. Those differences are primarily due to differing
book and
105
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998 (Unaudited)
tax treatments for deferred organization costs, foreign currency transactions,
post-October losses, losses due to wash sales transactions, mark-to-market of
forward contracts, mark-to-market of passive foreign investment companies and
straddled transactions. In addition, each Portfolio will comply with the
investment diversification requirements of Subchapter L of the Code applicable
to segregated asset accounts.
Costs incurred by the Trust in connection with its organization have been
allocated equally to and capitalized by each of the initial twelve Portfolios
and are deferred and amortized on a straight line basis over a 60-month period
from the date the Portfolios commenced operations. On December 31, 1997 an
additional $188,040 in organizational costs was capitalized and allocated
evenly among the BT Equity 500 Index Portfolio, BT International Equity Index
Portfolio, BT Small Company Index Portfolio, JPM Core Bond Portfolio, Lazard
Large Cap Value Portfolio and the Lazard Small Cap Value Portfolio in
connection with their organization. Each of these Portfolios commenced
operations on January 1, 1998.
For all Portfolios, the Board of Trustees has approved the lending of
portfolio securities, through its custodian bank Chase Manhattan Bank, N.A.
("Chase") acting as lending agent, to certain approved broker-dealers in
exchange for negotiated lenders' fees. By lending investment securities, a
Portfolio attempts to increase its net investment income through the receipt of
interest on the loan. Any gain or loss in the market price of the securities
loaned that might occur and any interest earned or dividends declared during
the term of the loan would be for the account of the Portfolio. Risks of delay
in recovery of the securities or even loss of rights in the collateral may
occur should the borrower of the securities fail financially. Risks may also
arise to the extent that the value of the securities loaned increases above the
value of the collateral received. Any such loan of portfolio securities will be
continuously secured by collateral in cash or high grade debt securities at
least equal at all times to the market value of the security loaned. Chase will
indemnify each Portfolio from any loss resulting from a borrower's failure to
return a loaned security when due. Chase invests the cash collateral and
retains a portion of the interest earned. The net amount of interest earned,
after the interest rebate, is included in the Statements of Operations as
securities lending income. At June 30, 1998, the cash collateral received by
each Portfolio for securities loaned was invested by Chase in short-term
instruments in which each Portfolio has a pro rata interest equal to the amount
of cash collateral contributed.
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 and the Lazard Small
Cap Value 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. Each of the Portfolios (except
for the MFS Research Portfolio, BT Equity 500 Index Portfolio, BT Small Company
Index Portfolio, Lazard
106
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998 (Unaudited)
Large Cap Value Portfolio and Lazard Small Cap Value Portfolio) may purchase
and sell exchange traded options on foreign currencies. When a Portfolio writes
an option, an amount equal to the premium received by the Portfolio is recorded
as a liability and is subsequently adjusted on a daily basis to the current
market price of the option written. Premiums received from writing options
which expire unexercised are recognized as gains on the expiration date.
Premiums received from writing options which are exercised or are canceled in
closing purchase transactions are offset against the cost of any securities
purchased or added to the proceeds or netted against the amount paid on the
transaction to determine the realized gain or loss. In writing options, a
Portfolio must assume that the option may be exercised at any time prior to the
expiration of its obligation as a writer, and that in such circumstances the
net proceeds of the sale or cost of purchase of the underlying securities and
currencies pursuant to the call or put option may be substantially below or
above the prevailing market price. A Portfolio also has the additional risk of
not being able to enter into a closing purchase transaction if a liquid
secondary market does not exist and bears the risk of unfavorable changes in
the price of the financial instruments underlying the options.
Futures Contracts, Forward Commitments and Forward Foreign Currency Exchange
Contracts:
The futures contracts used by the Portfolios are agreements to buy or sell
a financial instrument for a set price in the future. Each Portfolio (with the
exception of the MFS Research Portfolio, the Lazard Large Cap Value Portfolio
and the Lazard Small Cap Value 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 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 BT Equity 500 Index Portfolio, BT Small
Company Index Portfolio and Lazard Small Cap Value Portfolio) may purchase
foreign currency on a spot (or cash) basis. In addition, each of the Portfolios
(except the MFS Research Portfolio, BT Equity 500 Index Portfolio, BT Small
Company Index Portfolio, Lazard Large Cap Value Portfolio and Lazard Small Cap
Value Portfolio) 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
107
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998 (Unaudited)
currency transactions. The Advisers, as defined below, may engage in these
forward contracts to protect against uncertainty in the level of future
exchange rates in connection with the purchase and sale of portfolio securities
("transaction hedging") and to protect the value of specific portfolio
positions ("position hedging").
Swaps:
The Morgan Stanley Emerging Markets Equity Portfolio, JPM Core Bond
Portfolio and BT International Equity Index Portfolio may each invest in swap
contracts, which are derivatives in the form of a contract or other similar
instrument which is an agreement to exchange the return generated by one
instrument for the return generated by another instrument. The payment streams
are calculated by reference to a specified index and agreed upon notional
amount. A Portfolio will usually enter into swaps on a net basis, i.e., the two
return streams are netted out in a cash settlement on the payment date or dates
specified in the instrument, with the Portfolio receiving or paying, as the
case may be, only the net amount of the two returns. A Portfolio's obligations
under a swap agreement will be accrued daily (offset against any amounts owing
to the Portfolio) and any accrued but unpaid net amounts owed to a swap
counterparty will be covered by the maintenance of a segregated account
consisting of cash, or other liquid obligations. A Portfolio will not enter
into any swap agreement unless the counterparty meets the rating requirements
set forth in guidelines established by the Trust's Board of Trustees.
Limitations on Market and Credit Risk:
Written options, futures contracts, forward commitments, forward foreign
currency exchange contracts and swaps involve elements of both market and
credit risk in excess of the amounts reflected in the Statements of Assets and
Liabilities. The contract amounts of these covered written options, futures
contracts, forward commitments, forward foreign currency exchange contracts and
swaps reflect the extent of the Portfolio's exposure to off-balance sheet risk.
The Portfolio bears the market risk which arises from any changes in security
values. The credit risk for futures contracts is limited to failure of the
exchange or board of trade which acts as the counterparty to the Portfolio's
futures transactions. Forward commitments, forward foreign currency exchange
contracts and swaps 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 foreign currency exchange contracts. With respect to
such transactions there is no daily margin settlement and the Portfolio is
exposed to the risk of default by the counterparty.
Note 2 Management of the Trust
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 as a percentage of average daily net assets,
for each of the Portfolios, calculated daily and payable quarterly as follows:
The fee is calculated based on an annual rate of:
0.25% OF AVERAGE DAILY NET ASSETS OF THE
BT Equity 500 Index Portfolio
BT Small Company Index Portfolio
0.35% OF AVERAGE DAILY NET ASSETS OF THE
BT International Equity Index Portfolio
108
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998 (Unaudited)
0.45% OF AVERAGE DAILY NET ASSETS OF THE
JPM Core Bond Portfolio
0.55% OF AVERAGE DAILY NET ASSETS OF 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 Investors Growth Portfolio
T. Rowe Price Equity Income Portfolio
Lazard Large Cap Value Portfolio
0.65% OF AVERAGE DAILY NET ASSETS OF THE
Warburg Pincus Small Company Value Portfolio
0.70% OF AVERAGE DAILY NET ASSETS OF THE
Merrill Lynch World Strategy Portfolio
EQ/Putnam International Equity Portfolio
0.75% OF AVERAGE DAILY NET ASSETS OF THE
T. Rowe Price International Stock Portfolio
0.80% OF AVERAGE DAILY NET ASSETS OF THE
Lazard Small Cap Value Portfolio
1.15% OF AVERAGE DAILY NET ASSETS OF THE
Morgan Stanley Emerging Markets Equity Portfolio
On behalf of the Trust, the Manager has entered into investment advisory
agreements ("Advisory Agreements") with each of the Advisers. Each of the
Advisory Agreements obligates the Advisers for the respective Portfolios to:
(i) continuously furnish investment programs for the Portfolios; (ii) place all
orders for the purchase and sale of investments for the Portfolios with brokers
or dealers selected by the Manager or the respective Advisers; and (iii)
perform certain limited related administrative functions in connection
therewith. The Manager pays the expenses of providing investment advisory
services to the Portfolios, including the fees of the Advisers of each
Portfolio.
Note 3 Administrative Fees
The Trust has entered into an administrative agreement with Chase Global
Funds Services Company ("Chase Global"), a corporate affiliate of The Chase
Manhattan Bank, N.A. ("Chase"), pursuant to which Chase Global provides certain
fund accounting, compliance and administrative services to the Trust. For such
services, Chase Global receives compensation at the annual rate of 0.0525 of 1%
of the total Trust assets, plus $25,000 for each Portfolio, until the total
Trust assets reach $2.0 billion, and when the total Trust assets exceed $2.0
billion Chase Global receives: 0.0425 of 1% of the next $500 million of the
total Trust assets; 0.035 of 1% of the next $2.0 billion of the total Trust
assets; 0.025 of 1% of the next $1.0 billion of the total Trust assets; 0.015
of 1% of the next $2.5 billion of the total Trust assets; and 0.01 of 1% of the
total Trust assets in excess of $8.0 billion; except that the annual fee
payable to Chase Global with respect to any Portfolio which commences operation
after July 1, 1997 and whose assets do not exceed $200 million shall be
computed at the rate of 0.0525 of 1% of the Portfolio's total assets plus
$25,000. Certain officers of the Trust are also officers of Chase Global.
Note 4 Custody Fees
The Trust has entered into a Custody Agreement with Chase. The Custody
Agreement provides for an annual fee based on the amount of assets under
custody plus transaction charges. Chase serves as custodian of the Trust's
portfolio securities and other assets. Under the terms of the Custody Agreement
between the Trust and Chase, Chase maintains and deposits in separate accounts,
cash, securities and
109
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998 (Unaudited)
other assets of the Portfolios. Chase is also required, upon the order of the
Trust, to deliver securities held by Chase, and to make payments for securities
purchased by the Trust. Chase has also entered into sub-custodian agreements
with a number of foreign banks and clearing agencies, pursuant to which
portfolio securities purchased outside the United States are maintained in the
custody of these entities.
Note 5 Distribution Plan
The Trust has entered into distribution agreements with 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 maximum distribution fee at the
annual rate of 0.50% of the average net assets attributable to the Trust's
Class IB shares. The distribution agreements, however, limit payments for
services provided under the Distribution Plan to an annual rate of 0.25% of the
average 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 (excluding the 0.25% annual fee under the
Trust's Class IB Distribution Plan) of each Portfolio are limited to:
0.30% OF AVERAGE DAILY NET ASSETS OF THE
BT Equity 500 Index Portfolio
0.35% OF AVERAGE DAILY NET ASSETS OF THE
BT Small Company Index Portfolio
0.55% OF AVERAGE DAILY NET ASSETS OF THE
BT International Equity Index Portfolio
JPM Core Bond Portfolio
0.60% OF AVERAGE DAILY NET ASSETS OF THE
Merrill Lynch Basic Value Equity Portfolio
MFS Emerging Growth Companies Portfolio
MFS Research Portfolio
EQ/Putnam Growth & Income Value Portfolio
EQ/Putnam Investors Growth Portfolio
T. Rowe Price Equity Income Portfolio
0.65% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Putnam Balanced Portfolio
Lazard Large Cap Value Portfolio
0.75% OF AVERAGE DAILY NET ASSETS OF THE
Warburg Pincus Small Company Value Portfolio
0.95% OF AVERAGE DAILY NET ASSETS OF THE
Merrill Lynch World Strategy Portfolio
EQ/Putnam International Equity Portfolio
T. Rowe Price International Stock Portfolio
Lazard Small Cap Value Portfolio
1.50% OF AVERAGE DAILY NET ASSETS OF THE
Morgan Stanley Emerging Markets Equity Portfolio
110
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Concluded)
June 30, 1998 (Unaudited)
Each Portfolio may at a later date reimburse to the Manager the management
fees waived or other expenses assumed and paid for by the Manager pursuant to
the Expense Limitation Agreement within the prior five fiscal years provided
such Portfolio has reached a sufficient asset size to permit such reimbursement
to be made without causing the total annual expense ratio of each Portfolio to
exceed the percentage limits mentioned above. Consequently, no reimbursement by
a Portfolio will be made unless: (i) the Portfolio's assets exceed $100
million; (ii) the Portfolio's total annual expense ratio is less than the
respective percentages stated above; and (iii) the payment of such
reimbursement has been approved by the Trust's Board of Trustees on a quarterly
basis. At June 30, 1998, under the Expense Limitation Agreement, the total
amount reimbursable to the Manager, which includes waivers of investment
management fees and reimbursements from the Manager, was $4,166,090.
Note 7 Trustees Deferred Compensation Plan
A deferred compensation plan for the benefit of the unaffiliated Trustees
has been adopted by the Trust. Under the deferred compensation plan, each
Trustee may defer payment of all or part of the fees payable for such Trustee's
services. Each Trustee may defer payment of such fees until their retirement as
a Trustee or until the earlier attainment of a specified age. Fees deferred
under the deferred compensation plan, together with accrued interest thereon,
will be disbursed to a participating Trustee in monthly installments over a
five to twenty year period elected by such Trustee.
111
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 11.58 $ 10.00
-------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.06 0.06
Net realized and unrealized gain (loss) on investments and foreign currency transactions 1.55 1.64
-------- -------
Total from investment operations ........................................................ 1.61 1.70
-------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.06)
Distributions from realized gains ....................................................... -- (0.05)
Distributions in excess of realized gains ............................................... -- (0.01)
-------- -------
Total dividends and distributions ....................................................... -- (0.12)
-------- -------
Net asset value, end of period ........................................................... $ 13.19 $ 11.58
======== =======
Total return (b) ......................................................................... 13.90% 16.99%
======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $125,706 $49,495
Ratio of expenses to average net assets after waivers (a) ................................ 0.85% 0.85%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.05% 1.89%
Ratio of net investment income to average net assets after waivers (a) ................... 1.37% 1.91%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 1.17% 0.87%
Portfolio turnover rate .................................................................. 40% 25%
Average commission rate paid ............................................................. $ 0.0582 $0.0566
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.03
</TABLE>
MERRILL LYNCH WORLD STRATEGY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 10.31 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.09 0.08
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.81 0.39
------- -------
Total from investment operations ........................................................ 0.90 0.47
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.05)
Distributions in excess of realized gains ............................................... -- (0.11)
------- -------
Total dividends and distributions ....................................................... -- (0.16)
------- -------
Net asset value, end of period ........................................................... $ 11.21 $ 10.31
======= =======
Total return (b) ......................................................................... 8.73% 4.70%
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $28,526 $18,210
Ratio of expenses to average net assets after waivers (a) ................................ 1.20% 1.20%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.53% 3.05%
Ratio of net investment income to average net assets after waivers (a) ................... 2.06% 1.89%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 1.73% 0.04%
Portfolio turnover rate .................................................................. 45% 58%
Average commission rate paid ............................................................. $0.0481 $0.0299
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.08
</TABLE>
112
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MFS EMERGING GROWTH COMPANIES PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 11.92 $ 10.00
-------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............................................................ (0.01) 0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions 2.59 2.21
-------- -------
Total from investment operations ........................................................ 2.58 2.23
-------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.02)
Distributions from realized gains ....................................................... -- (0.18)
Distributions in excess of realized gains ............................................... -- (0.11)
-------- -------
Total dividends and distributions ....................................................... -- (0.31)
-------- -------
Net asset value, end of period ........................................................... $ 14.50 $ 11.92
======== =======
Total return (b) ......................................................................... 21.64% 22.42%
======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $259,338 $99,317
Ratio of expenses to average net assets after waivers (a) ................................ 0.85% 0.85%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.04% 1.82%
Ratio of net investment income to average net assets after waivers (a) ................... (0.26)% 0.61%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... (0.45)% (0.36)%
Portfolio turnover rate .................................................................. 28% 116%
Average commission rate paid ............................................................. $ 0.0518 $0.0422
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.04
</TABLE>
MFS RESEARCH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 11.48 $ 10.00
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.02 0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions 2.19 1.58
-------- --------
Total from investment operations ........................................................ 2.21 1.60
-------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.02)
Distributions from realized gains ....................................................... -- (0.01)
Distributions in excess of realized gains ............................................... -- (0.09)
-------- --------
Total dividends and distributions ....................................................... -- (0.12)
-------- --------
Net asset value, end of period ........................................................... $ 13.69 $ 11.48
======== ========
Total return (b) ......................................................................... 19.25% 16.07%
======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $255,909 $114,754
Ratio of expenses to average net assets after waivers (a) ................................ 0.85% 0.85%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.04% 1.78%
Ratio of net investment income to average net assets after waivers (a) ................... 0.47% 0.65%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 0.28% (0.28)%
Portfolio turnover rate .................................................................. 31% 51%
Average commission rate paid ............................................................. $ 0.0541 $ 0.0471
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.03
</TABLE>
113
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM BALANCED PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 11.21 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.13 0.14
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.77 1.30
------- -------
Total from investment operations ........................................................ 0.90 1.44
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.13)
Dividends in excess of net investment income ............................................ -- (0.01)
Distributions from realized gains ....................................................... -- (0.09)
------- -------
Total dividends and distributions ....................................................... -- (0.23)
------- -------
Net asset value, end of period ........................................................... $ 12.11 $ 11.21
======= =======
Total return (b) ......................................................................... 8.03% 14.38%
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $51,895 $25,854
Ratio of expenses to average net assets after waivers (a) ................................ 0.90% 0.90%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.24% 2.55%
Ratio of net investment income to average net assets after waivers (a) ................... 2.97% 3.19%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 2.63% 1.54%
Portfolio turnover rate .................................................................. 65% 117%
Average commission rate paid ............................................................. $0.0397 $0.0346
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.02 $ 0.07
</TABLE>
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 11.52 $ 10.00
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.06 0.06
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.89 1.56
-------- --------
Total from investment operations ........................................................ 0.95 1.62
-------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.06)
Distributions from realized gains ....................................................... -- (0.01)
Distributions in excess of realized gains ............................................... -- (0.03)
-------- --------
Total dividends and distributions ....................................................... -- (0.10)
-------- --------
Net asset value, end of period ........................................................... $ 12.47 $ 11.52
======== ========
Total return (b) ......................................................................... 8.25% 16.23%
======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $321,485 $150,260
Ratio of expenses to average net assets after waivers (a) ................................ 0.85% 0.85%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.05% 1.75%
Ratio of net investment income to average net assets after waivers (a) ................... 1.27% 1.67%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 1.07% 0.77%
Portfolio turnover rate .................................................................. 41% 61%
Average commission rate paid ............................................................. $ 0.0398 $ 0.0376
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.03
</TABLE>
114
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 10.89 $ 10.00
-------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.08 0.03
Net realized and unrealized gain (loss) on investments and foreign currency transactions 2.10 0.93
-------- -------
Total from investment operations ........................................................ 2.18 0.96
-------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.02)
Distributions from realized gains ....................................................... -- (0.01)
Distributions in excess of realized gains ............................................... -- (0.04)
-------- -------
Total dividends and distributions ....................................................... -- (0.07)
-------- -------
Net asset value, end of period ........................................................... $ 13.07 $ 10.89
======== =======
Total return (b) ......................................................................... 20.02% 9.58%
======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $103,448 $55,178
Ratio of expenses to average net assets after waivers (a) ................................ 1.20% 1.20%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.43% 2.53%
Ratio of net investment income to average net assets after waivers (a) ................... 1.71% 0.74%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 1.48% (0.59)%
Portfolio turnover rate .................................................................. 48% 43%
Average commission rate paid ............................................................. $ 0.0193 $0.0153
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.05
</TABLE>
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 12.33 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.01 0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions 2.77 2.45
------- -------
Total from investment operations ........................................................ 2.78 2.47
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.03)
Distributions from realized gains ....................................................... -- (0.04)
Distributions in excess of realized gains ............................................... -- (0.07)
------- -------
Total dividends and distributions ....................................................... -- (0.14)
------- -------
Net asset value, end of period ........................................................... $ 15.11 $ 12.33
======= =======
Total return (b) ......................................................................... 22.55% 24.70%
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $95,503 $39,695
Ratio of expenses to average net assets after waivers (a) ................................ 0.85% 0.85%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.08% 2.13%
Ratio of net investment income to average net assets after waivers (a) ................... 0.20% 0.58%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... (0.03)% (0.70)%
Portfolio turnover rate .................................................................. 22% 47%
Average commission rate paid ............................................................. $0.0388 $0.0338
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.05
</TABLE>
115
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
T. ROWE PRICE EQUITY INCOME PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 12.08 $ 10.00
-------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.11 0.10
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.65 2.11
-------- -------
Total from investment operations ........................................................ 0.76 2.21
-------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.09)
Distributions from realized gains ....................................................... -- (0.04)
-------- -------
Total dividends and distributions ....................................................... -- (0.13)
-------- -------
Net asset value, end of period ........................................................... $ 12.84 $ 12.08
======== =======
Total return (b) ......................................................................... 6.29% 22.11%
======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $199,678 $99,947
Ratio of expenses to average net assets after waivers (a) ................................ 0.85% 0.85%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.04% 1.74%
Ratio of net investment income to average net assets after waivers (a) ................... 2.20% 2.49%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 2.01% 1.60%
Portfolio turnover rate .................................................................. 9% 9%
Average commission rate paid ............................................................. $ 0.0304 $0.0293
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.03
</TABLE>
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 9.85 $ 10.00
-------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.06 0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions 1.19 (0.17)
-------- -------
Total from investment operations ........................................................ 1.25 (0.15)
-------- -------
LESS DISTRIBUTIONS:
Dividends in excess of net investment income ............................................ -- --
-------- -------
Total dividends and distributions ....................................................... -- --
-------- -------
Net asset value, end of period ........................................................... $ 11.10 $ 9.85
======== =======
Total return (b) ......................................................................... 12.69% (1.49)%
======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $115,053 $69,572
Ratio of expenses to average net assets after waivers (a) ................................ 1.20% 1.20%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.41% 2.56%
Ratio of net investment income to average net assets after waivers (a) ................... 1.43% 0.45%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 1.22% (0.91)%
Portfolio turnover rate .................................................................. 13% 17%
Average commission rate paid ............................................................. $ 0.0115 $0.0034
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.05
</TABLE>
116
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 11.85 $ 10.00
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.02 0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.77 1.90
-------- --------
Total from investment operations ........................................................ 0.79 1.91
-------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.01)
Distributions in excess of realized gains ............................................... -- (0.05)
-------- --------
Total dividends and distributions ....................................................... -- (0.06)
-------- --------
Net asset value, end of period ........................................................... $ 12.64 $ 11.85
======== ========
Total return (b) ......................................................................... 6.67% 19.15%
======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $181,001 $120,880
Ratio of expenses to average net assets after waivers (a) ................................ 1.00% 1.00%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.12% 1.70%
Ratio of net investment income to average net assets after waivers (a) ................... 0.33% 0.26%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 0.21% (0.44)%
Portfolio turnover rate .................................................................. 49% 44%
Average commission rate paid ............................................................. $0.0552 $ 0.0545
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.03
</TABLE>
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED AUGUST 20, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 7.96 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.02 0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions (1.51) (2.06)
------- -------
Total from investment operations ........................................................ (1.49) (2.02)
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.02)
------- -------
Total dividends and distributions ....................................................... -- (0.02)
------- -------
Net asset value, end of period ........................................................... $ 6.47 $ 7.96
======= =======
Total return (b) ......................................................................... (18.72)% (20.16)%
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $33,982 $21,433
Ratio of expenses to average net assets after waivers (a) ................................ 1.75% 1.75%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 2.32% 2.61%
Ratio of net investment income to average net assets after waivers (a) ................... 1.00% 1.96%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 0.43% 1.10%
Portfolio turnover rate .................................................................. 33% 25%
Average commission rate paid ............................................................. $0.0012 $0.0011
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.02
</TABLE>
117
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
BT EQUITY 500 INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
--------------
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED)
--------------
<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 1.43
-------
Total from investment operations ........................................................ 1.47
-------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... --
-------
Total dividends and distributions ....................................................... --
-------
Net asset value, end of period ........................................................... $ 11.47
=======
Total return (b) ......................................................................... 14.70%
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $83,185
Ratio of expenses to average net assets after waivers (a) ................................ 0.55%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 0.89%
Ratio of net investment income to average net assets after waivers (a) ................... 1.49%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 1.15%
Portfolio turnover rate .................................................................. 0%
Average commission rate paid ............................................................. $0.0311
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01
</TABLE>
BT INTERNATIONAL EQUITY INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
--------------
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED)
--------------
<S> <C>
Net asset value, beginning of period ..................................................... $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.09
Net realized and unrealized gain (loss) on investments and foreign currency transactions 1.49
-------
Total from investment operations ........................................................ 1.58
-------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... --
-------
Total dividends and distributions ....................................................... --
-------
Net asset value, end of period ........................................................... $ 11.58
=======
Total return (b) ......................................................................... 15.80%
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $29,098
Ratio of expenses to average net assets after waivers (a) ................................ 0.80%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.27%
Ratio of net investment income to average net assets after waivers (a) ................... 2.18%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 1.71%
Portfolio turnover rate .................................................................. 1%
Average commission rate paid ............................................................. $0.0171
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.02
</TABLE>
118
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
BT SMALL COMPANY INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
--------------
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED)
--------------
<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 0.41
-------
Total from investment operations ........................................................ 0.45
-------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... --
-------
Total dividends and distributions ....................................................... --
-------
Net asset value, end of period ........................................................... $ 10.45
=======
Total return (b) ......................................................................... 4.50%
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $19,826
Ratio of expenses to average net assets after waivers (a) ................................ 0.60%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.72%
Ratio of net investment income to average net assets after waivers (a) ................... 1.16%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 0.04%
Portfolio turnover rate .................................................................. 28%
Average commission rate paid ............................................................. $0.0211
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.04
</TABLE>
JPM CORE BOND PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
--------------
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED)
--------------
<S> <C>
Net asset value, beginning of period ..................................................... $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.13
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.26
-------
Total from investment operations ........................................................ 0.39
-------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... --
-------
Total dividends and distributions ....................................................... --
-------
Net asset value, end of period ........................................................... $ 10.39
=======
Total return (b) ......................................................................... 3.90%
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $29,128
Ratio of expenses to average net assets after waivers (a) ................................ 0.80%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.18%
Ratio of net investment income to average net assets after waivers (a) ................... 5.02%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 4.64%
Portfolio turnover rate .................................................................. 309%
Average commission rate paid ............................................................. $0.0011
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01
</TABLE>
119
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Concluded)
LAZARD LARGE CAP VALUE PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
--------------
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED)
--------------
<S> <C>
Net asset value, beginning of period ..................................................... $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.03
Net realized and unrealized gain (loss) on investments and foreign currency transactions 1.21
-------
Total from investment operations ........................................................ 1.24
-------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... --
-------
Total dividends and distributions ....................................................... --
-------
Net asset value, end of period ........................................................... $ 11.24
=======
Total return (b) ......................................................................... 12.40%
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $28,073
Ratio of expenses to average net assets after waivers (a) ................................ 0.90%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.45%
Ratio of net investment income to average net assets after waivers (a) ................... 1.55%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 1.00%
Portfolio turnover rate .................................................................. 18%
Average commission rate paid ............................................................. $0.0326
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01
</TABLE>
LAZARD SMALL CAP VALUE PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
--------------
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED)
--------------
<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 0.04
-------
Total from investment operations ........................................................ 0.05
-------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... --
-------
Total dividends and distributions ....................................................... --
-------
Net asset value, end of period ........................................................... $ 10.05
=======
Total return (b) ......................................................................... 0.50%
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $26,828
Ratio of expenses to average net assets after waivers (a) ................................ 1.20%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.63%
Ratio of net investment income to average net assets after waivers (a) ................... 0.49%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 0.06%
Portfolio turnover rate .................................................................. 7%
Average commission rate paid ............................................................. $0.0358
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1997
commenced operations on January 1, 1998.
(a) Annualized.
(b) Total return is not annualized.
120
