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EQ ADVISORS TRUST
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Annual Report
December 31, 1998
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EQ ADVISORS TRUST
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NOTES ON PERFORMANCE
Performance of the EQ Advisors Trust portfolios as shown on the following pages
compares each Portfolio's performance to that of a broad-based securities index,
and, in some cases, averages of mutual funds having comparable investment
objectives. Each of the portfolios' rates of return are net of investment
management fees, and expenses of each of the portfolios of the EQ Advisors
Trust. Rates of return are annualized. All rates are calculated in accordance
with the standards prescribed by the SEC. These rates are not representative of
the actual return you would receive under an Equitable variable life insurance
policy or annuity contract. No policyowner or contractholder can invest directly
in the EQ Advisors Trust portfolios. Changes in policy values depend not only on
the investment performance of the EQ Advisors Trust portfolios, but also on the
insurance and administrative charges, applicable sales charges and the mortality
and expense risk charge applicable under a policy. These policy charges
effectively reduce the dollar amount of any net gains and increase the dollar
amount of any net losses.
Each of the EQ Advisors Trust portfolios has a separate investment objective it
seeks to achieve by following a separate investment policy. There is no
guarantee that these objectives will be attained. The objectives and policies of
each portfolio will affect its return and its risk. Keep in mind that past
performance is no indication of future results.
THE BENCHMARKS
Broad-based securities indices are unmanaged, and are not subject to fees and
expenses typically associated with managed investment company portfolios.
Investments cannot be made directly in a broad-based securities index.
Comparisons with these benchmarks, therefore, are of limited use. They are
included because they are widely known and may help you to understand the
universe of securities from which each Portfolio is likely to select its
holdings.
(1) The Standard & Poor's 500 Composite Stock Price Index ("S&P 500") is an
unmanaged index containing common stock of 500 industrial, transportation,
utility and financial companies, regarded as generally representative of the
United States stock market. The Index reflects the reinvestment of dividends, if
any, but does not reflect fees, brokerage commissions or other expenses of
investing.
(2) The Russell 2000 Index ("Russell 2000") is an unmanaged index (with no
defined investment objective) of 2000 small-cap stocks and it includes
reinvestment of dividends. It is compiled by the Frank Russell Company.
(3) The Morgan Stanley Capital International EAFE Index ("MSCI EAFE") is a
market capitalization weighted equity index composed of a sample of companies
representative of the market structure of Europe, Australia and the Far East.
MSCI EAFE Index returns assume dividends reinvested net of withholding tax and
do not reflect any fees or expenses.
(4) The Morgan Stanley Capital International Emerging Markets Free Price Return
Index ("MSCI Emerging Markets Free") is a market capitalization weighted equity
index composed of companies that are representative of the market structure of
the following countries: Argentina, Brazil, Chile, China Free, Columbia, Czech
Republic, Greece, Hungary, India, Indonesia, Israel, Jordan, Korea (@50%),
Mexico Free, Pakistan, Peru, Philippines Free, Poland, Russia, South Africa,
SriLanka, Taiwan (@50%), Thailand, Turkey, Venezuela Free. The base date for the
index is December 31, 1987. "Free" MSCI indices exclude those shares not
purchasable by foreign investors. The average size of the emerging market
companies within this index is US$800 million.
(5) Lehman Government/Corporate Bond Index ("Lehman Gov't/Corp") represents an
unmanaged group of securities widely regarded by investors as representative of
the bond market. The "blended" performance numbers (e.g. 60% S&P 500/40% Lehman
Gov't/Corp) assume a static mix of the two indices.
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EQ ADVISORS TRUST
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(6) Salomon Brothers Broad Investment Grade Bond Index ("Salomon Brothers BIG")
is an unmanaged market-weighted index that contains approximately 4,700
individually priced investment grade bonds.
(7) The Lipper Averages are contained in Lipper's survey of the performance of a
large number of mutual funds. This survey is published by Lipper Analytical
Services, Inc., a firm recognized for its reporting of performance of actively
managed funds. According to Lipper Analytical Services, Inc., the data are
presented net of investment management fees, direct operating expenses, and, for
funds with Rule 12b-1 plans, asset-based charges or 12b-1 distribution fees.
Performance data for funds which assess sales charges in other ways do not
reflect deductions for sales charges. Performance data shown for the Portfolios
does not reflect deduction for sales charges (which are assessed at the policy
level). This means that to the extent that asset-based sales charges deducted by
some funds have lowered the Lipper averages, the performance data shown for the
Portfolios appears relatively more favorable than the performance data for the
Lipper averages.
GROWTH OF A $10,000 INVESTMENT
The charts shown on the following pages illustrate the total value of an assumed
investment in Class 1B shares of each Portfolio of the EQ Advisors Trust. The
Class 1A Shares were not available prior to November 24, 1998, and performance
information for this class of shares has not been provided. However, the
performance results for the Class 1A shares would generally be higher than that
for the Class 1B shares since that class of shares is not subject to
distribution fees. The periods illustrated are from the inception dates shown
through December 31, 1998. These results assume reinvestment of dividends and
capital gains. The total value shown for each Portfolio reflects management fees
and operating expenses of the portfolios. They have not been adjusted for
insurance-related charges and expenses associated with life insurance policies
or annuity contracts, which would lower the total values shown. Results should
not be considered representative of future gains or losses.
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MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
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1998 proved to be yet another very difficult year for value investing, probably
the most difficult since the 1990 recession. The fact that cyclically-oriented
companies continued to trade at depressed valuation levels translated to an
overweight position in Basic Material and Capital Goods holdings in the
Portfolio throughout the year, which hurt performance. Although holdings such as
Asarco, Louisiana Pacific, Newmont Mining, and International Paper traded at
depressed valuation levels, investors generally refused to bid their valuations
higher in recognition of the largest valuation dichotomy with growth stocks in
decades. Likewise, the inherent value in smaller and medium-cap companies
attracted our attention. The small-and medium-cap exposure, despite more
attractive valuation levels, did not contribute to relative outperformance
during the period. Another area of weakness was Energy and Energy-related
holdings.
Several investment decisions were made during the year which made a positive
contribution to Portfolio performance. Several companies were taken over
including Digital Equipment Corp., Union Texas Petroleum Holdings,
Computervision, Dresser Industries, Stone Container, and TIG Holdings. The
Portfolio's technology exposure went from an underweight position in the first
half of the year to an overweighted position in the fall when this sector was
near its low. The subsequent turnaround in technology issues as companies
finally began to meet or exceed earnings expectations in the third quarter,
served the Portfolio well. Several of the Portfolio's largest holdings at the
beginning of the year were eventually scaled back or eliminated as the companies
proved successful in executing their turnaround plans.
The Portfolio continues to adhere to its strict value philosophy. In 1999, we
remain confident that our bottom-up, value approach to stock selection will
continue to reward investors with a long-term investment horizon.
Kevin Rendino, Portfolio Manager
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INVESTMENT OBJECTIVE
Seeks capital appreciation and secondarily, income by investing in securities,
primarily equities, that the Adviser believes are undervalued and therefore
represent basic investment value.
PRINCIPAL INVESTMENT STRATEGIES
Equity securities that are undervalued.
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................... $174.1 million
Number of Issues ................................. 52
LARGEST EQUITY HOLDINGS,AS OF DEC. 31, 1998
Union Pacific Corp. ............................... Railroads
Seagram Co., Ltd. ................................. Beverages
Kimberly-Clark Corp. .............................. Paper
Aetna, Inc. ....................................... Insurance
General Mills, Inc. ............................... Foods
CIT Group, Inc., Class A .......................... Financial Services
Motorola, Inc. .................................... Telecommunications
Novell, Inc. ...................................... Electronics
Philip Morris Cos., Inc. .......................... Tobacco
Hercules, Inc. .................................... Chemicals
ASSET MIX DISTRIBUTION,AS OF DEC. 31, 1998
Domestic Stock .................................... 75.0%
Foreign Stock ..................................... 6.1%
Short-Term & Other ................................ 18.9%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year Since Inception
May 1, 1997
Merrill Lynch Basic Value Equity Portfolio ........ 11.59% 17.29%
(1) S&P 500 ....................................... 28.58% 31.63%
(7) Lipper Growth & Income Funds Average .......... 15.61% 21.89%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
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GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
MERRILL LYNCH BASIC
VALUE EQUITY PORTFOLIO S&P 500
May 1, 1997 $10,000 $10,000
Dec. 31, 1998 $13,055 $15,747
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MERRILL LYNCH WORLD STRATEGY PORTFOLIO
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For 1998 as a whole, U.S. equities provided the highest return relative to
foreign equities and U.S. and foreign fixed income securities. Our increase in
the Portfolio's U.S. equity weightings and cash reserves had an overall positive
impact on performance. In the foreign equity sector, the overweighting of Europe
relative to Japan and emerging markets proved favorable. However, both U.S. and
European stock markets were characterized by a significant outperformance for a
narrow group of large-capitalization equities. While the Portfolio's position in
equities of this type was increased during the fourth quarter, the Portfolio was
underweighted in these equities throughout the year. U.S. and foreign bond
commitments also positively contributed to overall performance.
In expanding the Portfolio's weighting in U.S. equities, we focused on companies
which offered a high degree of earnings visibility, despite an expected slowdown
in economic activity. The foreign equity weighting was also increased during the
fourth quarter. We are focusing on companies with predictable earnings streams,
where the risk of earnings disappointment seems low despite slower economic
growth. Our commitment to Japanese equities remains underweight relative to the
MSCI EAFE Index. We remain cautious toward emerging markets. The trend in
intermediate and longer-term U.S. interest rates is likely to remain downward in
coming months, reflecting the lack of inflationary pressures in the U.S.
economy. Among the foreign bond commitments, Swedish bonds were eliminated
during the second half of 1998, so that representation is now limited to Germany
and the U.K. We continue to hedge the commitments in U.K stocks and bonds back
into U.S. dollars. However, the hedges on the Continental European equities and
bonds and the Japanese equities have been eliminated as the easier monetary
policy by the Federal Reserve Board could lead to near-term weakness of the U.S.
dollar versus these currencies.
Thomas Robinson, Portfolio Manager
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INVESTMENT OBJECTIVE
Seeks high total return by investing primarily in a portfolio of equity and
fixed income securities, including convertible securities, of U.S. and foreign
issuers.
PRINCIPAL INVESTMENT STRATEGIES
Equity and fixed income securities of U.S. and foreign companies.
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $30.6 million
Number of Issues .................................. 167
LARGEST EQUITY HOLDINGS,AS OF DEC. 31, 1998
Telecommunications, Inc. .......................... Investment Co. & Telecomm.
Burlington Northern Santa Fe Corp. ................ Railroads
Compaq Computer Corp. ............................. Office Equipment
Motorola, Inc. .................................... Telecommunications
MCI WorldCom, Inc. ................................ Telecommunications
Bristol-Myers Squibb Co. .......................... Drugs
Providian Financial Corp. ......................... Financial Services
Premier Parks, Inc. ............................... Real Estate
Bank of New York Co., Inc. ........................ Banks
Teleglobe, Inc. ................................... Telecommunications
ASSET MIX DISTRIBUTION,AS OF DEC. 31, 1998
Domestic Stock .................................... 39.5%
Foreign Stock ..................................... 27.1%
Bonds ............................................. 31.6%
Short-Term & Other ................................ 1.8%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year Since Inception
May 1, 1997
Merrill Lynch World Strategy Portfolio ........... 6.81% 6.91%
(*) Composite Market Benchmark .................... 19.55% 20.00%
(7) Lipper Global Flexible Portfolio Average ...... 10.61% 12.00%
(*) The Composite Market Benchmark is made up of 36% S&P 500, 24% MSCI EAFE,
21% Salomon Brothers U.S. Treasury Bond 1 Year+, 14% Salomon Brothers World
Government ex U.S. and 5% U.S. Treasury Bill
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
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GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
COMPOSITE
MERRILL LYNCH WORLD MARKET
STRATEGY PORTFOLIO BENCHMARK
May 1, 1997 $10,000 $10,000
Dec. 31, 1998 $11,183 $13,247
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MFS EMERGING GROWTH COMPANIES PORTFOLIO
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The mid- and larger-capitalization stocks in the Portfolio fared better than its
smaller holdings, as did those companies which had little exposure to countries
abroad. The Portfolio also benefited from the strong performance of its largest
sector, technology, where earnings were surprisingly robust despite issues
relating to Asia. Stocks which contributed to performance included Compuware,
Cisco Systems, Microsoft, Oracle and Sun Microsystems -- all of whose products
were in solid demand by corporations seeking enhanced productivity. Deregulation
and the rapid growth of data services in the telecommunications industry boosted
the values of holdings such as WorldCom/MCI and Global Telesystems. Consumer
demand was more vibrant than expected. This helped successful specialty
retailers such as Staples and Office Depot and also provided a positive backdrop
for food and drug retailing companies such as Rite-Aid and Fred Meyer where
strong pharmacy sales helped storewide sales.
There were a few areas which did not do as well. Cendant, the company
created by the merger of HFS and CUC International, suffered because of
accounting irregularities at CUC. In 1999, a major restructuring and refocusing
of core businesses combined with a multi-billion dollar share buyback should
help that company contribute to performance. Health maintenance organizations
also disappointed as a result of an in-balance between costs and pricing.
Looking forward, we believe the fundamental outlook for emerging growth stocks
remains positive. We continue to think that we are at the beginning of a
slowdown in profit growth for many of the large-cap multinational companies
which make up the broader market averages. This is a positive for emerging
growth stocks which should be able to grow much faster than the overall economy.
Moreover, inflation and interest rates are both low which provides a favorable
backdrop for the valuation of emerging growth stocks.
John Ballen and Toni Shimura, Portfolio Managers
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INVESTMENT OBJECTIVE
Seeks to provide long-term capital growth.
PRINCIPAL INVESTMENT STRATEGIES
Equity securities of emerging growth companies with the potential to become
major enterprises.
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $467.3 million
Number of Issues .................................. 232
LARGEST EQUITY HOLDINGS, AS OF DEC. 31, 1998
Cisco Systems, Inc. ............................... Office Equipment
Tyco International Ltd. ........................... Diversified
Oracle Corp. ...................................... Office Equipment
Compuware Corp. ................................... Professional Services
MCI WorldCom, Inc. ................................ Telecommunications
Microsoft Corp. ................................... Electronics
Computer Associates Int'l, Inc. ................... Electronics
BMC Software, Inc. ................................ Electronics
Cendant Corp. ..................................... Professional Services
Office Depot, Inc. ................................ Retail - General
ASSET MIX DISTRIBUTION,AS OF DEC. 31, 1998
Domestic Stock .................................... 95.1%
Foreign Stock ..................................... 3.4%
Short-Term & Other ................................ 1.5%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year Since Inception
May 1, 1997
MFS Emerging Growth Companies Portfolio ........... 34.57% 34.81%
(2) Russell 2000 .................................. (2.54)% 14.53%
(7) Lipper Mid Cap Funds Average .................. 12.24% 22.81%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
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GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
MFS EMERGING
GROWTH COMPANIES
PORTFOLIO RUSSELL 2000
May 1, 1997 $10,000 $10,000
Dec. 31, 1998 $16,474 $12,541
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MFS RESEARCH PORTFOLIO
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When assessing performance of the Portfolio, it pays to bear in mind that this
portfolio is truly a "best ideas" portfolio that invests in strong stocks,
regardless of their market capitalizations or industry sectors. Over the year,
the market has been driven by a narrow band of large-capitalization,
multinational companies, while the Portfolio has significant holdings in small-
and mid-cap stocks. As a result, this Portfolio does not move in lock-step with
the S&P 500 Index. We feel this flexibility will better position the Portfolio
for long-term growth as the valuation gap between large and small companies
closes.
We continue to be overweighted in growth areas such as technology, health care,
and consumer staples. In technology the Portfolio features Microsoft, our
largest holding, and Cisco, Intel, and Oracle. We see positive prospects for
continued earnings growth in these companies. Health care weightings have
changed little from one year ago and include major pharmaceutical companies such
as Pfizer, American Home Products, and Bristol-Myers Squibb, all of which have
strong product pipelines and should benefit from the worldwide trend toward
increased prescription volumes. We also have large holdings in consumer staples
companies such as Colgate Palmolive and Clorox, both of which we see as
benefiting from continued consumer confidence in a growing economy. In contrast,
we are underweighted in a number of cyclical and commodity-driven industries
such as oil, chemical, and paper and forest products. We see these industries
suffering from pricing pressures that have hurt their ability to generate
consistent earnings growth.
In 1999, the Portfolio will continue to seek fundamentally strong companies that
reflect our best research within specific industries. Stocks will be selected
after careful, in-depth fundamental analysis of companies earnings outlook. The
Portfolio's sector weightings will result as a fallout of the "best ideas" stock
selection process.
Committee of MFS Research Analysts
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INVESTMENT OBJECTIVE
Seeks to provide long-term growth of capital and future income.
PRINCIPAL INVESTMENT STRATEGIES
Common stock or securities convertible into common stock of companies with
better than average prospects for long-term growth.
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $407.6 million
Number of Issues .................................. 115
LARGEST EQUITY HOLDINGS, AS OF DEC. 31, 1998
Microsoft Corp. ................................... Electronics
Tyco International Ltd. ........................... Diversified
MCI WorldCom, Inc. ................................ Telecommunications
United Technologies Corp. ......................... Aerospace
Oracle Corp. ...................................... Office Equipment
Rite Aid Corp. .................................... Retail - General
American Home Products Corp. ...................... Drugs
Compuware Corp. ................................... Professional Services
Pfizer, Inc. ...................................... Drugs
HBO & Co .......................................... Electronics
ASSET MIX DISTRIBUTION,AS OF DEC. 31, 1998
Domestic Stock .................................... 89.4%
Foreign Stock ..................................... 5.3%
Short-Term & Other ................................ 5.3%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year Since Inception
May 1, 1997
MFS Research Portfolio ............................ 24.11% 24.41%
(1) S&P 500 ....................................... 28.58% 31.63%
(7) Lipper Growth Funds Average ................... 22.91% 26.70%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
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GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
MFS RESEARCH
PORTFOLIO S&P 500
May 1, 1997 $10,000 $10,000
Dec. 31, 1998 $14,406 $15,747
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EQ/PUTNAM BALANCED PORTFOLIO
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1998 was a year of intense market volatility within the equity market. The
height of volatility occurred in the third quarter: the equity market's
three-year euphoria continued through mid July, when the S&P 500 hit a record
high, fueled by steady economic growth and investor optimism. By August, rising
investor discomfort resulted in a dramatic selloff and an abrupt drop. U.S.
stocks recovered slightly in September only to plummet once again by month-end.
Volatility also rocked the bond markets. In the general flight to quality,
developed-country government bonds, especially U.S. Treasuries, soared while all
other bond sectors plummeted. Treasury rates fell dramatically.
Third-quarter market dislocations created significant fourth-quarter
opportunities in both equity and fixed-income markets. The Portfolio lagged a
robust S&P 500 Index, whose strength reflected positive market reaction to three
Fed rate cuts. During the quarter, capital goods, aerospace, energy, chemical,
food, retail, airline, railroad, electric utility, and bank companies
underperformed. Overall the market favored companies with higher growth rates.
In terms of the Portfolio's equity component, we continue to seek companies with
attractive valuations and the potential of better earnings two to three years
out. With fears of global recession now easing, the market is rapidly changing
as technology emerges as the performance leader. We are focusing on companies
effectively using technology to gain on their competitors. In the U.S.
fixed-income market, non-Treasury sectors still have the most attractive yield
premiums relative to Treasuries since 1990-91. Our fundamental assessment that
the U.S. economy is still on track for above-trend growth with limited inflation
in 1999, combined with the dramatic cheapening of spread sectors, supports our
decision to maintain the Portfolio's higher-yielding corporate, mortgage-backed
securities, and asset-backed securities exposures. For the Portfolio's
high-yield holdings, we plan to continue to emphasize media and
telecommunications based on a favorable earnings outlook.
Edward Bousa, David Waldman, James Prusko and
Krishna K. Memani, Portfolio Management Team
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INVESTMENT OBJECTIVE
Seeks to provide a balanced investment composed of a well-diversified portfolio
of stocks and bonds that will produce both capital growth and current income.
PRINCIPAL INVESTMENT STRATEGIES
Well-diversified portfolio of stocks and bonds, and negotiable instruments.
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $76.0 million
Number of Issues .................................. 274
Average Years to Maturity (fixed income only) ..... 13.17
LARGEST EQUITY HOLDINGS, AS OF DEC. 31, 1998
Philip Morris Companies, Inc. ..................... Tobacco
BankAmerica Corp. ................................. Banks
Bristol Myers-Squibb Co. .......................... Drugs
GTE Corp .......................................... Utility - Telephone
Citigroup, Inc. ................................... Banks
Exxon Corp. ....................................... Oil - Domestic
Pharmacia & Upjohn, Inc. .......................... Drugs
IBM Corp .......................................... Office Equipment
Mobil Corp. ....................................... Oil - Domestic
AT&T Corp. ........................................ Utility - Telephone
ASSET MIX DISTRIBUTION, AS OF DEC. 31, 1998
Domestic Stock .................................... 58.8%
Foreign Stock ..................................... 1.4%
Bonds ............................................. 32.7%
Short-Term & Other ................................ 7.1%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year Since Inception
May 1, 1997
EQ/Putnam Balanced Portfolio ...................... 11.92% 15.93%
(5) 60% S&P 500/40% Lehman Gov't/Corp ............. 21.35% 23.48%
(7) Lipper Balanced Funds Average ................. 13.50% 17.95%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
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GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
60% S&P
500/40%
EQ/PUTNAM BALANCED LEHMAN
PORTFOLIO GOV'T/CORP
May 1, 1997 $10,000 $10,000
Dec. 31, 1998 $12,801 $14,219
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EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
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Throughout the year, though large-cap stocks outperformed their small-cap
counterparts, growth equities overshadowed value. Growth equities, which
dominate the S&P 500, have been in favor over the past three years, a preference
that has made it difficult for value portfolios to outperform the index.
In 1998, the Portfolio benefited from market weighting in two of the
top-performing sectors, utilities and consumer cyclicals. Strong stock selection
in the other two (growth-oriented) top performers, technology and health care,
also contributed to results.
The average technology holding in the Portfolio returned over 53% for the year.
The top contributors to total return for the year included Texas Instruments,
IBM, Intel Corporation, and Xerox. The Portfolio's health-care stocks rose 42%;
stocks that contributed significantly to performance included Pharmacia &
Upjohn, American Home Products, and Bristol-Myers. Overweighting the more
cyclically-oriented basic industrial, transportation, energy, and financial
services hindered performance throughout the year. Money-center banks
underperformed, with Citigroup and BankAmerica declining 17.8% and 32%,
respectively. Specialty chemicals and oil also lagged.
Looking ahead, while we anticipate ongoing volatility, we believe that the
Portfolio is well positioned to capture the long-term appreciation potential of
undervalued but fundamentally sound large-cap value companies. We continue to
emphasize companies with domestic exposure and minimal Asian earnings exposure,
which is illustrated by our overweight position in utilities and financial
sectors.
We are emphasizing companies with high-quality earnings growth including a
number of technology companies providing value-added increases in productivity
and health-care companies demonstrating earnings growth from new products. We
are also focused on companies benefiting from merger activity and on those
exposed to the U.S. consumer.
Anthony Kreisel, Portfolio Manager
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INVESTMENT OBJECTIVE
Seeks capital growth. Current income is a secondary objective.
PRINCIPAL INVESTMENT STRATEGIES
Common stocks (plus convertible bonds, convertible preferred stocks, preferred
stocks and debt securities).
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $460.7 million
Number of Issues .................................. 107
LARGEST EQUITY HOLDINGS, AS OF DEC. 31, 1998
Pharmacia & Upjohn, Inc. .......................... Drugs
Xerox Corp. ....................................... Office Equipment
Merck & Co., Inc. ................................. Drugs
BankAmerica Corp. ................................. Banks
Citigroup, Inc. ................................... Banks
IBM Corp. ......................................... Office Equipment
AT&T Corp ......................................... Utility - Telephone
Philip Morris Cos., Inc. .......................... Tobacco
Texas Instruments, Inc. ........................... Electronics
Bristol-Myers Squibb Co. .......................... Drugs
ASSET MIX DISTRIBUTION, AS OF DEC. 31, 1998
Domestic Stock .................................... 92.5%
Foreign Stock ..................................... 0.9%
Short-Term & Other ................................ 6.6%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year Since Inception
May 1, 1997
EQ/Putnam Growth & Income Value Portfolio ......... 12.75% 17.56%
(1) S&P 500 ....................................... 28.58% 31.63%
(7) Lipper Growth & Income Funds Average .......... 15.61% 21.89%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
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GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
EQ/PUTNAM GROWTH &
INCOME VALUE S&P 500
May 1, 1997 $10,000 $10,000
Dec. 31, 1998 $13,105 $15,747
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EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
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Global equities enjoyed robust returns in 1998 after a powerful fourth-quarter
rally, recovering losses from the prior quarter. The year was marked by extreme
volatility as markets moved from record declines to record gains in amazingly
short order. Driven by falling interest rates in advance of European Economic
and Monetary Union, widespread corporate restructuring, and a spate of
mega-mergers, European markets gained 28.5% in 1998. In contrast, Asia's
financial troubles were pervasive for most of the year, with Japan, Hong Kong,
South Korea, Singapore, and Malaysia in decline. Many endured harsh recessions
during the year. By year-end, however, some Asian markets, excluding Japan,
appeared to stabilize.
The pattern of strong growth in Europe and stagnation in Asia continued from
January until August when a series of events, including the collapse of the
Russian economy and the ensuing damage to large hedge funds and their lenders,
prompted swift, sudden market reversals. In late-September, global markets began
a rally that continued through the fourth quarter. The recovery stemmed from
more attractive equity valuations; declining interest rates in the United
States, Europe, and Asia; and modest economic improvement in the Pacific Basin.
Looking ahead, we believe that Europe's long-term fundamentals remain solid and
offer attractive investment opportunities. Although we have lowered our
estimates for growth in Europe in 1999 to about 2%, they still remain attractive
in a global context. We believe European markets will continue to outperform
other global markets. Although the situation appears to have stabilized in Asia,
we believe the recovery will be a slow, difficult process. As a result, we
remain cautious toward Pacific Basin investments. As global deflationary
pressures continue into 1999, we are focusing at a stock selection level on
companies that are still able to exert pricing power.
Justin Scott and Omid Kamshad, Portfolio Managers
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INVESTMENT OBJECTIVE
Seeks capital appreciation.
PRINCIPAL INVESTMENT STRATEGIES
Equity securities of foreign companies.
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $143.7 million
Number of Issues .................................. 148
LARGEST EQUITY HOLDINGS, AS OF DEC. 31, 1998
ING Groep N.V ..................................... Financial Services
Pharmacia & Upjohn, Inc. .......................... Drugs
Telecom Italia S.p.A .............................. Telecommunications
Novartis AG (Registered) .......................... Drugs
Mannesmann AG ..................................... Machinery
Vivendi ........................................... Food Services, Lodging
Nestle S.A. (Registered) .......................... Foods
Allied Zurich plc ................................. Financial Services
Banque Nationale de Paris ......................... Banks
AKZO Nobel N.V .................................... Chemicals
ASSET MIX DISTRIBUTION, AS OF DEC. 31, 1998
Foreign Stock ..................................... 92.1%
Short-Term & Other ................................ 7.9%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year Since Inception
May 1, 1997
EQ/Putnam International Equity Portfolio .......... 19.51% 17.52%
(3) MSCI EAFE ..................................... 20.00% 13.43%
(7) Lipper International Funds Average ............ 13.05% 10.13%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
<PAGE>
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
EQ/PUTNAM
INTERNATIONAL EQUITY MSCI EAFE
May 1, 1997 $10,000 $10,000
Dec. 31, 1998 $13,096 $12,342
<PAGE>
================================================================================
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
================================================================================
Large-capitalization growth stocks continued to lead the markets during 1998.
The Portfolio fared well during the first half of the year, benefiting from
strong performance in large-cap technology stocks. In the tumultuous third
quarter of 1998, the Portfolio lagged the benchmark as holdings in the finance
sector dragged down returns. By fourth quarter, however, the Portfolio
outperformed the index due in large part to overweight exposure to the surging
technology area. Strong stock selection among consumer stocks in the fourth
quarter was a major contributor to performance.
Overweighting three of the year's top-performing sectors, technology, health
care and consumer cyclicals, aided returns throughout the period. In technology,
we focused on software and PC companies, while in health care, our emphasis was
on major pharmaceuticals. In consumer cyclicals, we held significant positions
in major retailers, which were particularly robust in the fourth quarter.
Looking ahead, the market will likely remain volatile, given the unsettled
nature of the global economy, yet the U.S. continues to benefit from low
inflation and recent declines in interest rates. This unique environment may
serve as the foundation for domestic stability, helping to maintain investor
confidence and nurture growth. In this environment, we are maintaining our
disciplined approach to stock selection, which we believe will result in
superior returns over time. The Portfolio remains overweight in consumer
cyclicals (primarily retail) and in selected technology and health-care areas.
Sectors in which earnings growth is less evident and in which the Portfolio is
underweight include energy, basic industry, and utilities.
C. Beth Cotner, Richard England and Manual Weiss
Herrero, Portfolio Management Team
================================================================================
INVESTMENT OBJECTIVE
Seeks long-term growth of capital and any increased income that results from
this growth.
PRINCIPAL INVESTMENT STRATEGIES
Common stocks and convertible securities of companies whose earnings are
believed likely to grow faster than the economy as a whole.
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $175.0 million
Number of Issues .................................. 78
LARGEST EQUITY HOLDINGS, AS OF DEC. 31, 1998
Microsoft Corp. ....................... Electronics
Tyco International, Ltd. .............. Diversified
Wal-Mart Stores, Inc. ................. Retail - General
Lucent Technologies, Inc. ............. Telecommunications
Time Warner, Inc. ..................... Printing, Publishing, Broadcasting
IBM Corp. ............................. Office Equipment
General Electric Co. .................. Electrical Equipment
MCI WorldCom, Inc. .................... Telecommunications
Schering-Plough Corp. ................. Drugs
CVS Corp. ............................. Retail - General
ASSET MIX DISTRIBUTION, AS OF DEC. 31, 1998
Domestic Stock .................................... 95.8%
Short-Term & Other ................................ 4.2%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year Since Inception
May 1, 1997
EQ/Putnam Investors Growth Portfolio .............. 36.27% 37.34%
(3) S&P 500 ...................................... 28.58% 31.63%
(7) Lipper Growth Funds Average ................... 22.91% 26.70%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
<PAGE>
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
EQ/PUTNAM INVESTORS
GROWTH PORTFOLIO S&P 500
May 1, 1997 $10,000 $10,000
Dec. 31, 1998 $16,993 $15,747
<PAGE>
================================================================================
T. ROWE PRICE EQUITY INCOME PORTFOLIO
================================================================================
Positive economic growth, a favorable interest rate environment, and substantial
stock market volatility characterized 1998. A solid first half was undermined by
a severe third quarter correction, which gave way to a near-euphoric rally in
the final months. However, within the context of another strong year for
equities, there were significant crosscurrents that had a major impact on the
performance of many sectors of the market.
We made significant new investments in several companies, including Baker
Hughes, Boeing, and BankAmerica, all of which we bought at prices well below
their highs for the year. Many of our holdings typically trade at below-average
valuation levels because, for many diverse reasons, their share prices declined
before we took a position in them. This investment strategy of buying
out-of-favor stocks with good long-term potential has served the Portfolio well,
and we believe it will in the future when investors focus again on stocks with
appealing market valuations. Among the largest holdings are companies from many
diverse industries, including SBC Communications, Mellon Bank, American Home
Products, Exxon, Anheuser-Busch, Dow Chemical, GE, and others that represent a
broad cross-section of the U.S. economy.
For the year, the Portfolio produced respectable but somewhat disappointing
returns relative to the broad advances of the S&P 500 Index. Keep in mind
however, that the Portfolio, while seeking to produce attractive returns,
including substantial dividend income, under favorable market conditions, also
seeks to help cushion investment principal when the market becomes more
volatile. We expect 1999 to be a more challenging year than the one just ended,
which could lead to more moderate returns than the robust, and unsustainable in
our view, performance of the past four years. In this environment, our
investment approach will be steady and constant. We will continue to search for
attractively valued stocks with solid long-term potential.
Brian Rogers, Portfolio Manager
================================================================================
INVESTMENT OBJECTIVE
Seeks to provide substantial dividend income and also capital appreciation by
investing primarily in dividend-paying common stocks of established companies.
PRINCIPAL INVESTMENT STRATEGIES
Dividend-paying common stocks of established companies.
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $244.4 million
Number of Issues .................................. 149
LARGEST EQUITY HOLDINGS, AS OF DEC. 31, 1998
SBC Communications, Inc. .......................... Utility - Telephone
Alltel Corp. ...................................... Utility - Telephone
Mellon Bank Corp. ................................. Banks
American Home Products Corp. ...................... Drugs
Exxon Corp. ....................................... Oil - Domestic
Amoco Corp. ....................................... Oil - Domestic
Philip Morris Companies, Inc. ..................... Tobacco
Pharmacia & Upjohn Inc. ........................... Drugs
General Mills, Inc. ............................... Food
Anheuser-Busch Companies, Inc. .................... Beverages
ASSET MIX DISTRIBUTION, AS OF DEC. 31, 1998
Domestic Stock .................................... 90.8%
Foreign Stock ..................................... 4.2%
Short-Term & Other ................................ 5.0%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year Since Inception
May 1, 1997
T. Rowe Price Equity Income Portfolio ............. 9.11% 18.73%
(1) S&P 500 ...................................... 28.58% 31.63%
(7) Lipper Equity Income Funds Average ............ 10.90% 19.65%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
<PAGE>
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
T. ROWE PRICE EQUITY
INCOME PORTFOLIO S&P 500
May 1, 1997 $10,000 $10,000
Dec. 31, 1998 $13,323 $15,747
<PAGE>
================================================================================
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
================================================================================
For the year, the MSCI EAFE benchmark was up 20%, helped by dollar weakness that
contributed about one-third of the gain. Europe, up 29%, was the strongest
international region in 1998, while Latin America, down 35%, was the weakest.
Latin America suffered the savage sell-off that afflicted the Far East last year
as "Asian contagion", exacerbated by the Russian default and devaluation,
induced a loss of confidence in Brazil and the region. Japan managed a modest
increase of 5% in U.S.$ terms, but the rest of the Far East, excluding
Australia, declined 5%. In 1998 the dollar fell 13% against the yen, 7% against
major European currencies, and 1% against sterling.
For the year, Portfolio performance fell short of the MSCI EAFE benchmark.
Country allocation relative to the benchmark was negative over the year. For the
year, underweighting in Japan, in particular, and Asia to a lesser extent, added
value. However, these gains were offset largely by our position in Latin
America, with smaller negatives from overweighting Norway and underweighting the
buoyant Finnish and German markets. For the year, stock selection was positive,
with holdings in the Netherlands, Belgium, France, and Japan particularly
successful.
Looking forward, we see international economies growing more slowly. Our
cautious stance in the Pacific and Japan will help shield the Portfolio from the
pain that those markets must go through before they can emerge as fundamentally
healthy investment centers. The Portfolio's emphasis on businesses, which have
the management, products, and sound finances to support sustainable growth,
should prove appropriate as cyclical businesses face a tougher environment.
Investment Advisory Group
================================================================================
INVESTMENT OBJECTIVE
Seeks long-term growth of capital through investment primarily in common stocks
of established non-U.S. companies.
PRINCIPAL INVESTMENT STRATEGIES
Common stocks of established foreign companies.
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $134.7 million
Number of Issues .................................. 264
LARGEST EQUITY HOLDINGS, AS OF DEC. 31, 1998
National Westminster Bank plc .................. Banks
Wolters Kluwer N.V ............................. Oil - Supplies & Construction
Smithkline Beecham, plc ........................ Drugs
Nestle S.A. (Registered) ....................... Foods
Glaxo Wellcome, plc ............................ Drugs
ING Groep N.V .................................. Financial Services
Vivendi ........................................ Diversified
Kingfisher plc ................................. Retail - General
Shell Transport & Trading Co. plc (Registered) . Oil
Diageo plc ..................................... Beverages
ASSET MIX DISTRIBUTION, AS OF DEC. 31, 1998
Foreign Stock ..................................... 91.6%
Short-Term & Other ................................ 8.4%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year Since Inception
May 1, 1997
T. Rowe Price International Stock Portfolio ....... 13.68% 7.01%
(3) MSCI EAFE ..................................... 20.00% 13.43%
(7) Lipper International Funds Average ............ 13.05% 10.13%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
<PAGE>
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
T. ROWE PRICE
INTERNATIONAL STOCK
PORTFOLIO MSCI EAFE
May 1, 1997 $10,000 $10,000
Dec. 31, 1998 $11,199 $12,342
<PAGE>
================================================================================
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
================================================================================
1998 was ultimately a negative one for small-cap stocks, both in absolute terms
and relative to large-cap stocks. Weighing on the group was a series of negative
developments--most notably, widening economic and financial turmoil in emerging
markets--that led investors to shun risk in all forms through much of the
period.
Against this backdrop, the Portfolio had a sizable loss, hurt by investors'
general bearishness toward small caps. The Portfolio was hampered in part by its
focus on stocks comprising the smaller end of the small-cap area (the
Portfolio's average market cap was significantly below that of its benchmark
through the period). The Portfolio's performance also reflected investors' clear
preference for growth stocks over value stocks during the period. While our
focus on underfollowed, beaten-down stocks at the small end of the market
obviously hurt the Portfolio, it was consistent with our value philosophy, one
we believe will benefit investors over time.
Our largest area of concentration remained in the financial-services sector,
where we saw a number of attractively priced stocks. Noteworthy changes during
the 12 months included increasing our exposure to paper companies, adding
specific stocks we deemed to be oversold during the sector's mid-year decline.
Going forward, we are optimistic regarding the prospects for small-cap stocks,
given their still-compelling relative valuations. In addition, small-cap
companies are projected to have higher profit growth than large, blue-chip-type
companies in 1999. We will continue to adhere to our strict value disciplines,
focusing on underfollowed stocks of companies with strong balance sheets and
cash flows. As ever, we will strive to identify undervalued stocks whose true
worth will receive wider market recognition over time.
Kyle F. Frey, Portfolio Manager
================================================================================
INVESTMENT OBJECTIVE
Seeks long-term capital sppreciation.
PRINCIPAL INVESTMENT STRATEGIES
Equity securities of small cap U.S. companies.
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $167.5 million
Number of Issues .................................. 56
LARGEST EQUITY HOLDINGS, AS OF DEC. 31, 1998
Cavalier Homes, Inc. .............................. Building & Construction
Superior Industries International, Inc. ........... Auto Related
National Western Life Insurance Co., Class A ...... Insurance
Caraustar Industries, Inc. ........................ Paper
Ryan's Family Steak Houses, Inc. .................. Retail Foods
Terra Nova Bermuda Holdings Ltd., Class A ......... Insurance
La-Z-Boy, Inc. .................................... Household Furniture
Wausau-Mosinee Paper Corp. ........................ Paper
Delphi Financial Group, Inc., Class A ............. Insurance
Avondale Industries, Inc. ......................... Building & Construction
ASSET MIX DISTRIBUTION,AS OF DEC. 31, 1998
Domestic Stock .................................... 92.6%
Foreign Stock ..................................... 3.1%
Short-Term & Other ................................ 4.3%
Total Returns of Portfolio Against Benchmarks
As of December 31, 1998
1 Year Since Inception
May 1, 1997
Warburg Pincus Small Company Value Portfolio ...... (10.02)% 4.25%
(2) Russell 2000 .................................. (2.54)% 14.53%
(7) Lipper Small Cap Funds Average ................ (0.30)% 16.70%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
<PAGE>
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
WARBURG PINCUS SMALL
COMPANY VALUE
PORTFOLIO RUSSELL 2000
May 1, 1997 $10,000 $10,000
Dec. 31, 1998 $10,721 $12,541
<PAGE>
================================================================================
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
================================================================================
The financial crises of 1998 have left a legacy of lessons for the emerging
markets as well as for the broader global financial markets. As a whole, 1998
was a volatile year that we would prefer not to repeat. Importantly, though, the
year contained significant bright spots. The chief positives came from the
phenomenal stabilization and recovery of Asian financial markets toward the
latter part of the year, and the continued fiscal discipline exhibited by the
peripheral European markets striving to converge with western Europe, most
notably Greece.
Overall, the Portfolio performed roughly in line with the MSCI Emerging Markets
Index for the year ended December 31, 1998. While we have been disappointed by
our uninspiring relative performance, given how tumultuous the year was, it
could have been worse. There were some notable positives and negatives in the
Portfolio's performance. On the positive side, overweight positions in Korea and
Thailand throughout the year contributed solidly to performance. Also
contributing favorably were underweightings in Venezuela and Chile, and strong
stock selection in Turkey. Notable detractors were our underweighting in Greece
and our overweighting in Pakistan. Further damaging performance was poor stock
selection in Brazil.
Undoubtedly, emerging markets investors have had a difficult few years. Having
said that, we are glimpsing signs that this multi-year bear market may finally
be working its way through. We believe that most of the risks in the asset class
have either dissipated or have been fully discounted. Further, we believe that
the Portfolio is positioned to take advantage of opportunities arising from
changes in these markets. Not only are our stocks cheap, they are terrific
companies. We are strong believers that sometime in the medium-term, if not the
near term, this asset class, and the Portfolio with it, will be well on its way
to steadily posting the superior returns for which it earned its "emerging"
label.
Robert Meyer and Andy Skov, Portfolio Managers
================================================================================
INVESTMENT OBJECTIVE
Seeks long-term capital appreciation by investing primarily in equity securities
of emerging country issuers.
PRINCIPAL INVESTMENT STRATEGIES
Equity securities of emerging market country companies.
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $41.4 million
Number of Issues .................................. 238
LARGEST EQUITY HOLDINGS, AS OF DEC. 31, 1998
Samsung Electronics ....................... Electronics
Hellenic Telecom. Org. S.A ................ Telecommunications
Pohang Iron & Steel Co., Ltd. ............. Steel
Telmex, Class L(ADR) ...................... Utility - Telephone
Fomento Economico Mexicano S.A ............ Beverages
Korea Electric Power Corp. ................ Utility - Electric
Grupo Televisa S.A. (GDR) ................. Printing, Publishing, Broadcasting
MOL Magyar Olaj-es Gazipari Rt. (GDR) Reg . Oil
Taiwan Semiconductor Manufacturing Co. .... Electronics
Hon Hai Precision Industry ................ Electronics
ASSET MIX DISTRIBUTION, AS OF DEC. 31, 1998
Domestic Stock .................................... 0.9%
Foreign Stock ..................................... 86.3%
Other ............................................. 12.8%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year Since Inception
Aug 20, 1997
Morgan Stanley Emerging Mkts. Equity Portfolio .... (27.10)% (32.75)%
(4) MSCI Emerging Markets Free .................... (25.34)% (32.20)%
(7) Lipper Emerging Markets Funds Average ......... (26.85)% (29.33)%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
<PAGE>
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
MORGAN STANLEY MSCI
EMERGING MARKETS EMERGING
EQUITY PORTFOLIO MARKETS FREE
Aug. 20, 1997 $10,000 $10,000
Dec. 31, 1998 $ 5,820 $ 5,835
<PAGE>
================================================================================
LAZARD LARGE CAP VALUE PORTFOLIO
================================================================================
In 1998, large stocks continued to outpace small stocks and the spread between
growth and value stocks widened sharply. The Portfolio lagged the S&P 500 Index
over the one year period, as the Portfolio's value strategy precluded investment
in some of the market's larger and higher-priced issues.
On the whole, the Portfolio was helped by strong stock selection in consumer
staples, and hurt by selections in consumer discretionary, technology, and
consumer services. Not surprisingly, among the best performing stocks at year
end were those that had been the most damaged in the summer sell-off. This
resurgence makes clear that, at the worst points, when the market overreacted to
headlines without heeding underlying fundamentals, real opportunities were
created. By steering clear of the short-term view, we maintained positions in
many of these strong business franchises with sustainable, long-term
profitability. The Portfolio was able to benefit from the market turbulence by
investing in stocks that would not normally have come within our valuation
range. 1998, for all its anxiety-inducing chaos, was the year we were able to
add shares of American Express and Morgan Stanley Dean Witter.
Despite the volatility, it's our view that 1998 did not introduce risk into the
general economy so much as it should have reminded investors of the general risk
that has always existed in the markets. While 1998 witnessed the collapse of
many of the more well-known hedge funds, more conservative investments regained
their earnings for the year. Throughout the year's volatility, we kept our
common sense approach to investing in undervalued companies with legitimate
prospects. Such discipline will be even more crucial as we enter 1999, a year
that promises both great volatility and, with it, many more possibilities for
the value investor.
Herbert Gullquist and Michael Rome, Portfolio Managers
================================================================================
INVESTMENT OBJECTIVE
Seeks capital appreciation by investing primarily in equity securities of
companies with relatively large 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.
PRINCIPAL INVESTMENT STRATEGIES
Equity securities of companies with relatively large capitalizations that the
Adviser believes are undervalued based on their return on equity or capital.
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $74.6 million
Number of Issues .................................. 71
LARGEST EQUITY HOLDINGS, AS OF DEC. 31, 1998
Bell Atlantic Corp. ............................... Utility - Telephone
Philip Morris Cos., Inc. .......................... Tobacco
AT&T Corp. ........................................ Utility - Telephone
American Home Products Corp. ...................... Drugs
Bristol Myers-Squibb Co. .......................... Drugs
ASSET MIX DISTRIBUTION, AS OF DEC. 31, 1998
Domestic Stock .................................... 92.5%
Foreign Stock ..................................... 4.1%
Short-Term &Other ................................. 3.4%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year
Lazard Large Cap Value Portfolio .................. 20.10%
(1) S&P 500 ....................................... 28.60%
(7) Lipper Capital Appreciation Funds Average ..... 19.99%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
<PAGE>
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
LAZARD LARGE CAP
VALUE PORTFOLIO S&P 500
Dec. 31, 1997 $10,000 $10,000
Dec. 31, 1998 $12,010 $12,858
<PAGE>
================================================================================
LAZARD SMALL CAP VALUE PORTFOLIO
================================================================================
Although the Russell 2000 Index lost ground in 1998 for the year as a whole, the
small cap sector rallied over the fourth quarter with the index reporting a
16.4% gain. Historically low valuations, declining interest rates, sanguine
earnings expectations, and positive flow funds have set the stage for the
current small cap rally. Although larger capitalization equities still capture
the bulk of investor attention and money flows, strong earnings expectations for
small cap companies have been the catalyst for attracting new money into the
asset class. The Portfolio slightly outperformed the Russell 2000 Index for the
fourth quarter, but lagged significantly over the year.
Despite the currently healthy environment, the collective faith of small cap
investors was severely challenged during 1998. The Russell 2000 Index was down
2.55% for the year, a drop that was especially notable when compared to large
cap stocks, as measured by the S&P 500 Index, which was up 28.58%. As the larger
stocks once again asserted their dominance throughout 1998, small cap investors
were able to take comfort in some of the merger and acquisition activity, as the
deep discounts that some small cap stocks are selling at has begun to be noticed
by strategic buyers. In fact, many of the stocks in the Portfolio benefited from
such takeovers. Amidst the rapid shifts in the market during 1998, the Portfolio
benefited from strong stock selection in the telecommunications and utilities
sectors, and was hurt by weak stock selections in the technology, health,
finance, and consumer services sectors.
The turbulence during 1998 brought many higher-priced stocks down to our
valuation levels. As well, amidst continuing volatility, heightened competition
will likely forge many new, interesting unions, making the selection of choice,
undervalued small cap companies a savvy investment decision. Looking forward,
1999 promises plenty of volatility, but with it, many opportunities.
Eileen Alexanderson and Herbert Gullquist, Portfolio Managers
================================================================================
INVESTMENT OBJECTIVE
Seeks capital appreciation by investing in equity securities of U.S. companies
with small market capitalizations (i.e., companies represented by the Russell
2000 Index) that the Adviser considers inexpensively priced relative to the
return on total capital or equity.
PRINCIPAL INVESTMENT STRATEGIES
Equity securities of small-cap U.S. companies in the range of
companies included in the Russell 2000 Index that the Adviser believes are
undervalued based on their return on equity or capital.
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $51.0 million
Number of Issues .................................. 116
LARGEST EQUITY HOLDINGS, AS OF DEC. 31, 1998
Bowne & Co. ............................. Printing, Publishing, Broadcasting
First Brands Corp. ...................... Containers
Bell & Howell Co. ....................... Office Equipement Services
Anixter International, Inc. ............. Electrical Equipment
Tower Automotive ........................ Auto Related
HUBCO, Inc. ............................. Banks
Banta Corp. ............................. Printing, Publishing, Broadcasting
Briggs & Stratton Corp. ................. Machinery
Vlasic Foods International, Inc. ........ Foods
Electronics for Imaging, Inc. ........... Telecommunications
ASSET MIX DISTRIBUTION,AS OF DEC. 31, 1998
Domestic Stock .................................... 93.5%
Short-Term &Other ................................. 6.5%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year
Lazard Small Cap Value Portfolio .................. (7.03)%
(2) Russell 2000 .................................. (2.55)%
(7) Lipper Small Caps Funds Average ............... (0.30)%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
<PAGE>
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
LAZARD SMALL CAP
VALUE PORTFOLIO RUSSELL 2000
Dec. 31, 1997 $10,000 $10,000
Dec. 31, 1998 $ 9,297 $ 9,746
<PAGE>
================================================================================
BT SMALL COMPANY INDEX PORTFOLIO
================================================================================
The BT Small Company Index Portfolio is a domestic equity index portfolio
utilizing a stratified sampling investment approach to replicate the risk and
return characteristics of the Russell 2000 Index. Bankers Trust utilizes S&P 500
and Russell 2000 Index futures contracts to maintain full market exposure, by
equitizing cash held in the Fund. Performance for the Portfolio was -2.27%
versus the Russell 2000 Index return of -2.54 for the year ending 1998.
Fourth quarter 1998 returns for most major domestic equity indices marked an
explosive finish to a volatile year. Despite volatility throughout the year in
Asia, Latin America and Russia, the U.S. equity market continued to push on.
Small cap stocks led the Russell 2000 Index to double digit returns this
quarter. However, losses sustained earlier in the year, due primarily to the
market decline in August, were not enough to pull the Russell 2000 Index into
positive territory for the year. Energy and oil related small company stocks
were hardest hit due to weaker oil prices. The technology sector led by internet
related stocks posted staggering returns for the quarter. Although small value
stocks were stronger than small growth for the second and third quarters, small
growth stocks outperformed small value stocks for the fourth quarter and the
year. Top performing sectors for the year included technology (up 12.76%),
utilities (up 12.09%) and consumer discretionary (up 3.83%). Weaker performing
sectors included financial services (down 7.20%), materials and processing (down
12.29%) and integrated oils (down 41.71%).
In the U.S., an exuberant, low-inflation economy, an easier monetary policy, and
a safe-haven status in a sea of global turmoil helped spark rallies in Treasury
securities and a fourth consecutive year of double-digit gains in major stock
indexes. With consumer fundamentals remaining extremely favorable, we see GDP
growth of around 2.5% in 1999. U.S. equity markets should continue to benefit
from steady growth and low inflation, though the profit story remains
problematic given that rising labor costs are squeezing margins.
Frank Salerno, Portfolio Manager
================================================================================
INVESTMENT OBJECTIVE
Seeks to replicate as closely as possible (before deduction of Portfolio
expenses) the total return of the Russell 2000 index.
PRINCIPAL INVESTMENT STRATEGIES
Common stocks of small-cap companies in the Russell 2000 Index.
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $32.6 million
Number of Issues .................................. 1749
LARGEST EQUITY HOLDINGS, AS OF DEC. 31, 1998
Network Appliance, Inc. ........................... Office Equipment
Legato Systems, Inc. .............................. Office Equipment Services
American Tower Corp., Class A ..................... Telecommunications
NTL, Inc. ......................................... Telecommunications
Lycos, Inc. ....................................... Office Equipment Services
Rational Software Corp. ........................... Office Equipment
Express Scripts, Inc., Class A .................... Hospital Supplies & Serv.
NovaCorp./Georgia ................................. Chemicals
MedImmune, Inc. ................................... Drugs
Sepracor, Inc. .................................... Drugs
ASSET MIX DISTRIBUTION, AS OF DEC. 31, 1998
Domestic Stock .................................... 96.6%
Short-Term & Other ................................ 3.4%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year
BT Small Company Index Portfolio................... (2.27)%
(2) Russell 2000................................... (2.55)%
(7) Lipper Small Cap Funds Average................. (0.30)%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
<PAGE>
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
BT SMALL COMPANY
INDEX PORTFOLIO RUSSELL 2000
Dec. 31, 1997 $10,000 $10,000
Dec. 31, 1998 $ 9,773 $ 9,746
<PAGE>
================================================================================
BT EQUITY 500 INDEX PORTFOLIO
================================================================================
The BT Equity 500 Index Portfolio is a domestic equity index fund utilizing a
stratified sampling investment approach to replicate the risk and return
characteristics of the S&P 500 Index. Bankers Trust utilizes S&P 500 equity
index futures contracts to maintain full market exposure, by equitizing cash
held in the Portfolio. For the year ending December 31, 1998, the Portfolio
returned 25.14% versus the S&P 500 Index, which returned 28.6% over the same
period. For the fourth quarter of 1998, the Portfolio returned 21.26% as
compared to the S&P 500 Index of 21.30%.
Fourth quarter 1998 returns, the strongest in some 20 years, for most major
large cap domestic equity indices marked an explosive finish to a volatile year.
Despite volatility throughout the year in Asia, Latin America and Russia, the
U.S. equity market continued to push on. The S&P 500 Index outperformed the Dow
Jones Industrials, which returned 18.17% for the year, but underperformed the
NASDAQ Composite, which returned 39.63% for the year. The technology sector led
by internet-related stocks posted staggering returns for the quarter. Changes to
the index for the month included the addition of America Online Inc. which
replaced Venator Group Inc. Compuware Corp. replaced SunAmerica Inc., which was
acquired by index component American International Group Inc. Additionally,
Solectron Corp. replaced Pennzoil which merged with Quaker State Corp. There
were 48 changes to the index, over 75% of which were due to mergers and
acquisitions. These additions and deletions represent 28.71% turnover for the
year. Growth stocks across all major indices outperformed value stocks for the
quarter and the year. Top performing sectors for the year included technology
(up 72.98%), communication services (up 52.33%) and health care (up 44.22%).
Weaker performing sectors included energy (up 4.41%), transportation (down
1.94%) and basic materials (down 6.12%).
In the U.S., an exuberant, low-inflation economy, an easier monetary
policy, and a safe-haven status in a sea of global turmoil helped spark rallies
in Treasury securities and a fourth consecutive year of double-digit gains in
major stock indexes. With consumer fundamentals remaining extremely favorable,
we see GDP growth of around 2.5% in 1999. U.S. equity markets should continue to
benefit from steady growth and low inflation, though the profit story remains
problematic given that rising labor costs are squeezing margins.
Frank Salerno, Portfolio Manager
================================================================================
INVESTMENT OBJECTIVE
Seeks to replicate as closley as possible (before deduction of Portfolio
expenses) the total return of the S&P 500 Index.
PRINCIPAL INVESTMENT STRATEGIES
Common stock of comapnies in the S&P 500 Index.
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $224.3 million
Number of Issues .................................. 484
LARGEST EQUITY HOLDINGS, AS OF DEC. 31, 1998
Microsoft Corp. ................................... Electronics
General Electric Co. .............................. Electrical Equipment
Intel Corp. ....................................... Electronics
Wal-Mart Stores, Inc. ............................. Retail - General
Coca-Cola Co. ..................................... Beverages
Exxon Corp. ....................................... Oil - Domestic
Merck & Co., Inc. ................................. Drugs
IBM Corp. ......................................... Office Equipment
Pfizer, Inc. ...................................... Drugs
Cisco Systems, Inc. ............................... Telecommunications
ASSET MIX DISTRIBUTION, AS OF DEC. 31, 1998
Domestic Stock .................................... 94.2%
Foreign Stock ..................................... 0.5%
Short-Term & Other ................................ 5.3%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year
BT Equity 500 Index Portfolio ..................... 25.14%
(1) S&P 500 ....................................... 28.60%
(7) Lipper S&P 500 Funds Average .................. 28.05%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
<PAGE>
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
BT EQUITY 500 INDEX
PORTFOLIO S&P 500
Dec. 31, 1997 $10,000 $10,000
Dec. 31, 1998 $12,514 $12,858
<PAGE>
================================================================================
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
================================================================================
The MSCI EAFE Index posted its largest annual increase since 1993. The index
advanced 18.2% on a price only basis in 1998. Equities added 10.6% while
currencies appreciated 7.6%. The overwhelming majority of the positive return in
the index came from Europe. The United Kingdom rose 18.1% while Continental
Europe increased 34.4%. The Pacific basin managed a small gain of 1.1% overall
during 1998. The majority of this gain was in Japan, which increased 5.2%, while
the rest of the Pacific Basin decreased 6.6%.
The European continent posted its largest annual gain with all developed markets
reaching record highs. Main contributors to this "euphoria" were the pending
conversion to the Euro, the downward convergence of interest rates throughout
Europe and a significant amount of mergers activity as Europe transitions to one
common market.
Investors in Asia had a tumultuous ride in 1998. All Pacific markets suffered
from a severe case of the "Asian flu" during the second and third quarters of
the year sending the Pacific Rim countries down 29.5%. The region rebounded in
the fourth quarter posting a gain of 23.7% largely on the heels of a U.S.
interest rate cut and a subsequent return of investors confidence. One
significant change of note, was the removal of Malaysia from both the MSCI
EAFE(R) and MSCI Emerging Markets Free(R) indices due to the government's
imposition of capital controls.
Fapan was set to post a large loss for the year until a dramatic fourth quarter
rise of 26.8%. This was primarily the result of a significant strengthening in
the yen, caused by the government's newest plan to bring the country out of its
decade long recession through tax cuts and a recapitalization of the banking
system.
Rick Vella, Portfolio Manager
================================================================================
INVESTMENT OBJECTIVE
Seeks to replicate as closely as possible (before deduction of Portfolio
expenses) the total return of the MSCI EAFE Index.
PRINCIPAL INVESTMENT STRATEGIES
Equity securities of companies in the MSCI EAFE Index.
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $48.8 million
Number of Issues .................................. 597
LARGEST EQUITY HOLDINGS, AS OF DEC. 31, 1998
Novartis AG (Reg.) ................................ Drugs
Glaxo Wellcome plc ................................ Drugs
Roche Holding AG .................................. Drugs
Royal Dutch Petroleum Co. ......................... Oil - International
Toyota Motor Corp. ................................ Autos &Trucks
Nippon Telegraph & Telephone Corp. ................ Telephone
DamilerChrysler AG ................................ Autos &Trucks
British Telecom plc ............................... Telecommunications
Allianz AG ........................................ Insurance
British Petroleum Co. plc ......................... Oil - International
ASSET MIX DISTRIBUTION, AS OF DEC. 31, 1998
Foreign Stock ..................................... 88.0%
Short-Term & Other ................................ 12.0%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year
BT International Equity Index Portfolio ........... 20.07%
(3) MSCI EAFE ..................................... 20.00%
(7) Lipper International Funds Average ............ 13.05%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
<PAGE>
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
BT INTERNATIONAL
EQUITY INDEX PORTFOLIO MSCI EAFE
Dec. 31, 1997 $10,000 $10,000
Dec. 31, 1998 $12,007 $12,000
<PAGE>
================================================================================
JPM CORE BOND PORTFOLIO
================================================================================
Throughout 1998, the U.S. economy continued its strong growth. The ongoing Asian
contagion brought liquidity concerns causing investors to seek the relative
safety of U.S. Treasuries which outperformed almost everything else except money
market securities in the third quarter. The Federal Reserve cut interest rates
three times in the space of six weeks in September, October and November. Such
action eased liquidity constraints and helped to restore investor confidence.
The Portfolio's performance benefited from adding to corporate and
mortgage-backed securities during the year. In addition, our decision to
maintain the Portfolio's long duration position also contributed positively to
performance. The Portfolio's allocation to U.S. Treasuries in the third quarter
enhanced returns as investors `fled to quality' from the continued Asian
contagion. As corporate and mortgage-backed securities performed particularly
well toward the end of the year, we modestly reduced the Portfolio's exposure to
these sectors. We actively traded residential mortgages as they offered tactical
opportunities at the year end. In the global economy in 1999 we continue to look
for sluggish overall growth in global GDP and no growth in manufacturing. In the
U.S., while we are impressed with the persistent strength we are currently
seeing, we continue to believe that the ongoing slowdown in manufacturing will
lead to more modest growth in the coming year, with U.S. GDP growth for the year
targeted at 2.5%. Though the risk of an abrupt slowdown is present, prompted by
either a stock market correction or a current account induced currency crisis,
the more likely outcome is an undramatic slowing of activity.
We expect the Fed to be responsive to the slowing economy by continuing to ease
monetary policy through the year, causing the yield curve to steepen and overall
interest rate levels to decline. By year end 1999 our most likely scenario is
for Fed funds to be in the area of 4.00% and 30 year U.S. Treasury yields to be
slightly below 5.00%.
Paul Zemsky and Robert Teatom, Portfolio Managers
================================================================================
INVESTMENT OBJECTIVE
Seeks to provide a high return consistent with moderate risk of capital and
maintenance of liquidity.
PRINCIPAL INVESTMENT STRATEGIES
Investment-grade securities rated BBB/Baa or better at the time of purchase
(including foreign issuers).
PORTFOLIO SUMMARY, AS OF DECEMBER 31, 1998
Net Assets ........................................ $103.3 million
Number of Issues .................................. 140
Average Years to Maturity ......................... 16.6
ASSET MIX DISTRIBUTION (BY QUALITY)
AAA ............................................... 17.9%
AA ................................................ 3.5%
A ................................................. 10.1%
BBB ............................................... 9.4%
U.S. Gov't Obligations ............................ 50.8%
Commercial Paper .................................. 7.6%
Not Rated ......................................... 0.7%
ASSET MIX DISTRIBUTION, AS OF DEC. 31, 1998
U.S. Treasury Securities (Long-Term) .............. 18.8%
U.S. Gov't Bonds .................................. 32.1%
Corp. Bonds (Long-Term) ........................... 44.0%
Short-Term &Other ................................. 5.1%
TOTAL RETURNS OF PORTFOLIO AGAINST BENCHMARKS
As of December 31, 1998
1 Year
JPM Core Bond Portfolio ........................... 9.02%
(6) Salomon Brothers BIG .......................... 8.72%
(7) Lipper Intermediate Investment
Grade Debt Funds Average ................... 7.23%
See the Notes on Performance preceding this section for a more detailed
description of benchmarks.
<PAGE>
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1998
JPM CORE BOND SALOMON
PORTFOLIO BROTHERS BIG
Dec. 31, 1997 $10,000 $10,000
Dec. 31, 1998 $10,902 $10,872
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1998
<TABLE>
<CAPTION>
MERRILL LYNCH MERRILL LYNCH
BASIC VALUE WORLD
EQUITY STRATEGY
PORTFOLIO PORTFOLIO
--------------- ---------------
<S> <C> <C>
ASSETS:
Investments at value (Note 1) ....................................... $178,204,274 $ 30,464,229
Cash ................................................................ 85 1,956
Foreign cash (Note 1) ............................................... -- 4,133
Receivable for securities sold ...................................... 70,622 --
Unrealized appreciation of foreign currency contracts (Note 1) ...... -- 1,904
Short-term investments held as collateral for loaned securities ..... 3,993,300 3,536,218
Receivable from Separate Accounts for Trust shares sold ............. 1,220,708 139,190
Receivable for forward commitments .................................. -- --
Market value of swap agreements (Note 1) ............................ -- --
Variation margin receivable on futures contracts .................... -- --
Receivable from investment manager .................................. -- --
Dividends, interest and other receivables ........................... 168,507 150,603
Deferred organizational costs (Note 1) .............................. 20,979 20,979
Other assets ........................................................ 936 212
------------ ------------
Total assets ....................................................... 183,679,411 34,319,424
------------ ------------
LIABILITIES:
Payable to custodian ................................................ 4,142 11,184
Payable for securities purchased .................................... 5,266,456 --
Unrealized depreciation of foreign currency contracts (Note 1) ...... -- 1,892
Collateral held for loaned securities ............................... 3,993,300 3,536,218
Interest payable on swap agreements ................................. -- --
Variation margin payable on futures contracts (Note 1) .............. -- --
Distribution fees payable ........................................... 34,789 6,035
Investment management fees payable .................................. 49,403 26,479
Trustees' fees payable .............................................. 5,816 2,639
Payable to Separate Accounts for Trust shares redeemed .............. 116,152 81,559
Forward commitments at value (Note 1) ............................... -- --
Overdraft payable ................................................... -- --
Accrued expenses (Note 1) ........................................... 105,150 22,456
------------ ------------
Total liabilities .................................................. 9,575,208 3,688,462
------------ ------------
NET ASSETS .......................................................... $174,104,203 $ 30,630,962
============ ============
Investments at cost ................................................. $178,491,483 $ 27,988,402
============ ============
Foreign cash at cost ................................................ -- $ 3,991
============ ============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital .................................................... $174,475,456 $ 29,940,774
Accumulated undistributed (overdistributed) net investment
income ............................................................ (175) (117,119)
Accumulated net realized gain (loss) ............................... (83,869) (1,669,496)
Unrealized appreciation (depreciation) on investments and
foreign currency denominated assets and liabilities ............... (287,209) 2,476,803
------------ ------------
NET ASSETS .......................................................... $174,104,203 $ 30,630,962
============ ============
CLASS IA SHARES:
Net Assets .......................................................... $ -- $ --
============ ============
Shares outstanding (Unlimited amount authorized: no par value) . -- --
============ ============
Net asset value, offering and redemption price per share (Note 1) $ -- $ --
============ ============
CLASS IB SHARES:
Net Assets .......................................................... $174,104,203 $ 30,630,962
============ ============
Shares outstanding (Unlimited amount authorized: no par value)....... 14,081,141 2,802,280
============ ============
Net asset value, offering and redemption price per share (Note 1). $ 12.36 $ 10.93
============ ============
<PAGE>
<CAPTION>
MFS
EMERGING GROWTH MFS EQ/PUTNAM
COMPANIES RESEARCH BALANCED
PORTFOLIO PORTFOLIO PORTFOLIO
----------------- --------------- ----------------
<S> <C> <C> <C>
ASSETS:
Investments at value (Note 1) ....................................... $ 460,562,340 $406,316,091 $ 76,972,936
Cash ................................................................ -- 60,359 5,380
Foreign cash (Note 1) ............................................... 40 27 --
Receivable for securities sold ...................................... 11,354,574 1,222,583 227,333
Unrealized appreciation of foreign currency contracts (Note 1) ...... -- 2,918 19,828
Short-term investments held as collateral for loaned securities ..... 29,725,924 17,820,637 7,601,915
Receivable from Separate Accounts for Trust shares sold ............. 4,298,348 6,773,602 1,000,567
Receivable for forward commitments .................................. -- -- --
Market value of swap agreements (Note 1) ............................ -- -- --
Variation margin receivable on futures contracts .................... -- -- --
Receivable from investment manager .................................. -- -- --
Dividends, interest and other receivables ........................... 67,977 215,173 366,422
Deferred organizational costs (Note 1) .............................. 20,979 20,979 20,979
Other assets ........................................................ 1,905 1,916 415
------------- ------------ ------------
Total assets ....................................................... 506,032,087 432,434,285 86,215,775
------------- ------------ ------------
LIABILITIES:
Payable to custodian ................................................ 12,311 13,276 11,887
Payable for securities purchased .................................... 1,833,609 6,439,202 2,518,539
Unrealized depreciation of foreign currency contracts (Note 1) ...... -- 168 20,330
Collateral held for loaned securities ............................... 29,725,924 17,820,637 7,601,915
Interest payable on swap agreements ................................. -- -- --
Variation margin payable on futures contracts (Note 1) .............. -- -- --
Distribution fees payable ........................................... 87,399 76,337 14,665
Investment management fees payable .................................. 139,593 124,473 17,430
Trustees' fees payable .............................................. 11,588 11,725 3,527
Payable to Separate Accounts for Trust shares redeemed .............. 1,852,087 127,022 3,559
Forward commitments at value (Note 1) ............................... -- -- --
Overdraft payable ................................................... 4,874,593 -- --
Accrued expenses (Note 1) ........................................... 209,922 202,445 46,738
------------- ------------ ------------
Total liabilities .................................................. 38,747,026 24,815,285 10,238,590
------------- ------------ ------------
NET ASSETS .......................................................... $ 467,285,061 $407,619,000 $ 75,977,185
============= ============ ============
Investments at cost ................................................. $ 363,694,972 $347,692,676 $ 73,443,161
============= ============ ============
Foreign cash at cost ................................................ $ 40 $ 26 --
============= ============ ============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital .................................................... $ 383,715,033 $356,248,779 $ 71,835,655
Accumulated undistributed (overdistributed) net investment
income ............................................................ (314) 8,161 4,600
Accumulated net realized gain (loss) ............................... (13,297,024) (7,261,148) 606,975
Unrealized appreciation (depreciation) on investments and
foreign currency denominated assets and liabilities ............... 96,867,366 58,623,208 3,529,955
------------- ------------ ------------
NET ASSETS .......................................................... $ 467,285,061 $407,619,000 $ 75,977,185
============= ============ ============
CLASS IA SHARES:
Net Assets .......................................................... $ 5,977,946 $ -- $ --
============= ============ ============
Shares outstanding (Unlimited amount authorized: no par value) . 372,796 -- --
============= ============ ============
Net asset value, offering and redemption price per share (Note 1) $ 16.04 $ -- $ --
============= ============ ============
CLASS IB SHARES:
Net Assets .......................................................... $ 461,307,115 $407,619,000 $ 75,977,185
============= ============ ============
Shares outstanding (Unlimited amount authorized: no par value)....... 28,762,124 28,690,376 6,247,664
============= ============ ============
Net asset value, offering and redemption price per share (Note 1). $ 16.04 $ 14.21 $ 12.16
============= ============ ============
</TABLE>
See Notes to Financial Statements.
1
<PAGE>
<TABLE>
<CAPTION>
EQ/PUTNAM EQ/PUTNAM EQ/PUTNAM T. ROWE PRICE WARBURG PINCUS MORGAN STANLEY
GROWTH & INCOME INTERNATIONAL INVESTORS T. ROWE PRICE INTERNATIONAL SMALL COMPANY EMERGING
VALUE EQUITY GROWTH EQUITY INCOME STOCK VALUE MARKETS EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ----------------- --------------- --------------- ----------------- --------------- ---------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
$ 458,183,986 $143,127,639 $180,701,091 $ 244,507,873 $123,442,396 $ 167,467,416 $ 36,389,482
597 5,041 174 478 10,785,789 134 4,192,904
-- 511 -- -- -- -- 1,017,013
158,994 1,558,107 436,093 -- -- 407,864 54,383
-- 146,196 -- -- -- -- 87,435
14,127,780 3,629,840 4,435,973 2,553,824 1,750,200 1,805,000 --
2,172,484 526,853 1,648,215 1,694,868 840,933 896,223 280,486
-- -- -- -- -- -- --
-- -- -- -- -- -- 6,099
-- -- -- -- -- -- --
-- -- -- -- -- -- --
805,148 167,587 75,775 545,672 206,796 65,868 122,980
20,979 20,979 20,979 20,979 20,979 20,979 22,895
2,465 827 689 1,643 7,385 1,543 275
------------- ------------ ------------ ------------- ------------ ------------- -------------
475,472,433 149,183,580 187,318,989 249,325,337 137,054,478 170,665,027 42,173,952
------------- ------------ ------------ ------------- ------------ ------------- -------------
14,590 39,178 7,345 8,804 22,906 8,020 35,857
-- 645,804 7,691,674 1,922,525 -- 958,021 487,089
-- 861,095 -- -- -- -- 170,123
14,127,780 3,629,840 4,435,973 2,553,824 1,750,200 1,805,000 --
-- -- -- -- -- -- 1,020
-- -- -- -- -- -- --
89,530 27,531 31,668 48,098 25,982 32,206 8,247
155,299 93,864 52,003 80,863 90,308 68,756 47,449
14,293 5,929 5,082 9,589 7,553 9,359 1,495
75,766 73,452 -- 161,482 405,252 159,508 27,275
-- -- -- -- -- -- --
-- -- -- -- -- -- --
250,914 86,157 80,269 124,134 98,940 130,904 36,175
------------- ------------ ------------ ------------- ------------ ------------- -------------
14,728,172 5,462,850 12,304,014 4,909,319 2,401,141 3,171,774 814,730
------------- ------------ ------------ ------------- ------------ ------------- -------------
$ 460,744,261 $143,720,730 $175,014,975 $ 244,416,018 $134,653,337 $ 167,493,253 $ 41,359,222
============= ============ ============ ============= ============ ============= =============
$ 431,106,788 $126,041,583 $143,213,317 $ 234,198,903 $114,376,426 $ 166,971,230 $ 38,914,579
============= ============ ============ ============= ============ ============= =============
-- $ 512 -- -- -- -- $ 1,035,286
============= ============ ============ ============= ============ ============= =============
$ 429,912,421 $129,456,209 $141,856,538 $ 233,651,379 $127,311,141 $ 187,720,498 $ 54,618,635
26,121 699,943 25,684 34,184 (158,252) (291) (35,802)
3,728,521 (2,809,201) (4,355,021) 421,464 (1,569,911) (20,723,140) (10,598,571)
27,077,198 16,373,779 37,487,774 10,308,991 9,070,359 496,186 (2,625,040)
------------- ------------ ------------ ------------- ------------ ------------- -------------
$ 460,744,261 $143,720,730 $175,014,975 $ 244,416,018 $134,653,337 $ 167,493,253 $ 41,359,222
============= ============ ============ ============= ============ ============= =============
$ -- $ -- $ -- $ 2,414,564 $ -- $ 747,354 $ --
============= ============ ============ ============= ============ ============= =============
-- -- -- 190,575 -- 70,560 --
============= ============ ============ ============= ============ ============= =============
$ -- $ -- $ -- $ 12.67 $ -- $ 10.59 $ --
============= ============ ============ ============= ============ ============= =============
$ 460,744,261 $143,720,730 $175,014,975 $ 242,001,454 $134,653,337 $ 166,745,899 $ 41,359,222
============= ============ ============ ============= ============ ============= =============
36,079,541 11,049,766 10,423,104 19,101,270 12,131,062 15,716,227 7,149,250
============= ============ ============ ============= ============ ============= =============
$ 12.77 $ 13.01 $ 16.79 $ 12.67 $ 11.10 $ 10.61 $ 5.79
============= ============ ============ ============= ============ ============= =============
</TABLE>
2
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1998
<TABLE>
<CAPTION>
BT BT
EQUITY 500 INTERNATIONAL
INDEX EQUITY INDEX
PORTFOLIO PORTFOLIO
----------------- ---------------
<S> <C> <C>
ASSETS:
Investments at value (Note 1) ........................................ $ 236,088,036 $47,993,849
Cash ................................................................. 5,211 --
Foreign cash (Note 1) ................................................ -- 803,181
Receivable for securities sold ....................................... 1,190,313 --
Unrealized appreciation of foreign currency contracts (Note 1) ....... -- 30,402
Short-term investments held as collateral for loaned securities ...... 20,909,620 484,745
Receivable from Separate Accounts for Trust shares sold .............. 3,905,133 277,598
Receivable for forward commitments ................................... -- --
Market value of swap agreements (Note 1) ............................. -- --
Variation margin receivable on futures contracts ..................... 21,362 158,526
Receivable from investment manager ................................... -- 2,030
Dividends, interest and other receivables ............................ 205,181 43,141
Deferred organizational costs (Note 1) ............................... 25,074 25,074
Other assets ......................................................... 970 5,443
------------- -----------
Total assets ........................................................ 262,350,900 49,823,989
------------- -----------
LIABILITIES:
Payable to custodian ................................................. 12,568 9,106
Payable for securities purchased ..................................... 17,030,709 102,059
Unrealized depreciation of foreign currency contracts (Note 1) ....... -- 7,084
Collateral held for loaned securities ................................ 20,909,620 484,745
Interest payable on swap agreements .................................. -- --
Variation margin payable on futures contracts (Note 1) ............... -- --
Distribution fees payable ............................................ 40,805 9,179
Investment management fees payable ................................... 11,817 --
Trustees' fees payable ............................................... 2,392 935
Payable to Separate Accounts for Trust shares redeemed ............... -- 303,862
Forward commitments at value (Note 1) ................................ -- --
Overdraft payable .................................................... -- 44,781
Accrued expenses (Note 1) ............................................ 96,136 51,898
------------- -----------
Total liabilities ................................................... 38,104,047 1,013,649
------------- -----------
NET ASSETS ........................................................... $ 224,246,853 $48,810,340
============= ===========
Investments at cost .................................................. $ 214,993,662 $43,550,148
============= ===========
Foreign cash at cost ................................................. -- $ 799,466
============= ===========
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ..................................................... $ 202,454,843 $44,480,534
Accumulated undistributed (overdistributed) net investment
income ............................................................. 3,162 (18,030)
Accumulated net realized gain (loss) ................................ 647,013 (282,853)
Unrealized appreciation (depreciation) on investments and
foreign currency denominated assets and liabilities ................ 21,141,835 4,630,689
------------- -----------
NET ASSETS ........................................................... $ 224,246,853 $48,810,340
============= ===========
CLASS IA SHARES:
Net Assets ........................................................... $ -- $ 735,037
============= ===========
Shares outstanding (Unlimited amount authorized: no par value) . -- 62,077
============= ===========
Net asset value, offering and redemption price per share (Note 1) $ -- $ 11.84
============= ===========
CLASS IB SHARES:
Net Assets ........................................................... $ 224,246,853 $48,075,303
============= ===========
Shares outstanding (Unlimited amount authorized: no par value) . 18,015,252 4,057,064
============= ===========
Net asset value, offering and redemption price per share (Note 1) $ 12.45 $ 11.85
============= ===========
<PAGE>
<CAPTION>
BT SMALL LAZARD
COMPANY JPM LARGE CAP
INDEX CORE BOND VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- --------------- --------------
<S> <C> <C> <C>
ASSETS:
Investments at value (Note 1) ........................................ $34,128,789 $110,938,174 $76,158,954
Cash ................................................................. 6,132 17,589 9,763
Foreign cash (Note 1) ................................................ -- -- --
Receivable for securities sold ....................................... 48,550 6,055,831 173,588
Unrealized appreciation of foreign currency contracts (Note 1) ....... -- 76,354 --
Short-term investments held as collateral for loaned securities ...... 4,095,271 1,381,000 1,512,300
Receivable from Separate Accounts for Trust shares sold .............. 181,986 1,007,158 571,212
Receivable for forward commitments ................................... -- 4,510,613 --
Market value of swap agreements (Note 1) ............................. -- -- --
Variation margin receivable on futures contracts ..................... 2,202 -- --
Receivable from investment manager ................................... 772 -- --
Dividends, interest and other receivables ............................ 40,150 968,404 79,171
Deferred organizational costs (Note 1) ............................... 25,074 25,074 25,074
Other assets ......................................................... 115 165 144
----------- ------------ -----------
Total assets ........................................................ 38,529,041 124,980,362 78,530,206
----------- ------------ -----------
LIABILITIES:
Payable to custodian ................................................. 17,001 2,776 3,501
Payable for securities purchased ..................................... 1,755,281 15,650,900 2,348,530
Unrealized depreciation of foreign currency contracts (Note 1) ....... -- 26,995 --
Collateral held for loaned securities ................................ 4,095,271 1,381,000 1,512,300
Interest payable on swap agreements .................................. -- -- --
Variation margin payable on futures contracts (Note 1) ............... -- 2,250 --
Distribution fees payable ............................................ 6,057 20,106 14,257
Investment management fees payable ................................... -- 24,949 15,324
Trustees' fees payable ............................................... 615 1,034 818
Payable to Separate Accounts for Trust shares redeemed ............... -- -- --
Forward commitments at value (Note 1) ................................ -- 4,489,258 --
Overdraft payable .................................................... -- -- --
Accrued expenses (Note 1) ............................................ 46,128 54,854 47,827
----------- ------------ -----------
Total liabilities ................................................... 5,920,353 21,654,122 3,942,557
----------- ------------ -----------
NET ASSETS ........................................................... $32,608,688 $103,326,240 $74,587,649
=========== ============ ===========
Investments at cost .................................................. $34,873,755 $110,699,797 $69,235,746
=========== ============ ===========
Foreign cash at cost ................................................. -- -- --
=========== ============ ===========
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ..................................................... $33,367,380 $103,150,840 $68,198,892
Accumulated undistributed (overdistributed) net investment
income ............................................................. 5,196 (49,365) 2,707
Accumulated net realized gain (loss) ................................ (23,362) (62,988) (537,158)
Unrealized appreciation (depreciation) on investments and
foreign currency denominated assets and liabilities ................ (740,526) 287,753 6,923,208
----------- ------------ -----------
NET ASSETS ........................................................... $32,608,688 $103,326,240 $74,587,649
=========== ============ ===========
CLASS IA SHARES:
Net Assets ........................................................... $ -- $ -- $ --
=========== ============ ===========
Shares outstanding (Unlimited amount authorized: no par value) . -- -- --
=========== ============ ===========
Net asset value, offering and redemption price per share (Note 1) $ -- $ -- $ --
=========== ============ ===========
CLASS IB SHARES:
Net Assets ........................................................... $32,608,688 $103,326,240 $74,587,649
=========== ============ ===========
Shares outstanding (Unlimited amount authorized: no par value) . 3,412,415 9,774,919 6,248,365
=========== ============ ===========
Net asset value, offering and redemption price per share (Note 1) $ 9.56 $ 10.57 $ 11.94
=========== ============ ===========
</TABLE>
See Notes to Financial Statements.
3
<PAGE>
<TABLE>
<CAPTION>
LAZARD MFS
SMALL CAP EQ/EVERGREEN GROWTH WITH
VALUE FOUNDATION EQ/EVERGREEN INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C>
$ 51,426,111 -- -- --
2,400 $ 1,000 $ 1,000 $ 1,000
-- -- -- --
360,447 -- -- --
-- -- -- --
3,983,725 -- -- --
229,801 -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
69,818 -- -- --
25,074 -- -- --
148 -- -- --
------------- ------------ ------------ ------------
56,097,524 1,000 1,000 1,000
------------- ------------ ------------ ------------
2,039 -- -- --
990,148 -- -- --
-- -- -- --
3,983,725 -- -- --
-- -- -- --
-- -- -- --
9,708 -- -- --
18,764 -- -- --
743 -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
46,732 -- -- --
------------- ------------ ------------ ------------
5,051,859 -- -- --
------------- ------------ ------------ ------------
$ 51,045,665 $ 1,000 $ 1,000 $ 1,000
============= ============ ============ ============
$ 52,665,521 -- -- --
============= ============ ============ ============
-- -- -- --
============= ============ ============ ============
$ 52,961,056 $ 1,000 $ 1,000 $ 1,000
-- -- -- --
(675,981) -- -- --
(1,239,410) -- -- --
------------- ------------ ------------ ------------
$ 51,045,665 $ 1,000 $ 1,000 $ 1,000
============= ============ ============ ============
$ -- $ -- $ -- $ --
============= ============ ============ ============
-- -- -- --
============= ============ ============ ============
$ -- $ -- $ -- $ --
============= ============ ============ ============
$ 51,045,665 $ 1,000 $ 1,000 $ 1,000
============= ============ ============ ============
5,506,840 100 100 100
============= ============ ============ ============
$ 9.27 $ 10.00 $ 10.00 $ 10.00
============= ============ ============ ============
</TABLE>
4
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 1998
<TABLE>
<CAPTION>
MERRILL LYNCH MERRILL LYNCH
BASIC VALUE WORLD
EQUITY STRATEGY
PORTFOLIO PORTFOLIO
----------------- ---------------
<S> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends (including $1,470 and $1,504
from affiliated companies for the
Morgan Stanley Emerging Markets
Equity Portfolio and BT International
Equity Index Portfolio, respectively) ..... $ 1,561,724 $ 230,167
Interest .................................... 1,005,517 487,278
Securities lending--Net ..................... 31,782 8,359
-------------- ------------
Total income .............................. 2,599,023 725,804
-------------- ------------
Expenses (Notes 1, 2, 3, 4 and 5):
Investment management fee ................... 632,783 179,486
Administrative fees ......................... 92,138 48,992
Custody fees ................................ 25,526 70,188
Distribution fees--Class IB ................. 287,628 64,102
Printing and mailing expenses ............... 123,975 33,375
Professional fees ........................... 33,842 6,090
Interest expense on swap agreements ......... -- --
Interest expense on loans ................... -- --
Trustees' fees (Note 7) ..................... 8,295 2,440
Amortization of deferred organizational
expense ................................... 6,322 6,322
Miscellaneous ............................... 4,279 1,802
-------------- ------------
Gross expenses ............................ 1,214,788 412,797
-------------- ------------
Waivers and reimbursements: (Note 6)
Waiver of investment management fee ......... (236,168) (104,468)
Reimbursement from investment
manager ................................... -- --
-------------- ------------
Total waivers and reimbursements .......... (236,168) (104,468)
-------------- ------------
Net expenses ................................ 978,620 308,329
-------------- ------------
NET INVESTMENT INCOME (LOSS) .................. 1,620,403 417,475
-------------- ------------
REALIZED AND UNREALIZED GAIN
(LOSS) (NOTE 1):
Realized Gain (Loss) on:
Securities .................................. 5,652,703 (1,242,455)
Swap agreements ............................. -- --
Options written ............................. -- --
Foreign currency transactions ............... -- (323,399)
Futures contracts ........................... -- --
-------------- ------------
Realized gain (loss)--net .................... 5,652,703 (1,565,854)
-------------- ------------
Change in Unrealized Appreciation
(Depreciation) on:
Securities .................................. (239,779) 2,545,676
Swap agreements ............................. -- --
Foreign currency transactions ............... -- 17,668
Forward commitments ......................... -- --
Futures contracts ........................... -- --
-------------- ------------
Unrealized appreciation
(depreciation)--net ......................... (239,779) 2,563,344
-------------- ------------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ...... 5,412,924 997,490
-------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS ................................... $ 7,033,327 $ 1,414,965
============== ============
*Foreign taxes withheld on dividends .......... $ -- $ 21,887
============== ============
*Foreign taxes withheld on interest ........... $ -- $ 978
============== ============
<PAGE>
<CAPTION>
MFS
EMERGING GROWTH MFS EQ/PUTNAM
COMPANIES RESEARCH BALANCED
PORTFOLIO PORTFOLIO PORTFOLIO
------------------ --------------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends (including $1,470 and $1,504
from affiliated companies for the
Morgan Stanley Emerging Markets
Equity Portfolio and BT International
Equity Index Portfolio, respectively) ..... $ 316,928 $ 2,259,276 $ 667,576
Interest .................................... 865,796 765,408 1,169,302
Securities lending--Net ..................... 157,652 66,086 19,172
---------------- ------------ -----------
Total income .............................. 1,340,376 3,090,770 1,856,050
---------------- ------------ -----------
Expenses (Notes 1, 2, 3, 4 and 5):
Investment management fee ................... 1,351,932 1,319,969 269,939
Administrative fees ......................... 166,093 160,767 65,412
Custody fees ................................ 76,581 80,756 73,287
Distribution fees--Class IB ................. 613,697 599,986 122,699
Printing and mailing expenses ............... 252,377 257,786 55,598
Professional fees ........................... 68,932 68,436 12,925
Interest expense on swap agreements ......... -- -- --
Interest expense on loans ................... 232 11 --
Trustees' fees (Note 7) ..................... 15,775 15,851 3,787
Amortization of deferred organizational
expense ................................... 6,322 6,322 6,322
Miscellaneous ............................... 8,027 8,188 2,384
---------------- ------------ -----------
Gross expenses ............................ 2,559,968 2,518,072 612,353
---------------- ------------ -----------
Waivers and reimbursements: (Note 6)
Waiver of investment management fee ......... (470,590) (477,580) (169,979)
Reimbursement from investment
manager ................................... -- -- --
---------------- ------------ -----------
Total waivers and reimbursements .......... (470,590) (477,580) (169,979)
---------------- ------------ -----------
Net expenses ................................ 2,089,378 2,040,492 442,374
---------------- ------------ -----------
NET INVESTMENT INCOME (LOSS) .................. (749,002) 1,050,278 1,413,676
---------------- ------------ -----------
REALIZED AND UNREALIZED GAIN
(LOSS) (NOTE 1):
Realized Gain (Loss) on:
Securities .................................. (12,432,018) (6,397,924) 1,311,316
Swap agreements ............................. -- -- --
Options written ............................. -- -- 30
Foreign currency transactions ............... (12,052) (19,945) (41,319)
Futures contracts ........................... -- -- --
---------------- ------------ -----------
Realized gain (loss)--net .................... (12,444,070) (6,417,869) 1,270,027
---------------- ------------ -----------
Change in Unrealized Appreciation
(Depreciation) on:
Securities .................................. 96,627,325 57,047,662 2,686,762
Swap agreements ............................. -- -- --
Foreign currency transactions ............... 161 165 2,011
Forward commitments ......................... -- -- --
Futures contracts ........................... -- -- --
---------------- ------------ -----------
Unrealized appreciation
(depreciation)--net ......................... 96,627,486 57,047,827 2,688,773
---------------- ------------ -----------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ...... 84,183,416 50,629,958 3,958,800
---------------- ------------ -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS ................................... $ 83,434,414 $ 51,680,236 $ 5,372,476
================ ============ ===========
*Foreign taxes withheld on dividends .......... $ 2,701 $ 22,076 $ 117
================ ============ ===========
*Foreign taxes withheld on interest ........... $ -- $ -- $ 148
================ ============ ===========
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
<TABLE>
<CAPTION>
EQ/PUTNAM EQ/PUTNAM EQ/PUTNAM
GROWTH & INTERNATIONAL INVESTORS
INCOME VALUE EQUITY GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------ ------------------ ------------------
<S> <C> <C>
$ 5,596,754 $ 1,299,081 $ 644,026
844,479 451,636 235,113
37,162 17,954 16,621
--------------- --------------- ---------------
6,478,395 1,768,671 895,760
--------------- --------------- ---------------
1,654,313 673,315 497,899
191,609 92,040 80,365
88,320 242,399 46,079
751,961 240,470 226,318
331,477 110,585 94,385
87,634 26,305 23,973
-- -- --
-- -- --
20,302 6,840 6,347
6,322 6,322 6,322
10,528 8,021 3,372
--------------- --------------- ---------------
3,142,466 1,406,297 985,060
--------------- --------------- ---------------
(585,144) (251,387) (214,923)
-- -- --
--------------- --------------- ---------------
(585,144) (251,387) (214,923)
--------------- --------------- ---------------
2,557,322 1,154,910 770,137
--------------- --------------- ---------------
3,921,073 613,761 125,623
--------------- --------------- ---------------
7,671,440 (2,629,940) (4,124,377)
-- -- --
-- -- --
-- (165,381) --
-- -- --
--------------- --------------- ---------------
7,671,440 (2,795,321) (4,124,377)
--------------- --------------- ---------------
24,262,285 17,262,604 34,949,382
-- -- --
-- (666,755) --
-- -- --
-- -- --
--------------- --------------- ---------------
24,262,285 16,595,849 34,949,382
--------------- --------------- ---------------
31,933,725 13,800,528 30,825,005
--------------- --------------- ---------------
$ 35,854,798 $ 14,414,289 $ 30,950,628
=============== =============== ===============
$ -- $ 191,141 $ --
=============== =============== ===============
$ -- $ -- $ --
=============== =============== ===============
<PAGE>
<CAPTION>
EQ/PUTNAM T. ROWE PRICE WARBURG PINCUS MORGAN STANLEY
GROWTH & T. ROWE PRICE INTERNATIONAL SMALL COMPANY EMERGING
INCOME VALUE EQUITY INCOME STOCK VALUE MARKETS EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------ ------------------ ------------------ ------------------ -----------------
<S> <C> <C> <C> <C>
$ 5,596,754 $ 4,823,366 $ 1,646,765 $ 1,377,899 $ 602,417
844,479 684,439 313,377 876,633 202,965
37,162 33,428 11,684 39,376 132
--------------- --------------- --------------- ---------------- ------------
6,478,395 5,541,233 1,971,826 2,293,908 805,514
--------------- --------------- --------------- ---------------- ------------
1,654,313 1,000,224 788,805 1,012,129 364,795
191,609 131,283 120,081 113,472 58,490
88,320 38,421 127,499 47,243 244,468
751,961 454,647 262,895 389,193 79,303
331,477 182,008 127,935 201,381 40,475
87,634 52,181 29,037 43,635 12,773
-- -- -- -- 17,812
-- -- -- -- --
20,302 12,493 7,038 10,608 2,098
6,322 6,322 6,322 6,322 6,312
10,528 7,201 8,693 7,235 6,661
--------------- --------------- --------------- ---------------- ------------
3,142,466 1,884,780 1,478,305 1,831,218 833,187
--------------- --------------- --------------- ---------------- ------------
(585,144) (338,946) (215,359) (273,559) (259,678)
-- -- -- -- --
--------------- --------------- --------------- ---------------- ------------
(585,144) (338,946) (215,359) (273,559) (259,678)
--------------- --------------- --------------- ---------------- ------------
2,557,322 1,545,834 1,262,946 1,557,659 573,509
--------------- --------------- --------------- ---------------- ------------
3,921,073 3,995,399 708,880 736,249 232,005
--------------- --------------- --------------- ---------------- ------------
7,671,440 5,433,915 (1,227,907) (19,257,182) (10,177,163)
-- -- -- -- (95,204)
-- -- -- -- --
-- (7,065) (103,487) -- (104,276)
-- -- -- -- --
--------------- --------------- --------------- ---------------- ------------
7,671,440 5,426,850 (1,331,394) (19,257,182) (10,376,643)
--------------- --------------- --------------- ---------------- ------------
24,262,285 4,862,525 12,679,282 56,703 385,027
-- -- -- -- 78,696
-- 451 7,897 -- (104,889)
-- -- -- -- --
-- -- -- -- --
--------------- --------------- --------------- ---------------- ------------
24,262,285 4,862,976 12,687,179 56,703 358,834
--------------- --------------- --------------- ---------------- ------------
31,933,725 10,289,826 11,355,785 (19,200,479) (10,017,809)
--------------- --------------- --------------- ---------------- ------------
$ 35,854,798 $ 14,285,225 $ 12,064,665 $ (18,464,230) $ (9,785,804)
=============== =============== =============== ================ ==============
$ -- $ 6,370 $ 201,638 $ -- $ 29,792
=============== =============== =============== ================ ==============
$ -- $ -- $ -- $ -- $ --
=============== =============== =============== ================ ==============
</TABLE>
6
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 1998
<TABLE>
<CAPTION>
BT BT BT
EQUITY 500 INTERNATIONAL SMALL COMPANY
INDEX EQUITY INDEX INDEX
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- --------------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends (includes $1,470 and $1,504
from affiliated companies for the
Morgan Stanley Emerging Markets
Equity and BT International Equity
Index Portfolio, respectively) ............ $ 1,165,608 $ 388,553 $ 247,565
Interest ................................... 313,848 152,744 67,384
Securities lending--Net .................... 4,711 5,397 10,169
----------- ----------- ----------
Total income .............................. 1,484,167 546,694 325,118
----------- ----------- ----------
Expenses (Notes 1, 2, 3, 4 and 5):
Investment management fee .................. 210,001 98,039 45,728
Administrative fees ........................ 91,209 89,083 97,220
Custody fees ............................... 75,302 94,016 101,731
Distribution fees--Class IB ................ 210,001 69,922 45,728
Printing and mailing expenses .............. 69,606 34,305 25,391
Professional fees .......................... 25,745 9,568 6,456
Interest expense on swap agreements ........ -- -- --
Interest expense on loans .................. -- 12,929 --
Trustees' fees (Note 7) .................... 4,538 1,971 1,310
Amortization of deferred organizational
expense ................................... 6,267 6,267 6,267
Miscellaneous .............................. 1,501 915 530
----------- ----------- ----------
Gross expenses ............................ 694,170 417,015 330,361
----------- ----------- ----------
Waivers and reimbursements: (Note 6)
Waiver of investment management fee ........ (210,001) (98,039) (45,728)
Reimbursement from investment
manager ................................... (22,206) (82,064) (174,886)
----------- ----------- ----------
Total waivers and reimbursements .......... (232,207) (180,103) (220,614)
----------- ----------- ----------
Net expenses ............................... 461,963 236,912 109,747
----------- ----------- ----------
NET INVESTMENT INCOME ........................ 1,022,204 309,782 215,371
----------- ----------- ----------
REALIZED AND UNREALIZED GAIN
(LOSS) (NOTE 1):
Realized Gain (Loss) on:
Securities ................................. 182,410 29,249 123,720
Swap agreements ............................ -- -- --
Options written ............................ -- -- --
Foreign currency transactions .............. -- 266,676 --
Futures contracts .......................... 464,603 (312,103) 277,358
----------- ----------- ----------
Realized gain (loss)--net ................... 647,013 (16,178) 401,078
----------- ----------- ----------
Change in Unrealized Appreciation
(Depreciation) on:
Securities ................................. 21,094,374 4,443,701 (744,966)
Swap agreements ............................ -- -- --
Foreign currency transactions .............. -- 47,682 --
Forward commitments ........................ -- -- --
Futures contracts .......................... 47,461 139,306 4,440
----------- ----------- ----------
Unrealized appreciation
(depreciation)--net ........................ 21,141,835 4,630,689 (740,526)
----------- ----------- ----------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ..... 21,788,848 4,614,511 (339,448)
----------- ----------- ----------
NET INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS .................................. $22,811,052 $ 4,924,293 $ (124,077)
=========== =========== ==========
*Foreign taxes withheld on dividends ......... $ 11 $ 59,292 $ --
----------- ----------- -------------
*Foreign taxes withheld on interest .......... $ -- $ -- $ --
=========== ============== =============
<PAGE>
<CAPTION>
LAZARD LAZARD
JPM LARGE CAP SMALL CAP
CORE BOND VALUE VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- -----------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends (includes $1,470 and $1,504
from affiliated companies for the
Morgan Stanley Emerging Markets
Equity and BT International Equity
Index Portfolio, respectively) ............ $ 24,980 $ 458,068 $ 254,021
Interest ................................... 2,176,519 148,397 160,068
Securities lending--Net .................... 2,202 3,516 4,369
----------- ----------- ------------
Total income .............................. 2,203,701 609,981 418,458
----------- ----------- ------------
Expenses (Notes 1, 2, 3, 4 and 5):
Investment management fee .................. 172,507 160,570 194,797
Administrative fees ........................ 52,546 47,035 45,857
Custody fees ............................... 16,557 20,950 25,294
Distribution fees--Class IB ................ 95,837 72,986 60,874
Printing and mailing expenses .............. 34,716 28,418 27,342
Professional fees .......................... 11,907 9,298 8,130
Interest expense on swap agreements ........ -- -- --
Interest expense on loans .................. -- -- --
Trustees' fees (Note 7) .................... 1,903 1,527 1,471
Amortization of deferred organizational
expense ................................... 6,267 6,267 6,267
Miscellaneous .............................. 680 2,304 5,460
----------- ----------- ------------
Gross expenses ............................ 392,920 349,355 375,492
----------- ----------- ------------
Waivers and reimbursements: (Note 6)
Waiver of investment management fee ........ (86,241) (87,559) (83,297)
Reimbursement from investment
manager ................................... -- -- --
----------- ----------- ------------
Total waivers and reimbursements .......... (86,241) (87,559) (83,297)
----------- ----------- ------------
Net expenses ............................... 306,679 261,796 292,195
----------- ----------- ------------
NET INVESTMENT INCOME ........................ 1,897,022 348,185 126,263
----------- ----------- ------------
REALIZED AND UNREALIZED GAIN
(LOSS) (NOTE 1):
Realized Gain (Loss) on:
Securities ................................. 884,507 (537,158) (675,981)
Swap agreements ............................ -- -- --
Options written ............................ -- -- --
Foreign currency transactions .............. (195,058)
Futures contracts .......................... 252,153 -- --
----------- ----------- ------------
Realized gain (loss)--net ................... 941,602 (537,158) (675,981)
----------- ----------- ------------
Change in Unrealized Appreciation
(Depreciation) on:
Securities ................................. 238,377 6,923,208 (1,239,410)
Swap agreements ............................ -- -- --
Foreign currency transactions .............. 49,359 -- --
Forward commitments ........................ 21,355 -- --
Futures contracts .......................... (21,338) -- --
----------- ----------- -------------
Unrealized appreciation
(depreciation)--net ........................ 287,753 6,923,208 (1,239,410)
----------- ----------- -------------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ..... 1,229,355 6,386,050 (1,915,391)
----------- ----------- -------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS .................................. $ 3,126,377 $ 6,734,235 $ (1,789,128)
=========== =========== =================
*Foreign taxes withheld on dividends ........ $ -- $ -- $ --
-------------- -------------- -----------------
*Foreign taxes withheld on interest .......... $ -- $ -- $ --
============== ============== =================
</TABLE>
See Notes to Financial Statements.
7
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MERRILL LYNCH BASIC VALUE
EQUITY PORTFOLIO
---------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ..................................... $ 1,620,403 $ 255,492
Realized gain (loss)--net ................................. 5,652,703 209,710
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated
assets and liabilities ................................... (239,779) (47,430)
------------- ------------
Net increase (decrease) in net assets from operations ..... 7,033,327 417,772
------------- ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ..................... -- --
Dividends in excess of net investment income ............. -- --
Distributions from realized gains ........................ -- --
Distributions in excess of realized gains ................ -- --
Return of capital distributions .......................... -- --
------------- ------------
Total Class IA dividends and distributions ................ -- --
------------- ------------
Class IB:
Dividends from net investment income ..................... (1,636,788) (247,223)
Dividends in excess of net investment income ............. (8,838) --
Distributions from realized gains ........................ (5,629,501) (209,710)
Distributions in excess of realized gains ................ (75,031) (23,202)
Return of capital distributions .......................... -- --
------------- ------------
Total Class IB dividends and distributions ................ (7,350,158) (480,135)
------------- ------------
Decrease in net assets from dividends and
distributions ............................................ (7,350,158) (480,135)
------------- ------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold .............................................. -- --
Shares issued from reinvestment of dividends and
distributions ........................................... -- --
Shares redeemed .......................................... -- --
------------- ------------
Total Class IA transactions ............................... -- --
------------- ------------
Class IB:
Shares sold .............................................. 161,279,159 53,828,437
Shares issued from reinvestment of dividends and
distributions ........................................... 7,350,158 480,135
Shares redeemed .......................................... (43,703,327) (4,751,165)
------------- ------------
Total Class IB transactions ............................... 124,925,990 49,557,407
------------- ------------
Net increase (decrease) in net assets derived from
share transactions ....................................... 124,925,990 49,557,407
------------- ------------
INCREASE IN NET ASSETS ..................................... 124,609,159 49,495,044
NET ASSETS, BEGINNING OF PERIOD ............................ 49,495,044 --
------------- ------------
NET ASSETS, END OF PERIOD .................................. $ 174,104,203 $ 49,495,044
============= ============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ............... $ (175) $ 12,476
============= ============
SHARE TRANSACTIONS:
Class IA:
Shares sold .............................................. -- --
Shares issued from reinvestment of dividends and
distributions ........................................... -- --
Shares redeemed .......................................... -- --
------------- ------------
Total Class IA transactions ............................... -- --
============= ============
Class IB:
Shares sold .............................................. 12,674,506 4,633,508
Shares issued from reinvestment of dividends and
distributions ........................................... 600,506 42,265
Shares redeemed .......................................... (3,467,476) (402,168)
------------- ------------
Total Class IB transactions ............................... 9,807,536 4,273,605
============= ============
<PAGE>
<CAPTION>
MERRILL LYNCH WORLD STRATEGY
PORTFOLIO
--------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ..................................... $ 417,475 $ 133,437
Realized gain (loss)--net ................................. (1,565,854) (294,596)
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated
assets and liabilities ................................... 2,563,344 (86,541)
-------------- ------------
Net increase (decrease) in net assets from operations ..... 1,414,965 (247,700)
-------------- ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ..................... -- --
Dividends in excess of net investment income ............. -- --
Distributions from realized gains ........................ -- --
Distributions in excess of realized gains ................ -- --
Return of capital distributions .......................... -- --
-------------- ------------
Total Class IA dividends and distributions ................ -- --
-------------- ------------
Class IB:
Dividends from net investment income ..................... (106,747) (75,981)
Dividends in excess of net investment income ............. (117,119) (6,214)
Distributions from realized gains ........................ -- --
Distributions in excess of realized gains ................ -- (187,184)
Return of capital distributions .......................... -- --
-------------- ------------
Total Class IB dividends and distributions ................ (223,866) (269,379)
-------------- ------------
Decrease in net assets from dividends and
distributions ............................................ (223,866) (269,379)
-------------- ------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold .............................................. -- --
Shares issued from reinvestment of dividends and
distributions ........................................... -- --
Shares redeemed .......................................... -- --
-------------- ------------
Total Class IA transactions ............................... -- --
-------------- ------------
Class IB:
Shares sold .............................................. 21,435,271 24,010,398
Shares issued from reinvestment of dividends and
distributions ........................................... 223,866 269,379
Shares redeemed .......................................... (10,429,724) (5,552,248)
-------------- ------------
Total Class IB transactions ............................... 11,229,413 18,727,529
-------------- ------------
Net increase (decrease) in net assets derived from
share transactions ....................................... 11,229,413 18,727,529
-------------- ------------
INCREASE IN NET ASSETS ..................................... 12,420,512 18,210,450
NET ASSETS, BEGINNING OF PERIOD ............................ 18,210,450 --
-------------- ------------
NET ASSETS, END OF PERIOD .................................. $ 30,630,962 $ 18,210,450
============== ============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ............... $ (117,119) $ (6,214)
============== ============
SHARE TRANSACTIONS:
Class IA:
Shares sold .............................................. -- --
Shares issued from reinvestment of dividends and
distributions ........................................... -- --
Shares redeemed .......................................... -- --
-------------- ------------
Total Class IA transactions ............................... -- --
============== ============
Class IB:
Shares sold .............................................. 1,987,470 2,241,153
Shares issued from reinvestment of dividends and
distributions ........................................... 20,942 26,332
Shares redeemed .......................................... (972,049) (501,568)
-------------- ------------
Total Class IB transactions ............................... 1,036,363 1,765,917
============== ============
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1997
commenced operations on January 1, 1998.
*** The Portfolios that received initial capital on December 31, 1998 will
commence operations on January 1, 1999.
See Notes to Financial Statements.
8
<PAGE>
<TABLE>
<CAPTION>
MFS EMERGING GROWTH COMPANIES
PORTFOLIO MFS RESEARCH PORTFOLIO EQ/PUTNAM BALANCED PORTFOLIO
- ----------------------------------------- ----------------------------------------- ----------------------------------------
MAY 1, 1997* MAY 1, 1997* MAY 1, 1997*
YEAR ENDED TO YEAR ENDED TO YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997 DECEMBER 31, 1998 DECEMBER 31, 1997 DECEMBER 31, 1998 DECEMBER 31, 1997
- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------
<S> <C> <C> <C> <C> <C>
$ (749,002) $ 189,683 $ 1,050,278 $ 219,276 $ 1,413,676 $ 296,083
(12,444,070) 1,472,642 (6,417,869) 104,995 1,270,027 281,700
96,627,486 239,880 57,047,827 1,575,381 2,688,773 841,182
-------------- ------------- ------------- ------------ ------------- ------------
83,434,414 1,902,205 51,680,236 1,899,652 5,372,476 1,418,965
-------------- ------------- ------------- ------------ ------------- ------------
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-------------- ------------- ------------- ------------ ------------- ------------
-- -- -- -- -- --
-------------- ------------- ------------- ------------ ------------- ------------
(7,792) (191,439) (1,012,965) (225,007) (93,972) (279,057)
(8) (513) -- (19,539) (1,254,242) (13,681)
-- (1,475,542) -- (107,634) (827,467) (196,041)
-- (865,006) -- (863,224) -- --
-- -- -- -- -- --
--------------- ------------- ------------- ------------ ------------- ------------
(7,800) (2,532,500) (1,012,965) (1,215,404) (2,175,681) (488,779)
--------------- ------------- ------------- ------------ ------------- ------------
(7,800) (2,532,500) (1,012,965) (1,215,404) (2,175,681) (488,779)
--------------- ------------- ------------- ------------ ------------- ------------
6,000,146 -- -- -- -- --
-- -- -- -- -- --
(482,295) -- -- -- -- --
--------------- ------------- ------------- ------------ ------------- ------------
5,517,851 -- -- -- -- --
--------------- ------------- ------------- ------------ ------------- ------------
611,028,621 146,747,168 296,232,678 120,065,201 70,178,473 32,089,702
7,800 2,532,500 1,012,965 1,215,404 2,175,681 488,779
(334,513,068) (46,832,130) (57,048,378) (5,210,389) (25,427,352) (7,655,079)
--------------- ------------- ------------- ------------ ------------- ------------
276,523,353 102,447,538 240,197,265 116,070,216 46,926,802 24,923,402
--------------- ------------- ------------- ------------ ------------- ------------
282,041,204 102,447,538 240,197,265 116,070,216 46,926,802 24,923,402
--------------- ------------- ------------- ------------ ------------- ------------
365,467,818 101,817,243 290,864,536 116,754,464 50,123,597 25,853,588
101,817,243 -- 116,754,464 -- 25,853,588 --
--------------- ------------- ------------- ------------ ------------- ------------
$ 467,285,061 $ 101,817,243 $ 407,619,000 $116,754,464 $ 75,977,185 $ 25,853,588
=============== ============= ============= ============ ============= ============
$ (314) $ (513) $ 8,161 $ (19,539) $ 4,600 $ (13,681)
=============== ============= ============= ============ ============= ============
404,027 -- -- -- -- --
-- -- -- -- -- --
(31,231) -- -- -- -- --
--------------- ------------- ------------- ------------ ------------- ------------
372,796 -- -- -- -- --
=============== ============= ============= ============ ============= ============
44,295,343 12,281,631 22,888,136 10,512,264 5,930,052 2,939,085
568 219,454 73,904 108,421 181,291 43,995
(24,074,548) (3,960,324) (4,442,595) (449,754) (2,169,078) (677,681)
--------------- ------------- ------------- ------------ ------------- ------------
20,221,363 8,540,761 18,519,445 10,170,931 3,942,265 2,305,399
=============== ============= ============= ============ ============= ============
</TABLE>
9
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQ/PUTNAM GROWTH & INCOME
VALUE PORTFOLIO
---------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ..................................... $ 3,921,073 $ 691,408
Realized gain (loss)--net ................................. 7,671,440 157,072
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated
assets and liabilities ................................... 24,262,285 2,814,913
------------- ------------
Net increase (decrease) in net assets from operations ..... 35,854,798 3,663,393
------------- ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ..................... -- --
Dividends in excess of net investment income ............. -- --
Distributions from realized gains ........................ -- --
Distributions in excess of realized gains ................ -- --
Return of capital distributions .......................... -- --
------------- ------------
Total Class IA dividends and distributions ................ -- --
------------- ------------
Class IB:
Dividends from net investment income ..................... (3,908,330) (695,650)
Dividends in excess of net investment income ............. -- (1,258)
Distributions from realized gains ........................ (3,529,756) (157,079)
Distributions in excess of realized gains ................ -- (413,163)
Return of capital distributions .......................... -- --
------------- ------------
Total Class IB dividends and distributions ................ (7,438,086) (1,267,150)
------------- ------------
Decrease in net assets from dividends and
distributions ............................................ (7,438,086) (1,267,150)
------------- ------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold .............................................. -- --
Shares issued from reinvestment of dividends and
distributions ........................................... -- --
Shares redeemed .......................................... -- --
------------- ------------
Total Class IA transactions ............................... -- --
------------- ------------
Class IB:
Shares sold .............................................. 302,749,372 150,166,887
Shares issued from reinvestment of dividends and
distributions ........................................... 7,438,086 1,267,150
Shares redeemed .......................................... (28,119,631) (3,570,558)
------------- ------------
Total Class IB transactions ............................... 282,067,827 147,863,479
------------- ------------
Net increase (decrease) in net assets derived from
share transactions ....................................... 282,067,827 147,863,479
------------- ------------
INCREASE IN NET ASSETS ..................................... 310,484,539 150,259,722
NET ASSETS, BEGINNING OF PERIOD ............................ 150,259,722 --
------------- ------------
NET ASSETS, END OF PERIOD .................................. $ 460,744,261 $150,259,722
============= ============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ............... $ 26,121 $ (42)
============= ============
SHARE TRANSACTIONS:
Class IA:
Shares sold .............................................. -- --
Shares issued from reinvestment of dividends and
distributions ........................................... -- --
Shares redeemed .......................................... -- --
------------- ------------
Total Class IA transactions ............................... -- --
============= ============
Class IB:
Shares sold .............................................. 24,763,118 13,247,726
Shares issued from reinvestment of dividends and
distributions ........................................... 591,764 111,940
Shares redeemed .......................................... (2,321,054) (313,953)
------------- ------------
Total Class IB transactions ............................... 23,033,828 13,045,713
============= ============
<PAGE>
<CAPTION>
EQ/PUTNAM INTERNATIONAL EQUITY
PORTFOLIO
--------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ..................................... $ 613,761 $ 136,844
Realized gain (loss)--net ................................. (2,795,321) 91,742
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated
assets and liabilities ................................... 16,595,849 (222,070)
------------- -----------
Net increase (decrease) in net assets from operations ..... 14,414,289 6,516
------------- -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ..................... -- --
Dividends in excess of net investment income ............. -- --
Distributions from realized gains ........................ -- --
Distributions in excess of realized gains ................ -- --
Return of capital distributions .......................... -- --
------------- -----------
Total Class IA dividends and distributions ................ -- --
------------- -----------
Class IB:
Dividends from net investment income ..................... (42,950) (99,488)
Dividends in excess of net investment income ............. -- --
Distributions from realized gains ........................ -- (70,340)
Distributions in excess of realized gains ................ -- (179,261)
Return of capital distributions .......................... -- --
------------- -----------
Total Class IB dividends and distributions ................ (42,950) (349,089)
------------- -----------
Decrease in net assets from dividends and
distributions ............................................ (42,950) (349,089)
------------- -----------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold .............................................. -- --
Shares issued from reinvestment of dividends and
distributions ........................................... -- --
Shares redeemed .......................................... -- --
------------- -----------
Total Class IA transactions ............................... -- --
------------- -----------
Class IB:
Shares sold .............................................. 86,265,870 58,043,736
Shares issued from reinvestment of dividends and
distributions ........................................... 42,950 349,089
Shares redeemed .......................................... (14,637,575) (372,106)
------------- -----------
Total Class IB transactions ............................... 71,671,245 58,020,719
------------- -----------
Net increase (decrease) in net assets derived from
share transactions ....................................... 71,671,245 58,020,719
------------- -----------
INCREASE IN NET ASSETS ..................................... 86,042,584 57,678,146
NET ASSETS, BEGINNING OF PERIOD ............................ 57,678,146 --
------------- -----------
NET ASSETS, END OF PERIOD .................................. $ 143,720,730 $57,678,146
============= ===========
Net Assets include accumulated undistributed
(overdistributed) net investment income of ............... $ 699,943 $ 62,965
============= ===========
SHARE TRANSACTIONS:
Class IA:
Shares sold .............................................. -- --
Shares issued from reinvestment of dividends and
distributions ........................................... -- --
Shares redeemed .......................................... -- --
------------- -----------
Total Class IA transactions ............................... -- --
============= ===========
Class IB:
Shares sold .............................................. 6,968,356 5,297,238
Shares issued from reinvestment of dividends and
distributions ........................................... 3,382 32,263
Shares redeemed .......................................... (1,217,991) (33,482)
------------- -----------
Total Class IB transactions ............................... 5,753,747 5,296,019
============= ===========
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1997
commenced operations on January 1, 1998.
*** The Portfolios that received initial capital on December 31, 1998 will
commence operations on January 1, 1999.
See Notes to Financial Statements.
10
<PAGE>
<TABLE>
<CAPTION>
EQ/PUTNAM INVESTORS GROWTH T. ROWE PRICE EQUITY INCOME T. ROWE PRICE INTERNATIONAL
PORTFOLIO PORTFOLIO STOCK PORTFOLIO
- ----------------------------------------- ----------------------------------------- ----------------------------------------
MAY 1, 1997* MAY 1, 1997* MAY 1, 1997*
YEAR ENDED TO YEAR ENDED TO YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997 DECEMBER 31, 1998 DECEMBER 31, 1997 DECEMBER 31, 1998 DECEMBER 31, 1997
- ------------------- ------------------- ------------------- ------------------- ------------------- ------------------
<S> <C> <C> <C> <C> <C>
$ 125,623 $ 71,785 $ 3,995,399 $ 755,994 $ 708,880 $ 128,093
(4,124,377) 115,368 5,426,850 350,530 (1,331,394) (368,231)
34,949,382 2,538,392 4,862,976 5,446,015 12,687,179 (3,616,820)
------------ ----------- ------------- ------------- -------------- -------------
30,950,628 2,725,545 14,285,225 6,552,539 12,064,665 (3,856,958)
------------ ----------- ------------- ------------- -------------- -------------
-- -- (35,838) -- -- --
-- -- -- -- -- --
-- -- (40,618) -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
------------ ----------- ------------- ------------- -------------- -------------
-- -- (76,456) -- -- --
------------ ----------- ------------- ------------- -------------- -------------
(111,393) (75,580) (3,933,650) (742,913) (833,092) --
-- -- -- -- (302,422) (9,785)
-- (115,368) (5,062,958) (274,692) -- --
-- (230,644) -- -- (1,173) --
-- -- -- -- -- --
------------ ----------- ------------- ------------- -------------- -------------
(111,393) (421,592) (8,996,608) (1,017,605) (1,136,687) (9,785)
------------ ----------- ------------- ------------- -------------- -------------
(111,393) (421,592) (9,073,064) (1,017,605) (1,136,687) (9,785)
------------ ----------- ------------- ------------- -------------- -------------
-- -- 2,524,430 -- -- --
-- -- 76,456 -- -- --
-- -- (142,092) -- -- --
------------ ----------- ------------- ------------- -------------- -------------
-- -- 2,458,794 -- -- --
------------ ----------- ------------- ------------- -------------- -------------
114,300,823 37,267,750 170,865,561 104,824,753 178,237,748 100,986,940
111,393 421,592 8,996,608 1,017,605 1,136,687 9,785
(9,931,082) (298,689) (43,064,416) (11,529,982) (130,221,045) (22,558,013)
------------ ----------- ------------- ------------- -------------- -------------
104,481,134 37,390,653 136,797,753 94,312,376 49,153,390 78,438,712
------------ ----------- ------------- ------------- -------------- -------------
104,481,134 37,390,653 139,256,547 94,312,376 49,153,390 78,438,712
------------ ----------- ------------- ------------- -------------- -------------
135,320,369 39,694,606 144,468,708 99,847,310 60,081,368 74,571,969
39,694,606 -- 99,947,310 100,000 74,571,969 --
------------ ----------- ------------- ------------- -------------- -------------
$175,014,975 $39,694,606 $ 244,416,018 $ 99,947,310 $ 134,653,337 $ 74,571,969
============ =========== ============= ============= ============== =============
$ 25,684 $ 412 $ 34,184 $ 2,001 $ (158,252) $ (20,377)
============ =========== ============= ============= ============== =============
-- -- 195,361 -- -- --
-- -- 6,161 -- -- --
-- -- (10,947) -- -- --
------------ ----------- ------------- ------------- -------------- -------------
-- -- 190,575 -- -- --
============ =========== ============= ============= ============== =============
7,900,821 3,210,087 13,571,713 9,163,385 16,778,911 9,802,776
6,926 35,192 723,375 85,226 104,054 997
(704,721) (25,201) (3,466,621) (985,808) (12,323,215) (2,232,461)
------------ ----------- ------------- ------------- -------------- -------------
7,203,026 3,220,078 10,828,467 8,262,803 4,559,750 7,571,312
============ =========== ============= ============= ============== =============
</TABLE>
11
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
WARBURG PINCUS SMALL COMPANY
VALUE PORTFOLIO
---------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ..................................... $ 736,249 $ 99,305
Realized gain (loss)--net ................................. (19,257,182) (937,026)
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated
assets and liabilities ................................... 56,703 439,483
------------- -------------
Net increase (decrease) in net assets from operations ..... (18,464,230) (398,238)
------------- -------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ..................... (2,910) --
Dividends in excess of net investment income ............. -- --
Distributions from realized gains ........................ -- --
Distributions in excess of realized gains ................ -- --
Return of capital distributions .......................... (593) --
------------- -------------
Total Class IA dividends and distributions ................ (3,503) --
------------- -------------
Class IB:
Dividends from net investment income ..................... (643,796) (103,540)
Dividends in excess of net investment income ............. -- (204)
Distributions from realized gains ........................ -- --
Distributions in excess of realized gains ................ -- (528,932)
Return of capital distributions .......................... (131,277) --
------------- -------------
Total Class IB dividends and distributions ................ (775,073) (632,676)
------------- -------------
Decrease in net assets from dividends and
distributions ............................................ (778,576) (632,676)
------------- -------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold .............................................. 799,188 --
Shares issued from reinvestment of dividends and
distributions ........................................... 3,503 --
Shares redeemed .......................................... (72,570) --
------------- -------------
Total Class IA transactions ............................... 730,121 --
------------- -------------
Class IB:
Shares sold .............................................. 118,015,752 170,997,522
Shares issued from reinvestment of dividends and
distributions ........................................... 775,073 632,676
Shares redeemed .......................................... (53,664,561) (49,719,610)
------------- -------------
Total Class IB transactions ............................... 65,126,264 121,910,588
------------- -------------
Net increase (decrease) in net assets derived from
share transactions ....................................... 65,856,385 121,910,588
------------- -------------
INCREASE IN NET ASSETS ..................................... 46,613,579 120,879,674
NET ASSETS, BEGINNING OF PERIOD ............................ 120,879,674 --
------------- -------------
NET ASSETS, END OF PERIOD .................................. $ 167,493,253 $ 120,879,674
============= =============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ............... $ (291) $ (28)
============= =============
SHARE TRANSACTIONS:
Class IA:
Shares sold .............................................. 77,260 --
Shares issued from reinvestment of dividends and
distributions ........................................... 345 --
Shares redeemed .......................................... (7,045) --
------------- -------------
Total Class IA transactions ............................... 70,560 --
============= =============
Class IB:
Shares sold .............................................. 10,072,044 14,177,457
Shares issued from reinvestment of dividends and
distributions ........................................... 76,073 54,682
Shares redeemed .......................................... (4,636,677) (4,027,352)
------------- -------------
Total Class IB transactions ............................... 5,511,440 10,204,787
============= =============
<PAGE>
<CAPTION>
MORGAN STANLEY EMERGING MARKETS
EQUITY PORTFOLIO
--------------------------------------
AUGUST 20, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ..................................... $ 232,005 $ 112,895
Realized gain (loss)--net ................................. (10,376,643) (403,302)
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated
assets and liabilities ................................... 358,834 (2,983,874)
-------------- --------------
Net increase (decrease) in net assets from operations ..... (9,785,804) (3,274,281)
-------------- --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ..................... -- --
Dividends in excess of net investment income ............. -- --
Distributions from realized gains ........................ -- --
Distributions in excess of realized gains ................ -- --
Return of capital distributions .......................... -- --
-------------- --------------
Total Class IA dividends and distributions ................ -- --
-------------- --------------
Class IB:
Dividends from net investment income ..................... (153,424) (59,226)
Dividends in excess of net investment income ............. -- --
Distributions from realized gains ........................ -- --
Distributions in excess of realized gains ................ -- --
Return of capital distributions .......................... -- --
-------------- --------------
Total Class IB dividends and distributions ................ (153,424) (59,226)
-------------- --------------
Decrease in net assets from dividends and
distributions ............................................ (153,424) (59,226)
-------------- --------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold .............................................. -- --
Shares issued from reinvestment of dividends and
distributions ........................................... -- --
Shares redeemed .......................................... -- --
-------------- --------------
Total Class IA transactions ............................... -- --
-------------- --------------
Class IB:
Shares sold .............................................. 95,364,409 35,354,533
Shares issued from reinvestment of dividends and
distributions ........................................... 153,424 59,226
Shares redeemed .......................................... (65,652,014) (10,647,621)
-------------- --------------
Total Class IB transactions ............................... 29,865,819 24,766,138
-------------- --------------
Net increase (decrease) in net assets derived from
share transactions ....................................... 29,865,819 24,766,138
-------------- --------------
INCREASE IN NET ASSETS ..................................... 19,926,591 21,432,631
NET ASSETS, BEGINNING OF PERIOD ............................ 21,432,631 --
-------------- --------------
NET ASSETS, END OF PERIOD .................................. $ 41,359,222 $ 21,432,631
============== ==============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ............... $ (35,802) $ 33,290
============== ==============
SHARE TRANSACTIONS:
Class IA:
Shares sold .............................................. -- --
Shares issued from reinvestment of dividends and
distributions ........................................... -- --
Shares redeemed .......................................... -- --
-------------- --------------
Total Class IA transactions ............................... -- --
============== ==============
Class IB:
Shares sold .............................................. 14,735,898 3,928,086
Shares issued from reinvestment of dividends and
distributions ........................................... 26,892 7,554
Shares redeemed .......................................... (10,307,350) (1,241,830)
-------------- --------------
Total Class IB transactions ............................... 4,455,440 2,693,810
============== ==============
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1997
commenced operations on January 1, 1998.
*** The Portfolios that recieved initial capital on December 31, 1998 will
commence operations on January 1, 1999.
See Notes to Financial Statements.
12
<PAGE>
<TABLE>
<CAPTION>
BT EQUITY 500 INDEX PORTFOLIO BT INTERNATIONAL EQUITY INDEX PORTFOLIO BT SMALL COMPANY INDEX PORTFOLIO
- ----------------------------------------- ----------------------------------------- ----------------------------------------
YEAR ENDED YEAR ENDED YEAR ENDED
DECEMBER 31, 1998 DECEMBER 31, 1997** DECEMBER 31, 1998 DECEMBER 31, 1997** DECEMBER 31, 1998 DECEMBER 31, 1997**
- ------------------- --------------------- ------------------- --------------------- ------------------- --------------------
<S> <C> <C> <C> <C> <C>
$ 1,022,204 $ -- $ 309,782 $ -- $ 215,371 $ --
647,013 -- (16,178) -- 401,078 --
21,141,835 -- 4,630,689 -- (740,526) --
------------- ------------- ------------- ------------- ------------- -------------
22,811,052 -- 4,924,293 -- (124,077) --
------------- ------------- ------------- ------------- ------------- -------------
-- -- (8,547) -- -- --
-- -- (260) -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- (8,807) -- -- --
------------- ------------- ------------- ------------- ------------- -------------
(1,034,895) -- (584,566) -- (223,243) --
-- -- (17,770) -- -- --
-- -- -- -- (401,078) --
-- -- -- -- (23,362) --
-- -- -- -- -- --
------------- ------------- ------------- ------------- ------------- -------------
(1,034,895) -- (602,336) -- (647,683) --
------------- ------------- ------------- ------------- ------------- -------------
(1,034,895) -- (611,143) -- (647,683) --
------------- ------------- ------------- ------------- ------------- -------------
-- -- 1,304,807 -- -- --
-- -- 8,807 -- -- --
-- -- (598,860) -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- 714,754 -- -- --
------------- ------------- ------------- ------------- ------------- -------------
223,661,715 1,000 53,227,128 1,000 34,192,251 1,000
1,034,895 -- 602,336 -- 647,683 --
(22,226,914) -- (10,048,028) -- (1,460,486) --
------------- ------------- ------------- ------------- ------------- -------------
202,469,696 1,000 43,781,436 1,000 33,379,448 1,000
------------- ------------- ------------- ------------- ------------- -------------
202,469,696 1,000 44,496,190 1,000 33,379,448 1,000
------------- ------------- ------------- ------------- ------------- -------------
224,245,853 1,000 48,809,340 1,000 32,607,688 1,000
1,000 -- 1,000 -- 1,000 --
------------- ------------- ------------- ------------- ------------- -------------
$ 224,246,853 $ 1,000 $ 48,810,340 $ 1,000 $ 32,608,688 $ 1,000
============= ============= ============= ============= ============= =============
$ 3,162 $ -- $ (18,030) $ -- $ 5,196 $ --
============= ============= ============= ============= ============= =============
-- -- 112,153 -- -- --
-- -- 760 -- -- --
-- -- (50,836) -- -- --
------------- ------------- ------------- ------------- ------------- -------------
-- -- 62,077 -- -- --
============= ============= ============= ============= ============= =============
19,947,642 100 4,910,743 100 3,497,021 100
84,967 -- 51,925 -- 71,331 --
(2,017,457) -- (905,704) -- (156,037) --
------------- ------------- ------------- ------------- ------------- -------------
18,015,152 100 4,056,964 100 3,412,315 100
============= ============= ============= ============= ============= =============
</TABLE>
13
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
JPM CORE BOND PORTFOLIO
-----------------------------------------
YEAR ENDED
DECEMBER 31, 1998 DECEMBER 31, 1997**
------------------- ---------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ..................................... $ 1,897,022 $ --
Realized gain (loss)--net ................................. 941,602 --
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated
assets and liabilities ................................... 287,753 --
------------- --------------
Net increase (decrease) in net assets from operations ..... 3,126,377 --
------------- --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ..................... -- --
Dividends in excess of net investment income ............. -- --
Distributions from realized gains ........................ -- --
Distributions in excess of realized gains ................ -- --
Return of capital distributions .......................... -- --
------------- --------------
Total Class IA dividends and distributions ................ -- --
------------- --------------
Class IB:
Dividends from net investment income ..................... (1,885,859) --
Dividends in excess of net investment income ............. (56,429) --
Distributions from realized gains ........................ (963,793) --
Distributions in excess of realized gains ................ (85,138) --
Return of capital distributions .......................... -- --
------------- --------------
Total Class IB dividends and distributions ................ (2,991,219) --
------------- --------------
Decrease in net assets from dividends and
distributions ............................................ (2,991,219) --
------------- --------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold .............................................. -- --
Shares issued from reinvestment of dividends and
distributions ........................................... -- --
Shares redeemed .......................................... -- --
------------- --------------
Total Class IA transactions ............................... -- --
------------- --------------
Class IB:
Shares sold .............................................. 104,618,746 1,000
Shares issued from reinvestment of dividends and
distributions ........................................... 2,991,219 --
Shares redeemed .......................................... (4,419,883) --
------------- --------------
Total Class IB transactions ............................... 103,190,082 1,000
------------- --------------
Net increase (decrease) in net assets derived from
share transactions ....................................... 103,190,082 1,000
------------- --------------
INCREASE IN NET ASSETS ..................................... 103,325,240 1,000
NET ASSETS, BEGINNING OF PERIOD ............................ 1,000 --
------------- --------------
NET ASSETS, END OF PERIOD .................................. $ 103,326,240 $ 1,000
============= ==============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ............... $ (49,365) $ --
============= ==============
SHARE TRANSACTIONS:
Class IA:
Shares sold .............................................. -- --
Shares issued from reinvestment of dividends and
distributions ........................................... -- --
Shares redeemed .......................................... -- --
------------- --------------
Total Class IA transactions ............................... -- --
============= ==============
Class IB:
Shares sold .............................................. 9,907,643 100
Shares issued from reinvestment of dividends and
distributions ........................................... 284,067 --
Shares redeemed .......................................... (416,891) --
------------- --------------
Total Class IB transactions ............................... 9,774,819 100
============= ==============
<PAGE>
<CAPTION>
LAZARD LARGE CAP VALUE PORTFOLIO
----------------------------------------
YEAR ENDED
DECEMBER 31, 1998 DECEMBER 31, 1997**
------------------- --------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ..................................... $ 348,185 $ --
Realized gain (loss)--net ................................. (537,158) --
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated
assets and liabilities ................................... 6,923,208 --
------------- --------------
Net increase (decrease) in net assets from operations ..... 6,734,235 --
------------- --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ..................... -- --
Dividends in excess of net investment income ............. -- --
Distributions from realized gains ........................ -- --
Distributions in excess of realized gains ................ -- --
Return of capital distributions .......................... -- --
------------- --------------
Total Class IA dividends and distributions ................ -- --
------------- --------------
Class IB:
Dividends from net investment income ..................... (355,221) --
Dividends in excess of net investment income ............. (8) --
Distributions from realized gains ........................ -- --
Distributions in excess of realized gains ................ -- --
Return of capital distributions .......................... -- --
--------------- --------------
Total Class IB dividends and distributions ................ (355,229) --
--------------- --------------
Decrease in net assets from dividends and
distributions ............................................ (355,229) --
--------------- --------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold .............................................. -- --
Shares issued from reinvestment of dividends and
distributions ........................................... -- --
Shares redeemed .......................................... -- --
--------------- --------------
Total Class IA transactions ............................... -- --
--------------- --------------
Class IB:
Shares sold .............................................. 70,032,073 1,000
Shares issued from reinvestment of dividends and
distributions ........................................... 355,229 --
Shares redeemed .......................................... (2,179,659) --
--------------- --------------
Total Class IB transactions ............................... 68,207,643 1,000
--------------- --------------
Net increase (decrease) in net assets derived from
share transactions ....................................... 68,207,643 1,000
--------------- --------------
INCREASE IN NET ASSETS ..................................... 74,586,649 1,000
NET ASSETS, BEGINNING OF PERIOD ............................ 1,000 --
--------------- --------------
NET ASSETS, END OF PERIOD .................................. $ 74,587,649 $ 1,000
=============== ==============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ............... $ 2,707 $ --
=============== ==============
SHARE TRANSACTIONS:
Class IA:
Shares sold .............................................. -- --
Shares issued from reinvestment of dividends and
distributions ........................................... -- --
Shares redeemed .......................................... -- --
--------------- --------------
Total Class IA transactions ............................... -- --
=============== ==============
Class IB:
Shares sold .............................................. 6,428,010 100
Shares issued from reinvestment of dividends and
distributions ........................................... 30,181 --
Shares redeemed .......................................... (209,926) --
--------------- --------------
Total Class IB transactions ............................... 6,248,265 100
=============== ==============
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1997
commenced operations on January 1, 1998.
*** The Portfolios that received initial capital on December 31, 1998 will
commence operations on January 1, 1999.
See Notes to Financial Statements.
14
<PAGE>
<TABLE>
<CAPTION>
MFS
EQ/EVERGREEN GROWTH WITH
FOUNDATION EQ/EVERGREEN INCOME
LAZARD SMALL CAP VALUE PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------------------------------- ---------------------- ---------------------- ---------------------
YEAR ENDED
DECEMBER 31, 1998 DECEMBER 31, 1997** DECEMBER 31, 1998*** DECEMBER 31, 1998*** DECEMBER 31, 1998***
- ------------------- --------------------- ---------------------- ---------------------- ---------------------
<S> <C> <C> <C> <C>
$ 126,263 $ -- $ -- $ -- $ --
(675,981) -- -- -- --
(1,239,410) -- -- -- --
------------- ------------- ------------- ------------- -------------
(1,789,128) -- -- -- --
------------- ------------- ------------- ------------- -------------
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
------------- ------------- ------------- ------------- -------------
-- -- -- -- --
------------- ------------- ------------- ------------- -------------
(135,415) -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
------------- ------------- ------------- ------------- -------------
(135,415) -- -- -- --
------------- ------------- ------------- ------------- -------------
(135,415) -- -- -- --
------------- ------------- ------------- ------------- -------------
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
------------- ------------- ------------- ------------- -------------
-- -- -- -- --
------------- ------------- ------------- ------------- -------------
55,276,760 1,000 1,000 1,000 1,000
135,415 -- -- -- --
(2,442,967) -- -- -- --
------------- ------------- ------------- ------------- -------------
52,969,208 1,000 1,000 1,000 1,000
------------- ------------- ------------- ------------- -------------
52,969,208 1,000 1,000 1,000 1,000
------------- ------------- ------------- ------------- -------------
51,044,665 1,000 1,000 1,000 1,000
1,000 -- -- -- --
------------- ------------- ------------- ------------- -------------
$ 51,045,665 $ 1,000 $ 1,000 $ 1,000 $ 1,000
============= ============= ============= ============= =============
$ -- $ -- $ -- $ -- $ --
============= ============= ============= ============= =============
-- -- -- -- --
-- -- -- -- --
-- -- -- -- --
------------- ------------- ------------- ------------- -------------
-- -- -- -- --
============= ============= ============= ============= =============
5,784,545 100 100 100 100
15,511 -- -- -- --
(293,316) -- -- -- --
------------- ------------- ------------- ------------- -------------
5,506,740 100 100 100 100
============= ============= ============= ============= =============
</TABLE>
15
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (11.2%)
CHEMICALS (3.7%)
E.I. Du Pont de Nemours & Co. 45,000 $ 2,387,813
Hercules, Inc. ......................................................... 150,000 4,106,250
-------------
6,494,063
-------------
METALS & MINING (2.1%)
ASARCO, Inc. ........................................................... 100,000 1,506,250
Potash Corp. of Saskatchewan,
Inc. ................................................................. 35,000 2,235,625
-------------
3,741,875
-------------
PAPER (4.7%)
Champion International Corp. ........................................... 80,000 3,240,000
Kimberly-Clark Corp. ................................................... 90,000 4,905,000
-------------
8,145,000
-------------
STEEL (0.7%)
WHX Corp.* ............................................................. 120,000 1,207,500
-------------
TOTAL BASIC MATERIALS ................................................ 19,588,438
-------------
CAPITAL GOODS (6.9%)
AEROSPACE (2.4%)
Boeing Co. ............................................................. 70,000 2,283,750
Northrop Grumman Corp. ................................................. 25,000 1,828,125
-------------
4,111,875
-------------
BUILDING & CONSTRUCTION (1.3%)
Foster Wheeler Corp. ................................................... 170,000 2,241,875
-------------
ELECTRICAL EQUIPMENT (1.5%)
Thomas & Betts Corp. ................................................... 61,200 2,650,725
-------------
MACHINERY (1.7%)
Caterpillar, Inc. ...................................................... 35,000 1,610,000
Deere & Co. ............................................................ 40,000 1,325,000
-------------
2,935,000
-------------
TOTAL CAPITAL GOODS .................................................. 11,939,475
-------------
CONSUMER CYCLICALS (3.0%)
AUTOS & TRUCKS (1.2%)
General Motors Corp. ................................................... 30,000 2,146,875
-------------
RETAIL--GENERAL (1.8%)
Sears Roebuck & Co. .................................................... 35,000 1,487,500
Venator Group, Inc.* ................................................... 250,000 1,609,375
-------------
3,096,875
-------------
TOTAL CONSUMER CYCLICALS ............................................. 5,243,750
-------------
CONSUMER NON-CYCLICALS (9.7%)
BEVERAGES (2.8%)
Seagram Co., Ltd. ...................................................... 130,000 4,940,000
-------------
FOODS (2.7%)
General Mills, Inc. .................................................... 60,000 4,665,000
-------------
HOSPITAL SUPPLIES & SERVICES (1.9%)
Columbia HCA Healthcare Corp. 130,000 3,217,500
-------------
TOBACCO (2.3%)
Philip Morris Cos., Inc. ............................................... 75,000 4,012,500
-------------
TOTAL CONSUMER NON-CYCLICALS 16,835,000
-------------
<PAGE>
CREDIT SENSITIVE (15.2%)
BANKS (4.4%)
Chase Manhattan Corp. .................................................. 50,000 3,403,125
Mellon Bank Corp. ...................................................... 20,000 1,375,000
National City Corp. .................................................... 40,000 2,900,000
-------------
7,678,125
-------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
FINANCIAL SERVICES (4.6%)
Associates First Capital Corp.,
Class A .............................................................. 80,000 $ 3,390,000
CIT Group, Inc., Class A ............................................... 145,000 4,612,813
-------------
8,002,813
-------------
INSURANCE (2.7%)
Aetna, Inc. ............................................................ 60,000 4,717,500
-------------
UTILITY--ELECTRIC (1.8%)
Cinergy Corp. .......................................................... 90,000 3,093,750
-------------
UTILITY--TELEPHONE (1.7%)
AT&T Corp. ............................................................. 40,000 3,010,000
-------------
TOTAL CREDIT SENSITIVE ............................................... 26,502,188
-------------
ENERGY (12.6%)
OIL--DOMESTIC (6.1%)
Atlantic Richfield Co. ................................................. 40,000 2,610,000
Royal Dutch Petroleum Co. (NY
Shares) .............................................................. 50,000 2,393,750
Sonat, Inc. ............................................................ 100,000 2,706,250
Unocal Corp. ........................................................... 100,000 2,918,750
-------------
10,628,750
-------------
OIL--INTERNATIONAL (1.4%)
Diamond Offshore Drilling, Inc. ........................................ 100,000 2,368,750
-------------
OIL--SUPPLIES & CONSTRUCTION (2.0%)
Halliburton Co. ........................................................ 60,000 1,777,500
Rowan Co., Inc.* ....................................................... 170,000 1,700,000
-------------
3,477,500
-------------
RAILROADS (3.1%)
Union Pacific Corp. .................................................... 120,000 5,407,500
-------------
TOTAL ENERGY ......................................................... 21,882,500
-------------
TECHNOLOGY (24.7%)
ELECTRONICS (11.3%)
3Com Corp.* ............................................................ 85,000 3,809,062
Exabyte Corp.* ......................................................... 279,700 1,538,350
Integrated Device Technology,
Inc.* ................................................................ 435,300 2,666,213
LSI Logic Corp.* ....................................................... 160,000 2,580,000
Novell, Inc.* .......................................................... 230,000 4,168,750
Philips Electronics N.V. (NY
Shares) .............................................................. 40,000 2,707,500
Seagate Technology, Inc.* .............................................. 70,000 2,117,500
-------------
19,587,375
-------------
OFFICE EQUIPMENT (9.8%)
Hewlett Packard Co. .................................................... 45,000 3,074,062
International Business Machines
Corp. ................................................................ 10,000 1,847,500
Mentor Graphics Corp.* ................................................. 275,000 2,337,500
NCR Corp.* ............................................................. 65,000 2,713,750
Scitex Corp., Ltd.* .................................................... 335,300 3,939,775
Silicon Graphics, Inc.* ................................................ 250,000 3,218,750
-------------
17,131,337
-------------
TELECOMMUNICATIONS (3.6%)
Glenayre Technologies, Inc.* ........................................... 300,000 1,331,250
Motorola, Inc. ......................................................... 80,000 4,885,000
-------------
6,216,250
-------------
TOTAL TECHNOLOGY ..................................................... 42,934,962
-------------
TOTAL COMMON STOCKS (83.3%)
(Cost $145,213,522) .................................................. 144,926,313
-------------
</TABLE>
16
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------- ----------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (19.1%)
Federal Home Loan Mortgage
Corporation Discount Note,
1/4/99
(Amortized Cost $33,277,961) .... $ 33,291,000 $ 33,277,961
------------
TOTAL INVESTMENTS (102.4%)
(Cost/Amortized Cost
$178,491,483) ................... 178,204,274
OTHER ASSETS
LESS LIABILITIES (-2.4%) ........ (4,100,071)
------------
NET ASSETS (100%) ................. $174,104,203
============
</TABLE>
- ----------
* Non-income producing
17
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $180,698,493
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 79,912,024
</TABLE>
As of December 31, 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 .......... $ 13,122,622
Aggregate gross unrealized depreciation .......... (13,790,971)
-------------
Net unrealized (depreciation) .................... $ (668,349)
=============
Federal income tax cost of investments ........... $ 178,872,623
=============
</TABLE>
At December 31, 1998 the Portfolio had loaned securities with a total value of
$3,898,408, which was secured by collateral of $3,993,300.
For the period from January 1, 1998 to December 31, 1998 the Portfolio incurred
approximately $13,238 and $14,104 as brokerage commissions with Merrill Lynch
and Co., Inc. and Donaldson, Lufkin and Jenrette Securities Corp. respectively,
both affiliated broker/dealers.
See Notes to Financial Statements.
18
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ ----------------
<S> <C> <C>
COMMON STOCKS AND RIGHTS:
CANADA (1.0%)
Magna International, Inc., Class A ..... 600 $ 37,200
Teleglobe, Inc. ........................ 7,600 273,600
---------
TOTAL CANADA .......................... 310,800
---------
JAPAN (3.3%)
Fuji Photo Film Co. .................... 2,000 74,435
Fujikura Ltd. .......................... 9,000 48,330
Fujitsu Ltd. ........................... 4,000 53,345
Ito Yokado Co., Ltd. ................... 1,000 70,004
Kao Corp. .............................. 2,000 45,193
Marui Co., Ltd. ........................ 3,000 57,820
Matsushita Electric Industries Co. ..... 5,000 88,569
Minebea Co., Ltd. ...................... 9,000 103,199
NTT Mobile Communication
Network, Inc. ........................ 2 82,410
Nippon Telegraph & Telephone
Corp. ................................ 10 77,271
Olympus Optical Co. .................... 5,000 57,554
Orix Corp. ............................. 1,000 74,790
Rohm Co. ............................... 1,000 91,183
Tokio Marine & Fire Insurance Co. ...... 7,000 83,739
---------
TOTAL JAPAN ........................... 1,007,842
---------
OTHER EUROPEAN COUNTRIES (11.6%)
AUSTRIA (0.2%)
Mayr-Melnhof Karton AG ................. 1,500 70,104
---------
FRANCE (3.3%)
Cap Gemini S.A. ........................ 125 20,060
Cie Generale des Eaux .................. 565 146,569
Elf Acquitaine S.A. .................... 1,400 161,803
France Telecom S.A. .................... 1,400 111,209
Groupe Danone .......................... 371 106,199
STMicroelectronics N.V. (N.Y.
Shares)* ............................. 2,600 202,963
Scor ................................... 2,600 171,876
Thomson CSF ............................ 2,400 103,050
---------
1,023,729
---------
GERMANY (0.5%)
DaimlerChrysler AG* .................... 1,380 137,048
---------
IRELAND (0.6%)
Bank of Ireland ........................ 8,400 184,067
---------
ITALY (1.6%)
Arnoldo Mondadori Editore .............. 15,400 203,502
Banca di Roma .......................... 92,000 155,791
Telecom Italia S.p.A. .................. 15,600 133,027
---------
492,320
---------
NETHERLANDS (1.2%)
Unilever N.V. .......................... 1,900 162,389
Wolters Kluwer N.V. .................... 900 192,566
---------
354,955
---------
SPAIN (2.3%)
Dinamia Capital Privado* ............... 8,800 100,310
Endesa S.A. ............................ 6,500 171,967
Metrovacesa S.A. ....................... 5,000 149,873
Telefonica S.A. ........................ 3,800 168,717
Telefonica S.A. (Rights)(expiring
1/30/99)* ............................ 3,800 3,369
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ ----------------
<S> <C> <C>
Uralita S.A. ........................... 10,200 $ 113,397
---------
707,633
---------
SWITZERLAND (1.9%)
Nestle S.A. (Registered) ............... 49 106,825
Novartis AG (Registered) ............... 88 173,241
Swisscom AG (Registered)* .............. 425 178,181
Valora Holding AG ...................... 400 108,349
---------
566,596
---------
TOTAL OTHER EUROPEAN COUNTRIES ........ 3,536,452
---------
SCANDINAVIA (5.1%)
DENMARK (0.1%)
ISS International Service System
A/S, Class B ......................... 500 32,524
---------
FINLAND (2.0%)
Amer-Yhtymae OYJ, Class A* ............. 5,100 52,711
Nokia OYJ, Class A ..................... 1,400 170,231
Orion-Yhtymae OYJ, Class B ............. 2,620 62,893
Sampo Insurance Co., plc, Class A ...... 3,000 113,847
Sponda OYJ* ............................ 15,210 88,594
Upm-Kymmene OYJ ........................ 4,200 116,966
---------
605,242
---------
NORWAY (0.1%)
Merkantildata ASA ...................... 3,700 36,510
---------
SWEDEN (2.9%)
Autoliv, Inc. .......................... 2,100 75,484
Bure Investment AB ..................... 4,600 65,343
Castellum AB ........................... 5,600 60,871
Custos AB, Class B ..................... 3,000 58,735
Ericsson Telecommunications
(ADR) ................................ 7,500 179,531
ForeningsSparbanken AB ................. 5,900 153,043
Haldex AB .............................. 8,500 86,095
Nordbanken Holding AB .................. 8,400 53,954
Spectra-Physics AB, Class A ............ 5,300 62,520
Tornet Fastighets AB ................... 7,000 102,461
---------
898,037
---------
TOTAL SCANDINAVIA ..................... 1,572,313
---------
UNITED KINGDOM (5.6%)
Bank of Scotland ....................... 10,000 119,297
Billiton plc ........................... 31,800 63,095
British Aerospace plc .................. 12,500 105,966
British Petroleum Co., plc ............. 7,300 109,011
Devro plc .............................. 13,200 37,995
Diageo plc ............................. 15,572 177,220
Glaxo Wellcome plc ..................... 5,100 175,482
HSBC Holdings plc ...................... 4,200 113,906
Lloyds TSB Group plc ................... 8,100 115,229
LucasVarity plc ........................ 20,100 67,054
National Westminster Bank plc .......... 6,000 115,703
Rio Tinto plc (Registered) ............. 6,400 74,433
Shell Transport & Trading Co.
(ADR) ................................ 2,400 89,250
Thomson Travel Group plc ............... 67,000 182,823
Zeneca Group plc ....................... 4,000 174,171
---------
TOTAL UNITED KINGDOM .................. 1,720,635
---------
</TABLE>
19
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- ------------------
<S> <C> <C>
UNITED STATES (39.6%)
3Com Corp.* ............................................................ 3,200 $ 143,400
Allmerica Financial Corp. .............................................. 2,050 118,644
Aluminum Company of America,
Inc. ................................................................. 900 67,106
Ameritech Corp. ........................................................ 3,500 221,812
Associates First Capital Corp.,
Class A .............................................................. 4,200 177,975
Avis Rent A Car, Inc.* ................................................. 4,150 100,378
BMC Software, Inc.* .................................................... 2,320 103,385
Bank of New York Co., Inc. ............................................. 7,000 281,750
BankAmerica Corp. ...................................................... 1,521 91,450
Beckman Coulter, Inc. .................................................. 3,200 173,600
Bethlehem Steel Corp.* ................................................. 5,500 46,062
Black & Decker Corp. ................................................... 3,300 185,006
Bristol-Myers Squibb Co. ............................................... 2,200 294,387
Burlington Northern Santa Fe Corp. 10,800 364,500
Capstar Broadcasting Corp.,
Class A* ............................................................. 8,500 194,437
Case Corp. ............................................................. 900 19,631
Cisco Systems, Inc.* ................................................... 2,400 222,750
Compaq Computer Corp. .................................................. 7,800 327,113
Dell Computer Corp.* ................................................... 2,350 171,991
Dial Corp. ............................................................. 7,400 213,675
E.I. Du Pont de Nemours & Co. .......................................... 1,150 61,022
EMC Corp.* ............................................................. 700 59,500
El Paso Energy Co. ..................................................... 6,100 212,356
Enron Corp. ............................................................ 4,000 228,250
Federal-Mogul Corp. .................................................... 3,250 193,375
First Union Corp. ...................................................... 3,100 188,519
Flextronics International Ltd.* ........................................ 520 44,525
Fox Entertainment Group, Inc.,
Class A* ............................................................. 1,200 30,225
GTE Corp. .............................................................. 3,300 214,500
GenCorp, Inc. .......................................................... 4,500 112,219
General Electric Co. ................................................... 1,000 102,062
General Motors Corp. ................................................... 1,700 121,656
GreenPoint Financial Corp. ............................................. 7,100 249,387
Healthsouth Corp.* ..................................................... 6,000 92,625
Heller Financial, Inc. ................................................. 4,800 141,000
Hertz Corp., Class A ................................................... 1,500 68,437
Ingersol-Rand Co. ...................................................... 5,180 243,136
Intel Corp. ............................................................ 2,200 260,837
International Business Machines
Corp. ................................................................ 1,200 221,700
Johnson & Johnson ...................................................... 3,100 260,012
Keane, Inc.* ........................................................... 900 35,944
Keebler Foods Co.* ..................................................... 4,100 154,262
Kimberly Clark Corp. ................................................... 2,520 137,340
Lowe's Cos., Inc. ...................................................... 4,200 214,988
MCI WorldCom, Inc.* .................................................... 4,300 308,525
Mattel, Inc. ........................................................... 1,200 27,375
Mellon Bank Corp. ...................................................... 2,950 202,813
Micron Technology, Inc.* ............................................... 1,650 83,428
Microsoft Corp.* ....................................................... 700 97,081
Millipore Corp. ........................................................ 1,500 42,656
Mobil Corp. ............................................................ 1,200 104,550
Morton International, Inc. ............................................. 3,400 83,300
Motorola, Inc. ......................................................... 5,350 326,684
Nabisco Holdings Corp. ................................................. 2,300 95,450
Peco Energy Co. ........................................................ 2,500 104,063
PepsiCo, Inc. .......................................................... 4,600 188,313
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- ------------------
<S> <C> <C>
Premier Parks, Inc.* ................................................... 9,600 $ 290,400
Providian Financial Corp. .............................................. 3,900 292,500
Public Service Enterprise Group ........................................ 2,700 108,000
Quintiles Transnational Corp.* ......................................... 2,370 126,499
Rite Aid Corp. ......................................................... 4,900 242,856
Royal Caribbean Cruises Ltd. ........................................... 80 2,960
Safeway, Inc.* ......................................................... 2,800 170,625
Schlumberger Ltd. ...................................................... 1,650 76,106
Tandy Corp. ............................................................ 1,600 65,900
Tele-Communications TCI Ventures
Group, Class A* ...................................................... 9,700 228,556
Telecommunications, Inc., Class A* ..................................... 5,100 282,094
Texas Utilities Co. .................................................... 2,700 126,056
Tyco International Ltd. ................................................ 3,000 226,313
USX-U.S. Steel Group, Inc. ............................................. 800 18,400
United Technologies Corp. .............................................. 500 54,375
Unocal Corp. ........................................................... 4,400 128,425
Unum Corp. ............................................................. 2,875 167,828
Wal-Mart Stores, Inc. .................................................. 2,100 171,019
Warner Lambert Co. ..................................................... 3,200 240,600
Waste Management, Inc. ................................................. 2,700 125,888
World Color Press, Inc.* ............................................... 4,800 146,100
----------
TOTAL UNITED STATES ................................................... 12,122,667
-----------
TOTAL COMMON STOCKS AND
RIGHTS (66.2%)
(Cost $18,181,111).................................................... 20,270,709
-----------
PREFERRED STOCKS:
GERMANY (0.5%)
Henkel KGaA (Cost $114,247) ............................................ 1,700 147,915
-----------
PRINCIPAL
AMOUNT
LONG-TERM DEBT SECURITIES:
OTHER EUROPEAN COUNTRIES
GERMANY (12.3%)
Republic of Germany
Series 93
6.00%, due 9/15/03 .................................................... DEM,700,000
$1,133,864
Series 98
4.75%, due 7/4/08 .................................................... 900,000
577,875
Series 98
5.63%, due 1/4/28 .................................................... 550,000
372,966
Series 121
4.75%, due 11/20/01 .................................................. 2,700,000 1,685,837
-----------
TOTAL OTHER EUROPEAN
COUNTRIES ............................................................ 3,770,542
-----------
UNITED KINGDOM (4.9%)
United Kingdom Treasury
Bill
8.00%, due 12/7/00 .................................................... 90,000 158,258
GBP
United Kingdom Treasury
Note
7.25%, due 12/7/07 .................................................... 660,000 1,330,402
-----------
TOTAL UNITED KINGDOM ................................................... 1,488,660
-----------
</TABLE>
20
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
----------- -------------
<S> <C> <C>
UNITED STATES (14.3%)
Federal National Mortgage
Association (6.9%)
5.63%, due 3/15/01 .............. $530,000 $ 537,740
5.75%, due 4/15/03 .............. 630,000 647,717
5.75%, due 2/15/08 .............. 910,000 944,573
-----------
2,130,030
-----------
U.S. Treasury Note (7.4%)
6.00%, due 8/15/99 .............. 200,000 201,688
6.13%, due 9/30/00 .............. 300,000 307,500
6.50%, due 5/31/02 .............. 750,000 792,187
6.63%, due 2/15/27 .............. 820,000 970,163
-----------
2,271,538
-----------
TOTAL UNITED STATES ............. 4,401,568
-----------
TOTAL LONG-TERM DEBT SECURITIES: (31.5%)
(Cost $9,308,209)........... .... 9,660,770
-----------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (1.3%)
General Motors Acceptance Corp.
5.13%, 1/4/99 (Amortized Cost
$384,835) ...................... 385,000 384,835
-----------
TOTAL INVESTMENTS (99.5%)
(Cost/Amortized Cost
$27,988,402) .................... 30,464,229
OTHER ASSETS
LESS LIABILITIES (0.5%) ......... 166,733
-----------
NET ASSETS (100%) ................ $30,630,962
===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Common Stocks,
Preferred Stocks, and Rights
Basic Materials ......................... 4.6%
Business Services ....................... 4.9
Capital Goods ........................... 6.9
Consumer Cyclicals ...................... 10.2
Consumer Non-Cyclicals .................. 15.1
Credit Sensitive ........................ 22.5
Diversified ............................. 2.3
Energy .................................. 7.7
Technology
Electronics ........................... 3.0
Office Equipment ...................... 7.1
Office Equipment Services ............. 1.2
Telecommunications .................... 14.5
----
Total Technology ........................ 25.8
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
DEM--German Mark
GBP--British Pound
21
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
At December 31, 1998 the Portfolio had outstanding foreign currency contracts
to sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- -------------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY SALE CONTRACTS
British Pound, expiring 1/7/99-2/4/99 ......... 1,850 $ 3,078,482 $ 3,076,578 $ 1,904
Canadian Dollar, expiring 2/22/99 ............. 415 268,153 270,045 (1,892)
--------
$ 12
========
</TABLE>
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $35,571,188
U.S. Government securities ............................. 6,556,889
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 23,881,095
U.S. Government securities ............................. 4,687,422
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 3,227,734
Aggregate gross unrealized depreciation .......... (775,876)
-----------
Net unrealized appreciation ...................... $ 2,451,858
===========
Federal income tax cost of investments ........... $28,012,371
===========
</TABLE>
At December 31, 1998 the Portfolio had loaned securities with a total value of
$3,471,027, which was secured by collateral valued at $3,536,218 of which
$1,605,158 was in the form of U.S. Government securities.
For the period from January 1, 1998 to December 31, 1998 the Portfolio incurred
approximately $2,260 and $5,171 as brokerage commissions with Donaldson, Lufkin
and Jenrette Securities Corp. and Merrill Lynch and Co., Inc. respectively,
both affiliated broker/dealers.
The Portfolio has a net capital loss carryforward of $1,533,428 which expires
in the year 2006.
See Notes to Financial Statements.
22
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (0.0%)
CHEMICALS (0.0%)
Waters Corp.* ........................ 2,600 $ 226,850
-----------
BUSINESS SERVICES (16.7%)
PRINTING, PUBLISHING, BROADCASTING (6.1%)
American Tower Corp., Class A* 9,700 286,756
CBS Corp. ............................ 25,500 835,125
Clear Channel Communications,
Inc.* .............................. 81,700 4,452,650
Comcast Corp., Class A ............... 103,505 6,074,450
Cox Radio Inc., Class A* ............. 14,700 621,075
Hearst-Argyle Television, Inc.* ...... 900 29,700
Jacor Communications, Inc.* .......... 35,100 2,259,563
Learning Tree International,
Inc.* .............................. 38,000 344,375
Mail-Well, Inc.* ..................... 500 5,719
MediaOne Group, Inc.* ................ 60,400 2,838,800
Outdoor Systems, Inc.* ............... 900 27,000
Siebel Systems, Inc.* ................ 700 23,756
SportsLine USA, Inc.* ................ 31,600 491,775
TCA Cable TV, Inc. ................... 900 32,119
Time Warner, Inc. .................... 158,400 9,830,700
Univision Communications, Inc.,
Class A* ........................... 1,000 36,187
USA Networks, Inc.* .................. 1,500 49,687
-----------
28,239,437
-----------
PROFESSIONAL SERVICES (10.0%)
Aztec Technology Partners, Inc.* 1 4
BISYS Group, Inc.* ................... 24,400 1,259,650
Cendant Corp.* ....................... 696,352 13,274,210
Clarify, Inc.* ....................... 1,300 31,769
Compuware Corp.* ..................... 314,900 24,601,562
Galileo International, Inc. .......... 28,100 1,222,350
Interim Services, Inc.* .............. 1,100 25,712
Lamar Advertising Co.* ............... 600 22,350
Loewen Group, Inc. ................... 2,100 17,719
Metamor Worldwide, Inc.* ............. 800 20,000
Modis Professional Services, Inc.* 131,500 1,906,750
Orthodontic Centers of America,
Inc.* .............................. 1,300 25,269
Pacificare Health Systems, Inc.,
Class B* ........................... 400 31,800
Policy Management Systems
Corp.* ............................. 58,240 2,941,120
Professional Detailing, Inc.* ........ 600 16,950
Renaissance Worldwide, Inc.* ......... 8,000 49,000
SEMA Group plc ....................... 104,720 1,029,741
Taylor Nelson Sofres plc ............. 238,900 304,081
Wellpoint Health Networks, Inc.* 300 26,100
-----------
46,806,137
-----------
TRUCKING, SHIPPING (0.6%)
Atlas Air, Inc.* ..................... 600 29,362
FDX Corp.* ........................... 28,900 2,572,100
Newport News Shipbuilding, Inc. 9,800 327,688
-----------
2,929,150
-----------
TOTAL BUSINESS SERVICES ............ 77,974,724
-----------
CAPITAL GOODS (0.3%)
AEROSPACE (0.2%)
Gulfstream Aerospace Corp.* .......... 15,300 814,725
-----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
BUILDING & CONSTRUCTION (0.0%)
Building One Services Corp.* ......... 1,400 $ 29,225
-----------
ELECTRICAL EQUIPMENT (0.1%)
Flextronics International Ltd.* ...... 350 29,969
Rayovac Corp.* ....................... 1,700 45,369
SCI Systems, Inc.* ................... 500 28,875
SIPEX Corp.* ......................... 800 28,100
Teradyne, Inc.* ...................... 1,100 46,612
-----------
178,925
-----------
MACHINERY (0.0%)
SI Handling Systems, Inc. ............ 10,950 153,300
-----------
TOTAL CAPITAL GOODS ................ 1,176,175
-----------
CONSUMER CYCLICALS (11.3%)
APPAREL & TEXTILES (0.0%)
Abercrombie & Fitch Co.,
Class A* ........................... 500 35,375
AnnTaylor Stores Corp.* .............. 800 31,550
Linens'n Things, Inc.* ............... 800 31,700
-----------
98,625
-----------
AUTO RELATED (0.1%)
CSK Auto Corp.* ...................... 700 18,681
Dura Automotive Systems, Inc.* 500 17,063
Republic Industries, Inc.* ........... 9,100 134,225
-----------
169,969
-----------
FOOD SERVICES, LODGING (0.1%)
Applebee's International, Inc. ....... 1,400 28,875
Brinker International, Inc.* ......... 900 25,987
Buffets, Inc.* ....................... 2,800 33,425
CEC Entertainment, Inc.* ............. 700 19,425
CKE Restaurants, Inc. ................ 550 16,191
IHOP Corp.* .......................... 400 15,975
Outback Steakhouse, Inc.* ............ 700 27,913
Papa John's International, Inc.* ..... 600 26,475
Promus Hotel Corp.* .................. 6,077 196,743
-----------
391,009
-----------
HOUSEHOLD FURNITURE, APPLIANCES (0.1%)
Gemstar International Group
Ltd.* .............................. 8,700 498,075
Sotheby's Holdings, Inc.,
Class A ............................ 1,100 35,200
-----------
533,275
-----------
LEISURE RELATED (0.0%)
Premier Parks, Inc.* ................. 1,000 30,250
-----------
PHOTO & OPTICAL (0.3%)
Allergan, Inc. ....................... 16,600 1,074,850
Bausch & Lomb, Inc. .................. 7,200 432,000
-----------
1,506,850
-----------
RETAIL--GENERAL (10.7%)
Borders Group, Inc.* ................. 700 17,456
Consolidated Stores Corp.* ........... 700 14,131
CVS Corp. ............................ 142,300 7,826,500
Duane Reade, Inc.* ................... 600 23,100
Fred Meyer, Inc.* .................... 151,200 9,109,800
Global DirectMail Corp.* ............. 1,300 30,387
Gymboree Corp.* ...................... 15,500 98,813
Home Depot, Inc. ..................... 65,605 4,014,206
Office Depot, Inc.* .................. 295,500 10,915,031
Rite Aid Corp. ....................... 176,500 8,747,781
Staples, Inc.* ....................... 195,150 8,525,616
</TABLE>
23
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
The Learning Co., Inc.* ................................................ 800 $ 20,750
TJX Cos., Inc. ......................................................... 22,600 655,400
------------
49,998,971
------------
TOTAL CONSUMER CYCLICALS ............................................. 52,728,949
------------
CONSUMER NON-CYCLICALS (10.2%)
BEVERAGES (0.1%)
Adolph Coors Co., Class B .............................................. 3,900 220,106
------------
DRUGS (3.9%) ...........................................................
Agouron Pharmaceuticals, Inc.* ......................................... 600 35,250
Alpharma, Inc. ......................................................... 800 28,250
AmeriSource Health Corp.,
Class A* ............................................................. 300 19,500
Amgen, Inc.* ........................................................... 16,700 1,746,194
Bergen Brunswig Corp., Class A 13,000 453,375
Biogen, Inc.* .......................................................... 5,000 415,000
Cardinal Health, Inc. .................................................. 32,000 2,428,000
Elan Corp. plc (ADR)* .................................................. 11,500 799,969
ICON plc (ADR)* ........................................................ 100 3,350
IDEC Pharmaceuticals Corp.* ............................................ 14,100 662,700
Immunex Corp.* ......................................................... 280 35,227
King Pharmaceuticals, Inc.* ............................................ 1,800 47,475
McKesson Corp. ......................................................... 45,100 3,565,719
Sepracor, Inc.* ........................................................ 83,600 7,367,250
Watson Pharmaceutical, Inc* ............................................ 11,400 716,775
------------
18,324,034
------------
FOODS (0.0%)
Keebler Foods Co.* ..................................................... 700 26,338
Smithfield Foods, Inc.* ................................................ 800 27,100
------------
53,438
------------
HOSPITAL SUPPLIES & SERVICES (4.5%)
Allegiance Corp. ....................................................... 82,900 3,865,212
Arterial Vascular Engineering,
Inc.* ................................................................ 500 26,250
Biomet, Inc. ........................................................... 1,000 40,250
Boston Scientific Corp.* ............................................... 1,200 32,175
Cyberonics, Inc.* ...................................................... 200 2,700
Express Scripts, Inc., Class A* ........................................ 500 33,562
Genzyme Corp. (General
Division)* ........................................................... 700 34,825
Guidant Corp. .......................................................... 71,500 7,882,875
Haemonetics Corp.* ..................................................... 1,700 38,675
Health Management Associates,
Inc., Class A* ....................................................... 1,600 34,600
Healthsouth Corp.* ..................................................... 3,000 46,312
Henry Schein, Inc.* .................................................... 400 17,900
IDEXX Laboratories, Inc.* .............................................. 21,200 570,413
Medtronic, Inc. ........................................................ 94,900 7,046,325
Mid Atlantic Medical Services,
Inc.* ................................................................ 2,800 27,475
National Data Corp. .................................................... 500 24,344
Province Healthcare Co.* ............................................... 800 28,700
PSS World Medical, Inc.* ............................................... 48,600 1,117,800
STERIS Corp.* .......................................................... 900 25,594
Total Renal Care Holdings, Inc.* 748 22,113
------------
20,918,100
------------
RETAIL--FOOD (1.7%)
General Nutrition Cos., Inc.* .......................................... 1,500 24,375
Kroger Co.* ............................................................ 30,900 1,869,450
Safeway, Inc.* ......................................................... 98,000 5,971,875
------------
7,865,700
------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
SOAPS & TOILETRIES (0.0%)
Carson, Inc.* .......................................................... 1,000 $ 4,000
Chattem, Inc.* ......................................................... 600 28,725
Dial Corp. ............................................................. 900 25,987
------------
58,712
------------
TOTAL CONSUMER NON-CYCLICALS 47,440,090
------------
CREDIT SENSITIVE (7.2%)
BANKS (0.0%)
US Trust Corp. ......................................................... 2,400 182,400
------------
FINANCIAL SERVICES (1.6%)
Affiliated Managers Group, Inc.* 900 26,887
Associates First Capital Corp.,
Class A .............................................................. 39,400 1,669,575
Bear Stearns Co., Inc. ................................................. 29,600 1,106,300
Capital One Financial Corp. ............................................ 8,400 966,000
CIT Group, Inc., Class A ............................................... 700 22,269
First Data Corp. ....................................................... 4,100 129,919
Franklin Resources, Inc. ............................................... 35,700 1,142,400
Morgan Stanley Dean Witter &
Co. .................................................................. 32,400 2,300,400
Paine Webber Group, Inc. ............................................... 800 30,900
Waddell & Reed Financial,
Class A .............................................................. 1,000 23,688
------------
7,418,338
------------
INSURANCE (0.6%)
Ace Ltd. ............................................................... 600 20,663
United Healthcare Corp. ................................................ 64,200 2,764,612
------------
2,785,275
------------
UTILITY--TELEPHONE (5.0%)
MCI WorldCom, Inc.* .................................................... 325,963 23,387,845
------------
TOTAL CREDIT SENSITIVE ............................................... 33,773,858
------------
DIVERSIFIED (5.8%)
MISCELLANEOUS (5.8%)
First Brands Corp. ..................................................... 700 27,606
Tyco International Ltd. ................................................ 356,719 26,909,990
------------
TOTAL DIVERSIFIED ..................................................... 26,937,596
------------
ENERGY (0.2%)
OIL-SUPPLIES & CONSTRUCTION (0.0%)
Global Industries Ltd.* ................................................ 4,200 25,725
------------
RAILROADS (0.2%)
Kansas City Southern Industries,
Inc. ................................................................. 17,800 875,537
------------
TOTAL ENERGY ........................................................... 901,262
------------
TECHNOLOGY (46.9%)
ELECTRONICS (21.5%)
3Com Corp.* ............................................................ 95,500 4,279,594
Advantage Learning Systems,
Inc.* ................................................................ 400 26,300
Affiliated Computer Services,
Inc., Class A* ....................................................... 12,300 553,500
Altera Corp.* .......................................................... 63,000 3,835,125
Analog Devices, Inc.* .................................................. 66,700 2,092,713
Applied Micro Circuits Corp.* .......................................... 700 23,778
ARM Holdings plc (ADR)* ................................................ 12,665 763,066
Aspen Technologies, Inc.* .............................................. 500 7,250
Autodesk, Inc. ......................................................... 650 27,747
BMC Software, Inc.* .................................................... 316,500 14,104,031
</TABLE>
24
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ --------------
<S> <C> <C>
Burr-Brown Corp.* ................... 1,000 $ 23,438
Cable Design Technologies* .......... 1,700 31,450
Cadence Design Systems, Inc.* ....... 197,290 5,869,378
CBT Group plc (ADR)* ................ 22,100 328,738
Computer Associates
International, Inc. ............... 385,100 16,414,888
DII Group, Inc.* .................... 1,300 29,900
EMC Corp.* .......................... 116,000 9,860,000
Galileo Technology Ltd.* ............ 2,000 54,000
Gentex Corp.* ....................... 1,500 30,000
Intel Corp. ......................... 32,400 3,841,425
Intuit, Inc.* ....................... 400 29,000
Jabil Circuit, Inc.* ................ 400 29,850
Lattice Semiconductor Corp.* ........ 42,000 1,928,063
Level One Communications,
Inc.* ............................. 800 28,400
Linear Technology Corp. ............. 14,600 1,307,613
Maxim Integrated Products* .......... 600 26,212
Micrel, Inc.* ....................... 500 27,500
Micro Warehouse, Inc.* .............. 98,600 3,333,912
Microsoft Corp.* .................... 161,000 22,328,687
MIPS Technologies, Inc.* ............ 1,000 32,000
New Era of Networks, Inc.* .......... 800 35,200
Photronics, Inc.* ................... 1,200 28,762
PMC-Sierra, Inc.* ................... 600 37,875
Rational Software Corp.* ............ 1,100 29,150
Sanmina Corp.* ...................... 500 31,250
Sun Microsystems, Inc.* ............. 59,500 5,094,687
Synopsys, Inc.* ..................... 19,400 1,052,450
Technology Solutions Co.* ........... 25,300 271,184
Xilinx, Inc.* ....................... 41,900 2,728,737
------------
100,576,853
------------
OFFICE EQUIPMENT (12.5%)
Boise Cascade Office Products* ...... 1,200 16,200
Boole & Babbage, Inc.* .............. 800 23,550
Ceridian Corp.* ..................... 13,500 942,468
Cisco Systems, Inc.* ................ 305,501 28,354,312
Compaq Computer Corp. ............... 39,600 1,660,725
CompUSA, Inc.* ...................... 13,600 177,650
Corporate Express, Inc.* ............ 56,000 290,500
DST Systems, Inc.* .................. 14,500 827,406
Insight Enterprises, Inc.* .......... 600 30,525
Lexmark International Group,
Inc.* ............................. 7,500 753,750
Macromedia, Inc.* ................... 8,500 286,344
Mobius Management Systems,
Inc.* ............................. 14,400 214,200
Oracle Corp.* ....................... 572,812 24,702,518
------------
58,280,148
------------
OFFICE EQUIPMENT SERVICES (3.0%)
Ascend Communications, Inc.* ........ 83,100 5,463,825
Cambridge Technology Partners,
Inc.* ............................. 22,500 497,812
Computer Sciences Corp. ............. 14,600 940,787
Equant N.V. (NY Shares)
(Registered)* ..................... 21,300 1,444,406
Ingram Micro, Inc.* ................. 600 20,925
Microchip Technology, Inc.* ......... 700 25,900
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ --------------
<S> <C> <C>
Networks Associates, Inc.* .......... 78,150 $ 5,177,438
Sungard Data Systems, Inc.* ......... 12,900 511,969
Verio, Inc.* ........................ 900 20,138
-------------
14,103,200
-------------
TELECOMMUNICATIONS (9.9%)
Alcatel Alsthom (ADR) ............... 21,600 527,850
Alltel Corp. ........................ 47,400 2,835,113
Amdocs Ltd.* ........................ 1,800 30,825
Aspect Telecommunications
Corp.* ............................ 1,000 17,250
Century Telephone Enterprises,
Inc. .............................. 90,000 6,075,000
CSG System International, Inc.* ..... 400 31,600
DSP Communications, Inc* ............ 1,900 29,094
Electronics for Imaging, Inc.* ...... 900 36,169
EchoStar Communications Corp.,
Class A* .......................... 700 33,863
Fiserv, Inc.* ....................... 600 30,863
Gilat Satellite Networks Ltd.* ...... 500 27,563
Global Crossing Ltd.* ............... 1,500 67,687
Global TeleSystems Group, Inc.* 136,500 7,609,875
Hyperion Communications, Inc.,
Class A* .......................... 1,800 27,225
Iridium World Communications,
Inc.* ............................. 8,900 352,106
L-3 Communications Holdings
Corp.* ............................ 3,900 181,594
Lucent Technologies, Inc. ........... 76,500 8,415,000
Metromedia Fiber Network, Inc.
Class A* .......................... 1,000 33,500
Nokia Oyj (ADR) ..................... 37,700 4,540,494
Qwest Communications
International, Inc.* .............. 148,400 7,420,000
Sprint Corp. (Fon Group) ............ 71,700 6,031,762
Tel-Save Holdings, Inc.* ............ 40,000 670,000
Tele-Communications, Liberty
Media, Inc., Class A* ............. 9,800 451,412
Tellabs, Inc.* ...................... 12,900 884,456
VeriSign, Inc.* ..................... 500 29,562
-------------
46,389,863
-------------
TOTAL TECHNOLOGY .................... 219,350,064
-------------
TOTAL COMMON STOCKS (98.6%)
(Cost $363,619,530)................ 460,509,568
-------------
PREFERRED STOCKS:
TECHNOLOGY (0.0%)
ELECTRONICS (0.0%)
SAP AG (Non Voting)
(Cost $75,442) .................... 110 52,772
-------------
TOTAL INVESTMENTS (98.6%)
(Cost $363,694,972) ............... 460,562,340
OTHER ASSETS
LESS LIABILITIES (1.4%) ........... 6,722,721
-------------
NET ASSETS (100%) ................... $467,285,061
=============
</TABLE>
- ------------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
25
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $479,451,466
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 188,036,831
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 105,453,312
Aggregate gross unrealized depreciation .......... (11,160,523)
-------------
Net unrealized appreciation ...................... $ 94,292,789
=============
Federal income tax cost of investments ........... $ 366,269,551
=============
</TABLE>
At December 31, 1998 the Portfolio had loaned securities with a total value of
$29,706,145, which was secured by cash collateral of $29,725,924.
For the period from January 1, 1998 to December 31, 1998 the Portfolio incurred
approximately $600 as brokerage commissions with Pershing Trading Co., LP, an
affiliated broker/dealer.
The Portfolio has a net capital loss carryforward of $10,613,683 which expires
in the year 2006.
See Notes to Financial Statements.
26
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (1.1%)
CHEMICALS (0.3%)
E.I. Du Pont de Nemours & Co. 24,600 $ 1,305,338
------------
CHEMICALS--SPECIALTY (0.2%)
Cambrex Corp. .......................................................... 34,700 832,800
------------
PAPER (0.6%)
Smurfit-Stone Container Corp.* ......................................... 162,594 2,571,017
------------
TOTAL BASIC MATERIALS ................................................. 4,709,155
------------
BUSINESS SERVICES (6.7%)
ENVIRONMENTAL CONTROL (0.4%)
Browning-Ferris Industries, Inc. ....................................... 52,900 1,504,344
------------
PRINTING, PUBLISHING, BROADCASTING (3.1%)
CBS Corp. .............................................................. 128,700 4,214,925
Intermedia Communications of
Florida, Inc.* ....................................................... 47,000 810,750
Jacor Communications, Inc.* ............................................ 700 45,062
MediaOne Group, Inc.* .................................................. 63,100 2,965,700
Time Warner, Inc. ...................................................... 75,600 4,691,925
------------
12,728,362
------------
PROFESSIONAL SERVICES (2.7%)
Cendant Corp.* ......................................................... 86,630 1,651,384
Compuware Corp.* ....................................................... 111,100 8,679,688
Modis Professional Services, Inc.* 32,800 475,600
------------
10,806,672
------------
TRUCKING, SHIPPING (0.5%)
Newport News Shipbuilding, Inc. 61,900 2,069,781
------------
TOTAL BUSINESS SERVICES ............................................... 27,109,159
------------
CAPITAL GOODS (5.5%)
AEROSPACE (3.6%)
British Aerospace plc .................................................. 269,900 2,288,011
Lockheed Martin Corp. .................................................. 26,800 2,271,300
United Technologies Corp. .............................................. 91,400 9,939,750
------------
14,499,061
------------
ELECTRICAL EQUIPMENT (1.7%)
Black & Decker Corp. ................................................... 21,700 1,216,557
Emerson Electric Co. ................................................... 96,700 5,850,350
------------
7,066,907
------------
MACHINERY (0.2%)
Illinois Tool Works, Inc. .............................................. 12,300 713,400
------------
TOTAL CAPITAL GOODS ................................................... 22,279,368
------------
CONSUMER CYCLICALS (9.3%)
AUTO RELATED (0.3%)
Federal-Mogul Corp. .................................................... 9,400 559,300
Lucasvarity plc ........................................................ 257,600 859,353
------------
1,418,653
------------
FOOD SERVICES, LODGING (1.6%)
CKE Restaurants, Inc. .................................................. 77,960 2,294,948
Jarvis Hotels plc ...................................................... 79,900 155,540
McDonald's Corp. ....................................................... 52,200 3,999,825
------------
6,450,313
------------
HOUSEHOLD FURNITURE, APPLIANCES (0.5%)
Newell Co. ............................................................. 44,400 1,831,500
------------
RETAIL--GENERAL (6.9%)
CVS Corp. .............................................................. 92,900 5,109,500
Dayton Hudson Corp. .................................................... 70,500 3,824,625
Fred Meyer, Inc.* ...................................................... 74,000 4,458,500
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Home Depot, Inc. ....................................................... 35,300 $ 2,159,919
Office Depot, Inc.* .................................................... 70,300 2,596,706
Rite Aid Corp. ......................................................... 182,000 9,020,375
TJX Cos., Inc. ......................................................... 29,700 861,300
------------
28,030,925
------------
TOTAL CONSUMER CYCLICALS .............................................. 37,731,391
------------
CONSUMER NON-CYCLICALS (20.1%)
DRUGS (6.0%)
American Home Products Corp. ........................................... 154,900 8,722,806
Bristol-Myers Squibb Co. ............................................... 37,200 4,977,825
Cardinal Health, Inc. .................................................. 40,750 3,091,906
Pfizer, Inc. ........................................................... 62,600 7,852,388
------------
24,644,925
------------
FOODS (3.1%)
Archer Daniels Midland Co. ............................................. 101,690 1,747,797
Dean Foods Co. ......................................................... 32,000 1,306,000
Hershey Foods Corp. .................................................... 60,300 3,749,906
Hormel Foods Corp. ..................................................... 33,900 1,110,225
McCormick & Co., Inc. (Non
Voting) .............................................................. 40,300 1,362,644
Ralston Purina Group ................................................... 98,600 3,192,175
------------
12,468,747
------------
HOSPITAL SUPPLIES & SERVICES (2.7%)
Guidant Corp. .......................................................... 52,100 5,744,025
Healthsouth Corp.* ..................................................... 236,558 3,651,864
Monsanto Co. ........................................................... 30,600 1,453,500
------------
10,849,389
------------
RETAIL--FOOD (1.9%)
Albertson's, Inc. ...................................................... 19,500 1,241,906
American Stores Co. .................................................... 32,900 1,215,244
Safeway, Inc.* ......................................................... 90,000 5,484,375
------------
7,941,525
------------
SOAPS & TOILETRIES (5.0%)
Clorox Co. ............................................................. 32,000 3,738,000
Colgate Palmolive Co. .................................................. 41,300 3,835,737
Dial Corp. ............................................................. 109,500 3,161,813
Gillette Co. ........................................................... 90,900 4,391,606
Procter & Gamble Co. ................................................... 59,500 5,433,094
------------
20,560,250
------------
TOBACCO (1.4%)
Philip Morris Cos., Inc. ............................................... 105,000 5,617,500
------------
TOTAL CONSUMER NON-CYCLICALS 82,082,336
------------
CREDIT SENSITIVE (21.8%)
BANKS (4.6%)
Bank of New York Co., Inc. ............................................. 88,600 3,566,150
Chase Manhattan Corp. .................................................. 45,300 3,083,231
Citigroup, Inc. ........................................................ 47,700 2,361,150
First Union Corp. ...................................................... 64,062 3,895,770
Istituto Bancario San Paolo
S.p.A.* .............................................................. 178,133 3,145,741
Wells Fargo Co. ........................................................ 68,200 2,723,738
------------
18,775,780
------------
FINANCIAL SERVICES (6.3%)
American Express Co. ................................................... 21,000 2,147,250
Associates First Capital Corp.,
Class A .............................................................. 69,514 2,945,656
Bear Stearns Co., Inc. ................................................. 54,100 2,021,988
CIT Group, Inc., Class A ............................................... 17,200 547,175
Conseco, Inc. .......................................................... 66,323 2,026,997
</TABLE>
27
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ ---------------
<S> <C> <C>
Fannie Mae ........................ 64,700 $ 4,787,800
Federal Home Loan Mortgage
Corp. ........................... 73,800 4,755,488
ING Groep N.V. .................... 62,835 3,831,197
Morgan Stanley Dean Witter &
Co. ............................. 35,000 2,485,000
------------
25,548,551
------------
INSURANCE (6.8%)
Ace Ltd. .......................... 57,400 1,976,712
Allstate Corp. .................... 44,100 1,703,362
CIGNA Corp. ....................... 51,200 3,958,400
EXEL Ltd., Class A ................ 15,408 1,155,600
Hartford Financial Services
Group, Inc. ..................... 78,300 4,296,713
Lincoln National Corp. ............ 63,400 5,186,913
Nationwide Financial Services,
Inc., Class A ................... 38,000 1,964,125
Reliastar Financial Corp. ......... 52,762 2,433,647
United Healthcare Corp. ........... 120,000 5,167,500
------------
27,842,972
------------
UTILITY--ELECTRIC (0.5%)
CalEnergy Co., Inc.* .............. 61,600 2,136,750
------------
UTILITY--TELEPHONE (3.6%)
MCI WorldCom, Inc.* ............... 157,415 11,294,526
Sprint Corp. (Fon Group) .......... 39,600 3,331,350
------------
14,625,876
------------
TOTAL CREDIT SENSITIVE ........... 88,929,929
------------
DIVERSIFIED (4.5%)
MISCELLANEOUS (4.5%)
Federal Signal Corp. .............. 31,500 862,313
Tyco International Ltd. ........... 171,886 12,966,650
Walt Disney (The) Co. ............. 155,200 4,656,000
------------
TOTAL DIVERSIFIED ................ 18,484,963
------------
ENERGY (2.9%)
COAL & GAS PIPELINES (0.8%)
Columbia Energy Group ............. 30,250 1,746,937
K N Energy, Inc. .................. 36,400 1,324,050
------------
3,070,987
------------
OIL--DOMESTIC (0.3%)
Amoco Corp. ....................... 4,500 271,688
Mobil Corp. ....................... 10,400 906,100
------------
1,177,788
------------
OIL--INTERNATIONAL (1.7%)
British Petroleum Co. plc (ADR) 74,509 7,078,355
------------
OIL--SUPPLIES & CONSTRUCTION (0.1%)
Cooper Cameron Corp.* ............. 22,100 541,450
------------
TOTAL ENERGY ..................... 11,868,580
------------
TECHNOLOGY (22.8%)
ELECTRONICS (14.9%)
3Com Corp.* ....................... 65,100 2,917,294
Analog Devices, Inc.* ............. 136,200 4,273,275
BMC Software, Inc.* ............... 125,000 5,570,313
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ ---------------
<S> <C> <C>
Cadence Design Systems, Inc.* ..... 109,700 $ 3,263,575
Computer Associates
International, Inc. ............. 95,550 4,072,819
HBO & Co. ......................... 265,100 7,605,056
Intel Corp. ....................... 55,700 6,603,931
Lattice Semiconductor Corp.* ...... 1,500 68,859
Microsoft Corp.* .................. 145,200 20,137,425
Sun Microsystems, Inc.* ........... 53,000 4,538,125
Synopsys, Inc.* ................... 32,500 1,763,125
------------
60,813,797
------------
OFFICE EQUIPMENT (5.8%)
Cisco Systems, Inc.* .............. 61,800 5,735,812
CompUSA, Inc.* .................... 84,400 1,102,475
EMC Corp.* ........................ 37,100 3,153,500
Oracle Corp.* ..................... 222,000 9,573,750
Xerox Corp. ....................... 35,300 4,165,400
------------
23,730,937
------------
TELECOMMUNICATIONS (2.1%)
Alcatel Alsthom (ADR) ............. 122,500 2,993,593
Aspect Telecommunications
Corp.* .......................... 18,600 320,850
Lucent Technologies, Inc. ......... 41,200 4,532,000
Sprint Corp. (PCS Group)* ......... 19,750 456,719
------------
8,303,162
------------
TOTAL TECHNOLOGY ................. 92,847,896
------------
TOTAL COMMON STOCKS (94.7%)
(Cost $327,419,362) ............ 386,042,777
------------
PRINCIPAL
AMOUNT
--------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (5.0%)
Federal Home Loan Mortgage
Corporation
(Discount Note), 1/4/99 ......... $ 290,000 289,887
Federal Home Loan Mortgage
Corporation
(Discount Note), 1/6/99 ......... 5,513,000 5,509,125
Federal Home Loan Mortgage
Corporation
(Discount Note), 1/13/99 ........ 6,700,000 6,688,610
Federal Home Loan Mortgage
Corporation
(Discount Note), 1/14/98 ........ 7,800,000 7,785,692
------------
TOTAL SHORT-TERM DEBT SECURITIES (5.0%)
(Amortized Cost $20,273,314) ..... 20,273,314
------------
TOTAL INVESTMENTS (99.7%)
(Cost/Amortized Cost
$347,692,676) ................... 406,316,091
OTHER ASSETS
LESS LIABILITIES (0.3%) ......... 1,302,909
------------
NET ASSETS (100%) ................. $407,619,000
============
</TABLE>
- ----------
* Non-income producing
Glossary:
ADR--American Depositary Reciept
28
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
At December 31, 1998 the Portfolio had outstanding foreign currency contracts
to buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ----------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pounds, expiring 1/7/99 ................ 8 $ 14,102 $ 13,934 $ (168)
Italian Lira, expiring 1/6/99 .................. 166,553 100,753 100,757 4
Netherlands Guilder, 1/5/99 .................... 233 123,540 123,975 434
FOREIGN CURRENCY SALE CONTRACTS
British Pounds, expiring 1/4/99-1/7/99 ......... 222 372,117 369,637 2,480
-------
$ 2,750
=======
</TABLE>
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $393,018,547
U.S. Government securities ............................. 5,094,486
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 166,714,606
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 67,234,197
Aggregate gross unrealized depreciation .......... (10,729,268)
-------------
Net unrealized appreciation ...................... $ 56,504,929
=============
Federal income tax cost of investments ........... $ 349,811,162
=============
</TABLE>
At December 31, 1998 the Portfolio had loaned securities with a total value of
$18,335,052, which was secured by collateral of $17,820,637.
The value of the collateral was sufficient at the time loan agreements were
entered into. As a result of an increase in the market value of the loaned
securities on the last business day for the year, the Portfolio was furnished
with additional collateral the following business day. For the period from
January 1, 1998 to December 31, 1998 the Portfolio incurred approximately $408
and $48 as brokerage commissions with Donaldson, Lufkin and Jenrette Securities
Corp. and Pershing Trading Co., LP respectively, both affiliated
broker/dealers.
<PAGE>
The Portfolio has a net capital loss carryforward of $5,142,662 which expires
in the year 2006.
See Notes to Financial Statements.
29
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (2.9%)
CHEMICALS (1.5%)
Dow Chemical Co. ....................................................... 3,600 $ 327,375
E.I. Du Pont de Nemours & Co. 10,300 546,544
Eastman Chemical Co. ................................................... 5,353 239,547
------------
1,113,466
------------
PAPER (1.4%)
Kimberly Clark Corp. ................................................... 7,800 425,100
Temple-Inland, Inc. .................................................... 2,560 151,840
Weyerhaeuser Co. ....................................................... 10,500 533,531
------------
1,110,471
------------
TOTAL BASIC MATERIALS ................................................. 2,223,937
------------
BUSINESS SERVICES (2.1%)
PRINTING, PUBLISHING,
BROADCASTING (1.7%)
McGraw Hill Cos., Inc. ................................................. 3,800 387,125
MediaOne Group, Inc.* .................................................. 10,400 488,800
Tribune Co. ............................................................ 6,100 402,600
------------
1,278,525
------------
TRUCKING, SHIPPING (0.4%)
Ryder System, Inc. ..................................................... 12,200 317,200
------------
TOTAL BUSINESS SERVICES ............................................... 1,595,725
------------
CAPITAL GOODS (2.4%) ...................................................
AEROSPACE (1.0%)
Allied Signal, Inc. .................................................... 8,500 376,656
Raytheon Co., Class B .................................................. 7,200 383,400
------------
760,056
------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.3%)
Sherwin-Williams Co. ................................................... 7,100 208,562
------------
ELECTRICAL EQUIPMENT (0.6%)
Emerson Electric Co. ................................................... 6,400 387,200
Rockwell International Corp. ........................................... 1,760 85,470
------------
472,670
------------
MACHINERY (0.5%)
Deere & Co. ............................................................ 10,500 347,813
------------
TOTAL CAPITAL GOODS ................................................... 1,789,101
------------
CONSUMER CYCLICALS (5.2%)
AIRLINES (0.9%)
Delta Airlines, Inc. ................................................... 6,300 327,600
UAL Corp.* ............................................................. 6,200 370,063
------------
697,663
------------
AUTOS & TRUCKS (1.5%)
Ford Motor Co. ......................................................... 11,900 698,381
General Motors Corp. ................................................... 6,400 458,000
------------
1,156,381
------------
PHOTO & OPTICAL (0.4%)
Eastman Kodak Co. ...................................................... 4,600 331,200
------------
RETAIL--GENERAL (2.4%)
Federated Department Stores,
Inc.* ................................................................ 8,600 374,637
Hasbro, Inc. ........................................................... 10,400 375,700
J.C. Penny Co. ......................................................... 4,200 196,875
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
May Department Stores Co. .............................................. 6,000 $ 362,250
Sears Roebuck & Co. .................................................... 11,000 467,500
------------
1,776,962
------------
TOTAL CONSUMER CYCLICALS .............................................. 3,962,206
------------
CONSUMER NON-CYCLICALS (11.9%)
BEVERAGES (1.1%)
Anheuser-Busch Cos., Inc. .............................................. 8,300 544,688
Whitman Corp. .......................................................... 11,200 284,200
------------
828,888
------------
CONTAINERS (0.5%)
Owens-Illinois, Inc.* .................................................. 12,000 367,500
------------
DRUGS (4.4%)
American Home Products Corp. ........................................... 13,100 737,694
Bristol-Myers Squibb Co. ............................................... 7,800 1,043,737
Merck & Co., Inc. ...................................................... 4,700 694,131
Pharmacia & Upjohn, Inc. ............................................... 14,800 838,050
------------
3,313,612
------------
FOODS (2.0%)
ConAgra, Inc. .......................................................... 13,900 437,850
H.J. Heinz Co. ......................................................... 6,000 339,750
Nabisco Holdings Corp. ................................................. 5,800 240,700
Sara Lee Corp. ......................................................... 16,600 467,912
------------
1,486,212
------------
HOSPITAL SUPPLIES & SERVICES (1.5%)
Baxter International, Inc. ............................................. 9,100 585,244
Columbia HCA Healthcare Corp. 12,700 314,325
Healthsouth Corp.* ..................................................... 15,500 239,281
------------
1,138,850
------------
RETAIL--FOOD (0.5%)
Albertson's, Inc. ...................................................... 6,500 413,969
------------
SOAPS & TOILETRIES (0.6%)
Colgate Palmolive Co. .................................................. 4,200 390,074
Procter & Gamble Co. ................................................... 1,100 100,444
------------
490,518
------------
TOBACCO (1.3%)
Philip Morris Cos., Inc. ............................................... 18,400 984,400
------------
TOTAL CONSUMER NON-CYCLICALS........................................... 9,023,949
------------
CREDIT SENSITIVE (22.6%)
BANKS (8.2%)
Bank One Corp. ......................................................... 14,088 719,369
BankAmerica Corp. ...................................................... 19,200 1,154,400
BankBoston Corp. ....................................................... 3,700 144,069
Charter One Financial, Inc. ............................................ 8,710 241,703
Chase Manhattan Corp. .................................................. 1,100 74,869
Citigroup, Inc. ........................................................ 18,100 895,950
First Union Corp. ...................................................... 7,100 431,769
J.P. Morgan & Co. ...................................................... 3,300 346,706
KeyCorp ................................................................ 11,074 354,368
Mercantile Bancorp, Inc. ............................................... 4,300 198,337
PNC Bank Corp. ......................................................... 8,500 460,062
Synovus Financial Corp. ................................................ 8,216 200,265
Washington Mutual, Inc. ................................................ 10,300 393,331
Wells Fargo Co. ........................................................ 15,000 599,062
------------
6,214,260
------------
</TABLE>
30
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
FINANCIAL SERVICES (1.9%)
Fannie Mae ............................................................. 7,360 $ 544,640
Merrill Lynch & Co. .................................................... 5,300 353,775
Morgan Stanley Dean Witter &
Co. .................................................................. 7,200 511,200
------------
1,409,615
------------
INSURANCE (2.7%)
Allstate Corp. ......................................................... 9,300 359,213
American General Corp. ................................................. 7,800 608,400
CIGNA Corp. ............................................................ 6,400 494,800
Hartford Financial Services
Group, Inc. .......................................................... 4,514 247,706
Lincoln National Corp. ................................................. 4,500 368,156
------------
2,078,275
------------
REAL ESTATE (0.8%)
Equity Residential Property Trust 8,200 331,588
Starwood Hotels and Resorts
Worldwide, Inc. ...................................................... 12,000 272,250
------------
603,838
------------
UTILITY--ELECTRIC (2.9%)
Duke Energy Corp. ...................................................... 7,968 510,450
Edison International ................................................... 4,300 119,862
Entergy Corp. .......................................................... 11,600 361,050
OGE Energy Corp. ....................................................... 12,600 365,400
PP&L Resources, Inc. ................................................... 8,100 225,788
Potomac Electric Power Co. ............................................. 11,000 289,437
Western Resources, Inc. ................................................ 9,800 325,850
------------
2,197,837
------------
UTILITY--GAS (0.9%)
Enron Corp. ............................................................ 6,800 388,025
Sempra Energy .......................................................... 12,801 324,820
------------
712,845
------------
UTILITY--TELEPHONE (5.2%)
AT&T Corp. ............................................................. 10,100 760,025
Ameritech Corp. ........................................................ 11,300 716,138
Bell Atlantic Corp. .................................................... 8,400 445,200
GTE Corp. .............................................................. 15,300 994,500
SBC Communications, Inc. ............................................... 11,900 638,137
Sprint Corp. (Fon Group) ............................................... 5,200 437,450
------------
3,991,450
------------
TOTAL CREDIT SENSITIVE ................................................ 17,208,120
------------
DIVERSIFIED (0.6%)
MISCELLANEOUS (0.6%)
Minnesota Mining &
Manufacturing Co. .................................................... 6,200 440,975
------------
ENERGY (7.0%)
COAL & GAS PIPELINES (0.2%)
Consolidated Natural Gas Co. ........................................... 2,300 124,200
------------
OIL--DOMESTIC (3.7%)
Chevron Corp. .......................................................... 5,300 439,569
Exxon Corp. ............................................................ 12,113 885,763
Kerr-McGee Corp. ....................................................... 8,000 306,000
Mobil Corp. ............................................................ 8,900 775,413
Occidental Petroleum Corp. ............................................. 5,200 87,750
Tosco Corp. ............................................................ 11,200 289,800
------------
2,784,295
------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
OIL--INTERNATIONAL (1.5%)
British Petroleum Co. plc (ADR) 7,600 $ 722,000
Conoco, Inc., Class A* ................................................. 7,000 146,125
Elf Acquitaine S.A. (ADR) .............................................. 5,600 317,100
------------
1,185,225
------------
OIL--SUPPLIES & CONSTRUCTION (0.5%)
Halliburton Co. ........................................................ 12,300 364,387
------------
RAILROADS (1.1%)
Burlington Northern Santa Fe
Corp. ................................................................ 16,000 540,000
Norfolk Southern Corp. ................................................. 10,000 316,875
------------
856,875
------------
TOTAL ENERGY ......................................................... 5,314,982
------------
TECHNOLOGY (5.1%)
ELECTRONICS (1.0%)
Computer Associates
International, Inc. .................................................. 8,300 353,788
Texas Instruments, Inc. ................................................ 4,500 385,031
------------
738,819
------------
OFFICE EQUIPMENT (2.9%)
Apple Computer, Inc.* .................................................. 7,800 319,312
Compaq Computer Corp. .................................................. 15,700 658,419
International Business Machines
Corp. ................................................................ 4,200 775,950
Xerox Corp. ............................................................ 4,000 472,000
------------
2,225,681
------------
TELECOMMUNICATIONS (1.2%)
Alltel Corp. ........................................................... 6,800 406,725
Motorola, Inc. ......................................................... 8,600 525,138
------------
931,863
------------
TOTAL TECHNOLOGY ...................................................... 3,896,363
------------
TOTAL COMMON STOCKS: (59.8%)
(Cost $42,264,725).................................................... 45,455,358
------------
PREFERRED STOCKS:
BUSINESS SERVICES (0.0%)
ENVIRONMENTAL CONTROL (0.0%)
TCR Holding Corp.* ..................................................... 10 1
------------
CREDIT SENSITIVE (0.4%)
FINANCIAL SERVICES (0.4%)
Centaur Funding Corp.
9.08%, 4/21/20* (SS.) + .............................................. 85 87,307
K-Mart Financing ....................................................... 2,700 156,431
Webster Capital Corp., Series A ........................................ 40 42,151
------------
TOTAL CREDIT SENSITIVE ................................................ 285,889
------------
TOTAL PREFERRED STOCKS: (0.4%)
(Cost $273,505)........................................................ 285,890
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
----------
<S> <C> <C>
CONVERTIBLE BONDS
CONSUMER NON-CYCLICALS (0.1%)
HOSPITAL SUPPLIES & SERVICES (0.1%)
Healthsouth Corp. 3.25%, 4/1/03..... $100,000 85,500
------
</TABLE>
31
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- --------------
<S> <C> <C>
TECHNOLOGY (0.2%)
OFFICE EQUIPMENT (0.2%)
Western Digital Corp.
(Zero Coupon) 2/18/18 (SS.) +....... $ 50,000 $ 15,188
(Zero Coupon) 2/18/18 .............. 300,000 91,125
-----------
TOTAL TECHNOLOGY ................... 106,313
-----------
TOTAL CONVERTIBLE BONDS (0.3%)
(Cost $166,290)..................... 191,813
-----------
LONG-TERM DEBT SECURITIES:
BASIC MATERIALS (0.7%)
CHEMICALS (0.7%)
Arco Chemical Co.
9.80%, 2/1/20 ..................... 45,000 45,395
IMC Global, Inc.
7.40%, 11/1/02 .................... 35,000 35,401
Monsanto Co.
6.60%, 12/1/28 (SS.) +............. 430,000 430,601
Solutia, Inc. 6.72%, 10/15/37........ 55,000 56,444
-----------
TOTAL BASIC MATERIALS .............. 567,841
-----------
BUSINESS SERVICES (0.5%)
ENVIRONMENTAL CONTROL (0.2%)
Waste Management
Technologies, Inc.
7.70%, 10/1/02 (Step
Bond) ............................. 50,000 53,020
U.S. Filter Corp.
6.50%, 5/15/03 (SS.)+ ............. 75,000 72,975
-----------
125,995
-----------
PRINTING, PUBLISHING,
BROADCASTING (0.3%)
News America Holdings,
Inc. 7.75%, 12/1/45 ............... 145,000 154,507
Viacom, Inc. 7.75%, 6/1/05 .......... 95,000 103,864
-----------
258,371
-----------
TOTAL BUSINESS SERVICES ............ 384,366
-----------
CAPITAL GOODS (0.3%)
AEROSPACE (0.3%)
Boeing Co. 6.625%, 2/15/38........... 250,000 254,366
-----------
CONSUMER CYCLICALS (1.2%)
AIRLINES (0.3%)
Continental Airlines, Inc.,
Series 97 Class 4C
6.80%, 7/2/07 ..................... 60,000 59,921
Series 98 Class 1C
6.541%, 9/15/09 ................... 40,000 39,047
Series 98 Class 2A
6.32%, 11/1/08 .................... 110,000 110,767
-----------
209,735
-----------
AUTOS & TRUCKS (0.1%)
DaimlerChrysler AG,
Class B 7.45%, 2/1/97 ............. 40,000 46,171
Ford Motor Co.
6.625%, 10/1/28 ................... 55,000 56,775
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- --------------
<S> <C> <C>
Ford Motor Credit Co.
5.125%, 10/15/01 ................. $ 10,000 $ 9,931
-----------
112,877
-----------
HOUSEHOLD FURNITURE,
APPLIANCES (0.2%)
Newell Co. 6.35%, 7/15/08 .......... 125,000 130,253
-----------
LEISURE RELATED (0.5%)
Time Warner, Inc.
8.375%, 7/15/33 .................. 280,000 347,201
-----------
RETAIL--GENERAL (0.1%)
Sears Roebuck Acceptance
Corp. 6.50%, 12/1/28 ............. 90,000 88,748
-----------
TOTAL CONSUMER CYCLICALS .......... 888,814
-----------
CONSUMER NON-CYCLICALS (0.6%)
BEVERAGES (0.2%)
Diageo plc 6.125%, 8/15/05 ......... 140,000 145,490
-----------
CONTAINERS (0.1%)
Ball Corp. Series
7.75%, 8/1/06 (SS.)+.............. 100,000 105,000
-----------
HOSPITAL SUPPLIES & SERVICES (0.0%)
Manor Care, Inc.
7.50%, 6/15/06 ................... 10,000 10,546
-----------
TOBACCO (0.3%)
Philip Morris Cos., Inc.
7.25%, 1/15/03 .................... 190,000 200,534
7.125%, 10/1/04 ................... 10,000 10,669
-----------
211,203
-----------
TOTAL CONSUMER
NON-CYCLICALS ................... 472,239
-----------
CREDIT SENSITIVE (26.3%)
BANKS (0.2%)
FCB/NC Capital Trust I
8.05%, 3/1/28 (SS.) + ............ 40,000 41,000
Merita Bank Ltd.
6.50%, 1/15/06 ................... 65,000 66,728
Nationsbank Corp.
6.50%, 8/15/03 ................... 65,000 67,342
-----------
175,070
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS (1.3%)
Commercial Mortgage
Acceptance Corp.
Series 97-ML1, Class A2
6.53%, 6/15/07 ................... 20,000 20,813
Series 97-ML1, Class A3
6.57%, 12/15/30 .................. 76,000 79,572
Series 98-C2, Class A2
6.03%, 3/15/08 ................... 150,000 148,906
Chase Mortgage Finance
Corp.,
Series 98-S2, Class A14
6.75%, 7/25/28 ................... 30,000 30,458
First Union-Lehman Brothers
Series 98-C2 Class A2
6.56%, 11/18/08 .................. 60,000 62,131
Series 98-C2, Class D
6.778%, 3/18/13 .................. 25,000 23,568
</TABLE>
32
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
----------------- ----------------
<S> <C> <C> <C>
General Motors Acceptance
Corp.
Series 98-C1, Class E
7.153%, 5/15/30 .................... $ 50,000 $ 49,418
Series 98-C2, Class A2
6.42%, 5/15/31 ..................... 163,635 169,625
General Electric Capital
Mortgage
Series 98-11, Class 2A4
6.75%, 6/25/28 ..................... 50,000 51,215
Goldman Sachs Mortgage
Securities Corp.,
Series 98, GL2, ClassA2
6.562%, 4/13/31 .................... 20,000 20,756
Series 98, GL2, Class D
7.191%, 4/13/31 .................... 25,000 24,320
Green Tree Financial Corp.
Series 98-2, Class A5 6.24%,
3/18/28 ............................ 50,000 50,516
Green Tree Recreational
Equipment
Series 98-A, Class A1C
6.18%, 6/15/19 ..................... 39,191 39,926
Lehman Manufactured
Housing Trust
Series 98-1 0.82%, 7/15/28 .......... 250,000 9,980
Mashantucket Pequot Tribe
6.57%, 9/1/13 (SS.)+ ................ 90,000 89,663
Morgan Stanley Capital Corp.
Series 96-WF1, Class A2
7.2275%, 1/16/06 ................... 20,000 21,187
Residential Asset
Securitization Trust
Series 98, Class A12 A14
8.00%, 11/25/28 .................... 75,000 79,215
----------
971,269
----------
FINANCIAL SERVICES (2.6%)
AFC Capital Trust I, Series B
8.207%, 2/3/27 ..................... 25,000 28,014
Associates Corp. of North
America 6.25%, 11/1/08 ............. 175,000 181,216
Avalon Properties, Inc.
6.625%, 1/15/05 .................... 30,000 29,431
CIT Group Holdings
5.50%, 10/15/01 .................... 95,000 94,550
Commercial Credit Corp.
7.75%, 3/1/05 ...................... 25,000 27,567
ERP Operating LP
6.63%, 4/13/05 ..................... 100,000 98,676
Finova Capital Corp.
6.25%, 11/01/02 ..................... 90,000 90,799
7.40%, 6/1/07 ....................... 65,000 68,629
Fleet Financial Group, Inc.
6.875%, 1/15/28 .................... 25,000 26,198
Ford Motor Credit Co.
6.00%, 1/14/03 ..................... 36,000 36,457
Household Financial Co.
6.50%, 11/15/08 .................... 50,000 52,007
Household Netherlands BV
6.20%, 12/1/03 ..................... 515,000 518,849
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
----------------- ----------------
<S> <C> <C> <C>
KN Cap Trust III
7.63%, 4/15/28 ..................... $ 55,000 $ 51,819
Lehman Brothers Holdings,
Inc. 6.50%, 10/1/02 ................ 105,000 105,098
Merrill Lynch & Co., Inc.,
Series B 6.13%, 4/7/03 ............. 40,000 40,656
Newcourt Credit Corp.
7.125%, 12/17/03 (SS.) + ........... 70,000 69,346
Norwest Corp., Series J
6.75%, 12/15/27 .................... 40,000 39,767
Paine Webber Group, Inc.
6.55%, 4/15/05 ...................... 60,000 60,058
Series C 6.52%, 4/6/08 .............. 60,000 59,920
Provident Cos., Inc.
7.405%, 3/15/38 .................... 75,000 76,791
Salomon, Inc. 6.75%, 2/15/03 ......... 45,000 46,388
The Money Store, Inc.
8.05%, 4/15/02 ..................... 35,000 37,410
Toyota Motor Credit Co.
5.625%, 11/13/03 ................... 75,000 75,760
Wilmington Trust Corp.
6.625%, 5/1/08 ..................... 90,000 93,229
----------
2,008,635
----------
FOREIGN GOVERNMENT (0.6%)
Ontario Province
5.50%, 10/1/08 ..................... 215,000 216,548
Province of Quebec
7.50%, 7/15/02 ..................... 50,000 53,138
German Unity Bond
8.00%, 1/21/02 ...................... DEM 70,000 47,533
Republic of Germany
Series 98 5.625%, 1/4/28 ............ 230,000 155,968
----------
473,187
----------
INSURANCE (0.6%)
UNUM Corp.
6.75%, 12/15/28 .................... $ 265,000 265,000
American General
Finance Corp.
5.70%, 2/7/01 ....................... 50,000 50,225
8.125%, 3/15/46 (SS.)+............... 70,000 80,801
Hartford Life, Inc.
7.65%, 6/15/27 ..................... 15,000 16,684
Travelers Property &
Casualty, Inc.
6.75%, 4/15/01 ..................... 50,000 51,203
----------
463,913
----------
REAL ESTATE (0.3%)
Avalon Properties, Inc.
6.875%, 12/15/07 ................... 25,000 24,680
EOP Operating L.P.
6.75%, 2/15/08 ..................... 145,000 141,880
Omega Healthcare Investors,
Inc. 6.95%, 8/1/07 ................. 50,000 44,763
----------
211,323
----------
U.S. GOVERNMENT (10.9%)
U.S. Treasury Note
5.50%, 5/31/00 ...................... 740,000 748,788
4.625%, 9/30/00 ..................... 460,000 459,281
6.25%, 8/31/02 ...................... 620,000 651,775
</TABLE>
33
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
----------------- ----------------
<S> <C> <C>
5.875%, 9/30/02 ..................... $ 10,000 $ 10,400
5.625%, 12/31/02 .................... 490,000 506,231
5.50%, 3/31/03 ...................... 1,120,000 1,153,951
5.50%, 5/31/03 ...................... 1,690,000 1,744,398
5.25%, 8/15/03 ...................... 265,000 271,708
5.75%, 8/15/03 ...................... 60,000 62,644
4.25%, 11/15/03 ..................... 895,000 883,535
7.00%, 7/15/06 ...................... 320,000 364,500
6.125%, 11/15/27 .................... 630,000 705,797
5.50%, 8/15/28 ...................... 335,000 351,227
5.25%, 11/15/28 ..................... 375,000 383,906
----------
8,298,141
----------
U.S. GOVERNMENT AGENCIES (8.9%)
Federal National Mortgage
Association
7.00%, 2/1/12 ....................... 73,138 74,783
6.00%, 6/1/12 ....................... 262,600 263,256
6.50%, 4/1/13 ....................... 406,575 412,547
6.50%, 7/1/13 ....................... 28,606 29,026
7.00%, 10/1/13 ...................... 404,517 413,619
6.00%, 10/1/13 ...................... 169,664 170,088
6.00%, 12/1/13 ...................... 479,750 480,949
9.00%, 8/1/26 ....................... 198,528 210,067
7.00%, 7/1/28 ....................... 293 299
6.50%, 8/1/28 ....................... 440,292 443,319
6.50%, 9/1/28 ....................... 155,017 156,083
6.50%, 10/1/28 ...................... 77,450 77,982
6.50%, 11/1/28 ...................... 158,802 159,894
6.00%, 1/15/29 TBA .................. 935,000 922,723
Government National
Mortgage Association
8.00%, 7/15/25 ...................... 114,333 118,843
7.00%, 9/15/25 ...................... 57,203 58,618
7.00%, 12/15/25 ..................... 57,652 59,078
6.50%, 3/15/26 ...................... 150,731 152,400
8.00%, 10/15/26 ..................... 129,400 134,490
7.00%, 11/15/26 ..................... 30,149 30,874
7.00%, 7/15/27 ...................... 48,197 49,368
7.00%, 9/15/27 ...................... 23,900 24,481
7.00%, 11/15/27 ..................... 514,035 526,524
7.00%, 2/15/28 ...................... 22,760 23,315
7.00%, 3/15/28 ...................... 398,950 408,549
7.00%, 4/15/28 ...................... 79,201 81,106
7.00%, 5/15/28 ...................... 141,505 144,957
7.00%, 11/15/28 ..................... 545,551 558,677
6.50%, 12/15/28 ..................... 505,000 510,525
8.00%, 1/15/29 TBA .................. 90,000 92,446
----------
6,788,886
----------
UTILITY--ELECTRIC (0.5%)
Arizona Public Service Co.
6.75%, 11/15/06 .................... 50,000 53,032
Baltimore Gas & Electric Co.
6.90%, 2/1/05 ...................... 50,000 52,874
CMS Energy Corp.
7.00%, 1/15/05 ..................... 25,000 24,786
CalEnergy, Inc.
7.63%, 10/15/07 .................... 60,000 64,228
Connecticut Light & Power
Co., Series C 7.75%, 6/1/02......... 20,000 20,659
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
----------------- ----------------
<S> <C> <C>
Public Service Electric & Gas
Co. 8.875%, 6/1/03 ................. $ 50,000 $ 56,315
Texas Utilities Co.
7.46%, 1/1/15 ...................... 40,000 44,027
Transamerica Energy 0.00%,
6/15/02 (Step Bond) ................ 115,000 32,200
----------
348,121
----------
UTILITY--GAS (0.3%)
Enron Corp. 6.40%, 7/15/06 ........... 40,000 40,418
Express Pipeline, Inc.
7.39%, 12/31/17 (SS.)+ ............. 20,000 19,559
KN Energy, Inc. 6.80%, 3/1/08......... 45,000 45,373
Louis Dreyfus Natural Gas
Corp. 6.875%, 12/1/07 .............. 85,000 80,796
----------
186,146
----------
UTILITY--TELEPHONE (0.1%)
U.S. West Communications
5.625%, 11/15/08 ................... 40,000 40,473
----------
TOTAL CREDIT SENSITIVE .............. 19,965,164
----------
DIVERSIFIED (0.1%)
MISCELLANEOUS (0.1%)
Tyco International Group
6.375%, 6/15/05 .................... 90,000 92,114
----------
ENERGY (1.4%)
COAL & GAS PIPELINES (0.1%)
Columbia Gas Systems, Inc.
6.61%, 11/28/02 .................... 65,000 67,352
----------
OIL--DOMESTIC (0.1%)
Coastal Corp.
6.50%, 6/1/08 ....................... 25,000 25,438
6.95%, 6/2/28 ....................... 75,000 75,097
----------
100,535
----------
OIL--INTERNATIONAL (0.3%)
Petro-Canada 7.00%, 11/15/28.......... 150,000 147,918
Statoil 6.50%, 12/1/28 (SS.) +........ 75,000 73,426
----------
221,344
----------
OIL--SUPPLIES & CONSTRUCTION (0.4%)
Petroleum Geo-Services
7.50%, 3/31/07 ..................... 245,000 261,038
----------
RAILROADS (0.5%)
Burlington Northern Santa Fe
Corp. 6.875%, 12/1/27 .............. 100,000 104,174
CSX Corp. 7.95%, 5/1/27 .............. 260,000 300,593
----------
404,767
----------
TOTAL ENERGY ....................... 1,055,036
----------
TECHNOLOGY (1.4%)
ELECTRONICS (0.1%)
Micron Technology, Inc.
7.00%, 7/1/04 ...................... 90,000 96,638
----------
OFFICE EQUIPMENT (0.2%)
Dell Computer Corp.
7.10%, 4/15/28 ..................... 155,000 157,049
----------
TELECOMMUNICATIONS (1.1%)
AT&T Capital Corp.
6.60%, 5/15/05 ..................... 55,000 52,693
</TABLE>
34
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------ --------------
<S> <C> <C> <C>
AirTouch Communications,
Inc. 6.65%, 5/1/08 ............... $ 30,000 $ 31,876
Colt Telecom Group plc
8.875%, 11/30/07 .................. GBP 50,000 30,903
7.625%, 7/31/08 ................... 75,000 44,442
LCI International, Inc.
7.25%, 6/15/07 ................... $ 80,000 82,275
Sprint Capital Corp.
5.70%, 11/15/03 ................... 75,000 75,066
6.125%, 11/15/08 .................. 20,000 20,445
6.875%, 11/15/28 .................. 90,000 93,757
TCI Communications, Inc.
8.65%, 9/15/04 .................... 110,000 126,506
7.125%, 2/15/28 ................... 110,000 120,353
WorldCom, Inc.
6.40%, 8/15/05 ................... 100,000 103,932
-----------
782,248
-----------
TOTAL TECHNOLOGY .................. 1,035,935
-----------
TOTAL LONG-TERM DEBT
SECURITIES: (32.5%)
(Cost $24,414,640)................. 24,715,875
-----------
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENTS (8.3%)
Merrill Lynch 4.80%, dated
12/31/98, due 1/4/99, to be
repurchased at $6,327,373,
collateralized by $3,970,000
of U. S. Treasury Bonds,
10.625% due 8/15/15, valued
at $6,461,175 (Cost
$6,324,000)....................... 6,324,000 6,324,000
-----------
TOTAL INVESTMENTS (101.3%)
(Cost $73,443,161).......... ...... 76,972,936
OTHER ASSETS
LESS LIABILITIES (-1.3%) ... ...... (995,751)
-----------
NET ASSETS (100%) .................. $75,977,185
===========
</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 December 31, 1998 these securities amounted to $1,084,866 or
1.43% of net assets.
(SS.)Illiquid security: is not actively traded.
Glossary:
ADR--American Depositary Receipt
TBA--Security is subject to delayed delivery
DEM--German Mark
GBP--British Pound
35
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
At December 31, 1998 the Portfolio had outstanding foreign currency contracts
to buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------ ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
German Mark, expiring 2/17/99 ......... 461 $275,816 $ 277,036 $ 1,220
Korean Won, expiring 3/11/99 .......... 78,465 46,385 64,993 18,608
FOREIGN CURRENCY SALE CONTRACTS
German Mark, expiring 2/17/99 ......... 899 538,100 540,495 (2,395)
Korean Won, expiring 3/11/99 .......... 78,465 47,058 64,993 (17,935)
---------
$ (502)
=========
</TABLE>
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $64,576,149
U.S. Government securities ............................. 39,574,028
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 31,910,593
U.S. Government securities ............................. 29,345,912
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 5,329,299
Aggregate gross unrealized depreciation .......... (1,956,220)
------------
Net unrealized appreciation ...................... $ 3,373,079
============
Federal income tax cost of investments ........... $ 73,599,319
============
</TABLE>
At December 31, 1998 the Portfolio had loaned securities with a total value of
$7,502,455, which was secured by collateral valued
at $7,601,915 of which $2,688,640 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
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (3.0%)
CHEMICALS (1.9%)
E.I. Du Pont de Nemours & Co. 98,806 $ 5,242,893
Eastman Chemical Co. ................................................... 51,151 2,289,007
Witco Corp. ............................................................ 80,325 1,280,180
------------
8,812,080
------------
PAPER (1.1%)
Boise Cascade Corp. .................................................... 111,890 3,468,590
Kimberly Clark Corp. ................................................... 32,485 1,770,433
------------
5,239,023
------------
TOTAL BASIC MATERIALS ................................................. 14,051,103
------------
BUSINESS SERVICES (3.2%)
ENVIRONMENTAL CONTROL (0.6%)
Waste Management, Inc. ................................................. 56,630 2,640,374
------------
PRINTING, PUBLISHING, BROADCASTING (2.3%)
McGraw Hill Cos., Inc. ................................................. 24,843 2,530,881
MediaOne Group, Inc.* .................................................. 90,160 4,237,520
Times Mirror Co., Class A .............................................. 65,975 3,694,600
------------
10,463,001
------------
PROFESSIONAL SERVICES (0.3%)
NCR Corp.* ............................................................. 3,400 141,950
Pitney Bowes, Inc. ..................................................... 21,670 1,431,574
------------
1,573,524
------------
TOTAL BUSINESS SERVICES ............................................... 14,676,899
------------
CAPITAL GOODS (4.0%)
AEROSPACE (0.7%)
Raytheon Co., Class A .................................................. 50,555 2,613,062
Raytheon Co., Class B .................................................. 15,800 841,350
------------
3,454,412
------------
ELECTRICAL EQUIPMENT (2.6%)
Emerson Electric Co. ................................................... 57,595 3,484,497
General Electric Co. ................................................... 70,100 7,154,581
Rockwell International Corp. ........................................... 28,730 1,395,201
------------
12,034,279
------------
MACHINERY (0.7%)
Deere & Co. ............................................................ 94,620 3,134,287
------------
TOTAL CAPITAL GOODS ................................................... 18,622,978
------------
CONSUMER CYCLICALS (9.0%)
AIRLINES (0.8%)
Southwest Airlines Co. ................................................. 155,540 3,489,929
------------
AUTO RELATED (0.7%)
Dana Corp. ............................................................. 23,407 956,761
Goodyear Tire & Rubber Co. ............................................. 46,918 2,366,427
------------
3,323,188
------------
AUTOS & TRUCKS (2.2%)
Ford Motor Co. ......................................................... 89,335 5,242,848
General Motors Corp. ................................................... 69,300 4,959,281
------------
10,202,129
------------
FOOD SERVICES, LODGING (0.7%)
McDonald's Corp. ....................................................... 43,430 3,327,824
------------
PHOTO & OPTICAL (0.8%)
Eastman Kodak Co. ...................................................... 51,938 3,739,536
------------
RETAIL--GENERAL (3.8%)
Federated Department Stores,
Inc.* ................................................................ 54,100 2,356,731
Hasbro, Inc. ........................................................... 110,670 3,997,954
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
J.C. Penny Co. ......................................................... 56,065 $ 2,628,047
K-Mart Corp.* .......................................................... 211,540 3,239,206
Sears Roebuck & Co. .................................................... 79,805 3,391,712
Toys-R-Us, Inc.* ....................................................... 118,065 1,992,347
------------
17,605,997
------------
TOTAL CONSUMER CYCLICALS .............................................. 41,688,603
------------
CONSUMER NON-CYCLICALS (18.6%)
BEVERAGES (1.9%)
Anheuser-Busch Cos., Inc. .............................................. 71,290 4,678,406
Whitman Corp. .......................................................... 157,687 4,001,308
------------
8,679,714
------------
CONTAINERS (0.9%)
Owens Illinois, Inc.* .................................................. 140,060 4,289,338
------------
DRUGS (8.3%)
American Home Products Corp. ........................................... 128,510 7,236,719
Bristol-Myers Squibb Co. ............................................... 55,160 7,381,098
Johnson & Johnson ...................................................... 49,895 4,184,943
Merck & Co., Inc. ...................................................... 60,830 8,983,831
Pharmacia & Upjohn, Inc. ............................................... 181,154 10,257,845
------------
38,044,436
------------
FOODS (3.0%)
General Mills, Inc. .................................................... 41,755 3,246,451
H.J. Heinz Co. ......................................................... 59,070 3,344,839
Nabisco Holdings Corp., Class A 28,500 1,182,750
Quaker Oats Co. ........................................................ 53,085 3,158,557
Sara Lee Corp. ......................................................... 104,452 2,944,241
------------
13,876,838
------------
HOSPITAL SUPPLIES & SERVICES (1.2%)
Baxter International, Inc. ............................................. 87,399 5,620,848
------------
SOAPS & TOILETRIES (1.5%)
Clorox Co. ............................................................. 34,495 4,029,447
Colgate Palmolive Co. .................................................. 30,265 2,810,862
------------
6,840,309
------------
TOBACCO (1.8%)
Philip Morris Cos., Inc. ............................................... 155,710 8,330,485
------------
TOTAL CONSUMER NON-CYCLICALS 85,681,968
------------
CREDIT SENSITIVE (34.5%)
BANKS (14.0%)
Bank One Corp. ......................................................... 119,514 6,102,684
BankAmerica Corp. ...................................................... 149,117 8,965,660
BankBoston Corp. ....................................................... 109,680 4,270,665
Chase Manhattan Corp. .................................................. 72,360 4,925,002
Citigroup, Inc. ........................................................ 180,855 8,952,322
First Union Corp. ...................................................... 48,225 2,932,683
Fleet Financial Group, Inc. ............................................ 76,990 3,440,491
J.P. Morgan & Co. ...................................................... 48,123 5,055,923
Mercantile Bancorp, Inc. ............................................... 57,173 2,637,105
National City Corp. .................................................... 48,535 3,518,787
PNC Bank Corp. ......................................................... 67,626 3,660,257
Summit Bancorp ......................................................... 31,985 1,397,345
Washington Mutual, Inc. ................................................ 86,535 3,304,555
Wells Fargo Co. ........................................................ 130,300 5,203,856
------------
64,367,335
------------
FINANCIAL SERVICES (3.5%)
American Express Co. ................................................... 26,900 2,750,525
Fannie Mae ............................................................. 71,690 5,305,060
Lehman Brothers Holdings, Inc. ......................................... 102,060 4,497,019
Merrill Lynch & Co. .................................................... 55,135 3,680,261
------------
16,232,865
------------
</TABLE>
37
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ ---------------
<S> <C> <C>
INSURANCE (4.5%)
Aetna, Inc. ....................... 32,355 $ 2,543,912
Allstate Corp. .................... 88,390 3,414,064
American General Corp. ............ 77,389 6,036,342
Aon Corp. ......................... 53,386 2,956,250
CIGNA Corp. ....................... 73,313 5,668,011
------------
20,618,579
------------
UTILITY--ELECTRIC (4.7%)
Consolidated Edison, Inc. ......... 78,290 4,139,584
Dominion Resources, Inc. .......... 73,530 3,437,527
Duke Energy Corp. ................. 57,330 3,672,703
Edison International .............. 111,460 3,106,947
Entergy Corp. ..................... 124,805 3,884,556
Texas Utilities Co. ............... 75,475 3,523,739
------------
21,765,056
------------
UTILITY--GAS (0.3%)
Enron Corp. ....................... 20,575 1,174,061
------------
UTILITY--TELEPHONE (7.5%)
Ameritech Corp. ................... 39,875 2,527,078
AT&T Corp. ........................ 112,983 8,501,971
GTE Corp. ......................... 91,450 5,944,250
SBC Communications, Inc. .......... 128,300 6,880,088
Sprint Corp. (Fon Group) .......... 51,587 4,339,756
U.S. WEST, Inc. ................... 101,611 6,566,611
------------
34,759,754
------------
TOTAL CREDIT SENSITIVE ........... 158,917,650
------------
DIVERSIFIED (0.9%)
MISCELLANEOUS (0.9%)
Minnesota Mining &
Manufacturing Co. ............... 56,000 3,983,000
------------
ENERGY (9.9%)
OIL--DOMESTIC (7.3%)
Atlantic Richfield Co. ............ 85,892 5,604,453
Chevron Corp. ..................... 66,170 5,487,974
Exxon Corp. ....................... 92,386 6,755,726
Kerr-McGee Corp. .................. 78,570 3,005,303
Mobil Corp. ....................... 52,764 4,597,063
Sonat, Inc. ....................... 110,000 2,976,875
Texaco, Inc. ...................... 58,710 3,104,291
Tosco Corp. ....................... 84,220 2,179,193
------------
33,710,878
------------
OIL--INTERNATIONAL (1.4%)
British Petroleum Co. plc (ADR) 44,568 4,233,960
Conoco, Inc., Class A* ............ 94,400 1,970,600
------------
6,204,560
------------
OIL--SUPPLIES & CONSTRUCTION (0.5%)
Halliburton Co. ................... 82,300 2,438,138
------------
RAILROADS (0.7%)
Burlington Northern Santa Fe
Corp. ........................... 95,423 3,220,526
------------
TOTAL ENERGY ..................... 45,574,102
------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ ---------------
<S> <C> <C>
TECHNOLOGY (10.3%)
ELECTRONICS (3.2%)
Intel Corp. ....................... 51,825 $ 6,144,502
Sun Microsystems, Inc.* ........... 15,080 1,291,225
Texas Instruments, Inc. ........... 86,710 7,419,124
------------
14,854,851
------------
OFFICE EQUIPMENT (5.2%)
Compaq Computer Corp. ............. 144,340 6,053,259
International Business Machines
Corp. ........................... 47,015 8,686,021
Xerox Corp. ....................... 79,347 9,362,946
------------
24,102,226
------------
TELECOMMUNICATIONS (1.9%)
Alltel Corp. ...................... 55,920 3,344,715
Motorola, Inc. .................... 83,925 5,124,670
------------
8,469,385
------------
TOTAL TECHNOLOGY ................. 47,426,462
------------
TOTAL COMMON STOCKS (93.4%)
(Cost $403,546,784) ............. 430,622,765
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
--------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (1.7%)
Federal Home Loan Bank
(Discount Note), 1/14/99 ............ $ 5,000,000 4,987,275
Federal Home Loan Mortgage
Corporation
(Discount Note), 2/25/99 ............ 3,000,000 2,976,946
---------
TOTAL U.S. GOVERNMENT
AGENCIES .......................... 7,964,221
---------
REPURCHASE AGREEMENTS (4.3%)
Merrill Lynch 4.80%, dated
12/31/98, due 1/4/99, to be
repurchased at $19,607,452
collateralized by $19,155,000 of
U.S. Treasury Notes, 5.50%
due 3/31/03, valued at
$20,004,904 ........................ 19,597,000 19,597,000
----------
TOTAL SHORT-TERM DEBT SECURITIES (6.0%)
(Cost/Amortized Cost
$27,560,004) ....................... 27,561,221
----------
TOTAL INVESTMENTS (99.4%)
(Cost/Amortized Cost
$431,106,788) ...................... 458,183,986
OTHER ASSETS
LESS LIABILITIES (0.6%) ............. 2,560,275
-----------
NET ASSETS (100%) .................... $460,744,261
============
</TABLE>
- ----------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
38
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $471,938,662
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 210,563,970
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 48,355,338
Aggregate gross unrealized depreciation .......... (22,103,632)
-------------
Net unrealized appreciation ...................... $ 26,251,706
=============
Federal income tax cost of investments ........... $ 431,932,280
=============
</TABLE>
At December 31, 1998 the Portfolio had loaned securities with a total value of
$14,185,093, which was secured by cash collateral of $14,127,780.
The value of the collateral was sufficient at the time loan agreements were
entered into. As a result of an increase in the market value of the loaned
securities on the last business day for the year, the Portfolio was furnished
with additional collateral the following business day.
See Notes to Financial Statements.
39
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
COMMON STOCKS AND RIGHTS:
AUSTRALIA & NEW ZEALAND(1.1%)
AUSTRALIA (1.1%)
Cable & Wireless Optus Ltd.* ....... 81,100 $ 170,450
Coles Meyer Ltd. ................... 89,600 469,415
News Corp., Ltd. ................... 78,600 519,187
News Corp., Ltd. (ADR) ............. 15,900 420,356
------------
TOTAL AUSTRALIA &
NEW ZEALAND ................... 1,579,408
------------
CANADA (3.8%)
BCE Mobile Communications,
Inc.* ............................ 23,250 627,765
BCE, Inc. .......................... 59,516 2,240,060
Bank of Nova Scotia ................ 75,269 1,652,789
Bombardier, Inc., Class B .......... 58,800 841,640
National Bank of Canada ............ 305 4,914
Northern Telecom Ltd. .............. 2 105
Royal Bank of Canada ............... 2,700 134,473
------------
TOTAL CANADA ..................... 5,501,746
------------
JAPAN (9.7%)
Canon, Inc. ........................ 9,000 192,601
Chubu Electric Power Co., Inc. ..... 17,300 349,526
Eisai Co., Ltd. .................... 13,000 253,434
Fujitsu Ltd. ....................... 90,600 1,208,268
Honda Motor Co., Ltd. .............. 15,000 493,132
Kita Kyushu Coca-Cola Bottling ..... 1,100 34,506
Mabuchi Motor Co., Ltd. ............ 8,600 659,193
Matsushita-Kotobuki Electronics
Industries Ltd. .................. 26,000 562,162
Mitsumi Electric Co., Ltd. ......... 31,300 662,889
Murata Manufacturing Co., Ltd. ..... 3,000 124,679
Nikko Securities Co., Ltd. ......... 449,000 1,253,301
Nippon Telegraph & Telephone
Corp. ............................ 188 1,452,689
Nippon Television Network
Corp. ............................ 2,180 643,279
Promise Co., Ltd. .................. 10,800 562,729
Ricoh Co., Ltd. .................... 43,000 397,040
Sankyo Co. ......................... 58,000 1,269,473
Shin-Etsu Chemical Co. ............. 6,000 144,617
Shiseido Co., Ltd. ................. 19,000 244,466
Sony Corp. ......................... 11,300 824,094
TDK Corp. .......................... 6,000 549,224
Tokyo Electric Power Co. ........... 18,800 464,794
Yamanouchi Pharmaceutical Co.,
Ltd. ............................. 50,000 1,612,760
------------
TOTAL JAPAN ...................... 13,958,856
------------
LATIN AMERICA (2.9%)
BRAZIL (0.8%)
CEMIG (ADR) ........................ 34,800 662,474
Telecom de Sao Paulo S.A. .......... 91,645 12,492
Telesp Celular S.A.* ............... 37,900,000 279,172
Telesp Celular S.A., Class B* ...... 490,000 21,535
Telesp S.A.* ....................... 9,000,000 204,842
------------
1,180,515
------------
MEXICO (2.1%)
Coca-Cola Femsa S.A. (ADR) ......... 50,300 666,475
Grupo Televisa S.A. (GDR)* ......... 19,900 491,281
Telmex, Class L (ADR) .............. 21,732 1,058,077
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Fomento Economico S.A. ............. 273,168 $ 741,014
------------
2,956,847
------------
TOTAL LATIN AMERICA .............. 4,137,362
------------
OTHER EUROPEAN COUNTRIES(47.9%)
FRANCE (13.4%)
Assurances Generales de France 257 15,348
Banque Nationale de Paris .......... 28,938 2,382,551
Bouygues S.A. ...................... 7,552 1,556,471
Credit Commercial de France ........ 5,328 494,719
Elf Acquitaine S.A. ................ 7,687 888,416
France Telecom S.A. ................ 6,000 476,608
Groupe Danone ...................... 2,317 663,244
ISIS ............................... 510 36,406
Lafarge S.A. ....................... 13,913 1,321,729
Michelin, Class B (Registered) ..... 23,779 950,819
STMicroelectronics N.V. (N.Y.
Shares) .......................... 28,841 2,251,401
Scor ............................... 24,544 1,622,508
Societe Generale Paris ............. 8,444 1,367,174
Television Francaise ............... 7,838 1,395,261
Total S.A., Class B ................ 7,202 729,284
Vivendi ............................ 12,188 3,161,750
------------
19,313,689
------------
GERMANY (6.7%)
Bayerische Motoren Werke
(BMW) AG (New)* .................. 278 213,192
Bayerische Motoren Werke
(BMW) AG ......................... 966 758,193
Deutsche Telekom AG ................ 31,500 1,034,878
Hoechst AG ......................... 45,600 1,885,292
Mannesmann AG ...................... 27,513 3,182,197
Veba AG ............................ 18,250 1,080,873
Volkswagen AG ...................... 17,780 1,438,190
------------
9,592,815
------------
GREECE (0.6%)
Hellenic Telecommunications
Organization S.A. (ADR)* ......... 12,600 166,950
Hellenic Telecommunications
Organization S.A. ................ 25,551 680,131
------------
847,081
------------
IRELAND (3.0%)
Allied Irish Banks plc ............. 83,486 1,493,748
Bank of Ireland .................... 91,998 2,045,576
CRH plc ............................ 46,401 800,541
------------
4,339,865
------------
ITALY (2.9%)
Banca Popolare di Brescia .......... 11,500 280,285
Telecom Italia S.p.A. .............. 426,738 3,638,951
Unione Immobiliare S.p.A* .......... 357,400 186,319
------------
4,105,555
------------
NETHERLANDS (8.9%)
Akzo Nobel N.V. .................... 51,029 2,323,329
ASM Lithography Holding N.V......... 7,000 213,500
Benckiser N.V., Class B ............ 1,330 87,113
Equant N.V.* ....................... 2,840 197,598
Gucci Group N.V. ................... 6,064 294,862
ING Groep N.V. ..................... 63,324 3,861,014
</TABLE>
40
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Koninklijke Ahold N.V. ............... 55,045 $ 2,034,253
Koninklijke KPN N.V. ................. 25,072 1,255,002
Koninklijke Philips Electronics
N.V. ............................... 11,994 804,752
Laurus N.V. .......................... 9,606 242,465
TNT Post Group N.V. .................. 21,917 706,096
Vedior N.V. .......................... 19,113 376,581
Vendex N.V. .......................... 17,576 426,788
-----------
12,823,353
-----------
POLAND (0.1%)
Bank Handlowy (GDS) + (SS.)+ ......... 8,571 109,280
-----------
PORTUGAL (1.5%)
Cimpor-Cimentos de Portugal
S.A. ............................... 12,200 389,617
Electricidade de Portugal S.A. ....... 41,879 922,464
Portugal Telecom S.A. ................ 19,348 887,499
-----------
2,199,580
-----------
SPAIN (1.2%)
Telefonica S.A. ...................... 38,268 1,699,065
Telefonica S.A. (Rights) (expiring
1/30/99)* .......................... 38,268 33,927
-----------
1,732,992
-----------
SWITZERLAND (9.6%)
Cie Financiere Richemont,
Class A ............................ 804 1,138,438
Edipresse S.A. (Bearer) .............. 1,104 317,959
Fischer (Georg) AG (Bearer) .......... 1,619 548,323
Julius Baer Holding AG (Bearer) 582 1,937,171
Kuoni Reisen AG (Registered) ......... 97 385,454
Nestle S.A. (Registered) ............. 1,291 2,814,502
Novartis AG (Registered) ............. 1,833 3,608,531
Swisscom AG (Registered)* ............ 2,140 897,193
UBS AG (Registered) .................. 7,127 2,192,923
-----------
13,840,494
-----------
TOTAL OTHER EUROPEAN
COUNTRIES ....................... 68,904,704
-----------
SCANDINAVIA (7.8%)
FINLAND (2.5%)
Huhtamaki, Class I ................... 19,973 759,914
Nokia OYJ, Class A ................... 19,062 2,317,818
Sampo Insurance Co., plc,
Class A ............................ 15,300 580,620
-----------
3,658,352
-----------
SWEDEN (5.3%)
Ericsson LM, Class B ................. 57,215 1,363,987
ForeningsSparbanken AB ............... 20,407 529,348
Nordbanken Holding AB ................ 65,734 422,217
Pharmacia & Upjohn, Inc. ............. 67,066 3,760,981
S.K.F. AB ............................ 19,010 221,900
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Sandvik AB, Class B .................. 7,200 $ 124,510
Svenska Handelsbanken, Class A 12,243 517,198
Volvo AB, Class B .................... 26,071 598,982
-----------
7,539,123
-----------
TOTAL SCANDINAVIA .................. 11,197,475
-----------
SOUTHEAST ASIA (4.0%)
HONG KONG (0.6%)
China Telecom Ltd. ................... 72,000 124,534
Hong Kong & China Gas Co.,
Ltd. ............................... 197,000 250,470
Hutchison Whampoa Ltd. ............... 4,000 28,268
Smartone Telecommunications .......... 105,000 291,394
Smartone Telecommunications*+ (SS.) .. 39,000 108,232
-----------
802,898
-----------
KOREA (2.1%)
Korea Electric Power ................. 64,906 1,607,813
Pohang Iron & Steel (ADR) ............ 16,600 280,125
Samsung Electronics Co. .............. 16,390 1,099,479
-----------
2,987,417
-----------
SINGAPORE (1.3%)
Overseas-Chinese Banking Corp.
(Foreign) .......................... 191,000 1,296,485
United Overseas Bank Ltd.
(Foreign) .......................... 102,000 655,273
-----------
1,951,758
-----------
TOTAL SOUTHEAST ASIA ............... 5,742,073
-----------
UNITED KINGDOM (14.9%)
Allied Zurich plc* ................... 160,384 2,392,337
Avis Europe plc ...................... 52,249 218,204
Bass plc ............................. 77,790 1,132,512
British Airways plc .................. 144,768 976,128
Cable & Wireless plc ................. 178,262 2,191,867
Dixons Group plc ..................... 93,953 1,321,707
EMI Group plc ........................ 90,337 604,231
Granada Group plc .................... 110,379 1,951,311
Marks & Spencer plc .................. 137,000 939,707
National Westminster Bank plc ........ 87,621 1,689,673
Orange plc* .......................... 108,155 1,256,968
Scottish Power plc ................... 1,400 14,384
Securicor plc ........................ 252,803 2,119,941
Siebe plc ............................ 392,671 1,548,418
SmithKline Beecham plc ............... 89,400 1,249,476
Smiths Industries plc ................ 75,097 1,071,440
Vodafone Group plc ................... 42,489 689,981
-----------
TOTAL UNITED KINGDOM ............... 21,368,285
-----------
TOTAL COMMON STOCKS (92.1%) 132,389,909
(Cost $115,305,768).................
</TABLE>
41
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES(4.2%)
Federal Home Loan Bank
(Discount Note), 1/22/99 ............ $3,000,000 $ 2,992,365
Federal Home Loan Mortgage
Corporation
(Discount Note), 1/22/99 ............ 3,000,000 2,992,365
------------
5,984,730
------------
REPURCHASE AGREEMENT (3.3%)
Merrill Lynch 4.80%,
dated 12/31/98, due 1/4/99, to
be repurchased at $4,755,534,
collateralized by $4,265,000 of
U. S. Treasury Bonds, 6.25%
due 8/15/23, valued at
$4,868,764.......................... 4,753,000 4,753,000
------------
TOTAL SHORT-TERM DEBT SECURITIES (7.5%)
(Cost/Amortized $10,735,815)........ 10,737,730
------------
TOTAL INVESTMENTS (99.6%)
(Cost/Amortized Cost
$126,041,583) ...................... 143,127,639
OTHER ASSETS
LESS LIABILITIES (0.4%) ............ 593,091
------------
NET ASSETS (100%) .................... $143,720,730
============
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Common Stocks
Basic Materials ......................... 3.7%
Business Services ....................... 3.5
Capital Goods ........................... 9.3
Consumer Cyclicals ...................... 10.0
Consumer Non-Cyclicals .................. 16.8
Credit Sensitive
Banks ................................. 14.2
Financial Services .................... 6.4
Insurance ............................. 1.7
Real Estate ........................... 0.1
Utility--Electric ..................... 3.0
Utility--Gas .......................... 0.2
Utility--Telephone .................... 6.3
----
Total Credit Sensitive .................. 31.9
Diversified ............................. 4.8
Energy .................................. 2.1
Technology .............................. 17.9
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may only be resold to qualified institutional
buyers. At December 31, 1998 these securities amounted to $217,512 or
0.15% of net assets.
(SS.) Illiquid security: is not actively traded.
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
GDS--Global Depositary Share
42
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
At December 31, 1998 the Portfolio had outstanding foreign currency contracts
to buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 1/6/99-3/22/99 ......... 3,122 $5,268,436 $5,182,113 $ (86,323)
French Franc, expiring 1/29/99 ................. 717 128,185 128,450 265
Japanese Yen, expiring 1/4/99-3/15/99 .......... 604,377 5,294,301 5,408,277 113,976
FOREIGN CURRENCY SALE CONTRACTS
British Pound, expiring 3/22/99 ................ 3,043 5,083,332 5,051,377 31,955
Irish Punt, expiring 1/4/99 .................... 709 1,054,653 1,055,006 (354)
Japanese Yen, expiring 3/15/99 ................. 593,540 4,537,768 5,312,186 (774,418)
----------
$ (714,899)
==========
</TABLE>
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $151,267,967
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 83,552,356
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 19,108,802
Aggregate gross unrealized depreciation ......... (3,194,948)
------------
Net unrealized appreciation ..................... $ 15,913,854
============
Federal income tax cost of investments .......... $127,213,784
============
</TABLE>
At December 31, 1998 the Portfolio had loaned securities with a total value of
$3,441,370, which was secured by cash collateral of $3,629,840.
The Portfolio has a net capital loss carryforward of $1,651,370 which expires
in the year 2006.
See Notes to Financial Statements.
43
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BUSINESS SERVICES (8.5%)
ENVIRONMENTAL CONTROL (1.0%)
Waste Management, Inc. .............. 39,400 $ 1,837,025
------------
PRINTING, PUBLISHING,
BROADCASTING (4.1%)
Time Warner, Inc. ................... 73,900 4,586,419
Viacom, Inc., Class B* .............. 33,900 2,508,600
------------
7,095,019
------------
PROFESSIONAL SERVICES (3.4%)
Compuware Corp.* .................... 17,800 1,390,625
Interpublic Group, Inc. ............. 30,600 2,440,350
Pitney Bowes, Inc. .................. 22,300 1,473,194
Quintiles Transnational Corp.* ...... 13,300 709,887
------------
6,014,056
------------
TOTAL BUSINESS SERVICES ........... 14,946,100
------------
CAPITAL GOODS (4.3%)
AEROSPACE (0.9%)
United Technologies Corp. ........... 15,200 1,653,000
------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.5%)
Masco Corp. ......................... 29,300 842,375
------------
ELECTRICAL EQUIPMENT (2.9%)
General Electric Co. ................ 42,800 4,368,275
General Instrument Corp.* ........... 20,100 682,144
------------
5,050,419
------------
TOTAL CAPITAL GOODS ............... 7,545,794
------------
CONSUMER CYCLICALS (15.4%)
APPAREL & TEXTILES (0.5%)
GAP, Inc. ........................... 16,600 933,750
------------
FOOD SERVICES, LODGING (0.6%)
Tricon Global Restaurants, Inc.*..... 20,700 1,037,588
------------
LEISURE RELATED (1.3%)
Carnival Corp., Class A ............. 46,300 2,222,400
------------
RETAIL--GENERAL (13.0%)
Costco Co., Inc.* ................... 43,400 3,132,937
CVS Corp. ........................... 75,100 4,130,500
Estee Lauder Cos., Class A .......... 18,500 1,581,750
Home Depot, Inc. .................... 52,400 3,206,225
TJX Cos., Inc. ...................... 78,900 2,288,100
Wal-Mart Stores, Inc. ............... 67,500 5,497,031
Walgreen Co. ........................ 48,600 2,846,138
------------
22,682,681
------------
TOTAL CONSUMER CYCLICALS .......... 26,876,419
------------
CONSUMER NON-CYCLICALS (18.9%)
DRUGS (11.9%)
Bristol-Myers Squibb Co. ............ 27,900 3,733,369
Cardinal Health, Inc. ............... 19,850 1,506,119
Eli Lilly & Co. ..................... 32,700 2,906,212
McKesson Corp. ...................... 8,900 703,656
Pfizer, Inc. ........................ 28,100 3,524,794
Schering-Plough Corp. ............... 77,100 4,259,775
Warner Lambert Co. .................. 54,400 4,090,200
------------
20,724,125
------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
FOODS (1.2%)
Quaker Oats Co. ..................... 16,500 $ 981,750
Sara Lee Corp. ...................... 40,300 1,135,956
------------
2,117,706
------------
HOSPITAL SUPPLIES & SERVICES (1.2%)
Centocor, Inc.* ..................... 16,300 735,538
IMS Health, Inc. .................... 18,700 1,410,681
------------
2,146,219
------------
RETAIL--FOOD (2.2%)
Kroger Co.* ......................... 13,400 810,700
Safeway, Inc.* ...................... 50,700 3,089,531
------------
3,900,231
------------
SOAPS & TOILETRIES (1.6%)
Clorox Co. .......................... 9,100 1,062,994
Colgate Palmolive Co. ............... 18,600 1,727,475
------------
2,790,469
------------
TOBACCO (0.8%)
Philip Morris Cos., Inc. ............ 25,900 1,385,650
------------
TOTAL CONSUMER NON-CYCLICALS....... 33,064,400
------------
CREDIT SENSITIVE (21.1%)
BANKS (5.8%)
BankAmerica Corp. ................... 6
Charter One Financial, Inc. ......... 7,500 208,125
Comerica, Inc. ...................... 23,950 1,633,091
Fifth Third Bancorp ................. 18,700 1,333,544
Firstar Corp. ....................... 23,860 2,224,945
MBNA Corp. .......................... 72,850 1,816,697
Wells Fargo Co. ..................... 74,600 2,979,336
------------
10,195,744
------------
FINANCIAL SERVICES (6.4%)
American Express Co. ................ 9,100 930,475
Associates First Capital Corp.,
Class A ........................... 20,100 851,737
Federal Home Loan Mortgage
Corp. ............................. 60,800 3,917,800
Merrill Lynch & Co. ................. 11,800 787,650
Providian Financial Corp. ........... 16,450 1,233,750
SunAmerica, Inc. .................... 42,800 3,472,150
------------
11,193,562
------------
INSURANCE (2.2%)
American General Corp. .............. 14,700 1,146,600
American International Group,
Inc. .............................. 28,550 2,758,644
------------
3,905,244
------------
UTILITY--ELECTRIC (0.9%)
Peco Energy Co. ..................... 36,500 1,519,312
------------
UTILITY--TELEPHONE (5.8%)
MCI WorldCom, Inc.* ................. 60,600 4,348,050
SBC Communications, Inc. ............ 53,000 2,842,125
Sprint Corp. (Fon Group) ............ 34,600 2,910,725
------------
10,100,900
------------
TOTAL CREDIT SENSITIVE ............. 36,914,762
------------
</TABLE>
44
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- --------------
<S> <C> <C>
DIVERSIFIED (3.2%)
MISCELLANEOUS (3.2%)
Tyco International Ltd. ........... 74,900 $ 5,650,269
-----------
ENERGY (1.7%)
OIL--DOMESTIC (1.7%)
Exxon Corp. ....................... 41,800 3,056,625
-----------
TECHNOLOGY (23.7%)
ELECTRONICS (9.2%)
3Com Corp.* ....................... 15,000 672,188
BMC Software, Inc.* ............... 33,200 1,479,475
HBO & Co. ......................... 75,100 2,154,431
Intel Corp. ....................... 32,200 3,817,712
Micron Technology, Inc.* .......... 16,700 844,394
Microsoft Corp.* .................. 43,500 6,032,906
Sun Microsystems, Inc.* ........... 12,900 1,104,563
-----------
16,105,669
-----------
OFFICE EQUIPMENT (6.1%)
Cisco Systems, Inc.* .............. 20,000 1,856,250
Dell Computer Corp.* .............. 20,700 1,514,981
EMC Corp.* ........................ 33,000 2,805,000
International Business Machines
Corp. ........................... 24,100 4,452,475
-----------
10,628,706
-----------
OFFICE EQUIPMENT SERVICES (2.4%)
America On-Line, Inc.* ............ 6,400 1,024,000
Ascend Communications, Inc.* ...... 24,300 1,597,725
Computer Sciences Corp. ........... 23,400 1,507,838
-----------
4,129,563
-----------
TELECOMMUNICATIONS (6.0%)
AirTouch Communications, Inc.*..... 16,800 1,211,700
Lucent Technologies, Inc. ......... 47,700 5,247,000
Tele-Communications TCI
Ventures Group, Class A* ........ 71,500 1,684,719
Telecommunications, Inc.,
Class A* ........................ 43,000 2,378,437
-----------
10,521,856
-----------
TOTAL TECHNOLOGY ................ 41,385,794
-----------
TOTAL COMMON STOCKS (96.8%)
(Cost $131,953,021) ............. 169,440,163
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------- ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (0.9%)
Federal Home Loan Mortgage
Corporation
(Discount Note), 1/22/99 ......... $ 1,600,000 $ 1,595,928
------------
REPURCHASE AGREEMENT (5.5%)
Merrill Lynch
4.80%, dated 12/31/98, due
1/4/99, to be repurchased at
$9,670,149 collateralized by
$9,445,000 of U.S. Treasury
Notes, 6.875% due 3/31/00,
valued at $9,803,923........... 9,665,000 9,665,000
------------
TOTAL SHORT-TERM DEBT SECURITIES (6.4%)
(Cost/Amortized Cost
$11,260,296) .................. 11,260,928
------------
TOTAL INVESTMENTS (103.2%)
(Cost/Amortized Cost
$143,213,317) .................... 180,701,091
OTHER ASSETS
LESS LIABILITIES (-3.2%) ......... (5,686,116)
------------
NET ASSETS (100%) .................. $175,014,975
============
</TABLE>
- ---------------------
* Non-income producing
45
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $156,331,329
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 55,881,974
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 37,518,775
Aggregate gross unrealized depreciation ......... (103,033)
------------
Net unrealized appreciation ..................... $ 37,415,742
============
Federal income tax cost of investments .......... $143,285,349
============
</TABLE>
At December 31, 1998 the Portfolio had loaned securities with a total value of
$4,380,435, which was secured by cash collateral of $4,435,973.
The Portfolio has a net capital loss carryforward of $4,282,990 which expires
in the year 2006.
See Notes to Financial Statements.
46
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (10.6%)
CHEMICALS (4.5%)
Dow Chemical Co. ....................................................... 31,500 $ 2,864,531
E.I. Du Pont de Nemours & Co. 38,500 2,042,906
Great Lakes Chemical Corp. ............................................. 39,100 1,564,000
Hercules, Inc. ......................................................... 65,500 1,793,062
Imperial Chemical Industries plc
(ADR) ................................................................ 21,600 754,650
Nalco Chemical Co. ..................................................... 41,100 1,274,100
Witco Corp. ............................................................ 48,100 766,594
------------
11,059,843
------------
CHEMICALS--SPECIALTY (1.3%)
International Flavors &
Fragrances, Inc. ..................................................... 57,200 2,527,525
Lubrizol Corp. ......................................................... 24,100 619,069
------------
3,146,594
------------
METALS & MINING (1.5%)
Inco Ltd. .............................................................. 56,500 596,781
Newmont Mining Corp. ................................................... 47,300 854,356
Phelps Dodge Corp. ..................................................... 22,800 1,159,950
Reynolds Metals Co. .................................................... 17,700 932,569
------------
3,543,656
------------
PAPER (3.1%)
Consolidated Papers, Inc. .............................................. 44,400 1,221,000
International Paper Co. ................................................ 25,900 1,160,644
Kimberly-Clark Corp. ................................................... 50,900 2,774,050
Union Camp Corp. ....................................................... 34,700 2,342,250
------------
7,497,944
------------
STEEL (0.2%)
USX-U.S. Steel Group, Inc. ............................................. 25,800 593,400
------------
TOTAL BASIC MATERIALS ................................................. 25,841,437
------------
BUSINESS SERVICES (4.0%)
ENVIRONMENTAL CONTROL (1.2%)
Browning-Ferris Industries, Inc. ....................................... 47,000 1,336,563
Waste Management, Inc. ................................................. 36,535 1,703,444
------------
3,040,007
------------
PRINTING, PUBLISHING, BROADCASTING (2.3%)
Donnelley (R.R.) & Sons Co. ............................................ 32,300 1,415,144
Dow Jones & Co., Inc. .................................................. 23,500 1,130,937
Knight Ridder, Inc. .................................................... 40,200 2,055,225
Readers Digest Association, Inc.,
Class A (Non Voting) ................................................. 36,300 914,306
------------
5,515,612
------------
TRUCKING, SHIPPING (0.5%)
Alexander & Baldwin, Inc. .............................................. 21,100 490,575
GATX Corp. ............................................................. 17,600 666,600
------------
1,157,175
------------
TOTAL BUSINESS SERVICES ............................................... 9,712,794
------------
CAPITAL GOODS (7.3%)
AEROSPACE (1.0%)
Allied Signal, Inc. .................................................... 32,500 1,440,156
Boeing Co. ............................................................. 34,500 1,125,563
------------
2,565,719
------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- ------------------
<S> <C> <C>
BUILDING MATERIALS & FOREST
PRODUCTS (2.1%)
Armstrong World Industries, Inc. 31,700 $ 1,911,906
Georgia-Pacific Corp. .................................................. 19,400 1,136,112
PPG Industries, Inc. ................................................... 26,800 1,561,100
The Stanley Works ...................................................... 16,300 452,325
------------
5,061,443
------------
ELECTRICAL EQUIPMENT (2.8%)
AMP, Inc. .............................................................. 40,449 2,105,876
Cooper Industries, Inc. ................................................ 21,600 1,030,050
General Electric Co. ................................................... 27,100 2,765,894
Hubbell, Inc., Class B ................................................. 24,900 946,200
------------
6,848,020
------------
MACHINERY (1.4%)
Deere & Co. ............................................................ 13,000 430,625
Pall Corp. ............................................................. 63,200 1,599,750
Tomkins plc ............................................................ 300,500 1,417,453
------------
3,447,828
------------
TOTAL CAPITAL GOODS ................................................... 17,923,010
------------
CONSUMER CYCLICALS (6.2%)
AUTO RELATED (1.6%)
Eaton Corp. ............................................................ 3,000 212,063
Genuine Parts Co. ...................................................... 57,000 1,905,937
TRW Inc. ............................................................... 31,000 1,741,813
------------
3,859,813
------------
AUTOS & TRUCKS (0.8%)
General Motors Corp. ................................................... 28,000 2,003,750
------------
FOOD SERVICES, LODGING (0.3%)
Hilton Hotels Corp. .................................................... 41,200 787,950
------------
HOUSEHOLD FURNITURE, APPLIANCES (0.6%)
Whirlpool Corp. ........................................................ 26,000 1,439,750
------------
PHOTO & OPTICAL (1.5%)
Bausch & Lomb, Inc. .................................................... 24,200 1,452,000
Eastman Kodak Co. ...................................................... 29,200 2,102,400
------------
3,554,400
------------
RETAIL--GENERAL (1.4%)
J.C. Penny Co. ......................................................... 29,300 1,373,437
May Department Stores Co. .............................................. 18,100 1,092,788
Toys-R-Us, Inc.* ....................................................... 53,600 904,500
------------
3,370,725
------------
TOTAL CONSUMER CYCLICALS .............................................. 15,016,388
------------
CONSUMER NON-CYCLICALS (13.5%)
BEVERAGES (2.1%)
Anheuser-Busch Cos., Inc. .............................................. 51,600 3,386,250
Brown-Forman Corp., Class B ............................................ 22,900 1,733,244
------------
5,119,494
------------
CONTAINERS (0.2%)
Tupperware Corp. ....................................................... 28,500 468,469
------------
DRUGS (3.5%)
Abbott Laboratories .................................................... 19,300 945,700
American Home Products Corp. ........................................... 72,700 4,093,919
Pharmacia & Upjohn, Inc. ............................................... 62,300 3,527,737
------------
8,567,356
------------
</TABLE>
47
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
FOODS (4.3%)
General Mills, Inc. ...................................................... 44,500 $ 3,459,875
H.J. Heinz Co. ........................................................... 30,000 1,698,750
Kellogg Co. .............................................................. 46,400 1,583,400
McCormick & Co., Inc. (Non
Voting) ................................................................ 51,600 1,744,725
Quaker Oats Co. .......................................................... 33,700 2,005,150
------------
10,491,900
------------
HOSPITAL SUPPLIES & SERVICES (0.3%)
Smith & Nephew plc ....................................................... 280,900 873,986
------------
TOBACCO (3.1%)
Philip Morris Cos., Inc. ................................................. 67,100 3,589,850
RJR Nabisco Holdings Corp. ............................................... 50,600 1,502,188
UST, Inc. ................................................................ 68,900 2,402,887
------------
7,494,925
------------
TOTAL CONSUMER NON-CYCLICALS 33,016,130
------------
CREDIT SENSITIVE (34.3%)
BANKS (9.5%)
Bank One Corp. ........................................................... 36,050 1,840,803
BankAmerica Corp. ........................................................ 16,100 968,013
BankBoston Corp. ......................................................... 27,700 1,078,569
Chase Manhattan Corp. .................................................... 24,200 1,647,113
Citigroup, Inc. .......................................................... 46,000 2,277,000
First Union Corp. ........................................................ 30,660 1,864,511
Fleet Financial Group, Inc. .............................................. 45,900 2,051,156
J.P. Morgan & Co. ........................................................ 20,800 2,185,300
Mellon Bank Corp. ........................................................ 62,100 4,269,375
Mercantile Bankshares Corp. .............................................. 31,050 1,195,425
National City Corp. ...................................................... 18,500 1,341,250
PNC Bank Corp. ........................................................... 16,300 882,238
Wells Fargo Co. .......................................................... 42,200 1,685,362
------------
23,286,115
------------
FINANCIAL SERVICES (2.8%)
Dun & Bradstreet Corp. ................................................... 35,900 1,133,094
Fannie Mae ............................................................... 38,900 2,878,600
H&R Block, Inc. .......................................................... 34,500 1,552,500
Transamerica Corp. ....................................................... 11,600 1,339,800
------------
6,903,994
------------
INSURANCE (4.1%)
American General Corp. ................................................... 32,000 2,496,000
Chubb Corp. .............................................................. 4,200 272,475
EXEL Ltd., Class A ....................................................... 21,300 1,597,500
Lincoln National Corp. ................................................... 14,200 1,161,738
Safeco Corp. ............................................................. 49,100 2,108,231
St. Paul Cos. ............................................................ 69,966 2,431,318
------------
10,067,262
------------
REAL ESTATE (2.4%)
Archstone Communities Trust .............................................. 24,000 486,000
Cresent Real Estate Equities Co. 45,000 1,035,000
Rouse Co. ................................................................ 10,400 286,000
Simon Property Group, Inc. ............................................... 60,100 1,712,850
Starwood Hotels & Resorts ................................................ 73,297 1,662,926
Weingarten Realty Investors .............................................. 11,500 513,187
------------
5,695,963
------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
UTILITY--ELECTRIC (6.5%)
Baltimore Gas & Electric Co. ............................................. 16,300 $ 503,263
Central & South West Corp. ............................................... 23,500 644,781
Dominion Resources, Inc. ................................................. 16,600 776,050
DQE, Inc. ................................................................ 30,600 1,344,488
Duke Energy Corp. ........................................................ 26,300 1,684,844
Entergy Corp. ............................................................ 27,800 865,275
FirstEnergy Corp. ........................................................ 55,270 1,799,729
GPU, Inc. ................................................................ 12,900 570,019
Houston Industries, Inc. ................................................. 44,900 1,442,412
Pacificorp ............................................................... 53,600 1,128,950
Peco Energy Co. .......................................................... 15,600 649,350
Southern Co. ............................................................. 62,400 1,813,500
TECO Energy, Inc. ........................................................ 33,500 944,281
Unicom Corp. ............................................................. 44,000 1,696,750
------------
15,863,692
------------
UTILITY--TELEPHONE (9.0%)
Alltel Corp. ............................................................. 74,800 4,473,975
AT&T Corp. ............................................................... 34,400 2,588,600
Bell Atlantic Corp. ...................................................... 43,100 2,284,300
Bellsouth Corp. .......................................................... 21,800 1,087,275
GTE Corp. ................................................................ 49,100 3,191,500
SBC Communications, Inc. ................................................. 107,581 5,769,031
Telebras S.A. (ADR) (Block)* ............................................. 14,800 1,075,775
U.S. WEST, Inc. .......................................................... 23,800 1,538,075
------------
22,008,531
------------
TOTAL CREDIT SENSITIVE .................................................. 83,825,557
------------
DIVERSIFIED (2.8%)
MISCELLANEOUS (2.8%)
Corning, Inc. ............................................................ 22,300 1,003,500
Fortune Brands, Inc. ..................................................... 42,800 1,353,550
Minnesota Mining &
Manufacturing Co. ...................................................... 33,300 2,368,462
Olin Corp. ............................................................... 35,500 1,005,094
Tyco International Ltd. .................................................. 16,048 1,210,621
------------
TOTAL DIVERSIFIED ....................................................... 6,941,227
------------
ENERGY (15.0%)
OIL--DOMESTIC (9.5%)
Amoco Corp. .............................................................. 61,700 3,725,137
Atlantic Richfield Co. ................................................... 41,200 2,688,300
Chevron Corp. ............................................................ 33,100 2,745,231
Exxon Corp. .............................................................. 53,400 3,904,875
Mobil Corp. .............................................................. 33,300 2,901,262
Occidental Petroleum Corp. ............................................... 39,300 663,188
Phillips Petroleum Co. ................................................... 21,600 920,700
Texaco, Inc. ............................................................. 47,000 2,485,125
Unocal Corp. ............................................................. 70,600 2,060,638
USX-Marathon Group, Inc. ................................................. 37,900 1,141,738
------------
23,236,194
------------
OIL--INTERNATIONAL (2.1%)
Amerada Hess Corp. ....................................................... 36,600 1,820,850
British Petroleum Co. plc (ADR) 12,400 1,178,000
Royal Dutch Petroleum Co. (NY
Shares) ................................................................ 43,700 2,092,137
------------
5,090,987
------------
</TABLE>
48
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- ---------------
<S> <C> <C>
OIL--SUPPLIES & CONSTRUCTION (0.5%)
Baker Hughes, Inc. ............. 75,000 $ 1,326,563
------------
RAILROADS (2.9%)
Burlington Northern Santa Fe
Corp. ........................ 41,900 1,414,125
Norfolk Southern Corp. ......... 91,800 2,908,912
Union Pacific Corp. ............ 58,300 2,627,144
------------
6,950,181
------------
TOTAL ENERGY .................. 36,603,925
------------
TECHNOLOGY (1.4%)
OFFICE EQUIPMENT (0.8%)
Hewlett Packard Co. ............ 28,600 1,953,738
------------
TELECOMMUNICATIONS (0.6%)
BCE, Inc. ...................... 34,300 1,301,256
Frontier Corp. ................. 6,800 231,200
------------
1,532,456
------------
TOTAL TECHNOLOGY .............. 3,486,194
------------
TOTAL COMMON STOCKS (95.1%)
(Cost $222,057,692) .......... 232,366,662
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------ ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
CERTIFICATES OF DEPOSIT (0.3%)
Societe Generale New York
5.73%, 1/8/99 ............................ $ 750,000 $ 749,978
------------
COMMERCIAL PAPER (4.6%)
Bayerische Enterprises 6.15%,
1/4/99 ................................... 5,000,000 4,997,437
Ciesco LP 5.20%, 2/5/99 .................... 710,000 706,411
Equilon Enterprises LLC 5.80%,
1/14/99 .................................. 740,000 738,451
International Lease Finance
Corp. 5.04%, 2/22/99 ..................... 1,130,000 1,121,774
National Australia Funding
5.32%, 1/8/99 ............................ 1,250,000 1,248,707
Repeat Offering Securitization
Entity, Inc. 5.04%, 1/8/99+ (SS.) ........ 1,020,000 1,018,929
Statoil 5.15%, 1/21/99+ (SS.) .............. 1,564,000 1,559,524
------------
11,391,233
------------
TOTAL SHORT-TERM DEBT SECURITIES (4.9%)
(Amortized Cost $12,141,211) ............... 12,141,211
------------
TOTAL INVESTMENTS (100%)
(Cost/Amortized Cost
$234,198,903) ............................ 244,507,873
OTHER ASSETS
LESS LIABILITIES (0.0%) .................. (91,855)
------------
NET ASSETS (100%) .......................... $244,416,018
============
</TABLE>
- ----------
* Non-income producing
+ Securities except from registration under Rule 144A of the Securities Act
of 1933. These securities may only be resold to qualified institutional
buyers. At December 31,1998 these securities amounted to $2,578,453 or
1.05% of net assets
(SS.) Illiquid security: is not actively traded
Glossary:
ADR--American Depositary Receipt
Block-Shares represent each of the 12 holding companies that were formed
following the September 21, 1998 break-up of Telebras S.A.
49
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $ 160,979,891
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 28,506,026
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 25,159,635
Aggregate gross unrealized depreciation ......... (14,870,559)
-------------
Net unrealized appreciation ..................... $ 10,289,076
=============
Federal income tax cost of investments .......... $ 234,218,797
=============
</TABLE>
At December 31, 1998 the Portfolio had loaned securities with a total value of
$2,619,876, which was secured by cash collateral of $2,553,824.
The value of the collateral was sufficient at the time loan agreements were
entered into. As a result of an increase in the market value of the loaned
securities on the last business day for the year, the Portfolio was furnished
with additional collateral the following business day.
For the period from January 1, 1998 to December 31, 1998 the Portfolio incurred
approximately $3,544 as brokerage commissions with Donaldson, Lufkin and
Jenrette Securities Corp., an affiliated broker/dealer.
See Notes to Financial Statements.
50
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS, RIGHTS AND WARRANTS:
AUSTRALIA & NEW ZEALAND (2.2%)
AUSTRALIA (2.0%)
Australian Gas & Light Co., Ltd. 23,810 $ 171,486
Brambles Industries Ltd. ............ 8,000 194,854
Colonial Ltd. ....................... 73,676 252,811
Commonwealth Bank of
Australia ......................... 22,597 320,721
Goodman Fielder Ltd. ................ 114,000 115,258
John Fairfax Holdings Ltd. .......... 60,000 123,162
Lend Lease Corp. .................... 10,216 137,717
National Australia Bank Ltd. ........ 161 2,427
News Corp., Ltd. .................... 35,034 231,415
Publishing & Broadcasting Ltd. ...... 40,000 174,756
Star City Holdings Ltd. ............. 107,200 94,786
Tabcorp Holdings Ltd. ............... 31,000 189,952
Telstra Corp., Ltd. ................. 78,305 366,097
Westpac Banking Corp. ............... 49,651 332,226
------------
2,707,668
------------
NEW ZEALAND (0.2%)
Telecom Corp. of New Zealand
Ltd. (Installment Receipts) ....... 27,000 59,000
Telecom Corp. of New Zealand
Ltd. .............................. 46,000 199,825
------------
258,825
------------
TOTAL AUSTRALIA & NEW ZEALAND 2,966,493
------------
CANADA (0.2%)
Alcan Aluminum Ltd. ................. 6,620 178,744
Royal Bank of Canada ................ 1,800 89,649
------------
TOTAL CANADA ...................... 268,393
------------
JAPAN (15.6%)
Advantest Corp. ..................... 2,300 145,928
Alps Electric Co., Ltd. ............. 10,000 183,872
Amada Co., Ltd. ..................... 17,000 82,401
Canon, Inc. ......................... 49,000 1,048,604
Citizen Watch Co., Ltd. ............. 10,000 60,257
Daiichi Pharma Co., Ltd. ............ 22,000 372,158
Dainippon Screen Manufacturing
Co., Ltd. ......................... 15,000 37,483
Daiwa House Industry Co., Ltd........ 32,000 341,125
DDI Corp. ........................... 55 204,697
Denso Corp. ......................... 47,000 870,448
East Japan Railway Co. .............. 66 369,039
Fanuc ............................... 5,700 195,472
Fujitsu Ltd. ........................ 9,000 120,027
Hitachi Ltd. ........................ 62,000 384,581
Honda Motor Co., Ltd. ............... 3,000 98,627
Ito-Yokado Co., Ltd. ................ 10,000 700,044
Kao Corp. ........................... 26,000 587,506
Kokuyo .............................. 14,000 188,693
Komatsu Ltd. ........................ 33,000 173,407
Komori Corp. ........................ 13,000 274,169
Kuraray Co., Ltd. ................... 37,000 408,852
Kyocera Corp. ....................... 13,000 687,727
Makita Corp. ........................ 23,000 256,597
Marui Co., Ltd. ..................... 38,000 732,388
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Matsushita Electric Industries
Co. ............................... 53,000 $ 938,830
Mitsubishi Corp. .................... 39,000 224,635
Mitsubishi Heavy Industries Ltd...... 158,000 616,039
Mitsui Fudosan Co., Ltd. ............ 77,000 583,385
Murata Manufacturing Co., Ltd........ 15,000 623,394
NEC Corp. ........................... 85,000 783,341
Nippon Telegraph & Telephone
Corp. ............................. 61 471,351
Nomura Securities Co. ............... 56,000 488,790
NTT Mobile Communication
Network, Inc. ..................... 9 370,846
Pioneer Electric Corp. .............. 8,000 134,338
Sangetsu Co., Ltd. .................. 2,000 29,951
Sankyo Co. .......................... 36,000 787,949
Sekisui Chemical Co. ................ 49,000 329,996
Sekisui House Ltd. .................. 30,000 317,678
Seven-Eleven Japan Co., Ltd. ........ 4,000 322,552
Shin-Etsu Chemical Co. .............. 29,000 698,981
Shiseido Co., Ltd. .................. 20,000 257,333
Sony Corp. .......................... 13,000 948,073
Sumitomo Corp. ...................... 57,000 277,802
Sumitomo Electric Industries ........ 77,000 867,231
Sumitomo Forestry Co. ............... 20,000 143,553
TDK Corp. ........................... 12,000 1,098,449
Tokio Marine & Fire Insurance
Co. ............................... 16,000 191,405
Tokyo Electron Ltd. ................. 8,000 304,121
Tokyo Steel Manufacturing ........... 7,800 39,121
Toppan Printing Co., Ltd. ........... 30,000 366,859
Uny Co., Ltd. ....................... 15,000 274,479
------------
TOTAL JAPAN ........................ 21,014,584
------------
LATIN AMERICA (3.5%)
ARGENTINA (0.6%)
Banco Frances Rio Plata (ADR)........ 4,370 90,678
Banco Galicia y Bueno (ADR) ......... 2,791 49,200
Telefonica de Argentina (ADR)........ 7,450 208,134
YPF S.A., Class D (ADR) ............. 16,031 447,866
------------
795,878
------------
BRAZIL (1.6%)
Banco Bradesco S.A. ................. 13,277,000 73,624
Banco Itau S.A. ..................... 158,000 77,151
Brahma .............................. 224,000 97,887
CEMIG ............................... 5,147,177 97,981
CEMIG (ADR) ......................... 5,223 99,428
Cia Cimento Portland Itau ........... 70,000 7,966
Pao de Acucar (ADR) ................. 4,574 70,897
Petrobras S.A. ...................... 2,042,654 231,611
Telebras S.A. (ADR) (Block)* ........ 15,000 1,090,312
Telecom de Sao Paulo S.A. ........... 1,201,554 163,787
Telesp Celular S.A., Class B* ....... 911,706 40,068
Unibanco S.A. (GDR) ................. 5,675 81,933
------------
2,132,645
------------
CHILE (0.0%)
CCU S.A. (ADS) ...................... 649 12,493
Chilectra S.A. (ADR) (SS.)+ ......... 2,211 48,964
------------
61,457
------------
</TABLE>
51
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
MEXICO (1.3%)
Cemex S.A. ............................. 10,000 $ 24,702
Cemex S.A. (ADR) ....................... 27,000 117,941
Cemex S.A. (CPO) ....................... 300 647
Fomento Economico Mexicano
S.A. ................................. 57,000 154,622
Gruma S.A. (ADR)* (SS.) ................ 3,467 35,057
Gruma S.A., Class B* ................... 15,250 38,518
Grupo Industrial Maseca S.A.,
Class B .............................. 84,000 67,892
Grupo Modelo S.A., Class C ............. 75,000 158,365
Grupo Televisa S.A. (GDR)* ............. 6,500 160,469
Kimberly Clark de Mexico,
Class A .............................. 48,000 152,516
Panamerican Beverages, Inc.,
Class A .............................. 9,000 196,312
Telmex, Class L (ADR) .................. 12,000 584,250
TV Azteca S.A. (ADS) ................... 5,800 38,788
-----------
1,730,079
-----------
TOTAL LATIN AMERICA .................. 4,720,059
-----------
OTHER EUROPEAN COUNTRIES (43.9%)
BELGIUM (1.9%)
Credit Communal
Holdings/Dexia ....................... 1,105 183,794
Fortis AG .............................. 2,040 734,683
Kredietbank N.V. ....................... 17,420 1,370,622
UCB S.A. ............................... 36 220,769
-----------
2,509,868
-----------
CZECH REPUBLIC (0.0%)
SPT Telecom A/S* ....................... 1,900 29,036
-----------
FRANCE (9.4%)
Alcatel Alsthom ........................ 4,210 515,187
Carrefour S.A. ......................... 911 687,630
Compagnie de Saint Gobain .............. 3,060 431,942
Credit Commercial de France ............ 4,909 455,814
Dexia France ........................... 1,464 225,513
Elf Acquitaine S.A. .................... 3,440 397,574
Groupe Danone .......................... 1,680 480,902
Groupe GTM ............................. 1,000 103,766
L'Oreal ................................ 410 296,341
Lafarge S.A. ........................... 1,931 183,444
Lapeyre S.A. ........................... 1,920 137,057
Legrand S.A. ........................... 930 246,414
Pathe S.A. ............................. 670 186,994
Pinault-Printemps-Redoute S.A........... 7,050 1,347,061
Primagaz Cie Gaz ....................... 150 14,223
Sanofi S.A. ............................ 5,688 936,213
Schneider S.A. ......................... 11,659 707,112
SGS-ThomsonMicroelectronics
N.V. ................................. 3,460 272,368
Societe Generale Paris ................. 2,555 413,682
Sodexho Alliance S.A. .................. 5,002 1,118,615
Television Francaise ................... 2,460 437,910
Total S.A., Class B .................... 10,190 1,031,853
Vivendi ................................ 7,970 2,067,537
-----------
12,695,152
-----------
GERMANY (6.4%)
Allianz AG (Registered) ................ 2,130 792,439
Bayer AG ............................... 11,002 461,800
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Bayerische Vereinsbank AG .............. 14,338 $ 1,133,962
Buderus AG ............................. 110 40,594
Deutsche Bank AG ....................... 9,662 569,806
Deutsche Telekom AG .................... 17,500 574,933
Dresdner Bank AG ....................... 14,388 602,630
Dresdner Bank AG (Warrants)
(expiring 4/30/02)* .................. 4,238 71,969
Gehe AG ................................ 15,010 1,008,773
Hoechst AG ............................. 3,180 131,474
Hornbach Baumarkt AG ................... 260 9,361
Mannesmann AG .......................... 9,350 1,081,436
Rhoen-Kilnikum AG ...................... 2,180 210,871
SAP AG ................................. 1,700 734,473
Siemens AG ............................. 4,309 283,130
Veba AG ................................ 12,440 736,770
Volkswagen AG .......................... 2,730 220,824
-----------
8,665,245
-----------
IRELAND (0.1%)
CBT Group plc (ADR)* ................... 10,154 151,041
-----------
ITALY (5.5%)
Assicurazioni Generali S.p.A. .......... 13,440 560,847
Banca Commerciale Italiana ............. 23,000 158,573
Banca di Roma .......................... 230,000 389,477
Credito Italiano S.p.A. ................ 131,205 777,232
ENI S.p.A. (Registered) ................ 119,683 781,721
Industrie Natuzzi S.p.A. (ADR).......... 4,000 99,500
Istituto Bancario San Paolo S.p.A. ..... 41,800 738,167
Istituto Nazionale delle
Assicurazioni ........................ 177,000 467,254
Italgas S.p.A. ......................... 30,000 162,292
La Rinascente S.p.A. ................... 10,000 102,782
Mediolanum S.p.A. ...................... 55,000 407,469
Telecom Italia Mobile S.p.A. ........... 158,000 1,165,770
Telecom Italia S.p.A. .................. 190,665 1,625,870
-----------
7,436,954
-----------
LUXEMBOURG (0.1%)
Societe Europeenne des Satellites
(FDR)* ............................... 600 97,715
-----------
NETHERLANDS (10.2%)
ABN-Amro Holdings N.V. ................. 28,480 599,052
Akzo Nobel N.V. ........................ 2,320 105,629
ASM Lithography Holding N.V.*........... 14,770 451,461
CSM .................................... 10,840 625,729
Elsevier N.V. .......................... 65,637 919,246
Fortis Amev N.V. ....................... 12,320 1,020,817
Gucci Group N.V. ....................... 2,781 135,226
ING Groep N.V. ......................... 34,730 2,117,570
Koninklijke Ahold N.V. ................. 26,398 975,569
Koninklijke KPN N.V. ................... 4,160 208,233
Koninklijke Numico N.V. ................ 10,090 480,886
Koninklijke Philips Electronics
N.V. ................................. 8,740 586,421
Royal Dutch Petroleum Co. .............. 22,620 1,126,242
TNT Post Group N.V. .................... 2,640 85,052
Unilever N.V. .......................... 15,660 1,338,426
Wolters Kluwer N.V. .................... 13,960 2,986,915
-----------
13,762,474
-----------
PORTUGAL (0.6%)
Jeronimo Martins & Filho ............... 13,470 737,217
-----------
</TABLE>
52
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
RUSSIA (0.0%)
Gazprom (ADS) ......................... 3,131 $ 26,535
LUKoil Holding (ADR) .................. 110 1,705
-----------
28,240
-----------
SPAIN (2.9%)
Argentaria Corp. Banc ................. 12,520 323,748
Banco Bilbao Vizcaya S.A. ............. 16,040 251,119
Banco Santander S.A. .................. 31,024 615,590
Endesa S.A. ........................... 17,766 470,026
Gas Natural SDG S.A. .................. 3,510 381,575
Iberdrola S.A. ........................ 22,210 414,914
Repsol S.A. ........................... 5,260 280,173
Telefonica S.A. ....................... 24,883 1,104,783
Telefonica S.A. (Rights)
(expiring 1/30/99)* ................. 24,883 22,061
-----------
3,863,989
-----------
SWITZERLAND (6.8%)
ABB AG (Bearer) ....................... 380 446,081
Adecco S.A. (Bearer) .................. 1,700 777,178
CS Holdings ........................... 3,350 525,155
Nestle S.A. (Registered) .............. 1,170 2,550,711
Novartis AG (Registered) .............. 960 1,889,902
Roche Holdings AG ..................... 120 1,466,424
Swisscom AG (Registered)* ............. 520 218,009
UBS AG (Registered)* .................. 4,149 1,276,615
-----------
9,150,075
-----------
TOTAL OTHER EUROPEAN COUNTRIES 59,127,006
-----------
SCANDINAVIA (5.3%)
DENMARK (0.4%)
Den Danske Bank AS .................... 1,630 218,972
Tele Danmark A/S, Class B ............. 790 106,624
Unidanmark A/S, Class A
(Registered) ........................ 1,510 136,421
-----------
462,017
-----------
FINLAND (0.7%)
Nokia OYJ, Class A .................... 7,920 963,022
-----------
NORWAY (1.0%)
Bergesen ASA, Class A ................. 810 9,698
Norsk Hydro ASA ....................... 18,560 627,563
Orkla ASA, Class A .................... 49,900 745,148
Saga Petroleum ASA, Class B ........... 1,250 11,430
-----------
1,393,839
-----------
SWEDEN (3.2%)
ABB AB, Class A ....................... 23,470 250,768
Astra AB, Class B ..................... 59,113 1,204,786
Atlas Copco AB, Class B ............... 13,200 286,965
Electrolux AB, Class B ................ 36,460 628,252
Esselte AB, Class B ................... 1,890 31,050
Granges AB ............................ 1,115 16,114
Hennes & Mauritz AB, Class B .......... 12,520 1,023,777
Nordbanken Holding AB ................. 106,069 681,294
Sandvik AB, Class A ................... 2,330 40,581
Sandvik AB, Class B ................... 11,110 192,125
-----------
4,355,712
-----------
TOTAL SCANDINAVIA ................... 7,174,590
-----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- ----------------
<S> <C> <C>
SOUTHEAST ASIA (1.7%)
CHINA (0.2%)
Huaneng Power International,
Inc. (ADR)* ......................... 16,000 $ 232,000
-----------
HONG KONG (1.4%)
Cheung Kong Ltd. ...................... 11,000 79,157
China Telecom Ltd. .................... 60,000 103,779
CLP Holdings Ltd. ..................... 36,000 179,367
Hang Seng Bank Ltd. ................... 15,000 134,080
Henderson Land Development
Co., Ltd. ........................... 45,000 232,921
Hong Kong Telecommunications
Ltd. ................................ 84,800 148,316
HSBC Holdings plc ..................... 7,600 189,332
Hutchison Whampoa Ltd. ................ 105,000 742,037
Sun Hung Kai Properties Ltd. .......... 11,000 80,222
-----------
1,889,211
-----------
KOREA (0.0%)
Samsung Electronics Co. ............... 332 22,271
-----------
SINGAPORE (0.1%)
Singapore Press Holdings Ltd. ......... 15,429 164,855
-----------
TOTAL SOUTHEAST ASIA ................ 2,308,337
-----------
SOUTHERN CENTRAL ASIA (0.1%)
INDIA (0.1%)
Mahanagar Telephone Nigam
Ltd. (GDR) .......................... 6,000 70,200
-----------
UNITED KINGDOM (18.6%)
Abbey National plc .................... 39,000 835,130
ASDA Group plc ........................ 131,000 351,465
BG plc ................................ 41,529 262,052
British Petroleum Co., plc ............ 37,000 552,519
Cable & Wireless plc .................. 87,000 1,069,732
Cadbury Schweppes plc ................. 60,000 1,023,261
Caradon plc ........................... 99,100 169,833
Centrica plc .......................... 42,000 84,556
Compass Group plc ..................... 59,000 675,876
Diageo plc ............................ 171,592 1,952,829
Electrocomponents plc ................. 28,000 187,748
GKN plc ............................... 10,000 132,691
Glaxo Wellcome plc .................... 67,000 2,305,348
Heywood Williams Group plc ............ 4,000 14,442
John Laing plc, Class A ............... 9,000 37,436
Kingfisher plc ........................ 185,000 2,002,304
Ladbroke Group plc .................... 64,000 257,163
National Westminster Bank plc ......... 179,000 3,451,815
Rank Group plc ........................ 30,000 115,554
Reed International plc ................ 155,000 1,212,106
Rio Tinto plc (Registered) ............ 45,000 523,360
Rolls-Royce plc ....................... 34,000 140,861
Safeway plc ........................... 81,000 407,008
Shell Transport & Trading Co.,
plc (Registered) .................... 319,000 1,959,847
Smith (David S) Holdings plc .......... 38,000 67,019
SmithKline Beecham plc ................ 203,800 2,848,358
Tesco plc ............................. 211,000 601,207
Tomkins plc ........................... 183,000 863,208
</TABLE>
53
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- ---------------
<S> <C> <C>
Unilever plc ...................... 26,000 $ 291,571
United News & Media plc ........... 63,000 552,411
------------
TOTAL UNITED KINGDOM ............ 24,948,710
------------
TOTAL COMMON STOCKS, RIGHTS
AND WARRANTS (91.1%)
(Cost $113,562,480) ............. 122,598,372
------------
PREFERRED STOCKS:
AUSTRALIA & NEW ZEALAND (0.1%)
AUSTRALIA (0.1%)
News Corp., Ltd. .................. 29,286 178,193
------------
OTHER EUROPEAN COUNTRIES (0.5%)
GERMANY (0.5%)
Fielmann AG ....................... 420 18,902
Fresenius AG ...................... 750 157,516
Hornbach Holding AG ............... 1,560 93,141
SAP AG (Non Voting) ............... 826 396,272
------------
TOTAL OTHER EUROPEAN COUNTRIES 665,831
------------
TOTAL PREFERRED STOCKS (0.6%)
(Cost $813,946) ................. 844,024
------------
TOTAL INVESTMENTS (91.7%)
(Cost $114,376,426).............. 123,442,396
OTHER ASSETS
LESS LIABILITIES (8.3%) ......... 11,210,941
------------
NET ASSETS (100%) ................. $134,653,337
============
</TABLE>
<TABLE>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Common and Preferred Stock
Basic Materials ............................. 1.7%
Business Services ........................... 5.0
Capital Goods ............................... 7.9
Consumer Cyclicals .......................... 12.8
Consumer Non-Cyclicals ...................... 24.8
Banks ..................................... 14.1
Financial Services ........................ 3.7
Insurance ................................. 2.8
Real Estate ............................... 1.1
Utility-Electric .......................... 1.9
Utility-Gas ............................... 0.1
Utility-Telephone ......................... 6.3
----
Credit Sensitive ............................ 30.0
Diversified ................................. 2.0
Energy ...................................... 9.6
Technology .................................. 6.2
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing
+ Securities exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may only be resold to qualified institutional
buyers. At December 31, 1998 these securities amounted to $48,964 or
0.04% of net assets
(SS.) Illiquid security: is not actively traded.
<PAGE>
Glossary:
ADR--American Depositary Receipt
ADS--American Depositary Share
CPO--Certificate of Participation
FDR--Fiduciary Depositary Receipt
GDR--Global Depositary Receipt
Block-Shares represent each of the 12 holding companies that were formed
following the September 21, 1998 break-up of Telebras S.A.
Installment Receipts: Transaction with a set contract price, paid in
installments over a period of time. Gains or losses are generally taxable on
a prorated basis.
54
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $67,710,955
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 21,896,098
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 17,681,488
Aggregate gross unrealized depreciation ......... (9,482,380)
------------
Net unrealized appreciation ..................... $ 8,199,108
============
Federal income tax cost of investments .......... $115,243,288
============
</TABLE>
At December 31, 1998 the Portfolio had loaned securities with a total value of
$1,659,316, which was secured by collateral of $1,750,200.
For the period from January 1, 1998 to December 31, 1998 the Portfolio incurred
approximately $165, $155, $326, $1,978 and $5,249 as brokerage commissions with
Donaldson, Lufkin and Jenrette Securities Corp., Ord Minnett Group Ltd., Ord
Minnett-New Zealand-Ltd., Jardin Fleming Securities Ltd. and Robert Fleming
Co., respectively, both an affiliated broker/dealer.
The Portfolio has a net capital loss carryforward of $946,431 which expires in
the year 2006.
See Notes to Financial Statements.
55
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (9.1%)
PAPER (6.1%)
Caraustar Industries, Inc. ........... 182,300 $5,206,944
Wausau-Mosinee Paper Corp. ........... 282,200 4,991,412
----------
10,198,356
----------
STEEL (3.0%)
Inland Steel Industries, Inc. ........ 103,532 1,747,103
Texas Industries, Inc. ............... 28,100 756,944
Universal Stainless & Alloy
Products, Inc.* .................... 336,700 2,525,250
----------
5,029,297
----------
TOTAL BASIC MATERIALS .............. 15,227,653
----------
BUSINESS SERVICES (9.0%)
PRINTING, PUBLISHING,
BROADCASTING (2.0%)
John H. Harland Co. .................. 208,200 3,292,162
----------
PROFESSIONAL SERVICES (2.0%)
Standex International Corp. .......... 126,000 3,307,500
----------
TRUCKING, SHIPPING (5.0%)
Landstar System, Inc.* ............... 106,231 4,328,913
M.S. Carriers* ....................... 125,400 4,130,363
----------
8,459,276
----------
TOTAL BUSINESS SERVICES ............ 15,058,938
----------
CAPITAL GOODS (16.4%)
BUILDING & CONSTRUCTION (8.9%)
Avondale Industries, Inc.* ........... 159,100 4,613,900
Cavalier Homes, Inc. ................. 534,400 6,078,800
Walter Industries, Inc.* ............. 274,900 4,209,406
----------
14,902,106
----------
BUILDING MATERIALS & FOREST
PRODUCTS (1.4%)
Juno Lighting, Inc. .................. 70,154 1,639,850
Justin Industries, Inc. .............. 53,100 696,937
----------
2,336,787
----------
ELECTRICAL EQUIPMENT (1.2%)
Exar Corp.* .......................... 69,500 1,120,688
Pameco Corp.* ........................ 72,468 837,911
----------
1,958,599
----------
MACHINERY (4.9%)
Gardner Denver, Inc.* ................ 119,982 1,769,735
Graco, Inc. .......................... 56,500 1,666,750
Regal-Beloit Corp. ................... 50,119 1,152,737
Watts Industries, Inc., Class A ...... 222,400 3,697,400
----------
8,286,622
----------
TOTAL CAPITAL GOODS ................ 27,484,114
----------
CONSUMER CYCLICALS (14.7%)
AUTO RELATED (3.3%)
Superior Industries
International, Inc. ................ 196,218 5,457,313
----------
HOUSEHOLD FURNITURE,
APPLIANCES (6.5%)
Heilig-Meyers Co. .................... 246,887 1,651,057
Home Products
International, Inc.* ............... 426,600 4,239,337
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
La-Z-Boy, Inc. ....................... 282,300 $5,028,469
----------
10,918,863
----------
LEISURE RELATED (3.9%)
Central Garden & Pet Co.* ............ 186,087 2,675,000
SCP Pool Corp.* ...................... 253,600 3,835,700
----------
6,510,700
----------
RETAIL--GENERAL (1.0%)
Fingerhut Cos., Inc. ................. 110,550 1,706,616
----------
TOTAL CONSUMER CYCLICALS ........... 24,593,492
----------
CONSUMER NON-CYCLICALS (7.3%)
CONTAINERS (2.0%)
Gaylord Container Corp.,
Class A* ........................... 538,833 3,300,352
----------
FOODS (2.2%)
Vlasic Foods International, Inc.* 155,725 3,708,202
----------
RETAIL--FOODS (3.1%)
Ryan's Family Steak
Houses, Inc.* ...................... 414,700 5,131,912
----------
TOTAL CONSUMER NON-CYCLICALS 12,140,466
----------
CREDIT SENSITIVE (34.5%)
BANKS (7.8%)
Century Bancorp, Inc., Class A ....... 150,100 2,739,325
Prosperity Bancshares, Inc.* ......... 82,700 1,023,413
Quaker City Bancorp, Inc.* ........... 271,521 4,344,336
Riggs National Corp.
(Washington D.C.) .................. 76,400 1,551,875
Texas Regional Bancshares, Inc.,
Class A ............................ 138,325 3,466,770
----------
13,125,719
----------
FINANCIAL SERVICES (0.2%)
D & N Financial Corp. ................ 14,300 337,838
Metris Cos., Inc. .................... 7 331
----------
338,169
----------
INSURANCE (13.9%)
Chartwell Re Corp. ................... 63,398 1,505,702
Commerce Group, Inc. ................. 118,700 4,206,431
Delphi Financial Group, Inc.,
Class A* ........................... 93,191 4,886,703
HCC Insurance Holdings, Inc. ......... 123,921 2,184,108
National Western Life Insurance
Co., Class A* ...................... 45,700 5,369,750
Terra Nova Bermuda Holdings
Ltd., Class A ...................... 203,000 5,125,750
----------
23,278,444
----------
REAL ESTATE (3.4%)
U.S. Restaurant Properties, Inc. ..... 65,100 1,582,744
Weeks Corp. .......................... 56,500 1,592,594
Western Water Co.* ................... 494,450 2,534,056
----------
5,709,394
----------
UTILITY--ELECTRIC (9.2%)
Commonwealth Energy System ........... 105,100 4,256,550
Idacorp, Inc. ........................ 121,500 4,396,781
Public Service Co. of New
Mexico, Inc. ....................... 178,400
3,646,050
</TABLE>
56
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- --------------
<S> <C> <C>
UniSource Energy Corp.* ............ 226,900 $ 3,063,150
------------
15,362,531
------------
TOTAL CREDIT SENSITIVE ........... 57,814,257
------------
ENERGY (0.5%)
OIL--SUPPLIES &
CONSTRUCTION (0.5%)
Varco International, Inc.* ......... 108,798 843,184
------------
TECHNOLOGY (4.2%)
ELECTRONICS (2.8%)
Cerprobe Corp.* .................... 97,000 1,303,437
UNOVA, Inc.* ....................... 187,500 3,398,438
------------
4,701,875
------------
OFFICE EQUIPMENT SERVICES (1.4%)
Informix Corp.* .................... 241,867 2,388,437
------------
TOTAL TECHNOLOGY ................. 7,090,312
------------
TOTAL COMMON STOCKS (95.7%)
(Cost $159,756,230) ........... 160,252,416
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
-------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (4.3%)
State Street Bank & Trust 4.80%
dated 12/31/98, due 1/04/99, to
be repurchased at $7,218,848,
collateralized by $7,130,000 of
U.S. Treasury Notes, 6.375%
due 05/15/00, valued at
$7,348,184 (Cost $7,215,000) ......... $7,215,000 7,215,000
---------
<PAGE>
TOTAL INVESTMENTS (100.0%)
(Cost $166,971,230) .................. 167,467,416
OTHER ASSETS
LESS LIABILITIES (0.0%) .............. 25,837
-----------
NET ASSETS (100%) ...................... $167,493,253
============
</TABLE>
- ----------
* Non-income producing
57
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $226,120,369
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 155,856,240
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal Income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 11,869,444
Aggregate gross unrealized depreciation ......... (12,824,997)
-------------
Net unrealized depreciation ..................... $ (955,553)
=============
Federal income tax cost of investments .......... $ 168,422,969
=============
</TABLE>
At December 31, 1998, the Portfolio had loaned securities with a total value of
$1,767,844 which was secured by collateral of
$1,805,000.
The Portfolio has a net capital loss carryforward of $14,217,667 which expires
in the year 2006.
See Notes to Financial Statements.
58
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
COMMON STOCKS AND RIGHTS:
AFRICA AND THE MIDDLE EAST (14.5%)
EGYPT (1.3%)
Al-Ahram Beverages Co.
(GDR)* ............................. 2,046 $ 59,102
Al-Ahram Beverages Co.
(GDR)* ............................. 2,560 72,640
Eastern Tobacco ...................... 4,400 101,264
Egypt Gas Co. ........................ 1,000 74,194
Egyptian Financial & Industrial
Co. ................................ 3,226 53,357
Industrial Engineering
Enterprises ........................ 2,890 40,892
Madinet Nasr Housing &
Development ........................ 1,035 31,244
Paints & Chemical Industries Co.
(GDR) .............................. 11,300 67,800
Suez Cement Co. ...................... 250 3,768
Suez Cement Co. (GDR) ................ 3,400 48,620
---------
552,881
---------
ISRAEL (6.0%)
Bank Hapoalim Ltd. ................... 56,800 102,907
Bezeq the Israeli Telecom Corp.,
Ltd.* .............................. 31,760 99,264
Comverse Technology, Inc.* ........... 5,505 390,855
ECI Telecommunications Ltd. .......... 10,356 368,932
Elron Electronic Industries Ltd. ..... 2,637 42,193
First International Bank of Israel,
Class 5 ............................ 7,647 37,902
Gilat Satellite Networks Ltd.* ....... 710 39,139
Koor Industries Ltd. (ADR) ........... 26,100 455,119
Nice Systems Ltd.* ................... 551 11,932
Nice Systems Ltd. (ADR)* ............. 5,610 121,316
Orbotech Ltd.* ....................... 5,880 278,565
Orckit Communications Ltd.* .......... 1,370 22,177
Super-Sol Ltd. ....................... 3,288 8,172
Super-Sol Ltd. (ADR) ................. 18,540 227,115
Tadiran Telecommunications Ltd. 3,966 75,850
Teva Pharmaceutical Industries
(ADR) .............................. 5,380 218,899
---------
2,500,337
---------
SOUTH AFRICA (5.1%)
Amalgamated Banks of South
Africa Group Ltd. .................. 42,638 201,961
Bidvest Group Ltd. ................... 43,353 314,278
BOE Corp., Ltd., Class N ............. 399,539 227,232
BOE Ltd. ............................. 80,346 51,970
Comparex Holdings Ltd. ............... 14,429 117,093
Education Investment Corp., Ltd. 63,800 73,654
Ellerine Holdings Ltd. ............... 43,380 93,532
FirstRand Ltd. ....................... 106,000 115,533
Liberty Life Association of
Africa Ltd. ........................ 8,500 116,888
Morgan Stanley Africa
Investment Fund, Inc.++ ............ 1,700 14,237
Nedcor Ltd. .......................... 5,840 99,345
New Africa Investments Ltd.,
Class N* ........................... 215,800 131,893
Primedia Ltd., Class N ............... 17,370 38,336
Rembrandt Group Ltd. ................. 30,584 186,923
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Sasol Ltd. ........................... 34,340 $ 129,717
South African Breweries Ltd. ......... 9,400 158,150
Woolworths Holdings Ltd. ............. 71,640 35,271
---------
2,106,013
---------
TURKEY (1.8%)
Ege Biracilik ve Malt Sanayii
A.S. ............................... 1,566,000 121,622
Erciyas Biracilik ve Malt Sanayii
A.S. ............................... 476,000 31,687
Migros Turk A.S. ..................... 57,000 56,917
Petrol Ofisi A.S. .................... 357,359 48,145
Vestel Elektronik Sanayi Ve
Ticaret A.S.* ...................... 2,200,048 181,327
Yapi Ve Kredi Bankasi A.S. ........... 25,320,121 292,964
---------
732,662
---------
ZIMBABWE (0.3%)
Delta Corp., Ltd. .................... 150,000 32,648
Meikles Africa Ltd. .................. 134,625 75,390
---------
108,038
---------
TOTAL AFRICA AND THE
MIDDLE EAST ..................... 5,999,931
---------
LATIN AMERICA (20.7%)
ARGENTINA (1.8%)
Telecom Argentina (ADR) .............. 18,005 495,137
Telefonica de Argentina (ADR) ........ 3,956 110,521
YPF S.A., Class D (ADR) .............. 4,384 122,478
---------
728,136
---------
BRAZIL (7.0%)
Brahma ............................... 141,400 61,791
Brahma (ADR) ......................... 10,010 94,469
CEMIG ................................ 19,290,019 367,201
CEMIG (ADR) .......................... 7,616 144,983
Cia Vale do Rio Doce (ADR) ........... 1,865 23,926
Coteminas ............................ 359,200 38,648
Coteminas (ADR)+ ..................... 1,155 5,458
CRT, Class A ......................... 1,828,313 658,238
Embratel Participacoes* .............. 5,144,220 70,250
Lojas Arapua S.A.* ................... 1,248,000 330
Pao de Acucar (ADR) .................. 3,665 56,807
Petrobras S.A. ....................... 203,819 23,111
Renner S.A.* ......................... 1,829,000 1,287
Tele Celular S.A.* ................... 15,103,220 25,500
Tele Celular S.A. (ADR)* ............. 520 9,067
Tele Centro S.A.* .................... 12,833,220 111,418
Tele Centro S.A. (ADR)* .............. 662 27,680
Tele Leste Celular S.A.* ............. 19,919,220 11,540
Tele Nordeste Celular S.A.* .......... 11,620,220 10,579
Tele Nordeste Celular S.A.
(ADR)* ............................. 435 8,047
Tele Norte Celular S.A.* ............. 4,344,220 2,013
Tele Norte Leste S.A.* ............... 4,344,220 54,292
Tele Sudeste Celular S.A.* ........... 14,803,220 62,484
Tele Sudeste Celular S.A.
(ADR)* ............................. 174 3,600
Telebras S.A. ........................ 4,344,220 503
Telebras S.A. (ADR) (Block)* ......... 3,856 280,283
Telemig Celular S.A.* ................ 21,155,220 23,462
Telemig Celular S.A. (ADR)* .......... 555 11,794
Telerj Celular S.A., Class B* ........ 456,000 10,756
</TABLE>
59
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Telesp Celular S.A.* .............. 9,807,220 $ 72,240
Telesp Celular S.A. (ADR)* ........ 124 2,170
Telesp Celular S.A., Class B* ..... 4,486,000 197,150
Telesp S.A.* ...................... 1,279,066 29,112
Unibanco (GDR) .................... 14,480 209,055
USIMINAS S.A. ..................... 12,900 28,507
USIMINAS S.A. (ADR) ............... 2,300 5,140
Vale do Rio Doce, Class A ......... 11,971 153,570
---------
2,896,461
---------
CHILE (1.0%)
CCU S.A. (ADR) .................... 5,562 107,069
Endesa S.A. (ADR) ................. 6,608 75,166
Enersis S.A. (ADR) ................ 8,865 228,828
Santa Isabel S.A. (ADR) ........... 931 6,168
---------
417,231
---------
MEXICO (10.5%)
Alfa S.A., Class A ................ 25,059 70,635
Cemex S.A. (ADR) .................. 10,990 48,007
Cemex S.A. (CPO) .................. 85,101 183,563
Cemex S.A., Class B ............... 15,650 38,659
Cemex S.A., Class B (ADR) ......... 16,521 81,688
Cifra S.A., Class C* .............. 41,898 51,134
Cifra S.A., Class V ............... 54,675 66,286
Cifra S.A., Class V (ADR) ......... 5,240 63,581
Desc S.A. (ADR) ................... 1,907 36,591
Fomento Economico Mexicano
S.A. (ADR) ...................... 14,068 374,560
Fomento Economico Mexicano
S.A. (UBD Unit) ................. 243,453 660,407
Grupo Carso S.A., Series A1 ....... 34,165 115,977
Grupo Financeiro Banamex,
Class B* ........................ 110,129 144,421
Grupo Financerio Bancomer,
Class B ......................... 117,299 25,124
Grupo Financiero Bancomer
(ADR)+ .......................... 8,155 34,659
Grupo Televisa S.A. (GDR)* ........ 33,910 837,153
Kimberly Clark de Mexico,
Class A ......................... 122,103 387,971
Telmex, Class L (ADR) ............. 22,044 1,073,267
Tubo de Acero de Mexico S.A.
(ADR) ........................... 3,460 22,274
TV Azteca S.A. (ADR) .............. 3,930 26,282
Vitro S.A. (ADR) .................. 3,700 16,881
---------
4,359,120
---------
VENEZUELA (0.4%)
CANTV (ADR) ....................... 8,499 151,388
---------
TOTAL LATIN AMERICA ............. 8,552,336
---------
OTHER EUROPEAN COUNTRIES (16.4%)
CROATIA (0.2%)
Pliva d.d. (ADR)+ ................. 3,430 56,938
Pliva d.d. (GDR) (Registered) ..... 790 13,114
---------
70,052
---------
CZECH REPUBLIC (0.4%)
SPT Telecom A.S.* ................. 6,248 95,481
SPT Telecom A.S. (GDR)* ........... 4,140 61,479
---------
156,960
---------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
GREECE (7.9%)
Alpha Credit Bank ................. 990 $ 103,358
Attica Enterprises S.A. ........... 5,470 49,056
Hellenic Bottling Co. S.A. ........ 3,780 116,757
Hellenic Telecommunication
Organization S.A. ............... 48,785 1,298,586
Hellenic Telecommunication
Organization S.A. (ADR)* ........ 56,987 755,078
Heracles General Cement Co.,
S.A. ............................ 720 19,551
Ionian Bank S.A.* ................. 1,720 91,230
National Bank of Greece S.A. ...... 2,810 632,521
Panafon Hellenic Telecom S.A.
(GDR)* .......................... 2,410 62,841
STET Hellas
Telecommunications S.A.
(ADR)* .......................... 2,450 79,319
Titan Cement Co., S.A. ............ 710 54,541
---------
3,262,838
---------
HUNGARY (3.9%)
Matav Rt. ......................... 24,603 140,136
Matav Rt (ADR) .................... 13,026 388,338
MOL Magyar Olaj-es Gazipari
Rt. ............................. 5,260 143,718
MOL Magyar Olaj-es Gazipari
Rt. (GDR) (Registered) .......... 24,692 682,116
OTP Bank Rt. ...................... 3,350 167,252
OTP Bank Rt. (GDR) ................ 2,160 106,920
---------
1,628,480
---------
POLAND (3.3%)
Bank Handlowy W Warszawie ......... 2,340 28,867
Bank Handlowy W Warszawie
(GDR) ........................... 2,740 33,802
Bank Rozwoju Eksport S.A. ......... 2,671 61,639
Bank Slaski S.A. .................. 1,381 71,607
Big Bank Gdanski S.A. ............. 50,253 45,099
Big Bank Gdanski S.A. (GDR) ....... 7,745 104,945
Debica S.A. ....................... 501 7,422
Elektrim S.A. ..................... 27,980 302,917
Exbud S.A. (GDR)* ................. 8,275 71,436
Powszechny Bank Kredytowy
S.A. ............................ 985 21,047
Prokom Software (GDR) ............. 8,740 160,379
Telekomunikacja Polska S.A.
(GDR)* .......................... 82,610 421,311
Wielkopolski Bank Kredytowy
S.A. ............................ 3,788 23,850
---------
1,354,321
---------
RUSSIA (0.7%)
LUKoil Holding (ADR) .............. 7,700 123,200
Mosenergo (ADR) ................... 3,900 7,456
RAO Unified Energy Systems
(ADR) ........................... 1,700 5,286
RAO Unified Energy Systems
(GDR) ........................... 10,990 34,169
Rostelecom (ADR) .................. 4,100 17,169
</TABLE>
60
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Surgutneftgaz (ADR) ...................... 25,910 $ 87,446
Vimpel Communications (ADR)* 2,540 32,861
----------
307,587
----------
TOTAL OTHER EUROPEAN
COUNTRIES ........................... 6,780,238
----------
SOUTHEAST ASIA (27.8%)
CHINA (1.3%)
Huaneng Power International,
Inc. (ADR)* ............................ 10,105 146,522
Yanzhou Coal Mining Co., Ltd.
(ADR) .................................. 15,240 115,253
Zhejiang Expressway Co., Ltd.,
Class H ................................ 622,500 126,151
Zhenhai Refining and Chemical
Co., Ltd. .............................. 936,000 143,772
----------
531,698
----------
HONG KONG (0.4%)
China Telecom Ltd. ....................... 104,000 179,883
----------
INDONESIA (1.6%)
Gudang Garam ............................. 194,300 282,949
Indah Kiat Pulp & Paper Co. .............. 543,300 147,710
Telekomunikasi (ADR) ..................... 19,100 124,150
Telekomunikasi, Class B .................. 346,000 116,775
----------
671,584
----------
KOREA (12.2%)
Hankuk Glass Industries Co.,
Inc. ................................... 8,000 166,916
Korea Electric Power Corp. ............... 36,020 892,266
Pohang Iron & Steel Co., Ltd. ............ 20,270 1,279,702
S1 Corp. ................................. 1,824 341,147
Samsung Electronics ...................... 21,286 1,427,914
Samsung Electronics (GDR)+ ............... 31,600 477,950
Samsung Electronics New
(GDR)+ ................................. 5,934 218,075
SK Telecom Co., Ltd. ..................... 310 234,123
----------
5,038,093
----------
MALAYSIA (1.4%)
Genting Bhd. (SS.) ....................... 24,800 37,680
Kuala Lumpur Kepong Bhd. (SS.) ... ....... 40,000 47,882
Nestle (Malaysia) Bhd. (SS.) ............. 14,000 39,190
Petronas Gas Bhd. (SS.) .................. 46,000 72,854
Rothmans of Pall Mall Bhd. (SS.) ......... 19,000 78,379
Technology Resources Industries
Bhd. (SS.) ............................. 4,000 1,459
Telekom Malaysia Bhd. (SS.) .............. 108,000 198,895
Tenaga Nasional Bhd. (SS.) ............... 79,000 113,481
----------
589,820
----------
PHILIPPINES (1.6%)
Manila Electronics Co., Class B .......... 55,430 178,117
Philippine Long Distance
Telephone Co. .......................... 405 10,411
Philippine Long Distance
Telephone Co. (ADR) .................... 5,900 153,031
San Miguel Corp., Class B ................ 109,720 211,542
SM Prime Holdings, Inc. .................. 618,670 117,691
----------
670,792
----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
SINGAPORE (0.2%)
Want Want Holding Ltd. ................... 59,000 $ 70,800
----------
TAIWAN (7.0%)
Arima Computer Corp.* .................... 16,000 83,426
Asustek Computer, Inc. (GDR)* 40,608 356,335
Compal Electronics, Inc.* ................ 71,000 231,378
Compal Electronics, Inc.
(Rights)* .............................. 170 --
Compeq Manufacturing Co.,
Ltd.* .................................. 31,000 203,011
Far East Textile Ltd. .................... 93,000 75,912
Hon Hai Precision Industry* .............. 125,000 690,565
President Chain Store Corp. .............. 63,000 198,464
Siliconware Precision Industries
Co. (GDR)* ............................. 172,000 304,283
Taiwan Semiconductor
Manufacturing Co.* ..................... 219,000 482,588
Taiwan Semiconductor
Manufacturing Co. (ADR)* ............... 19,710 279,636
----------
2,905,598
----------
THAILAND (2.1%)
Advanced Information Service
PCL (Foreign) .......................... 46,100 273,937
BEC World PLC (Foreign) .................. 23,300 128,198
Delta Electronics PCL (Foreign)........... 24,300 128,352
PTT Explorations and
Productions PCL (Foreign)* ............. 25,650 180,644
Shinawatra Computer PCL
(Foreign)* ............................. 25,000 85,970
Siam Cement Co., Ltd.
(Foreign)* ............................. 23,000 50,619
----------
847,720
----------
TOTAL SOUTHEAST ASIA ................... 11,505,988
----------
SOUTHERN CENTRAL ASIA (8.6%)
INDIA (7.4%)
Bharat Heavy Electricals Ltd. ............ 91,000 561,599
Gujarat Ambuja Cements Ltd. .............. 2,500 15,311
Hero Honda Motors Ltd.
(Dematerialized) ....................... 35,600 465,223
Hindustan Lever Ltd.
(Dematerialized) ....................... 11,250 440,685
Infosys Technologies Ltd.
(Dematerialized) ....................... 8,800 613,016
ITC Ltd. ................................. 24,000 398,399
Mahanagar Telephone Nigam
Ltd. ................................... 13,000 56,077
Morgan Stanley India Investment
Fund, Inc.*++ .......................... 11,200 75,600
NIIT Ltd. ................................ 2,500 95,582
Satyam Computer Service Ltd. ............. 11,000 188,427
Tata Engineering & Locomotive
Co., Ltd. (Dematerialized) ............. 15,500 62,079
Zee Telefilms Ltd. ....................... 7,000 105,486
----------
3,077,484
----------
PAKISTAN (1.2%)
Fauji Fertilizer Co., Ltd. ............... 125,300 104,420
Hub Power Co. ............................ 355,000 82,681
</TABLE>
61
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- -------------
<S> <C> <C>
Pakistan Telecommunications
Corp. (GDR)+ ........................ 2,700 $ 104,923
Pakistan Telecommunications
Corp. (GDR) ......................... 4,429 152,801
Pakistan Telecommunications
Corp., Class A ...................... 81,300 28,107
Sui Northern Gas Pipelines* ........... 3,500 573
-----------
473,505
-----------
TOTAL SOUTHERN CENTRAL ASIA ......... 3,550,989
-----------
TOTAL COMMON STOCKS AND
RIGHTS: (88.0%)
(Cost $38,914,579) .................. 36,389,482
-----------
TOTAL INVESTMENTS (88.0%)
(Cost $38,914,579) .................. 36,389,482
OTHER ASSETS
LESS LIABILITIES (12.0%) ............ 4,969,740
-----------
NET ASSETS (100.0%) ................... $41,359,222
===========
</TABLE>
<TABLE>
<CAPTION>
MARKET SECTOR DIVERSIFICATION (Unaudited)
<S> <C> <C>
As a Percentage of Total Common Stocks and Rights
Basic Materials ..................... 6.1%
Business Services ................... 4.3
Capital Goods ....................... 4.2
Consumer Cyclicals .................. 3.5
Consumer Non-Cyclicals .............. 10.0
Credit Sensitive .................... 24.1
Diversified ......................... 4.8
Energy .............................. 4.5
Technology
Electronics ....................... 13.8
Office Equipment .................. 4.7
Office Equipment Services ......... 2.2
Telecommunications ................ 17.8
----
Total Technology .................... 38.5
-----
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 December 31, 1998 these securities amounted to
$898,003 or 2.17% of net assets.
++ The security is advised by the same advisor as the portfolio.
(SS.) Illiquid security: is not actively traded
# Securities (totaling $589,820 or 1.4% of net assets) valued at fair value.
Glossary:
ADR--American Depositary Receipt
CPO--Certificate of Participation
GDR--Global Depositary Receipt
UBD Unit--each unit represents 1 B share, 2 D-B shares and 2 D-L shares.
Block-Shares represent each of the 12 holding companies that were formed
following the September 21, 1998 break-up of Telebras S.A.
Dematerialized--Securities changed from paper to electronic format
62
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
Swap Agreements:
The Portfolio had the following Total Return Swap Agreement open at
December 31, 1998:
<TABLE>
<CAPTION>
NOTIONAL UNREALIZED
AMOUNT DESCRIPTION APPRECIATION
- ---------- --------------------------------------------------- -------------
<S> <C> <C>
$195,597 Agreement with Goldman Sachs International $6,099
terminating March 8, 1999 for the Portfolio to pay
3 month USD-LIBOR plus 2.00% and to receive
the THB SET Index converted into USD at the
mid-market rate on March 30, 1999. (SS.)
</TABLE>
(SS.) Security: is not actively traded.
Glossary:
LIBOR--London Interbank Offer Rate
THB--Thai Baht
USD--U.S. Dollar
At December 31, 1998 the Portfolio had outstanding foreign currency contracts
to buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ---------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
Czech Republic Koruna, expiring 1/4/99 ........... 285 $ 9,523 $ 9,506 $ (17)
Greek Drachma, expiring 1/5/99 ................... 12,970 45,814 46,341 527
South Korean Won, expiring 1/4/99 ................ 203,742 168,689 169,362 673
Malaysian Ringgit, expiring 2/11/99 .............. 1,513 335,144 278,581 (56,563)
South African Rand, expiring 6/21/99 ............. 1,975 306,328 318,305 11,977
FOREIGN CURRENCY SELL CONTRACTS
South Korean Won, expiring 1/4/99-1/7/99 ......... 643,152 421,000 534,543 (113,543)
Malaysian Ringgit, expiring 2/11/99 .............. 1,513 335,144 278,581 56,563
South African Rand, expiring 6/21/99 ............. 1,975 336,000 318,305 17,695
----------
$ (82,688)
==========
</TABLE>
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $59,278,473
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 30,738,909
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal Income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 2,927,664
Aggregate gross unrealized depreciation .......... (7,754,695)
------------
Net unrealized depreciation ...................... $ (4,827,031)
============
Federal income tax cost of investments ........... $ 41,216,513
============
</TABLE>
For the period from January 1, 1998 to December 31, 1998, the Portfolio
incurred approximately $596 as brokerage commissions with Morgan Stanley & Co.,
Inc., an affiliated broker/dealer.
The Portfolio has a net capital loss carryforward of $6,887,145, of which
$70,373 expires in the year 2005 and $6,816,772 expires in the year 2006.
See Notes to Financial Statements.
63
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (2.7%)
CHEMICALS (1.5%)
Dow Chemical Co. ..................... 5,200 $ 472,875
E.I. Du Pont de Nemours & Co. 23,600 1,252,275
Ecolab, Inc. ......................... 1,600 57,900
FMC Corp.* ........................... 200 11,200
Great Lakes Chemical Corp. ........... 800 32,000
Hercules, Inc. ....................... 1,300 35,587
Monsanto Co. ......................... 13,600 646,000
NACCO Industries, Inc. Class A ....... 100 9,200
PPG Industries, Inc. ................. 4,400 256,300
Perkin-Elmer Corp. ................... 1,400 136,588
Rohm & Haas Co. ...................... 4,000 120,500
Sealed Air Corp.* .................... 2,107 107,589
Union Carbide Corp.
Holding Co. ........................ 3,500 148,750
------------
3,286,764
------------
CHEMICALS--SPECIALTY (0.1%)
Eastman Chemical Co. ................. 1,100 49,225
Engelhard Corp. ...................... 1,500 29,250
Morton International, Inc. ........... 2,000 49,000
Nalco Chemical Co. ................... 400 12,400
Praxair, Inc. ........................ 3,300 116,325
Sigma Aldrich Corp. .................. 2,300 67,563
W.R. Grace & Co.* .................... 700 10,981
------------
334,744
------------
METALS & MINING (0.6%)
ASARCO, Inc. ......................... 400 6,025
Barrick Gold Corp. ................... 9,600 187,200
Cyprus Amax Minerals Co. ............. 400 4,000
Freeport McMoran Copper &
Gold, Inc., Class B ................ 800 8,350
Homestake Mining Co. ................. 4,500 41,344
Inco Ltd. ............................ 3,300 34,856
Minnesota Mining &
Manufacturing Co. .................. 9,200 654,350
Newmont Mining Corp. ................. 3,900 70,444
Owens-Illinois, Inc.* ................ 3,000 91,875
Phelps Dodge Corp. ................... 1,900 96,662
Placer Dome, Inc. .................... 6,500 74,750
Reynolds Metals Co. .................. 1,700 89,569
Worthington Industries, Inc. ......... 700 8,750
------------
1,368,175
------------
PAPER (0.4%)
Fort James Corp. ..................... 5,300 212,000
Georgia-Pacific Corp. ................ 2,400 140,550
Ikon Office Solutions, Inc. .......... 2,800 23,975
International Paper Co. .............. 6,900 309,206
Louisiana-Pacific Corp. .............. 2,900 53,106
Mead Corp. ........................... 1,400 41,037
Temple-Inland, Inc. .................. 700 41,519
Union Camp Corp. ..................... 1,700 114,750
Westvaco Corp. ....................... 1,100 29,494
Willamette Industries, Inc. .......... 1,400 46,900
------------
1,012,537
------------
STEEL (0.1%)
Nucor Corp. .......................... 1,600 69,200
Timken Co. ........................... 600 11,325
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
USX-U.S. Steel Group, Inc. ........... 3,000 $ 69,000
------------
149,525
------------
TOTAL BASIC MATERIALS .............. 6,151,745
------------
BUSINESS SERVICES (2.8%)
ENVIRONMENT CONTROL (0.5%)
Browning--Ferris Industries, Inc...... 4,500 127,969
Danaher Corp. ........................ 3,400 184,663
Pall Corp. ........................... 3,500 88,594
Pioneer Hi-Bred International,
Inc. ............................... 3,000 81,000
Waste Management, Inc. ............... 11,772 548,869
------------
1,031,095
------------
PRINTING, PUBLISHING,
BROADCASTING (1.9%)
Clear Channel
Communications, Inc.* .............. 6,100 332,450
Donnelley (R.R.) & Sons Co. .......... 2,000 87,625
Dow Jones & Co., Inc. ................ 1,200 57,750
Harcourt General, Inc. ............... 300 15,956
Interpublic Group, Inc. .............. 2,700 215,325
King World Productions, Inc.* ........ 400 11,775
Knight Ridder, Inc. .................. 2,400 122,700
McGraw Hill Cos., Inc. ............... 2,400 244,500
MediaOne Group, Inc.* ................ 13,600 639,200
New York Times Co., Class A .......... 4,400 152,625
Omnicom Group, Inc. .................. 3,100 179,800
Polaroid Corp. ....................... 2,000 37,375
Time Warner, Inc. .................... 23,400 1,452,263
Times Mirror Co., Class A ............ 1,500 84,000
Tribune Co. .......................... 3,100 204,600
Viacom, Inc., Class B* ............... 6,300 466,200
------------
4,304,144
------------
PROFESSIONAL SERVICES (0.3%)
Pitney Bowes, Inc. ................... 6,500 429,406
Service Corp. International .......... 5,700 216,956
------------
646,362
------------
TRUCKING, SHIPPING (0.1%)
FDX Corp.* ........................... 3,580 318,620
Laidlaw, Inc. ........................ 3,800 38,237
------------
356,857
------------
TOTAL BUSINESS SERVICES ............ 6,338,458
------------
CAPITAL GOODS (6.0%)
AEROSPACE (1.1%)
Aeroquip-Vickers, Inc. ............... 600 17,962
B.F. Goodrich Co. .................... 2,100 75,337
Boeing Co. ........................... 20,700 675,338
General Dynamics Corp. ............... 2,800 164,150
Lockheed Martin Corp. ................ 4,700 398,325
Northrop Grumman Corp. ............... 1,800 131,625
Parker-Hannifin Corp. ................ 2,100 68,775
Raytheon Co., Class B ................ 8,000 426,000
United Technologies Corp. ............ 4,700 511,125
------------
2,468,637
------------
BUILDING & CONSTRUCTION (0.5%)
Alcan Aluminum Ltd. .................. 5,500 148,844
Allegheny Teledyne, Inc. ............. 3,900 79,706
Aluminum Company of America .......... 3,400 253,513
</TABLE>
64
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Armstrong World Industries, Inc. ... 800 $ 48,250
Eaton Corp. .......................... 2,000 141,375
Fleetwood Enterprises, Inc. .......... 100 3,475
Fluor Corp. .......................... 1,800 76,612
Kaufman & Broad Home Corp. ........... 600 17,250
Masco Corp. .......................... 8,400 241,500
Pulte Corp. .......................... 700 19,469
Snap-On, Inc. ........................ 1,300 45,256
The Stanley Works .................... 2,000 55,500
------------
1,130,750
------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.4%)
Bethlehem Steel Corp* ................ 1,500 12,562
Black & Decker Corp. ................. 1,800 100,913
Boise Cascade Corp. .................. 500 15,500
Champion International Corp. ......... 2,400 97,200
Lowe's Cos. , Inc. ................... 7,900 404,381
Owens Corning ........................ 500 17,719
Weyerhaeuser Co. ..................... 4,600 233,738
------------
882,013
------------
ELECTRICAL EQUIPMENT (3.3%)
Cooper Industries, Inc. .............. 2,700 128,756
General Electric Co. ................. 70,000 7,144,375
Honeywell, Inc. ...................... 3,200 241,000
------------
7,514,131
------------
MACHINERY (0.7%)
Case Corp. ........................... 2,400 43,625
Caterpillar, Inc. .................... 8,400 386,400
Cummins Engine, Inc. ................. 1,000 35,500
Deere & Co. .......................... 6,000 198,750
Dover Corp. .......................... 4,000 146,500
Harnischfeger Industries, Inc. ....... 500 5,094
Illinois Tool Works, Inc. ............ 5,900 342,200
Ingersol-Rand Co. .................... 4,200 197,138
McDermott International, Inc. ........ 700 17,281
SPX Corp.* ........................... 1 66
Thermo Electron Corp.* ............... 2,700 45,731
W.W. Grainger, Inc. .................. 1,100 45,787
------------
1,464,072
------------
TOTAL CAPITAL GOODS ................ 13,459,603
------------
CONSUMER CYCLICALS (9.7%)
AIRLINES (0.3%)
AMR Corp.* ........................... 4,000 237,500
Delta Airlines, Inc. ................. 2,100 109,200
Southwest Airlines Co. ............... 7,750 173,891
U.S. Air Group, Inc. ................. 1,400 72,800
------------
593,391
------------
APPAREL & TEXTILES (0.0%)
Fruit of the Loom, Inc.* ............. 1,700 23,481
------------
AUTO RELATED (0.7%)
Allied Signal, Inc. .................. 12,800 567,200
Autozone, Inc.* ...................... 2,600 85,638
Cooper Tire & Rubber Co. ............. 200 4,087
Genuine Parts Co. .................... 2,400 80,250
Goodyear Tire & Rubber Co. ........... 4,000 201,750
Johnson Controls, Inc. ............... 1,800 106,200
Paccar Inc. .......................... 1,700 69,913
Ryder System, Inc. ................... 300 7,800
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
TRW Inc. ............................. 2,300 $ 129,231
Tenneco, Inc. ........................ 4,800 163,500
Textron, Inc. ........................ 2,900 220,219
------------
1,635,788
------------
AUTOS & TRUCKS (1.2%)
Dana Corp. ........................... 4,342 177,479
Ford Motor Co. ....................... 25,100 1,473,056
General Motors Corp. ................. 14,200 1,016,188
Navistar International Corp.* ........ 700 19,950
------------
2,686,673
------------
FOOD SERVICES, LODGING (0.2%)
Darden Restaurants, Inc. ............. 1,700 30,600
Hilton Hotels Corp. .................. 5,400 103,275
Marriott International, Inc. ......... 4,500 130,500
Mirage Resorts, Inc.* ................ 5,500 82,156
------------
346,531
------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.6%)
Maytag Corp. ......................... 2,400 149,400
Unilever N.V. (NY Shares) ............ 13,600 1,127,950
Whirlpool Corp. ...................... 1,300 71,988
------------
1,349,338
------------
LEISURE RELATED (1.1%)
American Greetings
Corp., Class A ..................... 500 20,531
Brunswick Corp. ...................... 2,400 59,400
Carnival Corp. ....................... 12,800 614,400
Cendant Corp.* ....................... 19,300 367,906
Fortune Brands, Inc. ................. 3,100 98,038
Walt Disney (The) Co. ................ 43,000 1,290,000
------------
2,450,275
------------
PHOTO & OPTICAL (0.3%)
Bausch & Lomb, Inc. .................. 1,500 90,000
Eastman Kodak Co. .................... 6,700 482,400
------------
572,400
------------
RETAIL--GENERAL (5.3%)
Consolidated Stores Corp.* ........... 2,500 50,469
Costco Co., Inc.* .................... 5,100 368,156
Dayton Hudson Corp. .................. 8,900 482,825
Dillards, Inc., Class A .............. 2,200 62,425
Dollar General Corp. ................. 5,325 125,803
Federated Department Stores,
Inc.* .............................. 4,600 200,388
Fred Meyer, Inc.* .................... 3,800 228,950
GAP, Inc. ............................ 11,850 666,563
Hasbro, Inc. ......................... 1,900 68,638
Home Depot, Inc. ..................... 33,100 2,025,306
J.C. Penny Co. ....................... 6,200 290,625
K-Mart Corp.* ........................ 10,100 154,656
Kohl's Corp.* ........................ 3,800 233,462
Limited, Inc. ........................ 5,800 168,925
Liz Claiborne, Inc. .................. 1,900 59,969
Loews Corp. .......................... 2,000 196,500
Mattel, Inc. ......................... 7,300 166,531
May Department Stores Co. ............ 5,000 301,875
Newell Co. ........................... 4,300 177,375
Nike, Inc., Class B .................. 4,400 178,475
Nordstrom, Inc. ...................... 3,400 117,938
</TABLE>
65
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Reebok International Ltd.* ........... 200 $ 2,975
Sears Roebuck & Co. .................. 7,500 318,750
Sherwin-Williams Co. ................. 4,200 123,375
Staples, Inc.* ....................... 7,200 314,550
TJX Cos., Inc. ....................... 7,700 223,300
Toys-R-Us, Inc.* ..................... 4,700 79,312
VF Corp. ............................. 2,700 126,562
Wal-Mart Stores, Inc. ................ 47,400 3,860,137
Walgreen Co. ......................... 10,200 597,337
------------
11,972,152
------------
TOTAL CONSUMER CYCLICALS ........... 21,630,029
------------
CONSUMER NON-CYCLICALS (22.2%)
BEVERAGES (2.8%)
Adolf Coors Co., Class B ............. 800 45,150
Anheuser-Busch Cos., Inc. ............ 10,300 675,938
Brown-Forman Corp., Class B .......... 500 37,844
Coca Cola Co. ........................ 52,600 3,517,625
Coca Cola Enterprises, Inc. .......... 9,200 328,900
PepsiCo, Inc. ........................ 30,700 1,256,781
Seagram Co., Ltd. .................... 9,300 353,400
------------
6,215,638
------------
CONTAINERS (0.2%)
BB&T Corp. ........................... 5,300 213,656
Bemis Co., Inc. ...................... 400 15,175
Crown Cork & Seal Co., Inc. .......... 3,500 107,844
Rubbermaid, Inc. ..................... 4,100 128,894
------------
465,569
------------
DRUGS (7.6%)
Abbot Laboratories ................... 31,700 1,553,300
Allergan, Inc. ....................... 1,800 116,550
Alza Corp., Class A* ................. 2,400 125,400
American Home Products Corp. ......... 27,700 1,559,856
Amgen, Inc.* ......................... 5,800 606,462
Bristol-Myers Squibb Co. ............. 21,000 2,810,062
CVS Corp. ............................ 7,800 429,000
Centrex Corp. ........................ 1,800 81,112
IMS Health, Inc. ..................... 3,700 279,119
Merck & Co., Inc. .................... 25,400 3,751,262
Pfizer, Inc. ......................... 27,600 3,462,075
Pharmacia & Upjohn, Inc. ............. 11,500 651,187
Rite Aid Corp. ....................... 6,200 307,287
Warner Lambert Co. ................... 17,700 1,330,819
------------
17,063,491
------------
FOODS (2.4%)
Albertson's, Inc. .................... 5,800 369,387
American Stores Co. .................. 6,700 247,481
Archer Daniels Midland Co. ........... 14,340 246,469
Bestfoods ............................ 5,400 287,550
Campbell Soup Co. .................... 9,000 495,000
ConAgra, Inc. ........................ 9,500 299,250
General Mills, Inc. .................. 3,800 295,450
H.J. Heinz Co. ....................... 8,500 481,312
Hershey Foods Corp. .................. 2,200 136,812
Kellogg Co. .......................... 8,900 303,712
McDonald's Corp. ..................... 14,800 1,134,050
Quaker Oats Co. ...................... 3,500 208,250
Ralston-Ralston Purina Group ......... 5,700 184,537
Sara Lee Corp. ....................... 19,400 546,838
Supervalu, Inc. ...................... 1,800 50,400
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Wm. Wrigley Jr. Co. .................. 2,200 $ 197,037
------------
5,483,535
------------
HOSPITAL SUPPLIES &
SERVICES (4.6%)
Air Products &
Chemicals, Inc. .................... 5,800 232,000
Bard (C.R.), Inc. .................... 400 19,800
Baxter International, Inc. ........... 5,600 360,150
Becton Dickinson & Co. ............... 6,000 256,125
Biomet, Inc. ......................... 3,000 120,750
Boston Scientific Corp.* ............. 9,100 243,994
Cardinal Health, Inc. ................ 4,750 360,406
Columbia HCA Healthcare Corp. 14,500 358,875
Eli Lilly & Co. ...................... 23,300 2,070,788
Guidant Corp. ........................ 3,500 385,875
HBO & Co. ............................ 10,900 312,694
HCR Manor Care, Inc.* ................ 2,000 58,750
Healthsouth Corp.* ................... 10,200 157,463
Humana, Inc.* ........................ 2,800 49,875
Johnson & Johnson .................... 29,500 2,474,313
Mallinckrodt, Inc. ................... 1,800 55,463
Medtronic, Inc. ...................... 10,200 757,350
Schering-Plough Corp. ................ 32,200 1,779,050
St. Jude Medical, Inc.* .............. 893 24,725
Tenet Healthcare Corp.* .............. 5,600 147,000
------------
10,225,446
------------
RETAIL--FOOD (0.7%)
Kroger Co.* .......................... 6,100 369,050
Safeway, Inc.* ....................... 10,800 658,125
Sysco Corp. .......................... 5,600 153,650
Tricon Global Restaurants, Inc.* ..... 3,500 175,438
Wendy's International, Inc. .......... 3,800 82,888
Winn-Dixie Stores, Inc. .............. 2,500 112,188
------------
1,551,339
------------
SOAPS & TOILETRIES (2.5%)
Avon Products, Inc. .................. 6,300 278,775
Clorox Co. ........................... 2,500 292,031
Colgate Palmolive Co. ................ 5,900 547,963
Gillette Co. ......................... 24,600 1,188,488
International Flavors &
Fragrances, Inc. ................... 2,500 110,469
Kimberly Clark Corp. ................. 12,300 670,350
Procter & Gamble Co. ................. 28,100 2,565,881
------------
5,653,957
------------
TOBACCO (1.4%)
Phillip Morris Cos., Inc. ............ 51,700 2,765,950
RJR Nabisco Holdings Corp. ........... 8,000 237,500
UST, Inc. ............................ 5,000 174,375
------------
3,177,825
------------
TOTAL CONSUMER NON-CYCLICALS........ 49,836,800
------------
CREDIT SENSITIVE (25.0%)
BANKS (6.6%)
Bank One Corp. ....................... 24,450 1,248,478
Bank of New York Co., Inc. ........... 17,400 700,350
BankAmerica Corp. .................... 36,566 2,198,531
BankBoston Corp. ..................... 7,200 280,350
Chase Manhattan Corp. ................ 17,700 1,204,706
Comerica, Inc. ....................... 3,950 269,341
</TABLE>
66
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Fifth Third Bancorp ................. 6,200 $ 442,137
First Union Corp. ................... 20,520 1,247,872
Firstar Corp. ....................... 3,500 326,369
Huntington Bancshares ............... 3,340 100,409
J.P. Morgan & Co. ................... 3,900 409,744
KeyCorp ............................. 10,600 339,200
MBNA Corp. .......................... 17,100 426,431
Mellon Bank Corp. ................... 6,200 426,250
Mercantile Bancorp, Inc. ............ 4,200 193,725
National City Corp. ................. 7,800 565,500
Northern Trust Corp. ................ 2,800 244,475
PNC Bank Corp. ...................... 7,200 389,700
Regions Financial Corp. ............. 4,900 197,531
Republic New York Corp. ............. 2,600 118,462
State Street Corp. .................. 2,800 194,775
Summit Bancorp ...................... 4,600 200,962
SunTrust Banks, Inc. ................ 7,400 566,100
Synovus Financial Corp. ............. 4,450 108,469
Union Planters Corp. ................ 2,600 117,813
U.S. Bancorp ........................ 16,600 589,300
Wachovia Corp. ...................... 4,100 358,494
Wells Fargo Co. ..................... 33,700 1,345,894
------------
14,811,368
------------
FINANCIAL SERVICES (5.8%)
American Express Co. ................ 9,400 961,150
Associates First Capital Corp.,
Class A ........................... 15,024 636,642
Automatic Data Processing, Inc. ..... 7,000 561,312
Bear Stearns Co., Inc. .............. 3,000 112,125
Capital One Financial Corp. ......... 1,600 184,000
Charles Schwab Corp. ................ 9,000 505,687
Citigroup, Inc. ..................... 48,300 2,390,850
Countrywide Credit Industries,
Inc. .............................. 3,000 150,562
Deluxe Corp. ........................ 800 29,250
Dun & Bradstreet Corp. .............. 2,900 91,531
Equifax, Inc. ....................... 2,300 78,631
Fannie Mae .......................... 21,400 1,583,600
Federal Home Loan Mortgage
Corp. ............................. 14,800 953,675
First Data Corp. .................... 8,600 272,512
Fleet Financial Group, Inc. ......... 13,100 585,406
Franklin Resources, Inc. ............ 6,100 195,200
Golden West Financial Corp. ......... 800 73,350
H&R Block, Inc. ..................... 1,400 63,000
Hartford Financial Services
Group, Inc. ....................... 5,600 307,300
Household International, Inc. ....... 11,033 437,183
Lehman Brothers Holdings, Inc. ...... 2,700 118,969
MGIC Investment Corp. ............... 2,800 111,475
Merrill Lynch & Co. ................. 7,300 487,275
Morgan Stanley Dean Witter &
Co. ............................... 12,200 866,200
Paychex, Inc. ....................... 4,000 205,750
Providian Financial Corp. ........... 2,850 213,750
SLM Holding Corp. ................... 3,100 148,800
Transamerica Corp. .................. 1,000 115,500
Washington Mutual, Inc. ............. 14,002 534,701
------------
12,975,386
------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- ------------------
<S> <C> <C>
INSURANCE (3.1%)
Aetna, Inc. ......................... 3,500 $ 275,187
Allstate Corp. ...................... 16,700 645,037
American General Corp. .............. 5,200 405,600
American International Group,
Inc. .............................. 22,200 2,145,075
Aon Corp. ........................... 3,000 166,125
CIGNA Corp. ......................... 4,900 378,831
Chubb Corp. ......................... 3,800 246,525
Cincinanti Financial Corp. .......... 2,700 98,887
Conseco, Inc. ....................... 7,599 232,244
Jefferson-Pilot Corp. ............... 1,650 123,750
Lincoln National Corp. .............. 2,300 188,169
MBIA, Inc. .......................... 1,900 124,569
Marsh & McClennan Cos. .............. 6,000 350,625
Progressive Corp. ................... 1,400 237,125
Provident Cos., Inc. ................ 3,500 145,250
Safeco Corp. ........................ 3,400 145,987
St. Paul Cos. ....................... 6,024 209,334
SunAmerica, Inc. .................... 4,400 356,950
Torchmark Corp. ..................... 2,000 70,625
United Healthcare Corp. ............. 4,200 180,863
Unum Corp. .......................... 3,500 204,313
------------
6,931,071
------------
UTILITY--ELECTRIC (2.1%)
AES Corp.* .......................... 3,100 146,862
Ameren Corp. ........................ 2,200 93,912
American Electric Power Co. ......... 3,000 141,187
Baltimore Gas & Electric Co. ........ 1,500 46,313
Carolina Power & Light .............. 2,100 98,831
Central & South West Corp. .......... 5,300 145,419
Cinergy Corp. ....................... 2,000 68,750
Consolidated Edison, Inc. ........... 5,300 280,238
DTE Energy Co. ...................... 2,300 98,613
Dominion Resources, Inc. ............ 5,200 243,100
Duke Energy Corp. ................... 8,500 544,531
Edison International ................ 6,700 186,763
Entergy Corp. ....................... 5,900 183,638
FPL Group, Inc. ..................... 4,700 289,638
FirstEnergy Corp. ................... 5,800 188,863
GPU, Inc. ........................... 3,200 141,400
New Century Energies, Inc. .......... 2,900 141,375
Niagara Mohawk Power, Corp.*......... 1,900 30,638
Northern States Power Co. ........... 1,700 47,175
PG&E Corp. .......................... 9,700 305,550
PP&L Resources, Inc. ................ 3,544 98,789
Pacificorp .......................... 8,500 179,031
Peco Energy Co. ..................... 4,700 195,638
Public Service Enterprise Group ..... 5,000 200,000
Southern Co. ........................ 16,600 482,438
Unicom Corp. ........................ 4,300 165,819
------------
4,744,511
------------
UTILITY--GAS (0.1%)
Apache Corp. ........................ 1,000 25,313
Consolidated Natural Gas Co. ........ 2,400 129,600
Sempra Energy ....................... 4,753 120,607
------------
275,520
------------
UTILITY--TELEPHONE (7.3%)
AT&T Corp. .......................... 37,200 2,799,300
Alltel Corp. ........................ 6,600 394,763
</TABLE>
67
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Ameritech Corp. ................... 24,300 $ 1,540,013
Bell Atlantic Corp. ............... 32,600 1,727,800
Bellsouth Corp. ................... 41,200 2,054,850
GTE Corp. ......................... 20,100 1,306,500
MCI WorldCom, Inc.* ............... 38,997 2,798,035
SBC Communications, Inc. .......... 41,200 2,209,350
Sprint Corp. ...................... 7,800 656,175
U.S. West, Inc. ................... 11,522 744,609
------------
16,231,395
------------
TOTAL CREDIT SENSITIVE .......... 55,969,251
------------
DIVERSIFIED (0.5%)
MISCELLANEOUS (0.5%)
Berkshire Hathaway,
Inc., Class A* .................. 1 49,000
Tyco International Ltd. ........... 14,360 1,083,283
------------
TOTAL DIVERSIFIED ............... 1,132,283
------------
ENERGY (6.6%)
COAL & GAS PIPELINES (0.4%)
Columbia Energy Group ............. 2,250 129,937
Eastern Enterprises ............... 100 4,375
Enron Corp. ....................... 7,700 439,381
Sonat, Inc. ....................... 2,300 62,244
Williams Cos., Inc. ............... 10,200 318,113
------------
954,050
------------
OIL--DOMESTIC (2.2%)
Atlantic Richfield Co. ............ 7,400 482,850
Burlington Resources, Inc. ........ 4,000 143,250
Coastal Corp. ..................... 5,300 185,169
Exxon Corp. ....................... 51,700 3,780,562
Halliburton Co. ................... 10,200 302,175
Sunoco, Inc. ...................... 1,300 46,881
------------
4,940,887
------------
OIL--INTERNATIONAL (2.2%)
Amerada Hess Corp. ................ 1,700 84,575
Amoco Corp. ....................... 1,100 66,413
Ashland, Inc. ..................... 1,500 72,562
Chevron Corp. ..................... 13,500 1,119,656
Houston Industries, Inc. .......... 4,500 144,562
Kerr-McGee Corp. .................. 1,500 57,375
Mobil Corp. ....................... 17,300 1,507,263
Occidental Petroleum Corp. ........ 6,400 108,000
Oryx Energy Co.* .................. 1,800 24,188
Phillips Petroleum Co. ............ 6,200 264,275
Texaco, Inc. ...................... 12,400 655,650
Texas Utilities Co. ............... 7,100 331,481
USX-Marathon Group, Inc. .......... 5,600 168,700
Union Pacific Resources Group,
Inc. ............................ 4,300 38,969
Unocal Corp. ...................... 5,200 151,775
------------
4,795,444
------------
OIL--SUPPLIES &
CONSTRUCTION (1.3%)
Anadarko
Petroleum Corp. ................. 1,600 49,400
Baker Hughes, Inc. ................ 8,360 147,867
Helmerich & Payne, Inc. ........... 200 3,875
Rowan Co., Inc.* .................. 1,200 12,000
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Royal Dutch Petroleum Co.
(NY Shares) ..................... 46,800 $ 2,240,550
Schlumberger Ltd. ................. 11,500 530,438
------------
2,984,130
------------
RAILROADS (0.5%)
Burlington Northern
Santa Fe Corp. .................. 9,900 334,125
CSX Corp. ......................... 5,500 228,250
Norfolk Southern Corp. ............ 7,200 228,150
Union Pacific Corp. ............... 5,800 261,363
------------
1,051,888
------------
TOTAL ENERGY .................... 14,726,399
------------
TECHNOLOGY (19.8%)
ELECTRONICS (7.6%)
AMP, Inc. ......................... 5,191 270,256
Adobe Systems, Inc. ............... 1,700 79,475
Applied Material, Inc.* ........... 7,200 307,350
Circuit City Stores-Circuit City
Group ........................... 2,500 124,844
Computer Associates
International, Inc. ............. 11,300 481,662
Compuware Corp.* .................. 3,900 304,200
Emerson Electric Co. .............. 10,000 605,000
Gateway 2000, Inc.* ............... 2,800 143,325
Harris Corp. ...................... 2,000 73,250
ITT Industries, Inc. .............. 1,500 59,625
Intel Corp. ....................... 35,600 4,220,825
KLA Tencor Corp.* ................. 2,100 91,087
LSI Logic Corp.* .................. 2,000 32,250
Micron Technology, Inc.* .......... 5,000 252,812
Microsoft Corp.* .................. 53,400 7,405,912
National Semiconductor Corp.* ..... 4,000 54,000
Novell, Inc.* ..................... 8,700 157,687
Raychem Corp. ..................... 1,000 32,312
Rockwell International Corp. ...... 4,000 194,250
Solectron Corp.* .................. 2,800 260,225
Seagate Technology, Inc.* ......... 5,900 178,475
Silicon Graphics, Inc.* ........... 5,300 68,237
Sun Microsystems, Inc.* ........... 7,900 676,438
Tandy Corp. ....................... 2,700 111,206
Tektronix, Inc. ................... 1,500 45,094
Texas Instruments, Inc. ........... 8,100 693,056
Thomas & Betts Corp. .............. 1,200 51,975
------------
16,974,828
------------
OFFICE EQUIPMENT (5.6%)
Apple Computer, Inc.* ............. 2,700 110,531
Autodesk, Inc. .................... 1,300 55,494
Avery Dennison Corp. .............. 3,200 144,200
Cabletron Systems* ................ 5,700 47,738
Compaq Computer Corp. ............. 36,939 1,549,129
Data General Corp.* ............... 1,600 26,300
Dell Computer Corp.* .............. 27,100 1,983,381
EMC Corp.* ........................ 10,700 909,500
Electronic Data Systems Corp. ..... 11,200 562,800
Hewlett Packard Co. ............... 22,800 1,557,525
International Business Machines
Corp. ........................... 19,700 3,639,575
Oracle Corp.* ..................... 21,100 909,938
Parametric Technology Corp.* ...... 6,900 112,125
</TABLE>
68
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- ---------------
<S> <C> <C>
Unisys Corp.* ..................... 5,000 $ 172,188
Xerox Corp. ....................... 7,400 873,200
------------
12,653,624
------------
OFFICE EQUIPMENT SERVICES (1.0%)
America Online, Inc*. ............. 9,800 1,568,000
BMC Software, Inc.* ............... 5,100 227,269
Ceridian Corp.* ................... 1,800 125,663
Computer Sciences Corp. ........... 3,800 244,863
PeopleSoft, Inc.* ................. 5,800 109,838
------------
2,275,633
------------
TELECOMMUNICATIONS (5.6%)
3Com Corp.* ....................... 7,400 331,613
Advanced Micro Devices, Inc.* ..... 2,400 69,450
AirTouch Communications, Inc.* 12,300 887,138
Andrew Corp.* ..................... 2,500 41,250
Ascend Communications, Inc.* ...... 4,400 289,300
CBS Corp. ......................... 15,500 507,625
Cisco Systems, Inc.* .............. 33,700 3,127,781
Comcast Corp., Class A ............ 7,500 440,156
Corning, Inc. ..................... 5,600 252,000
Frontier Corp. .................... 4,600 156,400
Gannett Co. ....................... 6,600 425,700
General Instrament Corp.* ......... 3,600 122,175
Lucent Technologies, Inc. ......... 28,100 3,091,000
Motorola, Inc. .................... 12,500 763,281
Nextel Communications, Inc.,
Class A* ........................ 6,700 158,288
Northern Telecom Ltd. ............. 13,580 680,698
Scientific-Atlanta, Inc. .......... 1,900 43,344
Sprint PCS* ....................... 10,250 237,031
Telecommunications, Inc.,
Class A* ........................ 9,700 536,531
Tellabs, Inc.* .................... 4,000 274,249
------------
12,435,010
------------
TOTAL TECHNOLOGY ................ 44,339,095
------------
TOTAL COMMON STOCKS (95.3%)
(Cost $192,500,265).............. 213,583,663
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------ ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (10.0%)
U.S. Treasury Bill
1/21/99 ............................ $ 965,000 $ 963,004
2/4/99- ............................ 785,000 782,100
2/11/99 ............................ 1,379,000 1,372,756
3/11/99 ............................ 8,505,000 8,437,955
3/18/99 ............................ 5,340,000 5,293,222
4/1/99 ............................. 5,715,000 5,655,336
-------------
TOTAL SHORT-TERM DEBT SECURITIES (10.0%)
(Amortized Cost $22,493,397)........ 22,504,373
-------------
TOTAL INVESTMENTS (105.3%)
(Cost/Amortized Cost
$214,993,662)....................... 236,088,036
OTHER ASSETS
LESS LIABILITIES (-5.3%) ........... (11,841,183)
-------------
NET ASSETS (100%) .................... $ 224,246,853
=============
</TABLE>
- ----------
* Non-income producing
- - All, or a portion of securities held by broker as collateral for financial
futures contracts.
Glossary:
ADR--American Depository Receipts
69
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
At December 31, 1998, the Portfolio had the following futures contracts open:
(Note 1)
<TABLE>
<CAPTION>
NUMBER
OF AGGREGATE EXPIRATION UNREALIZED
PURCHASES: CONTRACTS FACE VALUE DATE APPRECIATION
- ----------------------- ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C>
S&P 500 Index ......... 31 $9,652,625 March `99 $47,461
=======
</TABLE>
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $194,519,887
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 2,171,672
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 27,006,657
Aggregate gross unrealized depreciation ......... (5,913,732)
------------
Net unrealized appreciation ..................... $ 21,092,925
============
Federal income tax cost of investments .......... $214,995,111
============
</TABLE>
At December 31, 1998, the Portfolio had loaned securities with a total value of
$20,368,871 which was secured by collateral of
$20,909,620.
See Notes to Financial Statements.
70
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
COMMON STOCKS, RIGHTS
AND WARRANTS:
AUSTRALIA & NEW ZEALAND (2.4%)
AUSTRALIA (2.3%)
AMP Ltd.* ........................... 6,897 $ 87,375
Amcor Ltd. .......................... 5,154 22,021
Australian Gas & Light Co.,
Ltd. .............................. 2,360 16,997
Boral Ltd. .......................... 7,252 10,309
Brambles Industries Ltd. ............ 1,458 35,512
Broken Hill Proprietary Ltd. ........ 13,472 99,216
CSR Ltd. ............................ 8,427 20,603
Coca-Cola Amatil Ltd. ............... 7,627 28,414
Coles Meyer Ltd. .................... 7,669 40,178
Fosters Brewing Corp. ............... 14,661 39,707
GIO Australia Holdings Ltd. ......... 4,650 15,272
General Property Trust .............. 12,671 23,681
Lend Lease Corp. .................... 3,262 43,973
National Australia Bank Ltd. ........ 8,755 131,970
News Corp., Ltd. .................... 13,134 86,756
Normandy Mining Ltd. ................ 9,317 8,621
Pacific Dunlop Ltd. ................. 8,588 13,892
Pioneer International Ltd. .......... 9,978 21,093
Rio Tinto Ltd. ...................... 2,635 31,250
Santos Ltd. ......................... 4,030 10,816
Southcorp Ltd. ...................... 4,187 13,354
TABCORP Holdings Ltd. ............... 3,437 21,060
Telstra Corp., Ltd.* ................ 35,059 163,910
WMC Ltd. ............................ 8,031 24,211
Westfield Trust ..................... 8,047 17,751
Westpac Banking Corp. ............... 13,686 91,576
---------
1,119,518
---------
NEW ZEALAND (0.1%)
Brierley Investments Ltd. ........... 14,287 3,235
Carter Holt Harvey Ltd. ............. 7,285 6,521
Lion Nathan Ltd. .................... 2,964 7,538
Telecom Corp. of New Zealand
Ltd. .............................. 9,577 41,603
---------
58,897
---------
TOTAL AUSTRALIA &
NEW ZEALAND .................... 1,178,415
---------
JAPAN (19.2%)
77 Bank Ltd. ........................ 3,000 30,040
Acom Co., Ltd. ...................... 1,000 64,333
Advantest Corp. ..................... 1,000 63,447
Ajinomoto Co. ....................... 4,000 42,534
Amada Co., Ltd. ..................... 3,000 14,542
Aoyamma Trading Co., Ltd. ........... 200 5,600
Asahi Bank Ltd. ..................... 14,000 51,360
Asahi Breweries Ltd. ................ 3,000 44,262
Asahi Chemical Industry Co.,
Ltd. .............................. 8,000 38,210
Asahi Glass Co., Ltd. ............... 8,000 49,694
Bank of Tokyo-Mitsubushi Ltd. ....... 28,000 290,297
Bridgestone Corp. ................... 5,000 113,647
Canon, Inc. ......................... 6,000 128,401
Casio Computer Co., Ltd. ............ 2,000 14,781
Chiba Bank Ltd. ..................... 7,000 27,851
Citizen Watch Co., Ltd. ............. 3,000 18,077
Credit Saison Co., Ltd. ............. 1,100 27,147
Daiei, Inc. ......................... 7,000 19,043
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Daikin Industries Ltd. .............. 3,000 $ 29,774
Dai Nippon Printing Co., Ltd. ....... 5,000 79,841
Daiichi Pharma Co., Ltd. ............ 2,000 33,833
Dainippon Ink and Chemicals,
Inc. .............................. 7,000 19,167
Daiwa House Industry Co., Ltd. ...... 4,000 42,641
Daiwa Securities Co., Ltd. .......... 5,000 17,102
Denso Corp. ......................... 6,000 111,121
East Japan Railway Co. .............. 25 139,787
Ebara Corp. ......................... 2,000 17,244
Eisai Co., Ltd. ..................... 2,000 38,990
Fanuc ............................... 1,700 58,299
Fuji Bank Ltd. ...................... 18,000 66,354
Fuji Photo Film Co. ................. 3,000 111,653
Fujitsu Ltd. ........................ 11,000 146,699
Furukawa Electric Co., Ltd. ......... 6,000 20,470
Gunma Bank Ltd. ..................... 4,000 31,795
Hankyu Corp. ........................ 5,000 21,976
Hitachi Ltd. ........................ 21,000 130,262
Honda Motor Co., Ltd. ............... 6,000 197,253
House Foods Corp. ................... 1,000 16,925
Hoya Corp. .......................... 1,000 48,737
Industrial Bank of Japan Ltd. ....... 15,000 69,251
Isetan Co., Ltd. .................... 2,000 21,480
Ito-Yokado Co., Ltd. ................ 3,000 210,013
Itochu Corp. ........................ 9,000 17,386
JUSCO Co., Ltd. ..................... 2,000 40,496
Japan Airlines Co., Ltd.* ........... 12,000 31,688
Japan Energy Corp. .................. 7,000 6,637
Joyo Bank Ltd. ...................... 8,000 31,334
Kajima Corp. ........................ 8,000 20,913
Kaneka Corp. ........................ 3,000 22,517
Kansai Electric Power Co., Inc. ..... 6,100 133,784
Kao Corp. ........................... 4,000 90,386
Kawasaki Heavy Industries Ltd. ...... 12,000 28,179
Kawasaki Steel Corp. ................ 25,000 37,439
Kinden Corp. ........................ 2,000 30,448
Kinki Nippon Railway Co., Ltd. ...... 10,000 53,611
Kirin Brewery Co., Ltd. ............. 7,000 89,322
Kokuyo .............................. 1,000 13,478
Komatsu Ltd. ........................ 8,000 42,038
Komori Corp. ........................ 1,000 21,090
Kubuto Corp. ........................ 9,000 26,876
Kuraray Co., Ltd. ................... 3,000 33,150
Kyocera Corp. ....................... 1,000 52,902
Marui Co., Ltd. ..................... 3,000 57,820
Matsushita Electric Industries
Co. ............................... 13,000 230,279
Meiji Seika ......................... 4,000 15,950
Minebea Co., Ltd. ................... 3,000 34,400
Mitsubishi Chemical Corp. ........... 14,000 29,526
Mitsubishi Corp. .................... 11,000 63,359
Mitsubishi Electric Corp. ........... 15,000 47,187
Mitsubishi Estate Co., Ltd. ......... 8,000 71,812
Mitsubishi Heavy Industries Ltd. 22,000 85,778
Mitsubishi Materials Corp. .......... 10,000 16,837
Mitsubishi Trust & Banking
Corp. ............................. 8,000 51,538
Mitsui & Co., Ltd. .................. 11,000 61,507
Mitsui Fudosan Co., Ltd. ............ 5,000 37,882
Mitsui Marine & Fire Insurance
Co., Ltd. ......................... 6,000 31,635
</TABLE>
71
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Mitsui Mining & Smelting Co.,
Ltd. .............................. 5,000 $24,679
Murata Manufacturing Co., Ltd. ...... 2,000 83,119
NAMCO Ltd. .......................... 1,000 20,115
NEC Corp. ........................... 9,000 82,942
NGK Insulators Ltd. ................. 3,000 38,733
NGK Spark Plug Co., Ltd. ............ 1,000 10,199
Nagoya Railroad Co., Ltd. ........... 2,000 7,266
Nikon Corp. ......................... 1,000 9,747
Nippon COMSYS Corp. ................. 1,000 13,638
Nippon Express Co., Ltd. ............ 8,000 45,086
Nippon Meat Packers, Inc. ........... 2,000 32,255
Nippon Oil Co. ...................... 9,000 31,422
Nippon Paper Industries Co. ......... 6,000 27,328
Nippon Steel Corp. .................. 40,000 72,663
Nippon Telegraph & Telephone
Corp. ............................. 75 579,530
Nippon Yusen Labushiki Kaisha ....... 7,000 22,144
Nissan Motor Co., Ltd. .............. 11,000 33,726
Nissin Food Products Co., Inc. ...... 1,000 25,211
Nitto Denko Corp. ................... 1,000 16,659
Nomura Securities Co. ............... 13,000 113,469
Obayashi Corp. ...................... 6,000 28,817
Odakyu Electric Railway ............. 3,000 10,501
Oji Paper Co., Ltd. ................. 7,000 36,411
Olympus Optical Co., Ltd. ........... 2,000 23,022
Omron Corp. ......................... 1,000 13,717
Onward Kashiyama Co., Ltd. .......... 1,000 13,452
Orix Corp. .......................... 1,000 74,790
Osaka Gas Co., Ltd. ................. 18,000 62,047
Pioneer Electronic Corp. ............ 1,000 16,792
Rohm Co. ............................ 1,000 91,183
SHIMANO, Inc. ....................... 1,000 25,831
SMC Corp. ........................... 1,000 79,929
Sakura Bank Ltd. .................... 24,000 55,082
Sankyo Co. .......................... 3,000 65,662
Sanyo Electric Co., Ltd. ............ 13,000 40,319
Secom Co. ........................... 1,000 82,942
Sekisui Chemical Co. ................ 4,000 26,938
Sekisui House Ltd. .................. 5,000 52,946
Sharp Corp. ......................... 7,000 63,208
Shimizu Corp. ....................... 6,000 20,151
Shin-Etsu Chemical Co. .............. 3,000 72,308
Shionogi & Co., Ltd. ................ 3,000 21,985
Shiseido Co., Ltd. .................. 3,000 38,600
Shizuoka Bank Ltd. .................. 5,000 61,808
Sony Corp. .......................... 2,500 182,322
Sumitomo Bank Ltd. .................. 19,000 195,304
Sumitomo Chemical Co., Ltd. ......... 12,000 46,788
Sumitomo Corp. ...................... 7,000 34,116
Sumitomo Electric Industries ........ 5,000 56,314
Sumitomo Marine & Fire
Insurance Co., Ltd. ............... 4,000 25,379
Sumitomo Metal Industries ........... 29,000 33,150
Sumitomo Metal Mining Co. ........... 3,000 9,756
Taiheiyo Cement Corp. ............... 6,000 15,047
Taisei Corp. ........................ 7,000 13,460
Taisho Pharmaceutical ............... 2,000 55,117
Takashimaya Co., Ltd. ............... 3,000 25,281
Takeda Chemical Industries .......... 6,000 231,280
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Teijin Ltd. ......................... 6,000 $22,118
Tobu Railway Co., Ltd. .............. 7,000 20,470
Toho Co., Ltd. ...................... 100 13,717
Tohoku Electric Power Co., Inc. ..... 3,000 53,168
Tokai Bank Ltd. ..................... 12,000 56,783
Tokio Marine & Fire Insurance
Co. ............................... 10,000 119,628
Tokyo Electric Power ................ 8,300 205,202
Tokyo Electron Ltd. ................. 1,000 38,015
Tokyo Gas Co., Ltd. ................. 9,000 23,686
Tokyo Style Co., Ltd. ............... 1,000 10,137
Tokyu Corp. ......................... 9,000 23,686
Toppan Printing Co., Ltd. ........... 5,000 61,143
Toray Industries, Inc. .............. 9,000 47,054
Tostem Corp. ........................ 2,000 39,699
Toto Ltd. ........................... 2,000 16,074
Toyo Seikan Kaisha Ltd. ............. 2,000 33,992
Toyota Automatic Loom Works
Ltd. .............................. 2,000 35,428
Toyota Motor Corp. .................. 23,000 625,698
Uni-Charm Corp. ..................... 1,000 46,965
Uny Co., Ltd. ....................... 2,000 36,597
Wacaol Corp. ........................ 1,000 12,875
Yamaha Corp. ........................ 1,000 10,368
Yamanouchi Pharmaceutical Co.,
Ltd. .............................. 2,000 64,510
Yamato Transport Co., Ltd. .......... 3,000 42,003
Yamazaki Banking Co., Ltd. .......... 2,000 26,105
---------
TOTAL JAPAN ....................... 9,359,924
----------
OTHER EUROPEAN COUNTRIES (40.6%)
AUSTRIA (0.2%)
Austria Tabakwerke AG ............... 180 13,801
Bank Austria AG ..................... 595 30,254
EA-Generali AG ...................... 30 7,369
Flughafen Wein AG ................... 150 7,360
OMV AG .............................. 170 16,021
Oesterreichische
Elektrizitaetseirtschafts AG,
Class A ........................... 180 27,509
VA Technologies AG .................. 70 6,065
Wienerberger Baustoffindustrie
AG ................................ 50 9,944
-----------
118,323
-----------
BELGIUM (1.7%)
Barco N.V. .......................... 74 20,764
Colruyt S.A. ........................ 20 16,662
D'Ieteren S.A. ...................... 28 15,349
Delhaize Le Lion S.A. ............... 212 18,643
Electrabel S.A. ..................... 332 145,016
Fortis AG ........................... 481 173,227
Fortis AG Strip ..................... 140 8
Fortis AG, Class B (CVG Rights
expiring 7/21/01)* ................ 140 628
Groupe Bruxelles Lambert S.A. ....... 154 31,183
Kredietbank N.V. .................... 1,804 141,940
Petrofina S.A. ...................... 134 61,050
Solvay S.A., Class A ................ 502 37,610
Tractebel ........................... 496 95,699
UCB S.A. ............................ 10 61,325
-----------
819,104
-----------
</TABLE>
72
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
FRANCE (8.2%)
Air Liquide ........................ 515 $ 94,440
Axa++ .............................. 2,067 299,538
Axa (Warrants expiring
4/30/01)*++ ...................... 20 --
Accor S.A. ......................... 206 44,594
Alcatel Alsthom .................... 1,210 148,070
Banque Nationale de Paris .......... 1,353 111,396
Bouygues ........................... 160 32,976
Canal Plus ......................... 182 49,656
Cap Gemini Sogeti .................. 384 61,624
Carrefour S.A. ..................... 235 177,380
Cie Generale des Eaux .............. 951 246,704
Coflexip S.A. ...................... 44 2,983
Compagnie de Saint Gobain .......... 500 70,579
Dassault Systemes S.A. ............. 195 9,165
Elf Acquitaine S.A. ................ 1,657 191,506
Eridania Beghin .................... 158 27,334
Essilor International S.A. ......... 28 11,021
Etablissements Economiques du
Casino Guichard-Perrachon
S.A. ............................. 404 42,066
France Telecom S.A. ................ 4,749 377,235
Groupe Danone ...................... 450 128,813
L'Oreal ............................ 404 292,005
LVMH (Moet Hennessy Louis
Vuitton) ......................... 551 109,027
Lafarge S.A. ....................... 599 56,905
Legardere S.C.A. ................... 757 32,165
Legrand S.A. ....................... 163 43,189
Michelin, Class B (Registered) ..... 722 28,870
PSA Peugeot Citroen ................ 285 44,105
Paribas ............................ 929 80,726
Pechiney S.A., Class A ............. 415 13,550
Pernod Ricard ...................... 356 23,120
Pinault-Printemps-Redoute S.A. ..... 720 137,572
Promodes ........................... 116 84,341
Rhone-Poulenc, Class A ............. 2,283 117,469
Sanofi S.A. ........................ 664 109,291
Schneider S.A. ..................... 869 52,704
SEITA .............................. 112 7,013
Sidel S.A. ......................... 215 18,232
Simco .............................. 157 14,241
Societe BIC S.A. ................... 119 6,600
Societe Eurafrance S.A. ............ 12 7,943
Societe Generale Paris ............. 634 102,651
Sodexho Alliance S.A. .............. 198 44,279
Suez Lyonnaise des Eaux ............ 889 182,587
Thomson CSF ........................ 1,002 43,024
Total S.A., Class B ................ 1,426 144,399
Usinor Sacilor ..................... 1,205 13,377
Valero S.A. ........................ 491 38,686
---------
3,975,151
---------
GERMANY (9.2%)
AMB Aachener & Muenchener
Beteilgungs-AG ................... 250 36,304
Adidas-Salomon AG .................. 300 33,033
Allianz AG (New)* .................. 17 6,325
Allianz AG (Registered) ............ 1,450 539,454
Axa Colonia Konzern AG++ ........... 100 11,341
BASF AG ............................ 3,800 144,908
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Bayer AG ........................... 4,450 $ 186,785
Bayerische Vereinsbank AG .......... 2,425 191,788
Beiersdorf AG ...................... 350 24,047
Continental AG ..................... 350 9,724
DaimlerChrysler AG* ................ 5,744 570,436
Degussa AG ......................... 250 13,801
Deutsche Bank AG ................... 3,250 191,665
Deutsche Lufthansa AG
(Registered) ..................... 2,250 49,887
Deutsche Telekom AG ................ 13,050 428,735
Douglas Holding AG ................. 100 5,911
Dresdner Bank AG ................... 3,000 125,653
Heidelberger Zement AG ............. 350 27,513
Hochtief AG ........................ 250 9,826
Karstadt AG ........................ 50 26,163
Linde AG ........................... 50 30,303
M.A.N. AG .......................... 100 29,703
Mannesmann AG ...................... 2,300 266,022
Merck KGaA ......................... 1,000 45,005
Metro AG ........................... 1,680 132,061
Muenchener
Rueckversicherungs-Gesellschaft
AG (Registered)* ................. 512 250,393
Preussag AG ........................ 100 45,425
RWE AG ............................. 2,650 146,295
SAP AG ............................. 400 172,817
SGL Carbon AG ...................... 50 3,027
Schering AG ........................ 400 50,285
Siemens AG ......................... 3,450 226,688
Thyssen AG ......................... 200 37,804
Veba AG ............................ 2,900 171,755
Viag AG ............................ 150 88,659
Volkswagen AG ...................... 1,920 155,305
---------
4,484,846
---------
IRELAND (0.4%)
Allied Irish Banks plc ............. 4,743 84,863
CRH plc ............................ 2,125 36,662
Independent Newspapers plc ......... 1,622 6,513
Irish Life plc ..................... 1,925 18,094
Irish Permanent plc ................ 721 9,651
Jefferson Smurfit Group plc ........ 3,797 6,833
Kerry Group plc, Class A ........... 1,180 16,058
Ryanair Holdings plc* .............. 885 5,792
---------
184,466
---------
ITALY (4.6%)
Alitalia S.p.A.* ................... 11,054 40,780
Assicurazioni Generali S.p.A. ...... 6,398 266,986
Banca Commerciale Italiana ......... 11,117 76,646
Banco Intasa S.p.A. ................ 13,488 80,879
Benetton Group S.p.A.* ............. 16,533 33,296
Credito Italiano S.p.A. ............ 30,207 178,940
ENI S.p.A. (Registered) ............ 49,226 321,525
Edison S.p.A. ...................... 4,732 55,705
Fiat S.p.A. ........................ 26,606 92,361
Istituto Nazionale delle
Assicurazioni .................... 25,151 66,395
Italgas S.p.A. ..................... 3,598 19,464
Mediaset S.p.A. .................... 8,971 72,701
Mediobanca S.p.A. .................. 3,565 49,481
Montedison S.p.A. .................. 37,289 49,501
</TABLE>
73
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Olivetti S.p.A.* ................... 10,462 $ 36,381
Parmalat Finanziaria S.p.A. ........ 8,908 17,024
Pirelli S.p.A. ..................... 10,775 34,505
Riunione Adriatica di Sicurta
S.p.A. ........................... 2,189 31,706
San Paolo -- IMI S.p.A. ............ 8,402 148,376
Telecom Italia Mobile S.p.A.
(RNC) ............................ 10,828 50,948
Telecom Italia Mobile S.p.A. ....... 41,176 303,808
Telecom Italia S.p.A. .............. 23,398 199,523
Telecom Italia S.p.A. (RNC) ........ 4,077 25,643
Unione Immobiliare S.p.A* .......... 25,151 13,112
----------
2,265,686
----------
NETHERLANDS (5.7%)
ABN-Amro Holdings N.V. ............. 8,547 179,779
AEGON N.V. ......................... 3,425 420,579
Akzo Nobel N.V. .................... 1,521 69,250
Buhrmann N.V. ...................... 149 2,662
Elsevier N.V. ...................... 3,548 49,690
Getronics N.V. ..................... 424 20,998
Hagemeyer N.V. ..................... 525 19,178
Heineken N.V. ...................... 1,910 114,932
IHC Caland N.V. .................... 64 2,658
ING Groep N.V. ..................... 5,581 340,287
KLM Royal Dutch
Airlines N.V. .................... 323 9,770
Koninklijke Ahold N.V. ............. 3,766 139,177
Koninklijke KPN N.V. ............... 2,879 144,111
Oce N.V. ........................... 302 10,855
Philips Electronics N.V. ........... 2,176 146,001
Royal Dutch Petroleum Co. .......... 12,574 626,055
TNT Post Group N.V. ................ 2,559 82,443
Unilever N.V. ...................... 3,772 322,385
Wolters Kluwer N.V. ................ 344 73,603
----------
2,774,413
----------
PORTUGAL (0.5%)
BPI-SGPS S.A. (Registered) ......... 300 10,185
Banco Comercial Portugues
(Registered) ..................... 1,200 36,910
Banco Espirito Santo ............... 662 20,556
Brisa-Auto Estradas de Portugal
S.A. ............................. 400 23,556
Cimentos de Portugal S.A. .......... 500 15,968
Electricidade de Portugal S.A. ..... 3,300 72,689
Jeronimo Martins & Filho ........... 500 27,365
Portugal Telecom S.A. .............. 1,100 50,457
Sonae Investimentos-Sociedade
Gestora de Participacoes
Sociais S.A. ..................... 100 4,864
----------
262,550
----------
SPAIN (2.9%)
Acerinox S.A. ...................... 280 6,511
Argentaria Corp. Banc .............. 2,778 71,835
Autopistas Concesionaria Espana 1,368 22,717
Azucarera Ebro Agricolas S.A. ...... 539 11,871
Banco Bilbao Vizcaya S.A. .......... 11,926 186,711
Banco Central Hispanoamer S.A. 5,556 65,873
Banco Santander S.A. ............... 7,211 143,083
Corporacion Financiera Alba
S.A. ............................. 114 19,011
Dragados & Construcciones S.A. 306 11,261
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Endesa S.A. ........................ 5,824 $ 154,083
Fomento de Construcciones y
Contratas S.A. ................... 425 31,549
Gas Natural SDG S.A. ............... 771 83,816
Iberdrola S.A. ..................... 5,659 105,718
Repsol S.A. ........................ 1,880 100,138
Sociedad General de Aguas de
Barcelona S.A. ................... 342 22,861
Tabacalera S.A., Class A ........... 1,183 29,800
TelePizza S.A.* .................... 1,182 11,228
Telefonica S.A. .................... 6,142 272,699
Telefonica S.A. (Rights expiring
1/30/99)* ........................ 6,142 5,445
Union Electrica Fenosa S.A. ........ 1,237 21,368
Vallehermoso S.A. .................. 762 10,884
Zardoya Otis S.A. .................. 375 11,689
----------
1,400,151
----------
SWITZERLAND (7.2%)
ABB AG (Bearer) .................... 50 58,695
Adecco S.A. (Bearer) ............... 100 45,716
Alusuisse Lonza Group AG ........... 40 46,664
CS Holdings ........................ 1,650 258,658
Georg Fischer AG (Registered) ...... 30 10,160
Holderbank Financiere Glarus
AG (Registered) .................. 90 22,574
Holderbank Financiere Glarus
AG, Class B ...................... 30 35,567
Kuoni Reisen AG (Registered) ....... 1 3,974
Nestle S.A. (Registered) ........... 235 512,322
Novartis AG (Bearer) ............... 30 59,059
Novartis AG (Registered) ........... 365 718,556
Roche Holding AG ................... 10 181,371
Roche Holding AG (Genus
Certificate) ..................... 42 513,248
SGS Societe Generale de
Surveillance Holding S.A. ........ 15 14,710
SAirGroup (Registered) ............. 50 12,432
Sulzer AG .......................... 20 12,191
Swiss Reinsurance Co.
(Registered) ..................... 85 221,936
Swisscom AG (Registered)* .......... 450 188,662
The Swatch Group AG,
(Class B) ........................ 10 6,198
The Swatch Group AG ................ 100 15,002
UBS AG (Registered)* ............... 1,251 384,923
Zurich Allied AG* .................. 280 207,626
----------
3,530,244
----------
TOTAL OTHER EUROPEAN
COUNTRIES ..................... 19,814,934
----------
SCANDINAVIA (4.6%)
DENMARK (0.7%)
Carlsberg A.S., Class B ............ 200 11,564
Carlsberg, Class A ................. 200 11,627
D/S 1912, Class B .................. 6 41,951
D/S Svendborg, Class B ............. 4 40,537
Danisco ............................ 357 19,352
Den Danske Bank AS ................. 300 40,302
ISS International Service System
A/S, Class B ..................... 143 9,302
Novo-Nordisk A/S, Class B .......... 413 54,509
</TABLE>
74
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Tele Danmark A/S, Class B .......... 590 $ 79,631
Unidanmark A/S, Class A
(Registered) ..................... 300 27,103
----------
335,878
----------
FINLAND (1.4%)
Kemira Oyj ......................... 1,000 7,158
Kesco Oyj .......................... 700 10,434
Merita Plc, Class A ................ 5,600 35,364
Metra Oyj, Class B ................. 200 3,452
Nokia Oyj, Class A ................. 2,800 340,462
Nokia Oyj, Class K ................. 800 97,275
Outokumpu Oyj ...................... 500 4,589
Raisio Group plc ................... 1,800 19,769
Sampo Insurance Co., plc,
Class A .......................... 500 18,974
Sonera Group Oyj* .................. 2,900 51,187
Tieto Corp., Class B ............... 600 26,711
UPM-Kymmene Oyj .................... 1,700 47,343
----------
662,718
----------
NORWAY (0.2%)
Bergesen d. y. ASA, Class A ........ 500 5,986
Christiania Bank OG Kreditkasse 2,900 10,073
Den Norske Bank .................... 2,600 8,997
Kvaerner plc ....................... 200 3,947
Merkantildata ASA .................. 550 5,427
NCL Holdings ASA* .................. 1,200 2,842
Norsk Hydro ASA .................... 1,250 42,266
Orkla ASA, Class A ................. 800 11,946
Petroleum Geo-Services* ............ 400 5,105
Schibsted ASA ...................... 450 5,684
Storebrand ASA* .................... 1,800 13,617
Tomra Systems ASA .................. 200 6,578
----------
122,468
----------
SWEDEN (2.3%)
ABB AB, Class A .................... 4,200 44,875
ABB AB, Class B .................... 400 4,249
AGA AB, Class A .................... 400 5,311
Astra AB, Class A .................. 8,200 167,631
Astra AB, Class B .................. 1,400 28,533
Atlas Copco AB ..................... 900 19,788
Drott AB, Class B* ................. 500 4,601
Electrolux AB, Class B ............. 2,400 41,355
Ericsson LM, Class B ............... 11,800 281,308
Fastighets AB Balder* .............. 60 667
ForeningsSparbanken AB ............. 1,900 49,285
Hennes & Mauritz AB, Class B ....... 1,300 106,303
Mandamus AB* ....................... 45 253
Netcom Systems AB, Class B* ........ 700 28,533
Sandvik AB, Class A ................ 1,600 27,866
Securitas AB, Class B .............. 2,500 38,909
Skandia Forsakrings AB ............. 3,600 55,140
Skandinaviska Enskilda Banken ...... 4,300 45,413
Skanska AB, B Shares ............... 800 22,234
Svenska Cellulosa, AB, Class B ..... 1,200 26,236
Svenska Handelsbanken, Class A 1,300 54,918
Volvo AB, Class A .................. 1,000 22,419
Volvo AB, Class B .................. 1,600 36,760
WM-Data AB, Class B ................ 200 8,548
----------
1,121,135
----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
TOTAL SCANDINAVIA ................ $2,242,199
----------
SOUTHEAST ASIA (2.3%)
HONG KONG (1.7%)
Bank of East Asia Ltd. ............. 4,844 8,441
CLP Holdings Ltd. .................. 14,000 69,754
Cathay Pacific Airways ............. 22,000 21,866
Cheung Kong Ltd. ................... 13,000 93,549
Hang Seng Bank Ltd. ................ 11,900 106,370
Hong Kong & China Gas Co.,
Ltd. ............................. 22,000 27,971
Hong Kong & China Gas Co.,
Ltd. (Warrants expiring
9/30/99)* ........................ 500 33
Hong Kong Telecommunications
Ltd. ............................. 73,394 128,367
Hutchison Whampoa Ltd. ............. 24,000 169,609
Johnson Electric Holdings Ltd. ..... 4,000 10,275
New World Development Co. .......... 14,108 35,510
Shangri-La Asia Ltd. ............... 10,000 8,519
Sun Hung Kai Properties Ltd. ....... 14,235 103,815
Swire Pacific Ltd., Class A ........ 9,000 40,311
Television Broadcasts Ltd. ......... 2,000 5,163
Wharf Holdings ..................... 13,000 18,962
Wharf Holdings (Warrants
expiring 12/31/99)* .............. 400 33
----------
848,548
----------
SINGAPORE (0.6%)
City Developments .................. 4,000 17,333
Creative Technology Ltd.* .......... 1,000 14,121
Development Bank of Singapore
(Foreign) ........................ 4,600 41,539
Keppel Corp. Ltd. .................. 6,000 16,073
Oversea-Chinese Banking Corp.,
Ltd. (Foreign) ................... 6,057 41,114
Singapore Airlines Ltd. ............ 5,000 36,667
Singapore Press Holdings Ltd. ...... 3,048 33,066
Singapore Technologies
Engineering Ltd. ................. 20,000 18,667
Singapore Telecommunications
Ltd. ............................. 34,000 51,927
United Overseas Bank Ltd.
(Foreign) ........................ 3,000 19,273
----------
289,780
----------
TOTAL SOUTHEAST ASIA ............. 1,138,328
----------
UNITED KINGDOM (18.4%)
Abbey National plc ................. 8,474 181,459
Allied Zurich plc* ................. 9,387 140,019
Anglian Water plc .................. 1,842 25,438
Arjo Wiggins Appleton plc .......... 2,323 4,368
Associated British Foods plc ....... 5,015 47,436
BBA Group plc ...................... 1,519 9,427
BG plc ............................. 23,618 149,032
BOC Group plc ...................... 2,825 40,399
BPB plc ............................ 3,563 13,472
BTR plc ............................ 16,787 34,634
Barclays plc ....................... 9,147 197,240
Bass plc ........................... 4,410 64,203
Blue Circle Industries plc ......... 3,834 19,775
Boots Co. plc ...................... 5,609 95,518
British Aerospace plc .............. 9,926 84,145
</TABLE>
75
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
British Airport Authority plc ........ 5,856 $68,350
British Airways plc .................. 5,998 40,443
British American Tobacco plc ......... 8,567 75,333
British Land Co., plc ................ 3,057 22,736
British Petroleum Co., plc ........... 34,836 520,204
British Sky Broadcasting plc ......... 10,573 80,306
British Steel plc .................... 12,289 18,198
British Telecom plc .................. 37,760 568,894
Bunzl plc ............................ 2,883 11,273
Burmah Castrol plc ................... 1,253 17,929
Cable & Wireless plc ................. 14,375 176,752
Cadbury Schweppes plc ................ 6,171 105,242
Carlton Communications plc ........... 4,042 37,191
Centrica plc ......................... 22,691 45,683
Coca-Cola Beverages plc* ............. 3,490 6,418
CGU plc .............................. 7,944 124,377
Compass Group plc .................... 3,828 43,852
Diageo plc ........................... 21,652 246,414
EMI Group plc ........................ 3,870 25,885
Electrocomponents plc ................ 1,842 12,351
GKN plc .............................. 4,555 60,441
General Electric Co., plc ............ 16,405 148,077
Glaxo Wellcome plc ................... 21,149 727,698
Granada Group plc .................... 4,926 87,083
Great Universal Stores plc ........... 5,497 57,941
Guardian Royal Exchange plc .......... 3,443 19,277
HSBC Holdings plc .................... 10,785 272,756
HSBC Holdings plc .................... 5,040 136,688
Halifax plc .......................... 14,405 204,444
Hanson plc ........................... 3,355 26,641
Imperial Chemical Industries plc ..... 3,652 31,658
Jarvis plc ........................... 904 10,047
Kingfisher plc ....................... 7,428 80,395
Ladbroke Group plc ................... 3,691 14,831
Land Securities plc .................. 3,074 39,587
Lasmo plc ............................ 1,694 2,819
Legal & General Group plc ............ 7,789 101,150
Lloyds TSB Group plc ................. 31,829 452,794
LucasVarity plc ...................... 8,392 27,996
Marks & Spencer plc .................. 17,390 119,281
MEPC plc ............................. 1,837 12,226
Misys plc ............................ 3,072 22,375
National Grid Group plc .............. 8,087 64,553
National Power plc ................... 7,876 67,881
Pearson plc .......................... 3,246 64,432
Penninsular & Oriental Steam
Navigation Co. ..................... 3,692 43,645
Pilkington plc ....................... 342 341
Provident Financial plc .............. 1,692 24,915
Prudential Corp. plc ................. 11,622 175,484
RMC Group plc ........................ 1,309 17,925
Racal Electronic plc ................. 1,213 7,023
Railtrack Group plc .................. 3,168 82,808
Rank Group plc ....................... 4,798 18,481
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -----------------
<S> <C> <C>
Reed International plc ............... 5,635 $44,066
Rentokil Initial plc ................. 17,331 130,627
Reuters Group plc .................... 9,032 94,825
Rexam plc ............................ 2,930 8,141
Rio Tinto plc (Registered) ........... 5,842 67,944
Rolls-Royce plc ...................... 8,754 36,267
Royal & Sun Alliance Insurance
Group plc .......................... 8,674 70,826
Royal Bank of Scotland plc ........... 4,770 76,190
Safeway plc .......................... 5,344 26,852
Sainsbury J plc ...................... 11,701 93,790
Schroeders plc ....................... 1,969 35,939
Scottish & Newcastle plc ............. 3,109 36,107
Scottish Power plc ................... 5,894 60,556
Siebe plc ............................ 11,972 47,209
Slough Estates plc ................... 2,760 12,491
SmithKline Beecham plc ............... 32,794 458,337
Smiths Industries plc ................ 1,439 20,531
Southern Electric plc ................ 2,414 27,292
Stagecoach Holdings plc .............. 7,185 28,602
TI Group plc ......................... 3,201 17,243
Tarmac plc ........................... 5,045 9,443
Tate Lyle ORD plc .................... 2,148 11,830
Taylor Woodrow plc ................... 3,153 7,895
Tesco plc ............................ 40,347 114,962
Thames Water plc ..................... 1,992 38,115
The Berkeley Group plc ............... 1,015 7,456
Unilever plc ......................... 19,486 218,521
United Utilities plc ................. 3,521 48,800
Vodafone Group plc ................... 17,784 288,795
Williams plc ......................... 3,550 20,156
Wolseley plc ......................... 3,086 19,511
Zeneca Group plc ..................... 5,440 236,872
----------
TOTAL UNITED KINGDOM ............... 8,994,280
-----------
TOTAL COMMON STOCKS, RIGHTS
AND WARRANTS (87.5%)
(Cost $38,285,180).................. 42,728,080
-----------
PREFERRED STOCKS:
AUSTRALIA & NEW ZEALAND (0.2%)
AUSTRALIA (0.2%)
News Corp., Ltd. ..................... 12,888 78,418
-----------
OTHER EUROPEAN COUNTRIES (0.3%)
GERMANY (0.3%)
RWE AG ............................... 700 25,413
SAP AG (Non Voting) .................. 250 119,937
Volkswagen AG ........................ 500 24,902
------------
170,252
------------
TOTAL PREFERRED STOCKS (0.5%)
(Cost $249,996).................. 248,670
------------
</TABLE>
76
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------ --------------
<S> <C> <C>
SHORT-TERM DEBT
SECURITIES:
U.S. GOVERNMENTS (10.3%)
U.S. TREASURY BILLS
01/07/99 .......................... $ 40,000 $ 39,989
01/21/99 .......................... 906,000 904,126
02/04/99- ......................... 45,000 44,834
02/11/99 .......................... 1,425,000 1,418,548
02/18/99 .......................... 732,000 728,057
03/11/99 .......................... 540,000 535,743
04/01/99 .......................... 1,360,000 1,345,802
-----------
TOTAL SHORT-TERM DEBT
SECURITIES (10.3%)
(Amortized Cost $5,014,972)..... 5,017,099
-----------
TOTAL INVESTMENTS (98.3%)
(Cost/Amortized Cost
$43,550,148) ...................... 47,993,849
OTHER ASSETS
LESS LIABILITIES (1.7%) ........... 816,491
-----------
NET ASSETS (100%) ................... $48,810,340
===========
</TABLE>
<TABLE>
<CAPTION>
MARKET SECTOR DIVERSIFICATION (Unaudited)
<S> <C> <C>
As a Percentage of Total Common Stocks,
Preferred Stocks, Rights, and Warrants
Basic Materials ................ 3.3%
Business Services .............. 4.0
Capital Goods .................. 5.7
Consumer Cyclicals ............. 12.0
Consumer Non-Cyclicals ......... 19.7
Credit Sensitive
Banks ........................ 13.8
Financial Services ........... 3.4
Insurance .................... 7.8
Real Estate .................. 1.6
Utility--Electric ............ 2.7
Utility--Gas ................. 1.2
Utility--Telephone ........... 3.0
Investment Company ........... 0.2
----
Total Credit Sensitive ......... 33.7
Diversified .................... 1.1
Energy ......................... 7.0
Technology ..................... 13.5
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing
++ Issuer of this security is an affiliate of the Trust.
- - All, or a portion of securities held by broker as collateral for financial
futures contracts.
Glossary:
CVG--Certificate de Valeur Garantie
RNC--Risparmio Non-Convertible, Savings Shares
77
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
At December 31, 1998, the Portfolio had the following 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 ......... 3 $ 132,105 Dec `98 $ 627
Australia All Ordinaries Index ......... 1 43,702 March `99 915
German Index ........................... 6 1,822,696 March `99 117,618
Hang Seng Index ........................ 2 130,683 Jan `99 (2,930)
IBEX Plus Index ........................ 4 280,129 Jan `99 11,608
Milan MIB 30 Index ..................... 1 216,308 March `99 19,791
CAC 40 Index ........................... 16 561,459 March `99 13,221
Nikkei 300 Index ....................... 29 544,184 March `99 (16,208)
Nikkei 225 Index ....................... 5 342,500 March `99 (15,450)
Financial Times 100 Index .............. 14 1,359,167 March `99 10,114
---------
$ 139,306
=========
</TABLE>
At December 31, 1998 the Portfolio had outstanding foreign currency contracts
to buy 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 1/29/99 ......... 542 $ 907,636 $ 900,552 $ (7,084)
German Mark, expiring 1/29/99 ........... 3,448 2,061,990 2,072,155 10,165
Japanese Yen, expiring 1/29/99 .......... 93,591 812,421 832,658 20,237
--------
$ 23,318
========
</TABLE>
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $39,230,618
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 672,763
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 5,607,974
Aggregate gross unrealized depreciation .......... (1,229,180)
------------
Net unrealized appreciation ...................... $ 4,378,794
============
Federal income tax cost of investments ........... $ 43,615,055
============
</TABLE>
<PAGE>
At December 31, 1998, the Portfolio had loaned securities with a total value of
$456,402 which was secured by collateral of
$484,745.
The Portfolio has a net capital loss carryforward of $266,434 which expires in
the year 2006.
See Notes to Financial Statements.
78
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCK:
BASIC MATERIALS (4.4%)
CHEMICALS (0.9%)
A. Schulman, Inc. ................... 1,300 $ 29,494
Calgon Carbon Corp. ................. 1,000 7,500
Cambrex Corp. ....................... 1,200 28,800
ChemFirst, Inc. ..................... 1,100 21,725
Dionex Corp.* ....................... 800 29,300
Geon Co. ............................ 900 20,700
Georgia Gulf Corp. .................. 1,200 19,275
NOVA Corp./Georgia* ................. 2,415 83,770
Octel Corp.* ........................ 500 6,938
Spartech Corp. ...................... 300 6,600
Stepan Co. .......................... 200 5,325
Wellman, Inc. ....................... 1,800 18,337
-----------
277,764
-----------
CHEMICALS--SPECIALTY (0.9%)
Airgas, Inc.* ....................... 3,000 26,812
Albemarle Corp. ..................... 1,040 24,700
Bush Boake Allen, Inc.* ............. 400 14,100
Ethyl Corp. ......................... 3,300 19,181
Ferro Corp. ......................... 1,300 33,800
General Chemical Group, Inc. ........ 500 6,938
H.B. Fuller Co. ..................... 300 14,437
Lawter International, Inc. .......... 1,100 12,787
LeaRonal, Inc. ...................... 200 6,775
Lilly Industries, Inc., Class A ..... 800 15,950
M.A. Hanna Co. ...................... 2,300 28,319
MacDermid, Inc. ..................... 600 23,475
Minerals Technologies, Inc. ......... 500 20,469
NCH Corp. ........................... 100 5,950
NL Industries, Inc. ................. 700 9,931
OM Group, Inc. ...................... 700 25,550
Terra Industries, Inc. .............. 600 3,713
The Carbide/Graphite Group,
Inc.* ............................. 200 2,950
-----------
295,837
-----------
METALS & MINING (0.9%)
ASARCO, Inc. ........................ 900 13,556
Battle Mountain Gold Co. ............ 7,200 29,700
Century Aluminum Co. ................ 500 4,719
Chase Industries, Inc.* ............. 600 6,262
Cleveland-Cliffs, Inc. .............. 400 16,125
Commercial Metals Co. ............... 600 16,650
Commonwealth Industries, Inc. ....... 300 2,813
Getchell Gold Corp.* ................ 1,300 35,425
Helca Mining Co.* ................... 2,200 7,975
Intermet Corp. ...................... 600 7,837
Lawson Products, Inc. ............... 200 4,600
MAXXAM, Inc.* ....................... 100 5,737
MDU Resources Group, Inc. ........... 1,500 39,469
Mueller Industries, Inc.* ........... 1,600 32,500
RTI International Metals, Inc.* ..... 300 4,200
Ryerson Tull, Inc., Class A* ........ 500 4,875
Southern Peru Ltd. .................. 1,300 12,269
Special Metals Corp.* ............... 600 5,363
Stillwater Mining Co.* .............. 800 32,800
Titanium Metals Corp. ............... 600 5,100
Wolverine Tube, Inc.* ............... 500 10,500
-----------
298,475
-----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
PAPER (0.8%)
Buckeye Technologies, Inc.* ......... 1,200 $ 17,925
Caraustar Industries, Inc. .......... 800 22,850
Chesapeake Corp. .................... 900 33,187
Gibson Greetings, Inc.* ............. 600 7,125
Ivex Packaging Corp.* ............... 400 9,300
Longview Fibre, Co. ................. 1,400 16,188
P. H. Glatfelter Co. ................ 900 11,138
Potlatch Corp. ...................... 900 33,187
Rayonier, Inc. ...................... 800 36,750
Rock-Tenn Co., Class A .............. 600 10,163
Schweitzer-Mauduit
International, Inc. ............... 500 7,719
Unisource Worldwide, Inc. ........... 2,300 16,675
Wausau-Mosinee Paper Corp. .......... 1,900 33,606
-----------
255,813
-----------
STEEL (0.9%)
AK Steel Holding Corp. .............. 2,000 47,000
Armco, Inc.* ........................ 3,000 13,125
Bethlehem Steel Corp.* .............. 5,609 46,975
Birmingham Steel Corp. .............. 900 3,769
Carpenter Technology Corp. .......... 700 23,756
Citation Corp.* ..................... 400 5,050
Gibralter Steel Corp.* .............. 400 9,100
Inland Steel Industries, Inc. ....... 1,386 23,389
Lone Star Technologies, Inc.* ....... 600 6,075
LTV Corp. ........................... 3,700 21,506
Maverick Tube Corp.* ................ 1,200 6,675
Metals USA, Inc.* ................... 1,200 11,700
National Steel Corp., Class B ....... 700 4,988
NS Group, Inc.* ..................... 1,800 7,988
Oregon Steel Mills, Inc. ............ 600 7,125
Quanex Corp. ........................ 900 20,306
Reliance Steel & Aluminum Co. 300 8,287
Rouge Industries, Inc., Class A ..... 600 5,250
Shaw Group, Inc.* ................... 800 6,400
Shiloh Industries, Inc.* ............ 200 2,625
Steel Dynamics, Inc.* ............... 1,100 12,925
Valmont Industries .................. 600 8,325
-----------
302,339
-----------
TOTAL BASIC MATERIALS ............. 1,430,228
-----------
BUSINESS SERVICES (11.4%)
ENVIRONMENT CONTROL (1.5%)
AgriBioTech, Inc.* .................. 1,200 15,525
Aqua Alliance, Inc.* ................ 5,600 11,550
Cadiz, Inc.* ........................ 1,300 9,913
California Water Service Group ...... 600 18,787
Catalytica, Inc.* ................... 1,900 34,200
CCC Information Services
Group* ............................ 1,200 20,700
CLARCOR, Inc. ....................... 950 19,000
CSG System International, Inc.* ..... 900 71,100
Dames & Moore Group ................. 700 9,013
Donaldson Co., Inc. ................. 1,400 29,050
E'Town Corp. ........................ 100 4,738
Eastern Environmental Services,
Inc.* ............................. 900 26,662
Ionics, Inc.* ....................... 400 11,975
Metal Management, Inc.* ............. 500 1,750
Mine Safety Appliances Co. .......... 100 7,100
</TABLE>
79
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Mississippi Chemical Corp. ........... 1,400 $ 19,600
ONEOK, Inc. .......................... 900 32,512
Philadelphia Suburban Corp. .......... 1,200 35,475
Rollins, Inc. ........................ 700 12,250
Roper Industries, Inc. ............... 1,500 30,562
Safety-Kleen Corp.* .................. 1,210 17,091
Superior Services, Inc.* ............. 700 14,044
Tejon Ranch Co. ...................... 300 5,963
Tetra Tech, Inc.* .................... 1,050 28,416
Thermo Ecotek Corp.* ................. 500 5,281
Waste Industries, Inc.* .............. 500 8,625
-----------
500,882
-----------
PRINTING, PUBLISHING, BROADCASTING (2.8%)
Ackerely Group, Inc. ................. 500 9,125
Adelphia Communications Corp.,
Class A* ........................... 700 32,025
American Media, Inc., Class A* ....... 800 4,450
Analysts International Corp. ......... 600 11,550
Banta Corp. .......................... 1,300 35,587
Big Flower Holdings, Inc.* ........... 500 11,031
Bowne & Co., Inc. .................... 1,700 30,387
Catalina Marketing Corp.* ............ 700 47,862
CD Radio, Inc.* ...................... 600 20,550
Century Communications Corp.,
Class A* ........................... 1,000 31,719
Consolidated Graphics, Inc.* ......... 400 27,025
Cox Radio Inc., Class A* ............. 300 12,675
EchoStar Communications Corp.,
Class A* ........................... 400 19,350
Emmis Communications Corp.,
Class A* ........................... 300 13,013
Gaylord Entertainment Co. ............ 900 27,112
HA-LO Industries, Inc.* .............. 800 30,100
Hollinger International, Inc. ........ 800 11,150
Houghton Mifflin Co. ................. 900 42,525
John Wiley & Sons, Inc., Class A 800 38,650
Jones Intercable, Inc., Class A* ..... 700 24,937
Journal Register Co.* ................ 400 6,000
Lee Enterprises, Inc. ................ 1,500 47,250
Mail-Well, Inc.* ..................... 1,300 14,869
McClatchy Co., Class A ............... 800 28,300
Media General, Inc., Class A ......... 800 42,400
Merrill Corp. ........................ 200 3,863
Metro Networks, Inc.* ................ 100 4,263
On Command Corp.* .................... 500 4,531
Paxson Communications Corp.* ......... 600 5,513
Petersen Companies, Inc.,
Class A* ........................... 700 23,713
Playboy Enterprises, Inc.,
Class B* ........................... 400 8,375
Scholastic Corp.* .................... 600 32,175
SFX Entertainment, Class A* .......... 800 43,900
Spelling Entertainment Group,
Inc.* .............................. 500 3,750
Standard Register Co. ................ 500 15,469
TCI Satellite Entertainment, Inc.,
Class A* ........................... 1,600 2,300
United International Holdings,
Inc., Class A* ..................... 1,300 25,025
United Television, Inc. .............. 100 11,500
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Westwood One, Inc.* .................. 800 $ 24,400
World Color Press, Inc.* ............. 1,100 33,481
Young Broadcasting Corp.,
Class A* ........................... 500 20,938
Zebra Technologies Corp.,
Class A* ........................... 900 25,875
-----------
908,713
-----------
PROFESSIONAL SERVICES (5.4%)
Abacus Direct Corp.* ................. 300 13,650
ABM Industries, Inc. ................. 900 31,162
Administaff, Inc.* ................... 200 5,000
ADVO, Inc.* .......................... 1,100 29,012
Alexander & Baldwin, Inc. ............ 1,700 39,525
Alternative Resources Corp.* ......... 200 2,125
Ambassadors International, Inc.* 200 2,950
American Retirement Corp.* ........... 900 14,119
AnswerThink Consulting Group,
Inc.* .............................. 400 10,750
APAC TeleServices, Inc.* ............. 900 3,403
Applied Graphics Technologies,
Inc.* .............................. 360 5,940
Aztec Technology Partners, Inc.* 1 4
Bacou USA, Inc.* ..................... 500 10,750
Berlitz International, Inc.* ......... 200 5,800
Billing Concepts Corp.* .............. 1,000 11,000
Borg-Warner Security Corp.* .......... 400 7,500
Boron, LePore & Associates,
Inc.* .............................. 400 13,800
Brightpoint, Inc.* ................... 1,600 22,000
Brookdale Living Communities,
Inc.* .............................. 500 9,750
Caribiner International, Inc.* ....... 600 5,475
CDI Corp.* ........................... 500 10,094
Century Business Services, Inc.* ..... 1,700 24,437
Cerner Corp.* ........................ 800 21,400
Circle International Group, Inc. ..... 600 12,300
Coach USA, Inc.* ..................... 800 27,750
Coinmach Laundry Corp.* .............. 400 5,200
Computer Learning Centers,
Inc.* .............................. 500 3,344
Computer Management Sciences,
Inc.* .............................. 300 5,213
Concentra Managed Care, Inc.* ........ 1,300 13,894
Concord Communications, Inc.* ........ 500 28,375
CORT Business Service Corp.* ......... 700 16,975
Cotelligent, Inc.* ................... 500 10,656
Coventry Health Care, Inc.* .......... 2,700 23,794
Crawford & Co., Class B .............. 1,300 20,069
Data Processing Resources
Corp.* ............................. 200 5,850
Deltek Systems, Inc.* ................ 300 5,063
DeVry, Inc.* ......................... 2,200 67,375
Dollar Thrifty Automotive
Group, Inc.* ....................... 1,000 12,875
E.W. Blanch Holdings, Inc. ........... 600 28,462
Education Management Corp.* .......... 600 14,175
EduTrek International, Inc.,
Class A* ........................... 500 2,875
Electronics for Imaging, Inc.* ....... 1,800 72,337
F.Y.I., Inc.* ........................ 600 19,200
</TABLE>
80
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Fisher Scientific International,
Inc.* .............................. 1,500 $ 29,906
Franklin Covey Co.* .................. 800 13,400
General Binding Corp. ................ 300 11,175
Getty Images, Inc.* .................. 700 12,031
Group Maintenance America
Corp.* ............................. 700 8,488
HealthPlan Services Corp. ............ 900 10,350
Icon CMT Corp.* ...................... 400 6,400
InaCom Corp.* ........................ 300 4,463
Indus International, Inc.* ........... 800 5,600
Informix Corp. ....................... 5,300 52,337
Interim Services, Inc.* .............. 1,400 32,725
ITT Educational Services, Inc.* ...... 500 17,000
Kendle International, Inc.* .......... 400 9,350
Kroll-O'Gara Co.* .................... 500 19,719
LabOne, Inc. ......................... 400 5,200
Labor Ready, Inc.* ................... 900 17,719
Landauer, Inc. ....................... 200 6,475
Lason, Inc.* ......................... 600 34,912
Learning Tree International,
Inc.* .............................. 200 1,813
MemberWorks, Inc.* ................... 300 8,850
Metamor Worldwide, Inc.* ............. 1,300 32,500
Metzler Group, Inc.* ................. 450 21,909
National Data Corp. .................. 1,300 63,294
Navigant International, Inc.* ........ 1 8
NCO Group, Inc.* ..................... 400 18,000
NFO Worldwide, Inc.* ................. 600 6,900
Norrell Corp. ........................ 500 7,375
Olsten Corp. ......................... 2,500 18,437
On Assignment, Inc.* ................. 400 13,800
Pegasystems, Inc.* ................... 300 1,247
Personnel Group of America,
Inc.* .............................. 1,200 21,000
Pharmaceutical Product
Development, Inc.* ................. 800 24,050
Pinkertons, Inc.* .................... 200 4,263
Pre-Paid Legal Services, Inc.* ....... 700 23,100
Preview Travel, Inc.* ................ 400 7,375
ProBusiness Services, Inc.* .......... 350 15,925
Profit Recovery Group
International, Inc.* ............... 300 11,231
Renaissance Worldwide, Inc.* ......... 400 2,450
Rent-Way, Inc.* ...................... 500 12,156
Romac International, Inc.* ........... 1,040 23,140
Seitel, Inc.* ........................ 1,200 14,925
SITEL Corp.* ......................... 1,400 3,413
Staff Leasing, Inc.* ................. 800 9,300
StaffMark, Inc.* ..................... 800 17,900
Strayer Education, Inc. .............. 300 10,575
Superior Consultant Holdings
Corp.* ............................. 200 8,700
Sybase, Inc.* ........................ 3,000 22,219
Sylvan Learning Systems, Inc.* ....... 1,600 48,800
TeleTech Holdings, Inc.* ............. 1,200 12,300
TMP Worldwide, Inc.* ................. 400 16,800
URS Corp.* ........................... 500 11,688
USWeb Corp.* ......................... 2,100 55,387
Valassis Communications, Inc.* ....... 1,400 72,275
Veritas DGC, Inc.* ................... 800 10,400
Vincam Group, Inc.* .................. 500 8,781
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Volt Information Sciences, Inc.* ..... 200 $ 4,513
Wackenhut Corp., Class A ............. 400 10,175
Wackenhut Corrections Corp.* ......... 600 17,175
Wallace Computer Services, Inc. ...... 1,500 39,562
Westaff, Inc.* ....................... 400 2,500
Whittman-Hart, Inc.* ................. 900 24,862
-----------
1,753,751
-----------
TRUCKING, SHIPPING (1.7%)
Air Express International Corp. ...... 1,200 26,100
AirNet Systems, Inc.* ................ 600 8,625
AMERCO* .............................. 300 8,381
American Freightways Corp.* .......... 900 10,378
Arnold Industries, Inc. .............. 800 12,900
Avondale Industries, Inc.* ........... 400 11,600
C.H. Robinson Worldwide, Inc. ........ 1,700 44,094
Consolidated Freightways Corp.* 1,000 15,875
Covenant Transport, Inc.,
Class A* ........................... 300 5,363
Dispatch Management Services
Corp.* ............................. 400 1,625
Eagle USA Airfreight, Inc.* .......... 100 2,450
Expeditors International of
Washington, Inc. ................... 1,000 42,000
Fritz Cos., Inc.* .................... 400 4,325
Greyhound Lines, Inc.* ............... 1,500 8,906
GulfMark Offshore, Inc.* ............. 500 7,875
Halter Marine Group, Inc.* ........... 800 3,900
Heartland Express, Inc.* ............. 1,100 19,250
Hvide Marine, Inc., Class A* ......... 1,100 5,500
Iron Mountain, Inc.* ................. 850 30,653
J.B. Hunt Transport Services, Inc. 800 18,400
Kirby Corp.* ......................... 775 15,452
Knight Transportation, Inc.* ......... 550 14,678
Landstar Systems, Inc.* .............. 400 16,300
M.S. Carriers, Inc.* ................. 400 13,175
OMI Corp.* ........................... 400 1,300
Overseas Shipholding Group, Inc. 1,000 16,063
Pittston BAX Group ................... 400 4,450
Roadway Express, Inc. ................ 600 8,663
Swift Transportation Co., Inc.* ...... 1,100 30,834
United Rentals (North America),
Inc.* .............................. 888 29,415
USFreightways Corp. .................. 800 23,300
Werner Enterprises, Inc. ............. 1,000 17,687
Wisconsin Central Transport
Corp.* ............................. 2,000 34,375
XTRA Corp. ........................... 800 33,100
Yellow Corp.* ........................ 900 17,212
-----------
564,204
-----------
TOTAL BUSINESS SERVICES ............ 3,727,550
-----------
CAPITAL GOODS (10.5%)
AEROSPACE (0.5%)
AAR Corp. ............................ 1,050 25,069
BE Aerospace, Inc.* .................. 1,200 25,200
Curtiss-Wright Corp. ................. 200 7,625
Cymer, Inc.* ......................... 900 13,162
Ducommun, Inc.* ...................... 150 2,072
GenCorp, Inc. ........................ 1,000 24,937
Hexcel Corp.* ........................ 700 5,863
Kaman Corp., Class A ................. 900 14,456
</TABLE>
81
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Kellstrom Industries, Inc.* ......... 400 $ 11,500
Moog, Inc., Class A* ................ 200 7,825
REMEC, Inc.* ........................ 500 9,000
Scott Technologies, Inc.,
Class A* .......................... 400 6,613
-----------
153,322
-----------
BUILDING & CONSTRUCTION (2.0%)
A.O. Smith Corp., Class B ........... 750 18,422
American Homestar Corp.* ............ 200 3,000
Ameron International Corp. .......... 400 14,800
Building One Services Corp.* ........ 1,700 35,487
Butler Manufacturing Co. ............ 300 6,713
Champion Enterprises, Inc.* ......... 1,500 41,062
Coachman Industries, Inc. ........... 800 21,000
Crossmann Communities, Inc.* ........ 300 8,288
Dal-Tile International, Inc.* ....... 1,200 12,450
Del Webb Corp. ...................... 800 22,050
Dycom Industries, Inc.* ............. 400 22,850
Elcor Corp. ......................... 600 19,388
Fairfield Communities, Inc.* ........ 1,300 14,381
Foster Wheeler Corp. ................ 1,100 14,506
Granite Construction, Inc. .......... 600 20,137
Integrated Electrical Services,
Inc.* ............................. 500 11,125
Jacobs Engineering Group, Inc.* 900 36,675
Kaufman & Broad Home Corp. .......... 1,600 46,000
M.D.C. Holdings, Inc. ............... 600 12,825
Morrison Knudsen Corp.* ............. 1,200 11,700
National R.V. Holdings, Inc.* ....... 300 7,725
NCI Building Systems, Inc.* ......... 700 19,687
Newport News Shipbuilding, Inc. 1,000 33,437
Nortek, Inc.* ....................... 500 13,813
Palm Harbor Homes, Inc.* ............ 700 17,631
Pulte Corp. ......................... 1,000 27,812
Republic Group, Inc. ................ 300 6,019
Service Experts, Inc.* .............. 600 17,550
Simpson Manufacturing Co.,
Inc.* ............................. 200 7,488
Standard Pacific Corp. .............. 800 11,300
Thomas Industries, Inc. ............. 600 11,775
Thor Industries, Inc. ............... 400 10,200
TJ International, Inc. .............. 400 10,275
Toll Brothers, Inc.* ................ 800 18,050
U.S. Home Corp.* .................... 400 13,300
Walter Industries, Inc.* ............ 1,900 29,094
Watts Industries, Inc., Class A ..... 700 11,638
Wilmar Industries, Inc.* ............ 300 6,094
Winnebago Industries, Inc. .......... 400 6,050
-----------
671,797
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (1.3%)
Advanced Lighting Technologies,
Inc.* ............................. 400 3,900
Apogee Enterprises, Inc. ............ 1,500 16,875
CalMat Co. .......................... 700 21,612
Centex Construction Products,
Inc. .............................. 500 20,312
Deltic Timber Corp. ................. 200 4,075
Fedders Corp. ....................... 1,000 5,813
Florida Rock Industries, Inc. ....... 700 21,700
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Griffon Corp.* ...................... 1,300 $ 13,812
Holophane Corp.* .................... 500 12,844
HomeBase, Inc.* ..................... 1,200 7,650
Hughes Supply, Inc. ................. 1,000 29,250
Juno Lighting, Inc. ................. 600 14,025
Kaydon Corp. ........................ 1,100 44,069
Lone Star Industries, Inc. .......... 800 29,450
Maxim Group, Inc.* .................. 500 12,000
Modine Manufacturing Co. ............ 900 32,625
Park Electrochemical Corp. .......... 200 5,725
Regal-Beloit Corp. .................. 600 13,800
Sturm Ruger & Co., Inc. ............. 600 7,163
Texas Industries, Inc. .............. 1,000 26,937
The Scotts Co.* ..................... 800 30,750
Toro Co. ............................ 800 22,800
Universal Forest Products, Inc. ..... 800 16,050
-----------
413,237
-----------
ELECTRICAL EQUIPMENT (4.8%)
ADTRAN, Inc.* ....................... 700 12,819
Advanced Energy Industries,
Inc.* ............................. 400 10,000
AMETEK, Inc. ........................ 1,200 26,775
Applied Power, Inc. Class A ......... 1,340 50,585
Arctic Cat, Inc. .................... 500 5,094
Artisan Components, Inc.* ........... 600 3,188
Barnes Group, Inc. .................. 600 17,475
Benchmark Electronics, Inc.* ........ 200 7,325
Comfort Systems USA, Inc.* .......... 1,800 32,175
CommScope, Inc.* .................... 1,700 28,581
Credence Systems Corp.* ............. 1,000 18,500
Cypress Semiconductor Corp.* ........ 2,600 21,612
Dallas Semiconductor Corp. .......... 1,100 44,825
Electro Rent Corp.* ................. 500 8,063
Electroglas, Inc.* .................. 500 5,875
Encore Wire Corp.* .................. 300 2,775
Esterline Technologies Corp.* ....... 700 15,225
Flowserve Corp. ..................... 1,700 28,156
Franklin Electric Co., Inc. ......... 200 13,500
General Semiconductor, Inc.* ........ 1,200 9,825
Genlyte Group, Inc.* ................ 200 3,750
Harman International Industries,
Inc. .............................. 700 26,687
Hussmann International, Inc. ........ 2,000 38,750
IGEN International, Inc.* ........... 300 9,188
Integrated Process Equipment
Corp.* ............................ 300 3,225
Kuhlman Corp. ....................... 500 18,937
Kulicke & Soffa Industries* ......... 900 15,975
Lam Research Corp.* ................. 1,700 30,281
Lattice Semiconductor Corp.* ........ 900 41,316
Level One Communications,
Inc.* ............................. 1,250 44,375
Marshall Industries* ................ 600 14,700
Mentor Graphics Corp. ............... 2,000 17,000
Methode Electronics, Inc.,
Class A ........................... 1,100 17,187
Mettler-Toledo International,
Inc.* ............................. 1,700 47,706
Micrel, Inc.* ....................... 600 33,000
Microchip Technology, Inc.* ......... 1,900 70,300
MMC Networks, Inc.* ................. 900 11,925
</TABLE>
82
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Nevada Power Co. ..................... 2,400 $ 62,400
Novellus Systems, Inc.* .............. 1,400 69,300
Oak Technology, Inc.* ................ 700 2,450
OEC Medical Systems, Inc.* ........... 200 6,288
PairGain Technologies, Inc.* ......... 2,400 18,450
Photronics, Inc.* .................... 800 19,175
Pioneer-Standard Electronics ......... 1,200 11,250
Plexus Corp.* ........................ 500 16,937
PMC-Sierra, Inc.* .................... 1,100 69,437
Powerwave Technologies, Inc.* ........ 100 1,863
Public Service Co. of New
Mexico, Inc. ....................... 1,800 36,787
Puerto Rican Cement Co., Inc. ........ 100 3,494
Qlogic Corp.* ........................ 300 39,262
Rambus, Inc.* ........................ 500 48,125
Rayovac Corp.* ....................... 1,300 34,694
Recoton Corp.* ....................... 600 10,763
ROHN Industries, Inc.* ............... 2,300 7,906
RPC, Inc. ............................ 400 2,950
Sawtek, Inc.* ........................ 600 10,500
Scotsman Industries, Inc. ............ 200 4,113
SDL, Inc.* ........................... 600 23,775
Semtech Corp.* ....................... 500 17,937
Sensormatics Electronics Corp.* ...... 1,800 12,488
Silicon Valley Group, Inc.* .......... 900 11,475
Siliconix, Inc.* ..................... 500 10,375
SIPEX Corp.* ......................... 700 24,587
Sunrise Medical, Inc.* ............... 400 4,975
Tecumseh Products Co., Class A 600 27,975
ThermoLase Corp.* .................... 600 2,738
ThermoQuest Corp.* ................... 400 5,175
TNP Enterprises, Inc. ................ 200 7,588
Ultratech Stepper, Inc.* ............. 500 8,000
Unitrode Corp.* ...................... 1,100 19,250
Veeco Instruments, Inc.* ............. 400 21,250
Vicor Corp.* ......................... 600 5,400
Vishay Intertechnology, Inc.* ........ 2,400 34,800
VLSI Technology, Inc.* ............... 1,700 18,594
Watsco, Inc. ......................... 800 13,400
X-Rite, Inc. ......................... 300 2,325
-----------
1,554,926
-----------
MACHINERY (1.9%)
Albany International Corp.,
Class A ............................ 820 15,530
Allied Products Corp. ................ 500 3,156
Anchor Gaming* ....................... 200 11,275
Applied Industrial Technologies,
Inc. ............................... 600 8,325
Astec Industries, Inc.* .............. 300 16,687
Baldor Electric Co. .................. 1,600 32,400
Briggs & Stratton Corp. .............. 900 44,887
Chart Industries, Inc. ............... 850 6,481
Cognex Corp.* ........................ 1,400 28,000
Columbus McKinnon Corp. .............. 600 10,800
Commercial Intertech Corp. ........... 300 3,881
DT Industries, Inc. .................. 200 3,150
Gardner Denver, Inc.* ................ 500 7,375
Gleason Corp. ........................ 500 9,063
Global Industrial Technologies,
Inc.* .............................. 800 8,550
Graco, Inc. .......................... 550 16,225
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
IDEX Corp. ........................... 1,100 $ 26,950
Imation Corp.* ....................... 1,500 26,250
JLG Industries, Inc. ................. 1,700 26,562
L.S. Starrett Co., Class A ........... 300 10,294
Lincoln Electric Holdings ............ 2,000 44,500
Lindsay Manufacturing Co. ............ 350 5,184
MagneTek, Inc.* ...................... 700 8,094
Manitowoc Co., Inc. .................. 600 26,625
MascoTech, Inc. ...................... 1,400 23,975
Milacron, Inc. ....................... 1,100 21,175
NACCO Industries, Inc. Class A 300 27,600
Nordson Corp. ........................ 400 20,550
OmniQuip International, Inc. ......... 200 3,000
Presstek, Inc.* ...................... 900 6,131
PRI Automation, Inc.* ................ 500 13,000
Robbins & Myers, Inc. ................ 300 6,638
Sequa Corp., Class A* ................ 200 11,975
Specialty Equipment Co.'s, Inc.* ..... 900 24,356
Stewart & Stevenson Services,
Inc. ............................... 1,100 10,725
Tennant Co. .......................... 400 16,050
Terex Corp.* ......................... 700 19,994
Thermo Fibertek, Inc.* ............... 1,300 9,263
UNOVA, Inc.* ......................... 1,400 25,375
Zoltec Co's., Inc.* .................. 100 919
-----------
640,970
-----------
TOTAL CAPITAL GOODS ................ 3,434,252
-----------
CONSUMER CYCLICALS (11.3%)
AIRLINES (0.7%)
AirTran Holdings, Inc.* .............. 1,300 3,413
Alaska Air Group, Inc.* .............. 1,200 53,100
America West Holdings Corp.,
Class B* ........................... 1,200 20,400
ASA Holdings, Inc. ................... 1,000 30,500
Atlantic Coast Airlines
Holdings* .......................... 600 15,000
Atlas Air, Inc.* ..................... 400 19,575
Aviall, Inc.* ........................ 900 10,575
Aviation Sales Co.* .................. 200 8,125
Mesaba Holdings, Inc.* ............... 700 14,437
Midwest Express Holdings, Inc.* 550 14,472
SkyWest, Inc. ........................ 700 22,881
Trans World Airlines, Inc.* .......... 2,400 11,550
-----------
224,028
-----------
APPAREL & TEXTILES (1.8%)
Blair Corp. .......................... 300 6,656
Buckle, Inc.* ........................ 300 7,200
Burlington Coat Factory
Warehouse Corp. .................... 800 13,050
Burlington Industries, Inc.* ......... 2,700 29,700
Cato Corp., Class A .................. 600 5,906
Charming Shoppes, Inc.* .............. 4,700 20,269
Collins & Aikman Corp.* .............. 2,300 11,787
Donna Karan International, Inc.* 1,500 11,437
Dress Barn, Inc.* .................... 500 7,594
Enesco Group, Inc. ................... 500 11,625
Finish Line, Inc., Class A* .......... 1,000 8,000
Footstar, Inc.* ...................... 1,200 30,000
G&K Services, Inc., Class A .......... 900 47,925
Gadzooks, Inc.* ...................... 200 1,550
</TABLE>
83
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Genesco, Inc.* ......................................................... 1,200 $ 6,825
Goody's Family Clothing, Inc.* ......................................... 600 6,019
Guess ?, Inc.* ......................................................... 900 4,331
Guilford Mills, Inc. ................................................... 800 13,350
Gymboree Corp.* ........................................................ 700 4,463
Hancock Fabrics, Inc. .................................................. 800 6,700
Hartmarx Corp.* ........................................................ 500 2,813
Interface, Inc. ........................................................ 2,100 19,491
International Speedway Corp.,
Class A* ............................................................. 600 24,300
Just For Feet, Inc.* ................................................... 1,100 19,112
Kellwood Co. ........................................................... 1,000 25,000
Men's Wearhouse, Inc.* ................................................. 900 28,575
Michaels Stores, Inc.* ................................................. 700 12,666
Nautica Enterprises, Inc.* ............................................. 1,200 18,000
OshKosh B'Gosh, Inc. ................................................... 500 10,094
Oxford Industries, Inc. ................................................ 100 2,825
Pacific Sunwear of California,
Inc.* ................................................................ 600 9,825
Phillips-Van Heusen Corp. .............................................. 1,500 10,781
Polymer Group, Inc.* ................................................... 500 4,969
Quicksilver, Inc.* ..................................................... 600 18,000
Russell Corp. .......................................................... 1,600 32,500
St. John Knits, Inc. ................................................... 700 18,200
Stage Stores, Inc.* .................................................... 1,300 12,187
Stein Mart, Inc.* ...................................................... 1,000 6,969
Stride Rite Corp. ...................................................... 1,800 15,750
Syms Corp.* ............................................................ 900 8,100
Timberland Co., Class A* ............................................... 100 4,556
Tom Brown, Inc.* ....................................................... 1,100 19,319
Wet Seal, Inc., Class A* ............................................... 300 9,056
-----------
587,475
-----------
AUTO RELATED (2.1%)
Action Performance Cos., Inc.* ......................................... 700 24,762
Aftermarket Technology Corp.* .......................................... 500 3,938
Arvin Industries, Inc. ................................................. 800 33,350
Avis Rent A Car, Inc.* ................................................. 1,000 24,187
Bandag, Inc. ........................................................... 500 19,969
Borg-Warner Automotive, Inc. ........................................... 800 44,650
BREED Technologies, Inc.* .............................................. 900 7,369
CSK Auto Corp.* ........................................................ 700 18,681
Detroit Diesel Corp.* .................................................. 200 4,138
Discount Auto Parts, Inc.* ............................................. 300 6,581
Excel Industries, Inc. ................................................. 200 3,500
Exide Corp. ............................................................ 900 14,625
Hayes Lemmerz International,
Inc.* ................................................................ 800 24,150
Keystone Automotive Industries,
Inc.* ................................................................ 900 18,844
Leasing Solutions, Inc.* ............................................... 700 2,844
Littelfuse, Inc.* ...................................................... 500 9,625
LoJack Corp.* .......................................................... 300 3,563
McGrath Rentcorp ....................................................... 400 8,800
Midas, Inc. ............................................................ 700 21,787
Miller Industries, Inc.* ............................................... 700 3,150
Monaco Coach Corp.* .................................................... 600 15,900
O'Reilly Automotive, Inc.* ............................................. 700 33,075
OEA, Inc. .............................................................. 800 9,450
Penske Motorsports, Inc.* .............................................. 100 2,663
Polaris Industries, Inc. ............................................... 800 31,350
Precision Castparts Corp. .............................................. 900 39,825
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Rental Service Corp.* .................................................. 600 $ 9,413
Renters Choice, Inc.* .................................................. 600 19,050
Rollins Truck Leasing Corp. ............................................ 1,750 25,812
Sauer, Inc. ............................................................ 800 6,050
SPX Corp.* ............................................................. 1,000 67,000
Standard Motor Products, Inc. .......................................... 200 4,850
Standard Products Co. .................................................. 600 12,225
Superior Industries, International 1,000 27,812
Titan International, Inc. .............................................. 600 5,700
Tower Automotive* ...................................................... 1,500 37,406
Tyler Corp.* ........................................................... 700 4,288
United Auto Group, Inc.* ............................................... 300 2,756
Westinghouse Air Brake Co. ............................................. 400 9,775
Wynn's International, Inc. ............................................. 700 15,487
-----------
678,400
-----------
AUTOS & TRUCKS (0.0%)
Wabash National Corp. .................................................. 600 12,188
-----------
FOOD SERVICES, LODGING (1.5%)
Applebee's International, Inc. ......................................... 900 18,562
Avado Brands, Inc. ..................................................... 1,600 13,300
Bob Evans Farms, Inc. .................................................. 1,700 44,306
Buffets, Inc.* ......................................................... 2,100 25,069
CEC Entertainment, Inc.* ............................................... 600 16,650
Cheesecake Factory, Inc.* .............................................. 850 25,208
Consolidated Products, Inc.* ........................................... 750 15,469
Extended Stay America, Inc.* ........................................... 2,100 22,050
Foodmaker, Inc.* ....................................................... 1,500 33,094
Host Marriott Services Corp.* .......................................... 1,100 11,413
IHOP Corp.* ............................................................ 300 11,981
Landry's Seafood Restaurants,
Inc.* ................................................................ 1,100 8,250
Lone Star Steakhouse & Saloon,
Inc.* ................................................................ 1,500 13,781
Marcus Corp. ........................................................... 900 14,625
NPC International, Inc.* ............................................... 500 6,031
Papa John's International, Inc.* ....................................... 700 30,887
PJ America, Inc.* ...................................................... 500 9,063
Planet Hollywood International,
Inc., Class A* ....................................................... 900 2,081
Primadonna Resorts* .................................................... 400 3,525
Prime Hospitality Corp.* ............................................... 2,400 25,350
Red Roof Inns, Inc.* ................................................... 1,000 16,875
Ruby Tuesday, Inc. ..................................................... 1,400 29,750
Ryan's Family Steak Houses,
Inc.* ................................................................ 1,300 16,088
Sbarro Inc.* ........................................................... 500 13,094
Sonic Corp.* ........................................................... 700 17,412
Suburban Lodges of America,
Inc.* ................................................................ 300 2,456
Sunterra Corp.* ........................................................ 1,300 19,500
Vail Resorts, Inc.* .................................................... 1,200 26,400
-----------
492,270
-----------
HOUSEHOLD FURNITURE, APPLIANCES (1.1%)
Aaron Rents, Inc. ...................................................... 500 7,563
Bassett Furniture Industries, Inc. .................................... 600 14,475
Central Garden & Pet Co.* .............................................. 1,000 14,375
Cost Plus, Inc./California* ............................................ 200 6,275
Department 56, Inc.* ................................................... 900 33,806
Garden Ridge Corp.* .................................................... 300 2,719
</TABLE>
84
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Haverty Furniture Cos., Inc. ......... 500 $ 10,500
Heilig-Meyers Co. .................... 3,000 20,062
Kimball International Inc.,
Class B ............................ 1,300 24,700
La-Z-Boy, Inc. ....................... 2,200 39,187
Lands' End, Inc.* .................... 400 10,775
Libbey, Inc. ......................... 800 23,150
Linens'n Things, Inc.* ............... 1,300 51,512
Meadowcraft, Inc.* ................... 400 4,475
Mikasa, Inc. ......................... 300 3,825
O'Sullivan Industries Holdings,
Inc.* .............................. 400 4,200
Pillowtex Corp. ...................... 400 10,700
SLI, Inc.* ........................... 650 18,038
Sotheby's Holdings, Inc., Class A 1,700 54,400
Spiegel, Inc., Class A* .............. 500 2,875
Spring Industries, Inc., Class A ..... 400 16,575
Windmere-Durable Holdings,
Inc.* .............................. 600 4,650
-----------
378,837
-----------
LEISURE RELATED (1.3%)
@Entertaiment, Inc.* ................. 900 6,075
Alternative Living Services, Inc.* 700 23,975
AMC Entertainment, Inc.* ............. 500 10,531
American Skiing Corp.* ............... 800 6,150
Authentic Fitness Corp. .............. 300 5,475
Aztar Corp.* ......................... 800 4,050
Bally Total Fitness Holding
Corp.* ............................. 1,000 24,875
Boyd Gaming Corp.* ................... 2,200 7,288
Carmike Cinemas, Inc., Class A* 500 10,156
Coleman Co., Inc.* ................... 500 4,563
Family Golf Centers, Inc.* ........... 900 17,775
Florida Panthers Holdings, Inc.* ..... 900 8,381
GC Cos., Inc.* ....................... 400 16,650
Grand Casinos, Inc.* ................. 2,100 16,931
GTECH Holdings Corp.* ................ 1,400 35,875
Harveys Casino Resorts ............... 300 8,306
Hollywood Park, Inc.* ................ 400 3,325
Marvel Enterprises, Inc.* ............ 900 5,569
Midway Games, Inc.* .................. 1,159 12,749
North Face, Inc.* .................... 400 5,200
ParkerVision, Inc.* .................. 200 4,700
Pegasus Systems, Inc.* ............... 400 14,400
Premier Parks, Inc.* ................. 2,200 66,550
Regis Corp. .......................... 700 28,000
Rio Hotel & Casino, Inc.* ............ 500 7,937
Scientific Games Holdings Corp.* 600 11,325
Silverleaf Resorts, Inc.* ............ 400 3,725
Speedway Motorsports, Inc.* .......... 300 8,550
Station Casinos, Inc.* ............... 500 4,094
Steinway Musical Instruments,
Inc.* .............................. 700 18,200
Travel Services International,
Inc.* .............................. 300 9,150
Trendwest Resorts, Inc.* ............. 400 5,000
West Marine, Inc.* ................... 300 2,963
-----------
418,493
-----------
PHOTO & OPTICAL (0.3%)
BMC Industries, Inc./Minn. ........... 500 3,125
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Cole National Corp.* ................. 500 $ 8,563
CPI Corp. ............................ 200 5,300
Metromedia International Group,
Inc.* .............................. 2,700 14,681
Oakley, Inc.* ........................ 1,500 14,156
Ocular Sciences, Inc.* ............... 300 8,025
Panavision, Inc.* .................... 24 297
Sola International, Inc.* ............ 900 15,525
Sunglass Hut International, Inc.* 2,300 16,100
Wesley Jessen Visioncare, Inc.* ...... 300 8,325
-----------
94,097
-----------
RETAIL--GENERAL (2.5%)
99 Cents Only Stores* ................ 275 13,509
American Eagle Outfitters, Inc.* 500 33,312
Ames Department Stores, Inc.* ........ 800 21,600
AnnTaylor Stores Corp.* .............. 700 27,606
Barnett, Inc.* ....................... 400 5,500
Brylane, Inc.* ....................... 100 2,325
Casey's General Stores, Inc. ......... 1,800 23,456
CDnow, Inc.* ......................... 300 5,400
CellStar Corp.* ...................... 1,500 10,219
Children's Place Retail Stores,
Inc.* .............................. 600 15,075
Claire's Stores, Inc. ................ 1,900 38,950
Corporate Express, Inc.* ............. 3,600 18,675
dELiA*s, Inc.* ....................... 300 3,750
Eagle Hardware & Garden, Inc.* 800 26,000
Elder-Beerman Stores Corp.* .......... 400 4,625
Fingerhut Cos., Inc. ................. 1,500 23,156
Fossil, Inc.* ........................ 200 5,750
Fred's, Inc. ......................... 400 6,000
Friedman's, Inc., Class A* ........... 800 8,200
Genesis Direct, Inc.* ................ 1,100 8,594
Guitar Center, Inc.* ................. 600 14,775
Handleman Co.* ....................... 900 12,656
Hanover Direct, Inc.* ................ 3,000 10,313
Hollywood Entertainment Corp.* 1,000 27,250
JLK Direct Distribution, Inc.,
Class A* ........................... 300 3,056
Jo-Ann Stores, Inc., Class A* ........ 700 11,288
K&G Men's Center, Inc.* .............. 100 888
Kenneth Cole Productions,
Class A* ........................... 300 5,625
Longs Drug Stores, Inc. .............. 1,200 45,000
Media Arts Groups, Inc.* ............. 400 5,625
Micro Warehouse, Inc.* ............... 1,200 40,575
Mills Corp. .......................... 700 13,913
Movado Group, Inc. ................... 600 15,975
Musicland Stores Corp.* .............. 1,600 23,900
N2K, Inc.* ........................... 400 5,225
Nine West Group, Inc.* ............... 600 9,338
Oneida Ltd. .......................... 800 11,850
ONSALE, Inc.* ........................ 100 4,006
Party City Corp.* .................... 300 4,331
PETSMART, Inc.* ...................... 3,900 42,900
Samsonite Corp.* ..................... 746 4,150
ShopKo Stores, Inc.* ................. 700 23,275
Southland Corp.* ..................... 3,900 7,434
Sports Authority, Inc.* .............. 1,000 5,250
Talbots, Inc. ........................ 500 15,688
</TABLE>
85
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Trans World Entertainment
Corp.* ............................. 550 $ 10,484
United Stationers, Inc.* ............. 1,300 33,800
Value City Department Stores,
Inc.* .............................. 300 4,181
WD-40 Co. ............................ 600 17,175
Wolverine World Wide, Inc. ........... 1,500 19,875
Zale Corp.* .......................... 1,600 51,600
-----------
803,103
-----------
TOTAL CONSUMER CYCLICALS ........... 3,688,891
-----------
CONSUMER NON-CYCLICALS (12.8%)
BEVERAGES (0.5%)
Adolph Coors Co., Class B ............ 1,200 67,725
Aquarion Co. ......................... 600 24,600
Beringer Wine Estates Holdings,
Inc., Class B* ..................... 600 26,813
Boston Beer Co., Inc., Class A* ...... 1,200 10,200
Canandaigua Brands, Inc.,
Class A* ........................... 600 34,687
Robert Mondavi Corp., Class A* 200 8,175
-----------
172,200
-----------
CONTAINERS (0.6%)
Ball Corp. ........................... 900 41,175
CUNO, Inc.* .......................... 800 13,000
EarthShell, Corp.* ................... 600 7,163
First Brands Corp. ................... 1,300 51,269
Gaylord Container Corp.,
Class A* ........................... 1,800 11,025
Greif Brothers Corp., Class A ........ 600 17,512
Interpool, Inc. ...................... 600 10,050
Shorewood Packaging Corp.* ........... 650 13,325
Silgan Holdings, Inc.* ............... 600 16,678
Zila, Inc.* .......................... 800 7,900
-----------
189,097
-----------
DRUGS (3.5%)
Agouron Pharmaceuticals, Inc.* ....... 1,200 70,500
Algos Pharmaceuticals Corp.* ......... 500 13,000
Alkermes, Inc.* ...................... 700 15,531
Alpharma, Inc. ....................... 800 28,250
AmeriSource Health Corp.,
Class A* ........................... 700 45,500
Andrx Corp.* ......................... 300 15,375
Aviron* .............................. 600 15,525
AXYS Pharmaceuticals, Inc.* .......... 500 2,938
Barr Laboratories, Inc.* ............. 500 24,000
Bio-Rad Laboratories, Inc.,
Class A* ........................... 500 10,500
Block Drug Co., Inc., Class A ........ 715 31,013
Carter-Wallace, Inc. ................. 1,200 23,550
Cephalon, Inc.* ...................... 1,300 11,700
ChiRex, Inc.* ........................ 500 10,687
Columbia Laboratories, Inc.* ......... 1,100 3,369
Coulter Pharmaceutical, Inc.* ........ 500 15,000
Duane Reade, Inc.* ................... 600 23,100
Dura Pharmaceuticals, Inc.* .......... 1,400 21,262
EntreMed, Inc.* ...................... 200 4,200
Fuisz Technologies Ltd.* ............. 800 10,300
GelTex Pharmaceuticals, Inc.* ........ 300 6,788
Genovese Drug Stores, Inc. ........... 300 8,550
Gensia Sicor, Inc.* .................. 3,500 15,859
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ----------------
<S> <C> <C>
Gilead Sciences, Inc.* ............... 1,100 $ 45,169
Guilford Pharmaceuticals, Inc.* ...... 400 5,700
Herbalife International, Class A ..... 800 11,400
ICOS Corp.* .......................... 1,100 32,725
IDEC Pharmaceuticals Corp.* .......... 600 28,200
ImClone Systems, Inc.* ............... 800 7,250
Immune Response Corp.* ............... 900 9,787
Incyte Pharmaceuticals, Inc.* ........ 800 29,900
Isis Pharmaceuticals, Inc.* .......... 800 10,350
Jones Medical Industries, Inc. ....... 1,000 36,500
Ligand Pharmaceuticals, Inc.,
Class B* ........................... 1,400 16,275
Lipsome Co., Inc.* ................... 1,700 26,244
Medicis Pharmaceutical Corp.,
Class A* ........................... 600 35,775
MedImmune, Inc.* ..................... 800 79,550
Millennium Pharmaceuticals,
Inc.* .............................. 1,000 25,875
Miravant Medical Technologies * 500 6,438
NBTY, Inc.* .......................... 1,300 9,263
NCS HealthCare, Inc., Class A* ....... 500 11,875
NeXstar Pharmaceuticals, Inc.* ....... 1,300 12,025
Omega Protein Corp.* ................. 800 8,100
PathoGenesis Corp.* .................. 600 34,800
Perrigo Co.* ......................... 2,400 21,150
PharMerica, Inc.* .................... 3,500 21,000
Roberts Pharmaceutical Corp.* ........ 1,000 21,750
Sepracor, Inc.* ...................... 900 79,312
SEQUUS Pharmaceuticals, Inc.* 1,300 26,325
Triangle Pharmaceuticals, Inc.* ...... 600 8,175
Twinlab Corp.* ....................... 800 10,500
US Bioscience, Inc.* ................. 400 2,875
Vertex Pharmaceuticals, Inc.* ........ 800 23,800
ViroPharma, Inc.* .................... 400 3,725
VIVUS, Inc.* ......................... 1,500 3,891
Zonagen, Inc.* ....................... 500 9,562
-----------
1,141,763
-----------
FOODS (1.3%)
Agribrands International, Inc.* ...... 400 12,000
American Italian Pasta Co.,
Class A* ........................... 700 18,462
Chiquita Brands International,
Inc. ............................... 1,300 12,431
Corn Products International, Inc. 1,200 36,450
Dreyer's Grand Ice Cream, Inc. ....... 1,100 16,638
Earthgrains Co. ...................... 1,400 43,312
Imperial Holly Corp. ................. 700 5,688
International Multifoods Corp. ....... 600 15,488
J.M. Smucker Co., Class A ............ 1,300 32,175
Lance, Inc. .......................... 900 17,944
Michael Foods, Inc. .................. 500 15,000
Performance Food Group, Co.* ......... 500 14,063
Pilgrims Pride Corp. ................. 300 5,981
Rainforest Cafe, Inc.* ............... 600 3,638
Ralcorp Holdings, Inc.* .............. 1,380 25,185
Richfood Holdings, Inc. .............. 1,500 31,125
Smithfield Foods, Inc.* .............. 1,100 37,262
Universal Foods Corp. ................ 2,300 63,106
Vlasic Foods International, Inc.* 1,000 23,812
Zapata Corp. ......................... 500 6,125
-----------
435,885
-----------
</TABLE>
86
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
HOSPITAL SUPPLIES & SERVICES (6.1%)
ABR Information Services, Inc.* 1,100 $ 21,587
Acuson Corp.* ........................ 1,000 14,875
ADAC Laboratories* ................... 800 15,975
Advance Paradigm, Inc.* .............. 400 14,000
Advanced Tissue Sciences, Inc.* ...... 2,000 5,188
Affymetrix, Inc.* .................... 500 12,188
ALARIS Medical, Inc.* ................ 2,000 11,750
American HomePatient, Inc.* .......... 1,700 3,081
American Oncology Resources,
Inc.* .............................. 1,000 14,562
AmeriPath, Inc.* ..................... 1,500 13,406
Apria Healthcare Group, Inc.* ........ 1,300 11,619
Arrow International, Inc. ............ 500 15,687
Ballard Medical Products ............. 1,100 26,744
Bindley Western Industries, Inc. ..... 800 39,400
Bio-Technology General Corp.* ........ 1,600 11,100
Biomatrix, Inc.* ..................... 300 17,475
BRC Holdings, Inc.* .................. 700 13,125
Capital Senior Living Corp.* ......... 500 6,969
CareMatrix Corp.* .................... 400 12,250
Cell Genesys, Inc.* .................. 1,500 9,000
Chemed Corp. ......................... 400 13,400
Closure Medical Corp.* ............... 300 8,944
Coherent, Inc.* ...................... 1,000 12,438
CONMED Corp.* ........................ 400 13,200
Cooper Cos., Inc.* ................... 800 16,550
COR Therapeutics, Inc.* .............. 600 7,950
Covance, Inc.* ....................... 2,400 69,900
Curative Health Services, Inc.* ...... 600 20,100
Cytyc Corp.* ......................... 500 12,875
Datascope Corp.* ..................... 400 9,200
Dendrite International, Inc.* ........ 700 17,478
Diagnostic Products Corp. ............ 200 6,225
Envoy Corp.* ......................... 700 40,775
Express Scripts, Inc., Class A* ...... 1,300 87,262
Genesis Health Ventures, Inc.* ....... 1,200 10,500
Haemonetics Corp.* ................... 800 18,200
Hanger Orthopedic Group, Inc.* 400 9,000
Henry Schein, Inc.* .................. 800 35,800
Heska Corp./Mass.* ................... 1,500 6,656
Hologic, Inc.* ....................... 600 7,275
Hooper Holmes, Inc. .................. 400 11,600
Human Genome Sciences, Inc.* ......... 1,000 35,562
IDEXX Laboratories, Inc.* ............ 1,300 34,978
IDX Systems Corp.* ................... 400 17,600
IMPATH, Inc.* ........................ 500 13,250
Inhale Therapeutic Systems, Inc.* 500 16,500
Ivacare Corp. ........................ 1,100 26,400
IVAX Corp.* .......................... 3,100 38,556
K-V Pharmaceutical Co.,
Class B* ........................... 600 12,413
Life Technologies, Inc. .............. 400 15,550
Lifecore Biomedical, Inc.* ........... 600 6,150
LTC Healthcare, Inc.* ................ 90 236
Magellan Health Services, Inc.* ...... 1,800 15,075
Mariner Post-Acute Network,
Inc.* .............................. 1,900 8,669
Maxxim Medical, Inc.* ................ 400 11,900
Medaphis Corp.* ...................... 3,600 11,813
Medical Manager, Corp.* .............. 400 12,550
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
MedQuist, Inc.* ...................... 600 $ 23,700
Mentor Corp.* ........................ 800 18,750
Mid Atlantic Medical Services,
Inc.* .............................. 1,200 11,775
MiniMed, Inc.* ....................... 300 31,425
Neurogen Corp.* ...................... 500 8,750
NovaCare Corp.* ...................... 2,800 7,000
Novoste Corp.* ....................... 300 8,513
Organogenesis, Inc.* ................. 900 10,125
Orthodontic Centers of America,
Inc.* .............................. 1,000 19,437
Owens & Minor, Inc. .................. 1,000 15,750
Oxford Health Plans, Inc.* ........... 2,700 40,162
PAREXEL International Corp.* ......... 800 20,000
Patterson Dental Co.* ................ 1,050 45,675
Pediatrix Medical Group, Inc.* ....... 600 35,962
PhyCor, Inc.* ........................ 3,100 21,119
Phymatrix, Inc.* ..................... 1,900 4,156
Physician Computer Network,
Inc.* .............................. 700 35
Physician Reliance Network,
Inc.* .............................. 700 9,188
Priority Healthcare Corp.,
Class B* ........................... 500 25,937
Protein Design Labs, Inc.* ........... 600 13,875
Province Healthcare Co.* ............. 400 14,350
PSS World Medical, Inc.* ............. 2,800 64,400
Quest Diagnostics, Inc.* ............. 700 12,469
Regeneron Pharmaceuticals, Inc,* 900 6,638
Renal Care Group, Inc.* .............. 1,550 44,659
Res-Care, Inc.* ...................... 600 14,812
ResMed, Inc.* ........................ 600 27,225
Respironics, Inc.* ................... 900 18,028
Rural/Metro Corp.* ................... 600 6,563
Sabratek Corp.* ...................... 600 9,825
SangStat Medical Corp.* .............. 800 17,000
Scios, Inc.* ......................... 1,000 10,375
Serologicals Corp.* .................. 1,050 31,500
Sierra Health Services, Inc.* ........ 1,100 23,169
Sun Healthcare Group, Inc.* .......... 2,200 14,438
Sunrise Assisted Living, Inc.* ....... 500 25,937
Synetic, Inc.* ....................... 600 26,400
Techne Corp.* ........................ 800 16,900
Theragenics Corp.* ................... 1,200 20,175
Thermo BioAnalysis Corp.* ............ 600 7,950
Thermo Cardiosystems, Inc. ........... 500 5,219
ThermoTrex Corp.* .................... 300 2,569
Transition Systems, Inc.* ............ 500 7,500
Transkaryotic Therapies, Inc.* ....... 800 20,300
United Payors & United
Providers, Inc.* ................... 700 19,950
Vencor, Inc.* ........................ 1,600 7,200
Ventana Medical Systems, Inc.* ....... 600 12,975
Veterinary Centers of America,
Inc* ............................... 900 17,944
Vical, Inc.* ......................... 300 4,256
VISX, Inc.* .......................... 400 34,975
VWR Scientific Products Corp.* ....... 600 10,425
West Co., Inc. ....................... 557 19,878
Xomed Surgical Products, Inc.* ....... 600 19,200
-----------
1,969,049
-----------
</TABLE>
87
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
RETAIL--FOOD (0.4%)
Advantica Restaurant Group,
Inc.* .............................. 1,100 $ 6,806
Dave & Busters, Inc.* ................ 300 6,919
Fleming Cos., Inc. ................... 2,100 21,787
Great Atlantic & Pacific Tea Co.,
Inc. ............................... 500 14,812
Hain Food Group, Inc.* ............... 400 10,000
Ingles Markets, Inc., Class A ........ 200 2,188
Luby's Cafeterias, Inc. .............. 700 10,806
Petco Animal Supplies, Inc.* ......... 800 8,050
Ruddick Corp. ........................ 1,000 23,000
Smart & Final, Inc. .................. 300 2,888
United Natural Foods, Inc.* .......... 200 4,825
Wild Oats Markets, Inc.* ............. 400 12,600
-----------
124,681
-----------
SOAPS & TOILETRIES (0.2%)
Chattem, Inc.* ....................... 400 19,150
Church & Dwight Co., Inc. ............ 600 21,563
French Fragrances, Inc.* ............. 900 6,525
Nature's Sunshine Products, Inc. ..... 500 7,625
Playtex Products, Inc.* .............. 1,200 19,275
-----------
74,138
-----------
TOBACCO (0.2%)
Consolidated Cigar Holdings,
Inc.* .............................. 100 1,769
DIMON, Inc. .......................... 1,700 12,644
General Cigar Holdings, Inc.* ........ 700 6,081
Universal Corp. ...................... 1,300 45,662
-----------
66,156
-----------
TOTAL CONSUMER NON-CYCLICALS 4,172,969
-----------
CREDIT SENSITIVE (26.1%)
BANKS (8.0%)
Anchor Bancorp Wisconsin, Inc. ....... 800 19,200
Area Bancshares Corp. ................ 500 13,125
Arthur J. Gallagher & Co. ............ 600 26,475
BancFirst Corp. ...................... 200 7,175
BancFirst Ohio Corp. ................. 500 15,188
BancorpSouth, Inc. ................... 1,100 19,869
BancWest Corp. ....................... 700 33,600
Bank of Granite Corp. ................ 450 12,431
Banknorth Group, Inc. ................ 700 26,337
Bay View Capital Corp. ............... 300 6,506
BISYS Group, Inc.* ................... 1,000 51,625
Brenton Banks, Inc. .................. 440 7,370
Brookline Bancorp, Inc. .............. 600 6,900
BSB Bancorp, Inc. .................... 200 6,575
BT Financial Corp. ................... 200 5,475
Capital City Bank Group, Inc. ........ 150 4,144
Carolina First Corp. ................. 1,000 25,312
CashAmerica International, Inc. ...... 1,100 16,706
Cathay Bancorp, Inc. ................. 200 8,200
Century South Banks, Inc. ............ 500 13,938
CFSB Bancorp, Inc. ................... 400 9,750
Chemical Financial Corp. ............. 825 28,050
Chittenden Corp. ..................... 800 25,600
CNB Bancshares, Inc. ................. 1,125 52,453
Columbia Banking Systems, Inc.* 200 3,700
Commerce Bancorp, Inc. ............... 631 33,127
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Commercial Federal Corp. ............. 2,089 $ 48,439
Commonwealth Bancorp, Inc. ........... 800 12,450
Community Bank System, Inc. .......... 100 2,931
Community First Bankshares,
Inc. ............................... 1,900 40,019
Community Trust Bancorp, Inc. ........ 400 9,400
CORUS Bankshares, Inc. ............... 300 9,675
Cullen/Frost Bankers, Inc. ........... 1,000 54,875
CVB Financial Corp. .................. 330 7,425
Dime Community Banshares, Inc. 400 8,250
Downey Financial Corp. ............... 625 15,898
F&M Bancorporation, Inc. ............. 430 13,008
F&M National Corp. ................... 900 26,944
Farmers Capital Bank Corp. ........... 200 7,500
First Citizens BankShares, Inc.,
Class A ............................ 300 27,000
First Commerce Bankshares, Inc.,
Class B ............................ 400 11,200
First Commonwealth Financial
Corp. .............................. 900 22,050
First Federal Capital Corp. .......... 400 6,550
First Financial Bancorp .............. 1,500 43,406
First Financial Bankshares, Inc. ..... 330 11,550
First Financial Corp./Indiana ........ 200 9,875
First Financial Holdings, Inc. ....... 500 9,500
First Indiana Corp. .................. 800 16,000
First Merchants Corp. ................ 700 18,287
First Midwest Bancorp, Inc. .......... 1,030 39,204
First Republic Bank* ................. 500 12,531
First Sentinel Bancorp, Inc. ......... 1,382 11,229
First Source Corp. ................... 620 20,770
First United Bankshares, Inc. ........ 800 14,200
First Western Bancorp, Inc. .......... 700 22,225
FirstBank Corp./Puerto Rico .......... 1,400 42,262
FirstFed Financial Corp.* ............ 1,200 21,450
Flagstar Bancorp, Inc. ............... 100 2,613
Frontier Financial Corp.* ............ 100 4,575
GBC Bancorp .......................... 500 12,875
Grand Premier Financial, Inc.* ....... 900 11,025
Greater Bay Bancorp .................. 200 6,750
Hancock Holding Corp. ................ 600 27,300
Harbor Florida Bancorp, Inc. ......... 400 4,475
Harleysville National Corp. .......... 200 7,800
Harris Financial, Inc. ............... 500 6,813
Horizon Bancorp., Inc. ............... 300 10,181
HUBCO, Inc. .......................... 1,824 54,948
Imperial Bancorp* .................... 1,250 20,781
Independence Community Bank
Corp. .............................. 3,100 49,406
International Bancshares Corp. ....... 500 25,312
InterWest Bancorp, Inc. .............. 1,150 25,444
Irwin Financial Corp. ................ 400 10,875
Jefferson Savings Bancorp, Inc. ...... 600 7,875
JSB Financial, Inc. .................. 300 16,312
MAF Bancorp, Inc. .................... 1,250 33,125
MainStreet Financial, Corp. .......... 600 27,862
Merchants New York Bancorp,
Inc. ............................... 400 14,475
Michigan Financial Corp. ............. 200 6,800
Mid-America Bancorp .................. 206 5,588
Mississippi Valley Bancshares,
Inc. ............................... 100 3,375
</TABLE>
88
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
National Bancorp of Alaska, Inc. 700 $ 23,625
National City Bancshares, Inc. ........ 420 15,671
National Penn Bancshares, Inc. ........ 375 10,219
NTB Bancorp, Inc. ..................... 699 16,339
Ocean Financial Corp. ................. 700 11,638
Old National Bancorp .................. 920 51,290
Omega Financial Corp. ................. 600 18,150
One Valley Bancorp, Inc. .............. 1,600 52,600
Pacific Capital Bancorp ............... 600 15,450
Park National Corp. ................... 200 20,600
PBOC Holdings, Inc.* .................. 600 6,150
Peoples Bancorp, Inc. ................. 1,400 15,225
PFF Bancorp, Inc.* .................... 400 6,400
Premier Bancshares, Inc. .............. 700 18,331
Prime Bancorp, Inc. ................... 500 7,875
Provident Bankshares Corp. ............ 1,210 30,099
Republic Bancorp, Inc. ................ 975 13,284
Republic Bancshares, Inc.* ............ 400 5,250
Republic Security Financial Corp. 800 9,700
Richmond County Financial
Corp. ............................... 900 14,456
Riggs National Corp.
(Washington D.C.) ................... 700 14,263
Roslyn Bancorp, Inc. .................. 1,900 40,850
S & T Bancorp, Inc. ................... 760 20,947
Sandy Spring Bancorp, Inc. ............ 500 15,063
Shoreline Financial Corp. ............. 500 13,188
Signal Corp. .......................... 450 15,413
Silicon Valley Bancshares* ............ 800 13,625
SIS Bancorp, Inc. ..................... 300 13,575
Sky Financial Group, Inc. ............. 1,647 43,543
Southwest Bancorporation of
Texas, Inc.* ........................ 700 12,513
St. Paul Bancorp, Inc. ................ 1,800 48,994
Staten Island Bancorp, Inc. ........... 1,600 31,900
Sterling Bancshares, Inc., Texas ...... 1,450 21,569
Sterling Financial Corp. .............. 400 16,600
Susquehanna Bancshares, Inc. .......... 1,400 28,656
Texas Regional Bancshares, Inc.,
Class A ............................. 500 12,531
TR Financial Corp. .................... 700 27,562
Triangle Bancorp, Inc. ................ 850 13,441
Trust Co. of New Jersey ............... 600 14,700
Trustco Bank Corp. (New York) ......... 1,205 36,150
U.S.B. Holding Co., Inc. .............. 440 7,425
United Bankshares, Inc. ............... 2,000 53,000
USBANCORP, Inc. ....................... 700 13,913
UST Corp. ............................. 1,200 28,275
Webster Financial Corp. ............... 900 24,694
WesBanco, Inc. ........................ 900 26,550
West Coast Bancorp (Oregon) ........... 220 4,620
Westamerica Bancorporation ............ 1,500 55,125
Western Bancorp ....................... 900 26,325
Westernbank Puerto Rico ............... 1,100 17,462
Whitney Holding Corp. ................. 1,000 37,500
-----------
2,603,843
-----------
FINANCIAL SERVICES (2.7%)
Aames Financial Corp. ................. 2,600 8,288
Advanta Corp., Class A ................ 800 10,600
Advest Group, Inc. .................... 400 7,400
Affiliated Managers Group, Inc.* 600 17,925
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
AMCORE Financial, Inc. ................ 1,100 $ 25,180
AmeriCredit Corp.* .................... 2,200 30,387
Ameritrade Holding Corp.,
Class A* ............................ 400 12,600
Amplicon, Inc. ........................ 300 4,519
Arcadia Financial Ltd.* ............... 2,100 7,613
BankAtlantic Bancorp, Inc.,
Class B ............................. 1,300 9,263
BOK Financial Corp.* .................. 103 4,854
Charter Municipal Mortgage
Acceptance Co. ...................... 600 7,275
Citizens Banking Corp. ................ 700 23,625
Conning Corp. ......................... 700 14,525
ContiFinancial Corp.* ................. 1,000 7,125
Credit Acceptance Corp.* .............. 600 4,388
Dain Rauscher Corp. ................... 500 14,750
Delta Financial Corp.* ................ 900 5,344
Doral Financial Corp. ................. 1,500 33,187
DVI, Inc.* ............................ 300 5,438
Eaton Vance Corp. ..................... 1,100 22,962
Enhance Financial Services
Group, Inc. ......................... 900 27,000
EVEREN Capital Corp. .................. 600 13,650
Financial Federal Corp.* .............. 500 12,375
First Sierra Financial, Inc.* ......... 600 7,350
FirstCity Financial Corp.* ............ 300 3,881
FNB Corp. ............................. 705 19,916
Freedom Securities Corp. .............. 600 9,075
Friedman, Billings, Ramsey
Group, Inc., Class A ................ 1,700 11,050
Hambrecht & Quist Group* .............. 900 20,419
Headlands Mortgage Corp.* ............. 800 16,750
HealthCare Financial Partners,
Inc.* ............................... 500 19,937
IMC Mortgage Co.* ..................... 900 253
Impac Mortgage Holdings, Inc. ......... 1,000 4,563
Imperial Credit Commercial
Mortgage Investment ................. 900 8,438
Imperial Credit Industries, Inc.* ..... 1,200 10,050
International Telecommunication
Data Systems, Inc.* ................. 300 4,425
Investment Technology Group,
Inc.* ............................... 200 12,412
Investors Financial Services
Corp. ............................... 300 17,887
Jeffries Group, Inc. .................. 700 34,737
John Nuveen Co., Class A .............. 200 7,425
Life USA Holding, Inc. ................ 800 10,300
Metris Cos., Inc. ..................... 744 37,410
Morgan Keegan, Inc. ................... 1,400 26,337
National Processing, Inc.* ............ 1,200 6,600
Oakwood Homes Corp. ................... 1,700 25,819
Oriental Financial Group, Inc. ........ 533 16,690
Paymentech, Inc.* ..................... 500 9,250
PEC Israel Economic Corp.* ............ 300 8,625
Pioneer Group, Inc. ................... 900 17,775
Queens County Bancorp, Inc. ........... 700 20,825
Reliance Bancorp, Inc. ................ 400 11,125
Resource America, Inc., Class A 900 8,156
Resource Bankshares Mortgage
Group, Inc. ......................... 400 6,625
Southwest Securities Group, Inc. 800 16,100
</TABLE>
89
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Triad Guaranty, Inc.* ................. 600 $ 13,237
UMB Financial Corp. ................... 700 32,112
UniCapital Corp.* ..................... 1,100 8,113
United Co's. Financial Corp. .......... 800 2,700
Varlen Corp. .......................... 625 14,414
Vermont Financial Services
Group Corp. ......................... 700 23,275
Westcorp .............................. 800 5,550
Wilshire Financial Services
Group, Inc.* ........................ 500 313
WSFS Financial Corp. .................. 600 10,125
-----------
870,317
-----------
INSURANCE (3.4%)
Alfa Corp. ............................ 1,200 29,100
American Annuity Group, Inc. .......... 300 6,900
American Heritage Life
Investment Corp. .................... 600 14,662
Amerin Corp.* ......................... 600 14,175
AmerUs Life Holdings, Inc.,
Class A ............................. 800 17,900
Argonaut Group, Inc. .................. 700 17,150
ARM Financial Group, Inc.,
Class A ............................. 800 17,750
Capital Re Corp. ...................... 700 14,044
Capital Transamerica Corp. ............ 500 9,344
Chartwell Re Corp. .................... 200 4,750
Chicago Title Corp. ................... 500 23,469
CMAC Investments Corp. ................ 1,000 45,937
CNA Surety Corp. ...................... 400 6,300
Commerce Group, Inc. .................. 900 31,894
Delphi Financial Group, Inc.,
Class A* ............................ 714 37,440
Executive Risk, Inc. .................. 500 27,469
FBL Financial Group, Inc.,
Class A ............................. 900 21,825
Fidelity National Financial, Inc. ..... 990 30,195
First American Financial Corp. ........ 2,150 69,069
Foremost Corp. of America ............. 600 12,600
FPIC Insurance Group, Inc.* ........... 300 14,344
Frontier Insurance Group, Inc. ........ 1,060 13,647
Fund American Enterprises
Holdings, Inc. ...................... 200 28,012
Guarantee Life Cos., Inc. ............. 500 9,250
Harleysville Group, Inc. .............. 500 12,906
HCC Insurance Holdings, Inc. .......... 1,000 17,625
Highlands Insurance Group, Inc.* 200 2,613
HSB Group, Inc. ....................... 1,400 57,487
INspire Insurance Solutions, Inc.* 200 3,675
LandAmerica Financial Group,
Inc. ................................ 400 22,325
Liberty Corp. ......................... 592 29,156
Markel Corp.* ......................... 200 36,200
Meadowbrook Insurance Group,
Inc. ................................ 100 1,644
Medical Assurance, Inc.* .............. 880 29,095
Midland Co. ........................... 300 7,238
MMI Cos., Inc. ........................ 500 8,375
NAC Re Corp. .......................... 800 37,550
Nymagic, Inc. ......................... 300 6,225
Ocwen Asset Investment Corp. .......... 300 1,444
Penn Treaty American Corp.* ........... 300 8,081
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
PennCorp Financial Group, Inc. ........ 700 $ 700
Philadelphia Consolidated
Holdings Corp.* ..................... 300 6,788
PMA Capital Corp., Class A ............ 700 13,694
Poe & Brown, Inc. ..................... 400 13,975
Presidential Life Corp. ............... 1,200 23,850
PXRE Corp. ............................ 400 10,025
Reinsurance Group of America,
Inc. ................................ 800 56,000
Risk Capital Holdings, Inc.* .......... 400 8,700
RLI Corp. ............................. 225 7,481
SCPIE Holdings, Inc. .................. 500 15,156
Selective Insurance Group, Inc. ....... 1,400 28,175
Stewart Information Services
Corp. ............................... 400 23,200
TIG Holdings, Inc. .................... 2,100 32,681
Trenwick Group, Inc. .................. 400 13,050
UICI* ................................. 1,600 39,200
United Fire & Casualty Co. ............ 300 10,088
Vesta Insurance Group, Inc. ........... 400 2,400
W.R. Berkley Corp. .................... 500 17,031
-----------
1,121,059
-----------
INVESTMENT COMPANY (0.2%)
Phoenix Investment Partners Ltd. 1,800 15,188
SEI Corp. ............................. 500 49,687
-----------
64,875
-----------
MORTGAGE RELATED (0.0%)
Federal Agricultural Mortgage
Corp., Class C* ..................... 100 3,712
-----------
REAL ESTATE (7.4%)
Alexandria Real Estate Equities,
Inc. ................................ 600 18,562
American Health Properties, Inc. 1,000 20,625
AMLI Residential Properties
Trust ............................... 500 11,125
Avatar Holdings, Inc.* ................ 300 4,800
Bedford Property Investors, Inc. ...... 900 15,188
Berkshire Realty Co. .................. 1,300 12,350
Boykin Lodging Trust, Inc. ............ 300 3,713
Bradley Real Estate, Inc. ............. 1,000 20,500
Brandywine Realty Trust ............... 1,700 30,387
BRE Properties, Class A ............... 1,900 47,025
Burnham Pacific Properties, Inc. ...... 1,300 15,681
Cabot Industrial Trust ................ 600 12,263
Camden Property Trust ................. 1,900 49,400
Capstead Mortgage Corp. ............... 1,400 5,775
CB Richard Ellis Services, Inc.* ...... 700 12,688
CBL & Associates Properties,
Inc. ................................ 900 23,231
CCA Prison Realty Trust ............... 900 18,450
CenterPoint Properties Corp. .......... 400 13,525
Chateau Communications, Inc. .......... 800 23,450
Chelsea GCA Realty, Inc. .............. 600 21,375
Choice Hotels International,
Inc.* ............................... 1,500 20,531
Colonial Properties Trust ............. 1,300 34,612
Commercial Net Lease Realty ........... 1,000 13,250
Cornerstone Realty Income
Trust, Inc. ......................... 2,300 24,150
Cousins Properties, Inc. .............. 1,200 38,700
</TABLE>
90
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
CRIIMI MAE, Inc. ..................... 1,500 $ 5,250
D.R. Horton, Inc. .................... 1,200 27,600
Developers Diversified Realty
Corp. .............................. 2,100 37,275
Dynex Capital, Inc. .................. 1,500 6,938
EastGroup Properties, Inc. ........... 400 7,375
Equity Inns, Inc. .................... 1,500 14,438
Essex Property Trust, Inc. ........... 800 23,800
Federal Realty Investment Trust ...... 1,500 35,437
FelCor Lodging Trust, Inc. ........... 2,511 57,910
First Industrial Realty Trust, Inc. 1,700 45,581
First Union Real Estate
Investments ........................ 500 2,938
Forest City Enterprises, Inc.,
Class A ............................ 500 13,125
Franchise Finance Corp. of
America ............................ 1,300 31,200
Gables Residential Trust ............. 1,500 34,781
General Growth Properties ............ 1,300 49,237
Glenborough Realty Trust, Inc. ....... 1,600 32,600
Glimcher Realty Trust ................ 800 12,550
Great Lakes REIT, Inc. ............... 200 3,138
Grubb & Ellis Co.* ................... 600 4,838
Health Care Property Investors,
Inc. ............................... 900 27,675
Health Care REIT, Inc. ............... 900 23,287
Healthcare Realty Trust, Inc. ........ 1,996 44,536
Home Properties of New York,
Inc. ............................... 1,000 25,750
Hospitality Properties Trust ......... 900 21,712
Innkeepers USA Trust ................. 1,100 12,994
Insignia Financial Group, Inc.,
Class A* ........................... 533 6,463
IRT Property Co. ..................... 600 6,000
Irvine Apartment Communities,
Inc. ............................... 700 22,312
JDN Realty Corp. ..................... 1,250 26,953
JP Realty, Inc. ...................... 300 5,888
Kilroy Realty Corp. .................. 1,400 32,200
Kimco Realty Corp., Series D ......... 144 3,726
Koger Equity Inc. .................... 900 15,469
LaSalle Partners, Inc.* .............. 400 11,775
LNR Property Corp. ................... 800 15,950
LTC Properties, Inc. ................. 900 14,963
Manufactured Home
Communities, Inc. .................. 900 22,556
Meridian Industrial Trust, Inc. ...... 1,200 28,200
MeriStar Hospitality Corp. ........... 1,578 29,292
Merry Land Properties, Inc.* ......... 55 199
MGI Properties, Inc. ................. 1,000 27,937
Mid America Apartment
Communities, Inc. .................. 800 18,150
National Health Investors, Inc. ...... 900 22,219
Nationwide Health Properties,
Inc. ............................... 1,600 34,500
New Plan Excel Realty Trust .......... 2,980 66,119
NVR, Inc.* ........................... 300 14,306
OMEGA Healthcare Investors ........... 700 21,131
Pacific Gulf Properties, Inc. ........ 700 14,044
Parkway Properties, Inc. ............. 600 18,750
Prentiss Properties Trust ............ 1,500 33,469
Price Enterprises, Inc. .............. 1,036 5,504
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Prime Group Realty Trust ............. 300 $ 4,538
Prime Retail, Inc. ................... 1,500 14,719
PS Business Parks, Inc., Class A ..... 700 16,712
Realty Income Corp. .................. 1,400 34,825
Reckson Associates Realty ............ 2,000 44,375
Redwood Trust, Inc. .................. 800 11,200
Regency Realty Corp. ................. 1,100 24,475
RFS Hotel Investors, Inc. ............ 1,600 19,600
Ryland Group, Inc. ................... 800 23,100
Security Capital Group, Inc.,
Class B* ........................... 1,200 16,275
Shurgard Storage Centers,
Class A ............................ 600 15,488
SL Green Realty Corp. ................ 700 15,138
Smith (Charles E.) Residential
Realty ............................. 900 28,912
Sovran Self Storage, Inc. ............ 200 5,025
Storage Trust Realty ................. 700 16,363
Storage USA, Inc. .................... 1,000 32,312
Summit Properties, Inc. .............. 800 13,800
Sun Communities, Inc. ................ 900 31,331
Sunstone Hotel Investors ............. 1,500 14,156
Taubman Center, Inc. ................. 2,300 31,625
The Macerich Co. ..................... 600 15,375
Thornberg Mortgage Asset Corp. 500 3,813
Tower Realty Trust, Inc. ............. 600 12,075
Town & Country Trust ................. 800 12,850
Trammell Crow Co.* ................... 1,200 33,600
TriNet Corp. Realty Trust ............ 1,100 29,425
U.S. Restaurant Properties, Inc. ..... 500 12,156
United Dominion Realty Trust,
Inc. ............................... 3,700 38,156
Urban Shopping Centers, Inc. ......... 600 19,650
Ventas, Inc. ......................... 1,800 21,937
Walden Residential Properties,
Inc. ............................... 600 12,263
Washington Real Estate
Investment Trust ................... 1,900 35,387
Weeks Corp. .......................... 700 19,731
Weingarten Realty Investors .......... 1,100 49,087
Wellsford Real Properties, Inc.* ..... 1,200 12,375
Westfield America, Inc. .............. 1,200 20,700
-----------
2,393,945
-----------
UTILITY--ELECTRIC (2.1%)
Black Hills Corp. .................... 1,150 30,331
Calpine Corp.* ....................... 800 20,200
Central Hudson Gas & Electric ........ 600 26,850
CILCORP, Inc. ........................ 600 36,712
Cleco Corp. .......................... 1,100 37,744
CMP Group, Inc. ...................... 600 11,325
Commonwealth Energy System ........... 1,000 40,500
Eastern Utilities Associates ......... 1,000 28,250
El Paso Electric Co.* ................ 2,000 17,500
Empire District Electric Co. ......... 700 17,325
Hawaiian Electronics Industries,
Inc. ............................... 1,000 40,250
Idacorp, Inc. ........................ 1,600 57,900
Minnesota Power. Inc. ................ 1,000 44,000
Northwestern Corp. ................... 600 15,863
Orange & Rockland Utilities,
Inc. ............................... 500 28,500
</TABLE>
91
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Otter Tail Power Co. ..................................................... 400 $ 15,950
Rochester Gas & Electric ................................................. 1,400 43,750
Sierra Pacific Resources ................................................. 1,400 53,200
SIGCORP, Inc. ............................................................ 500 17,844
UniSource Energy Corp.* .................................................. 1,600 21,600
United Illuminating Co. .................................................. 500 25,750
United Water Resources, Inc. ............................................. 1,500 35,906
WPS Resources Corp. ...................................................... 800 28,200
-----------
695,450
-----------
UTILITY--GAS (1.9%)
AGL Resources, Inc. ...................................................... 2,700 62,269
Atmos Energy Corp. ....................................................... 1,200 38,700
Bay State Gas Co. ........................................................ 800 31,850
Colonial Gas Co. ......................................................... 600 20,925
Connecticut Energy Corp. ................................................. 200 6,100
Energen Corp. ............................................................ 1,000 19,500
Indiana Energy, Inc. ..................................................... 733 18,050
Kelley Oil & Gas Corp.* .................................................. 1,600 950
Laclede Gas Co. .......................................................... 800 21,400
Madison Gas & Electric Co. ............................................... 700 15,925
New Jersey Resources Corp. ............................................... 600 23,700
North Carolina Natural Gas
Corp. .................................................................. 300 9,956
Northwest Natural Gas Co. ................................................ 500 12,938
NUI Corp. ................................................................ 700 18,769
Peoples Energy Corp. ..................................................... 1,200 47,850
Piedmont Natural Gas Co. ................................................. 1,500 54,187
Public Service Co. of North
Carolina, Inc. ......................................................... 800 20,800
SEMCO Energy, Inc. ....................................................... 420 6,851
Southern Union Co.* ...................................................... 987 24,058
Southwest Gas Corp. ...................................................... 1,500 40,313
UGI Corp. ................................................................ 1,600 38,000
Washington Gas Light Co. ................................................. 1,200 32,550
Washington Water Power Co. ............................................... 2,500 48,125
-----------
613,766
-----------
UTILITY--TELEPHONE (0.4%)
Aliant Communications, Inc. .............................................. 1,500 61,312
e.spire Communications, Inc.* ............................................ 1,200 7,650
Western Wireless Corp., Class A* 2,900 63,800
-----------
132,762
-----------
TOTAL CREDIT SENSITIVE ................................................. 8,499,729
-----------
DIVERSIFIED (1.1%)
MISCELLANEOUS (1.1%)
AMCOL International Corp. ................................................ 800 7,900
AptarGroup, Inc. ......................................................... 900 25,256
Blount International, Inc.,
Class A ................................................................ 500 12,469
Brush Wellman, Inc. ...................................................... 500 8,719
Central Parking Corp. .................................................... 600 19,462
DBT Online, Inc.* ........................................................ 200 4,988
Dexter Corp. ............................................................. 700 22,006
Federal Signal Corp. ..................................................... 1,900 52,012
Foamex International, Inc. ............................................... 300 3,713
Furon Co. ................................................................ 1,000 17,063
Jostens, Inc. ............................................................ 1,300 34,044
Justin Industries, Inc. .................................................. 400 5,250
Mark IV Industries, Inc. ................................................. 1,400 18,200
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Matthews International Corp.,
Class A ................................................................ 600 $ 18,900
Myers Industries, Inc. ................................................... 600 17,212
National Golf Properties, Inc. ........................................... 700 20,256
SPS Technologies, Inc.* .................................................. 500 28,312
Standex International Corp. .............................................. 400 10,500
Tredegar Industries, Inc. ................................................ 700 15,750
Triarc Cos.* ............................................................. 500 8,000
-----------
TOTAL DIVERSIFIED ...................................................... 350,012
-----------
ENERGY (2.5%)
COAL & GAS PIPELINES (0.4%)
Aquila Gas Pipeline Corp. ................................................ 700 5,994
Arch Coal, Inc. .......................................................... 1,000 17,125
Eastern Enterprises ...................................................... 700 30,625
Equitable Resources, Inc. ................................................ 1,300 37,862
Nuevo Energy Co.* ........................................................ 700 8,050
TransMontaigne Oil Co.* .................................................. 800 12,100
Western Gas Resources, Inc. .............................................. 1,300 7,475
Yankee Energy System, Inc. ............................................... 700 20,388
-----------
139,619
-----------
OIL--DOMESTIC (0.6%)
Atwood Oceanics, Inc.* ................................................... 500 8,500
Barrett Resources Corp.* ................................................. 1,100 26,400
Berry Petroleum, Class A ................................................. 800 11,350
Cabot Oil & Gas Corp., Class A 600 9,000
Chesapeake Energy Corp. .................................................. 990 866
Cross Timbers Oil Co. .................................................... 1,300 9,750
EEX Corp.* ............................................................... 1,466 10,262
Frontier Oil Corp.* ...................................................... 1,100 5,431
Houston Exploration Co.* ................................................. 400 7,950
KCS Energy, Inc. ......................................................... 400 1,225
Key Energy Services, Inc.* ............................................... 400 1,875
Louis Dreyfus Natural Gas
Corp.* ................................................................. 600 8,550
Meridian Resource Corp.* ................................................. 1,800 5,738
Plains Resources, Inc.* .................................................. 500 7,031
Pogo Producing Co. ....................................................... 1,400 18,200
Range Resources Corp. .................................................... 2,700 9,281
Seagull Energy Corp.* .................................................... 3,200 20,200
St. Mary Land and Exploration
Co. .................................................................... 200 3,700
Stone Energy Corp.* ...................................................... 500 14,375
Tom Brown, Inc. .......................................................... 1,300 13,041
TransTexas Gas Corp.* .................................................... 700 1,838
Vintage Petroleum, Inc. .................................................. 1,200 10,350
-----------
204,913
-----------
OIL--INTERNATIONAL (0.3%)
Benton Oil & Gas Co.* .................................................... 700 2,100
Newfield Exploration Co.* ................................................ 1,600 33,400
Pride International, Inc.* ............................................... 1,800 12,713
Rutherford-Moran Oil Corp.* .............................................. 500 1,406
Santa Fe Energy Resources, Inc.* 3,600 26,550
Seacor Holdings, Inc.* ................................................... 600 29,662
-----------
105,831
-----------
OIL--SUPPLIES & CONSTRUCTION (1.1%)
Belco Oil & Gas Corp.* ................................................... 1,100 6,119
CARBO Ceramics, Inc. ..................................................... 300 5,250
Comstock Resources, Inc.* ................................................ 1,400 4,288
</TABLE>
92
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Daniel Industries, Inc. .............. 800 $ 9,700
Devon Energy Corp. ................... 1,100 33,756
Dril-Quip, Inc.* ..................... 500 8,875
Forecenergy, Inc.* ................... 200 525
Forest Oil Corp.* .................... 1,300 11,050
Friede Goldman International,
Inc.* .............................. 800 9,100
Grey Wolf, Inc.* ..................... 3,500 2,844
Gulf Island Fabrication, Inc.* ....... 600 4,650
Hanover Compressor Co.* .............. 1,000 25,687
Harken Energy Corp.* ................. 5,700 11,044
Helmerich & Payne, Inc. .............. 1,500 29,062
Holly Corp. .......................... 200 3,375
HS Resources, Inc.* .................. 200 1,513
Input/Output, Inc.* .................. 1,000 7,312
Marine Drilling Co., Inc.* ........... 1,900 14,606
Mitchell Energy & Development
Corp., Class A ..................... 600 6,862
Newpark Resources, Inc.* ............. 2,100 14,306
Oceaneering International, Inc.* ..... 800 12,000
Offshore Logistics, Inc.* ............ 700 8,312
Omni Energy Services Corp.* .......... 400 1,700
Parker Drilling Co.* ................. 1,800 5,738
Patterson Energy, Inc.* .............. 1,000 4,063
Pool Energy Services Co.* ............ 900 9,731
Snyder Oil Corp. ..................... 1,100 14,644
Swift Energy Co.* .................... 1,200 8,850
Syntroleum Corp.* .................... 1,100 6,806
Tesoro Petroleum Corp.* .............. 1,000 12,125
Trico Marine Services, Inc.* ......... 300 1,463
Tuboscope, Inc.* ..................... 2,200 17,875
WICOR, Inc. .......................... 1,300 28,356
-----------
341,587
-----------
RAILROADS (0.1%)
MotivePower Industries, Inc.* ........ 600 19,313
-----------
TOTAL ENERGY ....................... 811,263
-----------
TECHNOLOGY (16.4%)
ELECTRONICS (5.0%)
Aavid Thermal Technologies,
Inc.* .............................. 200 3,375
Acclaim Entertainment, Inc.* ......... 1,700 20,825
Actel Corp.* ......................... 400 8,000
ACX Technologies, Inc.* .............. 700 9,275
Acxiom Corp.* ........................ 2,140 66,340
Advent Software, Inc.* ............... 100 4,713
AFC Cable Systems, Inc.* ............. 100 3,363
American Management Systems,
Inc.* .............................. 1,400 56,000
Amkor Technology, Inc.* .............. 1,600 17,300
Amphenol Corp., Class A* ............. 500 15,094
ATMI, Inc.* .......................... 200 5,050
Analogic Corp. ....................... 200 7,525
Anixter International, Inc.* ......... 1,000 20,312
Apex PC Solutions, Inc.* ............. 200 5,775
Applied Micro Circuits Corp.* ........ 900 30,572
Artesyn Technologies, Inc.* .......... 1,400 19,600
Aspec Technology, Inc.* .............. 1,300 1,706
Aspen Technologies, Inc.* ............ 600 8,700
Avant! Corp.* ........................ 800 12,800
Avid Technology, Inc.* ............... 1,000 23,375
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
BancTec, Inc.* ....................... 1,200 $ 15,075
BARRA, Inc.* ......................... 600 14,175
BEA Systems, Inc.* ................... 1,700 20,825
Belden, Inc. ......................... 1,100 23,306
Boole & Babbage, Inc.* ............... 950 27,966
Budget Group, Inc.* .................. 1,100 17,462
Burr-Brown Corp.* .................... 950 22,266
C & D Technology, Inc. ............... 400 11,000
C-Cube Microsystems, Inc.* ........... 1,200 32,550
Cable Design Technologies* ........... 1,200 22,200
CDW Computer Centers, Inc.* .......... 300 28,781
Checkfree Holdings Corp.* ............ 1,600 37,400
Checkpoint Systems Inc.* ............. 1,200 14,850
CHS Electronics, Inc.* ............... 1,300 22,019
Cirrus Logic, Inc.* .................. 2,200 21,587
Clarify, Inc.* ....................... 800 19,550
Cohu, Inc. ........................... 200 4,400
CompuCom Systems, Inc.* .............. 900 3,150
Computer Horizons Corp.* ............. 1,000 26,625
Computer Task Group, Inc. ............ 600 16,275
CTS Corp. ............................ 600 26,100
Cubic Corp ........................... 100 1,875
Data General Corp.* .................. 1,700 27,944
Data Transmission Network
Corp.* ............................. 600 17,325
DII Group, Inc.* ..................... 800 18,400
Documentum, Inc.* .................... 400 21,375
Electro Scientific Industries, Inc.* 500 22,656
Essex International, Inc.* ........... 122 4,224
Etec Systems, Inc.* .................. 800 32,000
FactSet Research Systems, Inc.* ...... 100 6,175
FSI International, Inc.* ............. 1,300 13,487
General Cable Corp. .................. 1,650 33,825
GenRad, Inc.* ........................ 1,100 17,325
Gentex Corp.* ........................ 2,900 58,000
Gerber Scientific, Inc. .............. 900 21,431
Hadco Corp.* ......................... 500 17,500
Harbinger Corp.* ..................... 1,400 11,200
Helix Technology Corp. ............... 1,000 13,000
HNC Software, Inc.* .................. 500 20,219
Industri-Matematik International
Corp.* ............................. 600 3,000
Information Resources, Inc.* ......... 1,000 10,187
Innovex, Inc. ........................ 300 4,116
Inprise Corp.* ....................... 2,200 12,100
Integrated Device Technology,
Inc.* .............................. 3,300 20,212
Integrated Systems, Inc.* ............ 600 8,962
Intergraph Corp.* .................... 2,300 13,225
International Rectifer Corp.* ........ 1,700 16,575
ISS Group, Inc.* ..................... 200 11,000
Itron, Inc.* ......................... 300 2,156
Jabil Circuit, Inc.* ................. 800 59,700
Jack Henry & Associates, Inc. ........ 600 29,850
JDA Software Group, Inc.* ............ 950 9,203
Kent Electronics Corp.* .............. 1,200 15,300
MTS Systems Corp. .................... 600 8,100
National Instruments Corp.* .......... 600 20,475
NeoMagic Corp.* ...................... 500 11,062
Nichols Research Corp.* .............. 400 8,350
Optical Cable Corp.* ................. 300 3,638
P-Com, Inc.* ......................... 1,100 4,383
</TABLE>
93
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Paxar Corp.* ....................... 1,300 $ 11,619
Protection One, Inc.* .............. 700 5,994
Read-Rite Corp.* ................... 1,900 28,084
Rogers Corp.* ...................... 100 2,988
S3, Inc.* .......................... 2,200 16,191
SCM Microsystems, Inc.* ............ 400 28,425
SpeedFam International, Inc.* ...... 300 5,138
System Software Associates, Inc.* 1,300 9,141
Technology Solutions Co.* .......... 1,450 15,542
Thermedics, Inc.* .................. 1,100 11,894
Transaction Systems Architects,
Inc.* ............................ 1,000 50,000
Trimble Navigation Ltd.* ........... 700 5,075
VeriSign, Inc.* .................... 100 5,912
Visual Networks, Inc.* ............. 900 33,750
Wyman-Gordon Co.* .................. 600 6,150
-----------
1,632,720
-----------
OFFICE EQUIPMENT (2.7%)
3Dfx Interactive, Inc.* ............ 500 6,313
Alydaar Software Corp.* ............ 500 4,125
American Business Products, Inc. 700 16,450
Aspect Development, Inc.* .......... 600 26,587
Bell & Howell Co.* ................. 500 18,906
Day Runner, Inc.* .................. 400 5,800
DecisionOne Holdings Corp.* ........ 600 2,850
Evans & Sutherland Computer
Corp.* ........................... 200 3,525
FileNET Corp.* ..................... 1,400 16,056
Global DirectMail Corp.* ........... 800 18,700
GT Interactive Software Corp.* ..... 600 3,000
HMT Technology Corp.* .............. 1,600 20,500
Hunt Corp. ......................... 1,000 10,625
Hutchinson Technology, Inc.* ....... 600 21,375
IMRglobal Corp.* ................... 600 17,662
Insight Enterprises, Inc.* ......... 600 30,525
John H. Harland Co. ................ 1,200 18,975
Knoll, Inc.* ....................... 600 17,775
Kronos, Inc.* ...................... 400 17,725
Mastech Corp.* ..................... 800 22,900
Micron Electronics, Inc.* .......... 1,200 20,775
MICROS Systems, Inc.* .............. 500 16,438
National Computer Systems, Inc. 800 29,600
Network Appliance, Inc.* ........... 2,200 99,000
New England Business Services,
Inc. ............................. 500 19,562
New Era of Networks, Inc.* ......... 600 26,400
Pinnacle Systems, Inc.* ............ 300 10,725
Rational Software Corp.* ........... 3,300 87,450
RealNetworks, Inc.* ................ 400 14,350
Sandisk Corp.* ..................... 900 12,713
SMART Modular Technologies* ........ 1,000 27,750
TAVA Technologies, Inc.* ........... 700 5,338
Technitrol, Inc. ................... 600 19,125
Telxon Corp. ....................... 600 8,325
Triumph Group, Inc.* ............... 500 16,000
Vanstar Corp.* ..................... 2,100 19,425
Vantive Corp.* ..................... 1,100 8,800
Viasoft, Inc.* ..................... 500 3,500
Visio Corp.* ....................... 1,000 36,562
WH Brady Co. ....................... 900 24,244
Wind River Systems* ................ 800 37,600
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Xircom, Inc.* ...................... 700 $ 23,800
Xylan Corp.* ....................... 1,500 26,344
-----------
894,200
-----------
OFFICE EQUIPMENT SERVICES (3.9%)
Advantage Learning Systems,
Inc.* ............................ 200 13,150
BA Merchant Services, Inc.,
Class A* ......................... 1,000 20,125
BroadVision, Inc.* ................. 600 19,200
ChoicePoint, Inc.* ................. 400 25,800
Complete Business Solutions,
Inc.* ............................ 500 16,938
Concentric Network Corp.* .......... 500 16,625
Datastream Systems, Inc.* .......... 400 4,600
DataWorks Corp.* ................... 800 8,350
Davox Corp.* ....................... 800 6,100
DoubleClick, Inc.* ................. 500 22,781
DST Systems, Inc.* ................. 496 28,303
EarthLink Network, Inc.* ........... 500 28,500
Engineering Animation, Inc.* ....... 200 10,800
Excite, Inc.* ...................... 900 37,856
Exodus Communications, Inc.* ....... 400 25,700
Fair Issac & Co., Inc. ............. 300 13,856
Florida East Coast Industries,
Inc. ............................. 400 14,075
General Magic, Inc.* ............... 1,100 5,534
Great Plains Software, Inc.* ....... 200 9,650
H.T.E., Inc.* ...................... 500 2,500
Hypercom Corp.* .................... 600 5,925
Hyperion Solutions Corp.* .......... 980 17,640
Infoseek Corp.* .................... 800 39,500
infoUSA, Inc., Class B* ............ 700 3,675
Komag, Inc.* ....................... 2,300 23,862
Legato Systems, Inc.* .............. 1,500 98,906
Lycos, Inc.* ....................... 1,600 88,900
Macromedia, Inc.* .................. 1,400 47,162
Manhattan Associates, Inc.* ........ 400 10,900
Manugistics Group, Inc.* ........... 600 7,500
MAPICS, Inc.* ...................... 500 8,250
Mercury Interactive Corp.* ......... 500 31,625
MicroAge, Inc.* .................... 500 7,688
Micromuse, Inc.* ................... 400 7,800
MindSpring Enterprises, Inc.* ...... 500 30,531
Mobius Management Systems,
Inc.* ............................ 400 5,950
MTI Technology Corp.* .............. 1,500 6,750
Network Solutions, Inc., Class A* 200 26,175
Objective Systems Integrators,
Inc.* ............................ 600 2,775
Peregrine Systems, Inc.* ........... 300 13,913
Platinum Software Corp.* ........... 600 7,688
Progress Software Corp.* ........... 650 21,938
Project Software &
Development, Inc.* ............... 300 10,050
PSINet, Inc.* ...................... 1,700 35,487
QAD, Inc.* ......................... 600 2,138
QRS Corp.* ......................... 200 9,600
QuadraMed, Corp.* .................. 800 16,400
Radiant Systems, Inc.* ............. 600 4,425
Remedy Corp.* ...................... 1,100 15,331
RWD Technologies, Inc.* ............ 300 6,488
</TABLE>
94
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Safeguard Scientifics, Inc.* ........ 1,000 $ 27,437
Sapient Corp.* ...................... 400 22,400
Security Dynamics Technologies,
Inc.* ............................. 1,600 36,800
Sequent Computer System* ............ 1,800 21,713
Shiva Corp.* ........................ 600 3,394
Software AG Systems, Inc.* .......... 1,200 21,750
SportsLine USA, Inc.* ............... 600 9,338
Structural Dynamics Research* ....... 1,600 31,800
Sykes Enterprises, Inc.* ............ 800 24,400
Symantec Corp.* ..................... 1,900 41,325
Syntel, Inc.* ....................... 400 4,525
Systems & Computer Tech
Corp.* ............................ 1,200 16,500
Wang Laboratories, Inc.* ............ 1,900 52,725
WavePhore, Inc.* .................... 1,100 8,834
-----------
1,268,356
-----------
TELECOMMUNICATIONS (4.8%)
Aerial Communications, Inc.* ........ 1,300 7,638
Allen Telecom, Inc.* ................ 500 3,344
Alliant Techsystems, Inc.* .......... 231 19,043
Alpine Group, Inc.* ................. 800 12,000
American Mobile Satellite Corp.* 1,300 6,825
American Tower Corp., Class A* 3,300 97,556
ANTEC Corp.* ........................ 1,100 22,137
Ascent Entertainment Group,
Inc.* ............................. 1,800 13,275
Aspect Telecommunications
Corp.* ............................ 2,200 37,950
Associated Group, Inc., Class A* 900 38,700
AXENT Technologies, Inc.* ........... 1,100 33,619
Black Box Corp.* .................... 800 30,300
California Microwave, Inc.* ......... 300 2,813
CellNet Data Systems, Inc.* ......... 1,900 9,500
Cellular Communications
International, Inc.* .............. 500 34,000
Cellular Communications of
Puerto Rico* ...................... 400 7,400
Centennial Cellular Corp.,
Class A* .......................... 700 28,700
CFW Communications Co. .............. 500 11,687
CMG Information Services, Inc.* 600 63,900
CNET, Inc.* ......................... 300 16,444
Com21, Inc.* ........................ 400 8,400
CommNet Cellular, Inc.* ............. 600 7,350
Commonwealth Telephone
Enterprises, Inc.* ................ 200 6,700
CoreComm Ltd.* ...................... 400 6,300
Cylink Corp.* ....................... 1,400 5,075
Dialogic Corp.* ..................... 500 9,828
Diamond Multimedia Systems,
Inc.* ............................. 1,800 11,475
Digi International, Inc.* ........... 600 6,675
Digital Microwave Corp.* ............ 1,600 10,950
DSP Communications, Inc* ............ 1,600 24,500
E*TRADE Group, Inc.* ................ 1,300 60,816
Electric Lightwave, Inc.,
Class A* .......................... 900 7,369
Excel Switching Corp.* .............. 300 11,400
General Communications, Inc.,
Class A* .......................... 2,800 11,375
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
GeoTel Communications Corp.* ........ 700 $ 26,075
Glenayre Technologies, Inc.* ........ 2,500 11,094
ICG Communications, Inc.* ........... 1,700 36,550
IDT Corp.* .......................... 700 10,762
Inter-Tel, Inc. ..................... 600 14,025
InterDigital Communications
Corp.* ............................ 2,500 11,406
International Network Services* ..... 700 46,550
ITC DeltaCom, Inc.* ................. 1,800 27,450
IXC Communications, Inc.* ........... 1,100 36,987
KEMET Corp.* ........................ 1,600 18,000
LCC International, Inc.* ............ 600 2,250
MasTec, Inc.* ....................... 600 12,600
Metro Information Services, Inc.* 200 6,000
Metrocall, Inc.* .................... 800 3,500
Metromedia Fiber Network, Inc.
Class A* .......................... 1,000 33,500
MGC Communications, Inc.* ........... 400 2,800
MRV Communications, Inc.* ........... 700 4,331
Natural MicroSystems Corp.* ......... 500 3,641
Network Equiptmant
Technologies, Inc.* ............... 700 7,219
Norstan, Inc.* ...................... 500 8,875
North Pittsburgh Systems, Inc. ...... 500 6,688
NTL, Inc.* .......................... 1,600 90,300
Oak Industries, Inc.* ............... 700 24,500
Omnipoint Corp.* .................... 1,500 13,969
Open Market, Inc.* .................. 600 7,013
Pacific Gateway Exchange, Inc.* ..... 200 9,612
PageMart Wireless, Inc.,
Class A* .......................... 1,200 6,675
PictureTel Corp.* ................... 1,600 10,600
Plantronics, Inc.* .................. 600 51,600
Polycom, Inc.* ...................... 400 8,900
Powertel, Inc.* ..................... 500 6,781
Premiere Technologies, Inc.* ........ 1,700 12,537
Premisys Communications, Inc.* ...... 700 6,431
Primus Telecommunications
Group, Inc.* ...................... 900 14,850
RCN Corp.* .......................... 1,300 22,994
Skytel Communications, Inc.* ........ 2,200 48,675
SmarTalk TeleServices, Inc.* ........ 1,100 2,922
Superior TeleCom, Inc. .............. 225 10,631
Tekelec* ............................ 1,500 24,844
Tel-Save Holdings, Inc.* ............ 1,500 25,125
Telegroup, Inc.* .................... 1,300 1,706
U.S. Satellite Broadcasting Co.,
Inc.* ............................. 1,700 23,375
Vanguard Cellular Systems, Inc.,
Class A* .......................... 900 23,231
Verio, Inc.* ........................ 200 4,475
West TeleServices Corp.* ............ 300 2,925
Westell Technologies, Inc.* ......... 1,100 5,363
WinStar Communications, Inc.* ....... 1,500 58,500
World Access, Inc.* ................. 1,100 23,512
-----------
1,557,393
-----------
TOTAL TECHNOLOGY .................. 5,352,669
-----------
TOTAL COMMON STOCK (96.5%)
(Cost $32,212,915) ................ 31,467,563
-----------
</TABLE>
95
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- --------------
<S> <C> <C>
PREFERRED STOCKS:
CONSUMER NON-CYCLICALS (0.0%)
HOSPITAL SUPPLIES & SERVICES (0.0%)
Mediq, Inc., Class A, 13.00%* ......... 22 $ 88
-----------
CREDIT SENSITIVE (0.1%)
REAL ESTATE (0.1%)
Apartment Investment &
Management Co., Series E,
Variable rate ....................... 209 7,733
Price Enterprises, Inc. ............... 400 5,525
-----------
13,258
-----------
TOTAL PREFERRED STOCK (0.1%)
(Cost $15,885).................... 13,346
-----------
RIGHTS:
CREDIT SENSITIVE (0.0%)
FINANCIAL SERVICES (0.0%)
Coast Federal Litigation
Contingent Payment Rights*
(Cost $0)............................ 300 1,988
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
----------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENTS (8.1%)
U.S. Treasury Bills
1/21/99 .......................... $873,000 871,195
2/4/99- .......................... 100,000 99,587
3/11/99 .......................... 835,000 828,418
3/18/99 .......................... 500,000 495,620
4/1/99 ........................... 355,000 351,072
-------
TOTAL SHORT TERM DEBT SECURITIES (8.1%)
(Cost/Amortized Cost
$2,644,955) ...................... 2,645,892
---------
TOTAL INVESTMENTS (104.7%)
(Cost/Amortized Cost
$34,873,755) ..................... 34,128,789
OTHER ASSETS
LESS LIABILITIES (--4.7%) ......... (1,520,101)
----------
NET ASSETS (100%) .................. $ 32,608,688
============
</TABLE>
- ----------
* Non-Income producing
- - All, or a portion of securities held by broker as collateral for financial
futures contracts.
96
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
FUTURES CONTRACTS: At December 31, 1998, the Portfolio had futures contracts
open: (Note 1)
<TABLE>
<CAPTION>
NUMBER
OF AGGREGATE EXPIRATION UNREALIZED
PURCHASES: CONTRACTS FACE VALUE DATE APPRECIATION
- --------------- ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C>
S&P 500 Index 3 $934,125 Mar '99 $4,440
======
</TABLE>
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $38,177,022
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 6,033,011
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal Income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 3,220,268
Aggregate gross unrealized depreciation ......... (4,126,964)
------------
Net unrealized depreciation ..................... $ (906,696)
============
Federal income tax cost of investments .......... $ 35,035,485
============
</TABLE>
At December 31, 1998, the Portfolio had loaned securities with a total value of
$4,000,226 which was secured by collateral of $4,095,271.
See Notes to Financial Statements.
97
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------------ -----------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES (0.4%)
ENVIRONMENTAL CONTROL (0.4%)
Lamso USA, Inc.
7.50%, 6/30/06 ................... $ 380,000 $ 389,362
------------
CAPITAL GOODS (2.3%)
AEROSPACE (2.3%)
Boeing Co.
6.625%, 2/15/38 .................. 625,000 627,819
7.50%, 8/15/42 ................... 1,445,000 1,620,698
Lockheed Martin Corp.
7.25%, 5/15/06 ................... 100,000 108,632
------------
TOTAL CAPITAL GOODS .............. 2,357,149
------------
CONSUMER CYCLICALS (2.3%)
LEISURE RELATED (1.2%)
Time Warner Entertainment
8.375%, 3/15/23 .................. 1,000,000 1,226,634
------------
RETAIL--GENERAL (1.1%)
Federated Dept. Stores
8.50%, 6/15/03 ................... 1,000,000 1,105,255
------------
TOTAL CONSUMER CYCLICALS ......... 2,331,889
------------
CONSUMER NON-CYCLICALS (1.5%)
BEVERAGES (1.2%)
J Seagram & Sons
7.60%, 12/15/28 .................. 1,250,000 1,261,914
------------
HOSPITAL SUPPLIES & SERVICES (0.3%)
McKesson Corp.
6.30%, 3/1/05 .................... 300,000 305,228
------------
TOBACCO (0.0%)
Philip Morris Cos., Inc.
6.15%, 3/15/00 ................... 30,000 30,301
------------
TOTAL CONSUMER NON-CYCLICALS 1,597,443
------------
CREDIT SENSITIVE (82.6%)
BANKS (2.6%)
Amsouth Bank of Alabama
6.45%, 2/1/18 .................... 1,000,000 1,040,998
First Union Corp.
8.125%, 6/24/02 .................. 750,000 812,962
Inter-American Development
Bank
6.75%, 7/15/27 ................... 750,000 834,000
------------
2,687,960
------------
COLLATERALIZED MORTGAGE
OBLIGATIONS (10.8%)
Advanta Mortgage Loan Trust,
Series 98-2, Class A17,
6.05%, 9/25/18 ................... 1,000,000 1,005,000
Chase Manhattan Auto Owner
Trust, Series 97-B, Class A4,
6.50%, 10/15/01 .................. 3,050,000 3,108,606
Countrywide Home Loans,
Series 98-23, Class A,
6.50%, 2/25/29 ................... 3,300,000 3,300,115
Morgan Stanley Capital, Inc.,
Series 98-HF1,
6.19%, 1/15/07 ................... 94,960 98,550
Series 98-HF2, Class A2,
6.48%, 11/15/30 .................. 1,000,000 1,026,875
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------------ -----------------
<S> <C> <C>
Series 98-WF1,
6.25% 7/15/07 .................. $ 58,004 $ 58,221
Nationslink Funding Corp.,
Series 98-2, Class A2,
6.476%, 7/20/08 ................ 2,200,000 2,287,527
Ocwen Residential MBS Corp.
Series 98-R1,
4.00%, 10/25/40+ ............... 235,492 235,750
------------
11,120,644
------------
FINANCIAL SERVICES (9.3%)
Associates Corp. of North
America
5.875%, 7/15/02 ................ 400,000 404,736
6.00%, 4/15/03 ................. 200,000 203,330
6.95%, 11/1/18 ................. 600,000 638,645
Banc One Corp.
7.625%, 10/15/26 ............... 1,000,000 1,149,934
Beneficial Corp., Series G,
6.85%, 6/17/02 ................. 500,000 517,465
ERP Operating LP
6.63%, 4/13/05 ................. 500,000 493,380
First USA Credit Card Master
Trust, Series 98-2, Class C,
6.80%, 2/18/11+ ................ 300,000 304,200
Ford Motor Credit
6.625%, 6/30/03 ................ 150,000 156,168
General Electric Capital Corp.
5.50%, 11/1/01 ................. 100,000 99,444
Household Finance Co., Series E,
6.125%, 2/27/03 ................ 250,000 250,021
Household Finance N.V.
6.125%, 3/1/03 ................. 250,000 251,324
John Deere Capital Corp.
5.85%, 1/15/01 ................. 100,000 100,293
Keystone Financial Midatlantic
6.50%, 5/31/08 ................. 200,000 205,688
Norwest Financial, Inc.
7.20%, 4/1/04 .................. 700,000 748,192
Premier Auto Trust, Series 97-2,
Class A5,
6.32%, 3/6/02 .................. 3,000,000 3,061,875
Toyota Motor Credit
5.625%, 11/13/03 ............... 1,000,000 1,010,130
------------
9,594,825
------------
FOREIGN GOVERNMENT (0.5%)
Quebec Province, Series NY,
6.50%, 1/17/06 ................. 500,000 523,670
------------
MORTGAGE RELATED (3.6%)
Deutsche Mortgage and Asset
Receiving Corp.
6.22%, 9/15/07 ................. 96,017 97,664
First Union-Lehman Brothers,
Series 98-C2, Class A1,
6.28%, 6/18/07 ................. 485,712 497,240
Series 98-C2 Class A2,
6.56%, 11/18/08 ................ 3,000,000 3,106,545
------------
3,701,449
------------
REAL ESTATE (0.0%)
Weeks Realty LP
6.875%, 3/15/05 ................ 37,000 35,225
------------
</TABLE>
98
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------------- ------------------
<S> <C> <C>
U.S. GOVERNMENT (18.8%)
U.S. Treasury Note
6.25%, 2/28/02 ............... $ 850,000 $ 888,516
5.25%, 8/15/03 ............... 5,085,000 5,213,717
5.75%, 8/15/03 ............... 235,000 245,355
4.25%, 11/15/03 .............. 3,000,000 2,961,564
6.875%, 5/15/06 .............. 3,725,000 4,211,578
5.625%, 5/15/08 .............. 400,000 426,875
4.75%, 11/15/08 .............. 840,000 846,825
6.75%, 8/15/26- .............. 2,140,000 2,565,325
6.125%, 11/15/27 ............. 1,500,000 1,680,470
5.25%, 11/15/28 .............. 380,000 389,619
----------
19,429,844
----------
MORTGAGE BACKED SECURITIES (32.1%)
Federal Home Loan Mortgage
Corporation Gold
7.00%, 5/1/28 ................ 2,299,928 2,345,926
Federal National Mortgage
Association
6.50%, 4/1/11 ................ 497,671 504,981
6.50%, 2/1/13 ................ 276,753 280,818
6.50%, 4/1/13 ................ 73,707 74,790
6.50%, 5/1/13 ................ 646,678 656,177
6.50%, 6/1/13 ................ 423,778 430,003
6.50%, 11/1/13 ............... 452,855 459,507
6.50%, 3/1/28 ................ 260,249 262,038
6.50%, 4/1/28 ................ 530,842 534,491
6.50%, 7/1/28 ................ 614,088 618,309
7.00%, 7/1/28 ................ 1,464,999 1,495,214
6.50%, 8/1/28 ................ 185,407 186,681
7.00%, 8/1/28 ................ 996,579 1,017,134
6.50%, 9/1/28 ................ 2,417,841 2,434,312
6.50%, 10/1/28 ............... 1,410,417 1,420,113
6.00%, 12/1/28 ............... 4,202,550 4,148,707
6.50%, 12/1/28 ............... 765,838 771,103
6.00%, 1/1/29 TBA ............ 4,320,000 4,263,278
6.50%, 1/1/29 TBA ............ 120,000 120,787
Government National Mortgage
Association
8.00%, 8/15/27 ............... 375,701 390,729
7.00%, 1/1/28 TBA ............ 2,140,000 2,178,777
7.50%, 2/15/28 ............... 34,987 36,113
7.00%, 4/15/28 ............... 961,690 984,828
7.00%, 5/15/28 ............... 493,656 505,534
7.50%, 5/15/28 ............... 477,692 493,069
7.00%, 6/15/28 ............... 1,753,074 1,795,254
7.00%, 7/15/28 ............... 3,239,971 3,317,925
7.50%, 7/15/28 ............... 905,726 934,881
6.50%, 8/15/28 ............... 492,902 495,056
----------
33,156,535
----------
UTILITY--ELECTRIC (2.0%)
Detroit Edison, Series E
6.75%, 3/17/03 ............... 100,000 104,592
Kincaid Generation LLC
7.33%, 6/15/20+ .............. 300,000 299,573
National Rural Utilities
6.20%, 2/1/08 ................ 100,000 105,438
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Texas Utilities Electric Co.
6.25%, 10/1/04 ................. $ 200,000 $ 208,471
5.94%, 10/15/11 ................ 1,000,000 998,631
United Utilities plc
6.25%, 8/15/05 ................. 300,000 302,766
----------
2,019,471
----------
UTILITY--GAS (1.9%)
Atmos Energy
6.75%, 7/15/28 ................. 350,000 361,807
Energen Corp.
7.125%, 2/15/28 ................ 1,000,000 981,679
Ferellgas LP, Series A,
6.99%, 8/1/05 (SS.) ............ 500,000 495,000
Lakehead Pipe Line Co. LP
7.125%, 10/1/28 ................ 150,000 151,227
----------
1,989,713
----------
UTILITY--TELEPHONE (1.0%)
Century Telephone Enterprises,
Series E,
6.15%, 1/15/05 ................. 100,000 101,495
Pacific Bell
6.125%, 2/15/08 ................ 250,000 262,668
Pacific Telecommunications,
Series B,
6.625%, 10/20/05 ............... 150,000 154,492
U.S. West Capital Funding, Inc.
6.25%, 7/15/05 ................. 125,000 129,284
6.875%, 7/15/28 ................ 400,000 428,642
----------
1,076,581
----------
TOTAL CREDIT SENSITIVE ......... 85,335,917
----------
ENERGY (2.4%)
COAL & GAS PIPELINES (0.1%)
Laidlaw, Inc.
6.50%, 5/1/05 .................. 100,000 98,266
----------
OIL--INTERNATIONAL (0.2%)
Peco Energy Capital Trust III,
Series D,
7.38%, 4/6/28 .................. 150,000 151,417
Tailsman Energy, Inc.
7.25%, 10/15/27 ................ 100,000 96,450
----------
247,867
----------
OIL--SUPPLIES & CONSTRUCTION (1.2%)
Canadian Occidental Petroleum
7.40%, 5/1/28 .................. 400,000 368,121
Occidental Petroleum
9.25%, 8/1/19 .................. 575,000 660,192
Union Texas Petroleum
7.00%, 4/15/08 ................. 250,000 272,944
----------
1,301,257
----------
RAILROADS (0.9%)
Burlington Northern Santa Fe,
Series 96-B,
6.96%, 3/22/09 ................. 456,477 480,605
Canadian National Railway Co.
6.45%, 7/15/06 ................. 400,000 411,332
----------
891,937
----------
TOTAL ENERGY ................... 2,539,327
----------
</TABLE>
99
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
----------------- -------------
<S> <C> <C>
TECHNOLOGY (3.9%)
ELECTRONICS (0.9%)
Computer Associates
International, Series B,
6.375%, 4/15/05 ........... $ 900,000 $ 890,676
----------
TELECOMMUNICATIONS (3.0%)
Aerial Communications, Inc.,
Zero Coupon,
2/1/08+ ................... 435,000 200,761
Cable & Wireless
Communications
6.375%, 3/6/03 ............ 400,000 400,176
Cox Communications, Inc.
6.15%, 8/1/03 ............. 750,000 768,375
TCA Cable TV, Inc.
6.53%, 2/1/28 ............. 600,000 610,631
Tele-Communication, Inc.
7.875%, 8/1/13 ............ 1,000,000 1,170,248
----------
3,150,191
----------
TOTAL TECHNOLOGY .......... 4,040,867
----------
TOTAL LONG-TERM DEBT SECURITIES (95.4%)
(Cost $98,333,501)......... 98,591,954
----------
NUMBER
OF
SHARES
------------
PREFERRED STOCKS:
CREDIT SENSITIVE (0.4%)
FINANCIAL SERVICES (0.4%)
Equity Residential Properties
Trust
(Cost $397,850)............ 14,600 377,775
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (8.1%)
Enterprise Capital Funding
5.30%, 1/29/99+ ..................... $4,400,000 $ 4,381,862
Windmill Funding Corp.
5.43%, 1/21/99+ ..................... 4,000,000 3,987,933
------------
8,369,795
------------
U.S. GOVERNMENT AGENCIES (3.5%)
Federal Mortgage Corp.
(Discount Note)
4.50%, 1/4/99 ....................... 3,600,000 3,598,650
------------
TOTAL SHORT-TERM DEBT SECURITIES (11.6%)
(Amortized Cost $11,968,446)......... 11,968,445
------------
TOTAL INVESTMENTS (107.4%)
(Cost/Amortized Cost
$110,699,797)........................ 110,938,174
OTHER ASSETS
LESS LIABILITIES (-7.4%) ............ (7,611,934)
------------
NET ASSETS (100%) ..................... $103,326,240
============
</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 December 31, 1998 these securities amounted to
$9,410,079 or 9.11% of net assets.
(SS.) Illiquid security: is not actively traded
- All, or a portion of securities held by broker as collateral for financial
futures contracts.
Glossary:
TBA -- Security is subject to delayed delivery.
100
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
At December 31, 1998, the Portfolio had the following futures contracts open:
(Note 1)
<TABLE>
<CAPTION>
NUMBER
OF AGGREGATE EXPIRATION UNREALIZED
PURCHASES: CONTRACTS FACE VALUE DATE (DEPRECIATION)
- -------------------------- ----------- ------------ ------------ ---------------
<S> <C> <C> <C> <C>
U.S. 5 Year Note ......... 8 $ 906,750 March `99 $ (9,548)
U.S. Long Bond ........... 17 2,172,281 March `99 (11,790)
---------
$ (21,338)
=========
</TABLE>
At December 31, 1998 the Portfolio had outstanding foreign currency contracts
to buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
French Franc, expiring 2/12/99 ......... 6,765 $1,226,071 $1,212,849 $ (13,222)
German Mark, expiring 2/12/99 .......... 2,231 1,355,312 1,341,539 (13,773)
FOREIGN CURRENCY SALE CONTRACTS
French Franc, expiring 2/12/99 ......... 6,765 1,243,972 1,212,849 31,123
German Mark, expiring 2/12/99 .......... 2,231 1,386,770 1,341,539 45,231
---------
$ 49,359
=========
</TABLE>
At December 31, 1998 the Portfolio had outstanding forward commitments as
follows: (Note 1)
<TABLE>
<CAPTION>
PROCEEDS ON UNREALIZED
FORWARD SALES PRINCIPAL ORIGINATION DATE CURRENT VALUE APPRECIATION
- ------------------------------ ------------- ------------------ --------------- -------------
<S> <C> <C> <C> <C>
FNMA TBA (Jan.) 6.50% 1/1/13 $2,320,000 $2,353,894 $2,335,219 $18,675
FNMA TBA (Jan.) 6.50% 1/1/28 2,140,000 2,156,719 2,154,039 2,680
-------
$21,355
=======
</TABLE>
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $ 63,251,786
U.S. Government securities ............................. 171,262,698
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 26,184,975
U.S. Government securities ............................. 118,242,949
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 665,029
Aggregate gross unrealized depreciation ......... (494,683)
------------
Net unrealized appreciation ..................... $ 170,346
============
Federal income tax cost of investments .......... $110,767,828
============
</TABLE>
At December 31, 1998, the Portfolio had loaned securities with a total value of
$1,366,471 which was secured by collateral of
$1,381,000.
See Notes to Financial Statements.
101
<PAGE>
EQ ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (1.6%)
CHEMICALS (0.8%)
E.I. Du Pont de Nemours & Co. 10,700 $ 567,769
-----------
PAPER (0.8%)
Kimberly Clark Corp. ................................................... 11,500 626,750
-----------
TOTAL BASIC MATERIALS ................................................ 1,194,519
-----------
BUSINESS SERVICES (3.0%)
PRINTING, PUBLISHING,
BROADCASTING (3.0%)
Gannett Co. ............................................................ 17,800 1,148,100
New York Times Co., Class A ............................................ 30,900 1,071,844
-----------
TOTAL BUSINESS SERVICES .............................................. 2,219,944
-----------
CAPITAL GOODS (8.4%)
AEROSPACE (3.6%)
Allied Signal, Inc. .................................................... 6,900 305,756
British Aerospace (ADR) * .............................................. 13,700 465,458
Gulfstream Aerospace Corp. * ........................................... 10,900 580,425
United Technologies Corp. .............................................. 12,500 1,359,375
-----------
2,711,014
-----------
ELECTRICAL EQUIPMENT (3.1%)
FPL Group, Inc. ........................................................ 14,000 862,750
Honeywell, Inc. ........................................................ 18,800 1,415,875
-----------
2,278,625
-----------
MACHINERY (1.7%)
Ingersoll-Rand Co. ..................................................... 26,300 1,234,456
-----------
TOTAL CAPITAL GOODS .................................................. 6,224,095
-----------
CONSUMER CYCLICALS (11.0%)
AUTO RELATED (1.7%)
Republic Industries, Inc. * ............................................ 31,700 467,575
TRW Inc. ............................................................... 14,900 837,194
-----------
1,304,769
-----------
AUTOS & TRUCKS (2.1%)
General Motors Corp. ................................................... 21,700 1,552,906
-----------
FOOD SERVICES, LODGING (1.2%)
ConAgra, Inc. .......................................................... 28,000 882,000
-----------
PHOTO & OPTICAL (1.2%)
Eastman Kodak Co. ...................................................... 12,300 885,600
-----------
RETAIL--GENERAL (4.8%)
Federated Department
Stores, Inc. * ....................................................... 18,400 801,550
Newell Co. ............................................................. 7,900 325,875
Office Depot, Inc. * ................................................... 27,200 1,004,700
Sears Roebuck & Co. .................................................... 12,300 522,750
TJX Cos., Inc. ......................................................... 10,500 304,500
Toys-R-Us, Inc. * ...................................................... 38,000 641,250
-----------
3,600,625
-----------
TOTAL CONSUMER CYCLICALS ............................................. 8,225,900
-----------
CONSUMER NON-CYCLICALS (20.9%)
BEVERAGES (4.5%)
Diago plc (ADR) ........................................................ 16,891 781,208
Heineken N.V. (ADR) .................................................... 19,112 1,150,791
PepsiCo, Inc. .......................................................... 34,800 1,424,625
-----------
3,356,624
-----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
DRUGS (9.0%)
American Home Products Corp. ........................................... 38,200 $ 2,151,138
Amgen, Inc.* ........................................................... 11,600 1,212,925
Bristol-Myers Squibb Co. ............................................... 14,750 1,973,734
Merck & Co., Inc. ...................................................... 9,200 1,358,725
-----------
6,696,522
-----------
HOSPITAL SUPPLIES & SERVICES (1.0%)
Johnson & Johnson ...................................................... 8,700 729,712
-----------
RETAIL--FOOD (1.3%)
McDonald's Corp. ....................................................... 12,800 980,800
-----------
SOAPS & TOILETRIES (1.9%)
Procter & Gamble Co. ................................................... 3,400 310,463
Unilever N.V. (NY Shares) .............................................. 13,200 1,094,775
-----------
1,405,238
-----------
TOBACCO (3.2%)
Philip Morris Cos., Inc. ............................................... 45,500 2,434,250
-----------
TOTAL CONSUMER NON-CYCLICALS 15,603,146
-----------
CREDIT SENSITIVE (28.6%)
BANKS (6.7%)
Chase Manhattan Corp. .................................................. 19,700 1,340,831
Bank One Corp. ......................................................... 19,300 985,506
BankAmerica Corp. ...................................................... 23,284 1,399,951
First Union Corp. ...................................................... 21,500 1,307,469
-----------
5,033,757
-----------
FINANCIAL SERVICES (5.9%)
American Express Co. ................................................... 5,500 562,375
Citigroup, Inc. ........................................................ 21,500 1,064,250
Fleet Financial Group, Inc. ............................................ 25,500 1,139,531
Mellon Bank Corp. ...................................................... 14,400 990,000
Morgan Stanley Dean
Witter & Co. ......................................................... 8,900 631,900
-----------
4,388,056
-----------
INSURANCE (5.8%)
Aetna, Inc. ............................................................ 15,400 1,210,825
Allstate Corp. ......................................................... 15,400 594,825
Hartford Financial Services
Group, Inc. .......................................................... 23,600 1,295,050
Washington Mutual, Inc. ................................................ 32,000 1,222,000
-----------
4,322,700
-----------
UTILITY--ELECTRIC (3.4%)
Consolidated Edison, Inc. .............................................. 15,900 840,713
Duke Energy Corp. ...................................................... 8,100 518,906
Pacificorp ............................................................. 38,000 800,375
Southern Co. ........................................................... 13,200 383,625
-----------
2,543,619
-----------
UTILITY--TELEPHONE (6.8%)
AT&T Corp. ............................................................. 31,900 2,400,475
Bell Atlantic Corp. .................................................... 49,800 2,639,400
-----------
5,039,875
-----------
TOTAL CREDIT SENSITIVE ............................................... 21,328,007
-----------
DIVERSIFIED (0.9%)
MISCELLANEOUS (0.9%)
Minnesota Mining &
Manufacturing Co. .................................................... 8,900 633,012
-----------
</TABLE>
102
<PAGE>
EQ ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- --------------
<S> <C> <C>
ENERGY (5.6%)
OIL--DOMESTIC (4.0%)
Chevron Corp. .................... 4,400 $ 364,925
Exxon Corp. ...................... 16,300 1,191,938
Mobil Corp. ...................... 16,500 1,437,562
-----------
2,994,425
-----------
OIL--INTERNATIONAL (0.2%)
Noble Affiliates, Inc. ........... 6,700 164,987
-----------
OIL--SUPPLIES & CONSTRUCTION (0.5%)
Halliburton Co. .................. 12,700 376,238
-----------
RAILROADS (0.9%)
ABB AB (ADR) ..................... 59,000 649,000
-----------
TOTAL ENERGY ................... 4,184,650
-----------
TECHNOLOGY (16.6%)
ELECTRONICS (3.7%)
Intel Corp. ...................... 11,700 1,387,181
Texas Instruments, Inc. .......... 16,400 1,403,225
-----------
2,790,406
-----------
OFFICE EQUIPMENT (5.4%)
Circuit City Stores-Circuit
City Group ..................... 14,700 734,081
Hewlett Packard Co. .............. 23,100 1,578,019
International Business
Machines Corp. ................. 9,400 1,736,650
-----------
4,048,750
-----------
OFFICE EQUIPMENT SERVICES (2.5%)
First Data Corp. ................. 32,900 1,042,519
NCR Corp. * ...................... 19,500 814,125
-----------
1,856,644
-----------
TELECOMMUNICATIONS (5.0%)
Ameritech Corp. .................. 26,200 1,660,425
Motorola, Inc. ................... 11,300 690,006
SBC Communications, Inc. ......... 25,300 1,356,713
-----------
3,707,144
-----------
TOTAL TECHNOLOGY ............... 12,402,944
-----------
TOTAL COMMON STOCKS (96.6%)
(Cost $65,095,095) ............. 72,016,217
-----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENTS (5.5%)
U.S. Treasury Bill
4/8/99
(Cost/Amortized Cost
$4,140,651)........................ $4,190,000 $ 4,142,737
------------
TOTAL INVESTMENTS (102.1%)
(Cost/Amortized Cost
$69,235,746)....................... 76,158,954
OTHER ASSETS
LESS LIABILITIES (--2.1%) ......... (1,571,305)
------------
NET ASSETS (100%) ................... $ 74,587,649
============
</TABLE>
- ----------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
103
<PAGE>
EQ ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $ 77,993,260
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 9,925,808
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 8,253,475
Aggregate gross unrealized depreciation .......... (1,391,664)
------------
Net unrealized appreciation ...................... $ 6,861,811
============
Federal income tax cost of investments ........... $ 69,297,143
============
</TABLE>
At December 31, 1998, the Portfolio had loaned securities with a total value of
$1,496,396 which was secured by collateral of
$1,512,300.
The Portfolio has a net capital loss carryforward of $475,091 which expires in
the year 2006.
See Notes to Financial Statements.
104
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (4.3%)
CHEMICALS--SPECIALTY (2.2%)
A. Schulman, Inc. ....................... 18,600 $ 421,987
Ferro Corp. ............................. 13,000 338,000
H.B. Fuller Co. ......................... 7,400 356,125
----------
1,116,112
----------
METALS & MINING (0.6%)
Wyman-Gordon Co.* ....................... 30,000 307,500
----------
PAPER (1.5%)
Albany International Corp.,
Class A ............................... 39 737
Chesapeake Corp. ........................ 3,800 140,125
Unisource Worldwide, Inc. ............... 37,300 270,425
Wausau-Mosinee Paper Corp. .............. 21,100 373,206
----------
784,493
----------
TOTAL BASIC MATERIALS ................. 2,208,105
----------
BUSINESS SERVICES (8.0%)
PRINTING, PUBLISHING,
BROADCASTING (5.0%)
Banta Corp. ............................. 26,100 714,488
Bowne & Co. ............................. 50,900 909,838
Gibson Greetings, Inc.* ................. 16,600 197,125
Nielsen Media Research .................. 20,566 370,188
World Color Press, Inc.* ................ 11,400 346,987
----------
2,538,626
----------
PROFESSIONAL SERVICES (0.6%)
CDI Corp.* .............................. 14,500 292,719
----------
TRUCKING, SHIPPING (2.4%)
CNF Transportation, Inc. ................ 14,000 525,875
Circle International Group, Inc. ........ 22,200 455,100
Pittston BAX Group ...................... 22,200 246,975
----------
1,227,950
----------
TOTAL BUSINESS SERVICES ............... 4,059,295
----------
CAPITAL GOODS (20.2%)
BUILDING & CONSTRUCTION (3.5%)
Crane Co. ............................... 20,450 617,334
Hussmann International, Inc. ............ 21,300 412,688
JLG Industries, Inc. .................... 36,600 571,875
Kaufman & Broad Home Corp. .............. 6,000 172,500
----------
1,774,397
----------
BUILDING MATERIALS & FOREST
PRODUCTS (3.7%)
Apogee Enterprises, Inc. ................ 38,700 435,375
Eagle Hardware & Garden, Inc.* 17,200 559,000
Hughes Supply, Inc. ..................... 9,500 277,875
Lone Star Industries, Inc. .............. 15,800 581,638
Martin Marietta Materials, Inc. ......... 700 43,531
----------
1,897,419
----------
ELECTRICAL EQUIPMENT (8.4%)
Anixter International, Inc.* ............ 39,700 806,406
Belden, Inc. ............................ 19,500 413,156
Credence Systems Corp.* ................. 28,600 529,100
Harman International Industries,
Inc. .................................. 13,000 495,625
Lam Research Corp.* ..................... 15,700 279,656
MagneTek, Inc.* ......................... 38,700 447,469
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ ------------------
<S> <C> <C>
Pittston Brink's Group .................. 14,700 $ 468,562
Scotsman Industries, Inc. ............... 11,900 244,694
Silicon Valley Group, Inc.* ............. 10,600 135,150
VLSI Technology, Inc.* .................. 44,800 490,000
----------
4,309,818
----------
MACHINERY (4.6%)
Aeroquip-Vickers, Inc. .................. 3,800 113,763
Briggs & Stratton Corp. ................. 14,100 703,238
OmniQuip International, Inc. ............ 19,300 289,500
Regal-Beloit Corp. ...................... 22,500 517,500
Roper Industries, Inc. .................. 16,100 328,037
Watts Industries, Inc., Class A ......... 24,000 399,000
----------
2,351,038
----------
TOTAL CAPITAL GOODS ................... 10,332,672
----------
CONSUMER CYCLICALS (13.6%)
APPAREL & TEXTILES (1.2%)
Oakley, Inc.* ........................... 28,700 270,856
Wet Seal, Inc., Class A* ................ 12,000 362,250
----------
633,106
----------
AUTO RELATED (5.1%)
Borg-Warner Automotive, Inc. ............ 11,000 613,937
Budget Group, Inc.* ..................... 28,100 446,088
Dura Automotive Systems, Inc.* . ........ 8,900 303,713
Mark IV Industries, Inc. ................ 33,600 436,800
Tower Automotive* ....................... 32,000 798,000
----------
2,598,538
----------
FOOD SERVICES, LODGING (0.7%)
Prime Hospitality Corp.* ................ 33,900 358,069
----------
HOUSEHOLD FURNITURE, APPLIANCES (3.3%)
Bassett Furniture Industries, Inc. 22,800 550,050
Furniture Brands International,
Inc.* ................................. 22,800 621,300
Pier 1 Imports, Inc. .................... 53,800 521,188
----------
1,692,538
----------
LEISURE RELATED (1.2%)
Polaris Industries, Inc. ................ 15,100 591,731
----------
RETAIL--GENERAL (2.1%)
Cole National Corp.* .................... 14,100 241,463
Stride Rite Corp. ....................... 37,100 324,625
Talbots, Inc. ........................... 15,600 489,450
----------
1,055,538
----------
TOTAL CONSUMER CYCLICALS .............. 6,929,520
----------
CONSUMER NON-CYCLICALS (13.1%)
CONTAINERS (1.7%)
First Brands Corp. ...................... 21,400 843,962
----------
DRUGS (1.1%)
Perrigo Co.* ............................ 61,800 544,612
----------
FOODS (4.0%)
American Italian Pasta Co.,
Class A* .............................. 18,000 474,750
International Multifoods Corp. .......... 5,700 147,131
Lance, Inc. ............................. 18,300 364,856
Ralcorp Holdings, Inc.* ................. 22,900 417,925
Vlasic Foods International, Inc.* . ..... 27,500 654,844
----------
2,059,506
----------
</TABLE>
105
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ ----------------
<S> <C> <C>
HOSPITAL SUPPLIES & SERVICES (4.0%)
ADAC Laboratories* ...................... 5,900 $ 117,815
Apria Healthcare Group, Inc.* ........... 51,900 463,856
Integrated Health Services, Inc.* . ..... 11,400 161,025
Magellan Health Services, Inc.* ......... 19,600 164,150
Sierra Health Services, Inc.* ........... 26,850 565,528
Sun Healthcare Group, Inc.* ............. 25,600 168,000
Sunrise Medical, Inc.* .................. 20,200 251,238
West Co., Inc. .......................... 4,894 174,655
----------
2,066,267
----------
RETAIL--FOOD (2.3%)
General Nutrition Cos., Inc.* ........... 25,800 419,250
Lone Star Steakhouse & Saloon,
Inc.* ................................. 28,300 260,006
Ryan's Family Steak Houses,
Inc.* ................................. 39,200 485,100
----------
1,164,356
----------
TOTAL CONSUMER NON-CYCLICALS 6,678,703
----------
CREDIT SENSITIVE (21.0%)
BANKS (3.2%)
Astoria Financial Corp. ................. 11,900 544,425
HUBCO, Inc. ............................. 21,516 648,170
Southwest Bancorporation of
Texas, Inc.* .......................... 15,400 275,275
Staten Island Bancorp, Inc. ............. 7,900 157,506
----------
1,625,376
----------
INSURANCE (7.9%)
Arthur J. Gallagher & Co. ............... 8,600 379,475
Delphi Financial Group, Inc.,
Class A* .............................. 5,228 274,143
E.W. Blanch Holdings, Inc. .............. 10,900 517,069
Enhance Financial Services
Group, Inc. ........................... 18,000 540,000
Frontier Insurance Group, Inc. .......... 22,650 291,619
HCC Insurance Holdings, Inc. ............ 21,700 382,463
Horace Mann Educators Corp. ............. 14,000 399,000
NAC Re Corp. ............................ 12,200 572,637
Orion Capital Corp. ..................... 7,100 282,669
Reliance Group Holdings, Inc. ........... 31,900 410,712
----------
4,049,787
----------
MORTGAGE RELATED (1.9%)
Amerin Corp.* ........................... 18,300 432,338
Toll Brothers, Inc.* .................... 22,600 509,912
----------
942,250
----------
REAL ESTATE (5.7%)
Catellus Development Corp.* ............. 30,300 433,669
Chateau Communities, Inc. ............... 15,900 466,069
FelCor Lodging Trust, Inc. .............. 22,700 523,518
Glenborough Realty Trust, Inc. .......... 27,600 562,350
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------ ----------------
<S> <C> <C>
JDN Realty Corp. ........................ 3,500 $ 75,469
Kilroy Realty Corp. ..................... 15,900 365,700
Mack-Cali Realty Corp. .................. 16,100 497,087
----------
2,923,862
----------
UTILITY--ELECTRIC (1.1%)
Calpine Corp.* .......................... 22,600 570,650
----------
UTILITY--GAS (1.2%)
Sierra Pacific Resources ................ 16,500 627,000
----------
TOTAL CREDIT SENSITIVE ................ 10,738,925
----------
DIVERSIFIED (1.6%)
MISCELLANEOUS (1.6%)
ACX Technologies, Inc.* ................. 16,500 218,625
Walter Industries, Inc.* ................ 37,800 578,813
----------
TOTAL DIVERSIFIED ..................... 797,438
----------
ENERGY (3.3%)
OIL--DOMESTIC (1.9%)
Barrett Resources Corp.* ................ 20,200 484,800
Devon Energy Corp. ...................... 14,900 457,244
----------
942,044
----------
OIL--INTERNATIONAL (1.4%)
Helmerich & Payne, Inc. ................. 22,100 428,187
Vintage Petroleum, Inc. ................. 33,700 290,663
----------
718,850
----------
TOTAL ENERGY .......................... 1,660,894
----------
TECHNOLOGY (8.4%)
ELECTRONICS (1.2%)
Lattice Semiconductor Corp.* ............ 13,100 601,372
----------
OFFICE EQUIPMENT (1.0%)
Wang Laboratories, Inc.* ................ 18,600 516,150
----------
OFFICE EQUIPMENT SERVICES (1.8%)
Bell & Howell Co.* ...................... 21,600 816,750
Tuboscope, Inc.* ........................ 14,700 119,438
----------
936,188
----------
TELECOMMUNICATIONS (4.4%)
Allen Telecom, Inc.* .................... 35,800 239,412
Electronics for Imaging, Inc.* .......... 16,200 651,037
KEMET Corp.* ............................ 38,300 430,875
Oak Industries, Inc.* ................... 13,600 476,000
Vanguard Cellular Systems, Inc.,
Class A* .............................. 17,700 456,881
----------
2,254,205
----------
TOTAL TECHNOLOGY ...................... 4,307,915
----------
TOTAL COMMON STOCKS (93.5%)
(Cost $48,954,616) .................... 47,713,467
----------
</TABLE>
106
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1998
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------- --------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (7.3%)
U.S. Treasury Bill
4/8/99
(Cost/Amortized Cost
$3,710,905)....................... $ 3,755,000 $ 3,712,644
-----------
TOTAL INVESTMENTS (100.8%)
(Cost/Amortized Cost
$52,665,521)...................... 51,426,111
OTHER ASSETS
LESS LIABILITIES (-0.8%) ......... (380,446)
-----------
NET ASSETS (100%) .................. $51,045,665
===========
</TABLE>
- ----------
* Non-income producing
107
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1998
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1998 were as
follows:
<TABLE>
<CAPTION>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $55,011,027
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 4,586,987
</TABLE>
As of December 31, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 4,102,118
Aggregate gross unrealized depreciation .......... (5,420,137)
-------------
Net unrealized (depreciation) .................... $ (1,318,019)
=============
Federal income tax cost of investments ........... $ 52,744,130
=============
</TABLE>
At December 31, 1998, the Portfolio had loaned securities with a total value of
$3,931,926 which was secured by collateral of
$3,983,725.
For the period from January 1, 1998 to December 31, 1998, the Portfolio
incurred approximately $150 as brokerage commissions with Donaldson, Lufkin &
Jenrette Securities Corp., an affiliated broker/dealer.
The Portfolio has a net capital loss carryforward of $597,372 which expires in
the year 2006.
See Notes to Financial Statements.
108
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 1998
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
eighteen 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, Lazard
Large Cap Value Portfolio which received initial capital on December 31, 1997,
EQ/Evergreen Foundation Portfolio which received initial capital on December
31, 1998, EQ/Evergreen Portfolio which received initial capital on December 31,
1998 and the MFS Growth with Income Portfolio which received initial capital on
December 31, 1998. 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
20, 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 Portfolios that
received initial capital on December 31, 1998, had no operations except the
issuance of shares of Class IB Common Stock. Portfolios that received initial
capital on December 31, 1998, commenced operations on January 1, 1999.
The Trust has the right to issue two classes of shares, Class IA and Class
IB. As of and during the year ended December 31, 1998, the Trust had Class IB
shares outstanding for each Portfolio. On November 24, 1998, the Trust offered
for sale Class IA shares for the MFS Emerging Growth Companies Portfolio, T.
Rowe Price Equity Income Portfolio, Warburg Pincus Small Company Value
Portfolio and the BT International Equity Index Portfolio. 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. Under
the Trust's multiple class distribution system, both classes of shares have
identical voting, dividend, liquidation and other rights, other than the
payment of distribution fees under the Distribution Plan. The Trust's shares
are currently sold only to insurance company separate accounts in connection
with variable life insurance contracts and variable annuity certificates and
contracts issued by The Equitable Life Assurance Society of the United States
("Equitable"), a wholly-owned subsidiary of The Equitable Companies
Incorporated, and to the Equitable Investment Plan for Employees, Managers and
Agents.
The investment objectives 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.
109
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1998
MFS Emerging Growth Companies Portfolio (advised by Massachusetts
Financial Services Co.) -- Long-term capital growth.
MFS Research Portfolio (advised by Massachusetts Financial Services Co.)
- -- Long-term growth of capital and future income.
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.
EQ/Putnam International Equity Portfolio (advised by Putnam Investment
Management, Inc.) -- Capital appreciation.
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.
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.
Morgan Stanley Emerging Markets Equity Portfolio (advised by Morgan
Stanley Asset Management, Inc.) -- Long-term capital appreciation by investing
primarily in equity securities of emerging country issuers.
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 S&P 500 Index.
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 MSCI EAFE Index.
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 Index.
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.
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 sharing market
capitalizations of at least 5 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 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.
EQ/Evergreen Foundation Portfolio (advised by Evergreen Asset Management
Corp.) ---- Reasonable income, conservation of capital and capital appreciation
(in order of priority).
110
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1998
EQ/Evergreen Portfolio (advised by Evergreen Asset Management Corp.) ----
Capital appreciation.
MFS Growth with Income Portfolio (advised by Massachusetts Financial
Services Co.) -- Reasonable current income and long-term growth of capital and
income.
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:
Valuation:
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 two brokers.
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
prices from the primary exchange in the currency of the country of origin.
Short-term debt securities that mature in 60 days or less are valued at
amortized cost, which approximates market value. Short-term debt securities
that mature in more than 60 days are valued at representative quoted prices.
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.
111
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1998
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.
All income earned and expenses incurred by each Portfolio are borne on a
pro-rata basis by each outstanding class of shares, based on the proportionate
interest in the Portfolio represented by the daily net assets of such class,
except for distribution fees which are charged on a class specific basis.
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 and character may differ from financial statement
investment income and realized capital gains. Those differences are primarily
due to differing book and tax treatments for deferred organization costs,
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 straddle transactions. In addition, each
Portfolio will comply with the investment diversification requirements of
Subchapter L of the Code applicable to segregated asset accounts.
Permanent book and tax basis differences relating to shareholder
distributions resulted in reclassifications to undistributed net investment
income (loss), accumulated net realized gain (loss) and paid in capital at
December 31, 1998 as follows:
112
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1998
<TABLE>
<CAPTION>
UNDISTRIBUTED
(OVERDISTRIBUTED) ACCUMULATED PAID
NET INVESTMENT NET REALIZED IN
PORTFOLIOS: INCOME GAIN (LOSS) CAPITAL
- ---------------------------------------------------------- ------------------- -------------- ------------
<S> <C> <C> <C>
Merrill Lynch Basic Value Equity Portfolio ............... $ 12,572 $ (8,838) $ (3,734)
Merrill Lynch World Strategy Portfolio ................... (304,514) 312,021 (7,507)
MFS Emerging Growth Companies Portfolio .................. 757,001 12,052 (769,053)
MFS Research Portfolio ................................... (9,613) 19,945 (10,332)
EQ/Putnam Balanced Portfolio ............................. (47,181) 57,523 (10,342)
EQ/Putnam Growth & Income Value Portfolio ................ 13,420 -- (13,420)
EQ/Putnam International Equity Portfolio ................. 66,167 165,381 (231,548)
EQ/Putnam Investors Growth Portfolio ..................... 11,042 -- (11,042)
T. Rowe Price Equity Income Portfolio .................... 6,272 7,065 (13,337)
T. Rowe Price International Stock Portfolio .............. 288,759 (12,005) (276,754)
Warburg Pincus Small Company Value Portfolio ............. 42,064 -- (42,064)
Morgan Stanley Emerging Markets Equity Portfolio ......... (147,673) 158,694 (11,021)
BT Equity 500 Index Portfolio ............................ 15,853 -- (15,853)
BT International Equity Index Portfolio .................. 283,331 (266,675) (16,656)
BT Small Company Index Portfolio ......................... 13,068 -- (13,068)
JPM Core Bond Portfolio .................................. (4,099) 44,341 (40,242)
Lazard Large Cap Value Portfolio ......................... 9,751 -- (9,751)
Lazard Small Cap Value Portfolio ......................... 9,152 -- (9,152)
</TABLE>
Permanent book-tax differences, if any, are not included in ending
undistributed net investment income (loss) for the purpose of calculating net
investment income (loss) per share in the financial highlights.
Net capital and net currency losses incurred after October 31 and within
the taxable year are deemed to arise on the first business day of the
Portfolio's next taxable year. For the period from November 1, 1998 through
December 31, 1998 the following Portfolios incurred and elected to defer until
January 1, 1999 for U.S. Federal income tax purposes net capital and net
currency losses as stated below:
<TABLE>
<CAPTION>
NET NET
CURRENCY CAPITAL
PORTFOLIOS: LOSSES LOSSES
- ---------------------------------------------------------- ---------- ------------
<S> <C> <C>
Merrill Lynch World Strategy Portfolio ................... $61,936 $ 112,098
EQ/Putnam Balanced Portfolio ............................. 13,754 --
T. Rowe Price Equity Income Portfolio .................... 81 --
T. Rowe Price International Stock Portfolio .............. 29,137 162,172
Warburg Pincus Small Company Value Portfolio ............. -- 4,998,460
Morgan Stanley Emerging Markets Equity Portfolio ......... -- 1,409,492
BT International Equity Index Portfolio .................. -- 20,670
JPM Core Bond Portfolio .................................. -- 14,742
</TABLE>
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 were 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.
113
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1998
The Manager has elected to waive the obligations of the Trust under the
Organizational Expense Reimbursement Agreement to reimburse and pay the Manager
for organization expenses incurred with the formation of the EQ/Evergreen
Foundation Portfolio, EQ/Evergreen Portfolio and MFS Growth with Income
Portfolio.
For all Portfolios, the Board of Trustees has approved the lending of
portfolio securities, through its custodian bank The Chase Manhattan Bank
("Chase") acting as lending agent, to certain approved broker-dealers in
exchange for negotiated lenders' fees. By lending investment securities, a
Portfolio attempts to increase its net investment income through the receipt of
interest on the 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 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 December 31, 1998, the cash collateral received by each
Portfolio for securities loaned was invested by Chase in a money market fund
and repurchase agreements in which each Portfolio had a pro-rata interest equal
to the amount of cash collateral contributed.
Repurchase Agreements:
Each Portfolio except Merrill Lynch Basic Value Equity and Merrill Lynch
World Strategy 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 Large Cap Value Portfolio, Lazard Small Cap Value
Portfolio and EQ/Evergreen 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
114
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1998
call or put option may be substantially below or above the prevailing market
price. A Portfolio also has the additional risk of not being able to enter into
a closing purchase transaction if a liquid secondary market does not exist and
bears the risk of unfavorable changes in the price of the financial instruments
underlying the options.
Futures Contracts, Forward Commitments and Foreign Currency Exchange Contracts:
The futures contracts used by the Portfolios are agreements to buy or sell
a financial instrument for a set price in the future. 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 and indices 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. At December 31, 1998 the BT
International Equity Index Portfolio had restricted foreign cash in the amount
of $610,292, which was held by the broker as collateral which is included in
the foreign cash balance on the Statement of Assets and Liabilities. During the
period the futures contracts are open, changes in the market price of the
contract are recognized as unrealized gains or losses by "marking-to-market" at
the end of each trading day. Variation margin payments on futures contracts are
received or made, depending upon whether unrealized gains or losses are
incurred. When the contract is closed, the Portfolio records a realized gain or
loss equal to the difference between the proceeds from (or cost of) the closing
transactions and the Portfolio's basis in the contract. Should interest rates
or indices move unexpectedly, the Portfolio may not achieve the anticipated
benefits of the futures contracts and may incur a loss. The use of futures
contracts transactions involves the risk of imperfect correlation in movements
in the price of futures contracts, interest rates and the underlying hedged
assets.
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 or sold declines or
increases 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 and
sales are made through dealers, a Portfolio relies on the dealer to consummate
the transactions. 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, Lazard Small Cap Value Portfolio and EQ/Evergreen
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, Lazard Small Cap Value Portfolio and EQ/Evergreen 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 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").
115
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1998
Swaps:
The Morgan Stanley Emerging Markets Equity Portfolio, BT International
Equity Index Portfolio and JPM Core Bond Portfolio may each invest in swap
contracts, which are derivatives in the form of a contract or other similar
instrument 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.
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:
<TABLE>
<CAPTION>
<S> <C>
0.25% OF AVERAGE DAILY NET ASSETS OF THE
BT Equity 500 Index Portfolio
BT Small Company Index Portfolio
0.35% OF AVERAGE DAILY NET ASSETS OF THE
BT International Equity Index Portfolio
0.45% OF AVERAGE DAILY NET ASSETS OF THE
JPM Core Bond Portfolio
0.55% OF AVERAGE DAILY NET ASSETS OF THE
Merrill Lynch Basic Value Equity Portfolio
MFS Emerging Growth Companies Portfolio
</TABLE>
116
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1998
<TABLE>
<CAPTION>
<S> <C>
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
MFS Growth with Income Portfolio
0.63% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Evergreen Foundation 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
EQ/Evergreen 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
</TABLE>
On behalf of the Trust, the Manager has entered into investment advisory
agreements ("Advisory Agreements") with each of the Advisers. Each of the
Advisory Agreements obligates the Advisers for the respective Portfolios to:
(i) continuously furnish investment programs for the Portfolios; (ii) place all
orders for the purchase and sale of investments for the Portfolios with brokers
or dealers selected by the Manager or the respective Advisers; and (iii)
perform certain limited related administrative functions in connection
therewith. The Manager pays the expenses of providing investment advisory
services to the Portfolios, including the fees of the Advisers of each
Portfolio.
Note 3 Administrative Fees
The Trust has entered into an administrative agreement with Chase Global
Funds Services Company ("Chase Global"), a corporate affiliate of 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 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.
117
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1998
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 are not 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:
<TABLE>
<CAPTION>
<S> <C>
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
MFS Growth with Income Portfolio
0.65% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Putnam Balanced Portfolio
Lazard Large Cap Value Portfolio
0.70% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Evergreen Foundation Portfolio
0.75% OF AVERAGE DAILY NET ASSETS OF THE
Warburg Pincus Small Company Value Portfolio
0.80% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Evergreen 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
</TABLE>
118
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Concluded)
December 31, 1998
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 December 31, 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 $7,062,513. The amount
recoverable from each Portfolio is as follows:
<TABLE>
<CAPTION>
PORTFOLIOS: AMOUNT
- ----------------------------------------------------------------- -----------
<S> <C>
Merrill Lynch Basic Value Equity Portfolio ................ $359,628
Merrill Lynch World Strategy Portfolio .................... 220,231
MFS Emerging Growth Companies Portfolio ................... 750,701
MFS Research Portfolio .................................... 769,765
EQ/Putnam Balanced Portfolio .............................. 307,718
EQ/Putnam Growth & Income Value Portfolio ................. 936,005
EQ/Putnam International Equity Portfolio .................. 479,814
EQ/Putnam Investors Growth Portfolio ...................... 356,501
T. Rowe Price Equity Income Portfolio ..................... 589,044
T. Rowe Price International Stock Portfolio ............... 580,455
Warburg Pincus Small Company Value Portfolio .............. 520,044
Morgan Stanley Emerging Markets Equity Portfolio .......... 302,586
BT Equity 500 Index Portfolio ............................. 232,207
BT International Equity Index Portfolio ................... 180,103
BT Small Company Index Portfolio .......................... 220,614
JPM Core Bond Portfolio ................................... 86,241
Lazard Large Cap Value Portfolio .......................... 87,559
Lazard Small Cap Value Portfolio .......................... 83,297
EQ/Evergreen Foundation Portfolio ......................... --
EQ/Evergreen Portfolio .................................... --
MFS Growth with Income Portfolio .......................... --
</TABLE>
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.
119
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period .................................. $ 11.58 $ 10.00
------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................ 0.12 0.06
Net realized and unrealized gain (loss) on investments and foreign
currency transactions .............................................. 1.21 1.64
------- --------
Total from investment operations ..................................... 1.33 1.70
------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ................................. ( 0.12) ( 0.06)
Distributions from realized gains .................................... ( 0.43) ( 0.05)
Distributions in excess of realized gains ............................ -- ( 0.01)
-------- --------
Total dividends and distributions .................................... ( 0.55) ( 0.12)
-------- --------
Net asset value, end of period ........................................ $ 12.36 $ 11.58
======== ========
Total return .......................................................... 11.59% 16.99%(b)
======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ..................................... $174,104 $ 49,495
Ratio of expenses to average net assets after waivers ................. 0.85% 0.85%(a)
Ratio of expenses to average net assets before
waivers (Note 6) ..................................................... 1.06% 1.89%(a)
Ratio of net investment income to average net assets
after waivers ........................................................ 1.41% 1.91%(a)
Ratio of net investment income to average net assets before waivers
(Note 6) ............................................................. 1.20% 0.87%(a)
Portfolio turnover rate ............................................... 83% 25%
Effect of voluntary expense limitation during the
period: (Note 6)
Per share benefit to net investment income ......................... $ 0.02 $ 0.03
</TABLE>
120
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MERRILL LYNCH WORLD STRATEGY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ................................... $ 10.31 $ 10.00
------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................. 0.15 0.08
Net realized and unrealized gain (loss) on investments and foreign
currency transactions ............................................... 0.55 0.39
------- --------
Total from investment operations ...................................... 0.70 0.47
------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................. ( 0.04) ( 0.05)
Dividends in excess of net investment income .......................... ( 0.04) --
Distributions from realized gains ..................................... -- --
Distributions in excess of realized gains ............................. -- ( 0.11)
------- --------
Total dividends and distributions ..................................... ( 0.08) ( 0.16)
------- --------
Net asset value, end of period ......................................... $ 10.93 $ 10.31
======= ========
Total return ........................................................... 6.81% 4.70%(b)
======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................... $30,631 $ 18,210
Ratio of expenses to average net assets after waivers .................. 1.20% 1.20%(a)
Ratio of expenses to average net assets before
waivers (Note 6) ...................................................... 1.61% 3.05%(a)
Ratio of net investment income to average net assets after waivers ..... 1.63% 1.89%(a)
Ratio of net investment income to average net assets before waivers
(Note 6) .............................................................. 1.22% 0.04%(a)
Portfolio turnover rate ................................................ 115% 58%
Effect of voluntary expense limitation during the
period: (Note 6)
Per share benefit to net investment income .......................... $ 0.04 $ 0.08
</TABLE>
121
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MFS EMERGING GROWTH COMPANIES PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA CLASS IB
------------------------- --------------------------------------
NOVEMBER 24, 1998* MAY 1, 1997*
TO YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1998 DECEMBER 31, 1997
------------------------- ------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period .......................... $ 14.18 $ 11.92 $ 10.00
------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ -- ( 0.03) 0.02
Net realized and unrealized gain (loss) on investments
and foreign currency transactions .......................... 1.86 4.15 2.21
------- --------- ---------
Total from investment operations ............................. 1.86 4.12 2.23
------- --------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... -- -- ( 0.02)
Dividends in excess of net investment income ................. -- -- --
Distributions from realized gains ............................ -- -- ( 0.18)
Distributions in excess of realized gains .................... -- -- ( 0.11)
------- --------- ---------
Total dividends and distributions ............................ -- -- ( 0.31)
------- --------- ---------
Net asset value, end of period ................................ $ 16.04 $ 16.04 $ 11.92
======= ========= =========
Total return .................................................. 13.12%(b) 34.57% 22.42%(b)
========== ========= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $5,978 $ 461,307 $ 99,317
Ratio of expenses to average net assets after waivers ......... 0.60%(a)(1) 0.85%(1) 0.85%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 0.79%(a)(1) 1.04%(1) 1.82%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... (0.05)%(a)(1) (0.30)%(1) 0.61%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. ( 0.24)%(a)(1) ( 0.49)%(1) ( 0.36)%(a)
Portfolio turnover rate ....................................... 79% 79% 116%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income ................. $ -- $ 0.02 $ 0.04
</TABLE>
122
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MFS RESEARCH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ................................... $ 11.48 $ 10.00
------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................. 0.04 0.02
Net realized and unrealized gain (loss) on investments and foreign
currency transactions ............................................... 2.73 1.58
------- ---------
Total from investment operations ...................................... 2.77 1.60
------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................. (0.04) ( 0.02)
Dividends in excess of net investment income .......................... -- --
Distributions from realized gains ..................................... -- ( 0.01)
Distributions in excess of realized gains ............................. -- ( 0.09)
-------- ---------
Total dividends and distributions ..................................... (0.04) ( 0.12)
-------- ---------
Net asset value, end of period ......................................... $ 14.21 $ 11.48
======== =========
Total return ........................................................... 24.11% 16.07%(b)
======== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................... $407,619 $ 114,754
Ratio of expenses to average net assets after waivers .................. 0.85% 0.85%(a)
Ratio of expenses to average net assets before waivers (Note 6) ........ 1.05% 1.78%(a)
Ratio of net investment income to average net assets after waivers ..... 0.44% 0.65%(a)
Ratio of net investment income to average net assets before waivers
(Note 6) .............................................................. 0.24% ( 0.28)%(a)
Portfolio turnover rate ................................................ 73% 51%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income .......................... $ 0.02 $ 0.03
</TABLE>
123
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM BALANCED PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ................................... $ 11.21 $ 10.00
------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................. 0.25 0.14
Net realized and unrealized gain (loss) on investments and foreign
currency transactions ............................................... 1.08 1.30
------- --------
Total from investment operations ...................................... 1.33 1.44
------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................. ( 0.23) ( 0.13)
Dividends in excess of net investment income .......................... -- ( 0.01)
Distributions from realized gains ..................................... ( 0.15) ( 0.09)
------- --------
Total dividends and distributions ..................................... ( 0.38) ( 0.23)
------- --------
Net asset value, end of period ......................................... $ 12.16 $ 11.21
======= ========
Total return ........................................................... 11.92% 14.38%(b)
======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................... $75,977 $ 25,854
Ratio of expenses to average net assets after waivers .................. 0.90% 0.90%(a)
Ratio of expenses to average net assets before waivers (Note 6) ........ 1.25% 2.55%(a)
Ratio of net investment income to average net assets after waivers ..... 2.88% 3.19%(a)
Ratio of net investment income to average net assets before waivers
(Note 6) .............................................................. 2.53% 1.54%(a)
Portfolio turnover rate ................................................ 135% 117%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income .......................... $ 0.03 $ 0.07
</TABLE>
124
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ................................... $ 11.52 $ 10.00
------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................. 0.11 0.06
Net realized and unrealized gain (loss) on investments and foreign
currency transactions ............................................... 1.35 1.56
------- --------
Total from investment operations ...................................... 1.46 1.62
------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................. ( 0.11) ( 0.06)
Dividends in excess of net investment income .......................... -- --
Distributions from realized gains ..................................... -- ( 0.01)
Distributions in excess of realized gains ............................. ( 0.10) ( 0.03)
-------- --------
Total dividends and distributions ..................................... ( 0.21) ( 0.10)
-------- --------
Net asset value, end of period ......................................... $ 12.77 $ 11.52
======== ========
Total return ........................................................... 12.75% 16.23%(b)
======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................... $460,744 $150,260
Ratio of expenses to average net assets after waivers .................. 0.85% 0.85%(a)
Ratio of expenses to average net assets before waivers (Note 6) ........ 1.04% 1.75%(a)
Ratio of net investment income to average net assets after waivers ..... 1.30% 1.67%(a)
Ratio of net investment income to average net assets before waivers
(Note 6) .............................................................. 1.11% 0.77%(a)
Portfolio turnover rate ................................................ 74% 61%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income .......................... $ 0.02 $ 0.03
</TABLE>
125
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ................................... $ 10.89 $ 10.00
------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................. 0.05 0.03
Net realized and unrealized gain (loss) on investments and foreign
currency transactions ............................................... 2.07 0.93
------- ---------
Total from investment operations ...................................... 2.12 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 ......................................... $ 13.01 $ 10.89
======== =========
Total return ........................................................... 19.51% 9.58%(b)
======== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................... $143,721 $ 55,178
Ratio of expenses to average net assets after waivers .................. 1.20% 1.20%(a)
Ratio of expenses to average net assets before waivers (Note 6) ........ 1.46% 2.53%(a)
Ratio of net investment income to average net assets after waivers ..... 0.64% 0.74%(a)
Ratio of net investment income to average net assets before waivers
(Note 6) .............................................................. 0.38% ( 0.59)%(a)
Portfolio turnover rate ................................................ 94% 43%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income .......................... $ 0.02 $ 0.05
</TABLE>
126
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 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 ............................................... 4.46 2.45
------- ---------
Total from investment operations ...................................... 4.47 2.47
------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................. ( 0.01) ( 0.03)
Distributions from realized gains ..................................... -- ( 0.04)
Distributions in excess of realized gains ............................. -- ( 0.07)
------- ---------
Total dividends and distributions ..................................... ( 0.01) ( 0.14)
------- ---------
Net asset value, end of period ......................................... $ 16.79 $ 12.33
======= =========
Total return ........................................................... 36.27% 24.70%(b)
======= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................... $175,015 $ 39,695
Ratio of expenses to average net assets after waivers .................. 0.85% 0.85%(a)
Ratio of expenses to average net assets before waivers (Note 6) ........ 1.09% 2.13%(a)
Ratio of net investment income to average net assets after waivers ..... 0.14% 0.58%(a)
Ratio of net investment income to average net assets before waivers
(Note 6) .............................................................. ( 0.10)% ( 0.70)%(a)
Portfolio turnover rate ................................................ 64% 47%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income .......................... $ 0.02 $ 0.05
</TABLE>
127
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
T. ROWE PRICE EQUITY INCOME PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA CLASS IB
---------------------- --------------------------------------
NOVEMBER 24, 1998* MAY 1, 1997*
TO YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1998 DECEMBER 31, 1997
---------------------- ------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period .......................... $ 13.22 $ 12.08 $ 10.00
---------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ 0.06 0.22 0.10
Net realized and unrealized gain (loss) on investments
and foreign currency transactions .......................... ( 0.09)+ 0.87 2.11
---------- -------- --------
Total from investment operations ............................. ( 0.03) 1.09 2.21
---------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... ( 0.24) ( 0.22) ( 0.09)
Distributions from realized gains ............................ ( 0.28) ( 0.28) ( 0.04)
---------- -------- --------
Total dividends and distributions ............................ ( 0.52) ( 0.50) ( 0.13)
---------- -------- --------
Net asset value, end of period ................................ $ 12.67 $ 12.67 $ 12.08
========== ======== ========
Total return .................................................. ( 2.21)%(b) 9.11% 22.11%(b)
========== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $ 2,415 $242,001 $ 99,947
Ratio of expenses to average net assets after waivers ......... 0.60%(a)(1) 0.85%(1) 0.85%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 0.79%(a)(1) 1.04%(1) 1.74%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... 2.45%(a)(1) 2.20%(1) 2.49%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. 2.26%(a)(1) 2.01%(1) 1.60%(a)
Portfolio turnover rate ....................................... 17% 17% 9%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income ................. $ 0.03 $ 0.02 $ 0.03
</TABLE>
128
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 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 ............................................... 1.28 ( 0.17)
------- ---------
Total from investment operations ...................................... 1.34 ( 0.15)
------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................. ( 0.07) --
Dividends in excess of net investment income .......................... ( 0.02) --
Distributions in excess of realized gains ............................. -- --
-------- ---------
Total dividends and distributions ..................................... ( 0.09) --
-------- ---------
Net asset value, end of period ......................................... $ 11.10 $ 9.85
======== =========
Total return ........................................................... 13.68% ( 1.49)%(b)
======== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................... $134,653 $ 69,572
Ratio of expenses to average net assets after waivers .................. 1.20% 1.20%(a)
Ratio of expenses to average net assets before waivers (Note 6) ........ 1.40% 2.56%(a)
Ratio of net investment income to average net assets after waivers ..... 0.67% 0.45%(a)
Ratio of net investment income to average net assets before waivers
(Note 6) .............................................................. 0.47% ( 0.91)%(a)
Portfolio turnover rate ................................................ 22% 17%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income .......................... $ 0.02 $ 0.05
</TABLE>
129
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA CLASS IB
---------------------- --------------------------------------
NOVEMBER 24, 1998* MAY 1, 1997*
TO YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1998 DECEMBER 31, 1997
---------------------- ------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period .......................... $ 10.40 $ 11.85 $ 10.00
---------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ 0.03 0.05 0.01
Net realized and unrealized gain (loss) on investments
and foreign currency transactions .......................... 0.23 + ( 1.24) 1.90
---------- --------- ---------
Total from investment operations ............................. 0.26 ( 1.19) 1.91
---------- --------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... ( 0.06) ( 0.04) ( 0.01)
Distributions in excess of realized gains .................... -- -- ( 0.05)
Return of capital distributions .............................. ( 0.01) ( 0.01) --
---------- --------- ---------
Total dividends and distributions ............................ ( 0.07) ( 0.05) ( 0.06)
---------- --------- ---------
Net asset value, end of period ................................ $ 10.59 $ 10.61 $ 11.85
========== ========= =========
Total return .................................................. 2.63%(b) (10.02)% 19.15%(b)
========== ========= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $ 747 $ 166,746 $ 120,880
Ratio of expenses to average net assets after waivers ......... 0.75%(a)(1) 1.00%(1) 1.00%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 0.92%(a)(1) 1.17%(1) 1.70%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... 0.72%(a)(1) 0.47%(1) 0.26%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. 0.55%(a)(1) 0.30%(1) ( 0.44)%(a)
Portfolio turnover rate ....................................... 111% 111% 44%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income ................. $ 0.17 $ 0.02 $ 0.03
</TABLE>
130
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------
AUGUST 20, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ...................................... $ 7.96 $ 10.00
--------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................................... 0.03 0.04
Net realized and unrealized (loss) on investments and foreign currency
transactions ........................................................... (2.18) (2.06)
---------- ----------
Total from investment operations ......................................... (2.15) (2.02)
---------- ----------
LESS DISTRIBUTIONS:
Dividends from net investment income ..................................... (0.02) (0.02)
---------- ----------
Total dividends and distributions ........................................ (0.02) (0.02)
---------- ----------
Net asset value, end of period ............................................ $ 5.79 $ 7.96
========== ==========
Total return .............................................................. (27.10)% (20.16)%(b)
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ......................................... $ 41,359 $ 21,433
Ratio of expenses to average net assets after waivers ..................... 1.81% 1.75%(a)
Ratio of expenses to average net assets before waivers (Note 6) ........... 2.63% 2.61%(a)
Ratio of net investment income to average net assets after waivers ........ 0.73% 1.96%(a)
Ratio of net investment income to average net assets before waivers
(Note 6) ................................................................. (0.09)% 1.10%(a)
Portfolio turnover rate ................................................... 114% 25%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................. $ 0.03 $ 0.02
</TABLE>
131
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
BT EQUITY 500 INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
------------------
YEAR ENDED
DECEMBER 31, 1998
------------------
<S> <C>
Net asset value, beginning of period ................................................... $ 10.00
--------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................. 0.06
Net realized and unrealized gain on investments and foreign currency transactions ..... 2.45
--------
Total from investment operations ...................................................... 2.51
--------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................. (0.06)
--------
Total dividends and distributions ..................................................... (0.06)
--------
Net asset value, end of period ......................................................... $ 12.45
========
Total return ........................................................................... 25.14%
========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................................... $224,247
Ratio of expenses to average net assets after waivers .................................. 0.55%
Ratio of expenses to average net assets before waivers (Note 6) ........................ 0.83%
Ratio of net investment income to average net assets after waivers ..................... 1.22%
Ratio of net investment income to average net assets before waivers (Note 6) ........... 0.94%
Portfolio turnover rate ................................................................ 2%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income .......................................... $ 0.01
</TABLE>
132
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
BT INTERNATIONAL EQUITY INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IA CLASS IB
---------------------- ------------------
NOVEMBER 24, 1998*
TO YEAR ENDED
DECEMBER 31, 1998 DECEMBER 31, 1998
---------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ................................. $ 11.67 $ 10.00
---------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................................... 0.03 0.08
Net realized and unrealized gain on investments and foreign currency
transactions ...................................................... 0.31 1.92
---------- --------
Total from investment operations .................................... 0.34 2.00
---------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ................................ ( 0.17) ( 0.15)
---------- --------
Total dividends and distributions ................................... ( 0.17) ( 0.15)
---------- --------
Net asset value, end of period ....................................... $ 11.84 $ 11.85
========== ========
Total return ......................................................... 2.94%(b) 20.07%
========== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................................... $ 735 $ 48,075
Ratio of expenses to average net assets after waivers ................ 0.59%(a)(1) 0.84%(1)
Ratio of expenses to average net assets before waivers (Note 6) ...... 1.24%(a)(1) 1.49%(1)
Ratio of net investment income to average net assets after waivers ... 1.36%(a)(1) 1.11%(1)
Ratio of net investment income to average net assets before waivers
(Note 6) ............................................................ 0.71%(a)(1) 0.46%(1)
Portfolio turnover rate .............................................. 3% 3%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ........................ $ 0.26 $ 0.05
</TABLE>
133
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
BT SMALL COMPANY INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
------------------
YEAR ENDED
DECEMBER 31, 1998
------------------
<S> <C>
Net asset value, beginning of period ..................................................... $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.07
Net realized and unrealized (loss) on investments and foreign currency transactions ..... (0.30)
-------
Total from investment operations ........................................................ (0.23)
-------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... (0.07)
Distributions from realized gains ....................................................... (0.13)
Distributions in excess of realized gains ............................................... (0.01)
-------
Total dividends and distributions ....................................................... (0.21)
-------
Net asset value, end of period ........................................................... $ 9.56
=======
Total return ............................................................................. (2.27)%
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $32,609
Ratio of expenses to average net assets after waivers .................................... 0.60%
Ratio of expenses to average net assets before waivers (Note 6) .......................... 1.81%
Ratio of net investment income to average net assets after waivers ....................... 1.18%
Ratio of net investment income to average net assets before waivers (Note 6) ............. (0.03)%
Portfolio turnover rate .................................................................. 35%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................ $ 0.07
</TABLE>
134
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
JPM CORE BOND PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
------------------
YEAR ENDED
DECEMBER 31, 1998
------------------
<S> <C>
Net asset value, beginning of period ................................................... $ 10.00
--------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................. 0.21
Net realized and unrealized gain on investments and foreign currency transactions ..... 0.70
--------
Total from investment operations ...................................................... 0.91
--------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................. (0.21)
Dividends in excess of net investment income .......................................... (0.01)
Distributions from realized gains ..................................................... (0.11)
Distributions in excess of realized gains ............................................. (0.01)
--------
Total dividends and distributions ..................................................... (0.34)
--------
Net asset value, end of period ......................................................... $ 10.57
========
Total return ........................................................................... 9.02%
========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................................... $103,326
Ratio of expenses to average net assets after waivers .................................. 0.80%
Ratio of expenses to average net assets before waivers (Note 6) ........................ 1.03%
Ratio of net investment income to average net assets after waivers ..................... 4.95%
Ratio of net investment income to average net assets before waivers (Note 6) ........... 4.72%
Portfolio turnover rate ................................................................ 428%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income .......................................... $ 0.01
</TABLE>
135
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
LAZARD LARGE CAP VALUE PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
------------------
YEAR ENDED
DECEMBER 31, 1998
------------------
<S> <C>
Net asset value, beginning of period ............................................. $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.06
Net realized and unrealized gain (loss) on investments and foreign currency
transactions .................................................................. 1.94
-------
Total from investment operations ................................................ 2.00
-------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ (0.06)
-------
Total dividends and distributions ............................................... (0.06)
-------
Net asset value, end of period ................................................... $ 11.94
=======
Total return ..................................................................... 20.01%
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $74,588
Ratio of expenses to average net assets after waivers ............................ 0.90%
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.20%
Ratio of net investment income to average net assets after waivers ............... 1.19%
Ratio of net investment income to average net assets before waivers (Note 6) ..... 0.89%
Portfolio turnover rate .......................................................... 37%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income .................................... $ 0.02
</TABLE>
136
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Concluded)
LAZARD SMALL CAP VALUE PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
------------------
YEAR ENDED
DECEMBER 31, 1998
------------------
<S> <C>
Net asset value, beginning of period ..................................................... $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.02
Net realized and unrealized (loss) on investments and foreign currency transactions ..... (0.72)
-------
Total from investment operations ........................................................ (0.70)
-------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... (0.03)
-------
Total dividends and distributions ....................................................... (0.03)
-------
Net asset value, end of period ........................................................... $ 9.27
=======
Total return ............................................................................. (7.03)%
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $51,046
Ratio of expenses to average net assets after waivers .................................... 1.20%
Ratio of expenses to average net assets before waivers (Note 6) .......................... 1.54%
Ratio of net investment income to average net assets after waivers ....................... 0.52%
Ratio of net investment income to average net assets before waivers (Note 6) ............. 0.18%
Portfolio turnover rate .................................................................. 21%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................ $ 0.02
</TABLE>
- ----------
* Commencement of Operations of respective class
** Portfolios that received initial capital on December 31, 1997 commenced
operations on January 1, 1998.
+ The amount shown for a share outstanding throughout the period does not
accord with the aggregate net gains on investments for that period
because of the timing of sales and repurchases of the Portfolio shares in
relation to fluctuating market value of the investments of the Portfolio.
(a) Annualized
(b) Total return is not annualized.
(1) Reflects overall fund ratios for investment income and non-class specific
expense.
137
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the Board of Trustees
and Shareholders of
EQ Advisors Trust
In our opinion, the accompanying statements of assets and liabilities,
including the portfolios of investments, and the related statements of
operations and of changes in net assets and the financial highlights present
fairly, in all material respects, the financial position of each of the
portfolios constituting EQ Advisors Trust (the "Fund") at December 31, 1998,
and the results of each of their operations, the changes in each of their net
assets and the financial highlights for each of the periods indicated, in
conformity with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as "financial
statements") are the responsibility of the Fund's management; our
responsibility is to express an opinion on these financial statements based on
our audits. We conducted our audits of these financial statements in accordance
with generally accepted auditing standards which require that we plan and
perform the audits to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements, assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits, which included confirmation of
securities at December 31, 1998 by correspondence with the custodian and
brokers, provide a reasonable basis for the opinion expressed above.
PricewaterhouseCoopers LLP
1177 Avenue of the Americas
New York, New York 10036
February 17, 1999
<PAGE>
FEDERAL INCOME TAX INFORMATION (UNAUDITED):
For the year ended December 31, 1998, the percentage of dividends paid that
qualify for the 70% dividends received deduction for corporate shareholders,
foreign taxes which are expected to be passed through to shareholders as
foreign tax credits, gross income derived from sources within foreign countries
and finally long-term capital gain dividends for the purpose of the dividend
paid deduction on its federal income tax return were as follows:
<TABLE>
<CAPTION>
70% DIVIDEND FOREIGN TAX FOREIGN LONG TERM
PORTFOLIOS: RECEIVED DEDUCTION CREDITS SOURCE INCOME CAPITAL GAIN--20%
- -------------------------------------------- -------------------- ------------- --------------- ------------------
<S> <C> <C> <C> <C>
Merrill Lynch Basic Value Equity
Portfolio ................................. 21.91 -- -- $ 562,400
Merrill Lynch World Strategy Portfolio ..... 40.61 -- -- --
MFS Research Portfolio ..................... 99.70 -- -- --
EQ Putnam Balanced Portfolio ............... 25.43 -- -- 238,196
EQ Putnam Growth & Income Value
Portfolio ................................. 53.82 -- -- 587,706
EQ Putnam International Portfolio .......... -- $191,141 $1,490,222 --
EQ Putnam Investors Growth Portfolio 96.63 -- -- --
T. Rowe Price Equity Income Portfolio ...... 58.37 -- -- 1,554,843
T. Rowe Price International Portfolio ...... -- 201,638 1,848,403 --
Warburg Pincus Small Company Value
Portfolio ................................. 99.50 -- -- --
Morgan Stanley Emerging Markets
Equity Portfolio .......................... 20.32 29,792 633,502 --
BT Equity 500 Index Portfolio .............. 81.58 -- -- --
BT International Equity Index Portfolio -- 59,292 454,759 --
BT Small Company Index Portfolio ........... 23.28 -- -- 102,113
JPM Core Bond Portfolio .................... -- -- -- 271,660
Lazard Large Cap Value Portfolio ........... 100.00 -- -- --
Lazard Small Cap Value Portfolio ........... 100.00 -- -- --
</TABLE>
