<PAGE>
1999 ECONOMIC REVIEW AND OUTLOOK
The year 1999 produced returns for popular stock indices that were exceptional.
The 21% return for the S&P 500 represents the fifth consecutive year of
20%-plus returns. More remarkable is the nearly 29% annual rate of return for
this index for the last five years. This performance is unprecedented in
history. Looking ahead to the new millennium, one questions if the fundamentals
underlying these returns are sustainable and the implications for market
expectations looking forward.
The dominant characteristics of the U.S. equity market over the last few years
has been the concentrated performance in a small number of companies, resulting
in a valuation gap between the leadership stocks and the rest of the market.
Last year was a continuation of this trend, with the gap taken to new levels
and led principally by the technology sector's link with the explosive usage of
the Internet and the public's interest in new Internet companies. 1999 will be
remembered as the year in which investors seized upon the new growth
opportunities that promise to fundamentally alter the way in which people live
and do business.
The U.S. bond market has pushed steadily higher as fears of a global meltdown
have receded and positive economic surprises in Europe, Japan, and elsewhere
are taking center stage. Although we suspect inflation fears are overdone, the
strengthening of the global economy can hardly be viewed as disinflationary.
This backdrop is unfavorable for government bonds, and we expect most
government bond markets to underperform cash over the next six months. However,
credit-sensitive bonds are likely to fare better, and we especially like
domestic high-yield bonds and emerging market debt.
The primary driver of absolute and relative returns in global capital markets
has been the transformation of most economic and financial systems from
centralized state and intervention-prone structures to more
open-market-oriented institutions. The developed and the developing world have
both enjoyed productivity gains, stepped-up competition and free-trade benefits
because of internal deregulation, the liberalization of trade and capital
flows, and the privatization of state-owned enterprises. Although this
transformation process has faltered periodically and produced short-term
disruptions, the fundamental trend continues to favor liberalization. The
markets recognize and reward those countries that have successfully implemented
reform.
Globalization -- a word that captures the basic elements of this reform process
- -- has resulted in increased integration among the world's economies and, as a
corollary, increased convergence in economic performance. Europe acknowledged
these new realities by adopting a common currency. Japan, which has seen little
growth in a decade, is beginning to exhibit signs of reform and recovery.
Another important driver of the performance of global capital markets has been
the revolution in technology in the guise of the Internet. The major
beneficiary of this trend has been the U.S. economy, as it is experiencing its
longest period of expansion in history. At the same time, inflation has
remained benign notwithstanding the lowest unemployment rate in 30 years. Gains
in productivity are at rates not seen in decades and have persisted well into
the economic expansion, producing record levels of corporate profitability.
In summary, faster economic growth of a non-inflationary nature accompanied by
superior rates of profitability is a powerful set of fundamental conditions for
equities. It is also quite likely that the risk premium demanded by investors
to own equities has fallen. Global uncertainties that characterized most of the
post-war period have diminished.
Looking ahead, investors will have to be observant about possible threats to
the progress of reform and liberalization, i.e. globalization. Demonstrations
surrounding the most recent World Trade Organization meeting are a reminder
that not all elements of society welcome and embrace these changes. From a
shorter-term point of view, it is clear that the Federal Reserve has raised,
and is prepared to further raise, short-term interest rates to ensure that
inflation and inflationary expectations are kept at bay. We expect growth will
moderate during the course of the year accompanied by a shift in the growth mix
away from domestic demand toward more export growth in response to the
incipient economic recoveries evident in Europe and Japan. The developing
countries in Latin America and the Far East are rebounding strongly and the
prospects for Russia and China appear to be improving. Equity returns over the
medium term are not expected to match those of the last several years because
most of the positive fundamentals have been recognized and reflected in current
valuation levels. Nonetheless, we do expect the health of the global economy
will generate continued growth in earnings, and this means that equities will
chalk up superior returns even in the face of modest increase in interest rates
and when compared with other asset classes.
The preceding commentary was prepared by The Equitable Life Assurance Society
of the United States ("Equitable") and Alliance Capital Management L.P.
Alliance is one of the investment advisors to EQ Advisors Trust. The views
expressed do not necessarily express the opinions of all of the investment
advisors of EQ Advisors Trust. Commentary for each portfolio that appears on
the following pages, however, was prepared by the investment advisor
responsible for specific portfolios of EQ Advisors Trust. Equitable serves as
investment manager of EQ Advisors Trust.
<PAGE>
PORTFOLIO COMMENTARY AND PERFORMANCE
NOTES ON PERFORMANCE 2
ALLIANCE CAPITAL MANAGEMENT L.P.
Alliance Aggressive Stock Portfolio 4
Alliance Balanced Portfolio 5
Alliance Common Stock Portfolio 6
Alliance Conservative Investors Portfolio 7
Alliance Equity Index Portfolio 8
Alliance Global Portfolio 9
Alliance Growth and Income Portfolio 10
Alliance Growth Investors Portfolio 11
Alliance High Yield Portfolio 12
Alliance Intermediate Government
Securities Portfolio 13
Alliance International Portfolio 14
Alliance Money Market Portfolio 15
EQ/Alliance Premier Growth Portfolio 16
Alliance Quality Bond Portfolio 17
Alliance Small Cap Growth Portfolio 18
BANKERS TRUST COMPANY
BT Equity 500 Index Portfolio 19
BT International Equity Index Portfolio 20
BT Small Company Index Portfolio 21
CALVERT ASSET MANAGEMENT COMPANY, INC.
BROWN CAPITAL MANAGEMENT, INC.
Calvert Socially Responsible Portfolio 22
CAPITAL GUARDIAN TRUST COMPANY
Capital Guardian International Portfolio 23
Capital Guardian Research Portfolio 24
Capital Guardian U.S. Equity Portfolio 25
EVERGREEN ASSET MANAGEMENT CORP.
EQ/Evergreen Portfolio 26
EQ/Evergreen Foundation Portfolio 27
J.P. MORGAN INVESTMENT MANAGEMENT INC.
JPM Core Bond Portfolio 28
LAZARD ASSET MANAGEMENT
Lazard Large Cap Value Portfolio 29
Lazard Small Cap Value Portfolio 30
MERRILL LYNCH ASSET MANAGEMENT, L.P.
Merrill Lynch Basic Value Equity Portfolio 31
Merrill Lynch World Strategy Portfolio 32
MASSACHUSETTS FINANCIAL SERVICES COMPANY
MFS Emerging Growth Companies Portfolio 33
MFS Growth with Income Portfolio 34
MFS Research Portfolio 35
MORGAN STANLEY DEAN WITTER INVESTMENT
MANAGEMENT, INC.
Morgan Stanley Emerging Markets Equity
Portfolio 36
PUTNAM INVESTMENT MANAGEMENT, INC.
EQ/Putnam Balanced Portfolio 37
EQ/Putnam Growth & Income Value Portfolio 38
EQ/Putnam International Equity Portfolio 39
EQ/Putnam Investors Growth Portfolio 40
T. ROWE PRICE ASSOCIATES, INC.
T. Rowe Price Equity Income Portfolio 41
ROWE PRICE-FLEMING INTERNATIONAL, INC.
T. Rowe Price International Stock Portfolio 42
WARBURG PINCUS ASSET MANAGEMENT, INC.
Warburg Pincus Small Company Value
Portfolio 43
1
<PAGE>
NOTES ON PERFORMANCE
Performance of each 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 other funds having comparable
investment objectives. Each of the portfolio's annualized rates of return is
net of investment management fees and expenses of the portfolio. Rates of
return are not representative of the actual return you would receive under your
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 not an 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. "Blended" performance numbers (e.g., 50% S&P 400/50% Russell 2000 or
60% S&P 500/40% Lehman Gov't/Corp) assume a static mix of the two indices.
THE MARKET COMPOSITE BENCHMARK is made up of 36% S&P 500; 24% MSCI EAFE Index;
21% Salomon Brothers U. S. Treasury Bond
1 Year; 14% Salomon Brothers World Government (ex. U.S.); and, 5% U.S. Treasury
Bill.
THE LEHMAN AGGREGATE BOND INDEX ("Lehman Aggregate Bond") is an index comprised
of investment grade fixed income securities, including U.S. Treasury,
mortgage-backed, corporate and "Yankee" bonds (U.S. dollar-denominated bonds
issued outside the United States).
THE 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 LEHMAN INTERMEDIATE GOVERNMENT BOND INDEX ("Lehman Intermediate Government
Bonds") represents an unmanaged group of securities consisting of all U.S.
Treasury and agency securities with remaining maturities of one to ten years
and issue amounts of at least $100 million outstanding.
THE LEHMAN TREASURY BOND INDEX ("Lehman Treasury") represents an unmanaged
group of securities consisting of all currently offered public obligations of
the U.S. Treasury intended for distribution in the domestic market.
THE MERRILL LYNCH HIGH YIELD MASTER INDEX ("ML Master") represents an unmanaged
group of securities widely regarded by investors as representative of the high
yield bond market.
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, Australasia and the Far East.
MSCI EAFE Index returns assume dividends reinvested net of withholding tax and
do not reflect any fees and expenses.
THE MORGAN STANLEY CAPITAL INTERNATIONAL EMERGING MARKETS FREE INDEX ("MSCI
EMF") is a market capitalization weighted equity index composed of companies
that are representative of the market structure of the following 25 countries:
Argentina, Brazil Free, Chile, China Free, Colombia, Czech Republic, Greece,
Hungary, India, Indonesia Free, Israel, Jordan, Korea, Mexico Free, Pakistan,
Peru, Philippines Free, Poland, Russia, South Africa, Sri Lanka, Taiwan,
Thailand Free, Turkey and Venezuela. "Free" MSCI indices excludes those shares
not purchasable by foreign investors.
THE MORGAN STANLEY CAPITAL INTERNATIONAL WORLD INDEX ("MSCI World") is an
arithmetic, market value-weighted average of the performance of over 1,300
securities listed on the stock exchanges of twenty foreign countries and the
United States.
THE RUSSELL 2000 GROWTH INDEX ("Russell 2000 Growth") is an unmanaged index
which measures the performance of those Russell 2000 companies with higher
price-to-book ratios and higher forecasted growth values. It is compiled by the
Frank Russell Company.
THE RUSSELL 2000 INDEX ("Russell 2000") is an unmanaged index which tracks the
performance of 2000 publicly-traded U.S. stocks. It is often used to indicate
the performance of smaller company stocks. It is compiled by the Frank Russell
Company.
THE SALOMON BROTHERS BROAD INVESTMENT GRADE BOND INDEX ("SAL BIG") is an
unmanaged weighted index that contains approximately 4,700 individually priced
investment grade bonds.
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 larger capitalization portion of the United States stock
market. The S&P 500 reflects the reinvestment of dividends, if any, but does
not reflect fees, brokerage commissions or other expenses of investing.
2
<PAGE>
NOTES ON PERFORMANCE
THE STANDARD & POOR'S MIDCAP 400 INDEX ("S&P 400 MidCap") is an unmanaged
weighted index of 400 domestic stocks chosen for market size (median market
capitalization of about $610 million), liquidity, and industry group
representation. The S&P 400 MidCap reflects the reinvestment of dividends, if
any, but does not reflect fees, brokerage commissions or other expenses of
investing.
THE VALUE LINE CONVERTIBLE INDEX ("Value Line Convertible") is comprised of 585
of the most actively traded convertible bonds and preferred stocks on an
unweighted basis.
THE LIPPER AVERAGES are contained in Lipper's survey of the performance of
funds underlying a large universe of variable life and annuity contracts, where
performance averages are based on net asset values which reflect the deduction
of investment management fees and direct operating expenses, and, for funds
with Rule 12b-1 plans, asset-based sales charges. This survey is published by
Lipper Analytical Services, Inc., a firm recognized for its reporting of
performance of actively managed funds. Performance data shown for the
portfolios does not reflect the deduction of any insurance-related expenses
(which are assessed at the contract level).
GROWTH OF $10,000 INVESTMENT
The charts shown on the following pages illustrate the total value of an
assumed investment in both Class IA and Class IB shares (if applicable) of each
portfolio of the EQ Advisors Trust. The periods illustrated are from the
inception dates shown through December 31, 1999. 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. Growth of $10,000 charts for the following portfolios:
EQ/Alliance Premier Growth, BT International Equity Index, MFS Emerging Growth
Companies, T. Rowe Price Equity Income, and Warburg Pincus Small Company Value,
do not include information for the Class IA shares. If they did, results for
the Class IA shares would have exceeded those shown for the Class IB shares,
since the Class IA shares are not subject to any Rule 12b-1 fees.
CALCULATION OF PERFORMANCE
Performance tables on the following pages show the actual investment
performance of the EQ Advisors Trust (the Trust) portfolios after deduction of
investment management fees and direct operating expenses of the Trust
(including 12b-1 fees, where applicable), except that for each portfolio
advised by Alliance (other than the EQ/Alliance Premier Growth Portfolio),
performance reflects the performance of the corresponding portfolio of the
predecessor registered investment company. Furthermore, the performance for
each of the Alliance portfolios (except for EQ/Alliance Premier Growth
Portfolio), is principally the performance of the corresponding portfolio of
the predecessor registered investment company (referred to by name using the
prefix "Hudson River Trust") managed by the Alliance, using the same investment
objectives and strategies as these portfolios. For these purposes, the
portfolios are considered to be the successor entity to the corresponding
portfolio of the predecessor registered investment company. The assets of the
predecessor investment company were transferred to these portfolios on October
18, 1999. Following that transfer, the performance shown (for the period
October 19, 1999 through December 31, 1999) is that of the corresponding
Alliance portfolio. For these purposes, the performance results of the
corresponding portfolios and its predecessor registered investment company have
been linked. Performance data does not reflect the deduction of any insurance
or contract-related fees.
In the interest of limiting expenses, Equitable has entered into an expense
limitation agreement with the Trust, with respect to each of the portfolios.
The expense limitation does not apply to any of the portfolios advised by
Alliance (with the exception of the EQ/Alliance Premier Growth Portfolio.)
Without the expense limitation agreement, the actual performance of these
portfolios may have been lower.
3
<PAGE>
ALLIANCE AGGRESSIVE STOCK PORTFOLIO
For the 12 months ending December 31, 1999, the Alliance Aggressive Stock
Portfolio (the "PORTFOLIO") Class IA shares gained 18.84%, outperforming its
benchmark, a 50%/50% blend of the S&P Mid Cap 400 and Russell 2000, which was up
18.09%. In particular, we are pleased to report that during the fourth quarter
of 1999, the Portfolio returned 22.75%, versus its benchmark gain of 17.88%.
This was the best quarter for the Portfolio relative to its benchmark since the
first quarter of 1996.
The Portfolio's outperformance for the year is primarily due to strong stock
selection in the technology and telecommunications sectors, as well as our
relative underweighting in the retail sector. In the latter half of 1999, the
Portfolio's holdings in health care, particularly biotechnology and health care
service stocks, as well as some telecommunications holdings also benefited
relative performance.
We continue to focus on the best quality growth themes in both the growth side
of the market as well as the cyclical side of the market. We look for companies
that we believe can grow their earnings-per-share at least 20% to 25% for the
next three years. We are currently overweighted in health care with a
particular emphasis on the hospitals and the biotechnology sectors. Within the
media sector, we have exposure to the cable industry, the cellular industry,
and European telecommunication providers. Within the leisure category, we have
exposure to the amusement park industry, radio industry, and the cruiseline
industry. Lastly, within the retail sector we have exposure to the home
furnishings segment, the athletic footwear segment and the drugstore industry.
On the cyclical side of the Portfolio, we continue to invest in growth stocks
that have a cyclical orientation. We currently have an overweighting in the
airline industry, the equipment rental business, and the housing segment, with
a particular emphasis on both the furniture and carpet manufacturers. Within
technology, we are currently market weighted. We are not momentum investors and
have been unwilling to overweight the sector based upon the excessive
valuations that investors have placed on these stocks. We believe that the
technology sector is fully valued in the marketplace and that the high
valuations currently reflect the strong fundamentals of the industry.
Looking ahead, we believe that small-cap stocks are undervalued relative to
large-cap stocks and should do well over the next several years. After
underperforming for several years, the valuations for small-cap stocks are
extremely compelling. We believe as the broadening out of the market continues,
this Portfolio is extremely well positioned to participate.
ALDEN M. STEWART AND RANDALL E. HAASE, PORTFOLIO MANAGERS
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to achieve long-term growth of capital.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets ...................................................$4,602.1 MILLION
Number of Issues ...........................................................82
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Continental Airlines, Inc. .......................................... Airlines
Columbia/HCA Healthcare Corp. ...................... Hospital Supplies & Svcs.
Global TeleSystems Group, Inc. ............................ Divers. Tel. Svcs.
Millicom Int'l. Cellular S.A. ............................ Wireless Tel. Svcs.
Royal Caribbean Cruises Ltd. ................................. Leisure Related
CNA Financial Corp. ................................................ Insurance
NTL, Inc. ................................................ Div. Telecom. Svcs.
Premier Parks, Inc. .......................................... Leisure Related
Mohawk Industries, Inc. ................................... Apparel & Textiles
USA Networks, Inc. ....................... Printing, Publishing & Broadcasting
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock ...................................................95.0%
Foreign Stock & ADRs .....................................................0.9%
Short Term Debt Securities ...............................................4.1%
Total ...............................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
<TABLE>
<CAPTION>
1 3 5 10 SINCE
YEAR YEARS YEARS YEARS INCEPT.
<S> <C> <C> <C> <C> <C>
Portfolio Class IA Shares 18.84% 9.76% 16.29% 16.68% 17.88%*
Portfolio Class IB Shares 18.55 9.49 16.05 16.41 17.63**
50% Mid-Cap/50%
Russell 2000 18.09 17.48 19.92 15.41 14.58
Lipper Mid-Cap Average 46.25 26.33 22.54 16.19 17.76
</TABLE>
* Since inception as of January 27, 1986
** Investment operations commenced with respect to Class IB shares on October
2, 1996. Returns shown for Class IB shares prior to this period are
derived from the historical performance of Class IA shares adjusted to
reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are
not subject to any 12b-1 fees.
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested Ten Years Ago on December 31, 1989)
ALLIANCE AGGRESSIVE STOCK PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IA Shares ($46,750)
Portfolio Class IB Shares ($45,707)
50% S&P Mid-Cap/50% Russell 2000 ($41,919)
89 $10,000 $10,000 $10,000
90 $10,817 $10,790 $ 8,746
91 $20,212 $20,119 $12,955
92 $19,571 $19,434 $14,924
93 $22,853 $22,634 $17,374
94 $21,981 $21,718 $16,906
95 $28,934 $28,523 $21,931
96 $35,359 $34,814 $25,856
97 $39,227 $38,526 $32,916
98 $39,339 $38,546 $35,498
99 $46,750 $45,707 $41,919
4
<PAGE>
ALLIANCE BALANCED PORTFOLIO
For the 12 months ending December 31, 1999, the Alliance Balanced Portfolio (the
"PORTFOLIO") Class IA shares generated a 17.79% rate of return compared with the
9.07% produced by the Portfolio's benchmark, a blend of 50% S&P 500 and 50%
Lehman Government/Corporate Bond Index. This outperformance of the Portfolio was
attributable to superior stock selection in both domestic and international
equities. The international weighting of the Portfolio was also aided by the
Portfolio's exposure to Japan, which was the best performing country, in U.S.
dollar terms, during the year. Stock and bond markets departed from their
historical behavior patterns in 1999. Over the last several decades, the rates
of return for these two markets have generally been positively linked. Last
year, however, witnessed one of the largest performance differences in some
time. Equities, as measured by the S&P 500, produced a total rate of return of
21.03% -- the fifth consecutive year of returns above 20%. Fixed-income
securities, on the other hand, posted a modest decline.
Underpinning these performances were several important economic developments.
The U.S. economy demonstrated surprising strength throughout the year.
Meaningful improvements in productivity generated record levels and rates of
corporate profitability. Productivity gains, in turn, were fueled by strides in
information technology, with the Internet providing a foundation for rising
profits and real wages in a non-inflationary environment. This powerful
combination of forces helped drive equity prices higher.
While the U.S. economy continued to expand, it became apparent early in the
year that Asia was recovering and Europe was showing enough signs of strength
to buoy investors' growth expectations. This improvement in the outlook for
global economies pushed the unemployment rate in the U.S. to lows not seen in
thirty years. While equity investors were pleased, those trends began to weigh
upon fixed-income markets. Three increases in the federal funds rate
accompanied by heightened rhetoric about the risks of rising inflation, only
served to intensify those investors' concerns.
Over the medium term, we continue to expect a global environment characterized
by non-inflationary growth. Such conditions should be a benign backdrop for
capital markets and support a constructive stance toward both equities and
fixed-income securities. Although equity returns are not expected to match
those of the last several years because most of the positive fundamentals that
have been recognized and reflected in current valuation levels, we do
anticipate the health of the global economy will generate continued growth in
corporate earnings. This environment should support superior returns for
equities, when compared with other asset classes, even in the face of modest
increases in interest rates.
ROBERT G. HEISTERBERG, PORTFOLIO MANAGER
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to achieve a high return through both appreciation of capital and current
income.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets ..................................................$2,137.0 MILLION
Number of Issues .........................................................321
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Cisco Systems, Inc. ........................................Computer Hardware
General Electric Co. ....................................Electrical Equipment
Solectron Corp. ..................................................Electronics
Citigroup, Inc. ...........................................Financial Services
Global TeleSystems Group, Inc. ............................Div. Telecom. Svcs
AT&T Corp. ...............................Printing, Publishing & Broadcasting
Dell Computer Corp. .........................................Office Equipment
Microsoft Corp. ............................................Computer Software
Total Fina S.A. ............................................Oil-International
MBNA, Inc. ................................................Financial Services
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock ..................................................37.7%
Preferred Stock .........................................................1.5%
Foreign Stock & ADRs ...................................................13.9%
U.S. Gov't Bonds .......................................................25.0%
Foreign Government Securities ...........................................0.9%
Corporate Bonds ........................................................14.3%
Short Term Debt Securities ..............................................5.7%
Other Assets & Liabilities ..............................................1.0%
Total ..............................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
<TABLE>
<CAPTION>
1 3 5 10 SINCE
YEAR YEARS YEARS YEARS INCEPT.
<S> <C> <C> <C> <C> <C>
Portfolio Class IA Shares 17.79% 16.98% 16.44% 11.77% 13.09%*
Portfolio Class IB Shares 17.50 16.22 15.88 11.37 12.74**
50% S&P 500/
50% Lehman
Gov't/Corp 9.07 16.47 17.93 13.04 13.19
Lipper Flex. Port. Average 12.07 15.17 17.11 12.94 12.30
</TABLE>
* Since inception as of January 27, 1986
** Investment operations commenced with respect to Class IB shares on July 8,
1998. Returns shown for Class IB shares prior to this period are derived
from the historical performance of Class IA shares adjusted to reflect the
12b-1 fees, applicable to Class IB shares; Class IA shares are not subject
to any 12b-1 fees.
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested Ten Years Ago on December 31, 1989)
ALLIANCE BALANCED PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IA Shares ($30,426)
Portfolio Class IB Shares ($29,346)
50% S&P 500/50% Lehman Gov't/Corp. ($34,054)
89 $10,000 $10,000 $10,000
90 $10,024 $10,000 $10,270
91 $14,160 $14,093 $12,672
92 $13,762 $13,663 $13,643
93 $15,452 $15,306 $15,090
94 $14,212 $14,046 $14,931
95 $17,019 $16,781 $19,135
96 $19,007 $18,695 $21,553
97 $21,869 $21,461 $26,140
98 $25,830 $24,973 $31,223
99 $30,426 $29,346 $34,054
5
<PAGE>
ALLIANCE COMMON STOCK PORTFOLIO
For the 12 months ending December 31, 1999, the Alliance Common Stock Portfolio
(the "PORTFOLIO") Class IA shares outpaced the S&P 500 Index return of 21.03%,
with a gain of 25.19%. The Portfolio's two main areas of concentration,
technology and financial services, moved in opposite directions relative to the
market. Technology enjoyed a superb year. The financial services sector lagged
as valuations were depressed by rising interest rates.
Our investments in technology were heavily skewed towards telecommunications,
an area benefiting not only from technological change, but also from
deregulation, which has spawned new entrants and a wave of mergers and
acquisitions. Our strong fourth quarter performance was importantly aided by
our large holding in Mannesmann A. G., which is the object of a hostile
takeover bid by Vodafone. Vodafone, the second largest cellular telephone
operator in the U. K., last year acquired Airtouch, a leading U. S. cellular
operator. If Vodafone is successful in its bid, it will become clearly the
leading cellular company in the world. Our Mannesmann stake has appreciated
greatly and now represents more than seven percent of the Portfolio. We are
optimistic about prospects for the combined companies, but we will no doubt
want to reduce what has become a disproportionately large holding to a more
prudent level.
Our financial holdings ended the year somewhat on the defensive. We continue to
think that this sector offers an attractive combination of growth and value and
we have been adding to positions at current price levels.
The economic situation continues to be exceptionally good with strong growth
and little inflation. On the negative side, it now appears quite likely that
the U.S. Federal Reserve will continue to ratchet up interest rates unless it
sees some slowdown in the economy. Ideally, we would like to see some easing of
the growth rate that would allow the economy to prolong its expansion without
inflationary pressures. If there is no "natural" deceleration in the economy,
the Federal Reserve will keep tightening until it induces one. If this means
much higher interest rates, the stock market would no doubt react negatively.
So, once again we go forward balancing strong economic fundamentals against a
richly valued and somewhat speculative stock market. Last year's outcome was
quite good. It may be more difficult in 2000. From a longer term point of view,
we see no reason to be concerned about the prospects for the stock market. We
are in an era of rapid growth in productivity and the U.S. is leading the way
in the new technologies. Putting aside short term valuation concerns, we
continue to think that telecommunications and technology will lead the way to
good long-term performance.
TYLER J. SMITH, PORTFOLIO MANAGER
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to achieve long-term growth of its capital and increase income.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets ................................................$16,593.6 MILLION
Number of Issues ........................................................275
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
AT&T Corp. ...............................Printing, Publishing, Broadcasting
Mannesmann AG .....................................................Machinery
IBM Corp. ..................................................Office Equipment
American International Group, Inc. ................................Insurance
Citigroup, Inc. ..........................................Financial Services
MCI WorldCom, Inc. ......................................Utility - Telephone
Sprint Corp. ............................................Utility - Telephone
SCI Systems, Inc. ...............................................Electronics
Nextel Communications, Inc. .............................Wireless Tel. Svcs.
NTL, Inc. ................................................Div. Telecom. Svcs
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .................................................81.3%
Preferred Stock ........................................................0.2%
Foreign Stock & ADRs ..................................................13.3%
Corporate Bonds ........................................................0.8%
Short Term Debt Securities .............................................4.1%
Other Assets & Liabilities .............................................0.3%
Total .............................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
<TABLE>
<CAPTION>
1 3 5 10 20 SINCE
YEAR YEARS YEARS YEARS YEARS INCEPT.
<S> <C> <C> <C> <C> <C> <C>
Portfolio Class IA
Shares 25.19% 27.98% 28.11% 18.61% 18.39% 16.74%*
Portfolio Class IB
Shares 24.88 27.66 27.74 18.30 18.10 16.46**
S&P 500 21.03 27.56 28.56 18.21 17.88 16.19
Lipper Growth Average 31.48 26.38 26.45 17.79 15.87 16.67
</TABLE>
* Since inception as of January 13, 1976
** Investment operations commenced with respect to Class IB shares on October
2, 1996. Returns shown for Class IB shares prior to this period are
derived from the historical performance of Class IA shares adjusted to
reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are
not subject to any 12b-1 fees.
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested Ten Years Ago on December 31, 1989)
ALLIANCE COMMON STOCK PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IA Shares ($55,119)
Portfolio Class IB Shares ($53,701)
S&P 500 ($53,279)
89 $10,000 $10,000 $10,000
90 $ 9,189 $ 9,167 $ 9,689
91 $12,671 $12,611 $12,641
92 $13,078 $12,984 $13,605
93 $16,325 $16,170 $14,976
94 $15,976 $15,787 $15,174
95 $21,160 $20,863 $20,875
96 $26,297 $25,813 $25,669
97 $34,029 $33,324 $34,233
98 $44,028 $43,007 $44,016
99 $55,119 $53,701 $53,279
6
<PAGE>
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
This was a difficult environment for the major asset class that categorizes the
Alliance Conservative Investors Portfolio (the "PORTFOLIO"). Nonetheless, the
Portfolio's Class IA shares recorded a 10.14% return in 1999 compared with the
4.19% return generated by the Portfolio's benchmark, a blend of 70% Lehman
Brothers Treasury Index and 30% S&P 500. This relative outperformance largely
reflected superior stock selection and participation in foreign equities.
Capital market developments in 1999 continued to produce exceptional
performance results. While it was the fifth consecutive year of average equity
returns exceeding 20%, average returns from fixed income securities fell
slightly. Over the last three decades, the return for stocks and bonds has
tended to be positively linked. 1999 was an exception, and the gap was huge.
Surprisingly strong economic growth persisted throughout the balance of the
year. Unemployment levels reached lows not seen in thirty years and long-term
interest rates began to come under some pressure. This condition prompted the
Federal Reserve to initiate a series of increases in the federal funds rate as
well as step-up its rhetoric about the risks of rekindling inflationary
pressures and expectations. Not surprisingly, fixed-income securities came
under pressure.
The equity markets treated this economic strength differently. Meaningful
improvements in productivity were generating record levels and rates of
corporate profitability. There were also some positive cyclical developments in
this growth environment. Asia showed signs of increasing its recovery and
investors became more confident about the prospects for faster growth in
Europe. Those cyclical developments provided important support for global
equities.
What is increasingly clear, and is accepted by most, even grudgingly, is that
the improvement in the rate of growth in productivity, and hence the potential
rate of growth in the U.S. economy, is more than a cyclical phenomenon. This
fundamental shift in the underlying growth prospects is a product of several
secular changes. One important factor is the liberalization in the rules that
govern capital and trade flows. Those changes have effected increases in world
trade that far exceed world economic growth. Second, this liberalization has
resulted in a convergence in the developed world in the major measures of
economic performance, namely, growth, inflation and interest rates.
Simultaneously, governments for the industrial economies have been successful
in reducing fiscal deficits and deregulating domestic industries. All of these
developments augur well for continued growth in the global economy accompanied
by low rates of inflation. This combination is a constructive environment for
capital markets.
ROBERT G. HEISTERBERG, PORTFOLIO MANAGER
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to achieve a high total return without, in the opinion of the Adviser,
undue risk to principal.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$476.0 MILLION
Number of Issues ............................................................255
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Cisco Systems, Inc. ...........................................Computer Hardware
General Electric Co. ..............................................Miscellaneous
Solectron Corp. .....................................................Electronics
Citigroup, Inc. ..............................................Financial Services
Microsoft Corp. ...............................................Computer Software
Dell Computer Corp. ............................................Office Equipment
Global TeleSystems Group, Inc. ..............................Div. Telecom. Svcs.
NTL, Inc. ...................................................Div. Telecom. Svcs.
Total Fina S.A. ...............................................Oil-International
MBNA Corp. ...................................................Financial Services
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................24.0%
Foreign Stock & ADRs .......................................................9.5%
U.S. Gov't Bonds ..........................................................34.2%
Corporate Bonds ...........................................................14.1%
Short Term Debt Securities ................................................17.5%
Other Assets & Liabilities .................................................0.7%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
<TABLE>
<CAPTION>
1 3 5 10 SINCE
YEAR YEARS YEARS YEARS INCEPT.
<S> <C> <C> <C> <C> <C>
Portfolio Class IA Shares 10.14% 12.41% 12.47% 9.94% 10.01%*
Portfolio Class IB Shares 9.87 12.11 12.17 9.66 9.73**
70% Lehman Treasury/
30% S&P 500 4.19 12.07 13.60 10.75 10.68
Lipper Income Average 4.65 12.47 14.57 10.84 10.91
</TABLE>
* Since inception as of October 2, 1989
** Investment operations commenced with respect to Class IB shares on May 1,
1997. Returns shown for Class IB shares prior to this period are derived
from the historical performance of Class IA shares adjusted to reflect the
12b-1 fees, applicable to Class IB shares; Class IA shares are not subject
to any 12b-1 fees.
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested Ten Years Ago on December 31, 1989)
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IA Shares ($25,785)
Portfolio Class IB Shares ($25,146)
70% Lehman Treasury/30% S&P 500 ($27,771)
89 $10,000 $10,000 $10,000
90 $10,641 $10,615 $10,514
91 $12,750 $12,689 $12,608
92 $13,488 $13,390 $13,539
93 $14,941 $14,798 $14,967
94 $14,329 $14,158 $14,677
95 $17,252 $17,006 $18,182
96 $18,151 $17,848 $19,732
97 $20,557 $20,148 $22,982
98 $23,410 $22,886 $26,654
99 $25,785 $25,146 $27,771
7
<PAGE>
ALLIANCE EQUITY INDEX PORTFOLIO
For the 12 months ending, December 31, 1999, the Alliance Equity Index Portfolio
(the "PORTFOLIO") Class IA shares returned 20.38% versus the S&P 500 Index,
which appreciated by 21.03%. This marks the fifth consecutive record-breaking
year of 20%-plus returns for the S&P 500 Index.
The Portfolio is designed to approximate the return of the S&P 500 Composite
Index and is managed by utilizing a stratified sampling construction technique.
Using this methodology, the Portfolio seeks to track the investment return of
the S&P 500 without holding all 500 companies that comprise the index. At
year-end, the Portfolio held 420 issues of the 500 issues available for
investment. The S&P 500 Index is not subject to any fees and expenses that are
associated with a managed portfolio such as the Alliance Equity Index.
JUDITH A. DEVIVO, PORTFOLIO MANAGER
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks a total return before expenses that approximates the total return
performance of the S&P 500 Index, including reinvestment of dividends, at a
risk level consistent with that of the S&P 500 Index.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .....................................................$2,639.5 MILLION
Number of Issues ............................................................420
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Microsoft Corp. ...............................................Computer Software
General Electric Co. .......................................Electrical Equipment
Cisco Systems, Inc. ...........................................Computer Hardware
Wal-Mart Stores, Inc. ............................................Retail-General
Exxon Mobil Corp. ..................................................Oil-Domestic
Intel Corp. .........................................................Electronics
Lucent Technologies, Inc. ...................................Div. Telecom. Svcs.
IBM Corp. ......................................................Office Equipment
Citigroup, Inc. ..............................................Financial Services
American International Group, Inc. ....................................Insurance
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................95.8%
Foreign Stock & ADRs .......................................................3.3%
Short Term Debt Securities .................................................0.8%
Other Assets & Liabilities .................................................0.1%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
<TABLE>
<CAPTION>
1 3 5 SINCE
YEAR YEARS YEARS INCEPT.
<S> <C> <C> <C> <C>
Portfolio Class IA Shares 20.38% 26.91% 27.84% 23.63%*
Portfolio Class IB Shares 20.08 26.75 27.61 23.43**
S&P 500 21.03 27.56 28.56 24.14
Lipper S&P 500 Index Average 20.48 27.07 28.07 25.07
</TABLE>
* Since inception as of March 1, 1994
** Investment operations commenced with respect to Class IB shares on May 1,
1997. Returns shown for Class IB shares prior to this period are derived
from the historical performance of Class IA shares adjusted to reflect the
12b-1 fees, applicable to Class IB shares; Class IA shares are not subject
to any 12b-1 fees.
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
ALLIANCE EQUITY INDEX PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IA Shares ($34,513)
Portfolio Class IB Shares ($34,138)
S&P 500 ($35,569)
3/1/1994 $10,000 $10,000 $10,000
94 $10,108 $10,087 $10,130
95 $13,796 $13,734 $13,936
96 $16,884 $16,766 $17,136
97 $22,385 $22,245 $22,854
98 $28,669 $28,424 $29,385
99 $34,513 $34,138 $35,569
8
<PAGE>
ALLIANCE GLOBAL PORTFOLIO
For the 12 months ending December 31, 1999, the Alliance Global Portfolio (the
"PORTFOLIO") Class IA shares gained 38.53%, substantially outperforming the MSCI
World Index return of 24.93% for the same period. The fourth quarter of 1999
proved to be the strongest of the year for global markets as the MSCI World
Index appreciated 16.9% for the quarter and 24.9% for the year. For the first
time in five years, non-U.S. markets, as represented by the MSCI EAFE Index
(+27.0%), outperformed their U.S. counterparts, as represented by the MSCI USA
Index (+21.9%). Of the major developed market regions, Japan led the pack with a
61.5% gain. Hong Kong and Singapore showed strength with respective returns of
59.5% and 60.2%, while Australia and Europe also advanced 17.6% and 15.9%,
respectively. On the currency front, the U.S. dollar gained against the euro,
but lost ground versus the yen.
The Portfolio outperformed the MSCI World Index due to overweight positions in
the successful technology, telecommunications and media sectors. In Europe, the
Portfolio's large positions in Nokia, Mannesmann and Orange helped lift results.
Despite higher valuations, the fundamentals of the mobile phone space continue
to improve as subscriber penetration increases and the world of data brings new
opportunities. United Pan European, the only pure cable play across Europe,
contributed greatly to performance as the company succeeded in acquisitions and
also found Liberty Media as an important new investor. On the negative side,
U.K. bank stocks fell in a rising rate environment as did global insurance
companies. European tobacco stocks also underperformed with pricing pressures
and litigation concerns emerging for the first time in Europe.
Japan experienced one of the strongest markets in a decade, as the government
implemented proposals to boost the weak economy and as companies announced an
unprecedented number of restructurings. With recovering industries and
technology on fire, defensive stocks such as pharmaceuticals, consumer staples
and tobacco underperformed, while global telecommunications and technology did
well. In the Pacific ex-Japan area, the Portfolio remained underweight in
Australia and slightly overweight in Asia ex-Japan for most of the year.
As for the Portfolio's holdings in the United States, Liberty Media continued
to reign as the largest contributor to the Portfolio's performance with a 147%
capital return in 1999, following two successive years of 90% plus gains.
Technology stocks also contributed to the Portfolio's gains. Additionally,
successful retailers aided results, and global brokerage houses contributed to
positive performance.
The Portfolio continues to hold large positions in the areas of technology,
telecommunications and media. The Portfolio has been broadened slightly over the
last few months, with positions in a few European bank stocks and semi-cyclical
names such as Honeywell and British Aerospace. The latter positions offer unique
growth opportunities due to restructuring and acquisitions at very attractive
valuations.
SANDRA L. YEAGER, PORTFOLIO MANAGER
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks long-term growth of capital.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .....................................................$1,990.2 MILLION
Number of Issues .............................................................92
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Microsoft Corp. ...............................................Computer Software
Dell Computer Corp. ............................................Office Equipment
AT&T Corp. ..................................Printing, Publishing & Broadcasting
United Pan-Europe Com. N.V. .....................................Div. Tel. Svcs.
Home Depot, Inc. .................................................Retail-General
Softbank Corp. ................................................Computer Software
Mannesmann AG .........................................................Machinery
Tyco International Ltd. ...........................................Miscellaneous
Cisco Systems, Inc. ...........................................Computer Hardware
Citigroup, Inc. ..............................................Financial Services
DISTRIBUTION OF EQUITY ASSETS BY REGION, AS OF 12/31/99
United States .............................................................42.9%
Other European Countries ..................................................19.6%
Japan .....................................................................17.9%
United Kingdom ............................................................11.6%
Southeast Asia .............................................................3.7%
Bermuda ....................................................................2.5%
Korea ......................................................................0.7%
Other ......................................................................1.1%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
<TABLE>
<CAPTION>
1 3 5 10 SINCE
YEAR YEARS YEARS YEARS INCEPT.
<S> <C> <C> <C> <C> <C>
Portfolio Class IA Shares 38.53% 23.51% 20.74% 15.84% 14.46%*
Portfolio Class IB Shares 38.17 23.20 20.42 15.55 14.20**
MSCI World 24.93 21.61 19.76 11.42 10.74
Lipper Global Average 44.18 22.67 19.42 11.73 10.55
</TABLE>
* Since inception as of August 27, 1987
** Investment operations commenced with respect to Class IB shares on October
2, 1996. Returns shown for Class IB shares prior to this period are
derived from the historical performance of Class IA shares adjusted to
reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares are
not subject to any 12b-1 fees.
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested Ten Years Ago on December 31, 1989)
ALLIANCE GLOBAL PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IA Shares ($43,501)
Portfolio Class IB Shares ($42,415)
MSCI World ($29,498)
89 $10,000 $10,000 $10,000
90 $ 9,393 $ 9,371 $ 8,298
91 $12,257 $12,200 $ 9,815
92 $12,197 $12,111 $ 9,302
93 $16,112 $15,958 $11,396
94 $16,955 $16,753 $11,974
95 $20,145 $19,861 $14,455
96 $23,090 $22,679 $16,404
97 $25,783 $25,263 $18,989
98 $31,403 $30,695 $23,611
99 $43,501 $42,415 $29,498
9
<PAGE>
ALLIANCE GROWTH AND INCOME PORTFOLIO
For the 12 months ending December 31, 1999, the Alliance Growth & Income
Portfolio (the "PORTFOLIO") Class IA shares returned 18.66% versus its benchmark
(75% S&P 500 Index and 25% Value Line Convertible Index), which returned 20.71%
over the same period.
1999 marked the second year in a row of the extreme outperformance of richly
valued growth stocks to the detriment of value stocks, whose prices are lower
relative to their earnings and book values. While the S&P 500 appreciated 21.0%
for the 1999 calendar year, the growth half of the market, as represented by the
S&P/BARRA Growth Index, increased 28.2%, but the value half of the market, as
represented by the S&P/Value Index, increased only 12.7%. Within the growth
category, the only significant sector to lead the market was technology, with
the CS First Boston Technology Index rising 134.7% for the year and the Pacific
Stock Exchange High Technology Index up 116.4%.
Looking forward, we suspect that the recent increase in market volatility will
continue in 2000 and we question the ability of technology stocks to sustain
their run of outperformance. We continue to maintain a well-diversified
portfolio and rely on our research staff to drive investment ideas on a
stock-by-stock basis.
PAUL RISSMAN AND W. THEODORE KUCK, PORTFOLIO MANAGERS
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to provide a high total return through a combination of current income
and capital appreciation by investing primarily in income-producing common
stocks and securities convertible into common stocks.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .....................................................$1,503.3 MILLION
Number of Issues ............................................................130
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Tyco International Ltd. ...........................................Miscellaneous
Household International, Inc. ................................Financial Services
Kroger Co. ..........................................................Retail-Food
United Technologies Corp. .............................................Aerospace
First Data Corp. ..........................................Professional Services
Tenet Healthcare Corp. .............................Hospital Supplies & Services
Citigroup, Inc. ..............................................Financial Services
Bank of America Corp. .....................................................Banks
Pepsi Bottling Group, Inc. ............................................Beverages
Associates First Capital Corp. ...............................Financial Services
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock ....................................................74.7 %
Preferred Stock ...........................................................3.8 %
Foreign Stock & ADRs ......................................................3.9 %
Corporate Bonds ..........................................................11.4 %
Short Term Debt Securities ................................................9.4 %
Other Assets & Liabilities ...............................................(3.2)%
Total ................................................................100.0 %
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
<TABLE>
<CAPTION>
1 3 5 SINCE
YEAR YEARS YEARS INCEPT.
<S> <C> <C> <C> <C>
Portfolio Class IA Shares 18.66% 22.09% 22.08% 17.15%*
Portfolio Class IB Shares 18.37 21.80 21.79 16.87**
75% S&P 500/25% Value Line Conv. 20.71 23.10 25.01 18.77
Lipper Growth & Income Average 14.51 18.76 21.78 17.57
</TABLE>
* Since inception as of October 1, 1993
** Investment operations commenced with respect to Class IB shares on May 1,
1997. Returns shown for Class IB shares prior to this period are derived
from the historical performance of Class IA shares adjusted to reflect the
12b-1 fees, applicable to Class IB shares; Class IA shares are not subject
to any 12b-1 fees.
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
ALLIANCE GROWTH AND INCOME PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IA Shares ($26,892)
Portfolio Class IB Shares ($26,449)
75% S&P 500/25% Value Line Conv. ($31,242)
10/1/1993 $10,000 $10,000 $10,000
93 $ 9,975 $ 9,969 $10,230
94 $ 9,917 $ 9,888 $10,234
95 $12,305 $12,239 $13,806
96 $14,777 $14,664 $16,748
97 $18,751 $18,569 $21,692
98 $22,663 $22,358 $25,881
99 $26,892 $26,449 $31,242
10
<PAGE>
ALLIANCE GROWTH INVESTORS PORTFOLIO
The dominant characteristics of the U.S. equity market over the last few years
have been the concentrated performance in a small number of companies, resulting
in a valuation gap between the leadership stocks and the rest of the market.
Last year was a continuation of this trend, and led principally by the
technology sector's link with the explosive usage of the Internet and the
public's interest in new Internet companies.
In this environment, the Alliance Growth Investors Portfolio (the "PORTFOLIO")
Class IA shares gained 26.58%, which compares very favorably with the 13.77%
return produced by the Portfolio's benchmark, a blend of 70% S&P 500 and 30%
Lehman Government/Corporate Bond Index. The Portfolio's outperformance was
largely attributable to superior domestic stock selection and exposure to the
international equity market.
An important driver of the performance of global capital markets has been the
revolution in technology in the guise of the Internet. The major beneficiary of
this trend has been the U.S. economy, as it is experiencing its longest period
of expansion in history. At the same time, inflation has remained benign,
notwithstanding the lowest unemployment rate in thirty years. Gains in
productivity are at rates not seen in decades, and have persisted well into the
economic expansion, producing record levels of corporate profitability.
In summary, faster economic growth of a non-inflationary nature accompanied by
superior rates of profitability are a powerful set of fundamental conditions for
equities. It is also quite likely that the risk premium demanded by investors to
own equities has fallen. Global uncertainties that characterized most of the
post-war period have diminished. Fiscal surpluses are now more of a reality with
the collapse of the Soviet Union and the attendant reductions in expenditures on
national defense.
We expect growth will moderate during the course of the year accompanied by a
shift in the growth mix away from domestic demand toward more export growth in
response to the incipient economic recoveries evident in Europe and Japan. The
developing countries in Latin America and the Far East are rebounding strongly
and the prospects for Russia and China appear to be improving. Equity returns
over the medium term are not expected to match those of the last several years,
because most of the positive fundamentals have been recognized and reflected in
current valuation levels. Nonetheless, we do expect the health of the global
economy will generate continued growth in earnings, and that equities will chalk
up superior returns, even in the face of modest increases in interest rates when
compared with other asset classes.
ROBERT G. HEISTERBERG, PORTFOLIO MANAGER
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to achieve the highest total return consistent with the Adviser's
determination of reasonable risk.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .....................................................$2,698.6 MILLION
Number of Issues ............................................................324
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Global TeleSystems Group, Inc. ..............................Div. Telecom. Svcs.
Cisco Systems, Inc. ...........................................Computer Hardware
General Electric Co. .......................................Electrical Equipment
NTL, Inc. ...................................................Div. Telecom. Svcs.
Solectron Corp. .....................................................Electronics
Citigroup, Inc. ..............................................Financial Services
Millicom Int'l Cellular S.A. ............................Wireless Telecom. Svcs.
Royal Caribbean Cruises Ltd .....................................Leisure Related
Continental Airlines, Inc. .............................................Airlines
Dell Computer Corp. ............................................Office Equipment
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................48.7%
Preferred Stock ............................................................1.0%
Foreign Stock & ADRs ......................................................20.5%
U.S. Gov't Bonds ..........................................................13.0%
Foreign Government Securities ..............................................1.3%
Corporate Bonds ............................................................6.5%
Short Term Debt Securities .................................................8.7%
Other Assets & Liabilities .................................................0.3%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
<TABLE>
<CAPTION>
1 3 5 10 SINCE
YEAR YEARS YEARS YEARS INCEPT.
<S> <C> <C> <C> <C> <C>
Portfolio Class IA Shares 26.58% 20.79% 20.19% 17.08% 17.08%*
Portfolio Class IB Shares 26.27 20.49 19.86 16.78 16.78**
70% S&P 500/
30% Lehman Gov't/Corp 13.77 20.90 22.15 15.13 15.15
Lipper Flex. Port. Average 12.07 15.17 17.11 12.94 13.06
</TABLE>
* Since inception as of October 2, 1989
** Investment operations commenced with respect to Class IB shares on
October 2, 1996. Returns shown for Class IB shares prior to this period
are derived from the historical performance of Class IA shares adjusted
to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares
are not subject to any 12b-1 fees.
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested Ten Years Ago on December 31, 1989)
ALLIANCE GROWTH INVESTORS PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IA Shares ($48,392)
Portfolio Class IB Shares ($47,178)
70% S&P 500/30% Lehman Gov't/Corp. ($40,928)
89 $10,000 $10,000 $10,000
90 $11,061 $11,036 $10,040
91 $16,471 $16,394 $12,675
92 $17,285 $17,163 $13,646
93 $19,922 $19,736 $15,066
94 $19,296 $19,071 $15,052
95 $24,384 $24,047 $19,848
96 $27,459 $26,973 $23,161
97 $32,091 $31,441 $29,195
98 $38,230 $37,360 $35,976
99 $48,392 $47,178 $40,928
11
<PAGE>
ALLIANCE HIGH YIELD PORTFOLIO
The high-yield sector is about to complete its second straight year of low
single-digit returns. We attribute this relatively poor performance to the
significant spread widening brought about by reduced liquidity following the
global dislocation in 1998 (i.e. Asia, Russia, Brazil) and the persistently
rising default experience in high yield. The default rate is about 6% and is
dominated by a few large sectors such as energy, health care and mobile
communications. We expect defaults to accelerate in 2000. Basic industries such
as paper and metals/mining provided the best returns, while textile/apparel and
health care reported double-digit negative returns.
For the 12 months ending December 31, 1999, the Alliance High Yield Portfolio
(the "PORTFOLIO") Class IA shares returned --3.35%, underperforming the Merrill
Lynch Master High Yield Index, which gained 1.57% over the same period. Our
style of investing, which has emphasized higher-yielding single-B-rated
securities, has negatively impacted performance. Supply and reduced liquidity
have caused investors to focus on larger, more liquid issues. Many small- to
medium-size companies that the Portfolio owns have been overlooked and are just
beginning to again attract attention. New single-B issues have been priced to
yield 2% to 4% more than mid-1998 levels, slowly re-pricing the secondary
market. Negative credit events have also had a negative impact on the Portfolio.
We have had a number of companies report "down" or "poor" operating results; the
market's reaction has been devastating as sellers appear and no buyers surface,
driving down security prices to default or near-default levels. On a market
weight, defaults were 2.0% of the Portfolio at the close of the year. Our
overweight position in telecommunications precluded us from taking advantage of
some of the better performing sectors, such as paper, metals and mining.
Although telecommunications performed well relative to the overall index, basic
industries were the clear winners.
The underlying fundamentals of a growing economy, such as low inflation, and
relatively low (though trending upwards) interest rates, remain supportive of
high yield. Another strong year in the equity markets could engender some
re-balancing of portfolios in 2000 toward fixed income, and high yield issues in
particular, thereby improving demand. We expect that most of calendar year 2000
will consist of large, liquid deals, as smaller companies trying to tap the
market have a more difficult time. Europe will also be a focal point in 2000 as
the market's rapid growth continues. The entry of new investors and more cash
are also favorable for demand.
WAYNE TAPPE, PORTFOLIO MANAGER
Since January 2000, Nelson Jantzen has been responsible for the day-to-day
management of the Portfolio.
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to achieve a high return by maximizing current income and, to the extent
consistent with that objective, capital appreciation.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$566.6 MILLION
Number of Issues ............................................................127
Average Maturity ........................................................8 YEARS
ASSET MIX DISTRIBUTION (BY QUALITY), AS OF 12/31/99
BBB ........................................................................2.0%
BB-B ......................................................................76.1%
CCC and below ..............................................................7.2%
Not Rated .................................................................14.7%
ASSET MIX DISTRIBUTION (BY ISSUER), AS OF 12/31/99
Domestic Common Stock ......................................................1.1%
Preferred Stock ............................................................2.7%
Corporate Bonds ...........................................................86.8%
Short Term Debt Securities .................................................6.6%
Other Assets & Liabilities .................................................2.8%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
<TABLE>
<CAPTION>
1 3 5 10 SINCE
YEAR YEARS YEARS YEARS INCEPT.
<S> <C> <C> <C> <C> <C>
Portfolio Class IA Shares (3.35)% 2.79% 9.86% 10.23% 9.36%*
Portfolio Class IB Shares (3.58) 2.54 9.58 9.96 9.09**
ML Master High Yield 1.57 5.91 9.61 10.79 9.99
Lipper High Yield Average 3.83 5.72 9.48 10.15 9.13
</TABLE>
* Since inception as of January 2, 1987
** Investment operations commenced with respect to Class IB shares on
October 2, 1996. Returns shown for Class IB shares prior to this period
are derived from the historical performance of Class IA shares adjusted
to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares
are not subject to any 12b-1 fees.
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested Ten Years Ago on December 31, 1989)
ALLIANCE HIGH YIELD PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IA Shares ($26,495)
Portfolio Class IB Shares ($25,853)
ML Master ($28,925)
89 $10,000 $10,000 $10,000
90 $ 9,889 $ 9,866 $ 9,564
91 $12,310 $12,254 $13,310
92 $13,825 $13,729 $15,632
93 $17,026 $16,868 $18,241
94 $16,553 $16,360 $18,053
95 $19,850 $19,570 $21,746
96 $24,393 $23,977 $24,197
97 $28,902 $28,343 $27,407
98 $27,415 $26,817 $28,216
99 $26,495 $25,853 $28,925
12
<PAGE>
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO
Overall, 1999 was a relatively poor year for the domestic U.S. fixed income
market. Strong U.S. growth, rising inflation fears, and a string of interest
rate hikes by the U.S. Federal Reserve took a predictable toll on bonds. The
"structured" asset classes consisting of mortgage-backed securities, commercial
mortgage-backed securities, and asset-backed securities, posted the best returns
during the year. Mortgage-backed securities, as represented by the Lehman
Brothers Mortgage-Backed Securities Index, led the group with a +1.86% return
for 1999. Conversely, U.S. government bonds, as measured by the Lehman Brothers
U.S. Government Bond Index, posted the worst returns during 1999, returning
- -2.2%. Investment-grade corporates as an asset class also posted an unusual loss
of -1.96% for the year.
The Alliance Intermediate Government Securities Portfolio (the "PORTFOLIO")
Class IA shares returned 0.02% for the year ending, December 31, 1999. The
Portfolio underperformed its benchmark, the Lehman Brothers Intermediate
Government Bond Index, which returned +0.49% as a result of our overweighting of
non-Treasury securities during the summer when worries about Y2K and heavy bond
issuance forced risk premiums wider. Interest rates rose steadily over the
course of the year, causing mortgage-backed securities to lengthen as higher
rates lessened homeowners' chances to refinance. Consequently, the Portfolio was
forced to reduce its position in mortgage-backed securities while they were
underperforming Treasuries.
Our near-term outlook for fixed-income markets assumes that the U.S. economy
will stay relatively strong and that the global economy will continue to
recover. Higher bond yields are cooling overheated U.S. domestic demand, and we
believe further increases will help to restore a more balanced domestic/foreign
mix over the next six-months. While the Federal Reserve left the Federal Funds
Rate target (5.50%) and monetary policy bias (neutral) unchanged in December, we
expect two more 25 basis point rate hikes by mid-2000. We expect mortgage
securities to perform well as demand from banks, insurance companies and the
government agencies meets a diminished supply of mortgage-backed securities.
JEFFREY S. PHLEGAR, PORTFOLIO MANAGER
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to achieve high current income consistent with relative stability of
principal through investment primarily in debt securities issued or guaranteed
as to principal and interest by the U.S. Government or its agencies or
instrumentalities.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets ..........................................$202.8 MILLION
Number of Issues ................................................35
Average Maturity .........................................7.5 YEARS
ASSET MIX DISTRIBUTION (BY ISSUER),
AS OF 12/31/99
U.S. Treasury Securities ......................................30.3 %
U.S. Gov't Agency Bonds .......................................29.6 %
Corporate Bonds ...............................................22.7 %
Short Term Debt Securities ....................................34.6 %
Other Assets & Liabilities ...................................(17.2)%
Total .....................................................100.0 %
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
<TABLE>
<CAPTION>
1 3 5 SINCE
YEAR YEARS YEARS INCEPT.
<S> <C> <C> <C> <C>
Portfolio Class IA Shares 0.02% 4.96% 6.34% 6.26%*
Portfolio Class IB Shares (0.23) 4.66 6.06 6.00**
Lehman Int. Gov't Bond 0.49 5.50 6.93 6.76
Lipper Gen. U.S. Gov't Average (2.13) 5.07 6.94 6.84
</TABLE>
* Since inception as of April 1, 1991
** Investment operations commenced with respect to Class IB shares on May 1,
1997. Returns shown for Class IB shares prior to this period are derived
from the historical performance of Class IA shares adjusted to reflect
the 12b-1 fees, applicable to Class IB shares; Class IA shares are not
subject to any 12b-1 fees.
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IA Shares ($17,017)
Portfolio Class IB Shares ($16,646)
Lehman Int. Govt Bond ($17,737)
4/1/1991 $10,000 $10,000 $10,000
91 $11,207 $11,189 $11,163
92 $11,835 $11,787 $11,937
93 $13,087 $13,001 $12,912
94 $12,514 $12,402 $12,686
95 $14,182 $14,025 $14,515
96 $14,718 $14,520 $15,104
97 $15,791 $15,526 $16,271
98 $17,014 $16,684 $17,651
99 $17,017 $16,646 $17,737
13
<PAGE>
ALLIANCE INTERNATIONAL PORTFOLIO
For the 12 months ending December 31, 1999, the Alliance International Portfolio
(the "PORTFOLIO") Class IA shares gained 37.31%, outperforming the MSCI EAFE
Index return of 26.96% for the same period. In the fourth quarter of 1999,
global markets, as represented by the MSCI World Index, advanced 16.9%, their
strongest quarter during the year. Additionally, the MSCI World Index finished
up 1999 with a solid 24.9% gain.
The Portfolio outperformed the MSCI EAFE benchmark due to the Portfolio's
overweight positions in the successful technology, telecommunications and media
sectors. In Europe, the Portfolio's large positions in Nokia, Mannesmann and
Orange boosted results. Despite higher valuations, the fundamentals of the
mobile phone space continues to improve as subscriber penetration increases and
the world of data brings new opportunities. United Pan European, the only pure
cable play across Europe, contributed greatly to performance as the company
succeeded in acquisitions and also found Liberty Media as an important new
investor. On the negative side, U.K. bank stocks fell in a rising rate
environment as did global insurance companies. European tobacco stocks also
underperformed with pricing pressures and litigation concerns emerging for the
first time in Europe.
Japan experienced one of the strongest markets in a decade as the government
implemented proposals to prop up the weak economy and as companies announced an
unprecedented number of restructurings. With recovering industries and
technology on fire, defensive stocks such as pharmaceuticals, consumer staples
and tobacco underperformed. In the Pacific ex-Japan area, the Portfolio remained
underweight Australia and slightly overweight Asia ex-Japan for most of the
year.
The Portfolio continues to hold large positions in the three areas of
technology, telecommunications and media. The Portfolio has been broadened
slightly over the last few months with increases in positions in a few European
bank stocks and semi-cyclical names.
SANDRA L. YEAGER, PORTFOLIO MANAGER
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to achieve long-term growth of capital by investing primarily in a
diversified portfolio of equity securities selected principally to permit
participation in non-U.S. companies with prospects for growth.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$287.5 MILLION
Number of Issues .............................................................59
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
United Pan-Europe Com. N.V. .............................Print, Publish, Bdcstg.
Mannesmann AG .........................................................Machinery
Nokia OYJ ....................................................Telecommunications
NTT Mobile Communications Network, Inc. ................................Telecom.
British Sky Broadcasting plc ............................Print, Publish, Bdcstg.
Softbank Corp. ................................................Computer Software
Tokyo Electron Ltd. .................................................Electronics
Equant NV ....................................................Telecommunications
Standard Chartered plc ....................................................Banks
Next plc .........................................................Retail-General
DISTRIBUTION OF EQUITY ASSETS BY REGION, AS OF 12/31/99
Other European Countries ..................................................29.5%
Japan .....................................................................29.2%
United Kingdom ............................................................25.6%
Southeast Asia .............................................................6.8%
Scandinavia ................................................................5.8%
Other ......................................................................3.1%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
1 3 SINCE
YEAR YEARS INCEPT.
Portfolio Class IA Shares 37.31% 13.76% 13.16%*
Portfolio Class IB Shares 36.90 13.46 12.83**
MSCI EAFE 26.96 15.74 13.11
Lipper International Average 42.88 18.95 17.58
* Since inception as of April 3, 1995
** Investment operations commenced with respect to Class IB shares on May 1,
1997. Returns shown for Class IB shares prior to this period are derived
from the historical performance of Class IA shares adjusted to reflect
the 12b-1 fees, applicable to Class IB shares; Class IA shares are not
subject to any 12b-1 fees.
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
ALLIANCE INTERNATIONAL PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IA Shares ($17,993)
Portfolio Class IB Shares ($17,698)
MSCI EAFE ($18,348)
4/3/1995 $10,000 $10,000 $10,000
95 $11,129 $11,107 $11,158
96 $12,221 $12,169 $11,833
97 $11,857 $11,721 $12,043
98 $13,110 $12,928 $14,452
99 $17,993 $17,698 $18,348
14
<PAGE>
ALLIANCE MONEY MARKET PORTFOLIO
For the 12 months ending December 31, 1999, the Alliance Money Market Portfolio
(the "PORTFOLIO") Class IA shares returned 4.96% versus the 4.74% total return
of the 3-Month Treasury Bill. In early 1999, the objectives of the Portfolio
were to extend to the longer area of the short term curve (one year) and lock in
yields at LIBOR-flat levels. In the second quarter, we shortened the Portfolio's
average maturity in anticipation of some Federal Reserve tightening. By the
middle of 1999, we took advantage of attractive spreads particularly on variable
rate securities being aggressively offered in the third quarter. With an
abundance of Treasury bills in the form of cash management bills expected to
flood the market in the fourth quarter, the three-month Treasury bill index was
the floating rate index of choice as we acquired approximately 30% of the
overall Portfolio position at the peak of market spreads.
We headed into the fourth quarter with a more conservative approach than usual.
Unlike previous years, we did not stockpile cash in late November and December
for bargain hunting purposes, but rather held just enough money for liquidity in
anticipation of a drop in issues as a result of Y2K fears. Early fourth quarter,
cash was instead invested into February and March, where there was at least one
25-basis-point tightening priced into the curve.
All throughout this current U.S. economic expansion, the Federal Reserve has
taken a "goldilocks" approach when establishing monetary policy. The "not too
hot, not too cold" theory of monitoring growth has served well thus far, as the
decade closed with one of the most prolonged periods of expansion ever known in
this country's history. The question of when this economic boom leads to a more
dramatic increase in the nation's measure of inflation remains a topic of much
concern to the Federal Reserve.
When the Federal Open Market Committee convened for the final time in 1999, they
issued a statement which hinted of further rate increases and indicated that at
their next meeting, they would assess the possible need for adjustments in
policy to reduce inflationary pressures. With the next policy meeting to be held
in February, the Federal Reserve will be free from all the pre-Y2K market
disruptions, which may have hindered policy direction in the final months of
1999. There should now be more focus on price data and accelerating trends,
which threaten higher inflation. Critical releases of fourth quarter employment
costs and the initial estimate of fourth quarter GDP (gross domestic product)
growth are due in late January, leaving little time for market analysts to
decipher direction and degree before the February meeting.
RAYMOND J. PAPERA, PORTFOLIO MANAGER
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to obtain a high level of current income, preserve its assets and
maintain liquidity.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .....................................................$1,443.7 MILLION
Number of Issues .............................................................67
ASSET MIX DISTRIBUTION (BY ISSUER), AS OF 12/31/99
Time Deposits ..............................................................0.1%
U.S. Government Agency ....................................................11.8%
Bank Notes .................................................................0.7%
Variable Rate Securities ..................................................21.7%
Certificates of Deposit ...................................................19.0%
Commercial Paper ..........................................................45.5%
Other Assets & Liabilities .................................................1.2%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
<TABLE>
<CAPTION>
1 3 5 10 SINCE
YEAR YEARS YEARS YEARS INCEPT.
<S> <C> <C> <C> <C> <C>
Portfolio Class IA Shares 4.96% 5.24% 5.36% 5.16% 6.95%*
Portfolio Class IB Shares 4.71 4.98 5.10 4.92 6.70**
3 Month T-Bill 4.74 5.01 5.20 5.06 6.65
Lipper Money Mkt. Average 4.75 5.03 5.13 4.87 6.86
</TABLE>
* Since inception as of July 13, 1981
** Investment operations commenced with respect to Class IB shares on
October 2, 1996. Returns shown for Class IB shares prior to this period
are derived from the historical performance of Class IA shares adjusted
to reflect the 12b-1 fees, applicable to Class IB shares; Class IA shares
are not subject to any 12b-1 fees.
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested Ten Years Ago on December 31, 1989)
ALLIANCE MONEY MARKET PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IA Shares ($16,545)
Portfolio Class IB Shares ($16,160)
3-Month T-Bill ($16,383)
89 $10,000 $10,000 $10,000
90 $10,823 $10,798 $10,792
91 $11,492 $11,439 $11,413
92 $11,898 $11,818 $11,826
93 $12,252 $12,146 $12,192
94 $12,744 $12,605 $12,709
95 $13,476 $13,294 $13,440
96 $14,195 $13,965 $14,146
97 $14,964 $14,687 $14,889
98 $15,763 $15,433 $15,642
99 $16,545 $16,160 $16,383
15
<PAGE>
EQ/ALLIANCE PREMIER GROWTH PORTFOLIO
Since its inception on April 30, 1999, the EQ/Alliance Premier Growth Portfolio
(the "PORTFOLIO") Class IB shares produced a total return of 18.97%, which
compares to the 10.99% total return of the S&P 500 Index. The Portfolio
outperformed the overall market due to excellent stock selection across several
industry groups. Technology, communication services and media stocks were among
the best performers during 1999. The continued revolution in information
technology, propelled by the Internet and the proliferation of wireless
technologies, has fueled robust growth for these companies. Retail stocks
generally posted solid returns for the year. Several cyclical stocks,
particularly paper and non-ferrous metals companies, realized strong gains
during 1999. Cyclical stocks rallied due to the expectation that a recovery in
the troubled Asian economies and accelerating global economic growth will lead
to increased demand for basic materials and commodities in 2000.
Financial and pharmaceutical stocks generally lagged the overall market.
Investors worried that if the Federal Reserve continues to increase interest
rates to slow the economy and forestall higher inflation, the earnings of
financial companies would be adversely affected. Pharmaceutical stocks suffered
losses in 1999 due to investors' concerns about decelerating earnings growth,
the relative sparseness of new product launches in 2000-2001, and the potential
reform of Medicare.
Years of restructuring and capital investment, including massive investments in
information technology systems, have positioned U.S. companies to be highly
efficient in manufacturing, distribution and demonstrating technological
leadership. As long as inflation is benign, the risk of significantly rising
interest rates is low. We expect world economic growth to accelerate in 2000,
particularly in Europe and Asia, where similar technological advances and
global competition should keep inflation contained. We continue to view the
U.S. equity market as one of the most attractive investment alternatives.
Furthermore, the industry-dominant, high growth companies in the Portfolio
remain particularly attractive. On average, these companies are expected to
generate 20% earnings growth and are characterized by world-class leadership in
technology, excellent corporate balance sheets, and global brand name
recognition.
The Portfolio remains broadly diversified, balancing our positive view of the
fundamentals with a caution on the valuations, especially for the same narrow
list of technology and high multiple stocks that investors have continued to
favor. Technology, communication services, financials, retail and
pharmaceuticals continue to be the areas of emphasis. We look forward to the
year 2000 with an enormous sense of excitement regarding the technological
changes around us. We are eager to face the challenge of trying to keep the
Portfolio optimally structured for success based on the marriage of our
fundamental analysis and price considerations.
ALFRED HARRISON, PORTFOLIO MANAGER
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to achieve long-term growth of capital by primarily investing in equity
securities of a limited number of large, carefully selected, high quality U.S.
companies that are judged, by the Adviser, likely to achieve superior earnings
growth.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$480.2 MILLION
Number of Issues .............................................................69
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Nokia OYJ ...................................................Wireless Tel. Svcs.
Dell Computer Corp. ............................................Office Equipment
Tyco International Ltd. ...........................................Miscellaneous
Cisco Systems, Inc. ...........................................Computer Hardware
Morgan Stanley Dean Witter & Co. .............................Financial Services
Intel Corp. .........................................................Electronics
Sprint Corp. ................................................Utility - Telephone
Warner-Lambert Co. ........................................................Drugs
Home Depot, Inc. ...............................................Retail - General
MediaOne Group, Inc. .........................Printing, Publishing, Broadcasting
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................88.2%
Foreign Stock & ADRs .......................................................6.4%
Short Term Debt Securities .................................................4.2%
Other Assets & Liabilities .................................................1.2%
Total .................................................................100.0%
CUMULATIVE TOTAL RETURNS AS OF 12/31/99
SINCE
INCEPT.*
Portfolio Class IB Shares 18.97%
Portfolio Class IA Shares 19.14
S&P 500 10.99
Lipper Growth Average 21.65
* Since inception as of April 30, 1999
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
EQ/ALLIANCE PREMIER GROWTH PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($11,897)
S&P 500 ($11,099)
4/30/1999 $10,000 $10,000
99 $11,897 $11,099
16
<PAGE>
ALLIANCE QUALITY BOND PORTFOLIO
The 1999 year was a poor one for the domestic U.S. fixed-income market. Strong
U.S. economic growth, rising inflation fears and a string of interest rate hikes
by the U.S. Federal Reserve took a predictable toll on bonds. The "structured"
classes consisting of mortgage-backed securities, commercial mortgage-backed
securities, and asset-backed securities posted the best returns during the year.
Within the Lehman Brothers Aggregate Bond Index, mortgage-backed securities led
the group with a +1.86% return for 1999. Conversely, U.S. government bonds, as
represented by the Lehman brothers U.S. Government Index, posted the worst
returns during 1999, falling 2.2%. Investment-grade corporates as an asset class
also posted a loss of -1.96% for the year.
The Alliance Quality Bond Portfolio (the "PORTFOLIO") Class IA shares declined
2.00% for the year ended December 31, 1999, and underperformed its unmanaged
benchmark, the Lehman Brothers Aggregate Bond Index, which declined by 0.82%
over the same period. Security selection within the corporate sector was the
main cause of the Portfolio's underperformance. Early in the year, our holdings
were too defensive. Later in the year, negative earnings surprises for companies
such as Raytheon and Saks adversely affected specific corporate holdings. Our
overweighting in mortgage securities for most of the year contributed positively
to performance for the period.
With economic growth strong and temporary upward pressure on inflation, we
expect tighter monetary policy in the U.S. during the first half of the year.
Long-term interest rates will trend up modestly from current levels in this
environment. After widening dramatically during the third quarter of 1999, yield
premiums in non-Treasury sectors have narrowed, although not to the levels seen
in mid-1997. We expect these premiums to narrow somewhat from current levels,
but not to return to the previous tight levels of 1997. Corporate security
selection will become increasingly important.
In the Portfolio, duration will remain moderately barbelled. From a fundamental
perspective, we prefer mortgage-backed securities to investment-grade corporates
and will maintain the current yield orientation by remaining overweighted, in
both dollar terms and duration terms, in liquid mortgage-backed securities,
where prepayment risk is currently minimal. We will continue to trim our
exposure to investment-grade corporates to diversify our holdings among the
different corporate subsectors. The relatively flat credit curve will provide an
opportunity to diversify along the corporate maturity spectrum.
MATHEW BLOOM, PORTFOLIO MANAGER
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to achieve high current income consistent with preservation of capital by
investing primarily in investment grade fixed income securities.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .................................$331.0 MILLION
Number of Issues .......................................54
Average Maturity .................................17 YEARS
ASSET MIX DISTRIBUTION, AS OF 12/31/99
U.S. Treasury Securities ............................32.8%
U.S Gov't Agency Bonds ..............................40.1%
Corporate Bonds .....................................25.8%
Short Term Debt Securities ...........................0.1%
Other Assets & Liabilities ...........................1.2%
Total ...........................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
<TABLE>
<CAPTION>
1 3 5 SINCE
YEAR YEARS YEARS INCEPT.
<S> <C> <C> <C> <C>
Portfolio Class IA Shares (2.00)% 5.15% 7.47% 4.96%*
Portfolio Class IB Shares (2.25) 4.79 7.15 4.66**
Lehman Aggregate Bond (0.82) 5.73 7.73 5.64
Lipper Corp. Debt BBB Rated Avg. (1.62) 5.15 7.83 5.32
</TABLE>
* Since inception as of October 1, 1993
** Investment operations commenced with respect to Class IB shares on July 8,
1998. Returns shown for Class IB shares prior to this period are derived
from the historical performance of Class IA shares adjusted to reflect the
12b-1 fees, applicable to Class IB shares; Class IA shares are not subject
to any 12b-1 fees.
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
ALLIANCE QUALITY BOND PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IA Shares ($13,534)
Portfolio Class IB Shares ($13,293)
Lehman Aggregate Bond ($14,057)
10/1/1993 $10,000 $10,000 $10,000
93 $ 9,949 $ 9,943 $ 9,978
94 $ 9,442 $ 9,414 $ 9,687
95 $11,050 $10,990 $11,476
96 $11,642 $11,553 $11,893
97 $12,706 $12,581 $13,041
98 $13,810 $13,600 $14,174
99 $13,534 $13,293 $14,057
17
<PAGE>
ALLIANCE SMALL CAP GROWTH PORTFOLIO
The Alliance Small Cap Growth Portfolio (the "PORTFOLIO") Class IA shares gained
27.75% for the 12 months ended December 31, 1999, compared with the total return
of 43.09% for the Russell 2000 Growth Index. Small caps had a particularly
strong year in 1999, outperforming the large-cap S&P 500 Stock Index. The
Portfolio's underperformance relative to its benchmark was largely attributable
to a restructuring of the Portfolio, which commenced in January of 1999 and
lasted through mid-February of 1999. Since the completion of the Portfolio's
restructuring, the Portfolio has performed in-line with the benchmark, advancing
28.54% for the six months ended December 31, 1999, compared with the benchmark's
return of 26.83% for the same period.
In the fourth quarter of 1999, both the technology and health care sectors drove
performance. Additionally, positive events in the area of biotechnology caused
this sector to have terrific gains over this time period. In our Portfolio,
biotech stocks provided strong gains, while software stocks also added strength.
As businesses continue to grow the size and complexity of their networks,
software demands have increased dramatically. In our view, small-cap stocks
continue to be quite attractive. The valuation of the Portfolio remains very
attractive with a price-to-earnings multiple of just 29 times estimated 2000
earnings. We continue to be able to identify many fast-growing, small companies
at very reasonable valuations.
In 1999, the Russell 2000 performance was driven almost exclusively by
technology, telecommunications and "dot.com" stocks. The fascination in the
investment community with everything related to the Internet has driven
valuations of technology stocks to historic levels. While technology stocks will
always be important to small-cap growth investing, we are currently cautious on
the group because of the lofty valuations.
As we entered the new year, we have taken a cautious approach to technology due
to the extended valuations. We continue to emphasize the health care sector,
particularly the biotech companies.
Historically, small-cap stocks have provided a great opportunity to invest
early in small, fast-growing companies that have the opportunity to become
leaders in their industries. The continued favorable economic environment keeps
us encouraged that this remains true today. This, combined with reasonable
valuations in the small cap universe, should help to provide strong returns for
small-cap investing in the future.
MARK J. CUNNEEN, PORTFOLIO MANAGER
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to achieve long-term growth of capital.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$403.3 MILLION
Number of Issues ............................................................125
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Business Objects S.A. .........................................Computer Software
Visual Networks, Inc. .....................................Professional Services
ISS Group, Inc. ...............................................Computer Software
CDW Computer Centers, Inc. ..................................Office Equip. Svcs.
Reinsurance Group of America, Inc. ....................................Insurance
Iron Mountain, Inc. ..........................................Trucking, Shipping
Insight Enterprises, Inc. .......................Household Furniture & Appliance
Expeditors Int'l of Washington, Inc. .........................Trucking, Shipping
Aspect Development, Inc. ......................................Computer Software
BJ's Wholesale Club, Inc. ...........................................Retail-Food
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................95.8%
Foreign Stock & ADRs .......................................................3.8%
Short Term Debt Securities .................................................9.3%
Other Assets & Liabilities ...............................................(8.9)%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
1 SINCE
YEAR INCEPT.*
Portfolio Class IA Shares 27.75% 17.83%
Portfolio Class IB Shares 27.46 17.60
Russell 2000 Growth 43.09 25.88
Lipper Small Cap Average 38.28 19.36
* Since inception as of May 1, 1997
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
ALLIANCE SMALL CAP GROWTH PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IA Shares ($15,499)
Portfolio Class IB Shares ($15,416)
Russel 2000 Growth ($18,295)
5/1/1997 $10,000 $10,000 $10,000
97 $12,674 $12,657 $12,630
98 $12,132 $12,095 $12,786
99 $15,499 $15,416 $18,295
18
<PAGE>
BT EQUITY 500 INDEX PORTFOLIO
For the 12 months ending December 31, 1999, the BT Equity 500 Index Portfolio
(the "PORTFOLIO") returned 20.30% versus the 21.03% total return of the S&P 500
Index. The objective of the Portfolio is to match, as closely as possible
(before deduction of Portfolio expenses) the total return of the S&P 500 Index.
The S&P 500 Index is not subject to any fees and expenses that are associated
with a managed portfolio such as the BT Equity 500 Index.
The strongest performing sectors for the year included technology (up 75.13%),
capital goods (up 28.91%) and basic materials (up 26.37%). The worst performing
sectors included health care (down -8.24%), utilities (down -8.88%) and
transportation (down -9.68%). During 1999, the best performing stocks in the S&P
500 Index included Qualcomm Inc., Sprint Corp (PCS) and Nextel Communications
Inc-A. The worst performers included Mckesson HBOC, Rite Aid Corp. and Service
Corp International. In general, large growth stocks outperformed large value
stocks for the quarter and the year.
We believe that the economy's ability to grow quickly (and generate strong
profits) without inflation, has been the driving force behind the bull market in
recent years. Looking ahead, we expect economic fundamentals to be much less
supportive of equities in the next year or two, and we expect to see the
following trends: a gradual slowdown in economic growth; a modest pickup in
inflation; and, a pressure on profit margins from rising labor costs and higher
interest rates. We don't see a sharp correction in equities, however, because we
expect a reasonable "soft landing" for the economy. We also see the economy
retaining many of its structural improvements (e.g., faster productivity growth
and less volatile economic cycles).
PORTFOLIO MANAGEMENT TEAM
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to replicate as closely as possible (before the deduction of Portfolio
expenses) the total return of the S&P 500 Index.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$683.5 MILLION
Number of Issues ............................................................506
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Microsoft Corp. ...............................................Computer Software
General Electric Co. .......................................Electrical Equipment
Cisco Systems, Inc. ...........................................Computer Hardware
Wal-Mart Stores, Inc. ............................................Retail-General
Exxon Mobil Corp. ..................................................Oil-Domestic
Intel Corp. .........................................................Electronics
Lucent Technologies, Inc. ...................................Div. Telecom. Svcs.
IBM Corp. ......................................................Office Equipment
Citigroup, Inc. ..............................................Financial Services
America Online, Inc. ..........................................Computer Software
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................98.3%
Short Term Debt Securities .................................................1.3%
Other Assets & Liabilities .................................................0.4%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
1 YEAR INCEPT.
Portfolio Class IB Shares 20.30% 22.66%*
S&P 500 21.03 24.76
Lipper S&P 500 Index Average 20.48 24.33
* Since inception as of December 31, 1997
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
BT EQUITY 500 INDEX PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($15,054)
S&P 500 ($15,562)
12/31/1997 $10,000 $10,000
98 $12,514 $12,858
99 $15,054 $15,562
19
<PAGE>
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
For the 12 months ending December 31, 1999, the BT International Equity Index
Portfolio (the "PORTFOLIO") Class IB shares returned 27.50% versus the 26.96%
total return of the MSCI Index. The objective of the Portfolio is to match, as
closely as possible (before deduction of Portfolio expenses) the performance of
the Morgan Stanley Capital international (MSCI) EAFE Index which emphasizes
stocks of companies in major markets in Europe, Australia and the Far East. The
MSCI EAFE Index is not subject to any fees and expenses that are associated with
a managed portfolio such as the BT International Equity Index.
At the beginning of the year, investors were still reeling from the effects of
the Russian devaluation, ongoing difficulties in Asia and the seemingly imminent
Brazilian devaluation, which were having subsequent effects on larger markets
worldwide. Concerns at that time were centered on the possibility of a
deflationary spiral prompted by a combination of faltering business and consumer
confidence, higher interest rates and turbulence in world markets. However,
during the year, a series of more positive data helped underpin the view, that
global economic growth was not only positive but strengthening. A rise in
interest rates resulted, despite a benign inflationary environment, and, while
headline inflation rose in response to the increase in the oil price, core
inflation remained subdued. Global stock markets seemed to take this in stride.
Asian markets produced stunning returns from depressed levels. European markets,
which had been decidedly mixed earlier in the year, recorded exceptional gains
in the second half of the year, driven by increasing signs of economic recovery
as well as a secular rise in telecommunications, media and technology companies.
Indeed, many European markets finished the year near or at their all time highs.
Japan's performance by the end of the year was aided considerably by a
strengthening Yen.
PORTFOLIO MANAGEMENT TEAM
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to replicate as closely as possible (before the deduction of Portfolio
expenses) the total return of the MSCI EAFE Index.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets ........................................................$98.2 MILLION
Number of Issues ............................................................670
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Nokia OYJ ....................................................Telecommunications
Nippon Telegraph & Telephone ................................Utility - Telephone
Deutsche Telekom AG .........................................Utility - Telephone
BP Amoco plc ................................................Oil - International
Toyota Motor Corp. ...............................................Autos & Trucks
British Telecom plc ..........................................Telecommunications
Vodafone AirTouch plc ........................................Telecommunications
France Telekom S.A. ..........................................Telecommunications
Royal Dutch Petroleum Co. ...................................Oil - International
Ericsson AB ..................................................Telecommunications
DISTRIBUTION OF EQUITY ASSETS BY REGION,
AS OF 12/31/99
Other European Countries ..................................................36.4%
Japan .....................................................................24.3%
United Kingdom ............................................................17.1%
Other .....................................................................10.8%
Scandinavia ................................................................6.1%
Southeast Asia .............................................................3.0%
Australia and New Zealand ..................................................2.3%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE SINCE
1 YEAR INCEPT.* INCEPT.**
Portfolio Class IB Shares 27.50% 23.69% NA
Portfolio Class IA Shares 27.75 N/A 28.17%
MSCI EAFE 26.96 23.43 29.29
Lipper International Average 42.88 26.99 43.80
* Since inception as of December 31, 1997
** Investment operations commenced with respect to Class IA Shares on November
24, 1998
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($15,309)
MSCI EAFE ($15,235)
12/31/1997 $10,000 $10,000
98 $12,007 $12,000
99 $15,309 $15,235
20
<PAGE>
BT SMALL COMPANY INDEX PORTFOLIO
For the 12 months ending December 31, 1999, the BT Small Company Index Portfolio
(the "PORTFOLIO") returned 20.68% versus the 21.26% total return of the Russell
2000 Index. The objective of the Portfolio is to match, as closely as possible
(before deduction of Portfolio expenses) the total return of the Russell 2000
Index. The Russell 2000 Index is not subject to any fees and expenses that are
associated with a managed portfolio such as the BT Small Company Index.
Small growth stocks led the Russell 2000 Index to positive double digit returns
for the quarter, and notably, outperformed the S&P 500 and Russell 1000 indices
for the year. This year's better performing stocks in the Russell 2000 Index
included Clarify Inc., Proxim Inc and Idec Pharmaceuticals Corp. Small growth
stocks, as represented by the Russell 2000 Growth index, lead by technology and
Internet-related stocks, outperformed small value stocks by more than 30% for
the quarter and more than 40% for the year. Growth-oriented stocks represented
approximately 74% of the index. Stronger performing sectors for the year
included technology (up 101.32%), utilities (up 40.90%) and producer durables
(up 36.77%). Weaker performing sectors included auto and transportation (down
5.41%), financial services (down 5.87%) and consumer staples (down 20.80%).
We believe that the economy's ability to grow quickly (and generate strong
profits) without inflation, has been the driving force behind the bull market in
recent years. Looking ahead, we expect economic fundamentals to be much less
supportive of equities in the next year or two, and we expect to see the
following trends: a gradual slowdown in economic growth; a modest pickup in
inflation; and, a pressure on profit margins from rising labor costs and higher
interest rates.We don't see a sharp correction in equities, however, because we
expect a reasonable "soft landing" for the economy. We also see the economy
retaining many of its structural improvements (e.g., faster productivity growth
and less volatile economic cycles).
PORTFOLIO MANAGEMENT TEAM
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to replicate as closely as possible (before the deduction of Portfolio
expenses) the total return of the Russell 2000 Index.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets ..................................................$59.9 MILLION
Number of Issues .....................................................1756
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
BroadVision, Inc. ...............................Office Equipment Services
MicroStrategy, Inc. .....................................Computer Software
VerticalNet, Inc. .......................................Computer Software
Millennium Pharmaceuticals, Inc. ....................................Drugs
InterDigital Communications Corp. .....................Div. Telecom. Svcs.
Lam Research Corp. ...................................Electrical Equipment
Mercury Interactive Corp. ...............................Computer Software
IDEC Pharmaceuticals Corp. ..........................................Drugs
PE Corp. - Celera Genomics Group ...................Hospital Supp. & Svcs.
Omnipoint Corp. .......................................Wireless Tel. Svcs.
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock ...............................................96.6%
Foreign Stock & ADRs .................................................0.2%
Short Term Debt Securities ...........................................3.0%
Other Assets & Liabilities ...........................................0.2%
Total ...........................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
1 YEAR INCEPT.
Portfolio Class IB Shares 20.68% 8.59%*
Russell 2000 21.26 8.70
Lipper Small Cap Average 38.28 16.89
* Since inception as of December 31, 1997
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
BT SMALL COMPANY INDEX PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($11,794)
Russell 2000 ($11,818)
12/31/1997 $10,000 $10,000
98 $ 9,773 $ 9,746
99 $11,794 $11,818
21
<PAGE>
CALVERT SOCIALLY RESPONSIBLE PORTFOLIO
Since its inception on August 30, 1999, the Calvert Socially Responsible
Portfolio (the "PORTFOLIO") produced a total return of 8.09%, which compares to
the 11.72% total return of the S&P 500 Index. Worth noting is that during the
fourth quarter in particular, the top 5% of the companies, ranked by market
capitalization, in the S&P 500 accounted for 69% of that index's performance,
and if these companies were excluded, the index would have increased by only
6.5%. In our view, the narrow group of companies fueling market performance are
excessively valued, and therefore, not investment candidates within our GARP
(growth at a reasonable price) investment style.
Notwithstanding the market-related factors contributing to our relative
underperformance, there was one stock, Dollar General, that declined 26.3% in
the fourth quarter, also detracting from performance. While we believe that
Dollar General's fundamentals are still very much in tact, we will no longer
maintain our investment position.
On a more positive note, there were several stocks that made significant
contributions to performance in the fourth quarter: Compuware (up 42.9%); EMC
Corp. (up 53.1%); Home Depot (up 50.3%); Parametric (up 100.5%); Sterling
Commerce (up 83.2%); and Sterling Software (up 57.5%).
Our investment process identifies companies that we believe have sustainable
growth. Our valuation methodology takes into account the interest rate
environment and company-specific risk premiums. We believe that the investment
style should work in most or virtually all market environments. What our style
can't deal with effectively in terms of relative performance, is when the market
is being driven by companies that are excessively valued (our opinion), or with
manias or excessive speculation. We believe that both of these phenomena will
pass.
EDDIE BROWN, PORTFOLIO MANAGER
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks long-term capital appreciation
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .........................................................$2.6 MILLION
Number of Issues .............................................................40
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
IBM Corp. ......................................................Office Equipment
Microsoft Corp. ...............................................Computer Software
BMC Software, Inc. ............................................Computer Software
SLM Holding Corp. ............................................Financial Services
Tellabs, Inc. ...............................................Div. Telecom. Svcs.
Paychex, Inc. ................................................Financial Services
MCI WorldCom, Inc. ............................................Utility-Telephone
Chase Manhattan Corp. .....................................................Banks
Cardinal Health, Inc. ..............................Hospital Supplies & Services
Illinois Tool Works, Inc. .............................................Machinery
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................98.1%
Short Term Debt Securities .................................................2.8%
Other Assets & Liabilities ...............................................(0.9)%
Total .................................................................100.0%
CUMULATIVE TOTAL RETURNS AS OF 12/31/99
SINCE
INCEPT.
Portfolio Class IB Shares 8.09%*
S&P 500 11.72
Lipper Growth Average 20.88
* Since inception as of August 30, 1999
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
CALVERT SOCIALLY RESPONSIBLE PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($10,809)
S&P 500 ($11,172)
8/30/1999 $10,000 $10,000
99 $10,809 $11,172
22
<PAGE>
CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO
Since its inception on April 30, 1999, the Capital Guardian International
Portfolio (the "PORTFOLIO") produced a total return of 41.00%, which compares to
the 20.35% total return of the MSCI EAFE Index. Continuing signs of a
synchronized global economic recovery helped non-U.S. equities continue their
quick ascent in the fourth quarter, with many markets reporting gains of over
20%.
Growth in Europe continues to improve on the heels of strong growth elsewhere:
in the U.S., where the economy shows no signs of slowing; in Latin America,
where Mexico has been especially strong and the Brazilian economy has been more
resilient than expected; and in Asia, where we have seen positive political
changes in Indonesia and important restructuring in the banking sector in
Thailand and Korea. In Japan, good returns from equities have been well
received, and while the economic recovery has been hard to pinpoint, investors
seem comfortable that the economy is no longer in a downward spiral.
At the heart of the global recovery has been the continuation of a capital-
spending boom, particularly in technology. This trend has been resilient to the
rise in interest rates, which has not been steep enough to slow demand. The
power of this cycle has caused faster-growth companies to be significantly
re-rated compared to slower-growth companies, even though slower growth may be
very sustainable.
The very strong relative and absolute performance from the portfolios we manage
is virtually all due to stock selection. We have significantly benefited from
our holdings in capital equipment and services stocks, which include companies
that provide technology, electronics and electrical equipment,
telecommunications services and equipment, and semiconductor-related companies.
These areas have participated in a strong recovery cycle that has been immune
from the impact of rising interest rates because of strong demand. Our exposure
to cyclical and commodity-related stocks has also helped performance, as prices
for energy, pulp, metals, and other commodities have been rising. We have been
underweight in the more stable growth stocks and utilities, which have done
poorly this year and are more likely to outperform in a slower-growth
environment.
Looking ahead, we expect the capital spending cycle to endure, and we expect
commodity prices to sustain their upward trend. However, we are aware of the
potential for rapid shifts in market preference, and we need to closely monitor
the demand side of the technology trend. The weakness of the euro will continue
to be a good deal for competitiveness and translation of earnings over the next
several years for European-based companies. In Japan we are encouraged by
recent positive changes, reminiscent of changes that took place in Europe just
five years ago.
PORTFOLIO MANAGEMENT TEAM
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to achieve long-term growth of capital by investing primarily in non-U.S.
equity securities.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets ........................................................$52.0 MILLION
Number of Issues ............................................................183
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Mannesmann AG .........................................................Machinery
Sony Corp. ..........................................................Electronics
NTT Mobile Com. Network, Inc. ................................Telecommunications
Tokyo Electron Ltd. .................................................Electronics
Murata Manufacturing Co., Ltd. ......................................Electronics
Advantest Corp. ............................................Electrical Equipment
Nokia OYJ ....................................................Telecommunications
AstraZeneca plc ...........................................................Drugs
DISTRIBUTION OF EQUITY ASSETS BY REGION, AS OF 12/31/99
Other European Counrties ..................................................30.3%
Japan .....................................................................28.3%
United Kingdom ............................................................10.6%
Southeast Asia .............................................................5.6%
Scandinavia ................................................................5.4%
Canada .....................................................................3.4%
Australia and New Zealand ..................................................2.9%
Latin America ..............................................................2.3%
Africa & Middle East .......................................................0.5%
Other .....................................................................10.7%
Total .................................................................100.0%
CUMULATIVE TOTAL RETURNS AS OF 12/31/99
SINCE
INCEPT.
Portfolio Class IB Shares 41.00%*
MSCI EAFE 20.35
Lipper International Average 33.49
* Since inception as of April 30, 1999
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($14,100)
MSCI EAFE ($12,035)
4/30/1999 $10,000 $10,000
99 $14,100 $12,035
23
<PAGE>
CAPITAL GUARDIAN RESEARCH PORTFOLIO
Since its inception on April 30, 1999, the Capital Guardian Research Portfolio
(the "PORTFOLIO") produced a total return of 7.10%, which compares to the 10.99%
total return of the S&P 500 Index over the same period. Technology and
telecommunications stocks drove the major U.S. indices to new all-time highs at
year-end. The U.S. market continued to be notable for the narrowness of its
leadership. The S&P 500's overall return masked the fact that more of its
constituents declined than advanced over the year.
The market's upward trend was also sustained by good economic news which at the
same time increased the chances of the Federal Reserve's tightening early in
2000. Gross Domestic Product (GDP) growth for the third quarter was revised
upward, and with consumer confidence and spending robust through the holiday
season, fourth quarter growth seems likely to remain high. Although core
consumer price inflation has risen from earlier estimates, it is still near the
lowest level in decades.
Sprint Corporation is one of the Portfolio's largest holdings. Sprint is the
third-largest long-distance service provider in the U.S., and also has local-
service, equipment distribution, and directory publishing businesses as well as
stakes in Internet-access provider Earthlink and Canadian long-distance provider
Call-Net. MCI WorldCom and Sprint announced a merger in October, a deal that
combines two good companies with complementary businesses into the
best-positioned full-service telecommunications company, with the addition of
Sprint's PCS wireless network filling a gap in WorldCom's offerings. One of the
biggest contributors to performance was Nokia. As a long time stockholder, we
recognized early on Nokia's potential in the booming wireless communications
markets. Nokia has become a leading handset vendor and a strong player in the
wireless infrastructure market.
Another strong performer, Applied Materials, is the world's number-one producer
of semiconductor wafer fabrication equipment. The company specializes in a niche
that not only has a high growth rate, but also high barriers to entry. One
detractor in the fourth quarter was Guidant, one of the world's leading
producers of medical equipment for the treatment of heart disease. The stock
fell due to concerns surrounding a domestic pricing war and a possible decline
in market share. We believe prices and market share will not drop substantially,
and management will fuel growth by expanding into several new emerging product
markets.
The largest 50 stocks in the S&P 500 index are selling at a relative P/E ratio
of about 1.5 times the remaining 450, as high a premium as has existed in
several decades. The disparity in valuations between that small group of very
large stocks and the rest of the universe leads us to believe that the upside
potential is limited for those stocks commanding a premium primarily for their
large size. We believe there is more opportunity in those stocks outside the
largest 50, where stock selection and research can add value.
PORTFOLIO MANAGEMENT TEAM
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to achieve long-term growth of capital.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets ........................................................$33.9 MILLION
Number of Issues ............................................................112
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Pfizer, Inc. ..............................................................Drugs
AT&T Corp. ...................................Printing, Publishing, Broadcasting
Sprint Corp. ................................................Utility - Telephone
Medtronic, Inc. ....................................Hospital Supplies & Services
SLM Holding Corp. ............................................Financial Services
Guidant Corp. ......................................Hospital Supplies & Services
AstraZeneca Group plc .....................................................Drugs
Bank One Corp. ............................................................Banks
Viacom, Inc. .................................Printing, Publishing, Broadcasting
Clorox Co. ...................................................Soaps & Toiletries
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................89.4%
Foreign Stock & ADRs .......................................................7.7%
Short Term Debt Securities .................................................3.9%
Other Assets & Liabilities ...............................................(1.0)%
Total .................................................................100.0%
CUMULATIVE TOTAL RETURNS AS OF 12/31/99
SINCE
INCEPT.
Portfolio Class IB Shares 7.10%*
S&P 500 10.99
Lipper Growth Average 21.65
* Since inception as of April 30, 1999
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
CAPITAL GUARDIAN RESEARCH PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($10,710)
S&P 500 ($11,099)
4/30/1999 $10,000 $10,000
99 $10,710 $11,099
24
<PAGE>
CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO
Since its inception on April 30, 1999, the Capital Guardian U.S. Equity
Portfolio (the "PORTFOLIO") produced a total return of 3.76%, which compares to
the 10.99% total return of the S&P 500 Index over the same period. Technology
and telecommunications stocks drove the major U.S. indices to new all-time highs
at year-end. The U.S. market continued to be notable for the narrowness of its
leadership. The S&P 500's overall return masked the fact that more of its
constituents declined than advanced over the year.
The market's upward trend was also sustained by good economic news which at the
same time increased the chances of the Federal Reserve's tightening early in
2000. Gross Domestic Product (GDP) growth for the third quarter was revised
upward, and with consumer confidence and spending robust through the holiday
season, fourth quarter growth seems likely to remain high. Although core
consumer price inflation has risen from earlier estimates, it is still near the
lowest level in decades.
Good stock-picking has allowed us to keep pace with the index without
overloading the Portfolio with stocks whose valuations we believed were
unjustifiably high, even as some of them have climbed to even frothier levels.
Technology as a percentage of the index has grown to about 30%, up from 7% in
1992, while our Portfolio weighting has been substantially less. Within the
sector, we have favored companies benefiting from the increased demand for
semiconductors and new semiconductor technology. The telecommunications
companies we own are well-managed and poised for excellent earnings growth as
Internet and wireless services expand. The cable/media companies we own have
also performed well.
The largest 50 stocks in the S&P 500 index are selling at a relative P/E ratio
of about 1.5 times the remaining 450, as high a premium as has existed in
several decades. The disparity in valuations between that small group of very
large stocks and the rest of the universe leads us to believe that the upside
potential is limited for those stocks commanding a premium primarily for their
large size. We believe there is more opportunity in those stocks outside the
largest 50, where stock selection and research can add value.
PORTFOLIO MANAGEMENT TEAM
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to achieve long-term growth of capital.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets ........................................................$67.5 MILLION
Number of Issues ............................................................115
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
AT&T Corp. ..................................................Utility - Telephone
AstraZeneca Group plc .....................................................Drugs
Sprint Corp. ................................................Utility - Telephone
Guidant Corp. ......................................Hospital Supplies & Services
Forest Laboratories, Inc. .................................................Drugs
Bank One Corp. ............................................................Banks
Tyco International Ltd. ...........................................Miscellaneous
Hewlett Packard Co. ...........................................Computer Hardware
Cablevision Systems Corp. ............................Print, Publish, Broadcstg.
Bank of America Corp. .....................................................Banks
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................91.8%
Foreign Stock & ADRs .......................................................6.4%
Short Term Debt Securities .................................................2.7%
Other Assets & Liabilities ...............................................(0.9)%
Total .................................................................100.0%
CUMULATIVE TOTAL RETURNS AS OF 12/31/99
SINCE
INCEPT.
Portfolio Class IB Shares 3.76%*
S&P 500 10.99
Lipper Growth & Income Average 4.99
* Since inception as of April 30, 1999
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($10,376)
S&P 500 ($11,099)
4/30/1999 $10,000 $10,000
99 $10,376 $11,099
25
<PAGE>
EQ/EVERGREEN PORTFOLIO
For the 12 months ending December 31, 1999, the EQ/Evergreen Portfolio ("the
PORTFOLIO") provided a total return of 9.70% versus the total return of 21.26%
for the Russell 2000 Index. The new management team has begun to employ a
comprehensive new investment process for the Portfolio. Since initiating
coverage of the Portfolio in August, the team has endeavored to adjust holdings
in accordance with its new investment strategy. The strategy for 2000 will be to
reduce the number of stocks held in the Portfolio to a range between 80 and 120
issues. New investments will focus on technology, energy and some healthcare
areas, while financial stocks will continue to be underweighted.
The Portfolio will employ a bottom-up strategy, emphasizing the selection of
attractive, individual stocks. This individual stock selection process then
dictates an industry/sector concentration in the Portfolio. Investments will
focus on firms with an improving earnings and revenue outlook. This takes into
consideration such factors as new company management, corporate restructurings
and new products. It is expected that this strategy will result in wide
industry-sector diversification. The approach is considered a more traditional
core-growth strategy, but there are no set thresholds for earnings growth, price
to earnings ratios or price to growth rates. In essence, the Portfolio looks to
buy growing companies at a reasonable price.
The sell discipline for the Portfolio is essentially the reverse of the process
identified above. When a stock stops exhibiting upward earnings potential or
movement, the position is reduced or eliminated. In addition to earnings trends,
the team will consider such things as losing a key executive, unsuccessful new
products/corporate initiatives or other events that may signal an earnings
disruption.
Looking ahead, we believe 2000 will be a year of Great Expectations. Built into
the current valuation models are great expectations for economic strength. On an
individual stock basis however, 1999 was marked by swift and often severe
responses to unmet expectations. Investment managers would simply rotate out of
stocks that had disappointed in one manner or another and into others such as
the latest "story-stock" in the technology, telecommunications, or biotechnology
areas. The key again in 2000 will be in divining and managing the preferred
investments as they ebb and flow over the course of the year. A healthy sign for
continued market strength would be broader participation by the stocks and
industries that failed to participate in 1999.
JEAN LEDFORD AND RICHARD WELSH, PORTFOLIO MANAGERS
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks capital appreciation.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .........................................................$4.8 MILLION
Number of Issues ............................................................130
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Microsoft Corp. ...............................................Computer Software
General Electric Co. .......................................Electrical Equipment
Intel Corp. .........................................................Electronics
Cisco Systems, Inc. ...........................................Computer Hardware
Sun Microsystems, Inc. ........................................Computer Hardware
Wal-Mart Stores, Inc. ..........................................Retail - General
Exxon Mobil Corp. ................................................Oil - Domestic
Merck & Co., Inc. .........................................................Drugs
Lucent Technologies, Inc. ...................................Div. Telecom. Svcs.
Dell Computer Corp. ............................................Office Equipment
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................86.2%
Foreign Stock & ADRs .......................................................4.3%
Short Term Debt Securities ................................................10.1%
Other Assets & Liabilities ...............................................(0.6)%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
INCEPT.
Portfolio Class IB Shares 9.70%*
Russell 2000 21.26
Lipper Growth Average 31.48
* Since inception as of December 31, 1998
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
EQ/EVERGREEN PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($10,970)
Russell 2000 ($12,126)
12/31/1998 $10,000 $10,000
99 $10,970 $12,126
26
<PAGE>
EQ/EVERGREEN FOUNDATION PORTFOLIO
For the 12 months ending December 31, 1999, the EQ/Evergreen Foundation
Portfolio ("the PORTFOLIO") provided a total return of 7.38% versus the total
return of 11.15% for its composite benchmark (60% S&P 500 Index and 40%/Lehman
Aggregate Bond Index). Since initiating coverage of the Portfolio in August, the
team has endeavored to adjust holdings to be a truer reflection of its new
investment strategy. The equity strategy for 2000 will be to reduce the number
of stocks held in the Portfolio to a range between 80 and 120 issues. New
investments will focus on technology, energy and some healthcare areas, while
financial stocks will continue to be underweighted. Some of the relatively under
valued large-cap consumer non-durables may also be considered.
The approach to investing is bottom-up, emphasizing the selection of attractive,
individual stocks. This individual stock selection process then dictates an
industry/sector concentration in the portfolios. Investments will focus on firms
with an improving earnings and revenue outlook. This takes into consideration
such factors as new company management, corporate restructurings and new
products. It is expected that this strategy will result in wide industry-sector
diversification. The approach is considered a more traditional core-growth
strategy, but there are no set thresholds for earnings growth, price to earnings
ratios or price to growth rates. In essence, the Portfolio looks to buy growing
companies at a reasonable price.
Regarding the fixed income component of the Portfolio, duration was shortened in
the third quarter to reflect a more conservative stance on interest rates. It is
expected that the fixed income strategy will be concentrated on
intermediate-term treasuries with a small percentage of high quality corporate
bonds. The sell discipline for the Portfolio is essentially the reverse of the
process identified above. When a stock stops exhibiting upward earnings
potential or movement, the position is reduced or eliminated. In addition to
earnings trends, the team will consider such things as losing a key executive,
unsuccessful new products/corporate initiatives or other events that my signal
an earnings disruption.
Looking ahead, we believe 2000 will be a year of Great Expectations. Built into
the current valuation models are great expectations for economic strength. On an
individual stock basis however, 1999 was marked by swift and often severe
responses to unmet expectations. Investment managers would simply rotate out of
stocks that had disappointed in one manner or another and into others such as
the latest "story-stock" in the technology, telecom or biotech areas. The key
again in 2000 will be in divining and managing the preferred investment names as
they ebb and flow over the course of the year. A healthy sign for continued
market strength would be broader participation by the stocks and industries that
failed to participate in 1999.
JEAN LEDFORD AND RICHARD WELSH, PORTFOLIO MANAGERS
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to provide, in order of priority, reasonable income, conservation of
capital and capital appreciation.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .........................................................$8.9 MILLION
Number of Issues ............................................................148
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Microsoft Corp. ...............................................Computer Software
General Electric Co. .......................................Electrical Equipment
Cisco Systems, Inc. ...........................................Computer Hardware
Intel Corp. .........................................................Electronics
Wal-Mart Stores, Inc. ..........................................Retail - General
Sun Microsystems, Inc. ........................................Computer Hardware
Exxon Mobil Corp. ................................................Oil - Domestic
Lucent Technologies, Inc. ...................................Div. Telecom. Svcs.
Dell Computer Corp. ............................................Office Equipment
Global Crossing Ltd. ........................................Div. Telecom. Svcs.
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................67.0%
Foreign Stock & ADRs .......................................................5.4%
U.S. Gov't Bonds ..........................................................21.4%
Corporate Bonds ............................................................1.7%
Short Term Debt Securities .................................................5.4%
Other Assets & Liabilities ...............................................(0.9)%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
INCEPT.
Portfolio Class IB Shares 7.38%*
60% S&P 500/40% Lehman Aggregate Bond 11.15
Lipper Balanced Average 8.58
* Since inception as of December 31, 1998
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
EQ/EVERGREEN FOUNDATION PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($10,738)
60% S&P 500/40% Lehman Aggregate Bond ($11,115)
12/31/1998 $10,000 $10,000
99 $10,738 $11,115
27
<PAGE>
JPM CORE BOND PORTFOLIO
For the 12 months ending, December 31, 1999, the JPM Core Bond Portfolio ("the
PORTFOLIO") provided a total return of -1.64% versus the Salomon Broad
Investment Grade Index, which returned --0.83% for the same period. Bond yields
ended the year sharply higher as investors reassessed the strengthening economy
and anticipated tighter monetary policy after the Y2K turn. Consumption
continued to grow rapidly, and by the third quarter, the final Gross Domestic
Product (GDP) was revised almost a full percentage point above the original
estimate. The strong equity rally in December suggests the Federal Reserve's
tightening action thus far will do little to stem economic growth. Low
unemployment, firm wage laws, together with the unprecedented external deficit,
imply the need to slow the economy to a more sustainable pace, even in the
absence of any significant consumer price pressures.
Early in the year, the Portfolio was conservatively positioned in corporate
bonds and held a heavy allocation to mortgage backed securities. In addition,
we maintained an overweight position in AAA rated agency debenture bonds.
Toward the end of the year, the Portfolio's largest positions reflected our
positive outlook on mortgages relative to U.S. Treasuries.
The corporate sector outperformed Treasuries during the last quarter. This was
primarily due to the abatement of Y2K fears in the market and the presence of
buyers who had built up cash and were stretching for yields ahead of the first
quarter. The Portfolio was modestly overweight in the corporate sector and we
remained comfortable with the overweight position in anticipation of a strong
economic backdrop and light near-term supply.
Following the late October Fed tightening and, importantly their move to
neutral bias, Treasury yields fell by approximately 30 basis points. With the
view that this move put yields below justifiable levels, we shifted the
Portfolio's duration position early in November from neutral to a modest short
position relative to the index. We maintained this duration position through
the end of the year.
With little sign of any material slowing in U.S. growth, aside from some
moderation in the construction sector, the U.S. bond market lacked fundamental
support at year-end. Strong business and consumer confidence, a robust equity
market and very buoyant labor market suggest the need for additional Fed policy
tightening. The market continues to discount an insufficient amount of
tightening this year, in order to slow the economy to an acceptable pace. As a
result, we expect to continue to remain defensive next year in terms of the
Portfolio's duration positions as U. S. Treasury yields should continue to move
higher.
PAUL L. ZEMSKY AND ROBERT J. TEATOM, PORTFOLIO MANAGERS
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to provide a high total return consistent with moderate risk of capital
and maintenance of liquidity.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets ..................................................$156.6 MILLION
Number of Issues .......................................................257
Average Maturity ..................................................19 YEARS
ASSET MIX DISTRIBUTION (BY QUALITY),
AS OF 12/31/99
AAA-A rated ..........................................................25.1%
BBB-B rated ...........................................................4.7%
U.S. Gov't obligations ...............................................60.7%
Not Rated and other ...................................................9.5%
ASSET MIX DISTRIBUTION (BY ISSUER),
AS OF 12/31/99
U.S. Treasury Securities .............................................11.2%
U.S. Government Agency Bonds .........................................59.5%
Foreign Government Securities .........................................1.7%
Corporate Bonds ......................................................34.9%
Short Term Debt Securities ...........................................11.1%
Other Assets & Liabilities .........................................(18.4)%
Total ........................................................... 100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
1 YEAR INCEPT.
Portfolio Class IB Shares (1.64)% 3.55%*
Salomon Brothers BIG (0.83) 3.84
Lipper Intermediate Investment Grade
Debt Average (0.60) 3.41
* Since inception as of December 31, 1997
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
JPM CORE BOND PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($10,723)
Salomon Brothers BIG ($10,782)
12/31/1997 $10,000 $10,000
98 $10,902 $10,872
99 $10,723 $10,782
28
<PAGE>
LAZARD LARGE CAP VALUE PORTFOLIO
For the 12 months ending December 31, 1999, the Lazard Large Cap Value Portfolio
("the PORTFOLIO") provided a total return of 3.55% versus the total return of
21.03% of the S&P 500 Index. 1999 was a year of extraordinary performance for
nearly all major indexes. But strong performance told only half the story, as
the gulf between companies perceived to be leading the transition to the new
economy and all others continued to widen. Technology and, to a lesser extent,
telecommunications companies drove all the major indexes, accounting for three
quarters of the return of the S&P 500. Strength in technology and
telecommunications drove growth indices well ahead of their value counterparts,
even as investors gave up on traditional growth sectors such as pharmaceuticals,
which suffered under the threat of government action, and consumer staples,
which languished throughout the year.
As valuations within technology are well above historical norms, the Portfolio
maintained an underweight position, not anticipating the huge demand for ".com"
companies and those traditional companies integrating the latest technology into
their operations. While stock selection was strong, we adhered to our discipline
and consistently took profits when technology holdings hit price targets,
further reducing our weight in the sector and detracting from returns. While
strong secular trends are benefiting the group, valuations have become stretched
as investors chase performance. However, we continue to seek relative value
opportunities within the sector, particularly in those companies that serve as
enablers, that is, those who are helping the more traditional companies to
integrate the new technology into their operations.
Beyond the impact of technology companies, long-term interest rates rose
sharply during 1999, and Federal Reserve rate hikes in the third and fourth
quarter led to a flatter yield curve, hurting financial stocks. Regional bank
holdings such as First Union also hurt performance of the Portfolio as First
Union encountered problems integrating a recent merger. 1999 provided more than
its fair share of volatility and new events. In this environment, individual
securities that did not meet expectations were severely punished by the market.
While volatility can be destructive, it also presents real opportunities for the
manager with a long-term view. The financial productivity of Lazard's relative
value picks should provide strong returns in the coming quarters. By avoiding
the herd mentality involved in chasing the latest ".com" company, our relative
value approach has taken advantage of the current volatility to construct a
portfolio that has deeply discounted valuation relative to the S&P 500, yet has
higher return on equity.
EILEEN ALEXANDERSON AND HERBERT W. GULLQUIST, PORTFOLIO
MANAGERS
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks capital appreciation by investing primarily in equity securities of
companies with relatively large market capitalizations that appear to the
Adviser to be inexpensively priced relative to the return on total capital or
equity.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$133.5 MILLION
Number of Issues .............................................................78
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Bell Atlantic Corp. ...........................................Utility-Telephone
SBC Communications, Inc. ......................................Utility-Telephone
AT&T Corp. ....................................................Utility-Telephone
Proctor & Gamble Co. .........................................Soaps & Toiletries
Chase Manhattan Corp. .....................................................Banks
Citigroup, Inc. ..............................................Financial Services
Merk & Co., Inc. ..........................................................Drugs
United Technologies Corp. .............................................Aerospace
Fannie Mae .....................................................Mortgage Related
Bristol-Myers Squibb Co. ..................................................Drugs
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................92.4%
Foreign Stock & ADRs .......................................................2.7%
Short Term Debt Securities .................................................4.6%
Other Assets & Liabilities .................................................0.3%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
1 YEAR INCEPT.
Portfolio Class IB Shares 3.55% 11.46%*
S&P 500 21.03 24.76
Lipper Cap Appreciation Average 40.06 30.24
* Since inception as of December 31, 1997
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
LAZARD LARGE CAP VALUE PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($12,436)
S&P 500 ($15,562)
12/31/1997 $10,000 $10,000
98 $12,010 $12,858
99 $12,436 $15,562
29
<PAGE>
LAZARD SMALL CAP VALUE PORTFOLIO
For the 12 months ending December 31, 1999, the Lazard Small Cap Value Portfolio
("the PORTFOLIO") provided a total return of 1.66% versus the total return of
21.26% of the Russell 2000 Index. In a long-awaited broadening of the market,
the Russell 2000 outperformed the S&P 500 in the fourth quarter of 1999 to
deliver returns in-line with the S&P for the year. However, a narrow group of
technology and telecommunications stocks have been the driving force behind the
performance of the Russell 2000, accounting for 95% of the index's return. The
dominance of technology and telecommunications led to the unprecedented
outperformance of the growth style, with growth rising 43% while value fell
1.5%.
The Portfolio's low weight in technology and telecommunications significantly
detracted from returns during 1999. While these groups are clearly benefiting
from powerful secular trends, valuations have reached unprecedented heights. We
continue to seek out stocks in these sectors that offer an attractive trade-off
between valuation and financial productivity. We also seek to identify companies
that, unbeknownst to most investors, are also poised to benefit from these
powerful trends. This would include traditional brick-and-mortar companies that
are using technology to expand distribution, reduce costs and increase
productivity.
Amid the current technology euphoria, many investors capitulated on all other
sectors, providing opportunities for the astute investor. The attractiveness of
small value stocks was accurately reflected in the increase in stock purchases
by corporate insiders, stock repurchase activity by corporations and takeover
activity by strategic buyers, many of which are outside the U.S. The Portfolio
was particularly impacted by merger activity as many of our holdings were
acquired during 1999. Most of these acquisitions involved foreign buyers seeking
to expand their business or gain access to technology. The acquisition of
value-oriented technology companies was another major theme. These companies
have exited a prolonged industry slump, as they recovered from manufacturing
overcapacity and sharp price concessions. We expect this merger and acquisition
trend to continue and intensify in year 2000, as private buyers take advantage
of the compelling valuations in the sector.
During this transitional phase, technology companies will undoubtedly profit,
and the best of them -- those that are supporting the transition -- should
continue to do so. The wisest strategy for the new era is one that shuns neither
technology nor tradition -- but which finds the relative value within each
sector based on thorough, continuing analyses of individual companies and an
understanding of the global market in which they compete.
EILEEN ALEXANDERSON AND HERBERT W. GULLQUIST, PORTFOLIO
MANAGERS
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks capital appreciation by investing in equity securities of U.S. companies
with small market capitalizations that the Adviser considers inexpensively
priced relative to the return on total capital or equity.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets ........................................................$72.6 MILLION
Number of Issues ............................................................130
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Oak Industries, Inc. ................................................Electronics
Tektronix, Inc. .....................................................Electronics
Harman Int'l Industries, Inc. .................................Electrical Equip.
Furniture Brands Int'l, Inc. .........................Household Furn., Appliance
Borders Group, Inc. ............................................Retail - General
Arthur J. Gallagher & Co. .............................................Insurance
Barrett Resources Corp. ..........................................Oil - Domestic
American Italian Pasta Co. ................................................Foods
AC Nielsen Corp. ..........................................Professional Services
CNF Transportation, Inc. .....................................Trucking, Shipping
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................95.2%
Short Term Debt Securities .................................................4.7%
Other Assets & Liabilities .................................................0.1%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
1 YEAR INCEPT.
Portfolio Class IB Shares 1.66% (2.77)%*
Russell 2000 21.26 8.70
Lipper Small Cap Average 38.28 16.89
* Since inception as of December 31, 1997
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
LAZARD SMALL CAP VALUE PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($9,451)
Russell 2000 ($11,818)
12/31/1997 $10,000 $10,000
98 $ 9,297 $ 9,746
99 $ 9,451 $11,818
30
<PAGE>
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
For the 12 months ending December 31, 1999, the Merrill Lynch Basic Value Equity
Portfolio ("the PORTFOLIO") provided a total return of 19.00% versus the total
return of 21.03% for the S&P 500 Index. The Portfolio enjoyed strong performance
over the year; especially in light of the continued challenging environment for
value investing. We achieved these results with a substantial positive impact
from our holdings in selected technology stocks. For example, Integrated Device
Technology Inc., a leading semiconductor communication maker, posted a 383%
stock price gain in the latest year. Motorola's stock advanced 141% due to the
boom in sales of wireless handsets. Our longstanding Novell Inc. holding
appreciated 117% following the company's continued turnaround. Our ownership of
Hewlett Packard Co., IBM Corp., Philips Electronics NV, and 3Com Corp. also
aided performance.
Financials, including both banks and insurance companies were poor performers
due to the rising interest rate environment and company specific earnings
shortfalls. We carried an underweight position in the group for most of the
year, but began to materially add to our holdings in the fourth quarter.
Positions in financials that we either added to or initiated in the Portfolio
included; Bank One Corp., First Union Corp., Ace Ltd., Allstate Corp., Mellon
Financial Corp., Unum Provident Corp., CIT Group Inc., Associates First Capital
Corp., and St. Paul Companies Inc. All of these companies are trading at
attractive valuations and we expect a more favorable environment for financials
in the year 2000.
Looking ahead, we will continue to focus on out-of-favor securities that show
promise of recovery. Specifically, we enter the new millennium with financial
stocks as our largest sector weighting. We believe the stage is set for strong
performance given the severely depressed valuation multiples which we believe
more than compensate for the pressures set forth by the rise in interest rates
experienced throughout the latest year. We also enter the new year with a
substantial weighting in technology and capital goods holdings. Several capital
goods companies, particularly defense companies, offer favorable risk/reward
profiles. These companies have suffered through severe earnings revisions based
on disappointing program economics. Against the backdrop of a rising defense
budget and, depressed valuations, and washed out investor expectations, the
Portfolio is positioned to benefit from any fundamental improvement in the
group.
KEVIN RENDINO, PORTFOLIO MANAGER
- --------------------------------------------------------------------------------
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.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$300.5 MILLION
Number of Issues .............................................................60
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Crown Cork & Seal Co., Inc. ..........................................Containers
Thomas & Betts Corp. .......................................Electrical Equipment
Unocal Corp. ......................................Oil - Supplies & Construction
Novell, Inc. ..................................................Computer Software
St. Paul Cos. .........................................................Insurance
Knight Ridder, Inc. ..........................Printing, Publishing, Broadcasting
Compaq Computer Corp. ..........................................Office Equipment
Bank One Corp. ............................................................Banks
IBM Corp. ......................................................Office Equipment
Columbia/HCA Healthcare Corp. ............................Hospital Supp. & Svcs.
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................82.7%
Foreign Stock & ADRs .......................................................8.5%
Short Term Debt Securities .................................................8.4%
Other Assets & Liabilities .................................................0.4%
Total ...................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
1 YEAR INCEPT.
Portfolio Class IB Shares 19.00% 17.93%*
S&P 500 21.03 27.36
Lipper Growth & Income Average 14.51 18.96
* Since inception as of May 1, 1997
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($15,556)
S&P 500 ($19,071)
5/1/1997 $10,000 $10,000
12-97 $11,699 $12,255
12-98 $13,055 $15,757
12-99 $15,556 $19,071
31
<PAGE>
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
For the 12 months ending December 31, 1999, the Merrill Lynch World Strategy
Portfolio ("the PORTFOLIO") provided a total return of 21.35% versus the total
return of 13.07% for its composite benchmark. The Portfolio's performance
benefited by our decision to expand our foreign equity representation early in
the year, specifically in Japan and emerging market countries. This increase
included the establishment of positions in Brazil, Latin America, Korea, and
Singapore. The allocation of significant assets to "new economy" sectors in all
markets, including technology, business services, telecommunications services,
and telecommunications equipment, also had a positive effect on the Portfolio's
return. In the U.S., technology was the largest sector represented throughout
the year, and this allocation proved rewarding. In contrast to 1998, the return
on fixed income securities lagged that of equities by a substantial margin, but
the negative impact was limited by a significant reduction in U.S. bond
representation during 1999.
The Portfolio's foreign equity allocation increased during the last quarter of
1999, including representation in European technology and business services.
Overall, Europe remains the largest regional commitment, while Japan continues
to be overweighted relative to the MSCI EAFE Index. The commitment to Asia,
excluding Japan, was increased through positions in City Development and
Singapore Airlines in Singapore. In Latin America, we continue to focus on
Brazil as offering the most favorable reward/risk potential. U.S. equity
holdings were reduced during the last quarter. Technology remains the largest
single group represented, accounting for nearly one-third of the U.S. equity
assets. This commitment reflects our continuing emphasis on the shares of
companies where a consistent and above-average rate of earnings growth should be
extended over the next several years and where valuations appear reasonable
relative to earnings growth potential.
During the fourth quarter, the Portfolio reduced its weighting in U.S. bonds.
Late in 1999, we took advantage of an interest rate rise to extend the average
duration to 6.8 years, after reducing the duration earlier in the second half of
1999. In our opinion, the Federal Reserve will continue to tighten monetary
policy in 2000 until the U.S. economy slows down. Such a slowdown will ease
fears of a resurgence of inflation and enable intermediate-to-long term U.S.
interest rates to decline. In the interim, risk in U.S. fixed income securities
appears limited. In the foreign bond sector, the Portfolio also reduced its
weighting during the fourth quarter of 1999.
THOMAS R. ROBINSON, PORTFOLIO MANAGER
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks high total investment return by investing primarily in a portfolio of
equity and fixed income securities, including convertible securities, of U.S.
and foreign issuers.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets ........................................................$35.7 MILLION
Number of Issues ............................................................248
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
General Electric Co. .......................................Electrical Equipment
AT&T Corp. ...................................Printing, Publishing, Broadcasting
Rohm Co. ............................................................Electronics
Softbank Corp. ................................................Computer Software
Kyocera Corp. .......................................................Electronics
Cisco Systems, Inc. ...........................................Computer Hardware
Toyota Motor Corp. ...............................................Autos & Trucks
STMicroelectronics N.V. .............................................Electronics
Microsoft Corp. ...............................................Computer Software
NTT Mobile Communications Network, Inc. ................................Telecom.
DISTRIBUTION OF EQUITY ASSETS BY REGION,
AS OF 12/31/99
Other .....................................................................25.5%
United States .............................................................24.0%
Japan and Southeast Asia ..................................................17.7%
Other European Countries ..................................................17.0%
United Kingdom .............................................................7.0%
Scandinavia ................................................................5.3%
Canada .....................................................................1.6%
Latin America ..............................................................1.1%
Australia & New Zealand ....................................................0.8%
Total ...................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
1 YEAR INCEPT.
Portfolio Class IB Shares 21.35% 12.11%*
Composite** 13.07 16.18
Lipper Global Flexible Portfolio Average 13.57 12.48
* Since inception as of May 1, 1997
** 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.
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($13,571)
Composite Market Benchmark ($14,978)
5/1/1997 $10,000 $10,000
97 $10,470 $11,081
98 $11,183 $13,427
99 $13,571 $14,978
32
<PAGE>
MFS EMERGING GROWTH COMPANIES PORTFOLIO
For the 12 months ending December 31, 1999, the MFS Emerging Growth Companies
Portfolio ("the PORTFOLIO") Class IB shares provided a total return of 73.62%
versus the total return of 21.26% of the Russell 2000 Index. In 1999, we
believed it was essential for the Portfolio to invest in high growth companies
that we felt had potential to generate positive earnings surprises, relative to
what Wall Street analysts expected. This led us to overweight three areas:
telecommunications, technology with a telecommunications focus, and, to a lesser
extent, biotechnology.
In the telecommunications area, performance was helped by investments in
companies in the United States, Japan, and Europe that are benefiting from a
global shift toward wireless communication of both voice and data. Although we
believe certain of these companies can continue to do well on their own, we
expect that some of them will eventually be taken over by larger companies
trying to achieve global cellular coverage. Should that occur, we believe the
Portfolio will benefit from takeover-related runups in stock prices. In the
biotechnology area, a company that contributed strongly to the Portfolio'
performance was Medimmume, a pharmaceutical company, which shows the potential
for strong earnings growth over the next couple of years.
Another factor in the Portfolio's performance was our belief, that some of the
sectors with steady but perhaps unspectacular earnings growth were moving out of
favor - particularly supermarkets, drugstores, and office supply superstores.
This led us to cut back or eliminate our positions in companies that turned out
to be poor performers for the year. Although many of these companies still have
good fundamentals, we believe the market perceived that they were vulnerable to
competition from Internet vendors and mega-companies like Wal-Mart.
Looking ahead, we believe the challenge will be to continue to pick winning
stocks in a difficult environment of rising interest rates and high stock
valuations. Our response is to try to invest in stocks of companies which can
generate positive earnings surprises because, in today's market, it appears to
us that stock prices can be dramatically impacted by even a small earnings
shortfall. We do see the potential for a corrective period, particularly if the
Federal Reserve continues to raise interest rates, because some stocks have
become overvalued. But we believe that the type of companies we seek out, those
with a unique product or service and high growth rates, can continue to do well
in today's environment.
JOHN W. BALLEN AND TONI Y. SHIMURA, PORTFOLIO MANAGERS
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to provide long-term capital growth.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .....................................................$1,711.9 MILLION
Number of Issues ............................................................288
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
QUALCOMM, Inc. ..............................................Div. Telecom. Svcs.
Oracle Corp. ..................................................Computer Software
Cisco Systems, Inc. ...........................................Computer Hardware
Microsoft Corp. ...............................................Computer Software
JDS Uniphase Corp. ..................................................Electronics
BMC Software, Inc. ............................................Computer Software
Nortel Networks Corp. .......................................Div. Telecom. Svcs.
MCI WorldCom, Inc. ..........................................Utility - Telephone
Tyco International Ltd. ...........................................Miscellaneous
Voicestream Wireless Corp. ..................................Wireless Tel. Svcs.
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................66.8%
Foreign Stock & ADRs ......................................................26.1%
Short Term Debt Securities .................................................7.5%
Other Assets & Liabilities ...............................................(0.4)%
Total ...................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE SINCE
1 YEAR INCEPT.* INCEPT.**
Portfolio Class IB Shares 73.62% 48.20% N/A
Portfolio Class IA Shares 74.43 N/A 97.31%
Russell 2000 21.26 16.99 26.37
Lipper MidCap Average 46.25 33.83 53.93
* Since inception as of May 1, 1997
** Investment operations commenced with respect to Class IA Shares on November
24, 1998
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
MFS EMERGING GROWTH COMPANIES PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($28,602)
Russell 2000 ($15,207)
5/1/1997 $10,000 $10,000
97 $12,242 $12,868
98 $16,474 $12,544
99 $28,602 $15,207
33
<PAGE>
MFS GROWTH WITH INCOME PORTFOLIO
For the 12 months ending December 31, 1999, the MFS Growth with Income
Portfolio ("the PORTFOLIO") provided a total return of 8.76%, which compared
to a total return of 21.03% for the S&P 500 Index. The Portfolio lagged the
index primarily due to its underweighting in technology stocks, which drove the
narrow strength of the market.
While we increased the Portfolio's exposure to technology stocks during the
period, we did not abandon our focus on blue-chip companies with strong,
long-term fundamentals and reasonable valuations. As a result, the Portfolio
remained underweighted in technology stocks versus the S&P 500 because they
looked very expensive and risky relative to their long-term earnings prospects.
On the other hand, as the index's weighting in technology increased with the
appreciation of these stocks, we decided to look more closely at the
Portfolio's relative risk versus its absolute risk compared to the market. As a
result, we felt it prudent to gradually increase the Portfolio's weighting in
technology and telecommunications, while at the same time keeping a close eye
on relative valuations and the fundamental business outlooks for these
companies.
While investors remained focused on technology and telecommunications stocks,
the Portfolio managed to locate strong performers from a wide range of
industries, including energy, industrial goods & services, consumer staples,
retailing and financial services. The success of these stocks and the broadly
diversified structure of the Portfolio highlights precisely what the Portfolio
is trying to accomplish -- to provide growth of capital, with less risk or
price volatility than the S&P 500 Index. On the negative side, stocks like
Service Corp., Xerox, Kroger and Safeway detracted from performance. We
maintained positions in Kroger and Safeway because we believe they possess
strong business prospects and favorable growth and earnings outlooks. We sold
off our positions in Service Corp. and Xerox because the long-term outlooks for
these companies deteriorated.
On a more positive note, we continue to believe that the Portfolio is well
positioned to take advantage of a number of opportunities in the market. Our
well-balanced exposure to market leaders in technology, telecommunications,
financial services, retailing and industrial goods provides diversification and
could help the Portfolio outperform if market strength continues to broaden. At
the same time, we'll continue to look for opportunities in areas such as
pharmaceutical companies, which have been beaten down due to concerns over
Medicare reform and potential government price controls. Many pharmaceutical
companies and drugstore chains demonstrate promising long-term growth prospects
and reliable cash flow.
JOHN D. LAUPHEIMER, JR. AND MITCHELL D. DYNAN,
PORTFOLIO MANAGERS
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to provide reasonable current income and long-term growth of capital and
income.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$109.8 MILLION
Number of Issues ............................................................145
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Microsoft Corp. ...............................................Computer Software
General Electric Co. .......................................Electrical Equipment
Exxon Mobil Corp. ................................................Oil - Domestic
Intel Corp. .........................................................Electronics
United Technologies Corp. .............................................Aerospace
Cisco Systems, Inc. ...........................................Computer Hardware
Wal-Mart Stores, Inc. ..........................................Retail - General
Motorola, Inc. ..............................................Div. Telecom. Svcs.
Bell Atlantic Corp. .........................................Utility - Telephone
BP Amoco plc ................................................Oil - International
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................85.2%
Foreign Stock & ADRs .......................................................8.3%
Corporate Bonds ............................................................0.5%
Short Term Debt Securities .................................................5.6%
Other Assets & Liabilities .................................................0.4%
Total ...................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
INCEPT.
Portfolio Class IB Shares 8.76%*
S&P 500 21.03
Lipper Growth & Income Average 14.51
* Since inception as of December 31, 1998
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
MFS GROWTH WITH INCOME PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($10,876)
S&P 500 ($12,103)
12/31/1998 $10,000 $10,000
99 $10,876 $12,103
34
<PAGE>
MFS RESEARCH PORTFOLIO
For the 12 months ending December 31, 1999, the MFS Research Portfolio ("the
PORTFOLIO") provided a total return of 23.12% compared to a 21.03% total return
for the S&P 500 Index. During the past year, the equity market has been
extremely narrow with 25 large-growth stocks outperforming the rest of the
stocks in the S&P 500. While market leadership has started to show signs of
broadening, we believe the long-term opportunities for small- and mid-cap stocks
are attractive primarily because they are selling at much cheaper prices
relative to earnings and expected growth rates of large-cap growth stocks. In
addition, we believe our exposure to stocks with lower prices relative to
earnings should make the Portfolio less vulnerable to negative events such as
earnings disappointments or a broad market downturn.
Over the year, the Portfolio maintained significant exposure to large-cap
telecommunications and technology stocks, which added considerably to total
return. Despite our overweighting in technology stocks, we avoided Internet
companies with expensive valuations, weak business models or unproven track
records. At the same time, we recognized early on that the growth in Internet
services and data traffic is likely to continue for some time. Consequently, we
invested in a number of technology and communications stocks in the networking
and telecommunications equipment industries. The Portfolio also maintained
considerable exposure to software stocks which provided a significant boost to
performance.
Other leading contributors were semiconductor companies, and a number of stocks
in the financial services, media and energy sectors. Gains in financial services
came primarily from brokerage and investment banking stocks. Media holdings
benefited from the tremendous growth in advertising spending due to the highly
competitive business environment, especially among Internet companies. While the
Portfolio maintained a slightly underweighted position in health care stocks
versus the index, in general, this group hurt performance. Despite this
generally negative environment, we found good opportunities in the medical
device area.
There are widespread indications of immense speculation and entrenched optimism
toward equities. Yet, if we exclude technology and communications, the equity
market has been in a downtrend since April of 1999. As a result, we expect
market strength to broaden into other sectors of the market, which could create
opportunities for the Portfolio. Of course, much of the bull market's fate
rests on corporate earnings and the performance of the economy. Given this
uncertain environment, however, we continue to focus our energy on finding what
we believe are top-quality companies that should provide favorable long-term
performance regardless of short-term market volatility.
PORTFOLIO MANAGEMENT TEAM
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks to provide long-term growth of capital and future income.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$685.3 MILLION
Number of Issues ............................................................138
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Microsoft Corp. ...............................................Computer Software
Sprint Corp. ................................................Wireless Tel. Svcs.
Cisco Systems, Inc. ...........................................Computer Hardware
Sun Microsystems, Inc. ........................................Computer Hardware
Analog Devices, Inc. ................................................Electronics
Oracle Corp. ..................................................Computer Software
Motorola, Inc. ..............................................Div. Telecom. Svcs.
LSI Logic Corp. .....................................................Electronics
Tyco International Ltd. ...........................................Miscellaneous
Wal-Mart Stores, Inc. ..........................................Retail - General
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................87.3%
Foreign Stock & ADRs .......................................................8.2%
Short Term Debt Securities .................................................4.6%
Other Assets & Liabilities ...............................................(0.1)%
Total ...................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
1 YEAR INCEPT.
Portfolio Class IB Shares 23.12% 23.93%*
S&P 500 21.03 27.36
Lipper Growth Average 31.48 29.11
* Since inception as of May 1, 1997
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
MFS RESEARCH PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($17,725)
S&P 500 ($19,071)
5/1/1997 $10,000 $10,000
97 $11,607 $12,255
98 $14,405 $15,757
99 $17,725 $19,071
35
<PAGE>
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
For the 12 months ending December 31, 1999, the Morgan Stanley Emerging Markets
Equity Portfolio (the "PORTFOLIO") returned 95.82% versus the 66.41% total
return of the MSCI EMF index. Outperformance versus the benchmark was
attributable to both strong stock selection and country allocation. Stock
selection in Mexico and South Korea contributed markedly to performance. Other
notable contributors were equity selections in India, Israel, Taiwan and
Thailand. Our overweight position in Indonesia and Turkey, coupled with our
underweight stance in Argentina, Chile and Greece contributed positively to
performance. Detracting from performance was poor stock selection in Greece,
Indonesia, South Africa and Russia and country allocation in Taiwan.
The emerging markets rallied in 1999, boosted by a supportive global
environment, dissipating concerns over Y2K and heartier investor risk appetites.
Continued strength in commodity prices and improving economic fundamentals,
coupled with positive election results (India, Mexico, and Russia) and IMF
agreements (Russia and Turkey), further boosted the emerging markets. Although
emerging markets faced great adversities during the year, including heightened
political tensions (Indonesia), scandals (Indonesia and South Korea) and
earthquakes (Greece, Turkey, Taiwan and Mexico), many emerging markets proved
their buoyancy by year-end. During the fourth quarter, Taiwan and Turkey
evidenced their resilience in light of the earthquakes they suffered during the
third quarter, and investors rewarded countries such as India and Turkey for
their commitment to reforms.
Latin American markets, led by the large liquid markets of Brazil and Mexico
advanced 58.9%. Driving the performance within the region were increased global
risk appetite, commodity price strength, improving liquidity conditions, a
turnaround in regional economic growth and benign political outcomes in
elections in Argentina, Chile and Mexico. Asian equities gained 69.4%, supported
by robust exports and trade surpluses, outsourcing trends and declining interest
rates. Indian equities gained 87.3%, boosted by continued indications, including
industrial production trends, that cyclical recovery remains on track. Emerging
Europe and the Middle East advanced 79.6%, although posting mixed returns within
the region. Russia and Turkey, rising 247.1% and 252.4%, respectively, were the
star performing markets of this region. South African equities rose 57.2% during
the year, buoyed by commodity price strength, foreign exchange inflows from the
listing of South African companies in London, falling inflation and fiscal
discipline.
We continue to focus on Asia, a region benefiting from trade surpluses, export
growth and export market competitiveness vis-a-vis Yen strength versus the US
Dollar. While we are likely to marginally add to Brazil and Mexico, we will
continue to underweight the Latin American region in the near term as we believe
other regions within the emerging markets presently offer more exciting
investment opportunities. Turkey is one of our overweight positions within
Emerging Europe and the Middle East, and within Turkey we are focusing on
domestic themes, adding to those companies best positioned to take advantage of
a lower interest rate and inflation environment and higher consumer spending.
ROBERT L. MEYER AND ANDY SKOV, PORTFOLIO MANAGERS
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks long-term capital appreciation by investing primarily in equity
securities of emerging country issuers.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$191.6 MILLION
Number of Issues ............................................................289
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Samsung Electronics Co. .............................................Electronics
SK Telecom Co., Ltd. .........................................Telecommunications
Telefonos de Mexico S.A. ....................................Utility - Telephone
Yapi Ve Kredi Bankasi .....................................................Banks
Taiwan Semiconductor Manufacturing Co. ..............................Electronics
Infosys Technology Ltd. .......................................Computer Software
Grupo Televisa S.A. ......................................Print, Publish, Bdcstg
China Telecom Ltd. ...........................................Telecommunications
DISTRIBUTION OF EQUITY ASSETS BY REGION,
AS OF 12/31/99
Southeast and South Central Asia ..........................................44.5%
Africa & Middle East ......................................................19.0%
Latin America .............................................................16.8%
Other .....................................................................12.8%
Other European Countries ...................................................5.5%
United States ..............................................................1.3%
United Kingdom .............................................................0.1%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
1 YEAR INCEPT.
Portfolio Class IB Shares 95.82% 5.76%*
MSCI Emerging Markets Free 66.41 (0.88)
Lipper Emerging Markets Average 71.23 2.14
* Since inception as of August 20, 1997
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($11,417)
MSCI Emerging Markets Free ($9,762)
8/20/1997 $10,000 $10,000
97 $ 7,984 $ 7,857
98 $ 5,820 $ 5,866
99 $11,417 $ 9,762
36
<PAGE>
EQ/PUTNAM BALANCED PORTFOLIO
For the year ended December 31, 1999, the EQ/Putnam Balanced Portfolio ("the
Portfolio") returned 0.01%, trailing its benchmark (60% S&P 500/40% Lehman
Brothers Government/Corporate Index), which gained 11.39% over the same period.
Growth equities significantly overshadowed value for the year, with the
exception of the second quarter. This preference for growth equities, made it
difficult for value Portfolios to outperform the index.
During the first quarter, cyclical holdings outperformed the market while
value-oriented areas, perceived as less competitive, lagged. In the fixed-income
component, modest overweighting in investment grade bonds contributed to
outperformance. Exposure to strong-performing corporate high-yield bonds also
contributed positively to performance.
In the second quarter, a strong value market benefited the Portfolio's equity
holdings as cyclical sectors rebounded sharply and outperformed the broad
market. Interest-rate-sensitive sectors were hindered as rates rose over the
quarter. The fixed-income component suffered from negative returns on a U.S.
dollar basis in many areas; relative performance benefited from exposure to
high-yield bonds and strong security selection but was hindered by an emphasis
on U.S. investment-grade bonds, which underperformed US Treasuries for the
quarter.
By third quarter, the equity component's underperformance reflected a flight to
quality as the stronger world economy and higher interest rates raised investor
concerns. The market was volatile and narrow, focused on inflation-oriented and
highly valued stocks, such as technology; interest-sensitive sectors lagged.
Absolute returns from the Portfolio's U.S. investment-grade holdings suffered
from an increase in interest rates that prompted a broad decline of bond prices
across all U.S. investment-grade sectors.
The Portfolio's fourth-quarter equity component was hindered by the
outperformance of cyclical stocks. Due to valuation concerns, technology was
underweighted in the Portfolio. Absolute performance of the fixed-income
component again suffered from rising interest rates. Market volatility remained
high, but the Portfolio benefited from overweighting spread sectors which, with
the exception of agencies, outperformed Treasuries. High-yield and
investment-grade corporate bonds were the quarter's biggest contributors.
Looking ahead, the equity component of the Portfolio has been positioned for a
stronger global economy. We have increased technology while reducing regional
banks, though we are cautious about stock valuations of the bulk of technology
enterprises. We continue to seek companies with attractive valuations and the
potential for better earnings two to three years out that will benefit from the
rapidly changing global environment. In the fixed-income component of the
Portfolio, the biggest short-term risk is a move toward higher yields. However,
we expect rates to fall thereafter due to solid but moderating GDP (gross
domestic product) growth in 2000.
EDWARD BOUSA, DAVID WALDMAN, JAMES PRUSKO AND
KRISHNA MEMANI, PORTFOLIO MANAGERS
- --------------------------------------------------------------------------------
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.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$105.0 MILLION
Number of Issues ............................................................394
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Exxon Mobil Corp. ................................................Oil - Domestic
SBC Communications, Inc. ....................................Utility - Telephone
Citigroup, Inc. ..............................................Financial Services
AT&T Corp. ..................................................Utility - Telephone
Hewlett Packard Co. ...........................................Computer Hardware
Royal Dutch Petroleum Co. ...................................Oil - International
Bank of America Corp. .....................................................Banks
IBM Corp. ......................................................Office Equipment
Weyerhaeuser Co. ................................Building Mat. & Forest Products
Bell Atlantic Corp. .........................................Utility - Telephone
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................60.6%
Preferred Stock ............................................................0.1%
Foreign Stock & ADRs .......................................................2.1%
U.S Gov't Bonds ...........................................................12.0%
Corporate Bonds ...........................................................21.9%
Short Term Debt Securities .................................................3.0%
Other Assets & Liabilities .................................................0.3%
Total ...................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
1 YEAR INCEPT.
Portfolio Class IB Shares 0.01% 9.69%*
60% S&P 500/40% Lehman Gov't/Corp 11.39 18.81
Lipper Balanced Average 8.58 15.17
* Since inception as of May 1, 1997
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
EQ/PUTNAM BALANCED PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($12,802)
60% S&P 500/40% Lehman Gov't/Corp. ($15,838)
5/1/1997 $10,000 $10,000
97 $11,438 $11,717
98 $12,801 $14,219
99 $12,802 $15,838
37
<PAGE>
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
For the 12 months ending December 31, 1999, the EQ/Putnam Growth & Income Value
Portfolio (the "PORTFOLIO") declined by 1.27% versus the S&P 500 Index, which
advanced by 21.03% over the same period. 1999 was marked by extreme style
divergence between growth-oriented and value-oriented securities. Overall,
large-cap growth stocks led large-cap value stocks by a wide margin, though
value stocks strongly led growth in the second quarter.
In the first quarter, our overweighting in the financial and energy sectors - in
keeping with our value orientation - together with strong issue selection aided
performance, though the market's growth bias caused the Portfolio to lag the
index. By the second quarter, value stocks overshadowed growth for the only time
this year. The Portfolio matched the S&P 500 and benefited most by overweighting
three of the four best-performing sectors - basic materials, energy, and
utilities, together with strong stock selection. By the third quarter, growth
resumed its lead; though the Portfolio benefited from an overweighting in energy
and technology, the lagging transportation and financial services sectors
hindered performance. By the fourth quarter, the market awarded higher returns
to more aggressively valued issues, driving the S&P 500 and even value-oriented
benchmarks, such as the Russell 1000 Value and S&P/BARRA Value indices.
Lower-yielding stocks with higher price-to-book, price-to-sales, and forward
price-to-earnings ratios led their more conservatively priced, higher-yielding
counterparts by significant margins.
Growth equities, which dominate the S&P 500, have been in favor over the past
four years. As such, it has been very difficult for value managers, such as
ourselves, to generate positive market-relative performance.
In keeping with our value orientation, the Portfolio was more conservatively
postured relative to the benchmark, based on traditional valuation measures.
Given this period of extreme style divergence, this positioning proved
detrimental to the Portfolio's relative performance. For example, the seven
stocks most responsible for our underperformance relative to the S&P 500, were
issues not held in the Portfolio because of their strong growth orientation.
We believe that though U.S. economic growth may slow in 2000, it will remain
relatively robust. The Federal Reserve has brought the Fed Funds rate back to
5.50%, which removed the stimulus of the three rate cuts of late 1998. The
possibility of further Fed action in the new year, to moderate economic growth
and market speculation, is seen as very likely.
We continue to believe, especially given today's extended valuations, that a
value-oriented approach will provide investors with the most attractive
combination of risk and return in the domestic equity markets over the coming
years.
ANTHONY I. KREISEL, PORTFOLIO MANAGER
Effective January 2000, Deborah Kuenstner will be the Portfolio Manager
responsible for the day-to-day management of the Portfolio.
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks capital growth. Current income is a secondary objective.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$544.3 MILLION
Number of Issues ............................................................130
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Exxon Mobil Corp. ................................................Oil - Domestic
SBC Communications, Inc. ....................................Utility - Telephone
Hewlett Packard Co. ...........................................Computer Hardware
IBM Corp. ......................................................Office Equipment
AT&T Corp. ..................................................Utility - Telephone
Boise Cascade Corp. .......................................................Paper
Bell Atlantic Corp. .........................................Utility - Telephone
Citigroup, Inc. ..............................................Financial Services
PepsiCo, Inc. .........................................................Beverages
Federated Department Stores, Inc. ..............................Retail - General
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................94.6%
Foreign Stock & ADRs .......................................................2.4%
Short Term Debt Securities .................................................2.9%
Other Assets & Liabilities .................................................0.1%
Total ...................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
1 YEAR INCEPT.
Portfolio Class IB Shares (1.27)% 10.13%*
S&P 500 21.03 27.36
Lipper Growth & Income Average 14.51 18.96
* Since inception as of May 1, 1997
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
Portfolio Class IB Shares ($12,939)
S&P 500 ($19,071)
5/1/1997 $10,000 $10,000
97 $11,623 $12,255
98 $13,105 $15,757
99 $12,939 $19,071
38
<PAGE>
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
For the 12 months ending December 31, 1999, the EQ/Putnam International Equity
Portfolio (the "PORTFOLIO") returned 60.24% versus the 26.96% total return of
the MSCI EAFE Index. Despite concerns about Y2K and the "millennium bug," the
stalled Japanese economy, and a reversal in interest rate policy in Europe and
the United States, stock markets rose well above the levels that many had
predicted early in the year.
The Portfolio looks to add value on three dimensions - country, sector, and
stock selection. While country decisions added modestly to the Portfolio's
return, the vast majority of the outperformance came from sector, and in
particular, company selection decisions. Important positions in the
communication services, consumer cyclicals, and technology sectors played an
important role enhancing return. Likewise, underweight positions in healthcare
and financial services made a solid contribution, as these sectors lagged
significantly. The move to raise weightings in Japan early in the year also
proved correct, given the robust returns in many sectors of the Japanese equity
market and the rise in yen strength.
Looking ahead, there are reasons to be optimistic about international equity
markets. Growth has returned to Europe and the Far East is definitely on the
mend. Japan is taking important steps to greatly improve intermediate and
longer-term corporate profits. However, after a year like the one just past,
one must not become too complacent and develop unrealistic expectations about
the prospects for equity returns in the future.
With economic growth now expanding globally, an increasing number of
international companies working to improve shareholder value, and retirement
funding through mutual funds becoming broader based, there is cause for
optimism. We are convinced that over time, the Portfolio's investment
philosophy, which is valuation driven and rigorously employed, will continue to
add value and deliver a superior return based on a favorable earnings outlook.
JUSTIN SCOTT AND OMID KAMSHAD, PORTFOLIO MANAGERS
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks capital appreciation.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$299.2 MILLION
Number of Issues ............................................................136
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Sony Corp. ......................................Household Furniture, Appliances
Nokia OYJ ....................................................Telecommunications
Shell Transport & Trading Co., plc ..........................Oil - International
Total Fina S.A. .............................................Oil - International
Mannesmann AG .........................................................Machinery
Kyocera Corp. .......................................................Electronics
Nikko Securities Co., Ltd. ...................................Financial Services
China Telecom Ltd. ...........................................Telecommunications
Ericsson AB ..................................................Telecommunications
BCE, Inc. ....................................................Telecommunications
DISTRIBUTION OF EQUITY ASSETS BY REGION,
AS OF 12/31/99
Other European Countries ..................................................33.8%
Japan .....................................................................23.0%
United Kingdom ............................................................15.5%
Scandinavia ................................................................8.1%
Southeast Asia .............................................................7.8%
Latin America ..............................................................4.2%
Other ......................................................................3.3%
Canada .....................................................................2.8%
Australia & New Zealand ....................................................1.5%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
1 YEAR INCEPT.
Portfolio Class IB Shares 60.24% 31.98%*
MSCI EAFE 26.96 18.32
Lipper International Average 42.88 21.31
* Since inception as of May 1, 1997
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($20,985)
MSCI EAFE ($15,699)
5/1/1997 $10,000 $10,000
97 $10,958 $10,285
98 $13,096 $12,342
99 $20,985 $15,699
39
<PAGE>
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
For the 12 months ending December 31, 1999, the EQ/Putnam Investors Growth
Portfolio (the "PORTFOLIO") returned 30.24% versus the 21.03% total return of
the S&P 500 Index.
The primary reason for the Portfolio's outperformance was strong stock
selection. The best-performing stocks were in the technology, consumer staples,
and communications services sectors. Technology, the clear market leader for
1999, was the prime contributor to the Portfolio's outperformance.
1999 was marked by rapid, widespread market rotation. In the first three months,
large-cap growth stocks set records; mid- and small-cap stocks did not
participate in these gains. Large-capitalization stocks continued to lead the
markets during this period and growth outperformed value.
After second-quarter broadening and significant sector rotation, third-quarter
markets again narrowed with large-cap growth stocks in the lead. By late
September, fewer than 240 stocks and only 4 of 11 industry groups in the S&P 500
showed gains year to date. In the final quarter, equity markets hit new heights
but continued to narrow, with a select number of large-cap growth stocks
continuing their reign. Technology stocks clearly led the market's surge. While
technology was the greatest contributor to Portfolio performance, returns were
hampered by weak stock selection in health care and financial services. The
strong performance of the energy, basic industry, and capital goods sectors,
areas in which the Portfolio was underweight, also hindered returns. These
sectors are composed of economically sensitive, cyclical stocks, but lack the
type of growth stocks that meet our large-cap growth investment criteria.
Looking ahead, we believe that, though U.S. economic growth may slow in 2000, it
will remain relatively robust. Markets already are watching nervously for signs
of inflation, which will be a major influence on stock prices. Rising inflation
could also result in soaring health-care premiums, increasing commodity prices,
rising foreign demand, and the ongoing enlargement of the U.S. trade deficit. We
also expect to see further Federal Reserve rate hikes if strong economic growth
translates into inflation.
We believe that high-quality growth companies will continue to benefit from
persistent demand and visible earnings growth, particularly within the
technology, consumer staples, and conglomerate sectors.
C. BETH COTNER, RICHARD ENGLAND AND MANUEL WEISS HERRERO,
PORTFOLIO MANAGERS
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks long-term growth of capital and any increased income that results from
this growth.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$384.2 MILLION
Number of Issues .............................................................95
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Microsoft Corp. ...............................................Computer Software
General Electric Co. .......................................Electrical Equipment
Home Depot, Inc. ...............................................Retail - General
Motorola, Inc. ..............................................Div. Telecom. Svcs.
Wal-Mart Stores, Inc. ..........................................Retail - General
Cisco Systems, Inc. ...........................................Computer Hardware
Sprint Corp. ................................................Utility - Telephone
AT&T Corp. ...................................Printing, Publishing, Broadcasting
Tyco International Ltd. ...........................................Miscellaneous
Citigroup, Inc. ..............................................Financial Services
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................94.8%
Foreign Stock & ADRs........................................................2.5%
Short Term Debt Securities .................................................3.1%
Other Assets & Liabilities ...............................................(0.4)%
Total ...................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
1 YEAR INCEPT.
Portfolio Class IB Shares 30.24% 34.64%*
S&P 500 21.03 27.36
Lipper Growth Average 31.48 29.11
* Since inception as of May 1, 1997
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($22,132)
S&P 500 ($19,071)
5/1/1997 $10,000 $10,000
97 $12,470 $12,255
98 $16,993 $15,757
99 $22,132 $19,071
40
<PAGE>
T. ROWE PRICE EQUITY INCOME PORTFOLIO
For the 12 months ending December 31, 1999, the T. Rowe Price Equity Income
Portfolio ("the PORTFOLIO") CLass IB shares provided a total return of 3.54%
versus the total return of 21.03% of the S&P 500 Index. In terms of the overall
market environment, 1999 was a year characterized by both a pronounced investor
preference for growth stocks and an advance led by a relatively small number of
companies. The major factor behind the Portfolio's lagging relative performance
was our underweighting in technology, a sector that nearly doubled in value in
1999. We would not normally expect to hold large positions in this sector, since
the lofty valuations of most technology shares exclude them as candidates for
purchase. In terms of market breadth, some of the most highly valued companies
provided a disproportionate amount of the S&P 500's return, with only seven
companies accounting for half of it.
Value investing was rendered even more challenging by a deteriorating interest
rate environment. It was also difficult to profit from investments in stocks
with above-average dividend yields since they suffered as rates climbed. In the
universe of stocks, we witnessed a major drop in the lowest P/E and
highest-yielding stocks in the S&P 500. This hurt the Portfolio's performance
since these are precisely the kinds of stocks we hold in the Portfolio. These
factors were especially detrimental during the second half of the year. However,
because of their weak performance in 1999, value stocks are currently extremely
attractive as they are selling at the greatest price/earnings discount to the
general market in 25 years. Our preference for high-yielding, lower P/E
companies has been a consistent cornerstone of our investment approach. Given
the wide variations in performance among companies and sectors over the last two
years, we believe investors will eventually recognize the exciting opportunities
that exist in our sector of the market.
We expect the Federal Reserve to maintain its monetary stance in favor of
tightening with a view toward restraining inflation in a rapidly growing
economy. While the economic news and low rate of inflation continue to be
positive, it's difficult to envision an even more positive environment for
stocks than we have so far experienced. These factors prompt us to remain
cautious in our expectations for 2000. In particular, we believe value stocks
offer good potential for appreciation especially when compared with some of the
more extended sectors of the market.
The best strategy when our investment style has been out of sync with the
overall market has been to stick to basics and concentrate on companies with
below average price/earning ratios and above-average dividend yields. We will
continue to manage the Portfolio in our traditionally conservative style.
BRIAN C. 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.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$278.2 MILLION
Number of Issues ............................................................133
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Exxon Mobil Corp. ................................................Oil - Domestic
SBC Communications, Inc. ....................................Utility - Telephone
International Paper Co. ...................................................Paper
Mellon Financial Corp. .......................................Financial Services
Atlantic Richfield Co. ...........................................Oil - Domestic
BP Amoco plc ................................................Oil - International
GTE Corp. ...................................................Utility - Telephone
American Home Products Corp. ..............................................Drugs
Alltel Corp. ................................................Div. Telecom. Svcs.
Citigroup, Inc. ..............................................Financial Services
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................89.2%
Foreign Stock & ADRs .......................................................6.4%
Short Term Debt Securities .................................................4.9%
Other Assets & Liabilities ...............................................(0.5)%
Total ....................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE SINCE
1 YEAR INCEPT.* INCEPT.**
Portfolio Class IA Shares 3.80% N/A 3.29%
Portfolio Class IB Shares 3.54 12.80% N/A
S&P 500 21.03 27.36 25.68
Lipper Equity Income Average 9.78 16.44 11.47
* Since inception as of May 1, 1997
** Investment operations commenced with respect to Class IA Shares on November
24, 1998
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
T. ROWE PRICE EQUITY INCOME PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($13,795)
S&P 500 ($19,071)
5/1/1997 $10,000 $10,000
97 $12,211 $12,255
98 $13,323 $15,757
99 $13,795 $19,071
41
<PAGE>
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
For the 12 months ending December 31, 1999, the T. Rowe Price International
Stock Portfolio ("the PORTFOLIO") provided a total return of 31.92% versus the
total return of 26.96% of the MSCI EAFE Index.
Stock selection was a strong positive for the Portfolio's performance over the
year, while country weighting relative to the benchmark was broadly neutral.
Over the year, an underweight position in Japan subtracted considerable value,
while an overweight position in Latin America had a significant impact on
performance. In Japan, the willingness to grapple with financial sector
problems, close excess capacity, reduce staff and allow foreign acquisitions,
attracted heavy foreign buying. High liquidity and some good economic data,
drove the stock market and yen sharply higher. Latin America's stock market
rebounded after the Brazilian real's devaluation in January, as IMF funding,
interest rate reductions, and better fiscal discipline encouraged investors to
return. Underweight positions in the weaker UK and German markets were other
positives.
We expect stronger economic growth in Europe, with fewer positive surprises in
other regions. This growth should pull capital flows back into Europe in 2000,
lifting the stock markets and the euro. As growth improves, we anticipate
inflation and interest rates to rise moderately but not become a liability. High
levels of mergers and acquisitions as well as further restructuring and
deregulation are likely to lift European market returns relative to other
regions. In Japan, declining domestic demand and capital expenditure together
with the potential for a strong yen are liable to keep the economy weak.
Elsewhere in Asia, economic recovery is well under way and we expect it to
continue -- albeit at a more modest rate. We are hopeful that the steady pace of
restructuring and reform will continue in the region. Our stock selection will
remain focused on companies which already have track records of providing
shareholder value.
We remain cautiously optimistic about Latin America, despite historic
disappointments. Mexico's currently robust economy and stock market are
dependent on those of the US. We are more confident that Mexico's Presidential
election in July will not disrupt markets, which would clear the way for further
market gains. Although we believe the valuations of some "new economy" stocks in
international regions have become excessive, we are enthusiastic about the
growth potential of well-managed telecom, Internet-related and technology
businesses with strong franchises and business models. Fortified by a year of
improvement, international economies are poised for better growth with moderate
inflation in 2000.
PORTFOLIO MANAGEMENT TEAM
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks long-term growth of capital through investment primarily in common stocks
of established non-U.S. companies.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$214.9 MILLION
Number of Issues ............................................................248
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Sony Corp. ......................................Household Furniture, Appliances
Nokia OYJ ....................................................Telecommunications
Mannesmann AG .........................................................Machinery
Kyocera Corp. .......................................................Electronics
Murata Manufacturing Co., Ltd. ......................................Electronics
Nippon Telegraph & Telephone ................................Utility - Telephone
National Westminster Bank ...............................................Banking
Telecom Italia Mobile SpA ....................................Telecommunications
Telebras S.A. ...............................................Utility - Telephone
Total Fina S.A. ..................................................Oil - Domestic
DISTRIBUTION OF EQUITY ASSETS BY REGION,
AS OF 12/31/99
Other European Countries ..................................................37.7%
Japan .....................................................................22.0%
United Kingdom ............................................................15.3%
South Central and Southeast Asia ...........................................6.9%
Scandinavia ................................................................6.0%
Other ......................................................................4.8%
Latin America ..............................................................3.9%
Australia & New Zealand ....................................................2.6%
Canada .....................................................................0.8%
Total .................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE
1 YEAR INCEPT.
Portfolio Class IB Shares 31.92% 15.73%*
MSCI EAFE 26.96 18.32
Lipper International Average 42.88 21.31
* Since inception as of May 1, 1997
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($14,744)
MSCI EAFE ($15,669)
5/1/1997 $10,000 $10,000
97 $ 9,851 $10,285
98 $11,199 $12,342
99 $14,744 $15,669
42
<PAGE>
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
For the 12 months ending, December 31, 1999, the Warburg Pincus Small Company
Value Portfolio ("the PORTFOLIO") Class IB shares provided a total return of
1.80% versus the Russell 2000 Index, which returned 21.26% for the same period.
Small-capitalization stocks struggled during the first quarter, trailing their
large-capitalization stocks by a significant margin. The Portfolio was not only
hurt by this slump in small-capitalization stocks, but by particular weakness
among value stocks. Also weighing on the Portfolio was weakness in the
financial-services area, which was pressured by concerns over the economy's
continued strength and the increased potential for a Federal Reserve monetary
tightening.
Small-capitalization stocks performed well in the second quarter. Rising bond
yields notwithstanding, the group was spurred by investors' increased
willingness to embrace risk, given better-than-expected news regarding Brazil
and Asia and signs of a vibrant U.S. economy. The Portfolio saw good showings
from a number of its holdings, particularly its consumer-cyclical,
building-materials and industrial-type stocks. Factors that hurt the Portfolio
included lagging performance from a few of its micro-cap holdings.
Small-capitalization stocks struggled in tandem with the broader market during
the third quarter, hampered by a clouded interest-rate picture, some currency
and commodity-price volatility and, publicity surrounding the Y2K problem.
Market sentiment shifted in favor of a narrow band of large-capitalization
growth stocks. Small-capitalization stocks rallied during the fourth quarter,
performing well in both absolute terms and compared to large-cap stocks. The
rise, however, was fairly narrow, driven largely by a handful of technology and
Internet-related stocks, as was the market rally in general. During this time,
the Portfolio performed in line with the broad small-capitalization stock
market, despite a lackluster quarter for most of these stocks in the value
sector. The Portfolio benefited from its technology and health-care stocks and
selected consumer names. Laggards for the Portfolio included its energy and
financial holdings.
We are optimistic regarding small-capitalization stocks, despite some lingering
liquidity concerns and the potential for continued short-term volatility. These
stocks continue to offer historically compelling valuations compared to those
on large-cap stocks, and there is potential for increased attention if the
earnings prospects for small companies continues to improve. In addition, the
group stands to receive broad support from merger & acquisition activity and
from stock buybacks by small companies, trends we believe will continue, if not
accelerate. That said, investors could, over the near term at least, show a
continued preference for the group's growth stocks at the expense of
small-capitalization value stocks. Regardless, we continue to see tremendous
values in the group, and will continue to focus on companies that stand to be
favorably reassessed by the wider market.
KYLE F. FREY, PORTFOLIO MANAGER
- --------------------------------------------------------------------------------
INVESTMENT OBJECTIVE
Seeks long-term capital appreciation.
PORTFOLIO SUMMARY, AS OF 12/31/99
Net Assets .......................................................$152.0 MILLION
Number of Issues .............................................................63
LARGEST EQUITY HOLDINGS, AS OF 12/31/99
Hyperion Software Corp. .......................................Computer Software
Midway Games, Inc. ..............................................Leisure Related
Harman International Industries, Inc. .........................Electrical Equip.
Wilmar Industries, Inc. ........................................Retail - General
CK Witco Corp. ............................................Chemicals - Specialty
Prosperity Bancshares, Inc. ...............................................Banks
StanCorp Financial Group, Inc. ........................................Insurance
Westpoint Stevens, Inc. ......................................Apparel & Textiles
Bethlehem Steel Corp. .....................................................Steel
Quantum Corp. - DLT & Storage Systems ...............................Electronics
ASSET MIX DISTRIBUTION, AS OF 12/31/99
Domestic Common Stock .....................................................95.8%
Short Term Debt Securities .................................................4.2%
Total ....................................................................100.0%
ANNUALIZED TOTAL RETURNS AS OF 12/31/99
SINCE SINCE
1 YEAR INCEPT.* INCEPT.**
Portfolio Class IA shares 2.07% N/A 4.25%
Portfolio Class IB Shares 1.80% 3.33% N/A
Russell 2000 21.26 16.99 26.37
Lipper Small Cap Average 38.28 23.65 44.95
* Since inception as of May 1, 1997
** Investment operations commenced with respect to Class IA Shares on November
24, 1998
GROWTH OF $10,000 INVESTMENT AS OF DECEMBER 31, 1999
(Invested at Inception)
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
[GRAPHIC OMITTED]
Portfolio Class IB Shares ($10,914)
Russell 2000 ($15,207)
5/1/1997 $10,000 $10,000
97 $11,915 $12,868
98 $10,721 $12,541
99 $10,914 $15,207
43
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1999
<TABLE>
<CAPTION>
ALLIANCE
AGGRESSIVE ALLIANCE
STOCK BALANCED
PORTFOLIO PORTFOLIO
----------------- -------------------
<S> <C> <C>
ASSETS:
Investments at value (Note 1) ................................... $4,601,133,671 $ 2,115,388,050
Cash* ........................................................... -- 4,547,316
Receivable for securities sold .................................. 3,937,288 9,460,599
Unrealized appreciation of forward foreign currency contracts
(Note 1) ....................................................... -- 279
Short-term investments held as collateral for loaned
securities ..................................................... 522,983,046 266,864,751
Receivable from Separate Accounts for Trust shares sold ......... 3,315,643 73,859
Receivable for forward commitments .............................. -- --
Variation margin receivable on futures contracts ................ -- --
Receivable from investment manager .............................. -- --
Dividends, interest and other receivables ....................... 2,669,877 11,627,468
Deferred organizational costs (Note 1) .......................... -- --
Other assets (Note 3) ........................................... 62,600 30,785
-------------- ---------------
Total assets ................................................... 5,134,102,125 2,407,993,107
-------------- ---------------
LIABILITIES:
Options written at value (Premiums received: Alliance
Common Stock Portfolio--$262,416,322) (Note 1).................. -- --
Payable to custodian ............................................ 549 --
Payable for securities purchased ................................ 3,744,244 2,703,342
Unrealized depreciation of forward foreign currency contracts
(Note 1) ....................................................... -- 5,880
Collateral held for loaned securities ........................... 522,983,046 266,864,751
Variation margin payable on futures contracts (Note 1) .......... -- --
Distribution fees payable ....................................... 47,281 2,124
Investment management/advisory fees payable ..................... 2,011,106 717,930
Trustees' fees payable .......................................... 183,498 95,756
Payable to Separate Accounts for Trust shares redeemed .......... 2,692,931 453,451
Forward commitments at value (Note 1) ........................... -- --
Overdraft payable ............................................... 62,328 --
Foreign Tax Payable ............................................. -- --
Accrued expenses (Note 1) ....................................... 234,350 136,015
-------------- ---------------
Total liabilities .............................................. 531,959,333 270,979,249
-------------- ---------------
NET ASSETS ...................................................... $4,602,142,792 $ 2,137,013,858
============== ===============
Investments at cost ............................................. $4,001,338,972 $ 1,777,024,071
============== ===============
*Foreign Cash ................................................... $ -- $ 4,293,398
============== ===============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ................................................ $3,818,538,430 $ 1,755,779,053
Accumulated undistributed (overdistributed) net
investment income ............................................. (182,095) 283,628
Accumulated undistributed net realized gain (loss) ............. 183,991,758 42,577,576
Unrealized appreciation (depreciation) on investments and
foreign currency denominated assets and liabilities ........... 599,794,699 338,373,601
-------------- ---------------
NET ASSETS ...................................................... $4,602,142,792 $ 2,137,013,858
============== ===============
CLASS IA SHARES:
Net Assets ...................................................... $4,368,877,342 $ 2,126,312,632
============== ===============
Shares outstanding (Unlimited amount authorized:
no par value) .................................................. 114,946,671 110,837,019
============== ===============
Net asset value, offering and redemption price per share
(Note 1) ....................................................... $ 38.01 $ 19.18
============== ===============
CLASS IB SHARES:
Net Assets ...................................................... $ 233,265,450 $ 10,701,226
============== ===============
Shares outstanding (Unlimited amount authorized:
no par value) .................................................. 6,166,468 558,833
============== ===============
Net asset value, offering and redemption price per share
(Note 1) ....................................................... $ 37.83 $ 19.15
============== ===============
<CAPTION>
ALLIANCE ALLIANCE
COMMON CONSERVATIVE ALLIANCE
STOCK INVESTORS EQUITY INDEX
PORTFOLIO PORTFOLIO PORTFOLIO
-------------------- ---------------- -----------------
<S> <C> <C> <C>
ASSETS:
Investments at value (Note 1) ................................... $ 16,962,801,466 $472,538,903 $2,635,825,811
Cash* ........................................................... 648,780 283,125 1,413,338
Receivable for securities sold .................................. 63,678,109 232,035 --
Unrealized appreciation of forward foreign currency contracts
(Note 1) ....................................................... -- -- --
Short-term investments held as collateral for loaned
securities ..................................................... 947,429,007 57,562,696 82,358,080
Receivable from Separate Accounts for Trust shares sold ......... 26,452,651 554,977 3,927,899
Receivable for forward commitments .............................. -- -- --
Variation margin receivable on futures contracts ................ -- -- 24,650
Receivable from investment manager .............................. -- -- --
Dividends, interest and other receivables ....................... 11,683,250 3,218,225 2,532,624
Deferred organizational costs (Note 1) .......................... -- -- --
Other assets (Note 3) ........................................... 230,868 6,872 26,816
---------------- ------------ --------------
Total assets ................................................... 18,012,924,131 534,396,833 2,726,109,218
---------------- ------------ --------------
LIABILITIES:
Options written at value (Premiums received: Alliance
Common Stock Portfolio--$262,416,322) (Note 1).................. 423,468,488 -- --
Payable to custodian ............................................ -- -- 11,851
Payable for securities purchased ................................ 40,986,189 234,188 2,222,323
Unrealized depreciation of forward foreign currency contracts
(Note 1) ....................................................... 8,949 -- --
Collateral held for loaned securities ........................... 947,429,007 57,562,696 82,358,080
Variation margin payable on futures contracts (Note 1) .......... -- -- --
Distribution fees payable ....................................... 329,529 16,397 2,122
Investment management/advisory fees payable ..................... 4,814,544 187,658 638,538
Trustees' fees payable .......................................... 396,528 15,569 12,356
Payable to Separate Accounts for Trust shares redeemed .......... 849,215 293,440 1,185,710
Forward commitments at value (Note 1) ........................... -- -- --
Overdraft payable ............................................... -- -- --
Foreign Tax Payable ............................................. -- -- --
Accrued expenses (Note 1) ....................................... 1,080,385 43,453 208,391
---------------- ------------ --------------
Total liabilities .............................................. 1,419,362,834 58,353,401 86,639,371
---------------- ------------ --------------
NET ASSETS ...................................................... $ 16,593,561,297 $476,043,432 $2,639,469,847
================ ============ ==============
Investments at cost ............................................. $ 12,358,769,572 $431,625,277 $1,734,434,168
================ ============ ==============
*Foreign Cash ................................................... $ 228,917 $ 10,488 $ --
================ ============ ==============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ................................................ $ 11,465,413,916 $433,268,115 $1,738,073,420
Accumulated undistributed (overdistributed) net
investment income ............................................. 5,265,440 (15,419) (11,525)
Accumulated undistributed net realized gain (loss) ............. 679,922,580 1,894,911 (205,966)
Unrealized appreciation (depreciation) on investments and
foreign currency denominated assets and liabilities ........... 4,442,959,361 40,895,825 901,613,918
---------------- ------------ --------------
NET ASSETS ...................................................... $ 16,593,561,297 $476,043,432 $2,639,469,847
================ ============ ==============
CLASS IA SHARES:
Net Assets ...................................................... $ 14,951,495,148 $394,488,790 $2,618,538,992
================ ============ ==============
Shares outstanding (Unlimited amount authorized:
no par value) .................................................. 571,367,270 31,429,985 88,542,301
================ ============ ==============
Net asset value, offering and redemption price per share
(Note 1) ....................................................... $ 26.17 $ 12.55 $ 29.57
================ ============ ==============
CLASS IB SHARES:
Net Assets ...................................................... $ 1,642,066,149 $ 81,554,642 $ 20,930,855
================ ============ ==============
Shares outstanding (Unlimited amount authorized:
no par value) .................................................. 63,036,195 6,518,706 709,594
================ ============ ==============
Net asset value, offering and redemption price per share
(Note 1) ....................................................... $ 26.05 $ 12.51 $ 29.50
================ ============ ==============
</TABLE>
See Notes to Financial Statements.
44
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE
ALLIANCE ALLIANCE INTERMEDIATE
ALLIANCE GROWTH AND GROWTH ALLIANCE ALLIANCE GOVERNMENT ALLIANCE ALLIANCE
GLOBAL INCOME INVESTORS GLOBAL HIGH YIELD SECURITIES INTERNATIONAL MONEY MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------- --------------- -------------- ---------------- --------------- ------------- ------------- ---------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 1,997,134,095 $ 1,551,778,721 $2,690,002,883 $ 1,997,134,095 $ 550,415,018 $ 237,763,472 $ 284,778,123 $ 1,426,704,896
-- -- -- -- 52,903 -- -- --
2,420,715 3,415,137 2,073,835 2,420,715 -- 9,124,219 1,953,817 --
-- -- -- -- -- -- 2,963 --
75,685,155 58,359,700 251,572,866 75,685,155 -- 26,954,524 13,185,182 --
2,805,922 2,909,408 2,110,665 2,805,922 130,370 159,896 936,675 7,266,648
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
1,294,128 2,256,880 8,730,350 1,294,128 17,543,612 2,067,035 529,469 14,095,239
-- -- -- -- -- -- -- --
26,700 21,114 37,174 26,700 8,536 3,068 164,759 20,089
- ---------------- --------------- -------------- ---------------- --------------- ------------- ------------- ---------------
2,079,366,715 1,618,740,960 2,954,527,773 2,079,366,715 568,150,439 276,072,214 301,550,988 1,448,086,872
- ---------------- --------------- -------------- ---------------- --------------- ------------- ------------- ---------------
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
10,611,192 55,551,716 2,196,807 10,611,192 -- 46,118,661 77,606 --
70,406 -- -- 70,406 -- -- 2,173 --
75,685,155 58,359,700 251,572,866 75,685,155 -- 26,954,524 13,185,182 --
-- -- -- -- -- -- -- --
22,667 52,071 39,872 22,667 93,142 9,569 3,265 199,533
1,192,396 660,629 1,107,090 1,192,396 305,615 86,122 210,564 396,242
45,651 15,728 58,502 45,651 13,452 7,365 5,736 40,913
661,836 702,889 683,134 661,836 1,129,812 90,860 53,007 3,584,345
-- -- -- -- -- -- -- --
738,199 -- 69,044 738,199 -- 8,099 384,285 41,912
-- -- -- -- -- -- -- --
102,591 116,517 163,827 102,591 26,198 22,474 111,830 123,343
- ---------------- --------------- -------------- ---------------- --------------- ------------- ------------- ---------------
89,130,093 115,459,250 255,891,142 89,130,093 1,568,219 73,297,674 14,033,648 4,386,288
- ---------------- --------------- -------------- ---------------- --------------- ------------- ------------- ---------------
$ 1,990,236,622 $ 1,503,281,710 $2,698,636,631 $ 1,990,236,622 $ 566,582,220 $ 202,774,540 $ 287,517,340 $ 1,443,700,584
================ =============== ============== ================ =============== ============= ============= ===============
$ 1,384,421,388 $ 1,392,294,104 $2,098,085,157 $ 1,384,421,388 $ 629,526,068 $ 240,510,818 $ 214,858,732 $ 1,426,445,338
================ =============== ============== ================ =============== ============= ============= ===============
$ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
================ =============== ============== ================ =============== ============= ============= ===============
$ 1,260,209,023 $ 1,277,450,346 $2,082,514,889 $ 1,260,209,023 $ 752,930,619 $ 217,424,841 $ 205,070,230 $ 1,443,167,353
1,207,650 537,090 (283,237) 1,207,650 (2,551,850) (7,295) 522,334 273,673
117,258,995 65,809,657 25,174,159 117,258,995 (104,824,395) (11,895,660) 12,004,830 --
611,560,954 159,484,617 591,230,820 611,560,954 (78,972,154) (2,747,346) 69,919,946 259,558
- ---------------- --------------- -------------- ---------------- --------------- ------------- ------------- ---------------
$ 1,990,236,622 $ 1,503,281,710 $2,698,636,631 $ 1,990,236,622 $ 566,582,220 $ 202,774,540 $ 287,517,340 $ 1,443,700,584
================ =============== ============== ================ =============== ============= ============= ===============
$ 1,869,184,915 $ 1,241,618,793 $2,495,786,632 $ 1,869,184,915 $ 336,292,079 $ 156,863,750 $ 268,540,592 $ 883,987,930
================ =============== ============== ================ =============== ============= ============= ===============
74,299,122 68,081,261 110,577,373 74,299,122 45,262,866 17,089,062 17,866,596 85,972,336
================ =============== ============== ================ =============== ============= ============= ===============
$ 25.16 $ 18.24 $ 22.57 $ 25.16 $ 7.43 $ 9.18 $ 15.03 $ 10.28
================ =============== ============== ================ =============== ============= ============= ===============
$ 121,051,707 $ 261,662,917 $ 202,849,999 $ 121,051,707 $ 230,290,141 $ 45,910,790 $ 18,976,748 $ 559,712,654
================ =============== ============== ================ =============== ============= ============= ===============
4,832,505 14,405,946 9,012,916 4,832,505 31,121,723 5,016,493 1,268,251 54,630,225
================ =============== ============== ================ =============== ============= ============= ===============
$ 25.05 $ 18.16 $ 22.51 $ 25.05 $ 7.40 $ 9.15 $ 14.96 $ 10.25
================ =============== ============== ================ =============== ============= ============= ===============
</TABLE>
45
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1999
<TABLE>
<CAPTION>
EQ/ALLIANCE
PREMIER ALLIANCE
GROWTH QUALITY BOND
PORTFOLIO PORTFOLIO
--------------- ----------------
<S> <C> <C>
ASSETS:
Investments at value (Note 1) ................................... $474,510,407 $ 327,072,840
Cash* ........................................................... -- --
Receivable for securities sold .................................. -- 1,016
Unrealized appreciation of forward foreign currency contracts
(Note 1) ....................................................... -- --
Short-term investments held as collateral for loaned
securities ..................................................... 29,758,400 94,313,090
Receivable from Separate Accounts for Trust shares sold ......... 5,858,522 146,338
Receivable for forward commitments .............................. -- --
Variation margin receivable on futures contracts ................ -- --
Receivable from investment manager. ............................. -- --
Dividends, interest and other receivables ....................... 247,689 4,014,676
Deferred organizational costs (Note 1) .......................... -- --
Other assets (Note 3) ........................................... 4,790 5,144
------------ -------------
Total assets ................................................... 510,379,808 425,553,104
------------ -------------
LIABILITIES:
Options written at value (Premiums received: Alliance
Common Stock Portfolio -- $262,416,322) (Note 1)................ -- --
Payable to custodian ............................................ 14,221 --
Payable for securities purchased ................................ -- --
Unrealized depreciation of forward foreign currency contracts
(Note 1) ....................................................... -- --
Collateral held for loaned securities ........................... 29,758,400 94,313,090
Variation margin payable on futures contracts (Note 1) .......... -- --
Distribution fees payable ....................................... 80,124 141
Investment management/advisory fees payable ..................... 187,174 151,434
Trustees' fees payable .......................................... 4,754 8,430
Payable to Separate Accounts for Trust shares redeemed .......... -- 65,122
Forward commitments at value (Note 1) ........................... -- --
Overdraft payable ............................................... 27,136 --
Foreign Tax Payable. ............................................ -- --
Accrued expenses (Note 1) ....................................... 151,165 25,787
------------ -------------
Total liabilities .............................................. 30,222,974 94,564,004
------------ -------------
NET ASSETS ...................................................... $480,156,834 $ 330,989,100
============ =============
Investments at cost ............................................. $427,512,835 $ 341,028,274
============ =============
*Foreign Cash ................................................... $ -- $ --
============ =============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ................................................ $429,167,366 $ 353,683,291
Accumulated undistributed (overdistributed) net
investment income ............................................. (38) 1,661,319
Accumulated undistributed net realized gain (loss) ............. 3,991,934 (10,400,002)
Unrealized appreciation (depreciation) on investments and
foreign currency denominated assets and liabilities ........... 46,997,572 (13,955,508)
------------ -------------
NET ASSETS ...................................................... $480,156,834 $ 330,989,100
============ =============
CLASS IA SHARES:
Net Assets ...................................................... $ 28,833,753 $ 329,895,407
============ =============
Shares outstanding (Unlimited amount authorized:
no par value) .................................................. 2,428,950 36,230,610
============ =============
Net asset value, offering and redemption price per share
(Note 1) ....................................................... $ 11.87 $ 9.11
============ =============
CLASS IB SHARES:
Net Assets ...................................................... $451,323,081 $ 1,093,693
============ =============
Shares outstanding (Unlimited amount authorized:
no par value) .................................................. 38,042,688 120,307
============ =============
Net asset value, offering and redemption price per share
(Note 1) ....................................................... $ 11.86 $ 9.09
============ =============
<CAPTION>
ALLIANCE BT BT
SMALL CAP EQUITY 500 INTERNATIONAL
GROWTH INDEX EQUITY INDEX
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ----------------- --------------
<S> <C> <C> <C>
ASSETS:
Investments at value (Note 1) ................................... $ 439,261,638 $ 681,107,852 $ 94,938,815
Cash* ........................................................... -- -- 3,230,649
Receivable for securities sold .................................. 1,004,087 19,568 --
Unrealized appreciation of forward foreign currency contracts
(Note 1) ....................................................... -- -- 36,464
Short-term investments held as collateral for loaned
securities ..................................................... -- 12,886,204 5,175,317
Receivable from Separate Accounts for Trust shares sold ......... 853,653 2,288,929 96,746
Receivable for forward commitments .............................. -- -- --
Variation margin receivable on futures contracts ................ -- 14,189 796
Receivable from investment manager. ............................. -- -- --
Dividends, interest and other receivables ....................... 81,242 634,838 65,643
Deferred organizational costs (Note 1) .......................... -- 18,807 18,807
Other assets (Note 3) ........................................... 37,458 11,776 91,235
------------- ------------- ------------
Total assets ................................................... 441,238,078 696,982,163 103,654,472
------------- ------------- ------------
LIABILITIES:
Options written at value (Premiums received: Alliance
Common Stock Portfolio -- $262,416,322) (Note 1)................ -- -- --
Payable to custodian ............................................ -- 34,134 33,090
Payable for securities purchased ................................ 6,402,995 181,156 2,940
Unrealized depreciation of forward foreign currency contracts
(Note 1) ....................................................... -- -- 44,571
Collateral held for loaned securities ........................... -- 12,886,204 5,175,317
Variation margin payable on futures contracts (Note 1) .......... -- -- --
Distribution fees payable ....................................... 32,043 134,593 17,628
Investment management/advisory fees payable ..................... 299,387 5,031 33,417
Trustees' fees payable .......................................... 2,402 8,927 1,602
Payable to Separate Accounts for Trust shares redeemed .......... 31,145,125 147 18,481
Forward commitments at value (Note 1) ........................... -- -- --
Overdraft payable ............................................... 2,210 27,673 --
Foreign Tax Payable. ............................................ -- -- --
Accrued expenses (Note 1) ....................................... 23,802 160,596 117,254
------------- ------------- ------------
Total liabilities .............................................. 37,907,964 13,438,461 5,444,300
------------- ------------- ------------
NET ASSETS ...................................................... $ 403,330,114 $ 683,543,702 $ 98,210,172
============= ============= ============
Investments at cost ............................................. $ 344,854,269 $ 578,267,770 $ 74,893,289
============= ============= ============
*Foreign Cash ................................................... $ -- $ -- $ 3,227,708
============= ============= ============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ................................................ $ 320,721,234 $ 580,264,134 $ 76,366,874
Accumulated undistributed (overdistributed) net
investment income ............................................. (2,292) 22,663 (102,705)
Accumulated undistributed net realized gain (loss) ............. (11,796,197) 336,586 1,314,060
Unrealized appreciation (depreciation) on investments and
foreign currency denominated assets and liabilities ........... 94,407,369 102,920,319 20,631,943
------------- ------------- ------------
NET ASSETS ...................................................... $ 403,330,114 $ 683,543,702 $ 98,210,172
============= ============= ============
CLASS IA SHARES:
Net Assets ...................................................... $ 240,999,587 $ -- $ 3,628,946
============= ============= ============
Shares outstanding (Unlimited amount authorized:
no par value) .................................................. 15,954,389 -- 244,316
============= ============= ============
Net asset value, offering and redemption price per share
(Note 1) ....................................................... $ 15.11 $ -- $ 14.85
============= ============= ============
CLASS IB SHARES:
Net Assets ...................................................... $ 162,330,527 $ 683,543,702 $ 94,581,226
============= ============= ============
Shares outstanding (Unlimited amount authorized:
no par value) .................................................. 10,799,518 46,035,945 6,361,218
============= ============= ============
Net asset value, offering and redemption price per share
(Note 1) ....................................................... $ 15.03 $ 14.85 $ 14.87
============= ============= ============
</TABLE>
See Notes to Financial Statements
46
<PAGE>
<TABLE>
<CAPTION>
BT
SMALL CALVERT CAPITAL CAPITAL CAPITAL
COMPANY SOCIALLY GUARDIAN GUARDIAN GUARDIAN EQ/EVERGREEN
INDEX RESPONSIBLE INTERNATIONAL RESEARCH U.S. EQUITY EQ/EVERGREEN FOUNDATION
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -------------- --------------- --------------- -------------- --------------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
$59,779,339 $ 2,645,826 $51,435,242 $34,242,683 $68,222,330 $4,845,853 $ 8,968,809
-- -- 21,515 287,309 725,214 -- --
63,993 -- -- -- -- -- --
-- -- 6,279 -- -- -- --
5,954,593 -- 1,269,400 2,186,000 4,594,706 43,450 1,819,204
104,920 801 766,602 529,259 420,849 43,374 16,625
-- -- -- -- -- -- --
3,400 -- -- -- -- -- --
9,962 27,668 -- -- -- 1,706 1,231
66,081 1,203 35,979 26,623 69,856 3,800 38,637
18,807 -- -- -- -- -- --
816 34 727 625 1,024 291 325
----------- ----------- ----------- ----------- ----------- ---------- -----------
66,001,911 2,675,532 53,535,744 37,272,499 74,033,979 4,938,474 10,844,831
----------- ----------- ----------- ----------- ----------- ---------- -----------
-- -- -- -- -- -- --
37,612 13,065 19,867 7,070 7,005 6,092 1,500
2,100 17,760 12,532 1,136,138 1,878,351 60,514 106,603
-- -- 113,281 -- -- -- --
5,954,593 -- 1,269,400 2,186,000 4,594,706 43,450 1,819,204
806 -- -- -- -- -- --
17,911 543 9,283 6,398 13,048 735 1,584
-- -- 36,135 18,102 41,091 -- --
1,270 60 668 508 861 62 163
-- -- 68 14 -- 4,299 19,989
-- -- -- -- -- -- --
27,420 7,466 -- -- -- 100 110
-- -- -- -- -- -- --
29,285 14,494 25,350 14,812 26,492 5,127 8,693
----------- ----------- ----------- ----------- ----------- ---------- -----------
6,070,997 53,388 1,486,584 3,369,042 6,561,554 120,379 1,957,846
----------- ----------- ----------- ----------- ----------- ---------- -----------
$59,930,914 $ 2,622,144 $52,049,160 $33,903,457 $67,472,425 $4,818,095 $ 8,886,985
=========== =========== =========== =========== =========== ========== ===========
$53,869,361 $ 2,495,737 $40,264,221 $32,163,530 $65,746,477 $4,346,094 $ 8,273,293
=========== =========== =========== =========== =========== ========== ===========
$ -- $ -- $ 6,059 $ -- $ -- $ -- $ --
=========== =========== =========== =========== =========== ========== ===========
$54,111,038 $ 2,446,950 $41,169,352 $31,860,942 $65,088,953 $4,533,412 $ 8,463,690
18,621 -- (84,006) (19) (23) 250 1,033
(131,191) 25,105 (100,351) (36,619) (92,358) (215,326) (273,254)
5,932,446 150,089 11,064,165 2,079,153 2,475,853 499,759 695,516
----------- ----------- ----------- ----------- ----------- ---------- -----------
$59,930,914 $ 2,622,144 $52,049,160 $33,903,457 $67,472,425 $4,818,095 $ 8,886,985
=========== =========== =========== =========== =========== ========== ===========
$ -- $ -- $ -- $ -- $ -- $ -- $ --
=========== =========== =========== =========== =========== ========== ===========
-- -- -- -- -- -- --
=========== =========== =========== =========== =========== ========== ===========
$ -- $ -- $ -- $ -- $ -- $ -- $ --
=========== =========== =========== =========== =========== ========== ===========
$59,930,914 $ 2,622,144 $52,049,160 $33,903,457 $67,472,425 $4,818,095 $ 8,886,985
=========== =========== =========== =========== =========== ========== ===========
5,521,937 243,789 3,691,108 3,172,332 6,540,059 440,803 836,947
=========== =========== =========== =========== =========== ========== ===========
$ 10.85 $ 10.76 $ 14.10 $ 10.69 $ 10.32 $ 10.93 $ 10.62
=========== =========== =========== =========== =========== ========== ===========
</TABLE>
47
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1999
<TABLE>
<CAPTION>
LAZARD
JPM LARGE CAP
CORE BOND VALUE
PORTFOLIO PORTFOLIO
--------------- ---------------
<S> <C> <C>
ASSETS:
Investments at value (Note 1) ................................... $185,376,223 $133,137,887
Cash* ........................................................... 16,017 --
Receivable for securities sold .................................. 224 --
Unrealized appreciation of forward foreign currency contracts
(Note 1) ....................................................... -- --
Short-term investments held as collateral for loaned
securities ..................................................... 19,519,974 3,883,830
Receivable from Separate Accounts for Trust shares sold ......... 236,555 327,252
Receivable for forward commitments .............................. 5,239,892 --
Variation margin receivable on futures contracts ................ 52,937 --
Receivable from investment manager. ............................. -- --
Dividends, interest and other receivables ....................... 1,710,781 154,497
Deferred organizational costs (Note 1) .......................... 18,807 18,807
Other assets (Note 3) ........................................... 3,280 2,570
------------ ------------
Total assets .................................................. 212,174,690 137,524,843
------------ ------------
Liabilities:
Options written at value (Premiums received: Alliance
Common Stock Portfolio -- $262,416,322) (Note 1)................ -- --
Payable to custodian ............................................ 11,769 6,133
Payable for securities purchased ................................ 30,722,879 --
Unrealized depreciation of forward foreign currency contracts
(Note 1) ....................................................... -- --
Collateral held for loaned securities ........................... 19,519,974 3,883,830
Variation margin payable on futures contracts (Note 1) .......... -- --
Distribution fees payable ....................................... 32,369 26,884
Investment management/advisory fees payable ..................... 44,695 54,706
Trustees' fees payable .......................................... 1,863 2,581
Payable to Separate Accounts for Trust shares redeemed .......... -- --
Forward commitments at value (Note 1) ........................... 5,207,388 --
Overdraft payable ............................................... -- --
Foreign Tax Payable. ............................................ -- --
Accrued expenses (Note 1) ....................................... 52,576 47,541
------------ ------------
Total liabilities ............................................. 55,593,513 4,021,675
------------ ------------
NET ASSETS ...................................................... $156,581,177 $133,503,168
============ ============
Investments at cost ............................................. $189,826,734 $127,008,399
============ ============
*Foreign Cash ................................................... $ -- $ --
============ ============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ................................................ $165,415,563 $128,090,343
Accumulated undistributed (overdistributed) net
investment income ............................................. 30,694 (761)
Accumulated undistributed net realized gain (loss) ............. (4,656,858) (715,902)
Unrealized appreciation (depreciation) on investments and
foreign currency denominated assets and liabilities ........... (4,208,222) 6,129,488
------------ ------------
NET ASSETS ...................................................... $156,581,177 $133,503,168
============ ============
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 ...................................................... $156,581,177 $133,503,168
============ ============
Shares outstanding (Unlimited amount authorized:
no par value) .................................................. 15,777,166 11,065,733
============ ============
Net asset value, offering and redemption price per share
(Note 1) ....................................................... $ 9.92 $ 12.06
============ ============
<CAPTION>
LAZARD MERRILL LYNCH MERRILL LYNCH
SMALL CAP BASIC VALUE WORLD
VALUE EQUITY STRATEGY
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- --------------- --------------
<S> <C> <C> <C>
ASSETS:
Investments at value (Note 1) ................................... $72,523,000 $299,166,904 $35,623,489
Cash* ........................................................... -- -- 27,779
Receivable for securities sold .................................. -- 96 208,880
Unrealized appreciation of forward foreign currency contracts
(Note 1) ....................................................... -- -- --
Short-term investments held as collateral for loaned
securities ..................................................... 4,231,870 8,102,900 1,749,235
Receivable from Separate Accounts for Trust shares sold ......... 76,224 981,649 15,405
Receivable for forward commitments .............................. -- -- --
Variation margin receivable on futures contracts ................ -- -- --
Receivable from investment manager. ............................. -- -- --
Dividends, interest and other receivables ....................... 86,615 516,030 110,859
Deferred organizational costs (Note 1) .......................... 18,807 14,679 14,679
Other assets (Note 3) ........................................... 1,402 5,502 785
----------- ------------ -----------
Total assets .................................................. 76,937,918 308,787,760 37,751,111
----------- ------------ -----------
Liabilities:
Options written at value (Premiums received: Alliance
Common Stock Portfolio -- $262,416,322) (Note 1)................ -- -- --
Payable to custodian ............................................ 8,483 9,077 24,329
Payable for securities purchased ................................ -- -- 205,724
Unrealized depreciation of forward foreign currency contracts
(Note 1) ....................................................... -- -- --
Collateral held for loaned securities ........................... 4,231,870 8,102,900 1,749,235
Variation margin payable on futures contracts (Note 1) .......... -- -- --
Distribution fees payable ....................................... 14,154 59,059 6,774
Investment management/advisory fees payable ..................... 41,901 79,265 17,366
Trustees' fees payable .......................................... 1,184 7,974 2,758
Payable to Separate Accounts for Trust shares redeemed .......... -- -- 22,992
Forward commitments at value (Note 1) ........................... -- -- --
Overdraft payable ............................................... 2,814 96 --
Foreign Tax Payable. ............................................ -- -- --
Accrued expenses (Note 1) ....................................... 30,449 62,784 --
----------- ------------ -----------
Total liabilities ............................................. 4,330,855 8,321,155 2,029,178
----------- ------------ -----------
NET ASSETS ...................................................... $72,607,063 $300,466,605 $35,721,933
=========== ============ ===========
Investments at cost ............................................. $73,318,323 $290,909,977 $29,559,815
=========== ============ ===========
*Foreign Cash ................................................... $ -- $ -- $ 36,292
=========== ============ ===========
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ................................................ $74,099,399 $284,328,832 $29,540,352
Accumulated undistributed (overdistributed) net
investment income ............................................. 9,509 (669) (63,774)
Accumulated undistributed net realized gain (loss) ............. (706,522) 7,881,515 184,343
Unrealized appreciation (depreciation) on investments and
foreign currency denominated assets and liabilities ........... (795,323) 8,256,927 6,061,012
----------- ------------ -----------
NET ASSETS ...................................................... $72,607,063 $300,466,605 $35,721,933
=========== ============ ===========
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 ...................................................... $72,607,063 $300,466,605 $35,721,933
=========== ============ ===========
Shares outstanding (Unlimited amount authorized:
no par value) .................................................. 7,788,096 21,841,453 2,751,393
=========== ============ ===========
Net asset value, offering and redemption price per share
(Note 1) ....................................................... $ 9.32 $ 13.76 $ 12.98
=========== ============ ===========
</TABLE>
See Notes to Financial Statements.
48
<PAGE>
<TABLE>
<CAPTION>
MORGAN STANLEY
MFS MFS EMERGING EQ/PUTNAM EQ/PUTNAM
EMERGING GROWTH GROWTH WITH MFS MARKETS EQ/PUTNAM GROWTH & INCOME INTERNATIONAL
COMPANIES INCOME RESEARCH EQUITY BALANCED VALUE EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------- --------------- --------------- --------------- --------------- ----------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
$ 1,718,768,064 $109,405,984 $685,769,260 $181,494,597 $104,590,027 $ 543,902,235 $298,313,586
-- 92,876 -- 10,665,330 4,121 -- --
511,865 -- 1,759,642 468 382,189 638 1,843,880
-- -- -- -- -- -- 2,905
92,090,701 3,060,765 41,989,584 -- 3,383,219 13,281,780 25,961,525
7,151,124 427,885 1,100,415 1,382,474 223,065 287,810 1,415,580
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
98,152 76,885 350,209 266,733 664,766 950,967 357,659
14,679 -- 14,679 16,595 14,679 14,679 14,679
21,920 1,746 12,302 90,807 2,154 11,850 4,696
--------------- ------------ ------------ ------------ ------------ ------------- ------------
1,818,656,505 113,066,141 730,996,091 193,917,004 109,264,220 558,449,959 327,914,510
--------------- ------------ ------------ ------------ ------------ ------------- ------------
-- -- -- -- -- -- --
23,921 17,095 25,753 200,386 23,056 20,833 88,732
13,447,909 84,508 2,818,885 580,313 759,345 95,309 2,168,454
-- 634 -- -- -- -- 3,422
92,090,701 3,060,765 41,989,584 -- 3,383,219 13,281,780 25,961,525
-- -- -- -- -- -- --
289,817 20,096 131,844 34,794 22,024 110,739 56,064
446,601 20,460 186,079 116,107 36,526 143,689 142,209
23,415 1,253 15,836 2,882 3,813 16,905 8,786
37,899 -- 351,915 382 37,155 362,703 14
-- -- -- -- -- -- --
148,766 -- 92,010 -- -- 49,803 265,604
-- -- -- 1,352,509 -- -- --
263,926 33,139 114,679 48,796 22,242 97,272 60,842
--------------- ------------ ------------ ------------ ------------ ------------- ------------
106,772,955 3,237,950 45,726,585 2,336,169 4,287,380 14,179,033 28,755,652
--------------- ------------ ------------ ------------ ------------ ------------- ------------
$ 1,711,883,550 $109,828,191 $685,269,506 $191,580,835 $104,976,840 $ 544,270,926 $299,158,858
=============== ============ ============ ============ ============ ============= ============
$ 1,046,758,065 $101,862,441 $543,525,978 $127,875,982 $106,365,748 $ 563,878,309 $207,168,412
=============== ============ ============ ============ ============ ============= ============
$ 48 $ 228,135 $ -- $ -- $ -- $ -- $ --
=============== ============ ============ ============ ============ ============= ============
$ 1,019,240,537 $104,165,131 $527,313,778 $136,105,714 $107,747,505 $ 569,936,803 $198,287,968
(90,349) (2,194) (164,256) (60,428) (443) (1,487) (3,274,824)
20,722,550 (1,878,418) 15,881,851 3,333,593 (994,594) (5,688,316) 13,003,363
672,010,812 7,543,672 142,238,133 52,201,956 (1,775,628) (19,976,074) 91,142,351
--------------- ------------ ------------ ------------ ------------ ------------- ------------
$ 1,711,883,550 $109,828,191 $685,269,506 $191,580,835 $104,976,840 $ 544,270,926 $299,158,858
=============== ============ ============ ============ ============ ============= ============
$ 46,248,311 $ -- $ -- $ -- $ -- $ -- $ --
=============== ============ ============ ============ ============ ============= ============
1,687,905 -- -- -- -- -- --
=============== ============ ============ ============ ============ ============= ============
$ 27.40 $ -- $ -- $ -- $ -- $ -- $ --
=============== ============ ============ ============ ============ ============= ============
$ 1,665,635,239 $109,828,191 $685,269,506 $191,580,835 $104,976,840 $ 544,270,926 $299,158,858
=============== ============ ============ ============ ============ ============= ============
60,947,967 10,136,065 40,159,030 17,074,599 9,173,891 47,100,991 15,463,876
=============== ============ ============ ============ ============ ============= ============
$ 27.33 $ 10.84 $ 17.06 $ 11.22 $ 11.44 $ 11.56 $ 19.35
=============== ============ ============ ============ ============ ============= ============
</TABLE>
49
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
December 31, 1999
<TABLE>
<CAPTION>
EQ/PUTNAM T. ROWE PRICE WARBURG PINCUS
INVESTORS T. ROWE PRICE INTERNATIONAL SMALL COMPANY
GROWTH EQUITY INCOME STOCK VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C>
ASSETS:
Investments at value (Note 1) ................................... $385,767,136 $279,587,820 $204,477,489 $ 151,962,110
Cash* ........................................................... -- -- 9,870,550 214
Receivable for securities sold .................................. 1,337,427 166,789 -- --
Unrealized appreciation of forward foreign currency contracts
(Note 1) ....................................................... -- -- -- --
Short-term investments held as collateral for loaned
securities ..................................................... 11,671,440 9,119,900 4,598,483 2,963,300
Receivable from Separate Accounts for Trust shares sold ......... 269,317 483,948 583,870 233,785
Receivable for forward commitments .............................. -- -- -- --
Variation margin receivable on futures contracts ................ -- -- -- --
Receivable from investment manager. ............................. -- -- -- --
Dividends, interest and other receivables ....................... 144,835 575,380 192,860 108,194
Deferred organizational costs (Note 1) .......................... 14,679 14,679 14,679 14,679
Other assets (Note 3) ........................................... 6,416 5,844 3,584 3,723
------------ ------------ ------------ -------------
Total assets ................................................... 399,211,250 289,954,360 219,741,515 155,286,005
------------ ------------ ------------ -------------
LIABILITIES:
Options written at value (Premiums received: Alliance
Common Stock Portfolio -- $262,416,322) (Note 1)................ -- -- --
Payable to custodian ............................................ 19,827 12,980 53,313 21,824
Payable for securities purchased ................................ 3,030,712 2,206,778 -- --
Unrealized depreciation of forward foreign currency contracts
(Note 1) ....................................................... -- -- -- --
Collateral held for loaned securities ........................... 11,671,440 9,119,900 4,598,483 2,963,300
Variation margin payable on futures contracts (Note 1) .......... -- -- -- --
Distribution fees payable ....................................... 73,890 68,657 39,910 28,754
Investment management/advisory fees payable ..................... 134,466 100,484 114,117 62,967
Trustees' fees payable .......................................... 9,336 10,782 8,798 9,101
Payable to Separate Accounts for Trust shares redeemed .......... 69 141,331 210 242,810
Forward commitments at value (Note 1) ........................... -- -- -- --
Overdraft payable ............................................... 931 62,535 -- --
Foreign Tax Payable. ............................................ -- -- -- --
Accrued expenses (Note 1) ....................................... 95,122 18,642 27,895 --
------------ ------------ ------------ -------------
Total liabilities .............................................. 15,035,793 11,742,089 4,842,726 3,328,756
------------ ------------ ------------ -------------
NET ASSETS ...................................................... $384,175,457 $278,212,271 $214,898,789 $ 151,957,249
============ ============ ============ =============
Investments at cost ............................................. $287,473,347 $282,599,168 $149,069,839 $ 143,073,899
============ ============ ============ =============
*Foreign Cash ................................................... $ -- $ -- $ 421,395 $ --
============ ============ ============ =============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ................................................ $277,256,003 $276,565,767 $159,396,095 $ 171,025,971
Accumulated undistributed (overdistributed) net
investment income ............................................. (1,540) 67,548 (56,431) 30,712
Accumulated undistributed net realized gain (loss) ............. 8,627,205 4,590,230 144,189 (27,987,645)
Unrealized appreciation (depreciation) on investments and
foreign currency denominated assets and liabilities ........... 98,293,789 (3,011,274) 55,414,936 8,888,211
------------ ------------ ------------ -------------
NET ASSETS ...................................................... $384,175,457 $278,212,271 $214,898,789 $ 151,957,249
============ ============ ============ =============
CLASS IA SHARES:
Net Assets ...................................................... $ -- $ 5,181,427 $ -- $ 2,338,833
============ ============ ============ =============
Shares outstanding (Unlimited amount authorized:
no par value) .................................................. -- 419,943 -- 217,324
============ ============ ============ =============
Net asset value, offering and redemption price per share
(Note 1) ....................................................... $ -- $ 12.34 $ -- $ 10.76
============ ============ ============ =============
CLASS IB SHARES:
Net Assets ...................................................... $384,175,457 $273,030,844 $214,898,789 $ 149,618,416
============ ============ ============ =============
Shares outstanding (Unlimited amount authorized:
no par value) .................................................. 17,944,043 22,126,049 14,907,733 13,879,714
============ ============ ============ =============
Net asset value, offering and redemption price per share
(Note 1) ....................................................... $ 21.41 $ 12.34 $ 14.42 $ 10.78
============ ============ ============ =============
</TABLE>
See Notes to Financial Statements.
50
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 1999
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE ALLIANCE
AGGRESSIVE ALLIANCE COMMON CONSERVATIVE ALLIANCE
STOCK BALANCED STOCK INVESTORS EQUITY INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------- --------------- ----------------- -------------- ---------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends+ .................................... $ 29,696,220 $ 9,178,562 $ 112,022,302 $ 1,158,747 $ 28,235,382
Interest ...................................... 6,581,588 52,357,856 35,080,490 16,950,168 2,035,658
Securities lending--net ....................... 1,727,788 702,547 1,732,945 154,586 148,403
------------ ------------ -------------- ----------- ------------
Total income ................................ 38,005,596 62,238,965 148,835,737 18,263,501 30,419,443
------------ ------------ -------------- ----------- ------------
Expenses (Notes 1, 2, 3, 4, 5 and 7):
Investment management fee ..................... 23,118,072 8,110,873 51,373,606 2,038,794 6,630,350
Administrative fees ........................... 144,899 73,801 515,943 20,311 87,436
Custodian fees ................................ 31,064 244,171 310,680 87,405 55,547
Distribution fees--Class IB ................... 458,607 17,801 2,962,718 140,852 18,776
Printing and mailing expenses ................. 444,473 159,276 1,636,907 48,928 264,043
Professional fees ............................. 107,531 48,316 332,749 10,071 50,545
SEC registration fees ......................... -- -- -- -- --
Interest expense on loans ..................... -- -- -- -- --
Trustees' fees ................................ 65,213 24,464 176,298 4,687 25,265
Amortization of deferred organizational
expense ..................................... -- -- -- -- --
Miscellaneous ................................. 198,255 120,373 457,416 44,989 120,826
------------ ------------ -------------- ----------- ------------
Gross expenses .............................. 24,568,114 8,799,075 57,766,317 2,396,037 7,252,788
------------ ------------ -------------- ----------- ------------
Waivers and reimbursements: (Note 6)
Waiver of investment management fee ........... -- -- -- -- --
Reimbursement from investment manager -- -- -- -- --
------------ ------------ -------------- ----------- ------------
Total waivers and reimbursements ............ -- -- -- -- --
------------ ------------ -------------- ----------- ------------
Net expenses .................................. 24,568,114 8,799,075 57,766,317 2,396,037 7,252,788
------------ ------------ -------------- ----------- ------------
NET INVESTMENT INCOME (LOSS) .................... 13,437,482 53,439,890 91,069,420 15,867,464 23,166,655
------------ ------------ -------------- ----------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Realized Gain (Loss) on:
Securities .................................... 457,973,529 224,973,342 3,033,552,007 19,528,500 694,210
Swap agreements ............................... -- -- -- -- --
Options written ............................... -- -- (95,961,168) -- --
Foreign currency transactions ................. -- (1,447,242) (815,145) (264,200) 9
Forward commitments ........................... -- -- -- -- --
Futures contracts ............................. -- -- -- -- 5,422,092
------------ ------------ -------------- ----------- ------------
Realized gain (loss)--net ...................... 457,973,529 223,526,100 2,936,775,694 19,264,300 6,116,311
------------ ------------ -------------- ----------- ------------
Change in Unrealized Appreciation
(Depreciation) on:
Securities .................................... 272,418,799 55,386,026 172,006,185 7,268,587 388,292,158
Swap agreements ............................... -- -- -- -- --
Options written ............................... -- -- 114,934,282 -- --
Foreign currency translations ................. -- (75,216) (20,609) (17,045) --
Forward commitments ........................... -- -- -- -- --
Futures contracts ............................. -- -- -- -- (283,049)
------------ ------------ -------------- ----------- ------------
Unrealized appreciation (depreciation)--net..... 272,418,799 55,310,810 286,919,858 7,251,542 388,009,109
------------ ------------ -------------- ----------- ------------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ........ 730,392,328 278,836,910 3,223,695,552 26,515,842 394,125,420
------------ ------------ -------------- ----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS ..................................... $743,829,810 $332,276,800 $3,314,764,972 $42,383,306 $417,292,075
============ ============ ============== =========== ============
*Foreign taxes withheld on dividends ............ $ -- $ 298,258 $ 491,779 $ 46,903 $ 2,476
============ ============ ============== =========== ============
*Foreign taxes withheld on interest ............. $ -- $ -- $ -- $ -- $ --
============ ============ ============== =========== ============
+From affiliated companies ...................... $ 3,092,942 $ -- $ 365,534 $ -- $ --
============ ============ ============== =========== ============
</TABLE>
- ----------
** For the period from May 1, 1999 to December 31, 1999.
*** For the period from September 1, 1999 to December 31, 1999.
See Notes to Financial Statements.
51
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE
ALLIANCE ALLIANCE INTERMEDIATE
ALLIANCE GROWTH AND GROWTH ALLIANCE GOVERNMENT ALLIANCE ALLIANCE
GLOBAL INCOME INVESTORS HIGH YIELD SECURITIES INTERNATIONAL MONEY MARKET
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------- -------------- --------------- ---------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
$ 15,182,415 $ 10,981,111 $ 13,637,767 $ -- $ -- $ 3,521,844 $ --
2,487,080 -- 36,932,341 66,339,305 11,367,859 412,211 63,605,054
559,304 113,141 816,064 -- 161,745 130,370 --
- -------------- ------------ ------------ ------------- ------------- ----------- -----------
18,228,799 11,094,252 51,386,172 66,339,305 11,529,604 4,064,425 63,605,054
- -------------- ------------ ------------ ------------- ------------- ----------- -----------
10,032,682 6,692,196 11,425,161 3,569,825 1,009,174 2,054,558 4,094,768
64,383 51,841 87,536 24,663 12,095 13,802 50,261
598,885 23,990 333,189 23,118 20,668 326,156 19,480
176,693 450,842 337,026 553,656 100,645 24,988 1,012,700
182,955 148,366 168,950 62,827 22,389 25,529 146,533
37,111 28,358 53,409 14,308 4,957 5,385 28,203
-- -- -- -- -- -- --
-- -- -- -- -- -- --
22,893 13,607 26,835 6,670 2,081 4,441 17,395
-- -- -- -- -- -- --
140,721 84,153 139,269 56,963 45,668 42,137 106,197
- -------------- ------------ ------------ ------------- ------------- ----------- -----------
11,256,323 7,493,353 12,571,375 4,312,030 1,217,677 2,496,996 5,475,537
- -------------- ------------ ------------ ------------- ------------- ----------- -----------
-- -- -- -- -- -- --
-- -- -- -- -- -- --
- -------------- ------------ ------------ ------------- ------------- ----------- -----------
-- -- -- -- -- -- --
- -------------- ------------ ------------ ------------- ------------- ----------- -----------
11,256,323 7,493,353 12,571,375 4,312,030 1,217,677 2,496,996 5,475,537
- -------------- ------------ ------------ ------------- ------------- ----------- -----------
6,972,476 3,600,899 38,814,797 62,027,275 10,311,927 1,567,429 58,129,517
- -------------- ------------ ------------ ------------- ------------- ----------- -----------
206,780,867 193,277,934 245,209,847 (68,301,346) (6,216,510) 17,704,088 21,705
-- -- -- -- -- -- --
-- -- -- -- -- -- --
(3,273,709) -- (1,849,103) 101,851 -- (727,047) --
-- -- -- -- -- -- --
-- -- -- -- 95,432 -- --
- -------------- ------------ ------------ ------------- ------------- ----------- -----------
203,507,158 193,277,934 243,360,744 (68,199,495) (6,121,078) 16,977,041 21,705
- -------------- ------------ ------------ ------------- ------------- ----------- -----------
337,419,180 17,426,950 277,500,226 (14,821,404) (4,191,712) 65,448,389 (432,466)
-- -- -- -- -- -- --
-- -- -- -- -- -- --
183,769 -- (36,703) 138,896 -- (357,586) --
-- -- -- -- -- -- --
-- -- -- -- (1,345) -- --
- -------------- ------------ ------------ ------------- ------------- ----------- -----------
337,602,949 17,426,950 277,463,523 (14,682,508) (4,193,057) 65,090,803 (432,466)
- -------------- ------------ ------------ ------------- ------------- ----------- -----------
541,110,107 210,704,884 520,824,267 (82,882,003) (10,314,135) 82,067,844 (410,761)
- -------------- ------------ ------------ ------------- ------------- ----------- -----------
$548,082,583 $214,305,783 $559,639,064 $ (20,854,728) $ (2,208) $83,635,273 $57,718,756
============== ============ ============ ============= ============= =========== ===========
$ 1,315,150 $ -- $ 640,857 $ -- $ -- $ 366,638 $ --
============== ============ ============ ============= ============= =========== ===========
$ -- $ -- $ -- $ -- $ -- $ -- $ --
============== ============ ============ ============= ============= =========== ===========
$ -- $ -- $ -- $ -- $ -- $ -- $ --
============== ============ ============ ============= ============= =========== ===========
</TABLE>
52
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 1999
<TABLE>
<CAPTION>
EQ/ALLIANCE ALLIANCE BT BT
PREMIER ALLIANCE SMALL CAP EQUITY 500 INTERNATIONAL
GROWTH QUALITY BOND GROWTH INDEX EQUITY INDEX
PORTFOLIO** PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ---------------- --------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends+ .................................... $ 1,019,060 $ -- $ 811,122 $ 5,398,939 $ 948,155
Interest ...................................... 436,597 20,673,746 841,493 570,433 299,438
Securities lending--net ....................... 4,566 220,317 -- 31,970 11,289
----------- ------------- ------------ ----------- -----------
Total income ................................ 1,460,223 20,894,063 1,652,615 6,001,342 1,258,882
----------- ------------- ------------ ----------- -----------
Expenses (Notes 1, 2, 3, 4, 5 and 7):
Investment management fee ..................... 968,447 1,768,157 2,702,328 1,077,825 230,274
Administrative fees ........................... 64,596 16,718 16,927 245,934 119,286
Custodian fees ................................ 24,852 11,942 50,894 82,219 112,772
Distribution fees--Class IB ................... 244,562 612 285,071 1,077,825 158,893
Printing and mailing expenses ................. 104,686 37,576 33,503 266,277 45,118
Professional fees ............................. 26,056 7,863 6,900 66,807 12,120
SEC registration fees ......................... -- -- -- -- 199
Interest expense on loans ..................... -- -- -- -- 1,432
Trustees' fees ................................ 5,170 3,605 3,380 14,013 2,166
Amortization of deferred organizational
expense ..................................... 56 -- -- 6,267 6,267
Miscellaneous ................................. 14,266 54,628 51,306 40,475 2,556
----------- ------------- ------------ ----------- -----------
Gross expenses .............................. 1,452,691 1,901,101 3,150,309 2,877,642 691,083
----------- ------------- ------------ ----------- -----------
Waivers and reimbursements: (Note 6)
Waiver of investment management fee ........... (239,626) -- -- (506,691) (70,729)
Reimbursement from investment manager.......... -- -- -- -- --
----------- ------------- ------------ ----------- -----------
Total waivers and reimbursements ............ (239,626) -- -- (506,691) (70,729)
----------- ------------- ------------ ----------- -----------
Net expenses .................................. 1,213,065 1,901,101 3,150,309 2,370,951 620,354
----------- ------------- ------------ ----------- -----------
NET INVESTMENT INCOME (LOSS) .................... 247,158 18,992,962 (1,497,694) 3,630,391 638,528
----------- ------------- ------------ ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Realized Gain (Loss) on:
Securities .................................... 5,045,392 (8,996,513) 10,726,801 873,962 719,409
Swap agreements ............................... -- -- -- -- --
Options written ............................... -- -- -- -- --
Foreign currency transactions ................. -- 180,241 -- -- (29,034)
Forward commitments ........................... -- -- -- -- --
Futures contracts ............................. -- -- -- 527,512 1,636,738
----------- ------------- ------------ ----------- -----------
Realized gain (loss)--net ...................... 5,045,392 (8,816,272) 10,726,801 1,401,474 2,327,113
----------- ------------- ------------ ----------- -----------
Change in Unrealized Appreciation
(Depreciation) on:
Securities .................................... 46,997,572 (16,848,190) 82,375,695 81,745,708 15,601,826
Swap agreements ............................... -- -- -- -- --
Options written ............................... -- -- -- -- --
Foreign currency translations ................. -- -- -- -- (11,166)
Forward commitments ........................... -- -- -- -- --
Futures contracts ............................. -- -- -- 32,776 410,594
----------- ------------- ------------ ----------- -----------
Unrealized appreciation (depreciation)--net..... 46,997,572 (16,848,190) 82,375,695 81,778,484 16,001,254
----------- ------------- ------------ ----------- -----------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ........ 52,042,964 (25,664,462) 93,102,496 83,179,958 18,328,367
----------- ------------- ------------ ----------- -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS ..................................... $52,290,122 $ (6,671,500) $ 91,604,802 $86,810,349 $18,966,895
=========== ============= ============ =========== ===========
*Foreign taxes withheld on dividends ............ $ -- $ -- $ -- $ -- $ 119,744
=========== ============= ============ =========== ===========
*Foreign taxes withheld on interest ............. $ -- $ -- $ -- $ -- $ --
=========== ============= ============ =========== ===========
+From affiliated companies ...................... $ -- $ -- $ -- $ -- $ 9,831
=========== ============= ============ =========== ===========
</TABLE>
- ----------
** For the period from May 1, 1999 to December 31, 1999.
*** For the period from September 1, 1999 to December 31, 1999.
See Notes to Financial Statements.
53
<PAGE>
<TABLE>
<CAPTION>
BT
SMALL CALVERT CAPITAL CAPITAL CAPITAL
COMPANY SOCIALLY GUARDIAN GUARDIAN GUARDIAN EQ/EVERGREEN
INDEX RESPONSIBLE INTERNATIONAL RESEARCH U.S. EQUITY EQ/EVERGREEN FOUNDATION
PORTFOLIO PORTFOLIO*** PORTFOLIO** PORTFOLIO** PORTFOLIO** PORTFOLIO PORTFOLIO
- ------------- -------------- --------------- ------------- ------------- -------------- -------------
<S> <C> <C> <C> <C> <C> <C>
$ 667,320 $ 4,234 $ 119,417 $ 126,985 $ 245,717 $ 17,755 $ 41,990
70,949 2,251 60,119 32,635 86,955 26,664 89,106
24,250 -- 805 1,184 1,596 6 2,496
---------- --------- ----------- ---------- ---------- ---------- ----------
762,519 6,485 180,341 160,804 334,268 44,425 133,592
---------- --------- ----------- ---------- ---------- ---------- ----------
104,701 4,861 110,978 79,240 137,165 19,857 28,270
135,672 16,776 35,925 29,002 33,230 31,311 33,544
115,594 14,688 37,678 12,683 11,870 14,368 7,758
104,701 1,869 36,993 30,482 52,756 6,614 11,210
26,891 1,175 16,204 10,666 18,989 2,531 4,389
7,875 377 4,411 2,807 4,814 449 1,213
-- -- -- -- -- -- --
-- -- -- -- -- -- --
1,553 63 756 607 1,017 94 207
6,267 -- -- -- -- -- --
1,641 119 1,851 461 464 458 520
---------- --------- ----------- ---------- ---------- ---------- ----------
504,895 39,928 244,796 165,948 260,305 75,682 87,111
---------- --------- ----------- ---------- ---------- ---------- ----------
(104,701) (4,861) (67,215) (50,116) (59,827) (19,857) (28,270)
(102,605) (27,108) -- -- -- (28,007) (16,222)
---------- --------- ----------- ---------- ---------- ---------- ----------
(207,306) (31,969) (67,215) (50,116) (59,827) (47,864) (44,492)
---------- --------- ----------- ---------- ---------- ---------- ----------
297,589 7,959 177,581 115,832 200,478 27,818 42,619
---------- --------- ----------- ---------- ---------- ---------- ----------
464,930 (1,474) 2,760 44,972 133,790 16,607 90,973
---------- --------- ----------- ---------- ---------- ---------- ----------
2,540,974 39,268 (98,426) (31,871) 101,521 (215,326) (273,254)
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- (96,104) -- -- -- --
-- -- -- -- -- -- --
174,165 -- -- -- -- -- --
---------- --------- ----------- ---------- ---------- ---------- ----------
2,715,139 39,268 (194,530) (31,871) 101,521 (215,326) (273,254)
---------- --------- ----------- ---------- ---------- ---------- ----------
6,654,944 150,089 11,171,021 2,079,153 2,475,853 499,759 695,516
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- (106,856) -- -- -- --
-- -- -- -- -- -- --
18,028 -- -- -- -- -- --
---------- --------- ----------- ---------- ---------- ---------- ----------
6,672,972 150,089 11,064,165 2,079,153 2,475,853 499,759 695,516
---------- --------- ----------- ---------- ---------- ---------- ----------
9,388,111 189,357 10,869,635 2,047,282 2,577,374 284,433 422,262
---------- --------- ----------- ---------- ---------- ---------- ----------
$9,853,041 $ 187,883 $10,872,395 $2,092,254 $2,711,164 $ 301,040 $ 513,235
========== ========= =========== ========== ========== ========== ==========
$ -- $ -- $ 14,803 $ -- $ -- $ -- $ --
========== ========= =========== ========== ========== ========== ==========
$ -- $ -- $ -- $ -- $ -- $ -- $ --
========== ========= =========== ========== ========== ========== ==========
$ -- $ -- $ -- $ -- $ -- $ -- $ --
========== ========= =========== ========== ========== ========== ==========
</TABLE>
54
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 1999
<TABLE>
<CAPTION>
LAZARD LAZARD MERRILL LYNCH MERRILL LYNCH
JPM LARGE CAP SMALL CAP BASIC VALUE WORLD
CORE BOND VALUE VALUE EQUITY STRATEGY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ------------- ------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends+ ..................................... $ 8,327 $1,911,563 $ 806,086 $ 3,910,558 $ 263,154
Interest ....................................... 8,259,211 225,488 201,602 1,401,540 401,214
Securities lending--net ........................ 17,250 7,862 5,620 29,526 6,610
------------ ---------- ---------- ----------- ----------
Total income ................................. 8,284,788 2,144,913 1,013,308 5,341,624 670,978
------------ ---------- ---------- ----------- ----------
Expenses (Notes 1, 2, 3, 4, 5 and 7):
Investment management fee ...................... 589,231 578,767 480,925 1,290,548 214,078
Administrative fees ............................ 103,847 90,123 67,826 132,383 49,920
Custodian fees ................................. 29,155 14,945 23,406 23,552 57,580
Distribution fees--Class IB .................... 327,351 263,076 150,289 586,613 76,456
Printing and mailing expenses .................. 84,964 71,916 37,909 142,981 15,553
Professional fees .............................. 23,024 19,591 10,350 39,789 6,113
SEC registration fees .......................... -- -- -- 43 6
Interest expense on loans ...................... -- -- -- -- --
Trustees' fees ................................. 3,833 3,990 1,847 7,455 955
Amortization of deferred organizational
expense ...................................... 6,267 6,267 6,267 6,300 6,300
Miscellaneous .................................. 3,693 3,099 2,245 29,247 2,658
------------ ---------- ---------- ----------- ----------
Gross expenses ............................... 1,171,365 1,051,774 781,064 2,258,911 429,619
------------ ---------- ---------- ----------- ----------
Waivers and reimbursements: (Note 6)
Waiver of investment management fee ............ (123,164) (65,373) (59,209) (262,571) (61,898)
Reimbursement from investment manager -- -- -- -- --
------------ ---------- ---------- ----------- ----------
Total waivers and reimbursements ............. (123,164) (65,373) (59,209) (262,571) (61,898)
------------ ---------- ---------- ----------- ----------
Net expenses ................................... 1,048,201 986,401 721,855 1,996,340 367,721
------------ ---------- ---------- ----------- ----------
NET INVESTMENT INCOME (LOSS) ..................... 7,236,587 1,158,512 291,453 3,345,284 303,257
------------ ---------- ---------- ----------- ----------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Realized Gain (Loss) on:
Securities ..................................... (5,355,435) 1,796,163 433,250 22,926,609 2,298,675
Swap agreements ................................ -- -- -- -- --
Options written ................................ -- -- -- -- --
Foreign currency transactions .................. 47,105 -- -- -- 22,045
Forward commitments ............................ -- -- -- -- --
Futures contracts .............................. 651,659 -- -- -- --
------------ ---------- ---------- ----------- ----------
Realized gain (loss)--net ....................... (4,656,671) 1,796,163 433,250 22,926,609 2,320,720
------------ ---------- ---------- ----------- ----------
Change in Unrealized Appreciation
(Depreciation) on:
Securities ..................................... (4,688,889) (793,720) 444,087 8,544,136 3,587,847
Swap agreements ................................ -- -- -- -- --
Options written ................................ -- -- -- -- --
Foreign currency translations .................. (16,855) -- -- -- (3,638)
Forward commitments ............................ (21,355) -- -- -- --
Futures contracts .............................. 231,124 -- -- -- --
------------ ---------- ---------- ----------- ----------
Unrealized appreciation (depreciation)--net (4,495,975) (793,720) 444,087 8,544,136 3,584,209
------------ ---------- ---------- ----------- ----------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ......... (9,152,646) 1,002,443 877,337 31,470,745 5,904,929
------------ ---------- ---------- ----------- ----------
NET INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS ...................................... $ (1,916,059) $2,160,955 $1,168,790 $34,816,029 $6,208,186
============ ========== ========== =========== ==========
*Foreign taxes withheld on dividends. ............ $ -- $ -- $ -- $ -- $ 25,069
============ ========== ========== =========== ==========
*Foreign taxes withheld on interest. ............. $ -- $ -- $ -- $ -- $ 303
============ ========== ========== =========== ==========
+From affiliated companies ....................... $ -- $ -- $ -- $ -- $ --
============ ========== ========== =========== ==========
</TABLE>
- ----------
** For the period from May 1, 1999 to December 31, 1999.
*** For the period from September 1, 1999 to December 31, 1999.
See Notes to Financial Statements.
55
<PAGE>
<TABLE>
<CAPTION>
MFS MORGAN STANLEY
EMERGING MFS EMERGING EQ/PUTNAM EQ/PUTNAM
GROWTH GROWTH WITH MFS MARKETS EQ/PUTNAM GROWTH & INCOME INTERNATIONAL
COMPANIES INCOME RESEARCH EQUITY BALANCED VALUE EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------- --------------- ---------------- --------------- --------------- ----------------- ----------------
<S> <C> <C> <C> <C> <C> <C>
$ 1,096,262 $ 460,313 $ 4,057,528 $ 1,091,520 $ 1,262,772 $ 10,465,409 $ 2,927,143
4,595,721 241,227 950,579 218,853 2,288,930 979,300 363,077
213,588 1,507 83,774 -- 36,127 71,441 75,488
------------ ------------ ------------ ----------- ------------ ------------- ------------
5,905,571 703,047 5,091,881 1,310,373 3,587,829 11,516,150 3,365,708
------------ ------------ ------------ ----------- ------------ ------------- ------------
4,668,243 233,224 2,891,285 960,297 526,299 2,955,452 1,352,745
432,631 53,070 259,717 89,226 84,637 264,626 129,023
77,913 56,390 86,601 644,646 78,130 46,206 278,482
2,071,699 106,094 1,314,221 208,760 239,227 1,343,387 483,123
508,923 31,776 305,377 60,470 61,880 324,780 129,371
146,074 7,860 101,945 16,294 18,848 108,776 37,635
1,730 -- 166 -- 139 21 --
-- -- -- -- -- -- --
27,349 1,623 16,006 2,910 3,650 15,811 6,614
6,300 -- 6,300 6,300 6,300 6,300 6,300
64,213 1,534 63,963 7,976 6,473 65,282 13,608
------------ ------------ ------------ ----------- ------------ ------------- ------------
8,005,075 491,571 5,045,581 1,996,879 1,025,583 5,130,641 2,436,901
------------ ------------ ------------ ----------- ------------ ------------- ------------
(828,500) (130,037) (573,236) (533,655) (163,547) (562,421) (114,030)
-- -- -- -- -- -- --
------------ ------------ ------------ ----------- ------------ ------------- ------------
(828,500) (130,037) (573,236) (533,655) (163,547) (562,421) (114,030)
------------ ------------ ------------ ----------- ------------ ------------- ------------
7,176,575 361,534 4,472,345 1,463,224 862,036 4,568,220 2,322,871
------------ ------------ ------------ ----------- ------------ ------------- ------------
(1,271,004) 341,513 619,536 (152,851) 2,725,793 6,947,930 1,042,837
------------ ------------ ------------ ----------- ------------ ------------- ------------
64,153,235 (1,878,418) 38,330,773 16,239,206 1,746,837 28,439,038 32,187,986
-- -- -- (9,499) -- -- --
-- -- -- -- -- -- --
(292,332) (5,729) (68,709) (289,508) 19,877 -- (750,176)
-- -- -- -- -- -- --
-- -- -- -- -- -- --
------------ ------------ ------------ ----------- ------------ ------------- ------------
63,860,903 (1,884,147) 38,262,064 15,940,199 1,766,714 28,439,038 31,437,810
------------ ------------ ------------ ----------- ------------ ------------- ------------
575,142,631 7,543,543 83,619,867 54,791,262 (5,305,496) (47,053,272) 74,059,118
-- -- -- (6,099) -- -- --
-- -- -- -- -- -- --
815 129 (4,942) 41,833 (87) -- 709,454
-- -- -- -- -- -- --
-- -- -- -- -- -- --
------------ ------------ ------------ ----------- ------------ ------------- ------------
575,143,446 7,543,672 83,614,925 54,826,996 (5,305,583) (47,053,272) 74,768,572
------------ ------------ ------------ ----------- ------------ ------------- ------------
639,004,349 5,659,525 121,876,989 70,767,195 (3,538,869) (18,614,234) 106,206,382
------------ ------------ ------------ ----------- ------------ ------------- ------------
$637,733,345 $ 6,001,038 $122,496,525 $70,614,344 $ (813,076) $ (11,666,304) $107,249,219
============ ============ ============ =========== ============ ============= ============
$ 4,350 $ -- $ 33,845 $ 51,102 $ -- $ -- $ 375,745
============ ============ ============ =========== ============ ============= ============
$ -- $ -- $ -- $ 24 $ -- $ -- $ --
============ ============ ============ =========== ============ ============= ============
$ -- $ -- $ -- $ -- $ -- $ -- $ --
============ ============ ============ =========== ============ ============= ============
</TABLE>
56
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
For the Year Ended December 31, 1999
<TABLE>
<CAPTION>
T. ROWE PRICE T. ROWE PRICE WARBURG PINCUS
EQ/PUTNAM INVESTORS EQUITY INCOME INTERNATIONAL SMALL COMPANY
GROWTH PORTFOLIO PORTFOLIO STOCK PORTFOLIO VALUE PORTFOLIO
--------------------- --------------- ----------------- ----------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends+ .................................... $ 1,528,446 $ 6,740,017 $ 2,397,829 $ 1,360,405
Interest ...................................... 385,751 688,714 289,691 443,681
Securities lending--net ....................... 22,345 23,275 28,673 8,491
----------- ------------- ----------- ------------
Total income ................................ 1,936,542 7,452,006 2,716,193 1,812,577
----------- ------------- ----------- ------------
Expenses (Notes 1, 2, 3, 4, 5 and 7):
Investment management fee ..................... 1,469,035 1,487,784 1,186,330 974,661
Administrative fees ........................... 149,208 161,862 148,409 105,578
Custodian fees ................................ 51,638 33,190 162,937 47,443
Distribution fees--Class IB ................... 667,743 676,266 395,443 370,028
Printing and mailing expenses ................. 188,078 164,611 100,121 79,143
Professional fees ............................. 51,129 54,400 30,522 30,996
SEC registration fees ......................... -- 701 63 --
Interest expense on loans ..................... -- -- -- --
Trustees' fees ................................ 9,208 8,117 5,136 4,072
Amortization of deferred organizational
expense ..................................... 6,300 6,300 6,300 6,300
Miscellaneous ................................. 18,410 24,844 5,330 6,072
----------- ------------- ----------- ------------
Gross expenses .............................. 2,610,749 2,618,075 2,040,591 1,624,293
----------- ------------- ----------- ------------
Waivers and reimbursements: (Note 6)
Waiver of investment management fee ........... (140,687) (317,391) (141,721) (128,707)
Reimbursement from investment manager.......... -- -- -- --
----------- ------------- ----------- ------------
Total waivers and reimbursements ............ (140,687) (317,391) (141,721) (128,707)
----------- ------------- ----------- ------------
Net expenses .................................. 2,470,062 2,300,684 1,898,870 1,495,586
----------- ------------- ----------- ------------
NET INVESTMENT INCOME (LOSS) .................... (533,520) 5,151,322 817,323 316,991
----------- ------------- ----------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Realized Gain (Loss) on:
Securities .................................... 21,163,904 15,334,533 4,216,008 (7,367,115)
Swap agreements ............................... -- -- -- --
Options written ............................... -- -- -- --
Foreign currency transactions ................. (755) (24,220) (95,240) --
Forward commitments ........................... -- -- -- --
Futures contracts ............................. -- -- -- --
----------- ------------- ----------- ------------
Realized gain (loss)--net ...................... 21,163,149 15,310,313 4,120,768 (7,367,115)
----------- ------------- ----------- ------------
Change in Unrealized Appreciation
(Depreciation) on:
Securities .................................... 60,806,015 (13,320,318) 46,341,680 8,392,025
Swap agreements ............................... -- -- -- --
Options written ............................... -- -- -- --
Foreign currency translations ................. -- 53 2,897 --
Forward commitments ........................... -- -- -- --
Futures contracts ............................. -- -- -- --
----------- ------------- ----------- ------------
Unrealized appreciation (depreciation)--net..... 60,806,015 (13,320,265) 46,344,577 8,392,025
----------- ------------- ----------- ------------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ........ 81,969,164 1,990,048 50,465,345 1,024,910
----------- ------------- ----------- ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS ..................................... $81,435,644 $ 7,141,370 $51,282,668 $ 1,341,901
=========== ============= =========== ============
*Foreign taxes withheld on dividends. ........... $ -- $ 8,753 $ 326,719 $ --
=========== ============= =========== ============
*Foreign taxes withheld on interest. ............ $ -- $ -- $ -- $ --
=========== ============= =========== ============
+From affiliated companies ...................... $ -- $ -- $ -- $ --
=========== ============= =========== ============
</TABLE>
- ----------
** For the period from May 1, 1999 to December 31,1999.
*** For the period from September 1, 1999 to December 31, 1999.
See Notes to Financial Statements.
57
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
AGGRESSIVE STOCK PORTFOLIO BALANCED PORTFOLIO
------------------------------------- ---------------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
1999 1998 1999 1998
----------------- ----------------- -------------- --------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ............................ $ 13,437,482 $ 10,694,674 $ 53,439,890 $ 54,374,560
Realized gain (loss)--net ............................... 457,973,529 94,437,250 223,526,100 149,648,732
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated
assets and liabilities ................................. 272,418,799 (90,382,441) 55,310,810 99,779,596
----------------- ----------------- -------------- --------------
Net increase (decrease) in net assets from operations ... 743,829,810 14,749,483 332,276,800 303,802,888
----------------- ----------------- -------------- --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ................... (13,170,303) (19,956,153) (55,824,700) (48,802,014)
Dividends in excess of net investment income ........... -- -- -- --
Distributions from realized gains ...................... (256,788,478) (209,908,935) (196,695,608) (161,293,799)
Distributions in excess of realized gains .............. -- -- -- --
Return of capital distributions ........................ -- -- -- --
----------------- ----------------- -------------- --------------
Total Class IA dividends and distributions .............. (269,958,781) (229,865,088) (252,520,308) (210,095,813)
----------------- ----------------- -------------- --------------
Class IB:
Dividends from net investment income ................... (271,664) (496,396) (261,879) (106)
Dividends in excess of net investment income ........... -- -- -- --
Distributions from realized gains ...................... (14,096,388) (6,821,111) (954,216) (872)
Distributions in excess of realized gains .............. -- -- -- --
Return of capital distributions ........................ -- -- -- --
----------------- ----------------- -------------- --------------
Total Class IB dividends and distributions .............. (14,368,052) (7,317,507) (1,216,095) (978)
----------------- ----------------- -------------- --------------
Decrease in net assets from dividends and
distributions .......................................... (284,326,833) (237,182,595) (253,736,403) (210,096,791)
----------------- ----------------- -------------- --------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ............................................ 708,009,226 1,200,293,864 63,089,639 90,787,180
Shares issued in reinvestment of dividends and
distributions ......................................... 269,958,781 229,865,088 252,520,308 210,095,813
Shares redeemed ........................................ (1,395,167,138) (1,458,834,640) (204,349,216) (182,248,936)
----------------- ----------------- -------------- --------------
Total Class IA transactions ............................. (417,199,131) (28,675,688) 111,260,731 118,634,057
----------------- ----------------- -------------- --------------
Class IB:
Shares sold ............................................ 180,597,567 85,624,198 11,131,132 10,000
Shares issued in reinvestment of dividends and
distributions ......................................... 14,368,052 7,317,507 1,216,095 978
Shares redeemed ........................................ (135,815,708) (4,401,173) (1,574,158) --
----------------- ----------------- -------------- --------------
Total Class IB transactions ............................. 59,149,911 88,540,532 10,773,069 10,978
----------------- ----------------- -------------- --------------
Net increase (decrease) in net assets derived from
share transactions ..................................... (358,049,220) 59,864,844 122,033,800 118,645,035
----------------- ----------------- -------------- --------------
INCREASE (DECREASE) IN NET ASSETS ........................ 101,453,757 (162,568,268) 200,574,197 212,351,132
NET ASSETS, BEGINNING OF PERIOD .......................... 4,500,689,035 4,663,257,303 1,936,439,661 1,724,088,529
----------------- ----------------- -------------- --------------
NET ASSETS, END OF PERIOD ................................ $ 4,602,142,792 $ 4,500,689,035 $2,137,013,858 $1,936,439,661
================= ================= ============== ==============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ............. $ (182,095) $ (148,225) $ 283,628 $ 4,480,474
================= ================= ============== ==============
SHARE TRANSACTIONS:
Class IA:
Shares sold ............................................ 19,861,102 33,480,797 3,261,822 4,836,054
Shares issued in reinvestment of dividends and
distributions ......................................... 7,335,998 7,661,455 13,389,604 11,476,087
Shares redeemed ........................................ (39,547,878) (40,575,903) (10,449,503) (9,732,301)
----------------- ----------------- -------------- --------------
Total Class IA transactions ............................. (12,350,778) 566,349 6,201,923 6,579,840
================= ================= ============== ==============
Class IB:
Shares sold ............................................ 5,021,046 2,372,000 575,349 513
Shares issued in reinvestment of dividends and
distributions ......................................... 392,149 244,653 64,639 54
Shares redeemed ........................................ (3,767,820) (129,735) (81,722) --
----------------- ----------------- -------------- --------------
Total Class IB transactions ............................. 1,645,375 2,486,918 558,266 567
================= ================= ============== ==============
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1998
commenced operations on January 1, 1999.
See Notes to Financial Statements.
58
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE ALLIANCE
COMMON STOCK PORTFOLIO CONSERVATIVE INVESTORS PORTFOLIO EQUITY INDEX PORTFOLIO
- ----------------------------------------- ----------------------------------- ---------------------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
1999 1998 1999 1998 1999 1998
- ------------------- ------------------- ---------------- ---------------- ------------------ ------------------
<S> <C> <C> <C> <C> <C>
$ 91,069,420 $ 79,924,991 $ 15,867,464 $ 13,590,507 $ 23,166,655 $ 16,011,288
2,936,775,694 1,293,579,317 19,264,300 17,894,855 6,116,311 13,814,552
286,919,858 1,484,721,400 7,251,542 13,769,937 388,009,109 292,227,685
- ----------------- ---------------- ------------- ------------- -------------- --------------
3,314,764,972 2,858,225,708 42,383,306 45,255,299 417,292,075 322,053,525
- ----------------- ---------------- ------------- ------------- -------------- --------------
(80,106,579) (66,892,105) (12,999,537) (12,787,640) (23,627,043) (15,462,444)
-- -- -- -- -- --
(1,979,105,937) (1,453,774,524) (16,328,304) (18,882,918) (19,451,589) (495,835)
-- -- -- -- -- --
-- -- -- -- -- --
- ----------------- ---------------- ------------- ------------- -------------- --------------
(2,059,212,516) (1,520,666,629) (29,327,841) (31,670,558) (43,078,632) (15,958,279)
- ----------------- ---------------- ------------- ------------- -------------- --------------
(7,239,712) (1,845,494) (2,568,309) (702,882) (153,610) (2,375)
-- -- -- -- -- --
(215,594,702) (96,324,343) (3,241,687) (1,574,187) (79,099) (115)
-- -- -- -- -- --
-- -- -- -- -- --
- ----------------- ---------------- ------------- ------------- -------------- --------------
(222,834,414) (98,169,837) (5,809,996) (2,277,069) (232,709) (2,490)
- ----------------- ---------------- ------------- ------------- -------------- --------------
(2,282,046,930) (1,618,836,466) (35,137,837) (33,947,627) (43,311,341) (15,960,769)
- ----------------- ---------------- ------------- ------------- -------------- --------------
1,123,801,150 1,061,850,530 39,408,737 44,384,823 1,407,997,155 593,669,442
2,059,212,516 1,520,666,629 29,327,841 31,670,558 43,078,632 15,958,279
(1,266,364,534) (1,054,408,083) (36,860,029) (39,710,758) (894,990,900) (169,374,643)
- ----------------- ---------------- ------------- ------------- -------------- --------------
1,916,649,132 1,528,109,076 31,876,549 36,344,623 556,084,887 440,253,078
- ----------------- ---------------- ------------- ------------- -------------- --------------
544,558,155 475,955,734 45,581,999 25,242,172 21,731,777 289,964
222,834,414 98,169,837 5,809,996 2,277,069 232,709 2,490
(19,319,264) (6,276,804) (2,564,620) (618,411) (2,915,656) (23,916)
- ----------------- ---------------- ------------- ------------- -------------- --------------
748,073,305 567,848,767 48,827,375 26,900,830 19,048,830 268,538
- ----------------- ---------------- ------------- ------------- -------------- --------------
2,664,722,437 2,095,957,843 80,703,924 63,245,453 575,133,717 440,521,616
- ----------------- ---------------- ------------- ------------- -------------- --------------
3,697,440,479 3,335,347,085 87,949,393 74,553,125 949,114,451 746,614,372
12,896,120,818 9,560,773,733 388,094,039 313,540,914 1,690,355,396 943,741,024
- ----------------- ---------------- ------------- ------------- -------------- --------------
$ 16,593,561,297 $ 12,896,120,818 $ 476,043,432 $ 388,094,039 $2,639,469,847 $1,690,355,396
================= ================ ============= ============= ============== ==============
$ 5,265,440 $ 4,587,455 $ (15,419) $ (38,513) $ (11,525) $ 533,199
================= ================ ============= ============= ============== ==============
42,143,272 43,379,931 3,115,590 3,583,057 52,550,528 26,611,092
81,095,409 63,907,193 2,363,445 2,581,375 1,519,715 694,933
(47,138,027) (43,764,983) (2,898,424) (3,201,439) (33,137,891) (7,487,195)
- ----------------- ---------------- ------------- ------------- -------------- --------------
76,100,654 63,522,141 2,580,611 2,962,993 20,932,352 19,818,830
================= ================ ============= ============= ============== ==============
20,618,840 19,886,395 3,596,423 2,038,248 792,127 13,073
8,815,722 4,121,858 469,813 185,980 8,152 108
(729,960) (278,288) (201,084) (49,850) (108,414) (1,032)
- ----------------- ---------------- ------------- ------------- -------------- --------------
28,704,602 23,729,965 3,865,152 2,174,378 691,865 12,149
================= ================ ============= ============= ============== ==============
</TABLE>
59
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
GLOBAL PORTFOLIO GROWTH AND INCOME PORTFOLIO
--------------------------------- ------------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
1999 1998 1999 1998
-------------- -------------- -------------- -------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ............................ $ 6,972,476 $ 9,414,726 $ 3,600,899 $ 2,787,302
Realized gain (loss)--net ............................... 203,507,158 118,228,354 193,277,934 80,187,460
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated
assets and liabilities ................................. 337,602,949 124,534,839 17,426,950 69,192,430
-------------- -------------- -------------- -------------
Net increase (decrease) in net assets from operations ... 548,082,583 252,177,919 214,305,783 152,167,192
-------------- -------------- -------------- -------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ................... (1,454,359) (15,151,207) (2,865,092) (2,436,074)
Dividends in excess of net investment income ........... -- -- -- --
Distributions from realized gains ...................... (115,123,239) (86,201,793) (112,187,178) (70,415,789)
Distributions in excess of realized gains .............. -- -- -- --
Return of capital distributions ........................ -- -- -- --
-------------- -------------- -------------- -------------
Total Class IA dividends and distributions .............. (116,577,598) (101,353,000) (115,052,270) (72,851,863)
-------------- -------------- -------------- -------------
Class IB:
Dividends from net investment income ................... -- (363,521) (379,734) (162,340)
Dividends in excess of net investment income ........... -- -- -- --
Distributions from realized gains ...................... (6,554,424) (2,973,624) (23,078,908) (9,420,614)
Distributions in excess of realized gains .............. -- -- -- --
Return of capital distributions ........................ -- -- -- --
-------------- -------------- -------------- -------------
Total Class IB dividends and distributions .............. (6,554,424) (3,337,145) (23,458,642) (9,582,954)
-------------- -------------- -------------- -------------
Decrease in net assets from dividends and
distributions .......................................... (123,132,022) (104,690,145) (138,510,912) (82,434,817)
-------------- -------------- -------------- -------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ............................................ 569,586,002 155,109,252 231,094,714 251,966,056
Shares issued in reinvestment of dividends and
distributions ......................................... 116,577,598 101,353,000 115,052,270 72,851,863
Shares redeemed ........................................ (582,276,287) (244,390,306) (49,837,947) (65,846,350)
-------------- -------------- -------------- -------------
Total Class IA transactions ............................. 103,887,313 12,071,946 296,309,037 258,971,569
-------------- -------------- -------------- -------------
Class IB:
Shares sold ............................................ 110,041,272 22,632,466 110,650,168 75,779,471
Shares issued in reinvestment of dividends and
distributions ......................................... 6,554,424 3,337,145 23,458,642 9,582,954
Shares redeemed ........................................ (63,399,721) (2,713,553) (1,233,068) (3,520,202)
-------------- -------------- -------------- -------------
Total Class IB transactions ............................. 53,195,975 23,256,058 132,875,742 81,842,223
-------------- -------------- -------------- -------------
Net increase (decrease) in net assets derived from
share transactions ..................................... 157,083,288 35,328,004 429,184,779 340,813,792
-------------- -------------- -------------- -------------
INCREASE (DECREASE) IN NET ASSETS ........................ 582,033,849 182,815,778 504,979,650 410,546,167
NET ASSETS, BEGINNING OF PERIOD .......................... 1,408,202,773 1,225,386,995 998,302,060 587,755,893
-------------- -------------- -------------- -------------
NET ASSETS, END OF PERIOD ................................ $1,990,236,622 $1,408,202,773 $1,503,281,710 $ 998,302,060
============== ============== ============== =============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ............. $ 1,207,650 $ (4,115,630) $ 537,090 $ 181,017
============== ============== ============== =============
SHARE TRANSACTIONS:
Class IA:
Shares sold ............................................ 25,989,276 8,066,603 12,628,186 15,163,368
Shares issued in reinvestment of dividends and
distributions ......................................... 4,939,434 5,362,782 6,486,015 4,401,644
Shares redeemed ........................................ (26,542,724) (13,140,812) (2,704,614) (3,992,469)
-------------- -------------- -------------- -------------
Total Class IA transactions ............................. 4,385,986 288,573 16,409,587 15,572,543
============== ============== ============== =============
Class IB:
Shares sold ............................................ 4,911,122 1,194,769 6,034,182 4,613,042
Shares issued in reinvestment of dividends and
distributions ......................................... 277,863 176,642 1,328,350 579,115
Shares redeemed ........................................ (2,828,223) (145,815) (68,258) (208,611)
-------------- -------------- -------------- -------------
Total Class IB transactions ............................. 2,360,762 1,225,596 7,294,274 4,983,546
============== ============== ============== =============
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1998
commenced operations on January 1, 1999.
See Notes to Financial Statements.
60
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE
ALLIANCE ALLIANCE INTERMEDIATE GOVERNMENT
GROWTH INVESTORS PORTFOLIO HIGH YIELD PORTFOLIO SECURITIES PORTFOLIO
- --------------------------------------- ----------------------------------- ----------------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
1999 1998 1999 1998 1999 1998
- ------------------ ------------------ ---------------- ---------------- ---------------- ---------------
<S> <C> <C> <C> <C> <C>
$ 38,814,797 $ 38,229,669 $ 62,027,275 $ 59,339,850 $ 10,311,927 $ 7,810,216
243,360,744 147,510,271 (68,199,495) (25,614,101) (6,121,078) 2,997,540
277,463,523 137,214,556 (14,682,508) (71,913,643) (4,193,057) 108,806
- ---------------- -------------- -------------- -------------- ------------- -------------
559,639,064 322,954,496 (20,854,728) (38,187,894) (2,208) 10,916,562
- ---------------- -------------- -------------- -------------- ------------- -------------
(35,087,398) (36,481,422) (38,655,967) (42,986,540) (8,054,118) (6,948,505)
-- -- -- -- -- --
(214,684,595) (156,501,489) (375,496) (8,030,526) -- --
-- -- -- -- -- --
-- -- (654,735) -- -- --
- ---------------- -------------- -------------- -------------- ------------- -------------
(249,771,993) (192,982,911) (39,686,198) (51,017,066) (8,054,118) (6,948,505)
- ---------------- -------------- -------------- -------------- ------------- -------------
(2,456,114) (1,186,181) (26,216,483) (16,704,168) (2,282,495) (839,019)
-- -- -- -- -- --
(16,901,936) (7,045,472) (230,184) (3,915,248) -- --
-- -- -- -- -- --
-- -- (445,234) -- -- --
- ---------------- -------------- -------------- -------------- ------------- -------------
(19,358,050) (8,231,653) (26,891,901) (20,619,416) (2,282,495) (839,019)
- ---------------- -------------- -------------- -------------- ------------- -------------
(269,130,043) (201,214,564) (66,578,099) (71,636,482) (10,336,613) (7,787,524)
- ---------------- -------------- -------------- -------------- ------------- -------------
135,696,919 120,550,111 72,642,115 192,696,791 46,098,812 70,532,629
249,771,993 192,982,911 39,686,198 51,017,066 8,054,118 6,948,505
(127,479,927) (99,572,371) (128,930,068) (118,180,171) (42,648,178) (42,186,626)
- ---------------- -------------- -------------- -------------- ------------- -------------
257,988,985 213,960,651 (16,601,755) 125,533,686 11,504,752 35,294,508
- ---------------- -------------- -------------- -------------- ------------- -------------
80,896,203 50,028,647 54,456,660 160,113,817 21,897,949 26,363,094
19,358,050 8,231,653 26,891,901 20,619,416 2,282,495 839,019
(5,216,147) (4,979,079) (23,082,178) (5,903,002) (6,853,001) (1,510,389)
- ---------------- -------------- -------------- -------------- ------------- -------------
95,038,106 53,281,221 58,266,383 174,830,231 17,327,443 25,691,724
- ---------------- -------------- -------------- -------------- ------------- -------------
353,027,091 267,241,872 41,664,628 300,363,917 28,832,195 60,986,232
- ---------------- -------------- -------------- -------------- ------------- -------------
643,536,112 388,981,804 (45,768,199) 190,539,541 18,493,374 64,115,270
2,055,100,519 1,666,118,715 612,350,419 421,810,878 184,281,166 120,165,896
- ---------------- -------------- -------------- -------------- ------------- -------------
$2,698,636,631 $2,055,100,519 $ 566,582,220 $ 612,350,419 $ 202,774,540 $ 184,281,166
================ ============== ============== ============== ============= =============
$ (283,237) $ (1,007,460) $ (2,551,850) $ (123,847) $ (7,295) $ 41,806
================ ============== ============== ============== ============= =============
6,330,723 6,034,474 8,460,267 18,951,617 4,788,562 7,332,095
11,375,562 9,929,342 5,325,846 5,403,877 877,113 724,448
(5,914,752) (5,077,946) (15,077,328) (11,963,174) (4,435,130) (4,388,356)
- ---------------- -------------- -------------- -------------- ------------- -------------
11,791,533 10,885,870 (1,291,215) 12,392,320 1,230,545 3,668,187
================ ============== ============== ============== ============= =============
3,732,486 2,539,628 6,401,525 15,829,829 2,283,355 2,732,736
884,077 424,011 3,624,796 2,231,229 249,345 87,259
(242,918) (253,305) (2,739,419) (612,661) (715,055) (156,546)
- ---------------- -------------- -------------- -------------- ------------- -------------
4,373,645 2,710,334 7,286,902 17,448,397 1,817,645 2,663,449
================ ============== ============== ============== ============= =============
</TABLE>
61
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
INTERNATIONAL PORTFOLIO MONEY MARKET PORTFOLIO
-------------------------------- ------------------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
1999 1998 1999 1998
--------------- --------------- ----------------- -----------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ............................ $ 1,567,429 $ 1,684,286 $ 58,129,517 $ 38,632,711
Realized gain (loss)--net ............................... 16,977,041 4,970,328 21,705 15,569
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated
assets and liabilities ................................. 65,090,803 14,979,423 (432,466) 580,153
--------------- --------------- ----------------- -----------------
Net increase (decrease) in net assets from operations ... 83,635,273 21,634,037 57,718,756 39,228,433
--------------- --------------- ----------------- -----------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ................... -- (3,728,549) (36,346,698) (27,368,048)
Dividends in excess of net investment income ........... -- -- -- --
Distributions from realized gains ...................... (4,610,764) (39,070) (35,100) (21,660)
Distributions in excess of realized gains .............. -- -- -- --
Return of capital distributions ........................ -- -- -- --
--------------- --------------- ----------------- -----------------
Total Class IA dividends and distributions .............. (4,610,764) (3,767,619) (36,381,798) (27,389,708)
--------------- --------------- ----------------- -----------------
Class IB:
Dividends from net investment income ................... -- (100,012) (21,445,581) (11,444,905)
Dividends in excess of net investment income ........... -- -- -- --
Distributions from realized gains ...................... (252,246) (1,254) (20,756) (9,300)
Distributions in excess of realized gains .............. -- -- -- --
Return of capital distributions ........................ -- -- -- --
--------------- --------------- ----------------- -----------------
Total Class IB dividends and distributions .............. (252,246) (101,266) (21,466,337) (11,454,205)
--------------- --------------- ----------------- -----------------
Decrease in net assets from dividends and
distributions .......................................... (4,863,010) (3,868,885) (57,848,135) (38,843,913)
--------------- --------------- ----------------- -----------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ............................................ 766,712,476 451,931,751 1,792,363,589 1,395,774,350
Shares issued in reinvestment of dividends and
distributions ......................................... 4,610,764 3,767,619 36,381,798 27,389,708
Shares redeemed ........................................ (782,625,425) (459,041,931) (1,670,541,273) (1,150,845,557)
--------------- --------------- ----------------- -----------------
Total Class IA transactions ............................. (11,302,185) (3,342,561) 158,204,114 272,318,501
--------------- --------------- ----------------- -----------------
Class IB:
Shares sold ............................................ 41,487,420 6,597,093 943,207,922 412,735,045
Shares issued in reinvestment of dividends and
distributions ......................................... 252,246 101,266 21,466,337 11,454,205
Shares redeemed ........................................ (34,002,372) (2,708,158) (789,078,018) (160,498,113)
--------------- --------------- ----------------- -----------------
Total Class IB transactions ............................. 7,737,294 3,990,201 175,596,241 263,691,137
--------------- --------------- ----------------- -----------------
Net increase (decrease) in net assets derived from
share transactions ..................................... (3,564,891) 647,640 333,800,355 536,009,638
--------------- --------------- ----------------- -----------------
INCREASE (DECREASE) IN NET ASSETS ........................ 75,207,372 18,412,792 333,670,976 536,394,158
NET ASSETS, BEGINNING OF PERIOD .......................... 212,309,968 193,897,176 1,110,029,608 573,635,450
--------------- --------------- ----------------- -----------------
NET ASSETS, END OF PERIOD ................................ $ 287,517,340 $ 212,309,968 $ 1,443,700,584 $ 1,110,029,608
=============== =============== ================= =================
Net Assets include accumulated undistributed
(overdistributed) net investment income of ............. $ 522,334 $ (487,521) $ 273,673 $ (30,306)
=============== =============== ================= =================
SHARE TRANSACTIONS:
Class IA:
Shares sold ............................................ 63,658,279 40,984,802 171,262,736 136,020,103
Shares issued in reinvestment of dividends and
distributions ......................................... 315,319 362,445 3,544,389 2,682,886
Shares redeemed ........................................ (64,502,536) (41,520,686) (159,578,586) (112,151,509)
--------------- --------------- ----------------- -----------------
Total Class IA transactions ............................. (528,938) (173,439) 15,228,539 26,551,480
=============== =============== ================= =================
Class IB:
Shares sold ............................................ 3,256,563 592,943 89,900,709 40,257,599
Shares issued in reinvestment of dividends and
distributions ......................................... 17,319 9,904 2,098,671 1,123,590
Shares redeemed ........................................ (2,684,319) (244,562) (75,257,415) (15,656,425)
--------------- --------------- ----------------- -----------------
Total Class IB transactions ............................. 589,563 358,285 16,741,965 25,724,764
=============== =============== ================= =================
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1998
commenced operations on January 1, 1999.
See Notes to Financial Statements.
62
<PAGE>
<TABLE>
<CAPTION>
EQ/ALLIANCE ALLIANCE
PREMIER ALLIANCE SMALL CAP GROWTH BT EQUITY 500
GROWTH PORTFOLIO QUALITY BOND PORTFOLIO PORTFOLIO INDEX PORTFOLIO
- ------------------ --------------------------------- --------------------------------- --------------------------------
MAY 1, 1999* YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
TO
DECEMBER 31, 1999 1999 1998 1999 1998 1999 1998
- ------------------ ---------------- ---------------- ---------------- ---------------- ---------------- ---------------
<S> <C> <C> <C> <C> <C> <C>
$ 247,158 $ 18,992,962 $ 14,192,221 $ (1,497,694) $ (12,012) $ 3,630,391 $ 1,022,204
5,045,392 (8,816,272) 6,621,611 10,726,801 (21,147,657) 1,401,474 647,013
46,997,572 (16,848,190) 759,535 82,375,695 11,287,980 81,778,484 21,141,835
- --------------- ------------- ------------- -------------- -------------- ------------- -------------
52,290,122 (6,671,500) 21,573,367 91,604,802 (9,871,689) 86,810,349 22,811,052
- --------------- ------------- ------------- -------------- -------------- ------------- -------------
(34,034) (17,589,221) (14,217,744) -- (16,814) -- --
-- -- -- -- -- -- --
(63,205) (1,223,552) (6,441,066) -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
- --------------- ------------- ------------- -------------- -------------- ------------- -------------
(97,239) (18,812,773) (20,658,810) -- (16,814) -- --
- --------------- ------------- ------------- -------------- -------------- ------------- -------------
(271,787) (36,752) (256) -- -- (3,617,157) (1,034,895)
(38) -- -- -- -- -- --
(951,387) (732) (209) -- -- (1,711,901) --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
- --------------- ------------- ------------- -------------- -------------- ------------- -------------
(1,223,212) (37,484) (465) -- -- (5,329,058) (1,034,895)
- --------------- ------------- ------------- -------------- -------------- ------------- -------------
(1,320,451) (18,850,257) (20,659,275) -- (16,814) (5,329,058) (1,034,895)
- --------------- ------------- ------------- -------------- -------------- ------------- -------------
28,829,662 64,844,906 121,204,490 906,605,851 625,198,674 -- --
97,239 18,812,773 20,658,810 -- 16,814 -- --
(2,970,425) (50,704,739) (23,592,796) (921,047,579) (515,462,936) -- --
- --------------- ------------- ------------- -------------- -------------- ------------- -------------
25,956,476 32,952,940 118,270,504 (14,441,728) 109,752,552 -- --
- --------------- ------------- ------------- -------------- -------------- ------------- -------------
404,273,973 1,273,740 10,000 68,620,966 72,962,781 405,084,011 223,661,715
1,223,212 37,484 465 -- -- 5,329,058 1,034,895
(2,266,498) (181,846) -- (53,068,271) (3,211,937) (32,597,511) (22,226,914)
- --------------- ------------- ------------- -------------- -------------- ------------- -------------
403,230,687 1,129,378 10,465 15,552,695 69,750,844 377,815,558 202,469,696
- --------------- ------------- ------------- -------------- -------------- ------------- -------------
429,187,163 34,082,318 118,280,969 1,110,967 179,503,396 377,815,558 202,469,696
- --------------- ------------- ------------- -------------- -------------- ------------- -------------
480,156,834 8,560,561 119,195,061 92,715,769 169,614,893 459,296,849 224,245,853
-- 322,428,539 203,233,478 310,614,345 140,999,452 224,246,853 1,000
- --------------- ------------- ------------- -------------- -------------- ------------- -------------
$480,156,834 $ 330,989,100 $ 322,428,539 $ 403,330,114 $ 310,614,345 $ 683,543,702 $ 224,246,853
=============== ============= ============= ============== ============== ============= =============
$ (38) $ 1,661,319 $ 397,762 $ (2,292) $ (2,244) $ 22,663 $ 3,162
=============== ============= ============= ============== ============== ============= =============
2,700,976 6,686,042 12,172,248 76,802,715 52,458,409 -- --
8,537 2,058,365 2,093,682 -- 1,203 -- --
(280,563) (5,287,253) (2,355,892) (77,625,170) (43,349,403) -- --
- --------------- ------------- ------------- -------------- -------------- ------------- -------------
2,428,950 3,457,154 11,910,038 (822,455) 9,110,209 -- --
=============== ============= ============= ============== ============== ============= =============
38,155,695 133,981 1,010 5,672,727 6,064,836 30,053,374 19,947,642
107,488 4,119 47 -- -- 370,731 84,967
(220,495) (18,850) -- (4,394,816) (295,805) (2,403,412) (2,017,457)
- --------------- ------------- ------------- -------------- -------------- ------------- -------------
38,042,688 119,250 1,057 1,277,911 5,769,031 28,020,693 18,015,152
=============== ============= ============= ============== ============== ============= =============
</TABLE>
63
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
BT INTERNATIONAL BT SMALL COMPANY
EQUITY INDEX PORTFOLIO INDEX PORTFOLIO
-------------------------------- -------------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
1999 1998 1999 1998
--------------- ---------------- --------------- ---------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) .................................. $ 638,528 $ 309,782 $ 464,930 $ 215,371
Realized gain (loss)--net ..................................... 2,327,113 (16,178) 2,715,139 401,078
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated
assets and liabilities ....................................... 16,001,254 4,630,689 6,672,972 (740,526)
------------- ------------- ------------- ------------
Net increase (decrease) in net assets from operations ......... 18,966,895 4,924,293 9,853,041 (124,077)
------------- ------------- ------------- ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ......................... (30,859) (8,547) -- --
Dividends in excess of net investment income ................. (3,694) (260) -- --
Distributions from realized gains ............................ (27,710) -- -- --
Distributions in excess of realized gains .................... -- -- -- --
Return of capital distributions .............................. -- -- -- --
------------- ------------- ------------- ------------
Total Class IA dividends and distributions .................... (62,263) (8,807) -- --
------------- ------------- ------------- ------------
Class IB:
Dividends from net investment income ......................... (604,356) (584,566) (457,772) (223,243)
Dividends in excess of net investment income ................. (99,011) (17,770) -- --
Distributions from realized gains ............................ (694,040) -- (2,822,968) (401,078)
Distributions in excess of realized gains .................... -- -- -- (23,362)
Return of capital distributions .............................. -- -- -- --
------------- ------------- ------------- ------------
Total Class IB dividends and distributions .................... (1,397,407) (602,336) (3,280,740) (647,683)
------------- ------------- ------------- ------------
Decrease in net assets from dividends and
distributions ................................................ (1,459,670) (611,143) (3,280,740) (647,683)
------------- ------------- ------------- ------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold .................................................. 3,707,696 1,304,807 -- --
Shares issued in reinvestment of dividends and
distributions ............................................... 62,263 8,807 -- --
Shares redeemed .............................................. (1,526,927) (598,860) -- --
------------- ------------- ------------- ------------
Total Class IA transactions ................................... 2,243,032 714,754 -- --
------------- ------------- ------------- ------------
Class IB:
Shares sold .................................................. 84,105,060 53,227,128 39,215,812 34,192,251
Shares issued in reinvestment of dividends and
distributions ............................................... 1,397,407 602,336 3,280,740 647,683
Shares redeemed .............................................. (55,852,892) (10,048,028) (21,746,627) (1,460,486)
------------- ------------- ------------- ------------
Total Class IB transactions ................................... 29,649,575 43,781,436 20,749,925 33,379,448
------------- ------------- ------------- ------------
Net increase (decrease) in net assets derived from
share transactions ........................................... 31,892,607 44,496,190 20,749,925 33,379,448
------------- ------------- ------------- ------------
INCREASE (DECREASE) IN NET ASSETS .............................. 49,399,832 48,809,340 27,322,226 32,607,688
NET ASSETS, BEGINNING OF PERIOD ................................ 48,810,340 1,000 32,608,688 1,000
------------- ------------- ------------- ------------
NET ASSETS, END OF PERIOD ...................................... $ 98,210,172 $ 48,810,340 $ 59,930,914 $ 32,608,688
============= ============= ============= ============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ................... $ (102,705) $ (18,030) $ 18,621 $ 5,196
============= ============= ============= ============
SHARE TRANSACTIONS:
Class IA:
Shares sold .................................................. 295,810 112,153 -- --
Shares issued in reinvestment of dividends and
distributions ............................................... 4,409 760 -- --
Shares redeemed .............................................. (117,980) (50,836) -- --
------------- ------------- ------------- ------------
Total Class IA transactions ................................... 182,239 62,077 -- --
============= ============= ============= ============
Class IB:
Shares sold .................................................. 6,505,900 4,910,743 3,972,966 3,497,021
Shares issued in reinvestment of dividends and
distributions ............................................... 98,907 51,925 319,751 71,331
Shares redeemed .............................................. (4,300,653) (905,704) (2,183,195) (156,037)
------------- ------------- ------------- ------------
Total Class IB transactions ................................... 2,304,154 4,056,964 2,109,522 3,412,315
============= ============= ============= ============
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1998
commenced operations on January 1, 1999.
See Notes to Financial Statements.
64
<PAGE>
<TABLE>
<CAPTION>
CALVERT
SOCIALLY CAPITAL GUARDIAN CAPITAL GUARDIAN CAPITAL GUARDIAN
RESPONSIBLE INTERNATIONAL RESEARCH U.S. EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -------------------- ------------------- ------------------- ------------------
SEPTEMBER 1, 1999* MAY 1, 1999* MAY 1, 1999* MAY 1, 1999*
TO TO TO TO
DECEMBER 31, 1999 DECEMBER 31, 1999 DECEMBER 31, 1999 DECEMBER 31, 1999
- -------------------- ------------------- ------------------- ------------------
<S> <C> <C> <C>
$ (1,474) $ 2,760 $ 44,972 $ 133,790
39,268 (194,530) (31,871) 101,521
150,089 11,064,165 2,079,153 2,475,853
---------- ------------ ----------- ------------
187,883 10,872,395 2,092,254 2,711,164
---------- ------------ ----------- ------------
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
---------- ------------ ----------- ------------
-- -- -- --
---------- ------------ ----------- ------------
-- -- (52,999) (148,946)
-- -- (19) (23)
(14,027) -- (5,092) (101,428)
-- -- -- (92,358)
-- -- -- --
---------- ------------ ----------- ------------
(14,027) -- (58,110) (342,755)
---------- ------------ ----------- ------------
(14,027) -- (58,110) (342,755)
---------- ------------ ----------- ------------
-- -- -- --
-- -- -- --
-- -- -- --
---------- ------------ ----------- ------------
-- -- -- --
---------- ------------ ----------- ------------
2,481,988 46,802,393 32,801,975 69,113,142
14,027 -- 58,110 342,755
(47,727) (5,625,628) (990,772) (4,351,881)
---------- ------------ ----------- ------------
2,448,288 41,176,765 31,869,313 65,104,016
---------- ------------ ----------- ------------
2,448,288 41,176,765 31,869,313 65,104,016
---------- ------------ ----------- ------------
2,622,144 52,049,160 33,903,457 67,472,425
-- -- -- --
---------- ------------ ----------- ------------
$2,622,144 $ 52,049,160 $33,903,457 $ 67,472,425
========== ============ =========== ============
$ -- $ (84,006) $ (19) $ (23)
========== ============ =========== ============
-- -- -- --
-- -- -- --
-- -- -- --
---------- ------------ ----------- ------------
-- -- -- --
========== ============ =========== ============
247,171 4,151,307 3,265,406 6,933,523
1,331 -- 5,631 34,379
(4,713) (460,199) (98,705) (427,843)
---------- ------------ ----------- ------------
243,789 3,691,108 3,172,332 6,540,059
========== ============ =========== ============
</TABLE>
65
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQ/EVERGREEN FOUNDATION
EQ/EVERGREEN PORTFOLIO PORTFOLIO
---------------------------- ----------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
1999 1998** 1999 1998**
-------------- ----------- -------------- -----------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ................................. $ 16,607 $ -- $ 90,973 $ --
Realized gain (loss)--net .................................... (215,326) -- (273,254) --
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated
assets and liabilities ...................................... 499,759 -- 695,516 --
---------- --------- ---------- ---------
Net increase (decrease) in net assets from operations ........ 301,040 -- 513,235 --
---------- --------- ---------- ---------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ........................ -- -- -- --
Dividends in excess of net investment income ................ -- -- -- --
Distributions from realized gains ........................... -- -- -- --
Distributions in excess of realized gains ................... -- -- -- --
Return of capital distributions ............................. -- -- -- --
---------- --------- ---------- ---------
Total Class IA dividends and distributions ................... -- -- -- --
---------- --------- ---------- ---------
Class IB:
Dividends from net investment income ........................ (17,085) -- (90,699) --
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 ................... (17,085) -- (90,699) --
---------- --------- ---------- ---------
Decrease in net assets from dividends and
distributions ............................................... (17,085) -- (90,699) --
---------- --------- ---------- ---------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ................................................. -- -- -- --
Shares issued in reinvestment of dividends and
distributions .............................................. -- -- -- --
Shares redeemed ............................................. -- -- -- --
---------- --------- ---------- ---------
Total Class IA transactions .................................. -- -- -- --
---------- --------- ---------- ---------
Class IB:
Shares sold ................................................. 5,451,466 1,000 9,302,072 1,000
Shares issued in reinvestment of dividends and
distributions .............................................. 17,085 -- 90,699 --
Shares redeemed ............................................. (935,411) -- (929,322) --
---------- --------- ---------- ---------
Total Class IB transactions .................................. 4,533,140 1,000 8,463,449 1,000
---------- --------- ---------- ---------
Net increase (decrease) in net assets derived from
share transactions .......................................... 4,533,140 1,000 8,463,449 1,000
---------- --------- ---------- ---------
INCREASE (DECREASE) IN NET ASSETS ............................. 4,817,095 1,000 8,885,985 1,000
NET ASSETS, BEGINNING OF PERIOD ............................... 1,000 -- 1,000 --
---------- --------- ---------- ---------
NET ASSETS, END OF PERIOD ..................................... $4,818,095 $ 1,000 $8,886,985 $ 1,000
========== ========= ========== =========
Net Assets include accumulated undistributed
(overdistributed) net investment income of .................. $ 250 $ -- $ 1,033 $ --
========== ========= ========== =========
SHARE TRANSACTIONS:
Class IA:
Shares sold ................................................. -- -- -- --
Shares issued in reinvestment of dividends and
distributions .............................................. -- -- -- --
Shares redeemed ............................................. -- -- -- --
---------- --------- ---------- ---------
Total Class IA transactions .................................. -- -- -- --
========== ========= ========== =========
Class IB:
Shares sold ................................................. 528,545 100 917,169 100
Shares issued in reinvestment of dividends and
distributions .............................................. 1,597 -- 8,688 --
Shares redeemed ............................................. (89,439) -- (89,010) --
---------- --------- ---------- ---------
Total Class IB transactions .................................. 440,703 100 836,847 100
========== ========= ========== =========
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1998
commenced operations on January 1, 1999.
See Notes to Financial Statements.
66
<PAGE>
<TABLE>
<CAPTION>
JPM CORE BOND PORTFOLIO LAZARD LARGE CAP VALUE PORTFOLIO LAZARD SMALL CAP VALUE PORTFOLIO
- ----------------------------------- ----------------------------------- ----------------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
1999 1998 1999 1998 1999 1998
- ---------------- ---------------- ---------------- ---------------- ---------------- ---------------
<S> <C> <C> <C> <C> <C>
$ 7,236,587 $ 1,897,022 $ 1,158,512 $ 348,185 $ 291,453 $ 126,263
(4,656,671) 941,602 1,796,163 (537,158) 433,250 (675,981)
(4,495,975) 287,753 (793,720) 6,923,208 444,087 (1,239,410)
------------- ------------ ------------ ------------ ------------- ------------
(1,916,059) 3,126,377 2,160,955 6,734,235 1,168,790 (1,789,128)
------------- ------------ ------------ ------------ ------------- ------------
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
------------- ------------ ------------ ------------ ------------- ------------
-- -- -- -- -- --
------------- ------------ ------------ ------------ ------------- ------------
(7,099,994) (1,885,859) (1,170,861) (355,221) (287,996) (135,415)
-- (56,429) (761) (8) -- --
-- (963,793) (1,975,866) -- (464,119) --
-- (85,138) -- -- -- --
-- -- -- -- -- --
------------- ------------ ------------ ------------- ------------- ------------
(7,099,994) (2,991,219) (3,147,488) (355,229) (752,115) (135,415)
------------- ------------ ------------ ------------- ------------- ------------
(7,099,994) (2,991,219) (3,147,488) (355,229) (752,115) (135,415)
------------- ------------ ------------ ------------- ------------- ------------
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
------------- ------------ ------------ ------------- ------------- ------------
-- -- -- -- -- --
------------- ------------ ------------ ------------- ------------- ------------
73,348,040 104,618,746 65,702,996 70,032,073 31,581,054 55,276,760
7,099,994 2,991,219 3,147,488 355,229 752,115 135,415
(18,177,044) (4,419,883) (8,948,432) (2,179,659) (11,188,446) (2,442,967)
------------- ------------ ------------ ------------- ------------- ------------
62,270,990 103,190,082 59,902,052 68,207,643 21,144,723 52,969,208
------------- ------------ ------------ ------------- ------------- ------------
62,270,990 103,190,082 59,902,052 68,207,643 21,144,723 52,969,208
------------- ------------ ------------ ------------- ------------- ------------
53,254,937 103,325,240 58,915,519 74,586,649 21,561,398 51,044,665
103,326,240 1,000 74,587,649 1,000 51,045,665 1,000
------------- ------------ ------------ ------------- ------------- ------------
$ 156,581,177 $103,326,240 $133,503,168 $74,587,649 $ 72,607,063 $ 51,045,665
============= ============ ============ ============= ============= ============
$ 30,694 $ (49,365) $ (761) $ 2,707 $ 9,509 $ --
============= ============ ============ ============= ============= ============
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
------------- ------------ ------------ ------------- ------------- ------------
-- -- -- -- -- --
============= ============ ============ ============= ============= ============
7,026,368 9,907,643 5,261,340 6,428,010 3,380,016 5,784,545
715,725 284,067 266,722 30,181 84,129 15,511
(1,739,846) (416,891) (710,694) (209,926) (1,182,889) (293,316)
------------- ------------ ------------ ------------- ------------- ------------
6,002,247 9,774,819 4,817,368 6,248,265 2,281,256 5,506,740
============= ============ ============ ============= ============= ============
</TABLE>
67
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MERRILL LYNCH BASIC MERRILL LYNCH WORLD
VALUE EQUITY PORTFOLIO STRATEGY PORTFOLIO
--------------------------------- ---------------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
1999 1998 1999 1998
---------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) .................................. $ 3,345,284 $ 1,620,403 $ 303,257 $ 417,475
Realized gain (loss)--net ..................................... 22,926,609 5,652,703 2,320,720 (1,565,854)
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated
assets and liabilities ........................................ 8,544,136 (239,779) 3,584,209 2,563,344
------------- ------------- -------------- --------------
Net increase (decrease) in net assets from operations ......... 34,816,029 7,033,327 6,208,186 1,414,965
------------- ------------- -------------- --------------
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 ......................... (3,552,910) (1,636,788) (214,483) (106,747)
Dividends in excess of net investment income ................. (669) (8,838) (63,774) (117,119)
Distributions from realized gains ............................ (14,918,127) (5,629,501) (444,186) --
Distributions in excess of realized gains .................... -- (75,031) -- --
Return of capital distributions .............................. -- -- -- --
------------- ------------- -------------- --------------
Total Class IB dividends and distributions .................... (18,471,706) (7,350,158) (722,443) (223,866)
------------- ------------- -------------- --------------
Decrease in net assets from dividends and
distributions ................................................ (18,471,706) (7,350,158) (722,443) (223,866)
------------- ------------- -------------- --------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold .................................................. -- -- -- --
Shares issued in reinvestment of dividends and
distributions ............................................... -- -- -- --
Shares redeemed .............................................. -- -- -- --
------------- ------------- -------------- --------------
Total Class IA transactions ................................... -- -- -- --
------------- ------------- -------------- --------------
Class IB:
Shares sold .................................................. 140,038,119 161,279,159 28,865,919 21,435,271
Shares issued in reinvestment of dividends and
distributions ............................................... 18,471,706 7,350,158 722,443 223,866
Shares redeemed .............................................. (48,491,746) (43,703,327) (29,983,134) (10,429,724)
------------- ------------- -------------- --------------
Total Class IB transactions ................................... 110,018,079 124,925,990 (394,772) 11,229,413
------------- ------------- -------------- --------------
Net increase (decrease) in net assets derived from
share transactions ........................................... 110,018,079 124,925,990 (394,772) 11,229,413
------------- ------------- -------------- --------------
INCREASE (DECREASE) IN NET ASSETS .............................. 126,362,402 124,609,159 5,090,971 12,420,512
NET ASSETS, BEGINNING OF PERIOD ................................ 174,104,203 49,495,044 30,630,962 18,210,450
------------- ------------- -------------- --------------
NET ASSETS, END OF PERIOD ...................................... $ 300,466,605 $ 174,104,203 $ 35,721,933 $ 30,630,962
============= ============= ============== ==============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ................... $ (669) $ (175) $ (63,774) $ (117,119)
============= ============= ============== ==============
SHARE TRANSACTIONS:
Class IA:
Shares sold .................................................. -- -- -- --
Shares issued in reinvestment of dividends and
distributions ............................................... -- -- -- --
Shares redeemed .............................................. -- -- -- --
------------- ------------- -------------- --------------
Total Class IA transactions ................................... -- -- -- --
============= ============= ============== ==============
Class IB:
Shares sold .................................................. 9,861,521 12,674,506 2,465,714 1,987,470
Shares issued in reinvestment of dividends and
distributions ............................................... 1,388,494 600,506 57,894 20,942
Shares redeemed .............................................. (3,489,703) (3,467,476) (2,574,495) (972,049)
------------- ------------- -------------- --------------
Total Class IB transactions ................................... 7,760,312 9,807,536 (50,887) 1,036,363
============= ============= ============== ==============
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1998
commenced operations on January 1, 1999.
See Notes to Financial Statements.
68
<PAGE>
<TABLE>
<CAPTION>
MFS EMERGING GROWTH
COMPANIES PORTFOLIO MFS GROWTH WITH INCOME PORTFOLIO MFS RESEARCH PORFOLIO
- ---------------------------------------- --------------------------------- ----------------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
1999 1998 1999 1998** 1999 1998
- ------------------ ------------------- ---------------- -------------- ---------------- ---------------
<S> <C> <C> <C> <C> <C>
$ (1,271,004) $ (749,002) $ 341,513 $ -- $ 619,536 $ 1,050,278
63,860,903 (12,444,070) (1,884,147) -- 38,262,064 (6,417,869)
575,143,446 96,627,486 7,543,672 -- 83,614,925 57,047,827
- ---------------- -------------- ------------ ----------- ------------- -------------
637,733,345 83,434,414 6,001,038 -- 122,496,525 51,680,236
- ---------------- -------------- ------------ ----------- ------------- -------------
-- -- -- -- -- --
-- -- -- -- -- --
(732,844) -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
- ---------------- -------------- ------------ ----------- ------------- -------------
(732,844) -- -- -- -- --
- ---------------- -------------- ------------ ----------- ------------- -------------
-- (7,792) (341,307) -- (573,659) (1,012,965)
-- (8) (2,194) -- (164,256) --
(27,933,818) -- -- -- (15,179,403) --
-- -- -- -- -- --
-- -- -- -- -- --
- ---------------- --------------- ------------ ----------- ------------- -------------
(27,933,818) (7,800) (343,501) -- (15,917,318) (1,012,965)
- ---------------- --------------- ------------ ----------- ------------- -------------
(28,666,662) (7,800) (343,501) -- (15,917,318) (1,012,965)
- ---------------- --------------- ------------ ----------- ------------- -------------
30,090,291 6,000,146 -- -- -- --
732,844 -- -- -- -- --
(5,572,932) (482,295) -- -- -- --
- ---------------- --------------- ------------ ----------- ------------- -------------
25,250,203 5,517,851 -- -- -- --
- ---------------- --------------- ------------ ----------- ------------- -------------
866,910,644 611,028,621 105,835,561 1,000 239,545,313 296,232,678
27,933,818 7,800 343,501 -- 15,917,318 1,012,965
(284,562,859) (334,513,068) (2,009,408) -- (84,391,332) (57,048,378)
- ---------------- --------------- ------------ ----------- ------------- -------------
610,281,603 276,523,353 104,169,654 1,000 171,071,299 240,197,265
- ---------------- --------------- ------------ ----------- ------------- -------------
635,531,806 282,041,204 104,169,654 1,000 171,071,299 240,197,265
- ---------------- --------------- ------------ ----------- ------------- -------------
1,244,598,489 365,467,818 109,827,191 1,000 277,650,506 290,864,536
467,285,061 101,817,243 1,000 -- 407,619,000 116,754,464
- ---------------- --------------- ------------ ----------- ------------- -------------
$1,711,883,550 $ 467,285,061 $109,828,191 $ 1,000 $ 685,269,506 $ 407,619,000
================ =============== ============ =========== ============= =============
$ (90,349) $ (314) $ (2,194) $ -- $ (164,256) $ 8,161
================ =============== ============ =========== ============= =============
1,589,075 404,027 -- -- -- --
28,831 -- -- -- -- --
(302,797) (31,231) -- -- -- --
- ---------------- --------------- ------------ ----------- ------------- -------------
1,315,109 372,796 -- -- -- --
================ =============== ============ =========== ============= =============
47,152,524 44,295,343 10,299,079 100 16,111,474 22,888,136
1,105,852 568 32,529 -- 968,865 73,904
(16,072,533) (24,074,548) (195,643) -- (5,611,685) (4,442,595)
- ---------------- --------------- ------------ ----------- ------------- -------------
32,185,843 20,221,363 10,135,965 100 11,468,654 18,519,445
================ =============== ============ =========== ============= =============
</TABLE>
69
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MORGAN STANLEY EMERGING
MARKETS EQUITY PORTFOLIO EQ/PUTNAM BALANCED PORTFOLIO
---------------------------------- ---------------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
1999 1998 1999 1998
----------------- ---------------- ---------------- ----------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) .............................. $ (152,851) $ 232,005 $ 2,725,793 $ 1,413,676
Realized gain (loss)--net ................................. 15,940,199 (10,376,643) 1,766,714 1,270,027
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated
assets and liabilities ................................... 54,826,996 358,834 (5,305,583) 2,688,773
--------------- -------------- ------------- --------------
Net increase (decrease) in net assets from operations ..... 70,614,344 (9,785,804) (813,076) 5,372,476
--------------- -------------- ------------- --------------
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) (2,757,262) (93,972)
Dividends in excess of net investment income ............. -- -- (443) (1,254,242)
Distributions from realized gains ........................ (1,886,278) -- (2,374,697) (827,467)
Distributions in excess of realized gains ................ -- -- (994,594) --
Return of capital distributions .......................... -- -- -- --
--------------- -------------- ------------- --------------
Total Class IB dividends and distributions ................ (1,886,278) (153,424) (6,126,996) (2,175,681)
--------------- -------------- ------------- --------------
Decrease in net assets from dividends and
distributions ............................................ (1,886,278) (153,424) (6,126,996) (2,175,681)
--------------- -------------- ------------- --------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold .............................................. -- -- -- --
Shares issued in reinvestment of dividends and
distributions ........................................... -- -- -- --
Shares redeemed .......................................... -- -- -- --
--------------- -------------- ------------- --------------
Total Class IA transactions ............................... -- -- -- --
--------------- -------------- ------------- --------------
Class IB:
Shares sold .............................................. 320,447,721 95,364,409 49,192,528 70,178,473
Shares issued in reinvestment of dividends and
distributions ........................................... 1,886,278 153,424 6,126,996 2,175,681
Shares redeemed .......................................... (240,840,452) (65,652,014) (19,379,797) (25,427,352)
--------------- -------------- ------------- --------------
Total Class IB transactions ............................... 81,493,547 29,865,819 35,939,727 46,926,802
--------------- -------------- ------------- --------------
Net increase (decrease) in net assets derived from
share transactions ....................................... 81,493,547 29,865,819 35,939,727 46,926,802
--------------- -------------- ------------- --------------
INCREASE (DECREASE) IN NET ASSETS .......................... 150,221,613 19,926,591 28,999,655 50,123,597
NET ASSETS, BEGINNING OF PERIOD ............................ 41,359,222 21,432,631 75,977,185 25,853,588
--------------- -------------- ------------- --------------
NET ASSETS, END OF PERIOD .................................. $ 191,580,835 $ 41,359,222 $ 104,976,840 $ 75,977,185
=============== ============== ============= ==============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ............... $ (60,428) $ (35,802) $ (443) $ 4,600
=============== ============== ============= ==============
SHARE TRANSACTIONS:
Class IA:
Shares sold .............................................. -- -- -- --
Shares issued in reinvestment of dividends and
distributions ........................................... -- -- -- --
Shares redeemed .......................................... -- -- -- --
--------------- -------------- ------------- --------------
Total Class IA transactions ............................... -- -- -- --
=============== ============== ============= ==============
Class IB:
Shares sold .............................................. 41,169,546 14,735,898 3,951,120 5,930,052
Shares issued in reinvestment of dividends and
distributions ........................................... 176,287 26,892 537,388 181,291
Shares redeemed .......................................... (31,420,484) (10,307,350) (1,562,281) (2,169,078)
--------------- -------------- ------------- --------------
Total Class IB transactions ............................... 9,925,349 4,455,440 2,926,227 3,942,265
=============== ============== ============= ==============
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1998
commenced operations on January 1, 1999.
See Notes to Financial Statements.
70
<PAGE>
<TABLE>
<CAPTION>
EQ/PUTNAM GROWTH EQ/PUTNAM INTERNATIONAL EQ/PUTNAM INVESTORS T. ROWE PRICE EQUITY
& INCOME VALUE PORFOLIO EQUITY PORTFOLIO GROWTH PORTFOLIO INCOME PORTFOLIO
- ------------------------------- ------------------------------- ----------------------------- ------------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
1999 1998 1999 1998 1999 1998 1999 1998
- -------------- ------------- -------------- ------------- ------------ ------------ ------------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 6,947,930 $ 3,921,073 $ 1,042,837 $ 613,761 $ (533,520) $ 125,623 $ 5,151,322 $ 3,995,399
28,439,038 7,671,440 31,437,810 (2,795,321) 21,163,149 (4,124,377) 15,310,313 5,426,850
(47,053,272) 24,262,285 74,768,572 16,595,849 60,806,015 34,949,382 (13,320,265) 4,862,976
- -------------- ------------- -------------- ------------- ------------ ------------ ------------- -------------
(11,666,304) 35,854,798 107,249,219 14,414,289 81,435,644 30,950,628 7,141,370 14,285,225
- -------------- ------------- -------------- ------------- ------------ ------------ ------------- -------------
-- -- -- -- -- -- (115,904) (35,838)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- (214,471) (40,618)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
- -------------- ------------- -------------- ------------- ------------ ------------ ------------- -------------
-- -- -- -- -- -- (330,375) (76,456)
- -------------- ------------- -------------- ------------- ------------ ------------ ------------- -------------
(7,012,389) (3,908,330) (1,844,027) (42,950) (24,337) (111,393) (5,164,548) (3,933,650)
(1,487) -- (3,274,824) -- (1,540) -- -- --
(32,171,066) (3,529,756) (15,501,562) -- (7,655,979) -- (10,770,882) (5,062,958)
(5,688,316) -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
- -------------- ------------- -------------- ------------- ------------ ------------ ------------- -------------
(44,873,258) (7,438,086) (20,620,413) (42,950) (7,681,856) (111,393) (15,935,430) (8,996,608)
- -------------- ------------- -------------- ------------- ------------ ------------ ------------- -------------
(44,873,258) (7,438,086) (20,620,413) (42,950) (7,681,856) (111,393) (16,265,805) (9,073,064)
- -------------- ------------- -------------- ------------- ------------ ------------ ------------- -------------
-- -- -- -- -- -- 5,193,986 2,524,430
-- -- -- -- -- -- 330,375 76,456
-- -- -- -- -- -- (2,541,792) (142,092)
- -------------- ------------- -------------- ------------- ------------ ------------ ------------- -------------
-- -- -- -- -- -- 2,982,569 2,458,794
- -------------- ------------- -------------- ------------- ------------ ------------ ------------- -------------
145,369,941 302,749,372 269,801,817 86,265,870 136,281,528 114,300,823 85,486,365 170,865,561
44,873,258 7,438,086 20,620,413 42,950 7,681,856 111,393 15,935,430 8,996,608
(50,176,972) (28,119,631) (221,612,908) (14,637,575) (8,556,690) (9,931,082) (61,483,676) (43,064,416)
- -------------- ------------- -------------- ------------- ------------ ------------ ------------- -------------
140,066,227 282,067,827 68,809,322 71,671,245 135,406,694 104,481,134 39,938,119 136,797,753
- -------------- ------------- -------------- ------------- ------------ ------------ ------------- -------------
140,066,227 282,067,827 68,809,322 71,671,245 135,406,694 104,481,134 42,920,688 139,256,547
- -------------- ------------- -------------- ------------- ------------ ------------ ------------- -------------
83,526,665 310,484,539 155,438,128 86,042,584 209,160,482 135,320,369 33,796,253 144,468,708
460,744,261 150,259,722 143,720,730 57,678,146 175,014,975 39,694,606 244,416,018 99,947,310
- -------------- ------------- -------------- ------------- ------------ ------------ ------------- -------------
$ 544,270,926 $ 460,744,261 $ 299,158,858 $ 143,720,730 $384,175,457 $175,014,975 $ 278,212,271 $ 244,416,018
============== ============= ============== ============= ============ ============ ============= =============
$ (1,487) $ 26,121 $ (3,274,824) $ 699,943 $ (1,540) $ 25,684 $ 67,548 $ 34,184
============== ============= ============== ============= ============ ============ ============= =============
-- -- -- -- -- -- 393,420 195,361
-- -- -- -- -- -- 27,326 6,161
-- -- -- -- -- -- (191,378) (10,947)
- -------------- ------------- -------------- ------------- ------------ ------------ ------------- -------------
-- -- -- -- -- -- 229,368 190,575
============== ============= ============== ============= ============ ============ ============= =============
10,928,082 24,763,118 17,367,165 6,968,356 7,612,407 7,900,821 6,413,638 13,571,713
3,900,495 591,764 1,121,894 3,382 374,553 6,926 1,318,364 723,375
(3,807,127) (2,321,054) (14,074,949) (1,217,991) (466,021) (704,721) (4,707,223) (3,466,621)
- -------------- ------------- -------------- ------------- ------------ ------------ ------------- -------------
11,021,450 23,033,828 4,414,110 5,753,747 7,520,939 7,203,026 3,024,779 10,828,467
============== ============= ============== ============= ============ ============ ============= =============
</TABLE>
71
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
T. ROWE PRICE INTERNATIONAL STOCK WARBURG PINCUS SMALL COMPANY VALU
PORTFOLIO PORTFOLIO
----------------------------------- ---------------------------------
YEAR ENDED DECEMBER 31, YEAR ENDED DECEMBER 31,
1999 1998 1999 1998
----------------- ----------------- ---------------- ----------------
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) .............................. $ 817,323 $ 708,880 $ 316,991 $ 736,249
Realized gain (loss)--net ................................. 4,120,768 (1,331,394) (7,367,115) (19,257,182)
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated
assets and liabilities ................................... 46,344,577 12,687,179 8,392,025 56,703
--------------- --------------- ------------- -------------
Net increase (decrease) in net assets from operations ..... 51,282,668 12,064,665 1,341,901 (18,464,230)
--------------- --------------- ------------- -------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS: ...............
Class IA: .................................................
Dividends from net investment income ..................... -- -- (10,954) (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 ................ -- -- (10,954) (3,503)
--------------- --------------- ------------- -------------
Class IB:
Dividends from net investment income ..................... (714,598) (833,092) (281,334) (643,796)
Dividends in excess of net investment income ............. (56,431) (302,422) -- --
Distributions from realized gains ........................ (2,192,627) -- -- --
Distributions in excess of realized gains ................ -- (1,173) -- --
Return of capital distributions .......................... -- -- -- (131,277)
--------------- --------------- ------------- -------------
Total Class IB dividends and distributions ................ (2,963,656) (1,136,687) (281,334) (775,073)
--------------- --------------- ------------- -------------
Decrease in net assets from dividends and
distributions ............................................ (2,963,656) (1,136,687) (292,288) (778,576)
--------------- --------------- ------------- -------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold .............................................. -- -- 3,118,460 799,188
Shares issued in reinvestment of dividends and
distributions ........................................... -- -- 10,954 3,503
Shares redeemed .......................................... -- -- (1,615,400) (72,570)
--------------- --------------- ------------- -------------
Total Class IA transactions ............................... -- -- 1,514,014 730,121
--------------- --------------- ------------- -------------
Class IB:
Shares sold .............................................. 267,716,740 178,237,748 40,508,017 118,015,752
Shares issued in reinvestment of dividends and
distributions ........................................... 2,963,656 1,136,687 281,334 775,073
Shares redeemed .......................................... (238,753,956) (130,221,045) (58,888,982) (53,664,561)
--------------- --------------- ------------- -------------
Total Class IB transactions ............................... 31,926,440 49,153,390 (18,099,631) 65,126,264
--------------- --------------- ------------- -------------
Net increase (decrease) in net assets derived from
share transactions ....................................... 31,926,440 49,153,390 (16,585,617) 65,856,385
--------------- --------------- ------------- -------------
INCREASE (DECREASE) IN NET ASSETS .......................... 80,245,452 60,081,368 (15,536,004) 46,613,579
NET ASSETS, BEGINNING OF PERIOD ............................ 134,653,337 74,571,969 167,493,253 120,879,674
--------------- --------------- ------------- -------------
NET ASSETS, END OF PERIOD .................................. $ 214,898,789 $ 134,653,337 $ 151,957,249 $ 167,493,253
=============== =============== ============= =============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ............... $ (56,431) $ (158,252) $ 30,712 $ (291)
=============== =============== ============= =============
SHARE TRANSACTIONS:
Class IA:
Shares sold .............................................. -- -- 305,824 77,260
Shares issued in reinvestment of dividends and
distributions ........................................... -- -- 1,072 345
Shares redeemed .......................................... -- -- (160,132) (7,045)
--------------- --------------- ------------- -------------
Total Class IA transactions ............................... -- -- 146,764 70,560
=============== =============== ============= =============
Class IB:
Shares sold .............................................. 22,830,839 16,778,911 4,011,993 10,072,044
Shares issued in reinvestment of dividends and
distributions ........................................... 224,347 104,054 27,474 76,073
Shares redeemed .......................................... (20,278,515) (12,323,215) (5,875,980) (4,636,677)
--------------- --------------- ------------- -------------
Total Class IB transactions ............................... 2,776,671 4,559,750 (1,836,513) 5,511,440
=============== =============== ============= =============
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1998
commenced operations on January 1, 1999.
See Notes to Financial Statements.
72
<PAGE>
EQ ADVISORS TRUST
ALLIANCE AGGRESSIVE STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (1.1%)
CHEMICALS (0.6%)
Lyondell Chemical Co. .............. 2,095,300 $ 26,715,075
--------------
PAPER (0.5%)
Pentair, Inc. ...................... 572,200 22,029,700
--------------
TOTAL BASIC MATERIALS ............ 48,744,775
--------------
BUSINESS SERVICES (13.5%)
PRINTING, PUBLISHING,
BROADCASTING (9.8%)
AMFM, Inc.* ........................ 592,200 46,339,650
Comcast Corp., Class A ............. 1,739,300 87,399,825
Hispanic Broadcasting Corp.* ....... 403,700 37,228,710
Infinity Broadcasting Corp.,
Class A* ......................... 2,764,300 100,033,106
Reader's Digest Association, Inc.,
Class A (Non-Voting) ............. 959,200 28,056,600
Rogers Communications, Inc.,
Class B* ......................... 957,000 23,685,750
USA Networks, Inc.* ................ 2,321,400 128,257,350
--------------
451,000,991
--------------
PROFESSIONAL SERVICES (2.6%)
Amdocs Ltd.* ....................... 1,306,400 45,070,800
Cendant Corp.* ..................... 2,761,800 73,360,312
--------------
118,431,112
--------------
TRUCKING, SHIPPING (1.1%)
Teekay Shipping Corp.*++ ........... 3,340,400 53,237,625
--------------
TOTAL BUSINESS SERVICES .......... 622,669,728
--------------
CONSUMER CYCLICALS (28.7%)
AIRLINES (5.5%)
Continental Airlines, Inc.,
Class B*++ ....................... 4,509,800 200,122,375
Northwest Airlines Corp.,
Class A* ......................... 2,441,500 54,323,375
--------------
254,445,750
--------------
APPAREL & TEXTILES (3.9%)
Mohawk Industries, Inc.*++ ......... 5,345,800 140,995,475
Unifi, Inc.*++ ..................... 2,980,600 36,698,638
--------------
177,694,113
--------------
AUTO RELATED (2.8%)
Circuit City Stores, Inc.--CarMax
Group*++ ......................... 4,514,200 10,439,087
Harley-Davidson, Inc. .............. 853,100 54,651,719
United Rentals, Inc.* .............. 3,600,400 61,656,850
--------------
126,747,656
--------------
FOOD SERVICES, LODGING (0.8%)
MeriStar Hospitality Corp. ........ 2,290,900 36,654,400
--------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.9%)
Industrie Natuzzi S.p.A. (ADR)...... 3,007,300 39,846,725
--------------
LEISURE RELATED (7.1%)
Park Place Entertainment Corp.*..... 1,880,200 23,502,500
Premier Parks, Inc.*++ ............. 5,029,200 145,218,150
Royal Caribbean Cruises Ltd. ....... 3,191,500 157,380,844
--------------
326,101,494
--------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
PHOTO & OPTICAL (1.1%)
Bausch & Lomb, Inc. ................ 470,000 $ 32,165,625
VISX, Inc.* ........................ 401,400 20,772,450
--------------
52,938,075
--------------
RETAIL--GENERAL (6.6%)
Bed Bath & Beyond, Inc.* ........... 3,062,600 106,425,350
Family Dollar Stores, Inc. ........ 2,428,800 39,619,800
Rite Aid Corp. ..................... 2,220,100 24,837,369
TJX Cos., Inc. ..................... 1,948,100 39,814,293
Venator Group, Inc.*++ ............. 13,642,500 95,497,500
--------------
306,194,312
--------------
TOTAL CONSUMER CYCLICALS ......... 1,320,622,525
--------------
CONSUMER NON-CYCLICALS (12.9%)
DRUGS (4.5%)
Forest Laboratories, Inc.* ......... 412,300 25,330,681
Genzyme Corp.--General
Division* ........................ 619,000 27,855,000
IDEC Pharmaceuticals Corp.* ........ 815,200 80,093,400
MedImmune, Inc.* ................... 440,000 72,985,000
--------------
206,264,081
--------------
HOSPITAL SUPPLIES & SERVICES (8.4%)
Columbia/HCA Healthcare Corp. 5,769,700 169,124,331
Health Management Associates,
Inc., Class A* ................... 6,221,700 83,215,237
Healthsouth Corp.* ................. 8,740,000 46,977,500
Medical Manager Corp.* ............. 781,700 65,858,225
Summit Technology, Inc.* ........... 1,919,400 22,432,988
--------------
387,608,281
--------------
TOTAL CONSUMER NON-CYCLICALS 593,872,362
--------------
CREDIT SENSITIVE (11.4%)
FINANCIAL SERVICES (2.9%)
A.G. Edwards, Inc. ................. 1,552,900 49,789,856
GreenPoint Financial Corp. ......... 1,621,900 38,621,494
PaineWebber Group, Inc. ............ 1,113,000 43,198,312
--------------
131,609,662
--------------
INSURANCE (5.5%)
Ace Ltd. ........................... 3,728,600 62,221,012
AFLAC, Inc. ........................ 917,300 43,285,094
CNA Financial Corp.* ............... 3,816,100 148,589,394
--------------
254,095,500
--------------
REAL ESTATE (1.1%)
Vornado Realty Trust ............... 1,540,300 50,059,750
--------------
UTILITY--TELEPHONE (1.9%)
CenturyTel, Inc. ................... 457,500 21,674,063
Telephone & Data Systems, Inc....... 542,900 68,405,400
--------------
90,079,463
--------------
TOTAL CREDIT SENSITIVE ........... 525,844,375
--------------
DIVERSIFIED (0.6%)
MISCELLANEOUS (0.6%)
DBT Online, Inc.* .................. 1,097,500 26,751,563
--------------
ENERGY (3.5%)
OIL--DOMESTIC (0.8%)
Murphy Oil Corp. ................... 636,900 36,542,138
--------------
</TABLE>
73
<PAGE>
EQ ADVISORS TRUST
ALLIANCE AGGRESSIVE STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
OIL--INTERNATIONAL (0.6%)
Kerr-McGee Corp. ..................... 475,000 $ 29,450,000
--------------
OIL--SUPPLIES & CONSTRUCTION (2.1%)
Diamond Offshore Drilling, Inc........ 1,292,100 39,489,806
Noble Drilling Corp.* ................ 1,669,500 54,676,125
--------------
94,165,931
--------------
TOTAL ENERGY ....................... 160,158,069
--------------
TECHNOLOGY (24.2%)
COMPUTER SOFTWARE (2.4%)
BEA Systems, Inc.* ................... 376,200 26,310,487
Citrix Systems, Inc.* ................ 279,300 34,353,900
i2 Technologies Inc.* ................ 132,300 25,798,500
Rational Software Corp.* ............. 459,900 22,592,588
--------------
109,055,475
--------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (12.5%)
Adelphia Business Solutions, Inc. 1,075,300 51,614,400
American Tower Corp., Class A*........ 782,700 23,921,269
Comverse Technology, Inc.* ........... 502,600 72,751,350
Crown Castle International
Corp.* ............................. 2,066,000 66,370,250
Global TeleSystems Group, Inc.*....... 4,779,300 165,483,263
McLeodUSA, Inc.* ..................... 541,100 31,857,263
NTL, Inc.* ........................... 1,171,350 146,125,912
RCN Corp.* ........................... 393,000 19,060,500
--------------
577,184,207
--------------
ELECTRONICS (4.8%)
Altera Corp.* ........................ 468,800 23,234,900
Flextronics International, Ltd.* ..... 746,400 34,334,400
RF Micro Devices, Inc.* .............. 335,600 22,967,625
Sanmina Corp.* ....................... 649,700 64,888,787
Teradyne, Inc.* ...................... 876,800 57,868,800
Whittman-Hart, Inc.* ................. 366,100 19,632,113
--------------
222,926,625
--------------
OFFICE EQUIPMENT SERVICES (0.6%)
Cybersource Corp.* ................... 501,200 25,937,100
--------------
WIRELESS TELECOMMUNICATION
SERVICES (3.9%)
Millicom International Cellular
S.A.*++ ............................ 2,553,400 159,268,325
US Cellular Corp.* ................... 211,000 21,297,812
--------------
180,566,137
--------------
TOTAL TECHNOLOGY ................... 1,115,669,544
--------------
TOTAL COMMON STOCKS (95.9%)
(Cost $3,814,538,242) .............. 4,414,332,941
--------------
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT
SECURITIES:
CERTIFICATES OF DEPOSIT (0.2%)
Toronto Dominion Bank
6.32%, 1/14/00 .................... $10,000,000 $ 10,000,000
--------------
COMMERCIAL PAPER (0.2%)
Halifax Building
6.24%, 1/18/00 .................... 10,000,000 9,970,628
--------------
TIME DEPOSITS (3.7%)
Chase Manhattan Bank
5.5%, 1/3/00 ...................... 165,800,000 165,800,000
Chase Nassau
3.48%, 1/03/00 .................... 1,030,102 1,030,102
--------------
166,830,102
--------------
TOTAL SHORT-TERM DEBT
SECURITIES (4.1%)
(Amortized Cost $186,800,730) ..... 186,800,730
--------------
TOTAL INVESTMENTS (100%)
(Cost/Amortized Cost
$4,001,338,972) ................... 4,601,133,671
OTHER ASSETS
LESS LIABILITIES (0.0%) ........... 1,009,121
--------------
NET ASSETS (100%) ................... $4,602,142,792
==============
</TABLE>
- ---------------------
* Non-income producing.
++ Issuer of this security is an affiliate of the Trust.
Glossary:
ADR--American Depositary Receipt
74
<PAGE>
EQ ADVISORS TRUST
ALLIANCE AGGRESSIVE STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
Investments in companies which were affiliates for the year ended December 31,
1999 were as follows:
<TABLE>
<CAPTION>
MARKET VALUE MARKET VALUE REALIZED
DECEMBER 31, PURCHASES SALES DECEMBER 31, DIVIDEND GAIN
SECURITIES 1998 AT COST AT COST 1999 INCOME (LOSS)
- --------------------------------- -------------- ------------- -------------- -------------- ------------ -----------------
<S> <C> <C> <C> <C> <C> <C>
Circuit City Stores, Inc. --
CarMax Group .................... $ 34,580,869 $ -- $ 38,255,217 $ 10,439,087 $ -- $ (28,824,389)
Continental Airlines, Inc.,
Class B ........................ 148,468,650 17,459,950 8,618,307 200,122,375 -- 6,416,851
Florida Panthers Holdings,
Inc.(a) ........................ 23,292,425 949,326 52,742,207 -- -- (30,818,257)
Millicom International
Cellular S.A. .................. 85,782,037 20,351,650 8,230,094 159,268,325 -- 3,529,661
Mohawk Industries, Inc. ......... 158,441,025 45,340,720 1,665,382 140,995,475 -- 3,649,947
Premier Parks, Inc. ............. 162,327,550 27,502,509 33,231,326 145,218,150 -- 12,674,479
Teekay Shipping Corp. ........... 49,463,706 9,765,328 -- 53,237,625 2,423,609 --
Tiffany & Co.(a) ................ 132,327,937 1,951,853 104,795,911 -- 669,333 137,162,363
Unifi, Inc. ..................... 50,707,956 5,327,798 -- 36,698,638 -- --
Venator Group, Inc. ............. 61,230,925 33,832,293 -- 95,497,500 -- --
------------ ------------ ---------- -------------
$906,623,080 $841,477,175 $3,092,942 $ 103,790,655
============ ============ ========== =============
</TABLE>
(a) Holdings represented less than 5% of outstanding shares at December 31,
1999, although ownership was above 5% for a period of time during the year.
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $ 3,607,151,605
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 4,558,748,883
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $1,020,903,661
Aggregate gross unrealized depreciation ......... (458,670,255)
--------------
Net unrealized appreciation ..................... $ 562,233,406
==============
Federal income tax cost of investments .......... $4,038,900,265
==============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$519,889,508, which was secured by collateral of $522,983,046.
See Notes to Financial Statements.
75
<PAGE>
EQ ADVISORS TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (0.8%)
CHEMICALS (0.8%)
Akzo Nobel N.V. ..................... 99,000 $ 4,971,363
BASF AG ............................. 67,500 3,532,499
Lyondell Chemical Co. ............... 200,000 2,550,000
Shin-Etsu Chemical Co., Ltd. ........ 142,000 6,111,709
--------------
17,165,571
--------------
METALS & MINING (0.0%)
Nord Resources Corp.* ............... 27,939 4,191
Randgold Resources Ltd.
(GDR)*+ ........................... 30,300 121,200
--------------
125,391
--------------
STEEL (0.0%)
NatSteel Ltd. ....................... 220,000 438,547
--------------
TOTAL BASIC MATERIALS ............. 17,729,509
--------------
BUSINESS SERVICES (5.5%)
ENVIRONMENTAL CONTROL (0.0%)
Anglian Water plc, Class B .......... 128,600 104,889
--------------
PRINTING, PUBLISHING,
BROADCASTING (4.4%)
AMFM, Inc.* ......................... 166,300 13,012,975
AT&T Corp. - Liberty Media
Group, Class A* ................... 383,651 21,772,194
British Sky Broadcasting plc ........ 346,400 5,575,095
Cablevision Systems Corp.,
Class A* .......................... 86,500 6,530,750
Clear Channel Communications,
Inc.* ............................. 41,200 3,677,100
Comcast Corp., Class A .............. 76,000 3,819,000
Gannett Co., Inc. ................... 73,800 6,019,313
MediaOne Group, Inc.* ............... 104,300 8,011,544
New Straits Times Press Bhd.* ....... 65,000 156,511
Rogers Communications, Inc.,
Class B* .......................... 50,000 1,237,500
Time Warner, Inc. ................... 176,600 12,792,463
Times Mirror Company ................ 11,900 1,474,856
United News & Media plc ............. 588,130 7,494,582
USA Networks, Inc.* ................. 35,600 1,966,900
--------------
93,540,783
--------------
PROFESSIONAL SERVICES (1.1%)
Amdocs Ltd.* ........................ 80,000 2,760,000
Cendant Corp.* ...................... 32,000 850,000
First Data Corp. .................... 152,800 7,534,950
Fiserv, Inc.* ....................... 95,000 3,639,688
Securitas AB, Class B ............... 236,000 4,280,297
Viad Corp. .......................... 150,000 4,181,250
--------------
23,246,185
--------------
TOTAL BUSINESS SERVICES ........... 116,891,857
--------------
CAPITAL GOODS (2.8%)
AEROSPACE (1.1%)
British Aerospace plc ............... 650,000 4,304,219
Honeywell International, Inc.* ...... 114,000 6,576,375
United Technologies Corp. ........... 177,800 11,557,000
--------------
22,437,594
--------------
BUILDING & CONSTRUCTION (0.1%)
CRH plc ............................. 100,000 2,147,784
--------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
BUILDING MATERIALS & FOREST
PRODUCTS (0.1%)
American Standard Cos., Inc.* ....... 50,000 $ 2,293,750
--------------
ELECTRICAL EQUIPMENT (1.3%)
General Electric Co. ................ 175,300 27,127,675
--------------
MACHINERY (0.2%)
Mannesmann AG ....................... 19,100 4,629,976
UMW Holdings Bhd .................... 170,000 317,627
--------------
4,947,603
--------------
TOTAL CAPITAL GOODS ............... 58,954,406
--------------
CONSUMER CYCLICALS (7.9%)
AIRLINES (1.5%)
Alaska Air Group, Inc.* ............. 44,000 1,545,500
America West Holdings Corp.,
Class B* .......................... 66,000 1,369,500
British Airways plc ................. 812,000 5,298,275
Continental Airlines, Inc.,
Class B* .......................... 270,000 11,981,250
Delta Air Lines, Inc. ............... 5,000 249,063
KLM Royal Dutch Airlines N.V.
New York Shares* .................. 15,000 374,062
Northwest Airlines Corp.,
Class A* .......................... 160,000 3,560,000
Southwest Airlines Co. .............. 295,770 4,787,777
UAL Corp.* .......................... 30,000 2,326,875
--------------
31,492,302
--------------
APPAREL & TEXTILES (0.2%)
Mohawk Industries, Inc.* ............ 49,000 1,292,375
Tommy Hilfiger Corp.* ............... 45,000 1,049,066
Unifi, Inc.* ........................ 150,000 1,846,875
--------------
4,188,316
--------------
AUTO RELATED (0.4%)
Budget Group, Inc.* ................. 50,000 453,125
Harley-Davidson, Inc. ............... 140,900 9,026,406
United Rentals North America,
Inc.* ............................. 5,000 85,625
--------------
9,565,156
--------------
FOOD SERVICES, LODGING (0.0%)
Extended Stay America, Inc.* ........ 30,000 228,750
--------------
LEISURE RELATED (2.0%)
Berjaya Sports Toto Bhd. ............ 140,000 302,101
Carnival Corp., Class A ............. 183,100 8,754,469
Metro-Goldwyn-Mayer, Inc.* .......... 40,000 942,500
MGM Grand, Inc.* .................... 10,000 503,125
Park Place Entertainment Corp.*...... 460,100 5,751,250
Royal Caribbean Cruises Ltd. ........ 282,000 13,906,125
Sun Internationals Hotels Ltd.* ..... 64,700 1,253,563
Walt Disney Co. ..................... 372,130 10,884,802
--------------
42,297,935
--------------
PHOTO & OPTICAL (0.5%)
Canon, Inc. ......................... 288,000 11,437,739
--------------
RETAIL--GENERAL (3.3%)
Bed Bath & Beyond, Inc.* ............ 50,000 1,737,500
Costco Wholesale Corp.* ............. 49,189 4,488,496
Dixons Group plc .................... 234,000 5,627,398
GAP, Inc. ........................... 189,500 8,717,000
Home Depot, Inc. .................... 113,870 7,807,178
Kingfisher plc ...................... 252,326 2,799,728
</TABLE>
76
<PAGE>
EQ ADVISORS TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Kohl's Corp.* ...................... 115,000 $ 8,301,563
Limited, Inc. ...................... 242,500 10,503,281
Next plc ........................... 887,700 8,516,277
TJX Cos., Inc. ..................... 42,000 858,375
Venator Group, Inc.* ............... 160,000 1,120,000
Wal-Mart Stores, Inc. .............. 131,400 9,083,025
--------------
69,559,821
--------------
TOTAL CONSUMER CYCLICALS ......... 168,770,019
--------------
CONSUMER NON-CYCLICALS (5.9%)
BEVERAGES (0.3%)
Coca-Cola Enterprises, Inc. ........ 192,800 3,880,100
Fomento Economico Mexicano
S.A., Class B (ADR) .............. 20,000 890,000
Pepsi Bottling Group, Inc. ......... 35,000 579,688
--------------
5,349,788
--------------
CONTAINERS (0.3%)
Sealed Air Corp.* .................. 130,600 6,766,712
--------------
DRUGS (2.6%)
Banyu Pharmaceutical Co. Ltd. ...... 253,000 3,922,577
Bristol-Myers Squibb Co. ........... 237,500 15,244,531
MedImmune, Inc.* ................... 28,784 4,774,546
Millennium Pharmaceuticals,
Inc.* ............................ 64,900 7,917,800
Schering-Plough Corp. .............. 295,600 12,470,625
Takeda Chemical Industries Ltd...... 106,000 5,236,232
Warner-Lambert Co. ................. 60,200 4,932,638
Yamanouchi Pharmaceutical
Co. Ltd. ......................... 60,000 2,095,275
--------------
56,594,224
--------------
FOODS (0.0%)
Ajinomoto Co., Inc. ................ 10,000 104,177
--------------
HOSPITAL SUPPLIES & SERVICES (1.6%)
Columbia/HCA Healthcare Corp. 50,000 1,465,625
Health Management Associates,
Inc., Class A* ................... 345,600 4,622,400
Healthsouth Corp.* ................. 120,000 645,000
Human Genome Sciences, Inc.* ....... 63,400 9,676,425
Medtronic, Inc. .................... 326,380 11,892,471
PT Tempo Scan Pacific Tbk .......... 206,000 173,939
Quintiles Transnational Corp.* ..... 60,000 1,121,250
Tenet Healthcare Corp.* ............ 152,400 3,581,400
--------------
33,178,510
--------------
RETAIL--FOOD (0.7%)
Carrefour SA* ...................... 15,000 2,769,431
Kroger Co.* ........................ 605,570 11,430,134
--------------
14,199,565
--------------
SOAPS & TOILETRIES (0.4%)
Avon Products, Inc. ................ 103,190 3,405,270
Kao Corp. .......................... 202,000 5,759,855
--------------
9,165,125
--------------
TOBACCO (0.0%)
Swedish Match AB ................... 1 2
--------------
TOTAL CONSUMER NON-CYCLICALS...... 125,358,103
--------------
CREDIT SENSITIVE (10.2%)
BANKS (2.2%)
Banco Santander Central
Hispano S.A. ..................... 188,400 2,135,296
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Bangkok Bank PCL (Foreign)* ........ 20,000 $ 50,445
Bank of America Corp. .............. 227,800 11,432,712
Bank of Ireland .................... 528,200 4,207,619
Bank of Scotland ................... 405,000 4,703,065
Bank of Tokyo-Mitsubishi Ltd. ...... 272,000 3,788,790
Bank of Tokyo-Mitsubishi Ltd.
(ADR) ............................ 30,000 418,125
Banque Nationale de Paris .......... 66,100 6,105,312
National Bank of Canada ............ 30,000 384,136
PT Bank Dagang Nasional
Indonesia Tbk* ................... 1,230,000 --
Royal Bank of Scotland
Group plc ........................ 240,000 4,256,089
Shizuoka Bank Ltd. ................. 25,000 256,285
Standard Chartered plc ............. 310,000 4,811,519
Sumitomo Trust & Banking ........... 520,000 3,509,733
United Overseas Bank Ltd. .......... 4,224 37,282
--------------
46,096,408
--------------
FINANCIAL SERVICES (4.4%)
A.G. Edwards, Inc. ................. 50,000 1,603,125
Associates First Capital Corp.
Class A .......................... 603,300 16,553,044
Beni Stabili S.p.A.* ............... 35,511 12,533
CIT Group, Inc., Class A ........... 211,000 4,457,375
Citigroup, Inc. .................... 436,600 24,258,588
Legg Mason, Inc. ................... 160,000 5,800,000
MBIA, Inc. ......................... 79,900 4,219,719
MBNA Corp. ......................... 649,400 17,696,150
Morgan Stanley Dean
Witter & Co. ..................... 97,500 13,918,125
Peregrine Investment Holdings*...... 472,000 --
Prudential plc ..................... 195,000 3,842,302
Shohkoh Fund & Co., Ltd. ........... 4,990 1,974,425
Worms et Compagnie* ................ 2,500 115,733
--------------
94,451,119
--------------
INSURANCE (1.3%)
Ace Ltd. ........................... 225,000 3,754,688
American International Group,
Inc. ............................. 109,100 11,796,437
CNA Financial Corp.* ............... 120,000 4,672,500
Radian Group, Inc. ................. 133,800 6,388,951
Travelers Property Casualty
Corp., Class A ................... 10,000 342,500
--------------
26,955,076
--------------
REAL ESTATE (0.1%)
Boston Properties, Inc. ............ 30,000 933,750
Cheung Kong Holdings Ltd. .......... 40,000 508,137
China Resources Enterprises Ltd. 440,000 704,702
City Developments Ltd. ............. 4,000 23,416
--------------
2,170,005
--------------
UTILITY--ELECTRIC (0.4%)
AES Corp.* ......................... 106,000 7,923,500
Korea Electric Power Corp.
(ADR) ............................ 100,000 1,675,000
--------------
9,598,500
--------------
UTILITY--TELEPHONE (1.8%)
AT&T Corp. ......................... 40 2,048
CenturyTel, Inc. ................... 10,000 473,750
</TABLE>
77
<PAGE>
EQ ADVISORS TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
DDI Corp. .......................... 500 $ 6,847,305
MCI WorldCom, Inc.* ................ 234,900 12,464,381
Nippon Telegraph & Telephone ....... 200 3,423,653
Sprint Corp. (FON Group) ........... 86,100 5,795,606
Telephone & Data Systems, Inc....... 67,000 8,442,000
Viatel, Inc.* ...................... 22,400 1,201,200
--------------
38,649,943
--------------
TOTAL CREDIT SENSITIVE ........... 217,921,051
--------------
DIVERSIFIED (1.0%)
MISCELLANEOUS (1.0%)
ABB AG* ............................ 28,731 3,515,779
Citic Pacific Ltd. ................. 600,000 2,257,670
DBT Online, Inc.* .................. 39,900 972,563
Tyco International Ltd. ............ 323,800 12,587,725
U.S. Industries, Inc. .............. 75,600 1,058,400
--------------
TOTAL DIVERSIFIED ................ 20,392,137
--------------
ENERGY (2.1%)
OIL--DOMESTIC (0.1%)
Louis Dreyfus Natural Gas
Corp.* ........................... 150,000 2,718,750
Murphy Oil Corp. ................... 15,000 860,625
--------------
3,579,375
--------------
OIL--INTERNATIONAL (1.6%)
Gulf Indonesia Resources Ltd. ...... 17,900 145,437
Kerr-McGee Corp. ................... 66,900 4,147,800
Repsol S.A. ........................ 110,000 2,553,342
Repsol S.A. (ADR) .................. 330,000 7,672,500
Total Fina S.A. (ADR) .............. 187,600 12,991,300
Total Fina S.A., Class B ........... 42,934 5,736,251
Woodside Petroleum Ltd. ............ 120,000 885,600
--------------
34,132,230
--------------
OIL--SUPPLIES &
CONSTRUCTION (0.4%)
Noble Drilling Corp.* .............. 243,700 7,981,175
Stolt Comex Seaway S.A.
(ADR)* ........................... 80,000 880,000
Stolt Comex Seaway S.A.* ........... 25,000 276,563
--------------
9,137,738
--------------
TOTAL ENERGY ..................... 46,849,343
--------------
MORTGAGE RELATED (0.0%)
BANKS (0.0%)
DBS Group Holdings Ltd.* ........... 69,780 1,143,797
--------------
TECHNOLOGY (15.4%)
COMPUTER HARDWARE (1.6%)
Cisco Systems, Inc.* ............... 308,500 33,048,115
--------------
COMPUTER SOFTWARE (2.2%)
America Online, Inc.* .............. 109,000 8,222,688
Ardent Software, Inc.* ............. 50,000 1,950,000
Informix Corp.* .................... 99,600 1,132,950
Microsoft Corp.* ................... 181,100 21,143,425
Policy Management Systems
Corp.* ........................... 213,600 5,460,150
Softbank Corp. ..................... 10,000 9,566,663
--------------
47,475,876
--------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (4.0%)
Adelphia Business Solutions,
Inc.* ............................ 175,000 $ 8,400,000
Cable & Wireless plc (ADR) ......... 70,000 3,705,625
China Telecom (Hong Kong)
Ltd. ............................. 770,000 4,814,048
Clearnet Communications, Inc.,
Class A* ......................... 170,000 5,843,750
General Motors Corp., Class H*...... 50,000 4,800,000
Global TeleSystems Group, Inc.*..... 664,900 23,022,163
Keppel Telecommunications &
Transportation Ltd. .............. 193,000 314,038
Korea Telecom Corp. SP (ADR)........ 22,271 1,664,757
NTL, Inc.* ......................... 115,000 14,346,250
Pacific Internet* .................. 4,400 206,525
RCN Corp.* ......................... 71,900 3,487,150
Sonera Group Oyj ................... 55,800 3,828,893
Telefonica de Espana* .............. 155,448 3,887,297
Telekom Malaysia Bhd. .............. 38,500 148,932
United Pan-Europe
Communications N.V.* ............. 56,566 7,243,861
WinStar Communications, Inc.* ...... 1,896 141,963
--------------
85,855,252
--------------
ELECTRONICS (3.9%)
3Com Corp.* ........................ 147,800 6,946,600
Altera Corp.* ...................... 81,200 4,024,475
Fanuc .............................. 40,000 5,090,482
Intel Corp. ........................ 205,600 16,923,450
Kyocera Corp. (ADR) ................ 13,000 3,406,000
Sanmina Corp.* ..................... 68,600 6,851,425
Solectron Corp.* ................... 262,999 25,017,805
TDK Corp. .......................... 24,000 3,312,531
Tokyo Electron Ltd. ................ 90,000 12,325,149
--------------
83,897,917
--------------
OFFICE EQUIPMENT (1.4%)
Dell Computer Corp.* ............... 421,200 21,481,200
Lexmark International Group,
Inc.* ............................ 103,600 9,375,800
--------------
30,857,000
--------------
OFFICE EQUIPMENT SERVICES (0.6%)
Ceridian Corp.* .................... 205,100 4,422,469
Equant N.V. - New York
Registered Shares* ............... 50,500 5,656,000
Equant N.V.* ....................... 20,000 2,272,819
--------------
12,351,288
--------------
WIRELESS TELECOMMUNICATION
SERVICES (1.7%)
Millicom International Cellular
S.A.* ............................ 200,000 12,475,000
Nokia OYJ* ......................... 55,300 10,037,107
NTT Mobile Communications
Network, Inc. .................... 200 7,688,546
SK Telecom Co. Ltd. (ADR) .......... 792 30,404
US Cellular Corp.* ................. 60,000 6,056,250
--------------
36,287,307
--------------
</TABLE>
78
<PAGE>
EQ ADVISORS TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
TOTAL TECHNOLOGY ............... $ 329,772,755
--------------
TOTAL COMMON STOCKS (51.6%)
(Cost $789,061,978)............. 1,103,782,977
--------------
CONVERTIBLE PREFERRED
STOCK:
BUSINESS SERVICES (0.4%)
PRINTING, PUBLISHING,
BROADCASTING (0.2%)
Adelphia Communications Corp.
5.50%, Series D ................ 13,900 2,634,050
MediaOne Group, Inc. 7.00%* ...... 53,500 2,568,000
--------------
5,202,050
--------------
PROFESSIONAL SERVICES (0.2%)
Amdocs Automatic Common
Exchange Securities Trust
6.75% .......................... 130,900 4,205,162
--------------
TOTAL BUSINESS SERVICES ........ 9,407,212
--------------
CONSUMER CYCLICALS (0.1%)
LEISURE RELATED (0.1%)
Royal Caribbean Cruises Ltd.
7.25%, Class A ................. 10,400 1,585,350
--------------
CONSUMER NON-CYCLICALS (0.0%)
DRUGS (0.0%)
Alkermes, Inc. 6.50% ............. 4,500 387,000
--------------
CREDIT SENSITIVE (0.5%)
UTILITY--ELECTRIC (0.1%)
AES Trust I 5.375%, Series A ..... 27,500 2,887,500
--------------
UTILITY--TELEPHONE (0.4%)
Nextlink Communications 6.50%..... 38,200 7,363,050
--------------
TOTAL CREDIT SENSITIVE ......... 10,250,550
--------------
TECHNOLOGY (0.5%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.5%)
Omnipoint Corp. 7.00% ............ 20,400 4,016,250
WinStar Communications, Inc.
7.00%, Series D ................ 74,222 5,882,073
--------------
9,898,323
--------------
TOTAL CONVERTIBLE PREFERRED
STOCKS (1.5%)
(Cost $20,191,553).............. 31,528,435
--------------
NUMBER
OF
WARRANTS
----------
WARRANTS:
BUSINESS SERVICES (0.0%)
TRUCKING, SHIPPING (0.0%)
Frontline Ltd., expiring 5/11/01*..... 26,628 --
--------------
CREDIT SENSITIVE (0.0%)
BANKS (0.0%)
Thai Farmers Bank, expiring
9/15/02* ........................... 2,875 710
--------------
TOTAL WARRANTS (0.0%)
(Cost $2,847)....................... 710
--------------
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES (1.7%)
PRINTING, PUBLISHING,
BROADCASTING (1.7%)
CBS Corp.
7.15%, 5/20/05 ....................... $ 8,250,000 $ 8,125,970
Time Warner Entertainment Co.
8.375%, 3/15/23 ...................... 23,580,000 24,516,833
Time Warner, Inc.
6.625%, 5/15/29 ...................... 4,600,000 3,914,996
--------------
36,557,799
--------------
CONSUMER CYCLICALS (0.9%)
AUTOS & TRUCKS (0.9%)
Ford Motor Co.
6.375%, 2/1/29 ....................... 23,000,000 19,347,186
--------------
CREDIT SENSITIVE (31.6%)
ASSET BACKED (1.7%)
Capital Auto Receivables Asset
Trust, Class A
5.58%, 6/15/02 ....................... 20,000,000 19,731,200
Carco Auto Loan Master Trust
5.65%, 3/15/03 ....................... 15,930,000 15,725,937
--------------
35,457,137
--------------
BANKS (0.6%)
Citicorp, Series F,
6.375%, 11/15/08 ..................... 15,000,000 13,922,550
--------------
COLLATERALIZED MORTGAGE
OBLIGATIONS (0.5%)
Prudential Securities Secured
Financing Co., Class A
6.48%, 1/15/09 ....................... 11,000,000 10,253,210
--------------
FINANCIAL SERVICES (2.2%)
Household Finance Corp.
6.50%, 11/15/08 ...................... 20,100,000 18,578,993
KBC Bank Fund Trust III
9.86%, 11/29/49 (Step Bond)+ ......... 15,660,000 16,204,889
Merrill Lynch & Co.
6.00%, 2/17/09 ....................... 13,290,000 11,914,618
--------------
46,698,500
--------------
FOREIGN GOVERNMENT (0.9%)
Quebec Province
7.50%, 9/15/29 ....................... 19,775,000 19,142,595
--------------
U.S. GOVERNMENT (10.5%)
U.S. Treasury Bond
8.125%, 8/15/19 ...................... 51,240,000 58,389,517
U.S. Treasury Note
6.75%, 4/30/00 ....................... 11,175,000 11,213,420
6.00%, 8/15/00 ....................... 36,090,000 36,123,852
6.25%, 4/30/01 ....................... 31,200,000 31,229,266
6.50%, 8/31/01 ....................... 63,340,000 63,597,350
5.87%, 11/15/04 ...................... 5,525,000 5,417,953
6.875%, 5/15/06 ...................... 1,325,000 1,348,188
6.125%, 8/15/29 ...................... 17,020,000 16,227,515
--------------
223,547,061
--------------
</TABLE>
79
<PAGE>
EQ ADVISORS TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCIES (14.5%)
Federal National Mortgage
Association
7.00%, 9/1/14 ................... $18,663,226 $ 18,459,965
6.50%, 11/1/14 .................. 18,869,935 17,986,199
7.00%, 5/1/26 ................... 4,263,539 4,132,946
7.00%, 9/1/27 ................... 1,566,414 1,516,963
7.00%, 10/1/27 .................. 14,369,997 13,897,914
7.50%, 11/1/27 .................. 14,446,982 14,295,664
7.00%, 1/1/28 ................... 6,719,280 6,498,538
6.50%, 3/1/28 ................... 5,158,599 4,862,315
6.50%, 7/1/28 ................... 368,381 347,223
6.50%, 9/1/28 ................... 5,384,675 5,075,406
6.50%, 10/1/28 .................. 5,559,803 5,240,476
8.00%, 11/1/28 .................. 6,456,277 6,516,772
6.00%, 1/1/29 ................... 15,045,183 13,774,181
8.00%, 1/1/29 ................... 10,772,296 10,863,290
6.00%, 3/1/29 ................... 19,781,170 18,110,077
7.50%, 4/1/29 ................... 13,796,417 13,651,913
7.50%, 10/1/29 .................. 22,005,000 21,944,266
Government National Mortgage
Association
7.00%, 12/15/25 ................. 102,772 99,314
7.00%, 7/15/27 .................. 8,158,625 7,884,119
7.00%, 2/15/28 .................. 22,161,788 21,416,132
6.50%, 3/15/28 .................. 11,104,177 10,430,987
6.50%, 4/15/28 .................. 7,952,654 7,470,525
6.50%, 5/15/28 .................. 2,594,842 2,437,530
7.00%, 6/15/28 .................. 39,860 38,519
7.00%, 10/15/28 ................. 91,171 88,103
7.00%, 12/15/28 ................. 33,975,994 32,832,838
6.50%, 3/15/29 .................. 53,720,809 50,463,985
--------------
310,336,160
--------------
UTILITY--ELECTRIC (0.7%)
Consolidated Edison, Inc.
6.25%, 2/1/08 ................... 15,780,000 14,583,876
--------------
TOTAL CREDIT SENSITIVE .......... 673,941,089
--------------
ENERGY (0.7%)
RAILROADS (0.4%)
Burlington North Santa Fe
7.082%, 5/13/29 ................. 8,200,000 7,583,573
--------------
UTILITY--GAS (0.3%)
Ras Laffan Liquified Natural Gas
Co. Ltd.
8.294%, 3/15/14+ ................ 7,730,000 7,260,557
--------------
TOTAL ENERGY .................... 14,844,130
--------------
TOTAL LONG-TERM DEBT SECURITIES (34.9%)
(Cost $777,220,720) .............. 744,690,204
--------------
CONVERTIBLE BONDS:
BUSINESS SERVICES (0.1%)
PRINTING, PUBLISHING,
BROADCASTING (0.1%)
CNET, Inc.
5.00%, 3/1/06+ .................. 690,000 1,134,187
5.00%, 3/1/06 ................... 120,000 197,250
--------------
TOTAL BUSINESS SERVICES ......... 1,331,437
--------------
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
CAPITAL GOODS (0.1%)
MACHINERY (0.1%)
Advanced Energy Industries, Inc.
5.25%, 11/15/06 ................. $ 1,855,000 $ 2,188,900
--------------
CONSUMER CYCLICALS (0.1%)
RETAIL--GENERAL (0.1%)
Amazon.com, Inc.
4.75%, 2/1/09+ .................. 2,210,000 2,508,350
4.75%, 2/1/09 ................... 390,000 442,650
--------------
2,951,000
--------------
CONSUMER NON-CYCLICALS (0.2%)
HOSPITAL SUPPLIES & SERVICES (0.2%)
Human Genome Sciences, Inc.
5.50%, 7/1/06+ .................. 1,150,000 3,566,437
RES-Care, Inc.
6.00%, 12/1/04 .................. 145,000 116,725
Convertible
6.00%, 12/1/04+ ................. 1,095,000 881,475
--------------
4,564,637
--------------
TECHNOLOGY (4.8%)
COMPUTER SOFTWARE (1.0%)
America Online, Inc.
Convertible
4.00%, 11/15/02 ................. 505,000 5,839,062
BEA Systems, Inc.
4.00%, 12/15/06+ ................ 70,000 81,856
EMC Corp.
3.25%, 3/15/02 .................. 750,000 7,231,875
HNC Software, Inc.
4.75%, 3/1/03 ................... 1,610,000 3,880,100
i2 Technologies, Inc.
5.25%, 12/15/06+ ................ 1,275,000 1,845,563
Siebel Systems, Inc.
5.50%, 9/15/06+ ................. 1,810,000 3,500,088
--------------
22,378,544
--------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (1.3%)
Comverse Technology, Inc.
4.50%, 7/1/05 ................... 2,730,000 9,299,063
DoubleClick, Inc.
4.75%, 3/15/06+ ................. 2,160,000 6,733,800
4.75%, 3/15/06 .................. 35,000 109,113
Global TeleSystems Group, Inc.
Convertible, Sr. Sub.
Debentures
5.75%, 7/1/10 ................... 3,400,000 4,607,000
NTL, Inc.
7.00%, 12/15/08 ................. 2,835,000 7,480,856
--------------
28,229,832
--------------
ELECTRONICS (1.9%)
Amkor Technologies, Inc.
5.75%, 5/1/03 ................... 2,520,000 5,462,100
ASM Lithography Holding N.V.
4.25%, 11/30/04+ ................ 840,000 840,000
Conexant Systems, Inc.
4.25%, 5/1/06 ................... 2,065,000 6,047,869
</TABLE>
80
<PAGE>
EQ ADVISORS TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Intel Corp.
4.00%, 9/1/04 ................ $ 1,045,000 $ 2,805,825
4.00%, 9/1/04+ ............... 790,000 2,121,150
Lattice Semiconductor Co.
4.75%, 11/1/06+ .............. 1,830,000 2,406,450
LSI Logic Corp.
4.25%, 3/15/04+ .............. 2,295,000 5,180,962
Sanmina Corp.
4.25%, 5/1/04+ ............... 2,115,000 2,754,788
4.25%, 5/1/04 ................ 2,675,000 3,484,187
Solectron Corp.
Zero Coupon, 1/27/19 ......... 9,180,000 6,885,000
STMicroelectronics N.V.
Zero Coupon, 9/22/09 ......... 2,200,000 2,816,000
--------------
40,804,331
--------------
OFFICE EQUIPMENT SERVICES (0.1%)
Checkfree Holdings Corp.
6.50%, 12/1/06+ .............. 1,260,000 2,000,250
--------------
WIRELESS TELECOMMUNICATION
SERVICES (0.5%)
Nextel Communications, Inc.
4.75%, 7/1/07+ ............... 4,190,000 9,506,062
4.75%, 7/1/07 ................ 180,000 407,475
--------------
9,913,537
--------------
TOTAL TECHNOLOGY ............. 103,326,494
--------------
TOTAL CONVERTIBLE BONDS (5.3%)
(Cost $69,523,717)............ 114,362,468
--------------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (4.5%)
Chase Manhattan Bank
5.50%, 1/3/00 ................ 45,900,000 45,900,000
Chase Nassau
3.48%, 1/3/00 ................ 50,267,437 50,267,437
--------------
96,167,437
--------------
U.S. GOVERNMENT AGENCIES (1.2%)
Federal Home Loan Bank
(Discount Note)
5.22%, 1/26/00 ............... 15,000,000 14,943,666
Federal Home Loan Mortgage
Corp. (Discount Note)
5.80%, 2/24/00 ............... 10,000,000 9,912,153
--------------
24,855,819
--------------
<CAPTION>
- ----------------------------------------------------------------
VALUE
(NOTE 1)
- ----------------------------------------------------------------
<S> <C>
TOTAL SHORT-TERM DEBT SECURITIES (5.7%)
(Amortized Cost $121,023,256) $ 121,023,256
--------------
TOTAL INVESTMENTS (99.0%)
(Cost/Amortized Cost
$1,777,024,071)....................... 2,115,388,050
OTHER ASSETS LESS
LIABILITIES (1.0%) ................... 21,625,808
--------------
NET ASSETS (100%) ...................... $2,137,013,858
==============
</TABLE>
<TABLE>
- ------------------------------------------------
<S> <C>
DISTRIBUTION OF INVESTMENTS BY GLOBAL REGION
(UNAUDITED)
As a Percentage of Total Investments
Canada ........................... 1.2%
France ........................... 1.3
Germany .......................... 0.4
Japan ............................ 4.5
Netherlands ...................... 1.1
Scandinavia ...................... 0.9
Southeast Asia ................... 0.7
Spain ............................ 0.8
Switzerland ...................... 0.2
United Kingdom ................... 3.5
Unites States** .................. 85.2
Other European Countries ......... 0.2
-----
100.0%
=====
</TABLE>
- ---------------------
* Non-income producing.
** Includes Short-Term Debt Securities of 5.7%.
+ 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, 1999, these securities amounted to $68,648,064 or
3.21% of net assets.
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
81
<PAGE>
EQ ADVISORS TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
At December 31, 1999, the Portfolio had outstanding foreign currency contracts
to buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNTS ORIGINATION CURRENT APPRECIATION
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------ ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 1/4/00 ................. 1 $ 1,272 $ 1,263 $ (9)
FOREIGN CURRENCY SELL CONTRACTS
British Pound, expiring 1/4/00-1/10/00 ......... 2,949 4,752,116 4,751,837 279
Japanese Yen, expiring 1/4/00 .................. 192,335 1,875,520 1,881,391 (5,871)
-----------
$ (5,601)
===========
</TABLE>
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $1,387,993,278
U.S. Government securities ............................. 577,361,732
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 1,433,068,449
U.S. Government securities ............................. 595,447,505
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 408,679,390
Aggregate gross unrealized depreciation......... (72,263,409)
--------------
Net unrealized appreciation ..................... $ 336,415,981
==============
Federal income tax cost of investments .......... $1,778,972,069
==============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$263,995,510, which was secured by collateral valued at $266,864,751 of which
$66,525,883 was in the form of U.S. Government securities.
See Notes to Financial Statements.
82
<PAGE>
EQ ADVISORS TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BUSINESS SERVICES (15.3%)
PRINTING, PUBLISHING,
BROADCASTING (12.6%)
Adelphia Communications
Corp.* Class A++-a) .................................................. 3,103,300 $ 203,654,062
AT&T Corp.--Liberty Media
Group, Class A*(a) ................................................... 15,920,202 903,471,463
Cablevision Systems Corp.,
Class A*(a) .......................................................... 1,950,000 147,225,000
CBS Corp.*(a) .......................................................... 3,160,000 202,042,500
Chris-Craft Industries, Inc.,
Class B*++ ........................................................... 1,229,798 88,699,166
Comcast Corp., Class A(a) .............................................. 2,523,600 126,810,900
MediaOne Group, Inc.* .................................................. 1,765,000 135,574,062
News Corp., Ltd. (ADR)(a) .............................................. 4,500,200 172,132,650
Reuters Group plc (ADR) ................................................ 641,880 51,871,928
Time Warner, Inc. ...................................................... 147,800 10,706,263
Viacom, Inc., Class B* ................................................. 721,600 43,611,700
---------------
2,085,799,694
---------------
PROFESSIONAL SERVICES (2.7%)
Cendant Corp.*(a) ...................................................... 13,099,383 347,952,361
First Data Corp.(a) .................................................... 2,180,000 107,501,250
---------------
455,453,611
---------------
TOTAL BUSINESS SERVICES .............................................. 2,541,253,305
---------------
CAPITAL GOODS (11.5%)
AEROSPACE (3.3%)
Honeywell International, Inc.*(a) 2,531,250 146,021,484
Loral Space &
Communications*++(a) ................................................. 16,761,000 407,501,813
---------------
553,523,297
---------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.0%)
Lowe's Cos., Inc. ...................................................... 55,600 3,322,100
---------------
MACHINERY (8.2%)
Applied Material, Inc.*(a) ............................................. 1,890,000 239,439,375
Mannesmann AG .......................................................... 3,590,245 870,300,990
Mannesmann AG (ADR) .................................................... 1,022,000 248,857,000
---------------
1,358,597,365
---------------
TOTAL CAPITAL GOODS .................................................. 1,915,442,762
---------------
CONSUMER CYCLICALS (4.9%)
AIRLINES (0.8%)
Continental Airlines, Inc.,
Class B* ............................................................. 650,000 28,843,750
Delta Air Lines, Inc. .................................................. 1,746,300 86,987,569
UAL Corp.* ............................................................. 260,000 20,166,250
---------------
135,997,569
---------------
AUTO RELATED (0.0%)
Automatic Common Exchange
Security Trust II .................................................... 445,400 4,259,138
---------------
AUTOS & TRUCKS (0.2%)
Autonation, Inc.*(a) ................................................... 4,203,400 38,881,450
---------------
FOOD SERVICES, LODGING (0.0%)
Starwood Hotels & Resorts
Worldwide, Inc. ...................................................... 184,151 4,327,548
---------------
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
LEISURE RELATED (0.3%)
Carnival Corp., Class A ................................................ 782,200 $ 37,398,937
The Walt Disney Co. .................................................... 260,000 7,605,000
---------------
45,003,937
---------------
RETAIL--GENERAL (3.6%)
GAP, Inc.(a) ........................................................... 697,800 32,098,800
Home Depot, Inc.(a) .................................................... 5,091,000 349,051,688
Limited, Inc.(a) ....................................................... 3,139,475 135,978,511
Office Depot, Inc.* .................................................... 1,327,500 14,519,531
Tandy Corp.(a) ......................................................... 550,000 27,053,125
Wal-Mart Stores, Inc.(a) ............................................... 411,000 28,410,375
---------------
587,112,030
---------------
TOTAL CONSUMER CYCLICALS ............................................. 815,581,672
---------------
CONSUMER NON-CYCLICALS (8.4%)
BEVERAGES (0.4%)
Coca-Cola Enterprises, Inc. ............................................ 1,426,500 28,708,313
Pepsi Bottling Group, Inc. ............................................. 1,791,300 29,668,406
---------------
58,376,719
---------------
DRUGS (4.1%)
Abbott Laboratories .................................................... 618,600 22,462,912
AstraZeneca Group plc .................................................. 498,035 21,115,605
Bristol-Myers Squibb Co. ............................................... 4,064,000 260,858,000
Merck & Co., Inc. ...................................................... 3,006,400 201,616,700
Pfizer, Inc.(a) ........................................................ 1,200,000 38,925,000
Schering-Plough Corp. .................................................. 2,646,000 111,628,125
Warner-Lambert Co.(a) .................................................. 300,000 24,581,250
---------------
681,187,592
---------------
HOSPITAL SUPPLIES & SERVICES (2.5%)
Boston Scientific Corp.*(a) ............................................ 7,500,000 164,062,500
Columbia/HCA Healthcare
Corp.(a) ............................................................. 675,000 19,785,937
McKesson HBOC, Inc.(a) ................................................. 9,324,250 210,378,391
Medtronic, Inc. ........................................................ 715,600 26,074,675
---------------
420,301,503
---------------
RETAIL--FOOD (0.9%)
Kroger Co.* ............................................................ 5,100,000 96,262,500
Safeway, Inc.* ......................................................... 1,375,000 48,898,438
---------------
145,160,938
---------------
TOBACCO (0.5%)
Philip Morris Cos., Inc. ............................................... 3,625,200 84,059,325
---------------
TOTAL CONSUMER NON-CYCLICALS.......................................... 1,389,086,077
---------------
CREDIT SENSITIVE (28.8%)
BANKS (5.6%)
Bank of America Corp.(a) ............................................... 6,752,700 338,901,131
Bank of Tokyo-Mitsubishi Ltd.
(ADR) ................................................................ 7,664,600 106,825,363
Bank One Corp.(a) ...................................................... 3,344,000 107,217,000
Chase Manhattan Corp. .................................................. 4,654,836 361,622,572
First Union Corp. ...................................................... 650,000 21,328,125
---------------
935,894,191
---------------
FINANCIAL SERVICES (9.2%)
American Express Co.(a) ................................................ 287,400 47,780,250
Associates First Capital Corp.
Class A .............................................................. 10,035,700 275,354,519
CIT Group, Inc., Class A ............................................... 1,704,040 35,997,845
</TABLE>
83
<PAGE>
EQ ADVISORS TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Citigroup, Inc.(a) ................... 9,778,195 $ 543,300,959
Household International, Inc. ........ 2,947,400 109,790,650
MBNA Corp.(a) ........................ 13,876,187 378,126,096
Morgan Stanley Dean Witter &
Co.(a) ............................. 383,166 54,696,946
Providian Financial Corp. ............ 888,300 80,890,819
--------------
1,525,938,084
--------------
INSURANCE (5.5%)
American International Group,
Inc.(a) ............................ 5,422,140 586,268,888
Hartford Financial Services
Group, Inc. ........................ 572,200 27,107,975
Loews Corp. .......................... 1,683,500 102,167,406
PMI Group, Inc.++(a) ................. 3,213,300 156,849,206
Progressive Corp. .................... 424,900 31,070,813
--------------
903,464,288
--------------
REAL ESTATE (0.6%)
CBL & Associates Properties,
Inc. ............................... 722,200 14,895,375
The Macerich Co. ..................... 672,500 13,996,406
Simon Property Group, Inc. ........... 1,343,000 30,805,063
Spieker Properties ................... 993,400 36,197,012
Summit Properties, Inc. .............. 394,100 7,044,538
--------------
102,938,394
--------------
UTILITY--TELEPHONE (7.9%)
AT&T Corp.(a) ........................ 4,714,815 239,276,861
BellSouth Corp. ...................... 21,648 1,013,397
MCI WorldCom, Inc.* .................. 10,015,223 531,432,744
Sprint Corp. (FON Group)(a) .......... 7,883,700 530,671,556
Telebras S.A. (ADR)* ................. 350,000 7,805
--------------
1,302,402,363
--------------
TOTAL CREDIT SENSITIVE ............. 4,770,637,320
--------------
DIVERSIFIED (1.9%)
MISCELLANEOUS (1.9%)
Tyco International Ltd.(a) ........... 8,070,672 313,747,374
--------------
ENERGY (2.3%)
OIL--DOMESTIC (1.5%)
Atlantic Richfield Co. ............... 2,875,200 248,704,800
--------------
OIL--INTERNATIONAL (0.6%)
Royal Dutch Petroleum Co.
--New York Shares .................. 145,000 8,763,438
Total Fina S.A. (ADR) ................ 1,343,850 93,061,612
--------------
101,825,050
--------------
OIL--SUPPLIES & CONSTRUCTION (0.2%)
Transocean Offshore, Inc. ............ 915,800 30,851,012
--------------
TOTAL ENERGY ....................... 381,380,862
--------------
TECHNOLOGY (24.0%)
COMPUTER SOFTWARE (0.3%)
Networks Associates, Inc.(a) ......... 291,400 7,776,738
Sterling Software, Inc.* ............. 1,172,400 36,930,600
--------------
44,707,338
--------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (6.6%)
Cable & Wireless plc ................. 6,350,000 107,583,662
General Motors Corp., Class
H(a) ............................... 196,700 18,883,200
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Global TeleSystems Group, Inc.*....... 3,737,400 $ 129,407,475
Motorola, Inc.(a) .................... 170,000 25,032,500
NTL, Inc.* ........................... 3,527,500 440,055,625
Orange plc (ADR)* .................... 1,319,400 218,360,700
Qwest Communications
International, Inc.*(a) ............ 1,600,000 68,800,000
Vodafone AirTouch plc
(ADR)(a) ........................... 521,500 25,814,250
WinStar Communications,
Inc.*(a) ........................... 735,000 55,033,125
--------------
1,088,970,537
--------------
ELECTRONICS (8.0%)
3Com Corp.*(a) ....................... 600,000 28,200,000
Altera Corp.*(a) ..................... 1,075,000 53,279,688
Flextronics International, Ltd.* ..... 1,600,000 73,600,000
Ingram Micro, Inc.++(a) .............. 3,902,000 51,213,750
Intel Corp.(a) ....................... 5,150,000 423,909,375
Micron Technology, Inc.*(a) .......... 1,550,000 120,512,500
SCI Systems, Inc.++(a) ............... 5,895,400 484,528,187
Solectron Corp.*(a) .................. 955,700 90,910,962
--------------
1,326,154,462
--------------
OFFICE EQUIPMENT (3.9%)
Compaq Computer Corp.(a) ............. 405,000 10,960,312
Dell Computer Corp.*(a) .............. 1,000,000 51,000,000
International Business Machines
Corp.(a) ........................... 5,500,000 594,000,000
--------------
655,960,312
--------------
OFFICE EQUIPMENT SERVICES (1.8%)
Ceridian Corp.*++ .................... 8,763,900 188,971,594
Sterling Commerce, Inc.* ............. 3,228,582 109,973,574
--------------
298,945,168
--------------
WIRELESS TELECOMMUNICATION
SERVICES (3.4%)
Nextel Communications, Inc.,
Class A*(a) ........................ 4,578,700 472,178,438
Nokia OYJ (ADR)(a) ................... 484,200 91,998,000
--------------
564,176,438
--------------
TOTAL TECHNOLOGY ................... 3,978,914,255
--------------
TOTAL COMMON STOCKS (97.1%)
(Cost $11,544,493,755) ............. 16,106,043,627
--------------
CONVERTIBLE PREFERRED
STOCKS:
BUSINESS SERVICES (0.2%)
PRINTING, PUBLISHING,
BROADCASTING (0.2%)
MediaOne Group, Inc. 7.00%*
(Cost $29,714,000) ................. 650,000 31,200,000
--------------
PRINCIPAL
AMOUNT
----------
CONVERTIBLE BONDS:
CREDIT SENSITIVE (0.3%)
FINANCIAL SERVICES (0.3%)
Bell Atlantic Financial Services
4.25%, 9/15/05+ .................... $40,000,000 49,450,000
--------------
</TABLE>
84
<PAGE>
EQ ADVISORS TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
TECHNOLOGY (0.5%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.5%)
Global TeleSystems Group, Inc.
5.75%, 7/1/10 ......................... $17,445,000 $ 23,637,975
Nextel Communications, Inc.
4.75%, 7/1/07+ ........................ 6,500,000 14,746,875
NTL, Inc.
7.00%, 12/15/08 ....................... 18,980,000 50,083,474
--------------
TOTAL TECHNOLOGY ...................... 88,468,324
--------------
TOTAL CONVERTIBLE BONDS (0.8%)
(Cost $96,922,302) .................... 137,918,324
--------------
SHORT-TERM DEBT SECURITIES:
CERTIFICATES OF DEPOSIT (0.4%)
Chase Manhattan Bank
5.57%, 2/2/00 ......................... 5,000,000 4,997,180
National Westminster Bank
6.37%, 1/20/00 ........................ 50,000,000 50,000,525
Toronto Dominion Bank
6.32%, 1/14/00 ........................ 20,000,000 20,000,000
--------------
TOTAL CERTIFICATES OF DEPOSIT ......... 74,997,705
--------------
COMMERCIAL PAPER (2.6%)
BMW US Capital Corp.
8.51%, 1/6/00 ......................... 34,000,000 33,979,931
Clipper Receivables Corp.
5.50%, 1/3/00 ......................... 35,900,000 35,889,031
Colgate-Palmolive Co.
5.97%, 1/28/00+ ....................... 17,000,000 16,924,265
Florida Power & Light Co.
4.75%, 1/3/00 ......................... 20,000,000 19,994,722
Florida Power Corp.
5.98%, 1/27/00 ........................ 13,100,000 13,043,706
Halifax Building
6.24%, 1/18/00 ........................ 20,000,000 19,941,256
Koch Industries, Inc.
4.50%, 1/3/00 ......................... 98,000,000 97,975,500
Merrill Lynch & Co., Inc.
5.57%, 1/24/00 ........................ 23,200,000 23,117,737
Minnesota Mining &
Manufacturing Co.
5.99%, 2/15/00 ........................ 18,500,000 18,362,406
National Australia Funding
4.50%, 1/3/00 ......................... 15,000,000 14,996,250
Pfizer, Inc.
6.06%, 2/9/00+ ........................ 45,000,000 44,706,525
Snap-On, Inc.
5.96%, 1/31/00 ........................ 29,000,000 28,856,692
Societe Generale NA, Inc.
6.26%, 1/6/00+ ........................ 30,000,000 29,973,958
Southwestern Bell
4.60%, 1/3/00 ......................... 5,000,000 4,998,722
Toronto Dominion Bank
6.31%, 1/18/00 ........................ 25,000,000 24,925,743
--------------
TOTAL COMMERCIAL PAPER ................ 427,686,444
--------------
TIME DEPOSITS (1.0%)
Chase Manhattan Bank
5.50%, 1/3/00 ......................... 75,000,000 75,000,000
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Chase Nassau
3.48%, 1/3/00 .................... $45,656,558 $ 45,656,558
Dresdner Bank
4.50%, 1/3/00 .................... 50,000,000 50,000,000
-----------------
TOTAL TIME DEPOSITS .............. 170,656,558
-----------------
U.S. GOVERNMENT AGENCIES (0.1%)
Federal Home Loan Mortgage
Corp. (Discount Note) 1/3/00 ..... 14,300,000 14,298,808
-----------------
TOTAL SHORT-TERM DEBT
SECURITIES (4.1%)
(Amortized Cost $687,639,515) 687,639,515
-----------------
TOTAL INVESTMENTS (102.2%)
(Cost/Amortized Cost
$12,358,769,572) ................. 16,962,801,466
-----------------
NUMBER
OF
CONTRACTS(B)
----------
CALL OPTIONS
WRITTEN*(c):
3Com Corp.
February @ $44.625 ............... 3,000 (1,809,000)
February @ $42.625 ............... 3,000 (2,049,000)
-----------------
(3,858,000)
-----------------
Adelphia Communications Corp.
January @ $54.25 ................. 2,500 (2,955,000)
February @ $57.50 ................ 1,500 (1,480,500)
February @ $58.3817 .............. 1,500 (1,330,830)
February @ $61.75 ................ 1,500 (901,140)
February @ $63.1118 .............. 2,000 (1,331,280)
February @ $63.7223 .............. 1,500 (920,370)
March @ $63.625 .................. 1,500 (1,049,535)
March @ $64.361 .................. 1,890 (1,195,085)
March @ $64.50 ................... 2,110 (1,193,555)
-----------------
(12,357,295)
-----------------
Altera Corp.
February @ $48.1875 .............. 3,000 (2,000,148)
February @ $62.75 ................ 1,000 (126,404)
March @ $51.00 ................... 3,000 (1,431,000)
March @ $52.50 ................... 3,000 (1,284,000)
-----------------
(4,841,552)
-----------------
American Express Co.
February @ $159.625 .............. 1,000 (1,192,000)
-----------------
American International Group,
Inc.
January @ $105.9375 .............. 3,000 (1,614,000)
February @ $106.875 .............. 1,000 (533,000)
February @ $108.75 ............... 1,000 (459,000)
March @ $108.00 .................. 1,000 (735,000)
-----------------
(3,341,000)
-----------------
Applied Material, Inc.
February @ $106.50 ............... 2,500 (5,783,000)
February @ $108.4975 ............. 2,500 (5,334,000)
March @ $109.2474 ................ 1,900 (4,286,932)
March @ $120.74 .................. 3,000 (4,291,410)
-----------------
(19,695,342)
-----------------
</TABLE>
85
<PAGE>
EQ ADVISORS TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF CONTRACTS (B) (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
AT&T Corp.
January @ $37.00 ............ 2,500 $ (4,941,975)
January @ $39.375 ........... 3,500 (6,153,000)
January @ $39.50 ............ 1,125 (1,958,153)
February @ $41.625 .......... 1,500 (2,306,310)
February @ $42.125 .......... 2,500 (3,724,725)
February @ $44.50 ........... 1,500 (1,911,075)
February @ $45.4375 ......... 1,000 (1,187,930)
February @ $47.00 ........... 2,000 (2,087,560)
February @ $47.625 .......... 2,000 (2,010,000)
March @ $52.375 ............. 5,500 (3,660,470)
-----------------
(29,941,198)
-----------------
AT&T Corp.--Liberty Media
Group, Class A
January @ $38.00 ............ 3,000 (5,673,540)
January @ $39.50 ............ 1,875 (3,263,587)
February @ $41.625 .......... 1,500 (2,306,310)
February @ $44.50 ........... 1,500 (1,911,075)
March @ $51.75 .............. 2,500 (1,670,125)
-----------------
(14,824,637)
-----------------
Autonation, Inc.
January @ $10.375 ........... 3,000 (45,000)
February @ $10.00 ........... 3,000 (78,240)
February @ $9.375 ........... 3,000 (201,000)
February @ $9.50 ............ 3,000 (174,000)
February @ $9.8125 .......... 3,000 (171,000)
February @ $9.875 ........... 6,000 (375,000)
March @ $8.8125.............. 3,000 (336,000)
March @ $8.875 .............. 3,000 (366,000)
March @ $8.9375 ............. 3,000 (272,112)
March @ $9.00 ............... 3,000 (205,260)
-----------------
(2,223,612)
-----------------
Bank of America Corp.
January @ $65.00 ............ 3,000 (39,000)
February @ $59.00 ........... 2,000 (161,940)
-----------------
(200,940)
-----------------
Bank One Corp.
January @ $39.6875 .......... 3,000 (66,000)
-----------------
Boston Scientific Corp.
January @ $20.625 ........... 2,500 (510,025)
January @ $20.75 ............ 3,000 (578,760)
January @ $20.8086 .......... 2,500 (491,500)
January @ $21.50 ............ 2,500 (415,000)
February @ $20.00 ........... 3,000 (939,000)
February @ $20.4808 ......... 2,500 (673,700)
February @ $20.50 ........... 2,500 (680,525)
February @ $21.875 .......... 2,500 (394,450)
February @ $22.00 ........... 2,000 (334,620)
February @ $22.375 .......... 2,500 (422,500)
February @ $22.50 ........... 2,000 (307,160)
March @ $19.375 ............. 2,000 (695,500)
March @ $19.625 ............. 2,500 (815,323)
March @ $20.125 ............. 2,500 (740,817)
March @ $20.875 ............. 3,000 (843,000)
March @ $21.00 .............. 2,000 (551,220)
-----------------
(9,393,100)
-----------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF CONTRACTS (B) (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Cablevision Systems Corp.,
Class A
February @ $70.84 ........... 1,400 $ (1,044,400)
March @ $74.50 .............. 1,000 (675,000)
-----------------
(1,719,400)
-----------------
CBS Corp.
January @ $45.143 ........... 3,000 (5,665,530)
January @ $49.82 ............ 2,000 (2,857,600)
February @ $51.875 .......... 1,100 (1,366,343)
February @ $53.25 ........... 2,500 (2,827,700)
February @ $54.135 .......... 1,000 (1,044,640)
February @ $57.75 ........... 1,000 (771,000)
March @ $59.25 .............. 1,500 (1,083,000)
March @ $59.75 .............. 3,000 (2,059,440)
-----------------
(17,675,253)
-----------------
Cendant Corp.
February @ $16.875 .......... 2,000 (1,985,388)
February @ $21.5625 ......... 2,500 (1,467,500)
March @ $24.25 .............. 2,000 (836,000)
March @ $24.375 ............. 3,000 (1,186,647)
March @ $24.50 .............. 3,000 (1,173,570)
March @ $25.25 .............. 750 (227,250)
March @ $26.25 .............. 2,250 (681,750)
-----------------
(7,558,105)
-----------------
Citigroup, Inc.
January @ $54.40 ............ 2,500 (685,575)
February @ $55.07 ........... 3,000 (1,126,350)
February @ $55.875 .......... 3,000 (1,074,000)
March @ $55.1473 ............ 1,000 (495,100)
-----------------
(3,381,025)
-----------------
Columbia HCA Healthcare Corp.
January @ $21.125 ........... 2,000 (1,639,640)
February @ $26.25 ........... 2,500 (869,260)
February @ $26.4375 ......... 2,000 (717,700)
-----------------
(3,226,600)
-----------------
Comcast Corp., Class A
February @ $45.617 .......... 2,500 (1,760,000)
February @ $46.125 .......... 1,500 (769,020)
February @ $47.9375 ......... 2,000 (996,610)
March @ $51.75 .............. 2,000 (880,216)
-----------------
(4,405,846)
-----------------
Compaq Computer Corp.
January @ $18.625 ........... 2,000 (1,686,574)
February @ $21.6875 ......... 2,000 (1,126,616)
-----------------
(2,813,190)
-----------------
Dell Computer Corp.
February @ $44.50 ........... 3,000 (2,427,000)
-----------------
First Data Corp.
January @ $45.625 ........... 3,000 (1,293,000)
March @ $50.1884 ............ 2,500 (749,400)
-----------------
(2,042,400)
-----------------
GAP, Inc.
January @ $33.375 ........... 2,000 (2,547,246)
February @ $37.00 ........... 2,000 (1,903,280)
February @ $41.625 .......... 1,000 (622,600)
February @ $44.875 .......... 1,000 (440,420)
-----------------
(5,513,546)
-----------------
</TABLE>
86
<PAGE>
EQ ADVISORS TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF CONTRACTS (B) (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
General Motors Corp., Class H
February @ $96.50 ........... 1,500 $ (1,101,000)
-----------------
Home Depot, Inc.
January @ $77.00 ............ 1,500 (2,616,180)
February @ $81.75 ........... 4,500 (6,727,500)
February @ $90.625 .......... 1,500 (1,508,865)
March @ $100.50 ............. 3,750 (2,238,750)
March @ $95.625 ............. 2,250 (1,785,218)
-----------------
(14,876,513)
-----------------
Honeywell International, Inc.
February @ $58.5333 ......... 2,344 (1,253,531)
February @ $59.00 ........... 2,500 (717,425)
February @ $59.8656 ......... 2,344 (1,009,899)
February @ $60.40 ........... 1,875 (291,898)
February @ $61.00 ........... 2,812 (746,972)
February @ $62.125 .......... 2,500 (502,500)
March @ $55.00 .............. 2,500 (1,420,725)
March @ $55.8125 ............ 2,000 (946,000)
March @ $56.25 .............. 2,500 (1,245,000)
March @ $61.75 .............. 2,500 (485,000)
-----------------
(8,618,950)
-----------------
Ingram Micro, Inc.
February @ $13.00 ........... 2,500 (373,280)
February @ $13.125 .......... 4,100 (595,428)
February @ $13.25 ........... 4,400 (636,025)
February @ $13.3939 ......... 3,000 (359,190)
February @ $13.50 ........... 500 (60,000)
February @ $13.9375 ......... 3,000 (315,000)
March @ $12.5625 ............ 3,000 (590,415)
March @ $12.875 ............. 2,500 (438,585)
March @ $13.00 .............. 1,500 (270,000)
-----------------
(3,637,923)
-----------------
Intel Corp.
January @ $71.4375 .......... 3,000 (3,390,942)
January @ $77.00 ............ 3,000 (2,182,830)
January @ $79.5625 .......... 2,500 (1,522,500)
February @ $73.125 .......... 2,000 (2,454,000)
February @ $76.50 ........... 3,000 (2,649,000)
February @ $77.375 .......... 1,500 (1,314,000)
February @ $79.25 ........... 2,500 (1,817,500)
February @ $79.625 .......... 3,000 (2,097,000)
March @ $83.1508 ............ 2,000 (1,284,300)
March @ $83.1875 ............ 2,000 (1,328,000)
March @ $83.50 .............. 2,000 (1,274,000)
-----------------
(21,314,072)
-----------------
International Business Machines
Corp.
January @ $91.12 ............ 2,000 (3,582,000)
January @ $92.125 ........... 3,000 (5,004,000)
January @ $92.1876 .......... 3,000 (5,199,390)
January @ $93.625 ........... 3,000 (4,584,000)
January @ $94.3185 .......... 1,750 (2,595,250)
January @ $94.75 ............ 3,000 (4,275,000)
January @ $95.50 ............ 1,500 (1,984,275)
January @ $95.5652 .......... 750 (1,029,000)
January @ $96.25 ............ 3,000 (3,903,000)
February @ $101.50 .......... 1,000 (972,620)
February @ $107.00 .......... 1,000 (775,000)
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF CONTRACTS (B) (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
February @ $107.50 .......... 3,000 $ (2,682,000)
February @ $116.375 ......... 1,000 (315,757)
February @ $94.375 .......... 2,000 (3,094,000)
March @ $108.75 ............. 3,000 (2,370,000)
March @ $109.00 ............. 3,000 (2,494,980)
March @ $109.03 ............. 1,500 (1,258,500)
March @ $109.7893 ........... 2,500 (1,911,825)
-----------------
(48,030,597)
-----------------
Limited, Inc.
January @ $38.50 ............ 2,175 (1,195,162)
February @ $39.00 ........... 2,000 (1,041,540)
February @ $40.375 .......... 2,000 (898,000)
March @ $41.75 .............. 2,000 (772,000)
March @ $42.50 .............. 3,000 (983,988)
-----------------
(4,890,690)
-----------------
Loral Space & Communicaitons
March @ $20.50 .............. 3,000 (2,199,345)
-----------------
MBNA Corp.
January @ $27.8108 .......... 3,000 (323,290)
January @ $28.1429 .......... 2,000 (197,680)
February @ $25.25 ........... 2,000 (662,000)
-----------------
(1,182,970)
-----------------
McKesson HBOC, Inc.
January @ $19.875 ........... 2,500 (852,350)
January @ $20.25 ............ 3,000 (879,000)
January @ $20.375 ........... 2,000 (606,000)
-----------------
(2,337,350)
-----------------
Micron Technology, Inc.
January @ $62.625 ........... 2,500 (3,990,000)
January @ $72.125 ........... 3,000 (2,535,090)
January @ $75.75 ............ 2,500 (1,688,700)
February @ $66.375 .......... 2,000 (2,914,000)
February @ $72.50 ........... 2,000 (2,002,000)
-----------------
(13,129,790)
-----------------
Morgan Stanley Dean Witter &
Co.
January @ $103.25 ........... 1,000 (3,955,040)
January @ $113.125 .......... 1,000 (3,037,050)
February @ $122.25 .......... 1,500 (3,484,500)
-----------------
(10,476,590)
-----------------
Motorola, Inc.
January @ $101.50 ........... 1,700 (7,835,300)
-----------------
Networks Associates, Inc.
January @ $18.125 ........... 2,500 (2,150,702)
-----------------
News Corp., Ltd. (ADR)
February @ $33.00 ........... 3,000 (1,719,000)
February @ $40.375........... 1,000 (131,000)
-----------------
(1,850,000)
-----------------
Nextel Communications, Inc.,
Class A
January @ $85.5429 .......... 3,000 (5,824,680)
January @ $88.25 ............ 1,500 (2,636,175)
January @ $88.40 ............ 1,500 (2,574,165)
February @ $105.75 .......... 1,000 (944,000)
March @ $105.6375 ........... 2,000 (2,130,360)
</TABLE>
87
<PAGE>
EQ ADVISORS TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF CONTRACTS (B) (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
March @ $89.8808 ................ 2,000 $ (3,825,420)
March @ $91.625 ................. 2,000 (3,552,000)
March @ $92.125 ................. 2,000 (3,442,000)
March @ $92.95 .................. 2,000 (3,282,820)
March @ $98.7431 ................ 2,500 (3,467,450)
---------------
(31,679,070)
---------------
Nokia OYJ (ADR)
February @ $133.125 ............. 1,000 (4,948,000)
February @ $150.62 .............. 1,200 (5,179,608)
February @ $172.077 ............. 2,500 (7,144,775)
---------------
(17,272,383)
---------------
Pfizer, Inc.
January @ $39.75 ................ 9,000 (8,640)
February @ $35.00 ............... 3,000 (232,200)
---------------
(240,840)
---------------
PMI Group, Inc.
January @ $49.52 ................ 3,000 (124,680)
February @ $48.5625 ............. 1,000 (300,000)
February @ $50.4822 ............. 1,375 (306,157)
February @ $50.50 ............... 625 (138,719)
February @ $50.75 ............... 2,000 (406,000)
March @ $48.00 .................. 2,000 (703,480)
---------------
(1,979,036)
---------------
Qwest Communications
International, Inc.
February @ $35.4648 ............. 2,500 (2,134,675)
February @ $38.50 ............... 2,500 (1,532,325)
February @ $40.625 .............. 2,500 (1,152,500)
March @ $41.125 ................. 2,500 (1,141,100)
---------------
(5,960,600)
---------------
SCI Systems, Inc.
February @ $72.375 .............. 2,000 (2,360,000)
February @ $72.75 ............... 3,000 (3,486,000)
February @ $78.00 ............... 1,000 (853,825)
February @ $81.7158 ............. 2,000 (1,516,000)
March @ $82.50 .................. 3,500 (2,707,890)
---------------
(10,923,715)
---------------
Solectron Corp.
January @ $74.75 ................ 3,000 (6,123,480)
February @ $85.5 ................ 1,000 (1,259,800)
March @ $93.00 .................. 1,000 (1,064,320)
---------------
(8,447,600)
---------------
Sprint Corp. (FON Group)
January @ $65.875 ............... 2,000 (430,500)
January @ $66.0331 .............. 3,000 (945,420)
January @ $72.25 ................ 3,000 (309,000)
February @ $68.625 .............. 2,000 (711,700)
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF CONTRACTS (B) (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
February @ $74.6875 ............. 2,000 $ (190,926)
March @ $65.375 ................. 2,000 (1,048,536)
March @ $67.4375 ................ 3,000 (1,258,377)
March @ $67.625 ................. 1,500 (708,000)
---------------
(5,602,459)
---------------
Tandy Corp.
February @ $66.375 .............. 1,000 (2,790)
March @ $46.50 .................. 2,500 (1,749,150)
March @ $49.00 .................. 2,000 (1,080,000)
---------------
(2,831,940)
---------------
Tyco International Ltd.
January @ $39.25 ................ 3,000 (786,390)
February @ $27.50 ............... 2,500 (3,057,443)
February @ $29.9375 ............. 2,500 (2,551,800)
February @ $35.3125 ............. 2,000 (1,193,680)
February @ $43.50 ............... 1,000 (135,796)
March @ $29.4375 ................ 2,000 (2,149,900)
March @ $30.5625 ................ 2,000 (1,982,000)
March @ $30.875 ................. 2,500 (2,377,075)
March @ $32.00 .................. 2,000 (1,786,000)
March @ $35.625 ................. 3,000 (2,000,160)
March @ $37.2153 ................ 3,000 (1,755,240)
---------------
(19,775,484)
---------------
Vodafone AirTouch PLC (ADR)
February @ $44.00 ............... 2,500 (1,681,225)
---------------
Wal-Mart Stores, Inc.
February @ $57.9375 ............. 1,500 (1,825,500)
February @ $58.625 .............. 1,000 (1,125,000)
February @ $60.00 ............... 1,500 (1,494,000)
---------------
(4,444,500)
---------------
Warner-Lambert Co.
January @ $83.75 ................ 3,000 (661,020)
---------------
WinStar Communications, Inc.
January @ $53.625 ............... 2,000 (4,369,180)
February @ $54.00 ............... 350 (778,103)
February @ $54.45 ............... 600 (1,297,920)
February @ $54.4797 ............. 2,400 (5,191,680)
February @ $55.625 .............. 2,000 (4,002,900)
---------------
(15,639,783)
---------------
TOTAL CALL OPTIONS WRITTEN (-2.5%)
(Cost $262,416,322) .............. (423,468,488)
OTHER ASSETS
LESS LIABILITIES (0.3%) .......... 54,228,319
---------------
NET ASSETS (100%) ................. $16,593,561,297
===============
</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, 1999, these securities amounted to $155,801,623
or 0.94% of net assets.
++ Issuer of this security is an affiliate of the Trust.
(a) Fully or partially pledged as collateral on outstanding written call
options.
(b) One contract relates to 100 shares.
(c) Covered call option contracts written in connection with securities
held.
Glossary:
ADR--American Depositary Receipt
88
<PAGE>
EQ ADVISORS TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
At December 31, 1999, the Portfolio had outstanding foreign currency contracts
to buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$
AMOUNT ORIGINATION CURRENT UNREALIZED
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY SALE CONTRACTS
Swedish Krona, expiring 1/4/00......... 17,537 $2,056,464 $2,065,413 $ (8,949)
========
</TABLE>
Investments in companies which were affiliates for the year ended December 31,
1999 were as follows:
<TABLE>
<CAPTION>
MARKET VALUE PURCHASES
SECURITIES DECEMBER 31, 1998 AT COST
- -------------------------------------------- ------------------- ---------------
<S> <C> <C>
Adelphia Communications Corp., Class A ..... $ -- $188,784,570
Ceridian Corp. ............................. 266,334,688 25,343,391
Chris-Craft Industries, Inc., Class B ...... 60,857,849 --
Ingram Micro, Inc. ......................... 83,700,000 80,637,995
Loral Space & Communications ............... 180,280,312 177,097,718
PMI Group, Inc. ............................ 60,099,250 75,743,315
SCI Systems, Inc. .......................... 206,514,000 181,987,787
------------
$857,786,099
============
<CAPTION>
SALES MARKET VALUE DIVIDEND REALIZED
SECURITIES AT COST DECEMBER 31, 1999 INCOME GAIN (LOSS)
- -------------------------------------------- -------------- ------------------- ---------- ----------------
<S> <C> <C> <C> <C>
Adelphia Communications Corp., Class A ..... $ -- $ 203,654,062 $ -- $ --
Ceridian Corp. ............................. -- 188,971,594 -- --
Chris-Craft Industries, Inc., Class B ...... 689,320 88,699,166 -- 2,237,187
Ingram Micro, Inc. ......................... 81,278,310 51,213,750 -- (42,075,492)
Loral Space & Communications ............... 72,484,662 407,501,813 -- (23,001,066)
PMI Group, Inc. ............................ 8,033,213 156,849,206 365,534 3,201,511
SCI Systems, Inc. .......................... 75,520,632 484,528,187 -- 23,494,008
-------------- -------- -------------
$1,581,417,778 $365,534 $ (36,143,852)
============== ======== =============
</TABLE>
Options written for the year ended December 31, 1999 were as follows:
<TABLE>
<CAPTION>
NUMBER OF PREMIUMS
CONTRACTS RECEIVED
--------------- -----------------
<S> <C> <C>
Options outstanding--January 1, 1999 ........................ 492,960 $ 195,807,516
Options written ............................................. 2,761,595 1,072,254,022
Options terminated in closing purchase transactions.......... (455,620) (210,226,855)
Options expired ............................................. (43,240) (10,185,876)
Options exercised ........................................... (2,194,995) (785,232,485)
---------- --------------
Options outstanding--December 31, 1999 ...................... 560,700 $ 262,416,322
========== ==============
</TABLE>
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $7,945,768,969
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... $9,293,043,718
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 5,523,031,506
Aggregate gross unrealized depreciation ......... (1,006,816,264)
----------------
Net unrealized appreciation ..................... $ 4,516,215,242
================
Federal income tax cost of investments .......... $ 12,446,586,224
================
At December 31, 1999, the Portfolio had loaned securities with a total value of
$942,195,358, which was secured by collateral of $947,429,007.
See Notes to Financial Statements.
89
<PAGE>
EQ ADVISORS TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (0.5%)
CHEMICALS (0.3%)
Akzo Nobel N.V. ......................... 7,500 $ 376,619
BASF AG ................................. 3,700 193,633
Lyondell Chemical Co. ................... 32,000 408,000
Shin-Etsu Chemical Co., Ltd. ............ 5,000 215,201
------------
1,193,453
------------
PAPER (0.1%)
Upm-Kymmene Oyj ......................... 9,240 372,686
------------
STEEL (0.1%)
Kawasaki Steel Corp. .................... 178,000 318,634
Pohang Iron & Steel Co., Ltd.
(ADR) ................................. 8,800 308,000
------------
626,634
------------
TOTAL BASIC MATERIALS ................. 2,192,773
------------
BUSINESS SERVICES (3.0%)
PRINTING, PUBLISHING, BROADCASTING (2.4%)
AMFM, Inc.* ............................. 27,800 2,175,350
AT&T Corp.--Liberty Media
Group, Class A* ....................... 41,640 2,363,070
Clear Channel Communications,
Inc.* ................................. 5,400 481,950
Comcast Corp., Class A .................. 10,000 502,500
Gannett Co., Inc. ....................... 11,500 937,969
MediaOne Group, Inc.* ................... 15,200 1,167,550
Rogers Communications, Inc.,
Class B* .............................. 5,000 123,750
Seat Pagine Gialle spa .................. 196,000 644,295
Television Broadcasts Ltd. .............. 31,000 211,359
Time Warner, Inc. ....................... 26,370 1,910,177
United News & Media plc ................. 60,000 764,584
USA Networks, Inc.* ..................... 5,900 325,975
------------
11,608,529
------------
PROFESSIONAL SERVICES (0.6%)
Amdocs Ltd.* ............................ 12,000 414,000
Cendant Corp.* .......................... 10,000 265,625
First Data Corp. ........................ 21,200 1,045,425
Fiserv, Inc.* ........................... 14,950 572,772
Viad Corp. .............................. 15,000 418,125
------------
2,715,947
------------
TRUCKING, SHIPPING (0.0%)
Knightsbridge Tankers Ltd. .............. 6,800 91,800
------------
TOTAL BUSINESS SERVICES ............... 14,416,276
------------
CAPITAL GOODS (1.0%)
AEROSPACE (0.5%)
Honeywell International, Inc.* .......... 12,300 709,556
United Technologies Corp. ............... 24,100 1,566,500
------------
2,276,056
------------
BUILDING & CONSTRUCTION (0.0%)
New World Infrastructure Ltd. ........... 167,400 214,270
------------
BUILDING MATERIALS & FOREST PRODUCTS (0.1%)
China Merchants Holdings
International Co., Ltd. ............... 337,000 277,455
------------
ELECTRICAL EQUIPMENT (0.1%)
Hon Hai Precision Industry Co., Ltd.
(GDR)* ................................ 16,600 320,795
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Johnson Electric Holdings ............... 52,000 $ 333,801
------------
654,596
------------
MACHINERY (0.3%)
Mannesmann AG ........................... 5,400 1,308,999
------------
TOTAL CAPITAL GOODS ................... 4,731,376
------------
CONSUMER CYCLICALS (4.7%)
AIRLINES (0.8%)
Alaska Air Group, Inc.* ................. 7,000 245,875
America West Holdings Corp.* ............ 700 14,525
British Airways plc ..................... 63,750 415,967
Continental Airlines, Inc., Class B*..... 35,300 1,566,437
Delta Air Lines, Inc. ................... 1,000 49,813
KLM Royal Dutch Airlines N.V.
New York Shares* ...................... 1,500 37,406
Northwest Airlines Corp., Class A*....... 22,900 509,525
Southwest Airlines Co. .................. 42,780 692,501
UAL Corp.* .............................. 1,000 77,563
------------
3,609,612
------------
APPAREL & TEXTILES (0.1%)
Mohawk Industries, Inc.* ................ 10,000 263,750
Tommy Hilfiger Corp.* ................... 5,000 116,563
Unifi, Inc.* ............................ 25,000 307,812
------------
688,125
------------
AUTO RELATED (0.3%)
Budget Group, Inc.* ..................... 10,000 90,625
Harley-Davidson, Inc. ................... 20,500 1,313,281
United Rentals North America,
Inc.* ................................. 1,000 17,125
------------
1,421,031
------------
AUTOS & TRUCKS (0.0%)
DaimlerChrysler AG ...................... 2,900 227,796
------------
FOOD SERVICES, LODGING (0.0%)
Extended Stay America, Inc.* ............ 10,000 76,250
------------
LEISURE RELATED (1.5%)
Berjaya Sports Toto Bhd. ................ 16,000 34,526
Carnival Corp., Class A ................. 29,100 1,391,344
Metro-Goldwyn-Mayer, Inc.* .............. 10,000 235,625
MGM Grand, Inc.* ........................ 5,000 251,562
Park Place Entertainment Corp.* ......... 65,300 816,250
Royal Caribbean Cruises Ltd. ............ 39,280 1,936,995
Sankyo Co. .............................. 8,000 598,650
Sun Internationals Hotels Ltd.* ......... 7,200 139,500
Walt Disney Co. ......................... 53,280 1,558,440
------------
6,962,892
------------
PHOTO & OPTICAL (0.1%)
Canon, Inc. ............................. 6,000 238,286
Hoya Corp. .............................. 6,000 472,464
------------
710,750
------------
RETAIL--GENERAL (1.9%)
Bed Bath & Beyond, Inc.* ................ 4,000 139,000
Castorama Dubois ........................ 550 167,487
Costco Wholesale Corp.* ................. 7,664 699,340
Dixons Group plc ........................ 18,500 444,901
GAP, Inc. ............................... 28,337 1,303,502
Home Depot, Inc. ........................ 17,249 1,182,600
Kohl's Corp.* ........................... 15,800 1,140,563
Limited, Inc. ........................... 30,000 1,299,375
</TABLE>
90
<PAGE>
EQ ADVISORS TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Next plc .............................. 56,300 $ 540,122
TJX Cos., Inc. ........................ 1,000 20,438
Venator Group, Inc.* .................. 19,000 133,000
Wal-Mart Stores, Inc. ................. 26,300 1,817,987
------------
8,888,315
------------
TOTAL CONSUMER CYCLICALS ............ 22,584,771
------------
CONSUMER NON-CYCLICALS (4.0%)
BEVERAGES (0.1%)
Coca-Cola Enterprises, Inc. ........... 26,500 533,312
Pepsi Bottling Group, Inc. ............ 5,000 82,813
------------
616,125
------------
CONTAINERS (0.2%)
Sealed Air Corp.* ..................... 19,900 1,031,069
------------
DRUGS (1.6%)
AstraZeneca Group plc ................. 7,362 312,133
Bristol-Myers Squibb Co. .............. 35,000 2,246,563
Millennium Pharmaceuticals, Inc.* ..... 9,100 1,110,200
Sanofi-Synthelabo SA* ................. 10,100 421,020
Schering-Plough Corp. ................. 44,300 1,868,906
Takeda Chemical Industries Ltd. ....... 10,000 493,984
Warner-Lambert Co. .................... 8,760 717,773
Yamanouchi Pharmaceutical Co. Ltd. 9,000 314,291
------------
7,484,870
------------
HOSPITAL SUPPLIES & SERVICES (1.1%)
Columbia/HCA Healthcare Corp. ......... 8,500 249,156
Health Management Associates, Inc.,
Class A* ............................ 75,300 1,007,138
Healthsouth Corp.* .................... 20,000 107,500
Human Genome Sciences, Inc.* .......... 9,500 1,449,937
Medtronic, Inc. ....................... 47,225 1,720,761
Quintiles Transnational Corp.* ........ 13,000 242,938
Tenet Healthcare Corp.* ............... 23,100 542,850
------------
5,320,280
------------
RETAIL--FOOD (0.7%)
Carrefour SA* ......................... 2,685 495,728
Familymart Co. ........................ 5,000 332,583
Koninklijke Ahold N.V. ................ 8,888 263,399
Kroger Co.* ........................... 93,995 1,774,156
NG Fung Hong Ltd. ..................... 134,000 68,952
Tesco plc ............................. 102,200 310,730
------------
3,245,548
------------
SOAPS & TOILETRIES (0.2%)
Avon Products, Inc. ................... 15,030 495,990
Kao Corp. ............................. 14,000 399,198
------------
895,188
------------
TOBACCO (0.1%)
Tabacalera S.A., Class A .............. 35,900 514,036
------------
TOTAL CONSUMER NON-CYCLICALS ........ 19,107,116
------------
CREDIT SENSITIVE (6.8%)
BANKS (1.5%)
Bank of America Corp. ................. 33,876 1,700,152
Bank of Fukuoka ....................... 55,000 381,444
Bank of Scotland ...................... 66,500 772,232
Bank of Tokyo-Mitsubishi Ltd. ......... 43,000 598,963
Bank of Tokyo-Mitsubishi Ltd.
(ADR) ............................... 12,000 167,250
Banque Nationale de Paris ............. 6,625 611,917
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Commonwealth Bank of Australia ........ 13,100 $ 225,410
Credito Italiano ...................... 42,600 209,624
DBS Group Holdings Ltd.* .............. 32,445 531,821
Fuji Bank Ltd. ........................ 34,000 330,255
Hanvit Bank (GDR)* .................... 17,000 109,650
PT Bank Dagang Nasional Indonesia
Tbk* ................................ 136,000 --
Societe Generale Paris ................ 2,390 556,699
Standard Chartered plc ................ 46,720 725,142
Sumitomo Trust & Banking .............. 47,000 317,226
------------
7,237,785
------------
FINANCIAL SERVICES (2.9%)
A.G. Edwards, Inc. .................... 7,000 224,438
Associates First Capital Corp.
Class A ............................. 91,100 2,499,556
CIT Group, Inc., Class A .............. 29,000 612,625
Citigroup, Inc. ....................... 63,300 3,517,106
Daiwa Securities Group, Inc. .......... 47,000 735,136
Legg Mason, Inc. ...................... 25,000 906,250
MBIA, Inc. ............................ 11,500 607,344
MBNA Corp. ............................ 93,900 2,558,775
Morgan Stanley Dean Witter & Co........ 14,700 2,098,425
Peregrine Investment Holdings* ........ 52,000 --
Worms et Compagnie* ................... 200 9,259
------------
13,768,914
------------
INSURANCE (0.9%)
Ace Ltd. .............................. 30,000 500,625
American International Group, Inc...... 15,650 1,692,156
CGU plc ............................... 30,300 488,149
CNA Financial Corp.* .................. 15,000 584,063
Radian Group, Inc. .................... 20,700 988,425
Zurich Allies AG ...................... 250 142,633
------------
4,396,051
------------
REAL ESTATE (0.1%)
Boston Properties, Inc. ............... 5,000 155,625
Sun Hung Kai Properties Ltd. .......... 16,000 166,720
------------
322,345
------------
UTILITY--ELECTRIC (0.3%)
AES Corp.* ............................ 14,800 1,106,300
------------
UTILITY--TELEPHONE (1.1%)
CenturyTel, Inc. ...................... 1,000 47,375
MCI WorldCom, Inc.* ................... 32,850 1,743,103
Sprint Corp. (FON Group) .............. 13,100 881,794
Telefonos de Mexico S.A., Class L
(ADR) ............................... 4,700 528,750
Telephone & Data Systems, Inc. ........ 15,000 1,890,000
Viatel, Inc.* ......................... 5,000 268,125
------------
5,359,147
------------
TOTAL CREDIT SENSITIVE .............. 32,190,542
------------
DIVERSIFIED (1.4%)
MISCELLANEOUS (1.4%)
ABB AG* ............................... 3,988 488,007
DBT Online, Inc.* ..................... 2,400 58,500
General Electric Co. .................. 25,200 3,899,700
Hutchison Whampoa Ltd. ................ 23,000 334,341
Tyco International Ltd. ............... 45,000 1,749,375
U.S. Industries, Inc. ................. 15,500 217,000
------------
6,746,923
------------
</TABLE>
91
<PAGE>
EQ ADVISORS TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
ENERGY (1.5%)
OIL--DOMESTIC (0.1%)
Louis Dreyfus Natural Gas Corp.* ....... 22,000 $ 398,750
Murphy Oil Corp. ....................... 3,000 172,125
-----------
570,875
-----------
OIL--INTERNATIONAL (1.2%)
British Petroleum Co., plc ............. 34,400 345,856
Kerr-McGee Corp. ....................... 16,000 992,000
Repsol S.A. ............................ 11,030 256,030
Repsol S.A. (ADR) ...................... 49,400 1,148,550
Total Fina S.A. (ADR) .................. 26,900 1,862,825
Total Fina S.A., Class B ............... 6,426 858,554
Woodside Petroleum Ltd. ................ 15,400 113,652
-----------
5,577,467
-----------
OIL--SUPPLIES & CONSTRUCTION (0.2%)
Noble Drilling Corp.* .................. 30,600 1,002,150
Stolt Comex Seaway S.A. (ADR)* ......... 11,800 129,800
Stolt Comex Seaway S.A.* ............... 2,000 22,125
-----------
1,154,075
-----------
TOTAL ENERGY ......................... 7,302,417
-----------
TECHNOLOGY (10.6%)
COMPUTER HARDWARE (1.0%)
Cisco Systems, Inc.* ................... 44,300 4,745,637
-----------
COMPUTER SOFTWARE (1.7%)
America Online, Inc.* .................. 16,000 1,207,000
Ardent Software, Inc.* ................. 6,000 234,000
Informix Corp.* ........................ 19,900 226,362
Infosys Technologies ................... 4,100 1,353,000
Microsoft Corp.* ....................... 27,000 3,152,250
Softbank Corp. ......................... 1,900 1,817,666
-----------
7,990,278
-----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (2.4%)
Adelphia Business Solutions, Inc.* ..... 10,000 480,000
Cable & Wireless plc (ADR) ............. 10,000 529,375
China Telecom (Hong Kong) Ltd. ......... 129,000 806,509
Clearnet Communications, Inc.* ......... 29,000 996,875
Global TeleSystems Group, Inc.* ........ 81,684 2,828,308
Korea Telecom Corp. SP (ADR) ........... 7,737 578,341
NTL, Inc.* ............................. 22,000 2,744,500
RCN Corp.* ............................. 10,400 504,400
Sonera Group Oyj ....................... 9,950 682,751
United Pan-Europe Communications
N.V.* ................................ 10,800 1,383,052
-----------
11,534,111
-----------
ELECTRONICS (2.5%)
3Com Corp.* ............................ 25,000 1,175,000
Altera Corp.* .......................... 11,800 584,838
Intel Corp. ............................ 30,200 2,485,838
Kyocera Corp. (ADR) .................... 2,600 681,200
RF Micro Devices, Inc.* ................ 1,000 68,438
Sanmina Corp.* ......................... 10,200 1,018,725
Solectron Corp.* ....................... 37,900 3,605,237
STMicroelectronics N.V.* ............... 5,260 810,438
TDK Corp. .............................. 3,000 414,066
Tokyo Electron Ltd. .................... 8,000 1,095,569
-----------
11,939,349
-----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
OFFICE EQUIPMENT (0.9%)
Dell Computer Corp.* ................... 61,300 $ 3,126,300
Lexmark International Group, Inc.*...... 14,800 1,339,400
-----------
4,465,700
-----------
OFFICE EQUIPMENT SERVICES (0.3%)
Cap Gemini S.A. ........................ 1,620 411,649
Equant N.V.--New York Registered
Shares* .............................. 3,880 434,560
Equant N.V.* ........................... 3,400 386,379
-----------
1,232,588
-----------
WIRELESS TELECOMMUNICATION
SERVICES (1.8%)
Millicom International Cellular
S.A.* ................................ 25,000 1,559,375
Nokia OYJ* ............................. 12,660 2,297,826
NTT Mobile Communications
Network, Inc. ........................ 28 1,076,397
Orange plc ............................. 40,250 1,358,655
SK Telecom Co., Ltd. (ADR) ............. 20,767 796,928
US Cellular Corp.* ..................... 8,000 807,500
Vodafone AirTouch plc .................. 93,000 460,749
-----------
8,357,430
-----------
TOTAL TECHNOLOGY ..................... 50,265,093
-----------
TOTAL COMMON STOCKS (33.5%)
(Cost $109,278,102)................... 159,537,287
-----------
NUMBER
OF
WARRANTS
--------
WARRANTS:
BUSINESS SERVICES (0.0%)
TRUCKING, SHIPPING (0.0%)
Frontline Ltd., expiring 5/11/01* ...... 3,867 --
-----------
CREDIT SENSITIVE (0.0%)
BANKS (0.0%)
Thai Farmers Bank, expiring
9/15/02* ............................. 375 93
-----------
TOTAL WARRANTS (0.0%)
(Cost $372)........................... 93
-----------
PRINCIPAL
AMOUNT
--------
LONG-TERM DEBT SECURITIES:
BASIC MATERIALS (0.5%)
PAPER (0.5%)
Georgia Pacific Corp.
7.75%, 11/15/29 ...................... $2,575,000 2,453,965
-----------
BUSINESS SERVICES (1.7%)
PRINTING, PUBLISHING,
BROADCASTING (1.7%)
CBS Corp.
7.15%, 5/20/05 ....................... 2,500,000 2,462,415
Time Warner Entertainment Co.
8.375%, 3/15/23 ...................... 5,625,000 5,848,481
-----------
TOTAL BUSINESS SERVICES .............. 8,310,896
-----------
</TABLE>
92
<PAGE>
EQ ADVISORS TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
CAPITAL GOODS (1.5%)
AEROSPACE (1.5%)
Lockheed Martin Corp.
6.85%, 5/15/01 ............................ $7,000,000 $ 6,928,152
------------
CONSUMER CYCLICALS (2.2%)
AUTO RELATED (1.1%)
Enterprise Rent-A-Car USA
Finance Co.+
6.80%, 2/15/08 ............................ 5,500,000 5,010,225
------------
AUTOS & TRUCKS (1.1%)
Ford Motor Co.
6.375%, 2/1/29 ............................ 6,400,000 5,383,565
------------
TOTAL CONSUMER CYCLICALS .................. 10,393,790
------------
CREDIT SENSITIVE (41.5%)
ASSET BACKED (1.8%)
Capital Auto Receivables Asset
Trust 5.58%, 6/15/02 ...................... 5,500,000 5,426,080
Carco Auto Loan Master Trust
5.65%, 3/15/03 ............................ 3,280,000 3,237,983
------------
8,664,063
------------
BANKS (0.4%)
St. George Bank Ltd.
7.15%, 10/15/05+ .......................... 2,000,000 1,918,200
------------
COLLATERALIZED MORTGAGE
OBLIGATIONS (0.6%)
Prudential Securities Secured
Financing Co. 6.48%, 1/15/09 .............. 3,000,000 2,796,330
------------
FINANCIAL SERVICES (3.8%)
Goldman Sachs Group, Inc.
7.35%, 10/1/09 ............................ 3,100,000 3,028,120
Household Finance Corp.
6.50%, 11/15/08 ........................... 6,125,000 5,661,509
KBC Bank Fund Trust III
9.86%, 11/29/49+ .......................... 4,600,000 4,760,057
Morgan Stanley Dean Witter & Co.
5.625%, 1/20/04 ........................... 5,100,000 4,803,843
------------
18,253,529
------------
U.S. GOVERNMENT (13.3%)
U.S. Treasury Bond
8.125%, 8/15/19 ........................... 11,960,000 13,628,779
U.S. Treasury Note
6.00%, 8/15/00 ............................ 17,000,000 17,015,946
6.25%, 4/30/01 ............................ 2,200,000 2,202,064
6.50%, 8/31/01 ............................ 14,100,000 14,157,288
5.87%, 11/15/04 ........................... 12,025,000 11,792,016
6.125%, 8/15/29 ........................... 4,610,000 4,395,349
------------
63,191,442
------------
U.S. GOVERNMENT AGENCIES (20.9%)
Federal National Mortgage
Association
6.625%, 9/15/09 ........................... 4,700,000 4,559,705
6.00%, 11/1/10 ............................ 9,810,530 9,312,852
7.00%, 4/1/12 ............................. 4,519,334 4,470,114
7.00%, 5/1/26 ............................. 1,336,872 1,283,397
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
7.00%, 9/1/27 ............................. $1,620,429 $ 1,555,612
6.50%, 3/1/28 ............................. 1,719,533 1,620,772
7.00%, 5/1/28 ............................. 2,025,771 1,959,220
6.50%, 9/1/28 ............................. 2,019,253 1,903,277
6.50%, 10/1/28 ............................ 1,869,119 1,761,766
8.00%, 11/1/28 ............................ 1,709,394 1,709,394
6.00%, 1/1/29 ............................. 4,010,428 3,671,631
8.00%, 1/1/29 ............................. 2,831,181 2,855,096
6.00%, 3/1/29 ............................. 5,226,474 4,784,947
7.50%, 4/1/29 ............................. 7,425,816 7,348,038
8.00%, 5/1/29 ............................. 1,678,123 1,692,298
6.50%, 6/1/29 ............................. 6,897,625 6,501,460
7.00%, 6/1/29 ............................. 6,634,887 6,416,918
6.50%, 8/1/29 ............................. 4,984,190 4,697,923
7.50%, 12/1/29 ............................ 6,820,114 6,801,290
Government National Mortgage
Association
7.00%, 12/15/25 ........................... 8,497,339 8,211,437
7.00%, 7/15/27 ............................ 1,631,725 1,576,824
7.00%, 2/15/28 ............................ 5,744,240 5,550,969
6.50%, 3/15/28 ............................ 1,443,339 1,355,837
6.50%, 5/15/28 ............................ 176,079 165,404
6.50%, 7/15/28 ............................ 1,134,735 1,065,942
6.50%, 3/15/29 ............................ 7,109,401 6,678,394
------------
99,510,517
------------
UTILITY--ELECTRIC (0.7%)
Texas Utilities
6.375%, 1/1/08 ............................ 3,600,000 3,283,106
------------
TOTAL CREDIT SENSITIVE .................... 197,617,187
------------
ENERGY (0.9%)
RAILROADS (0.9%)
Union Pacific Corp.
6.625%, 2/1/29 ............................ 4,845,000 4,092,256
------------
TOTAL LONG-TERM DEBT SECURITIES (48.3%)
(Cost $239,141,526)......................... 229,796,246
------------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (10.2%)
Chase Nassau 3.48%, 1/3/00 .................. 48,381,805 48,381,805
------------
U.S. GOVERNMENT AGENCIES (7.3%)
Federal Home Loan Bank
(Discount Note), 1/26/00 .................. 25,000,000 24,909,722
Federal Home Loan Mortgage Corp.
(Discount Note), 2/24/00 .................. 10,000,000 9,913,750
------------
34,823,472
------------
TOTAL SHORT-TERM DEBT SECURITIES (17.5%)
(Amortized Cost $83,205,277)............... 83,205,277
------------
TOTAL INVESTMENTS (99.3%)
(Cost/Amortized Cost
$431,625,277).............................. 472,538,903
OTHER ASSETS
LESS LIABILITIES (0.7%) ................... 3,504,529
------------
NET ASSETS (100%) ........................... $476,043,432
============
</TABLE>
93
<PAGE>
EQ ADVISORS TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY GLOBAL REGION (Unaudited)
As a Percentage of Total Investments
- ----------------------------------------------
Australia ........................ 0.5%
Canada ........................... 0.2
France ........................... 1.4
Germany .......................... 0.4
Japan ............................ 2.3
Latin America .................... 0.1
Netherlands ...................... 0.8
Scandinavia ...................... 0.7
Southeast Asia ................... 1.4
Spain ............................ 0.4
Switzerland ...................... 0.1
United Kingdom ................... 1.6
United States** .................. 89.9
Other European Countries ......... 0.2
-----
100.0%
=====
- --------------------------------------------------------------------------------
- ----------
* Non-income producing.
** Includes Short-Term Debt Securities of 17.6%.
+ 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, 1999, these securities amounted to $11,688,482 or
2.46% of net assets.
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $197,661,206
U.S. Government securities ............................. 184,161,972
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 247,753,692
U.S. Government securities ............................. 170,421,055
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 54,811,105
Aggregate gross unrealized depreciation ......... (14,372,408)
-------------
Net unrealized appreciation ..................... $ 40,438,697
=============
Federal income tax cost of investments .......... $ 432,100,206
=============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$56,585,992, which was secured by collateral valued at $57,562,696 of which
$30,214,473 was in the form of U.S. Government securities.
See Notes to Financial Statements.
94
<PAGE>
EQ ADVISORS TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (3.0%)
CHEMICALS (1.1%)
Air Products & Chemicals, Inc. ...... 44,800 $ 1,503,600
Dow Chemical Co. .................... 46,000 6,146,750
Du Pont (E.I.) de Nemours & Co. ..... 210,384 13,859,046
Hercules, Inc. ...................... 44,700 1,246,012
Monsanto Co. ........................ 131,000 4,666,875
Sigma-Aldrich Corp. ................. 37,500 1,127,344
Union Carbide Corp. Holding Co. ..... 28,300 1,889,025
--------------
30,438,652
--------------
CHEMICALS--SPECIALTY (0.3%)
Engelhard Corp. ..................... 61,600 1,162,700
PPG Industries, Inc. ................ 36,300 2,271,019
Praxair, Inc. ....................... 31,800 1,599,937
Rohm & Haas Co. ..................... 42,878 1,744,599
--------------
6,778,255
--------------
METALS & MINING (0.9%)
Alcan Aluminum Ltd. ................. 45,500 1,870,640
Alcoa, Inc. ......................... 81,000 6,723,000
Barrick Gold Corp. .................. 98,500 1,742,219
Minnesota Mining &
Manufacturing Co. ................. 85,700 8,387,887
Newmont Mining Corp. ................ 53,107 1,301,122
Phelps Dodge Corp. .................. 22,800 1,530,450
Placer Dome, Inc. ................... 83,800 900,850
Reynolds Metals Co. ................. 18,900 1,448,212
--------------
23,904,380
--------------
PAPER (0.6%)
Champion International Corp. ........ 20,600 1,275,912
Fort James Corp. .................... 47,600 1,303,050
Georgia-Pacific Corp. ............... 36,000 1,827,000
International Paper Co. ............. 89,054 5,025,985
Mead Corp. .......................... 34,500 1,498,594
Temple-Inland, Inc. ................. 20,100 1,325,344
Westvaco Corp. ...................... 44,800 1,461,600
Willamette Industries, Inc. ......... 30,100 1,397,769
--------------
15,115,254
--------------
STEEL (0.1%)
Allegheny Technologies, Inc.* ....... 38,500 863,844
Nucor Corp. ......................... 29,000 1,589,562
--------------
2,453,406
--------------
TOTAL BASIC MATERIALS ............. 78,689,947
--------------
BUSINESS SERVICES (4.4%)
ENVIRONMENTAL CONTROL (0.2%)
Ecolab, Inc. ........................ 33,400 1,306,775
Pall Corp. .......................... 50,900 1,097,531
Waste Management, Inc. .............. 126,984 2,182,538
--------------
4,586,844
--------------
PRINTING, PUBLISHING,
BROADCASTING (3.3%)
CBS Corp.* .......................... 148,700 9,507,506
Clear Channel Communications,
Inc.* ............................. 72,700 6,488,475
Comcast Corp., Class A .............. 161,400 8,110,350
Donnelley (R.R.) & Sons Co. ......... 40,100 994,981
Dow Jones & Co., Inc. ............... 22,800 1,550,400
Gannett Co., Inc. ................... 59,100 4,820,344
Interpublic Group, Inc. ............. 59,200 3,415,100
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Knight Ridder, Inc. ................. 22,100 $ 1,314,950
McGraw Hill Cos., Inc. .............. 39,100 2,409,538
MediaOne Group, Inc.* ............... 128,100 9,839,681
New York Times Co., Class A ......... 35,100 1,724,288
Omnicom Group, Inc. ................. 37,300 3,730,000
Time Warner, Inc. ................... 277,000 20,065,187
Times Mirror Co., Class A ........... 20,100 1,346,700
Tribune Co. ......................... 50,200 2,764,138
Viacom, Inc., Class B* .............. 150,000 9,065,625
--------------
87,147,263
--------------
PROFESSIONAL SERVICES (0.8%)
Automatic Data Processing, Inc. ..... 133,100 7,170,787
Cendant Corp.* ...................... 151,850 4,033,515
Computer Sciences Corp.* ............ 33,400 3,160,475
First Data Corp. .................... 90,300 4,452,919
Pitney Bowes, Inc. .................. 56,800 2,744,150
--------------
21,561,846
--------------
TRUCKING, SHIPPING (0.1%)
FDX Corp.* .......................... 67,100 2,746,906
--------------
TOTAL BUSINESS SERVICES ........... 116,042,859
--------------
CAPITAL GOODS (7.1%)
AEROSPACE (1.3%)
Boeing Co. .......................... 207,074 8,606,513
General Dynamics Corp. .............. 42,600 2,247,150
Honeywell International, Inc.* ...... 166,862 9,625,852
Lockheed Martin Corp. ............... 81,708 1,787,363
Northrop Grumman Corp. .............. 18,900 1,021,781
Raytheon Co. ........................ 70,500 1,872,656
Textron, Inc. ....................... 31,400 2,407,987
United Technologies Corp. ........... 102,500 6,662,500
--------------
34,231,802
--------------
BUILDING & CONSTRUCTION (0.2%)
Fluor Corp. ......................... 32,100 1,472,588
Masco Corp. ......................... 95,600 2,425,850
Parker-Hannifin Corp. ............... 26,150 1,341,822
Vulcan Materials Co. ................ 27,900 1,114,256
--------------
6,354,516
--------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.4%)
Lowe's Cos., Inc. ................... 81,700 4,881,575
Sherwin-Williams Co. ................ 44,100 926,100
The Stanley Works ................... 46,700 1,406,838
Weyerhaeuser Co. .................... 42,500 3,052,031
--------------
10,266,544
--------------
ELECTRICAL EQUIPMENT (4.5%)
Cooper Industries, Inc. ............. 23,800 962,412
Eaton Corp. ......................... 15,400 1,118,425
Emerson Electric Co. ................ 92,400 5,301,450
General Electric Co. ................ 698,600 108,108,350
Rockwell International Corp. ........ 41,600 1,991,600
Thomas & Betts Corp. ................ 26,800 854,250
--------------
118,336,487
--------------
MACHINERY (0.7%)
Black & Decker Corp. ................ 25,300 1,321,925
Caterpillar, Inc. ................... 76,100 3,581,456
Cummins Engine, Inc. ................ 21,500 1,038,719
Deere & Co. ......................... 47,000 2,038,625
Dover Corp. ......................... 44,000 1,996,500
Illinois Tool Works, Inc. ........... 65,500 4,425,344
</TABLE>
95
<PAGE>
EQ ADVISORS TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Ingersoll Rand Co. ................ 35,050 $ 1,929,940
Thermo Electron Corp.* ............ 84,100 1,261,500
W.W. Grainger, Inc. ............... 23,500 1,123,594
-------------
18,717,603
-------------
TOTAL CAPITAL GOODS ............. 187,906,952
-------------
CONSUMER CYCLICALS (9.0%)
AIRLINES (0.2%)
AMR Corp.* ........................ 34,600 2,318,200
Delta Air Lines, Inc. ............. 31,700 1,579,056
Southwest Airlines Co. ............ 113,487 1,837,071
-------------
5,734,327
-------------
APPAREL & TEXTILES (0.2%)
Nike, Inc., Class B ............... 65,700 3,256,256
V.F. Corp. ........................ 41,200 1,236,000
-------------
4,492,256
-------------
AUTO RELATED (0.3%)
AutoZone, Inc.* ................... 42,100 1,360,356
Dana Corp. ........................ 32,423 970,664
Delphi Automotive Systems
Corp. ........................... 118,256 1,862,532
Genuine Parts Co. ................. 43,700 1,084,306
Goodyear Tire & Rubber Co. ........ 34,200 964,013
Johnson Controls, Inc. ............ 18,100 1,029,437
TRW, Inc. ......................... 26,300 1,365,956
-------------
8,637,264
-------------
AUTOS & TRUCKS (0.9%)
Ford Motor Co. .................... 257,900 13,781,531
General Motors Corp. .............. 137,300 9,979,994
PACCAR, Inc. ...................... 19,800 877,388
-------------
24,638,913
-------------
FOOD SERVICES, LODGING (0.2%)
Hilton Hotels Corp. ............... 116,300 1,119,388
Marriot International, Inc. ....... 50,750 1,601,797
Tricon Global Restaurants, Inc.* 30,220 1,167,247
-------------
3,888,432
-------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.3%)
Best Buy Co., Inc.* ............... 43,500 2,183,156
Circuit City Stores-Circuit City
Group ........................... 42,200 1,901,638
Fortune Brands, Inc. .............. 34,200 1,130,738
Leggett & Platt, Inc. ............. 37,500 803,906
Newell Rubbermaid, Inc. ........... 59,220 1,717,380
Whirlpool Corp. ................... 16,100 1,047,506
-------------
8,784,324
-------------
LEISURE RELATED (0.8%)
Carnival Corp., Class A ........... 128,400 6,139,125
Harrah's Entertainment, Inc.* ..... 39,200 1,036,350
Hasbro, Inc. ...................... 55,300 1,054,156
Mirage Resorts, Inc.* ............. 76,300 1,168,344
Walt Disney Co. ................... 420,800 12,308,400
-------------
21,706,375
-------------
PHOTO & OPTICAL (0.2%)
Eastman Kodak Co. ................. 68,900 4,564,625
-------------
RETAIL--GENERAL (5.9%)
Bed Bath & Beyond, Inc.* .......... 33,300 1,157,175
Costco Wholesale Corp.* ........... 47,300 4,316,125
CVS Corp. ......................... 83,900 3,350,756
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Dayton Hudson Corp. ............... 94,700 $ 6,954,531
Dollar General Corp. .............. 48,062 1,093,411
Federated Department Stores,
Inc.* ........................... 43,800 2,214,637
GAP, Inc. ......................... 183,600 8,445,600
Harcourt General, Inc. ............ 23,000 925,750
Home Depot, Inc. .................. 476,250 32,652,891
K-Mart Corp.* ..................... 103,800 1,044,488
Kohl's Corp.* ..................... 34,100 2,461,594
Limited, Inc. ..................... 44,700 1,936,069
Mattel, Inc. ...................... 83,800 1,099,875
May Department Stores Co. ......... 70,300 2,267,175
Nordstrom, Inc. ................... 41,900 1,097,256
Office Depot, Inc.* ............... 114,500 1,252,344
Penny (J.C.), Inc. ................ 55,300 1,102,544
Rite Aid Corp. .................... 86,700 969,956
Sears Roebuck & Co. ............... 79,900 2,431,956
Staples, Inc.* .................... 95,050 1,972,288
Tandy Corp. ....................... 41,000 2,016,687
TJX Cos., Inc. .................... 68,000 1,389,750
Toys-R-Us, Inc.* .................. 71,600 1,024,775
Wal-Mart Stores, Inc. ............. 951,700 65,786,262
Walgreen Co. ...................... 214,800 6,282,900
-------------
155,246,795
-------------
TOTAL CONSUMER CYCLICALS ........ 237,693,311
-------------
CONSUMER NON-CYCLICALS (16.3%)
BEVERAGES (2.1%)
Anheuser-Busch Cos., Inc. ......... 101,900 7,222,162
Brown-Forman Corp., Class B ....... 17,700 1,013,325
Coca-Cola Co. ..................... 529,600 30,849,200
Coca-Cola Enterprises, Inc. ....... 88,900 1,789,113
PepsiCo, Inc. ..................... 312,800 11,026,200
Seagram Ltd. ...................... 90,900 4,084,819
-------------
55,984,819
-------------
CONTAINERS (0.1%)
Owens-Illinois, Inc.* ............. 63,900 1,601,494
Pactiv Corp.* ..................... 72,800 773,500
Sealed Air Corp.* ................. 23,110 1,197,387
-------------
3,572,381
-------------
DRUGS (6.7%)
Abbott Laboratories ............... 326,600 11,859,662
Allergan, Inc. .................... 26,800 1,333,300
Alza Corp.* ....................... 27,700 959,113
American Home Products Corp. ...... 280,500 11,062,219
Amgen, Inc.* ...................... 219,000 13,153,687
Bristol-Myers Squibb Co. .......... 426,300 27,363,131
Lilly (Eli) & Co. ................. 234,600 15,600,900
Merck & Co., Inc. ................. 503,500 33,765,969
Pfizer, Inc. ...................... 828,100 26,861,494
Pharmacia & Upjohn, Inc. .......... 107,290 4,828,050
Schering-Plough Corp. ............. 315,200 13,297,500
Warner-Lambert Co. ................ 182,700 14,969,981
Watson Pharmaceutical, Inc.* ...... 42,400 1,518,450
-------------
176,573,456
-------------
FOODS (1.1%)
Archer Daniels Midland Co. ........ 130,798 1,594,101
Bestfoods ......................... 58,500 3,074,906
Campbell Soup Co. ................. 93,100 3,601,806
ConAgra, Inc. ..................... 102,300 2,308,144
General Mills, Inc. ............... 64,000 2,288,000
H.J. Heinz Co. .................... 76,150 3,031,722
Hershey Foods Corp. ............... 28,700 1,363,250
</TABLE>
96
<PAGE>
EQ ADVISORS TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Kellogg Co. ........................ 85,800 $ 2,643,713
Nabisco Group Holdings ............. 67,600 718,250
Quaker Oats Co. .................... 28,200 1,850,625
Sara Lee Corp. ..................... 191,300 4,220,556
Wrigley (Wm.) Jr. Co. .............. 24,300 2,015,381
------------
28,710,454
------------
HOSPITAL SUPPLIES & SERVICES (1.4%)
Baxter International, Inc. ......... 61,100 3,837,844
Becton, Dickinson and Co. .......... 51,000 1,364,250
Biomet, Inc. ....................... 46,600 1,864,000
Boston Scientific Corp.* ........... 88,800 1,942,500
Cardinal Health, Inc. .............. 57,100 2,733,662
Columbia/HCA Healthcare Corp. 119,100 3,491,119
Guidant Corp.* ..................... 64,000 3,008,000
Healthsouth Corp.* ................. 202,000 1,085,750
IMS Health, Inc. ................... 65,000 1,767,187
McKesson HBOC, Inc. ................ 58,100 1,310,881
Medtronic, Inc. .................... 251,900 9,178,606
PE Corp--PE Biosystems Group 20,800 2,502,500
Quintiles Transnational Corp.* ..... 23,300 435,419
Tenet Healthcare Corp.* ............ 66,700 1,567,450
Wellpoint Health Networks, Inc.* 22,600 1,490,188
------------
37,579,356
------------
RETAIL--FOOD (1.0%)
Albertson's, Inc. .................. 89,980 2,901,855
Kroger Co.* ........................ 178,100 3,361,637
McDonald's Corp. ................... 299,400 12,069,562
Safeway, Inc.* ..................... 109,300 3,886,981
SUPERVALU, Inc. .................... 54,900 1,098,000
SYSCO Corp. ........................ 71,000 2,808,938
Winn-Dixie Stores, Inc. ............ 36,900 883,294
------------
27,010,267
------------
SOAPS & TOILETRIES (3.4%)
Avon Products, Inc. ................ 51,600 1,702,800
Clorox Co. ......................... 49,600 2,498,600
Colgate Palmolive Co. .............. 122,600 7,969,000
Gillette Co. ....................... 232,700 9,584,331
International Flavors &
Fragrances, Inc. ................. 31,800 1,200,450
Johnson & Johnson .................. 288,600 26,875,875
Kimberly Clark Corp. ............... 114,744 7,487,046
Procter & Gamble Co. ............... 284,600 31,181,488
------------
88,499,590
------------
TOBACCO (0.5%)
Philip Morris Cos., Inc. ........... 520,900 12,078,369
UST, Inc. .......................... 39,200 987,350
------------
13,065,719
------------
TOTAL CONSUMER NON-CYCLICALS 430,996,042
------------
CREDIT SENSITIVE (22.0%)
BANKS (4.8%)
Amsouth Bancorp. ................... 84,400 1,629,975
Bank of America Corp. .............. 368,689 18,503,579
Bank of New York Co., Inc. ......... 159,100 6,364,000
Bank One Corp. ..................... 249,537 8,000,780
BB&T Corp. ......................... 65,700 1,798,538
Chase Manhattan Corp. .............. 178,580 13,873,434
Comerica, Inc. ..................... 32,600 1,522,013
Fifth Third Bancorp ................ 58,150 4,266,756
First Union Corp. .................. 204,556 6,711,994
Firstar Corp. ...................... 210,203 4,440,538
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
FleetBoston Financial Corp. ........ 197,616 $ 6,879,507
Golden West Financial Corp. ........ 34,200 1,145,700
Huntington Bancshares .............. 48,805 1,165,219
KeyCorp ............................ 93,100 2,059,837
National City Corp. ................ 133,600 3,164,650
Northern Trust Corp. ............... 46,600 2,469,800
Old Kent Financial Corp. ........... 23,300 824,238
PNC Bank Corp. ..................... 63,500 2,825,750
Regions Financial Corp. ............ 46,800 1,175,850
Republic New York Corp. ............ 21,900 1,576,800
SouthTrust Corp. ................... 35,000 1,323,438
State Street Corp. ................. 34,000 2,484,125
Summit Bancorp ..................... 38,000 1,163,750
SunTrust Banks, Inc. ............... 69,000 4,748,062
Synovus Financial Corp. ............ 59,150 1,175,606
U.S. Bancorp ....................... 156,878 3,735,657
Union Planters Corp. ............... 30,100 1,187,069
Wachovia Corp. ..................... 42,900 2,917,200
Washington Mutual, Inc. ............ 125,642 3,266,692
Wells Fargo Co. .................... 353,600 14,298,700
------------
126,699,257
------------
FINANCIAL SERVICES (4.9%)
American Express Co. ............... 96,700 16,076,375
Associates First Capital Corp.
Class A .......................... 156,800 4,302,200
Bear Stearns Co., Inc. ............. 28,610 1,223,078
Capital One Financial Corp. ........ 41,300 1,990,144
Charles Schwab Corp. ............... 176,050 6,755,919
Citigroup, Inc. .................... 727,260 40,408,384
Dun & Bradstreet Corp. ............. 39,500 1,165,250
Equifax, Inc. ...................... 44,800 1,055,600
Franklin Resources, Inc. ........... 52,700 1,689,694
H&R Block, Inc. .................... 24,000 1,050,000
Household International, Inc. ...... 101,246 3,771,413
J.P. Morgan & Co., Inc. ............ 37,100 4,697,787
Lehman Brothers Holdings, Inc. ..... 24,800 2,100,250
MBIA, Inc. ......................... 24,200 1,278,063
MBNA Corp. ......................... 172,630 4,704,167
Mellon Financial Corp. ............. 110,100 3,750,281
Merrill Lynch & Co. ................ 79,600 6,646,600
Morgan Stanley Dean Witter &
Co. .............................. 122,905 17,544,689
Paine Webber Group, Inc. ........... 29,900 1,160,494
Paychex, Inc. ...................... 52,900 2,116,000
Providian Financial Corp. .......... 30,100 2,740,981
SLM Holding Corp. .................. 34,400 1,453,400
T. Rowe Price Associates, Inc. ..... 23,100 853,256
------------
128,534,025
------------
INSURANCE (3.0%)
Aetna, Inc. ........................ 29,443 1,643,287
AFLAC, Inc. ........................ 57,300 2,703,844
Allstate Corp. ..................... 170,476 4,091,424
American General Corp. ............. 53,000 4,021,375
American International Group,
Inc. ............................. 333,923 36,105,424
Aon Corp. .......................... 54,125 2,165,000
Chubb Corp. ........................ 37,200 2,094,825
CIGNA Corp. ........................ 42,200 3,399,737
Cincinnati Financial Corp. ......... 34,900 1,088,444
Conseco, Inc. ...................... 68,346 1,221,685
Hartford Financial Services
Group, Inc. ...................... 47,700 2,259,787
Jefferson-Pilot Corp. .............. 22,350 1,525,388
</TABLE>
97
<PAGE>
EQ ADVISORS TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Lincoln National Corp. ............. 42,900 $ 1,716,000
Loews Corp. ........................ 23,400 1,420,088
Marsh & McLennan Cos., Inc. ........ 57,000 5,454,187
MGIC Investment Corp. .............. 23,500 1,414,406
Progressive Corp. .................. 15,200 1,111,500
Safeco Corp. ....................... 41,500 1,032,313
St. Paul Cos. ...................... 48,864 1,646,106
United Healthcare Corp. ............ 38,100 2,024,063
UnumProvident Corp. ................ 51,548 1,652,758
------------
79,791,641
------------
MORTGAGE RELATED (0.8%)
Fannie Mae ......................... 220,700 13,779,956
Freddie Mac ........................ 149,700 7,045,256
------------
20,825,212
------------
UTILITY--ELECTRIC (1.6%)
AES Corp.* ......................... 40,200 3,004,950
Ameren Corp. ....................... 29,800 975,950
American Electric Power Co. ........ 40,600 1,304,275
Carolina Power & Light ............. 31,900 970,956
Central & South West Corp. ......... 51,400 1,028,000
CINergy Corp. ...................... 36,813 888,114
CMS Energy Corp. ................... 29,100 907,556
Consolidated Edison, Inc. .......... 46,900 1,618,050
Constellation Energy Group ......... 42,200 1,223,800
Dominion Resources, Inc. ........... 38,300 1,503,275
DTE Energy Co. ..................... 34,700 1,088,713
Duke Energy Corp. .................. 76,730 3,846,091
Edison International ............... 69,100 1,809,556
Entergy Corp. ...................... 52,000 1,339,000
FirstEnergy Corp. .................. 46,400 1,052,700
Florida Progress Corp. ............. 28,900 1,222,831
FPL Group, Inc. .................... 36,400 1,558,375
GPU, Inc. .......................... 35,200 1,053,800
New Century Energies, Inc. ......... 35,600 1,081,350
Northern States Power Co. .......... 50,100 976,950
Peco Energy Co. .................... 45,100 1,567,225
PG&E Corp. ......................... 80,800 1,656,400
Pinnacle West Capital Corp. ........ 31,200 953,550
PP&L Resources, Inc. ............... 40,900 935,588
Public Service Enterprise Group,
Inc. ............................. 43,700 1,521,306
Reliant Energy, Inc. ............... 62,400 1,427,400
Southern Co. ....................... 146,900 3,452,150
Texas Utilities Co. ................ 56,800 2,019,950
Unicom Corp. ....................... 45,800 1,534,300
------------
43,522,161
------------
UTILITY--GAS (0.1%)
Consolidated Natural Gas Co. ....... 20,800 1,350,700
Sempra Energy ...................... 57,300 995,587
------------
2,346,287
------------
UTILITY--TELEPHONE (6.8%)
AT&T Corp. ......................... 685,406 34,784,354
Bell Atlantic Corp. ................ 332,992 20,499,820
BellSouth Corp. .................... 404,300 18,926,294
CenturyTel, Inc. ................... 29,100 1,378,613
GTE Corp. .......................... 210,100 14,825,181
MCI WorldCom, Inc.* ................ 601,950 31,940,972
SBC Communications, Inc. ........... 731,811 35,675,806
Sprint Corp. (FON Group) ........... 186,000 12,520,125
U.S. WEST, Inc. .................... 106,033 7,634,376
------------
178,185,541
------------
TOTAL CREDIT SENSITIVE ........... 579,904,124
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
DIVERSIFIED (1.0%)
MISCELLANEOUS (1.0%)
Avery Dennison Corp. ............... 22,900 $ 1,668,838
Danaher Corp. ...................... 33,200 1,601,900
Ralston-Purina Group ............... 69,000 1,923,375
Tyco International Ltd. ............ 358,300 13,928,912
Unilever NV ........................ 122,510 6,669,138
------------
TOTAL DIVERSIFIED ................ 25,792,163
------------
ENERGY (6.3%)
COAL & GAS PIPELINES (0.5%)
Columbia Energy Group .............. 18,700 1,182,775
El Paso Energy Corp. ............... 49,100 1,905,694
Enron Corp. ........................ 149,000 6,611,875
Williams Cos., Inc. ................ 91,100 2,784,243
------------
12,484,587
------------
OIL--DOMESTIC (3.2%)
Atlantic Richfield Co. ............. 70,800 6,124,200
Burlington Resources, Inc. ......... 36,930 1,220,998
Chevron Corp. ...................... 141,000 12,214,125
Coastal Corp. ...................... 44,900 1,591,144
Exxon Mobil Corp.* ................. 741,209 59,713,644
Occidental Petroleum Corp. ......... 67,200 1,453,200
Tosco Corp. ........................ 50,200 1,364,813
------------
83,682,124
------------
OIL--INTERNATIONAL (1.7%)
Amerada Hess Corp. ................. 19,100 1,083,925
Ashland, Inc. ...................... 35,000 1,152,812
Conoco, Inc., Class B .............. 130,384 3,243,302
Kerr-McGee Corp. ................... 21,700 1,345,400
Phillips Petroleum Co. ............. 51,400 2,415,800
Royal Dutch Petroleum Co.--
New York Shares .................. 460,900 27,855,644
Texaco, Inc. ....................... 118,800 6,452,325
USX-Marathon Group, Inc. ........... 65,600 1,619,500
------------
45,168,708
------------
OIL--SUPPLIES & CONSTRUCTION (0.6%)
Anadarko Petroleum Corp. ........... 42,700 1,457,138
Apache Corp. ....................... 32,800 1,211,550
Baker Hughes, Inc. ................. 68,100 1,434,356
Halliburton Co. .................... 96,300 3,876,075
Schlumberger Ltd. .................. 114,900 6,463,125
Transocean Sedco Forex, Inc. ....... 21,120 711,480
Unocal Corp. ....................... 47,800 1,604,287
------------
16,758,011
------------
RAILROADS (0.3%)
Burlington Northern Santa Fe
Corp. ............................ 95,953 2,326,860
CSX Corp. .......................... 45,500 1,427,563
Kansas City Southern Industries,
Inc. ............................. 25,700 1,917,863
Norfolk Southern Corp. ............. 77,600 1,590,800
Union Pacific Corp. ................ 51,900 2,264,137
------------
9,527,223
------------
TOTAL ENERGY ..................... 167,620,653
------------
</TABLE>
98
<PAGE>
EQ ADVISORS TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
TECHNOLOGY (30.0%)
COMPUTER HARDWARE (5.0%)
Adaptec, Inc.* ..................... 28,600 $ 1,426,425
Cisco Systems, Inc.* ............... 698,500 74,826,812
Gateway, Inc.* ..................... 66,000 4,756,125
Hewlett Packard Co. ................ 215,400 24,542,138
Silicon Graphics, Inc.* ............ 108,900 1,068,581
Sun Microsystems, Inc.* ............ 331,400 25,662,788
--------------
132,282,869
--------------
COMPUTER SOFTWARE (8.4%)
Adobe Systems, Inc. ................ 28,000 1,883,000
America Online, Inc.* .............. 476,600 35,953,513
BMC Software, Inc.* ................ 51,200 4,092,800
Citrix Systems, Inc.* .............. 13,600 1,672,800
Computer Associates
International, Inc. .............. 115,625 8,086,524
Compuware Corp.* ................... 75,200 2,801,200
Microsoft Corp.* ................... 1,086,700 126,872,225
Molex, Inc. ........................ 30,000 1,700,625
Novell, Inc.* ...................... 71,200 2,834,650
Oracle Corp.* ...................... 308,230 34,541,024
Peoplesoft, Inc. ................... 80,500 1,715,656
--------------
222,154,017
--------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (6.7%)
ADC Telecommunications, Inc.* 28,000 2,031,750
Alltel Corp. ....................... 63,900 5,283,731
Comverse Technology, Inc.* ......... 14,100 2,041,015
Corning, Inc. ...................... 51,300 6,614,494
General Instrument Corp.* .......... 36,500 3,102,500
Global Crossing Ltd.* .............. 163,900 8,195,000
Lucent Technologies, Inc. .......... 655,851 49,065,853
Motorola, Inc. ..................... 130,100 19,157,225
Nortel Networks Corp. .............. 284,440 28,728,440
QUALCOMM, Inc.* .................... 137,600 24,252,000
Tellabs, Inc.* ..................... 81,600 5,237,700
Yahoo!, Inc.* ...................... 55,000 23,797,813
--------------
177,507,521
--------------
ELECTRONICS (4.4%)
3Com Corp.* ........................ 73,400 3,449,800
Analog Devices, Inc.* .............. 35,700 3,320,100
Applied Material, Inc.* ............ 80,500 10,198,344
Intel Corp. ........................ 703,300 57,890,381
ITT Industries, Inc. ............... 36,000 1,203,750
KLA-Tencor Corp.* .................. 20,800 2,316,600
LSI Logic Corp.* ................... 31,600 2,133,000
Micron Technology, Inc.* ........... 53,200 4,136,300
National Semiconductor Corp.* ...... 36,000 1,541,250
Seagate Technology, Inc.* .......... 48,000 2,235,000
Solectron Corp.* ................... 57,800 5,498,225
Teradyne, Inc.* .................... 34,100 2,250,600
Texas Instruments, Inc. ............ 168,400 16,313,750
Xilinx, Inc.* ...................... 64,000 2,910,000
--------------
115,397,100
--------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
OFFICE EQUIPMENT (4.4%)
Apple Computer, Inc.* .............. 33,300 $ 3,423,656
Compaq Computer Corp. .............. 359,598 9,731,621
Dell Computer Corp.* ............... 544,000 27,744,000
EMC Corp.* ......................... 217,200 23,729,100
International Business Machines
Corp. ............................ 386,900 41,785,200
Lexmark International Group,
Inc.* ............................ 26,100 2,362,050
Network Appliance, Inc.* ........... 31,600 2,624,775
Parametric Technology Co.* ......... 88,800 2,403,150
Xerox Corp. ........................ 142,000 3,221,625
--------------
117,025,177
--------------
OFFICE EQUIPMENT SERVICES (0.4%)
Ceridian Corp.* .................... 63,300 1,364,906
Electronic Data Systems Corp. ...... 104,500 6,994,969
Unisys Corp.* ...................... 65,500 2,091,906
--------------
10,451,781
--------------
WIRELESS TELECOMMUNICATION
SERVICES (0.7%)
Nextel Communications, Inc.,
Class A* ......................... 70,900 7,311,562
Sprint Corp. (PCS Group)* .......... 93,000 9,532,500
--------------
16,844,062
--------------
TOTAL TECHNOLOGY ................. 791,662,527
--------------
TOTAL COMMON STOCKS (99.1%)
(Cost $1,714,916,935) ............ 2,616,308,578
--------------
PRINCIPAL
AMOUNT
-------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (0.6%)
Chase Nassau
3.48%, 1/3/00 .................... $14,295,963 14,295,963
--------------
U.S. GOVERNMENT (0.1%)
U.S. Treasury Bill
1/13/00^ ......................... 3,700,000 3,694,798
--------------
U.S. GOVERNMENT AGENCIES (0.1%)
Federal Home Loan Mortgage
Corp.
(Discount Note), 2/24/00 ......... 1,540,000 1,526,472
--------------
TOTAL SHORT-TERM DEBT
SECURITIES (0.8%)
(Amortized Cost $19,517,233) ..... 19,517,233
--------------
TOTAL INVESTMENTS (99.9%)
(Cost/Amortized Cost
$1,734,434,168) .................. 2,635,825,811
OTHER ASSETS
LESS LIABILITIES (0.1%) .......... 3,644,036
--------------
NET ASSETS (100.0%) ................ $2,639,469,847
==============
</TABLE>
- ---------------------
* Non-income producing.
^ All, or a portion of security held by broker as collateral for financial
futures contracts.
99
<PAGE>
EQ ADVISORS TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
At December 31, 1999, the Portfolio had the following futures contracts open:
(Note 1)
<TABLE>
<CAPTION>
NUMBER EXPIRATION ORIGINAL VALUE AT UNREALIZED
PURCHASES: OF CONTRACTS DATE VALUE 12/31/99 APPRECIATION
- ----------------------- -------------- ------------ -------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
S&P 500 Index ......... 52 March '00 $19,076,350 $18,854,075 $222,275
========
</TABLE>
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $671,245,377
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 101,208,604
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 985,496,321
Aggregate gross unrealized depreciation ......... (84,835,362)
--------------
Net unrealized appreciation ..................... $ 900,660,959
==============
Federal income tax cost of investments .......... $1,735,164,852
==============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$81,019,777 which was secured by collateral of $82,358,080.
See Notes to Financial Statements.
100
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GLOBAL PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (0.4%)
STEEL (0.4%)
Kawasaki Steel Corp. ................ 4,890,000 $ 8,753,497
--------------
BUSINESS SERVICES (10.2%)
PRINTING, PUBLISHING,
BROADCASTING (9.4%)
AT&T Corp. - Liberty Media
Group, Class A* ................... 1,129,088 64,075,744
British Sky Broadcasting plc ........ 2,526,360 40,660,213
CBS Corp.* .......................... 445,200 28,464,975
MediaOne Group, Inc.* ............... 287,900 22,114,319
Nippon Television Network
Corp. ............................. 9,410 11,045,681
TVI Televisao Independente SA* 1,175
United News & Media plc ............. 1,603,210 20,429,819
--------------
186,790,751
--------------
PROFESSIONAL SERVICES (0.8%)
Securitas AB, Class B ............... 837,120 15,182,720
--------------
TOTAL BUSINESS SERVICES ........... 201,973,471
--------------
CAPITAL GOODS (4.8%)
AEROSPACE (1.4%)
British Aerospace plc ............... 1,360,000 9,005,750
Honeywell International, Inc.* ...... 322,300 18,592,681
--------------
27,598,431
--------------
BUILDING & CONSTRUCTION (0.7%)
CRH plc ............................. 693,600 14,897,028
--------------
MACHINERY (2.7%)
Mannesmann AG ....................... 218,800 53,038,680
--------------
TOTAL CAPITAL GOODS ............... 95,534,139
--------------
CONSUMER CYCLICALS (7.2%)
AIRLINES (0.7%)
British Airways plc ................. 2,227,000 14,531,107
--------------
PHOTO & OPTICAL (1.2%)
Canon, Inc. ......................... 574,000 22,796,048
--------------
RETAIL--GENERAL (5.3%)
Home Depot, Inc. .................... 794,850 54,496,903
Next plc ............................ 3,033,700 29,104,235
Wal-Mart Stores, Inc. ............... 312,000 21,567,000
--------------
105,168,138
--------------
TOTAL CONSUMER CYCLICALS .......... 142,495,293
--------------
CONSUMER NON-CYCLICALS (12.0%)
DRUGS (8.5%)
Banyu Pharmaceutical Co., Ltd. ...... 688,000 10,666,927
Bristol-Myers Squibb Co. ............ 578,500 37,132,469
Sanofi-Synthelabo SA* ............... 374,000 15,590,247
Santen Pharmaceutical Co., Ltd. ..... 150,000 2,472,366
Schering-Plough Corp. ............... 580,100 24,472,969
Takeda Chemical Industries Ltd. 755,000 37,295,804
Warner-Lambert Co. .................. 415,600 34,053,225
Yamanouchi Pharmaceutical Co.,
Ltd. .............................. 190,000 6,635,039
--------------
168,319,046
--------------
RETAIL--FOOD (1.3%)
Carrefour SA* ....................... 144,100 26,604,999
--------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
SOAPS & TOILETRIES (1.5%)
Kao Corp. ........................... 1,074,000 $ 30,624,181
--------------
TOBACCO (0.7%)
Japan Tobacco, Inc. ................. 505 3,862,956
Tabacalera S.A., Class A ............ 672,100 9,623,502
--------------
13,486,458
--------------
TOTAL CONSUMER NON-CYCLICALS 239,034,684
--------------
CREDIT SENSITIVE (23.2%)
BANKS (11.9%)
Bank of America Corp. ............... 347,100 17,420,081
Bank of Fukuoka ..................... 2,460,000 17,060,941
Bank of Ireland ..................... 2,222,000 17,700,359
Bank of Scotland .................... 3,428,057 39,808,337
Bank of Tokyo-Mitsubishi Ltd. ....... 1,778,000 24,766,429
Banque Nationale de Paris ........... 395,900 36,567,217
Chase Manhattan Corp. ............... 286,476 22,255,604
Royal Bank of Scotland
Group plc ......................... 861,222 15,272,656
Standard Chartered plc .............. 1,678,308 26,049,066
Sumitomo Trust & Banking ............ 3,004,000 20,275,457
--------------
237,176,147
--------------
FINANCIAL SERVICES (6.3%)
Associates First Capital Corp.
Class A ........................... 438,000 12,017,625
Citigroup, Inc. ..................... 820,348 45,580,586
CMIC Finance & Securities
Public Co., Ltd.* ................. 724,700
MBNA Corp. .......................... 837,150 22,812,337
Morgan Stanley Dean Witter &
Co. ............................... 317,300 45,294,575
--------------
125,705,123
--------------
INSURANCE (1.9%)
American International Group,
Inc. .............................. 349,058 37,741,896
--------------
MORTGAGE RELATED (1.3%)
DBS Group Holdings Ltd.* ............ 1,561,878 25,601,483
--------------
REAL ESTATE (0.6%)
Cheung Kong Holdings Ltd. ........... 472,000 5,996,012
Mandamus Fastigheter AB ............. 485 3,027
Sun Hung Kai Properties Ltd. ........ 596,000 6,210,330
--------------
12,209,369
--------------
UTILITY--TELEPHONE (1.2%)
Sprint Corp. (FON Group) ............ 349,000 23,492,063
--------------
TOTAL CREDIT SENSITIVE ............ 461,926,081
--------------
DIVERSIFIED (3.8%)
MISCELLANEOUS (3.8%)
ABB AG* ............................. 132,400 16,201,634
Citic Pacific Ltd. .................. 2,650,000 9,971,377
Tyco International Ltd. ............. 1,269,468 49,350,569
--------------
TOTAL DIVERSIFIED ................. 75,523,580
--------------
ENERGY (1.4%)
OIL--INTERNATIONAL (1.4%)
Total Fina S.A., Class B ............ 212,450 28,384,650
--------------
</TABLE>
101
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GLOBAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------
<S> <C> <C>
TECHNOLOGY (35.9%)
COMPUTER HARDWARE (2.4%)
Cisco Systems, Inc.* ............... 447,850 $ 47,975,931
-------------
COMPUTER SOFTWARE (6.9%)
America Online, Inc.* .............. 235,000 17,727,812
Microsoft Corp.* ................... 568,900 66,419,167
Softbank Corp. ..................... 55,600 53,190,649
-------------
137,337,628
-------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (4.1%)
China Telecom (Hong Kong)
Ltd. ............................. 4,280,000 26,758,603
Hellenic Telecommunications
Organization SA .................. 5,834 138,913
United Pan-Europe
Communications N.V.* ............. 432,800 55,424,515
-------------
82,322,031
-------------
ELECTRONICS (11.3%)
Altera Corp.* ...................... 460,000 22,798,750
Intel Corp. ........................ 464,900 38,267,081
Sanmina Corp.* ..................... 224,700 22,441,913
Solectron Corp.* ................... 426,400 40,561,300
STMicroelectronics N.V. ............ 224,700 34,620,820
TDK Corp. .......................... 157,000 21,669,471
Tokyo Electron Ltd. ................ 327,000 44,781,375
-------------
225,140,710
-------------
OFFICE EQUIPMENT (3.3%)
Dell Computer Corp.* ............... 1,288,700 65,723,700
-------------
OFFICE EQUIPMENT SERVICES (2.0%)
Equant N.V.--New York
Registered Shares* ............... 202,100 22,635,200
Equant N.V.* ....................... 144,600 16,432,481
-------------
39,067,681
-------------
WIRELESS TELECOMMUNICATION
SERVICES (5.9%)
Nokia OYJ* ......................... 233,700 42,417,215
NTT Mobile Communications
Network, Inc. .................... 1,015 39,019,368
Orange plc ......................... 665,850 22,476,040
SK Telecom Co., Ltd. (ADR) ......... 333,130 12,783,860
-------------
116,696,483
-------------
TOTAL TECHNOLOGY ................. 714,264,164
-------------
TOTAL COMMON STOCKS (98.9%)
(Cost $1,355,174,091) ............ 1,967,889,559
-------------
<CAPTION>
- -------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
CREDIT SENSITIVE (0.0%)
BANKS
Grupo Financiero Banorte, Zero
Coupon 12/5/02 (Cost $20,240) 165,700 $ 17,479
--------------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (1.4%)
Chase Nassau
3.48%, 1/03/00
(Amortized Cost
$29,227,057) ..................... $29,227,057 29,227,057
--------------
TOTAL INVESTMENTS (100.3%)
(Cost/Amortized Cost
$1,384,421,388) .................. 1,997,134,095
OTHER ASSETS
LESS LIABILITIES (-0.3%) ......... (6,897,473)
--------------
NET ASSETS (100%) .................. $1,990,236,622
==============
</TABLE>
<TABLE>
- ------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY GLOBAL REGION (Unaudited)
As a Percentage of Total Investments
<S> <C>
France ........................... 5.4%
Germany .......................... 2.6
Japan ............................ 17.8
Netherlands ...................... 6.5
Scandinavia ...................... 2.9
Southeast Asia ................... 4.3
Spain ............................ 0.5
Switzerland ...................... 0.8
United Kingdom ................... 14.1
United States** .................. 44.2
Other European Countries ......... 0.9
-----
100.0%
=====
</TABLE>
- ---------------------
* Non-income producing.
** Includes Short-Term Debt Securities of 1.5%
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
102
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GLOBAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
At December 31, 1999, the Portfolio had outstanding foreign currency contracts
to buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 1/4/00 ........... 3,778 $6,114,838 $6,102,526 $(12,312)
European Union, expiring 1/31/00.......... 7,435 7,570,858 7,514,834 (56,024)
Japanese Yen, expiring 1/4/00 ............ 119,920 1,173,844 1,173,040 (804)
Japanese Yen, expiring 1/6/00 ............ 101,419 993,285 993,100 (185)
FOREIGN CURRENCY SELL CONTRACTS
British Pound, expiring 1/4/00 ........... 2 2,682 2,696 (14)
Japanese Yen, expiring 1/5/00 ............ 7,999 77,244 78,311 (1,067)
--------
$(70,406)
========
</TABLE>
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $1,477,909,273
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 1,427,323,077
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation.......... $ 653,269,237
Aggregate gross unrealized depreciation.......... (42,647,467)
--------------
Net unrealized appreciation ..................... $ 610,621,770
==============
Federal income tax cost of investments .......... $1,386,512,325
==============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$73,097,854, which was secured by collateral of $75,685,155.
For the period from January 1, 1999 to December 31, 1999, the Portfolio
incurred approximately $4,044 as brokerage commissions with Donaldson, Lufkin &
Jenrette Securities Corp., an affiliated broker/dealer.
See Notes to Financial Statements.
103
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (2.2%)
CHEMICALS (2.2%)
Dow Chemical Co. ..................... 65,000 $ 8,685,625
Eastman Chemical Co. ................. 100,000 4,768,750
Lyondell Chemical Co. ................ 890,000 11,347,500
Solutia Inc. ......................... 500,000 7,718,750
--------------
TOTAL BASIC MATERIALS .............. 32,520,625
--------------
BUSINESS SERVICES (8.0%)
PRINTING, PUBLISHING,
BROADCASTING (3.3%)
A.H. Belo Corp., Class A ............. 396,700 7,562,094
AT&T Corp.-Liberty Media
Group, Class A* .................... 104,988 5,958,069
Gannett Co., Inc. .................... 310,000 25,284,375
MediaOne Group, Inc.* ................ 115,700 8,887,206
Times Mirror Company ................. 15,400 1,908,638
--------------
49,600,382
--------------
PROFESSIONAL SERVICES (4.7%)
Computer Sciences Corp.* ............. 302,000 28,576,750
First Data Corp. ..................... 797,000 39,302,062
Viad Corp. ........................... 130,000 3,623,750
--------------
71,502,562
--------------
TOTAL BUSINESS SERVICES ............ 121,102,944
--------------
CAPITAL GOODS (4.6%)
AEROSPACE (3.4%)
Honeywell International, Inc.* ....... 180,000 10,383,750
United Technologies Corp. ............ 619,400 40,261,000
--------------
50,644,750
--------------
BUILDING & CONSTRUCTION (1.2%)
Masco Corp. .......................... 729,500 18,512,670
--------------
TOTAL CAPITAL GOODS ................ 69,157,420
--------------
CONSUMER CYCLICALS (4.0%)
AIRLINES (1.3%)
Continental Airlines, Inc.,
Class B* ........................... 269,000 11,936,875
Delta Air Lines, Inc. ................ 158,400 7,890,300
--------------
19,827,175
--------------
APPAREL & TEXTILES (0.4%)
Tommy Hilfiger Corp.* ................ 270,100 6,296,706
--------------
LEISURE RELATED (1.2%)
Carnival Corp., Class A .............. 238,200 11,388,938
Royal Caribbean Cruises Ltd. ......... 130,000 6,410,625
--------------
17,799,563
--------------
RETAIL--GENERAL (1.1%)
Saks, Inc.* .......................... 1,068,300 16,625,419
--------------
TOTAL CONSUMER CYCLICALS ........... 60,548,863
--------------
CONSUMER NON-CYCLICALS (17.0%)
BEVERAGES (2.8%)
Coca-Cola Enterprises, Inc. .......... 380,000 7,647,500
Pepsi Bottling Group, Inc. ........... 2,090,000 34,615,625
--------------
42,263,125
--------------
DRUGS (3.8%)
Abbott Laboratories .................. 427,000 15,505,438
Bristol-Myers Squibb Co. ............. 304,000 19,513,000
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
MedImmune, Inc.* ..................... 31,415 $ 5,210,963
Schering-Plough Corp. ................ 385,000 16,242,187
--------------
56,471,588
--------------
FOODS (1.4%)
General Mills, Inc. .................. 122,000 4,361,500
H.J. Heinz Co. ....................... 99,000 3,941,438
Nabisco Group Holdings ............... 553,900 5,885,187
Tyson Foods, Inc., Class A ........... 408,000 6,630,000
--------------
20,818,125
--------------
HOSPITAL SUPPLIES & SERVICES (4.0%)
Genzyme Surgical Products* ........... 2 12
Health Management Associates,
Inc., Class A* ..................... 1,180,000 15,782,500
Quintiles Transnational Corp.* ....... 280,000 5,232,500
Tenet Healthcare Corp.* .............. 1,651,000 38,798,500
--------------
59,813,512
--------------
RETAIL--FOOD (2.7%)
Kroger Co.* .......................... 2,180,000 41,147,500
--------------
SOAPS & TOILETRIES (1.8%)
Avon Products, Inc. .................. 373,000 12,309,000
Colgate Palmolive Co. ................ 227,000 14,755,000
--------------
27,064,000
--------------
TOBACCO (0.5%)
Philip Morris Cos., Inc. ............. 319,500 7,408,406
--------------
TOTAL CONSUMER NON-CYCLICALS........ 254,986,256
--------------
CREDIT SENSITIVE (21.5%)
BANKS (4.7%)
Bank of America Corp. ................ 702,000 35,231,625
Bank One Corp. ....................... 343,000 10,997,437
Chase Manhattan Corp. ................ 313,600 24,362,800
--------------
70,591,862
--------------
FINANCIAL SERVICES (8.3%)
Associates First Capital Corp.
Class A ............................ 1,181,200 32,409,175
CIT Group, Inc., Class A ............. 280,290 5,921,126
Citigroup, Inc. ...................... 693,500 38,532,594
Household International, Inc. ........ 1,159,100 43,176,475
MBNA Corp. ........................... 186,750 5,088,937
--------------
125,128,307
--------------
INSURANCE (2.3%)
Ace Ltd. ............................. 478,300 7,981,631
Hartford Financial Services
Group, Inc. ........................ 165,000 7,816,875
PacifiCare Health Systems, Inc.*...... 97,400 5,162,200
PMI Group, Inc. ...................... 149,400 7,292,588
Travelers Property Casualty
Corp., Class A ..................... 205,000 7,021,250
--------------
35,274,544
--------------
UTILITY--ELECTRIC (3.6%)
AES Corp.* ........................... 100,100 7,482,475
CMS Energy Corp. ..................... 123,000 3,836,063
Consolidated Edison, Inc. ............ 339,300 11,705,850
Duke Energy Corp. .................... 200,000 10,025,000
FPL Group, Inc. ...................... 260,000 11,131,250
GPU, Inc. ............................ 186,000 5,568,375
Pinnacle West Capital Corp. .......... 128,400 3,924,225
--------------
53,673,238
--------------
</TABLE>
104
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
UTILITY--TELEPHONE (2.6%)
AT&T Corp. ......................... 308,675 $ 15,665,256
BellSouth Corp. .................... 375,000 17,554,688
Intermedia Communication, Inc.*..... 418 16,224
MCI WorldCom, Inc.* ................ 112,023 5,944,220
--------------
39,180,388
--------------
TOTAL CREDIT SENSITIVE ........... 323,848,339
--------------
DIVERSIFIED (3.5%)
MISCELLANEOUS (3.5%)
Tyco International Ltd. ............ 1,233,400 47,948,425
U.S. Industries, Inc. .............. 367,200 5,140,800
--------------
53,089,225
--------------
ENERGY (9.3%)
OIL--DOMESTIC (0.6%)
Murphy Oil Corp. ................... 171,000 9,811,125
--------------
OIL--INTERNATIONAL (6.0%)
Kerr-McGee Corp. ................... 246,200 15,264,400
Repsol S.A. (ADR) .................. 767,100 17,835,075
Shell Transport & Trading Co.
(ADR) ............................ 235,000 11,573,750
Total Fina S.A. (ADR) .............. 340,000 23,545,000
USX-Marathon Group, Inc. ........... 871,000 21,502,812
--------------
89,721,037
--------------
OIL--SUPPLIES & CONSTRUCTION (2.7%)
Noble Drilling Corp.* .............. 944,400 30,929,100
Transocean Sedco Forex, Inc. ....... 272,800 9,189,950
--------------
40,119,050
--------------
TOTAL ENERGY ..................... 139,651,212
--------------
TECHNOLOGY (8.5%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (2.1%)
Motorola, Inc. ..................... 175,000 25,768,750
Tellabs, Inc.* ..................... 85,000 5,455,938
WinStar Communications, Inc.* ...... 2,205 165,099
--------------
31,389,787
--------------
ELECTRONICS (5.2%)
3Com Corp.* ........................ 140,000 6,580,000
Altera Corp.* ...................... 259,600 12,866,425
Atmel Corp.* ....................... 449,000 13,273,563
Sanmina Corp.* ..................... 230,700 23,041,162
Solectron Corp.* ................... 230,400 21,916,800
--------------
77,677,950
--------------
OFFICE EQUIPMENT (0.3%)
Compaq Computer Corp. .............. 186,600 5,049,862
--------------
OFFICE EQUIPMENT SERVICES (0.9%)
Electronic Data Systems Corp. ...... 197,200 13,200,075
--------------
TOTAL TECHNOLOGY ................. 127,317,674
--------------
TOTAL COMMON STOCKS (78.6%)
(Cost $1,098,356,457) ............ 1,182,222,558
--------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
PREFERRED STOCKS:
CONSUMER CYCLICALS (0.3%)
LEISURE RELATED (0.3%)
Royal Caribbean Cruises Ltd.,
7.25%, Series A .................. 31,000 $ 4,725,563
--------------
ENERGY (0.6%)
RAILROADS (0.6%)
Union Pacific Capital Trust
6.25%+ ........................... 206,000 8,473,810
--------------
TOTAL PREFERRED STOCKS (0.9%)
(Cost $13,826,445) ............... 13,199,373
--------------
CONVERTIBLE PREFERRED
STOCKS:
BUSINESS SERVICES (0.9%)
PRINTING, PUBLISHING,
BROADCASTING (0.5%)
Adelphia Communications Corp.
5.50% ............................ 20,100 3,808,950
MediaOne Group Inc. 7.00% .......... 77,500 3,720,000
--------------
7,528,950
--------------
PROFESSIONAL SERVICES (0.4%)
Amdocs Automatic Common
Exchange Securities Trust
6.75% ............................ 189,500 6,087,687
--------------
TOTAL BUSINESS SERVICES .......... 13,616,637
--------------
CREDIT SENSITIVE (1.0%)
UTILITY--ELECTRIC (0.3%)
AES Trust I, 5.375%, Series A ...... 39,800 4,179,000
--------------
UTILITY--TELEPHONE (0.7%)
Nextlink Communications 6.50% ...... 57,100 11,006,025
--------------
TOTAL CREDIT SENSITIVE ........... 15,185,025
--------------
TECHNOLOGY (1.0%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (1.0%)
Omnipoint Corp. 7.00% .............. 29,200 5,746,925
WinStar Communications, Inc.
7.00% ............................ 106,200 8,416,350
--------------
14,163,275
--------------
TOTAL CONVERTIBLE PREFERRED
STOCKS (2.9%)
(Cost $28,320,077) ............... 42,964,937
--------------
</TABLE>
105
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
CONVERTIBLE BONDS:
BUSINESS SERVICES (0.1%)
PRINTING, PUBLISHING,
BROADCASTING (0.1%)
CNET, Inc.
5.00%, 3/1/06 .................... $ 1,250,000 $ 2,054,687
--------------
CAPITAL GOODS (0.2%)
MACHINERY (0.2%)
Advanced Energy Industries, Inc.
5.25%, 11/15/06 .................. 2,160,000 2,548,800
--------------
CONSUMER CYCLICALS (0.3%)
RETAIL -- GENERAL (0.3)%
Amazon.com, Inc.
4.75%, 2/1/09+ ................... 2,310,000 2,621,850
4.75%, 2/1/09 .................... 1,490,000 1,691,150
--------------
TOTAL CONSUMER CYCLICALS .......... 4,313,000
--------------
CONSUMER NON-CYCLICALS (0.5%)
HOSPITAL SUPPLIES & SERVICES (0.5%)
Human Genome Sciences, Inc.
5.50%, 7/1/06 .................... 290,000 899,363
5.50%, 7/1/06+ ................... 1,540,000 4,775,925
RES-Care, Inc.
6.00%, 12/1/04 ................... 1,255,000 1,010,275
6.00%, 12/1/04+ .................. 1,420,000 1,143,100
--------------
TOTAL CONSUMER NON-CYCLICALS....... 7,828,663
--------------
TECHNOLOGY (10.3%)
COMPUTER SOFTWARE (2.3%)
America Online, Inc.
4.00%, 11/15/02 .................. 741,000 8,567,813
BEA Systems, Inc.
4.00%, 12/15/06+ ................. 1,350,000 1,578,656
EMC Corp.
3.25%, 3/15/02 ................... 1,080,000 10,413,900
HNC Software, Inc.
4.75%, 3/1/03 .................... 2,835,000 6,832,350
i2 Technologies, Inc.
5.25%, 12/15/06+ ................. 1,870,000 2,706,825
Siebel Systems, Inc.
5.50%, 9/15/06+ .................. 2,540,000 4,927,600
--------------
35,027,144
--------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (3.9%)
Comverse Technology, Inc.
4.50%, 7/1/05 .................... 4,445,000 15,185,231
Doubleclick, Inc.
4.75%, 3/15/06 ................... 280,000 872,900
4.75%, 3/15/06+ .................. 2,960,000 9,227,800
Global TeleSystems Group, Inc.
5.75%, 7/1/10 .................... 6,625,000 8,976,875
Nextel Communications, Inc.
4.75%, 7/1/07+ ................... 6,090,000 13,816,687
4.75%, 7/1/07 .................... 265,000 601,219
NTL, Inc.
7.00%, 12/15/08 .................. 3,810,000 10,053,638
--------------
58,734,350
--------------
ELECTRONICS (3.9%)
Amkor Technologies, Inc.
5.75%, 5/1/03 .................... 3,820,000 8,279,850
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
ASM Lithography Holding N.V.
4.25%, 11/30/04+ ................. $ 1,200,000 $ 1,428,000
Conexant Systems, Inc.
4.25%, 5/1/06 .................... 2,980,000 8,802,175
Intel Corp.
4.00%, 9/1/04 .................... 2,550,000 6,846,750
Lattice Semiconductor Co.
4.75%, 11/1/06+ .................. 2,650,000 3,484,750
LSI Logic Corp
4.25%, 3/15/04 ................... 430,000 970,725
4.25%, 3/15/04+ .................. 2,975,000 6,716,062
Sanmina Corp.
4.25%, 5/1/04 .................... 1,880,000 2,448,700
4.25%, 5/1/04+ ................... 4,355,000 5,672,388
Solectron Corp.
Zero Coupon, 1/27/19 ............. 13,340,000 10,005,000
STMicroelectronics N.V.
Zero Coupon, 9/22/09 ............. 3,160,000 4,044,800
--------------
58,699,200
--------------
OFFICE EQUIPMENT SERVICES (0.2%)
Checkfree Holdings Corp.
6.50%, 12/1/06+ .................. 1,830,000 2,882,250
--------------
TOTAL TECHNOLOGY ................. 155,342,944
--------------
TOTAL CONVERTIBLE BONDS (11.4%)
(Cost $110,487,366)............... 172,088,094
--------------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (2.8%)
Chase Nassau,
3.48%, 1/3/00 .................... 42,791,856 42,791,856
--------------
U.S. GOVERNMENT AGENCIES (6.6%)
Federal Home Loan Bank
(Discount Note)
1/28/00 .......................... 25,000,000 24,898,889
Federal Home Loan Bank
(Discount Note)
1/26/00 .......................... 25,000,000 24,909,722
Federal Home Loan Mortgage
Corp. (Discount Note)
2/24/00 .......................... 17,000,000 16,854,969
Federal Home Loan Mortgage
Corp. (Discount Note)
2/25/00 .......................... 7,000,000 6,942,212
Federal National Mortgage
Association (Discount Note)
1/27/00 .......................... 25,000,000 24,906,111
--------------
TOTAL U.S. GOVERNMENT
AGENCIES ...................... 98,511,903
--------------
TOTAL SHORT-TERM DEBT
SECURITIES (9.4%)
(Amortized Cost $141,303,759)..... 141,303,759
--------------
TOTAL INVESTMENTS (103.2%)
(Cost/Amortized Cost
$1,392,294,104) .................. 1,551,778,721
OTHER ASSETS
LESS LIABILITIES (-3.2%) ......... (48,497,011)
--------------
NET ASSETS (100%) .................. $1,503,281,710
==============
</TABLE>
106
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH AND INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- ----------
* 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, 1999, these securities amounted to $69,455,704 or
4.62% of net assets.
Glossary:
ADR--American Depositary Receipt
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $1,067,263,417
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 824,498,505
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 286,552,297
Aggregate gross unrealized depreciation ......... (128,285,565)
--------------
Net unrealized appreciation ..................... $ 158,266,732
==============
Federal income tax cost of investments .......... $1,393,511,989
==============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$56,750,227, which was secured by cash collateral of $58,359,700.
For the period from January 1, 1999 to December 31, 1999, the Portfolio
incurred approximately $2,262 as brokerage commissions with Donaldson, Lufkin &
Jenrette Securities Corp., an affiliated broker/dealer.
See Notes to Financial Statements.
107
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH INVESTORS
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (0.9%)
CHEMICALS (0.5%)
Akzo Nobel N.V. ..................... 56,000 $ 2,812,084
BASF AG ............................. 50,300 2,632,366
Lyondell Chemical Co. ............... 400,000 5,100,000
Shin-Etsu Chemical Co., Ltd. ........ 64,000 2,754,573
--------------
13,299,023
--------------
PAPER (0.1%)
Upm-Kymmene Oyj ..................... 87,792 3,541,000
--------------
STEEL (0.3%)
Kawasaki Steel Corp. ................ 2,133,000 3,818,243
Pohang Iron & Steel Co., Ltd.
(ADR) ............................. 119,200 4,172,000
--------------
7,990,243
--------------
TOTAL BASIC MATERIALS ............. 24,830,266
--------------
BUSINESS SERVICES (6.6%)
PRINTING, PUBLISHING,
BROADCASTING (5.2%)
AMFM, Inc.* ......................... 262,700 20,556,275
AT&T Corp. - Liberty Media
Group, Class A* ................... 462,232 26,231,666
Cablevision Systems Corp.,
Class A* .......................... 193,500 14,609,250
Clear Channel Communications,
Inc.* ............................. 50,600 4,516,050
Comcast Corp., Class A .............. 149,000 7,487,250
Gannett Co., Inc. ................... 91,800 7,487,438
MediaOne Group, Inc.* ............... 138,200 10,615,488
Rogers Communications, Inc.,
Class B* .......................... 150,000 3,712,500
Seat Pagine Gialle SpA .............. 3,356,000 11,031,904
Television Broadcasts Ltd. .......... 426,000 2,904,483
Time Warner, Inc. ................... 245,000 17,747,187
Times Mirror Company ................ 10,000 1,239,375
United News & Media plc ............. 554,000 7,059,661
USA Networks, Inc.* ................. 74,200 4,099,550
--------------
139,298,077
--------------
PROFESSIONAL SERVICES (1.4%)
Amdocs Ltd.* ........................ 230,000 7,935,000
Cendant Corp.* ...................... 130,000 3,453,125
First Data Corp. .................... 197,100 9,719,494
Fiserv, Inc.* ....................... 187,500 7,183,594
Viad Corp. .......................... 300,000 8,362,500
--------------
36,653,713
--------------
TRUCKING, SHIPPING (0.0%)
Knightsbridge Tankers Ltd. .......... 60,700 819,450
--------------
TOTAL BUSINESS SERVICES ........... 176,771,240
--------------
CAPITAL GOODS (3.3%)
AEROSPACE (0.8%)
Honeywell International, Inc.* ...... 146,300 8,439,681
United Technologies Corp. ........... 218,100 14,176,500
--------------
22,616,181
--------------
BUILDING & CONSTRUCTION (0.1%)
New World Infrastructure Ltd. ....... 2,277,000 2,914,537
--------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
BUILDING MATERIALS & FOREST
PRODUCTS (0.4%)
American Standard Cos., Inc.* ....... 150,000 $ 6,881,250
China Merchants Holdings
International Co., Ltd. ........... 4,009,000 3,300,650
--------------
10,181,900
--------------
ELECTRICAL EQUIPMENT (1.4%)
General Electric Co. ................ 228,600 35,375,850
Hon Hai Precision Industry Co.,
Ltd. (GDR)* ....................... 196,900 3,805,093
Unidare plc ......................... 1,700 3,771
--------------
39,184,714
--------------
MACHINERY (0.6%)
Mannesmann AG ....................... 62,200 15,077,723
--------------
TOTAL CAPITAL GOODS ............... 89,975,055
--------------
CONSUMER CYCLICALS (10.4%)
AIRLINES (2.3%)
Alaska Air Group, Inc.* ............. 110,000 3,863,750
America West Holdings Corp.,
Class B* .......................... 125,000 2,593,750
British Airways plc ................. 870,500 5,679,986
Continental Airlines, Inc.,
Class B* .......................... 670,000 29,731,250
Delta Air Lines, Inc. ............... 15,000 747,188
KLM Royal Dutch Airlines N.V.
New York Shares* .................. 30,000 748,125
Northwest Airlines Corp.,
Class A* .......................... 520,000 11,570,000
Southwest Airlines Co. .............. 392,780 6,358,126
UAL Corp.* .......................... 20,000 1,551,250
--------------
62,843,425
--------------
APPAREL & TEXTILES (0.5%)
Mohawk Industries, Inc.* ............ 147,200 3,882,400
Tommy Hilfiger Corp.* ............... 200,000 4,662,500
Unifi, Inc.* ........................ 325,000 4,001,563
--------------
12,546,463
--------------
AUTO RELATED (0.5%)
Budget Group, Inc.* ................. 140,000 1,268,750
Harley-Davidson, Inc. ............... 189,300 12,127,031
United Rentals North America,
Inc.* ............................. 10,000 171,250
--------------
13,567,031
--------------
AUTOS & TRUCKS (0.1%)
DaimlerChrysler AG .................. 40,199 3,157,647
--------------
FOOD SERVICES, LODGING (0.1%)
Extended Stay America, Inc.* ........ 300,000 2,287,500
--------------
LEISURE RELATED (3.0%)
Carnival Corp., Class A ............. 250,400 11,972,250
Metro-Goldwyn-Mayer, Inc.* .......... 100,000 2,356,250
MGM Grand, Inc.* .................... 25,000 1,257,813
Park Place Entertainment Corp.*...... 681,300 8,516,250
Premier Parks, Inc.* ................ 25,000 721,875
Royal Caribbean Cruises Ltd. ........ 625,600 30,849,900
Sankyo Co. .......................... 92,000 6,884,476
Sun Internationals Hotels Ltd.* ..... 210,600 4,080,375
Walt Disney Co. ..................... 492,520 14,406,210
--------------
81,045,399
--------------
</TABLE>
108
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH INVESTORS
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
PHOTO & OPTICAL (0.3%)
Canon, Inc. ........................ 45,000 $ 1,787,147
Hoya Corp. ......................... 73,000 5,748,312
--------------
7,535,459
--------------
RETAIL--GENERAL (3.6%)
Bed Bath & Beyond, Inc.* ........... 100,000 3,475,000
Castorama Dubois ................... 7,400 2,253,459
Costco Wholesale Corp.* ............ 69,744 6,364,140
Dixons Group plc ................... 270,000 6,493,152
GAP, Inc. .......................... 265,921 12,232,366
Home Depot, Inc. ................... 152,384 10,447,794
Kohl's Corp.* ...................... 145,200 10,481,625
Limited, Inc. ...................... 540,000 23,388,750
Next plc ........................... 671,220 6,439,445
TJX Cos., Inc. ..................... 80,000 1,635,000
Too, Inc.* ......................... 2 34
Venator Group, Inc.* ............... 485,000 3,395,000
Wal-Mart Stores, Inc. .............. 170,900 11,813,462
--------------
98,419,227
--------------
TOTAL CONSUMER CYCLICALS ......... 281,402,151
--------------
CONSUMER NON-CYCLICALS (7.4%)
BEVERAGES (0.2%)
Coca-Cola Enterprises, Inc. ........ 212,400 4,274,550
Pepsi Bottling Group, Inc. ......... 100,000 1,656,250
--------------
5,930,800
--------------
CONTAINERS (0.4%)
Sealed Air Corp.* .................. 175,600 9,098,275
--------------
DRUGS (2.7%)
AstraZeneca Group plc .............. 64,450 2,719,629
Bristol-Myers Squibb Co. ........... 303,900 19,506,581
MedImmune, Inc.* ................... 24,125 4,001,734
Millennium Pharmaceuticals,
Inc.* ............................ 70,100 8,552,200
Sanofi-Synthelabo SA* .............. 95,200 3,968,427
Santen Pharmaceutical Co., Ltd...... 15,000 247,237
Schering-Plough Corp. .............. 405,400 17,102,812
Takeda Chemical Industries Ltd...... 128,000 6,322,997
Warner-Lambert Co. ................. 79,700 6,530,419
Yamanouchi Pharmaceutical Co.,
Ltd. ............................. 115,000 4,015,944
--------------
72,967,980
--------------
HOSPITAL SUPPLIES & SERVICES (2.1%)
Columbia/HCA Healthcare
Corp. ............................ 100,000 2,931,250
Genzyme Surgical Products* ......... 5,370 31,213
Health Management Associates,
Inc., Class A* ................... 842,900 11,273,788
Healthsouth Corp.* ................. 300,000 1,612,500
Human Genome Sciences, Inc.* ....... 121,800 18,589,725
Medtronic, Inc. .................... 420,210 15,311,402
Quintiles Transnational Corp.* ..... 150,000 2,803,125
Tenet Healthcare Corp.* ............ 201,700 4,739,950
--------------
57,292,953
--------------
RETAIL--FOOD (1.4%)
Carrefour SA* ...................... 32,000 5,908,119
Familymart Co. ..................... 75,000 4,988,751
Koninklijke Ahold N.V. ............. 119,000 3,526,610
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Kroger Co.* ........................ 961,315 $ 18,144,821
Ng Fung Hong Ltd. .................. 1,834,000 943,719
Seven-Eleven Japan Co., Ltd. ....... 1,800 285,239
Tesco plc .......................... 1,391,400 4,230,426
--------------
38,027,685
--------------
SOAPS & TOILETRIES (0.4%)
Avon Products, Inc. ................ 136,500 4,504,500
Kao Corp. .......................... 194,000 5,531,742
--------------
10,036,242
--------------
TOBACCO (0.2%)
Tabacalera S.A., Class A ........... 415,800 5,953,656
--------------
TOTAL CONSUMER NON-CYCLICALS...... 199,307,591
--------------
CREDIT SENSITIVE (13.3%)
BANKS (2.9%)
Banca Nazionale del
Lavoro-RNC (BNL) ................. 15,403 40,538
Bank of America Corp. .............. 310,800 15,598,275
Bank of Fukuoka Ltd. ............... 647,000 4,487,166
Bank of Scotland plc ............... 790,600 9,180,848
Bank of Tokyo-Mitsubishi Ltd. ...... 510,000 7,103,981
Bank of Tokyo-Mitsubishi Ltd.
(ADR) ............................ 120,000 1,672,500
Banque Nationale de Paris .......... 87,450 8,077,300
Commonwealth Bank of
Australia ........................ 133,800 2,302,281
Credito Italiano SpA ............... 580,800 2,857,968
Fuji Bank Ltd. ..................... 412,000 4,001,917
Hanvit Bank (GDR)* ................. 230,000 1,483,500
Societe Generale Paris ............. 32,730 7,623,755
Standard Chartered plc ............. 555,300 8,618,827
Sumitomo Trust & Banking ........... 572,000 3,860,706
--------------
76,909,562
--------------
FINANCIAL SERVICES (5.2%)
A.G. Edwards, Inc. ................. 100,000 3,206,250
Associates First Capital Corp.
Class A .......................... 849,700 23,313,644
CIT Group, Inc., Class A ........... 329,000 6,950,125
Citigroup, Inc. .................... 580,300 32,242,919
Daiwa Securities Group Ltd. ........ 599,000 9,369,079
Legg Mason, Inc. ................... 425,000 15,406,250
MBIA, Inc. ......................... 156,500 8,265,156
MBNA Corp. ......................... 803,800 21,903,550
Morgan Stanley Dean Witter
& Co. ............................ 134,000 19,128,500
Nomura Securities Co. .............. 61,000 1,100,900
--------------
140,886,373
--------------
INSURANCE (2.3%)
Ace Ltd. ........................... 700,000 11,681,250
American International Group,
Inc. ............................. 138,450 14,969,906
CGU plc ............................ 297,700 4,796,107
CNA Financial Corp.* ............... 325,000 12,654,687
Radian Group, Inc. ................. 311,700 14,883,683
Travelers Property Casualty
Corp., Class A ................... 25,000 856,250
Zurich Allied AG ................... 3,810 2,173,723
--------------
62,015,606
--------------
</TABLE>
109
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH INVESTORS
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
MORTGAGE RELATED (0.2%)
DBS Group Holdings Ltd.* ........... 394,556 $ 6,467,354
--------------
REAL ESTATE (0.1%)
Boston Properties, Inc. ............ 35,000 1,089,375
Sun Hung Kai Properties Ltd. ....... 222,000 2,313,244
--------------
3,402,619
--------------
UTILITY--ELECTRIC (0.4%)
AES Corp.* ......................... 136,300 10,188,425
--------------
UTILITY--TELEPHONE (2.2%)
CenturyTel, Inc. ................... 40,000 1,895,000
MCI WorldCom, Inc.* ................ 294,450 15,624,253
Sprint Corp. (FON Group) ........... 113,200 7,619,775
Telefonos de Mexico S.A.,
Class L (ADR) .................... 55,500 6,243,750
Telephone & Data Systems, Inc....... 190,000 23,940,000
Viatel, Inc.* ...................... 54,900 2,944,013
--------------
58,266,791
--------------
TOTAL CREDIT SENSITIVE ........... 358,136,730
--------------
DIVERSIFIED (1.2%)
MISCELLANEOUS (1.2%)
ABB AG* ............................ 47,563 5,820,229
DBT Online, Inc.* .................. 159,900 3,897,563
Hutchison Whampoa Ltd. ............. 272,000 3,953,946
Tyco International Ltd. ............ 408,600 15,884,325
U.S. Industries, Inc. .............. 189,000 2,646,000
--------------
32,202,063
--------------
ENERGY (2.9%)
OIL--DOMESTIC (0.2%)
Louis Dreyfus Natural Gas
Corp.* ........................... 224,700 4,072,688
Murphy Oil Corp. ................... 30,000 1,721,250
--------------
5,793,938
--------------
OIL--INTERNATIONAL (2.1%)
BP Amoco plc ....................... 298,962 3,005,747
Kerr-McGee Corp. ................... 180,000 11,160,000
Repsol S.A. ........................ 118,100 2,741,361
Repsol S.A. (ADR) .................. 451,400 10,495,050
Royal Dutch Petroleum Co. .......... 50,788 3,116,252
Total Fina S.A. (ADR) .............. 239,700 16,599,225
Total Fina S.A., Class B ........... 52,470 7,010,320
Woodside Petroleum Ltd. ............ 282,400 2,084,112
--------------
56,212,067
--------------
OIL--SUPPLIES & CONSTRUCTION (0.6%)
Noble Drilling Corp.* .............. 338,800 11,095,700
Stolt Comex Seaway S.A.
(ADR)* ........................... 315,650 3,472,150
Stolt Comex Seaway S.A.* ........... 50,000 553,125
--------------
15,120,975
--------------
TOTAL ENERGY ..................... 77,126,980
--------------
TECHNOLOGY (23.3%)
COMPUTER HARDWARE (1.6%)
Cisco Systems, Inc.* ............... 413,400 44,285,819
--------------
COMPUTER SOFTWARE (3.6%)
America Online, Inc.* .............. 144,600 10,908,263
Ardent Software, Inc.* ............. 95,000 3,705,000
Informix Corp.* .................... 399,300 4,542,038
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Infosys Technologies Ltd.
(ADR) ............................ 46,800 $ 15,444,000
Microsoft Corp.* ................... 238,500 27,844,875
Policy Management Systems
Corp.* ........................... 454,600 11,620,712
Softbank Corp. ..................... 23,200 22,194,659
--------------
96,259,547
--------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (6.8%)
Adelphia Business Solutions,
Inc.* ............................ 400,000 19,200,000
Cable & Wireless plc (ADR) ......... 150,000 7,940,625
China Telecom (Hong Kong)
Ltd. ............................. 1,533,000 9,584,332
Clearnet Communications, Inc.,
Class A* ......................... 393,000 13,509,375
General Motors Corp., Class H*...... 120,000 11,520,000
Global TeleSystems Group, Inc.*..... 1,432,000 49,583,000
Korea Telecom Corp. SP (ADR)........ 104,162 7,786,110
NTL, Inc.* ......................... 275,000 34,306,250
RCN Corp.* ......................... 178,800 8,671,800
Sonera Group OYJ ................... 83,000 5,695,307
Telefonica de Espana S.A.* ......... 2,448 61,217
United Pan-Europe
Communications N.V.* ............. 123,870 15,862,834
WinStar Communications, Inc.* ...... 3,862 289,167
--------------
184,010,017
--------------
ELECTRONICS (4.3%)
3Com Corp.* ........................ 212,600 9,992,200
Altera Corp.* ...................... 107,500 5,327,969
Intel Corp. ........................ 276,900 22,792,331
Kyocera Corp. (ADR) ................ 30,000 7,860,000
RF Micro Devices, Inc.* ............ 10,000 684,375
Sanmina Corp.* ..................... 91,600 9,148,550
Solectron Corp.* ................... 345,200 32,837,150
STMicroelectronics N.V.* ........... 62,770 9,671,335
TDK Corp. .......................... 39,000 5,382,862
Tokyo Electron Ltd. ................ 81,000 11,092,634
--------------
114,789,406
--------------
OFFICE EQUIPMENT (1.5%)
Dell Computer Corp.* ............... 562,900 28,707,900
Lexmark International Group,
Inc.* ............................ 134,200 12,145,100
--------------
40,853,000
--------------
OFFICE EQUIPMENT SERVICES (1.0%)
Cap Gemini S.A. .................... 18,700 4,751,744
Ceridian Corp.* .................... 615,000 13,260,938
Equant N.V. -- New York
Registered Shares* ............... 53,520 5,994,240
Equant N.V.* ....................... 37,300 4,238,807
--------------
28,245,729
--------------
WIRELESS TELECOMMUNICATION
SERVICES (4.5%)
Millicom International Cellular
S.A.* ............................ 500,000 31,187,500
Nokia OYJ* ......................... 153,688 27,894,809
NTT Mobile Communications
Network, Inc. .................... 325 12,493,886
</TABLE>
110
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH INVESTORS
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Orange plc ........................... 480,550 $ 16,221,163
SK Telecom Co., Ltd. (ADR) ........... 260,848 10,010,023
US Cellular Corp.* ................... 180,000 18,168,750
Vodafone AirTouch plc ................ 1,067,000 5,286,230
--------------
121,262,361
--------------
TOTAL TECHNOLOGY ................... 629,705,879
--------------
TOTAL COMMON STOCKS (69.3%)
(Cost $1,307,863,160)............... 1,869,457,955
--------------
CONVERTIBLE PREFERRED
STOCKS:
BUSINESS SERVICES (0.4%)
PRINTING, PUBLISHING, BROADCASTING (0.2%)
Adelphia Communications Corp.
5.50%, Series D .................... 11,600 2,198,200
MediaOne Group, Inc. 7.00%* .......... 44,700 2,145,600
--------------
4,343,800
--------------
PROFESSIONAL SERVICES (0.2%)
Amdocs Automatic Common
Exchange Securities Trust
6.75% .............................. 143,300 4,603,512
--------------
TOTAL BUSINESS SERVICES ............ 8,947,312
--------------
CONSUMER CYCLICALS (0.0%)
LEISURE RELATED (0.0%)
Royal Caribbean Cruises Ltd.,
7.25%, Series A .................... 7,200 1,097,550
--------------
CONSUMER NON-CYCLICALS (0.0%)
DRUGS (0.0%)
Alkermes, Inc. 6.50% ................. 3,300 283,800
--------------
CREDIT SENSITIVE (0.3%)
UTILITY--ELECTRIC (0.1%)
AES Trust I 5.375%, Series A ......... 22,900 2,404,500
--------------
UTILITY--TELEPHONE (0.2%)
Nextlink Communications 6.50% ........ 31,900 6,148,725
--------------
TOTAL CREDIT SENSITIVE ............. 8,553,225
--------------
TECHNOLOGY (0.3%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.3%)
Omnipoint Corp. 7.00% ................ 17,000 3,345,813
WinStar Communications, Inc.
7.00%, Series D .................... 61,300 4,858,025
--------------
8,203,838
--------------
TOTAL CONVERTIBLE PREFERRED STOCKS (1.0%)
(Cost $17,358,170)................... 27,085,725
--------------
NUMBER
OF
WARRANTS
--------
WARRANTS:
BASIC MATERIALS (0.0%)
CHEMICALS
GP Batteries International Ltd.,
expiring 11/15/00* ................. 5,750 2,037
--------------
BUSINESS SERVICES (0.0%)
TRUCKING, SHIPPING
Frontline Ltd., expiring 5/11/01*..... 77,348 --
--------------
TOTAL WARRANTS (0.0%)
(Cost $8,150)....................... 2,037
--------------
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES (0.4%)
PRINTING, PUBLISHING, BROADCASTING (0.4%)
Time Warner Inc.
6.625%, 5/15/29 .................. $13,950,000 $ 11,872,650
--------------
CONSUMER CYCLICALS (0.6%)
AUTO RELATED (0.2%)
Federal-Mogul Corp.
7.75%, 7/1/06 .................... 6,775,000 6,274,659
--------------
AUTOS & TRUCKS (0.4%)
Ford Motor Co.
6.375%, 2/1/29 ................... 11,500,000 9,673,593
--------------
TOTAL CONSUMER CYCLICALS ......... 15,948,252
--------------
CREDIT SENSITIVE (15.9%)
ASSET BACKED (0.2%)
Carco Auto Loan Master Trust
5.65%, 3/15/03 ................... 6,500,000 6,416,735
--------------
BANKS (0.4%)
Grupo Financiero Banorte
Zero Coupon, 12/5/02 .............. 20,800 2,194
St. George Bank Ltd.
7.15%, 10/15/05+ ................. 9,525,000 9,135,428
--------------
9,137,622
--------------
COLLATERALIZED MORTGAGE
OBLIGATIONS (0.2%)
Prudential Securities Secured
Financing Co.
6.48%, 1/15/09 ................... 6,000,000 5,592,660
--------------
FINANCIAL SERVICES (0.6%)
Goldman Sachs Group, Inc.
Series B,
7.35%, 10/1/09 ................... 4,700,000 4,591,021
Household Finance Corp.
5.875%, 2/1/09 ................... 8,000,000 7,078,560
Morgan Stanley Dean Witter & Co.
5.625%, 1/20/04 .................. 4,850,000 4,568,361
--------------
16,237,942
--------------
FOREIGN GOVERNMENT (1.3%)
Brazil Federal Republic
14.50%, 10/15/09 ................. 4,600,000 5,096,800
Quebec Province
7.50%, 9/15/29 ................... 10,000,000 9,680,200
Republic of Philippines
9.875%, 1/15/19 .................. 4,870,000 4,815,212
United Mexican States
10.375%, 2/17/09 ................. 14,060,000 14,973,900
--------------
34,566,112
--------------
U.S. GOVERNMENT (6.2%)
U.S. Treasury Bond
8.125%, 8/15/19 .................. 27,720,000 31,587,772
U.S. Treasury Note
6.00%, 8/15/00 ................... 25,000,000 25,023,450
6.25%, 4/30/01 ................... 42,500,000 42,539,865
6.50%, 8/31/01 ................... 43,775,000 43,952,858
5.87%, 11/15/04 .................. 11,760,000 11,532,150
6.875%, 5/15/06 .................. 2,795,000 2,843,912
6.125%, 8/15/29 .................. 9,670,000 9,219,745
--------------
166,699,752
--------------
</TABLE>
111
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH INVESTORS
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCIES (6.8%)
Federal National Mortgage
Association
6.00%, 4/1/11 .................. $ 8,109,450 $ 7,698,066
7.00%, 9/1/14 .................. 8,060,336 7,972,551
6.50%, 11/1/14 ................. 8,690,101 8,283,118
7.50%, 4/1/26 .................. 8,135,559 8,050,347
7.00%, 5/1/26 .................. 1,517,531 1,471,049
7.00%, 8/1/26 .................. 276,857 267,761
7.00%, 9/1/27 .................. 630,167 610,272
7.00%, 1/1/28 .................. 3,337,682 3,228,033
6.50%, 3/1/28 .................. 2,493,322 2,350,118
6.50%, 9/1/28 .................. 1,794,892 1,691,802
6.50%, 10/1/28 ................. 2,803,679 2,642,650
8.00%, 11/1/28 ................. 3,422,781 3,454,853
8.00%, 1/1/29 .................. 5,731,414 5,779,828
6.00%, 3/1/29 .................. 18,472,956 16,905,601
7.50%, 4/1/29 .................. 6,800,823 6,729,591
7.50%, 5/1/29 .................. 7,854,834 7,772,563
8.00%, 5/1/29 .................. 3,607,964 3,638,440
6.50%, 6/1/29 .................. 4,532,725 4,272,388
7.00%, 6/1/29 .................. 6,634,887 6,416,917
7.50%, 12/1/29 ................. 12,096,991 11,970,287
Government National Mortgage
Association
7.00%, 7/15/27 ................. 2,966,772 2,866,952
7.00%, 2/15/28 ................. 11,065,434 10,693,126
6.50%, 3/15/28 ................. 16,194,443 15,212,655
6.50%, 5/15/28 ................. 695,048 652,911
7.00%, 5/15/28 ................. 10,215,344 9,871,638
6.50%, 7/15/28 ................. 4,255,254 3,997,280
6.50%, 11/15/28 ................ 11,948,660 11,242,972
7.00%, 12/15/28 ................ 18,881,253 18,245,974
--------------
183,989,743
--------------
UTILITY--ELECTRIC (0.2%)
Texas Utilities, Class C
6.375%, 1/1/08 ................. 6,900,000 6,292,621
--------------
TOTAL CREDIT SENSITIVE ......... 428,933,187
--------------
ENERGY (0.3%)
OIL--INTERNATIONAL (0.2%)
Conoco, Inc.
6.95%, 4/15/29 ................. 4,000,000 3,597,016
--------------
UTILITY--GAS (0.1%)
Ras Laffan Liquified Natural Gas
Co., Ltd.
8.294%, 3/15/14+ ............... 3,500,000 3,287,445
--------------
TOTAL ENERGY ................... 6,884,461
--------------
TOTAL LONG-TERM DEBT SECURITIES (17.2%)
(Cost $480,602,427).............. 463,638,550
--------------
CONVERTIBLE BONDS:
BUSINESS SERVICES (0.0%)
PRINTING, PUBLISHING, BROADCASTING (0.0%)
CNET, Inc.
5.00%, 3/1/06+ ................. 575,000 945,156
5.00%, 3/1/06 .................. 100,000 164,375
--------------
1,109,531
--------------
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
CAPITAL GOODS (0.1%)
MACHINERY (0.1%)
Advanced Energy Industries, Inc.
5.25%, 11/15/06 ................ $ 1,545,000 $ 1,823,100
--------------
CONSUMER CYCLICALS (0.1%)
RETAIL--GENERAL (0.1%)
Amazon.com, Inc.
4.75%, 2/1/09+ ................. 1,840,000 2,088,400
4.75%, 2/1/09 .................. 330,000 374,550
--------------
2,462,950
--------------
CONSUMER NON-CYCLICALS (0.1%)
HOSPITAL SUPPLIES & SERVICES (0.1%)
Human Genome Sciences, Inc.
5.50%, 7/1/06+ ................. 965,000 2,992,706
RES-Care, Inc.
6.00%, 12/1/04 ................. 250,000 201,250
6.00%, 12/1/04+ ................ 820,000 660,100
--------------
3,854,056
--------------
TECHNOLOGY (3.2%)
COMPUTER SOFTWARE (0.7%)
America Online, Inc.
4.00%, 11/15/02 ................ 425,000 4,914,063
BEA Systems, Inc.
4.00%, 12/15/06+ ............... 100,000 116,938
EMC Corp.
3.25%, 3/15/02 .................. 630,000 6,074,775
HNC Software, Inc.
4.75%, 3/1/03 .................. 1,350,000 3,253,500
i2 Technologies, Inc.
5.25%, 12/15/06+ ............... 1,070,000 1,548,825
Siebel Systems, Inc.
5.50%, 9/15/06+ ................ 1,510,000 2,929,400
--------------
18,837,501
--------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.9%)
Comverse Technology, Inc.
4.50%, 7/1/05 .................. 2,275,000 7,771,969
DoubleClick, Inc.
4.75%, 3/15/06+ ................ 1,805,000 5,627,087
4.75%, 3/15/06 ................. 25,000 77,938
Global TeleSystems Group, Inc.
5.75%, 7/1/10 .................. 2,840,000 3,848,200
NTL, Inc.
7.00%, 12/15/08 ................ 2,595,000 6,847,556
--------------
24,172,750
--------------
ELECTRONICS (1.2%)
Amkor Technologies, Inc.
5.75%, 5/1/03 .................. 2,105,000 4,562,587
ASM Lithography Holding N.V.
4.25%, 11/30/04+ ............... 695,000 695,000
Conexant Systems, Inc.
4.25%, 5/1/06 .................. 1,725,000 5,095,219
Intel Corp.
4.00%, 9/1/04 .................. 860,000 2,309,100
4.00%, 9/1/04+ ................. 670,000 1,798,950
</TABLE>
112
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH INVESTORS
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Lattice Semiconductor Co.
4.75%, 11/1/06+ ........................... $ 1,535,000 $ 2,018,525
LSI Logic Corp.
4.25%, 3/15/04+ ........................... 1,910,000 4,311,825
Sanmina Corp.
4.25%, 5/1/04+ ............................ 1,770,000 2,305,425
4.25%, 5/1/04 ............................. 2,230,000 2,904,575
Solectron Corp.
Zero Coupon, 1/27/19 ...................... 7,660,000 5,745,000
STMicroelectronics N.V.
Zero Coupon, 9/22/09 ...................... 1,835,000 2,348,800
--------------
34,095,006
--------------
OFFICE EQUIPMENT SERVICES (0.1%)
Checkfree Holdings Corp.
6.50%, 12/1/06+ ........................... 1,055,000 1,661,625
--------------
WIRELESS TELECOMMUNICATION SERVICES (0.3%)
Nextel Communications, Inc.
4.75%, 7/1/07 ............................. 150,000 340,313
4.75%, 7/1/07+ ............................ 3,500,000 7,940,625
--------------
8,280,938
--------------
TOTAL TECHNOLOGY .......................... 87,047,820
--------------
TOTAL CONVERTIBLE BONDS (3.5%)
(Cost $58,732,091)......................... 96,297,457
--------------
SHORT-TERM DEBT SECURITIES:
CERTIFICATES OF DEPOSIT (0.4%)
Toronto Dominion Bank
6.32%, 1/14/00 ............................ 10,000,000 10,000,000
--------------
COMMERCIAL PAPER (1.7%)
Halifax Building 6.24%, 1/18/00 ............. 20,000,000 19,941,256
Toronto Dominion Bank 6.31%,
1/18/00 ................................... 25,000,000 24,925,743
--------------
44,866,999
--------------
TIME DEPOSITS (6.3%)
Canadian Imperial Bank
4.25%, 1/3/00 ............................. 50,000,000 50,000,000
Chase Manhattan Bank
5.50%, 1/3/00 ............................. 92,800,000 92,800,000
Chase Nassau
3.48%, 1/3/00 ............................. 27,883,049 27,883,049
--------------
170,683,049
--------------
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCIES (0.3%)
Federal Home Loan Bank
(Discount Note), 1/26/00 .................. $ 8,000,000 $ 7,971,111
--------------
TOTAL SHORT-TERM INVESTMENTS (8.7%)
(Amortized Cost $233,521,159)............... 233,521,159
--------------
TOTAL INVESTMENTS (99.7%)
(Cost/Amortized Cost
$2,098,085,157)............................ 2,690,002,883
OTHER ASSETS
LESS LIABILITIES (0.3%) ................... 8,633,748
--------------
NET ASSETS (100%) ........................... $2,698,636,631
==============
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY GLOBAL REGION
(Unaudited)
As a Percentage of Total Investments
<S> <C>
Canada ........................... 0.8%
France ........................... 2.1
Germany .......................... 0.8
Japan ............................ 4.9
Latin American ................... 1.0
Netherlands ...................... 1.8
New Zealand & Australia .......... 0.5
Scandinavia ...................... 1.4
Southeast Asia ................... 3.0
Spain ............................ 0.7
Switzerland ...................... 0.3
United Kingdom ................... 3.7
United States** .................. 78.5
Other European Countries ......... 0.5
-----
100.0%
=====
</TABLE>
- ---------------------
* Non-income producing.
** Includes Short-Term Debt Securities of 8.7 %.
+ 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, 1999, these securities amounted to $50,063,459 or
1.86% of net assets.
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
113
<PAGE>
EQ ADVISORS TRUST
ALLIANCE GROWTH INVESTORS
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $1,780,522,806
U.S. Government securities ............................. 382,138,628
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 1,664,380,562
U.S. Government securities ............................. 341,116,585
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 676,460,026
Aggregate gross unrealized depreciation ......... (85,719,897)
--------------
Net unrealized appreciation ..................... $ 590,740,129
==============
Federal income tax cost of investments .......... $2,099,262,754
==============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$248,116,996, which was secured by collateral valued at $251,572,866 of which
$31,151,715 was in the form of U.S. Government securities.
See Notes to Financial Statements.
114
<PAGE>
EQ ADVISORS TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BUSINESS SERVICES (0.1%)
PRINTING, PUBLISHING, BROADCASTING (0.1%)
Pegasus Communications Corp.,
Class A* ........................ 3,384 $ 330,786
------------
CONSUMER CYCLICALS (0.0%)
RETAIL--GENERAL (0.0%)
FTD Corp.*+ ....................... 37,500 187,500
------------
TECHNOLOGY (0.0%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.0%)
Optel, Inc.*+ ..................... 10,000 100,000
------------
TOTAL COMMON STOCKS (0.1%)
(Cost $15)....................... 618,286
------------
PREFERRED STOCKS:
CONSUMER NON-CYCLICALS (0.1%)
HOSPITAL SUPPLIES & SERVICES (0.1%)
Harborside Healthcare
13.50%*(a) ...................... 2,361 660,968
------------
TECHNOLOGY (2.6%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.8%)
21st Century Telecommunications
Group 13.75%, (a) ............... 5,123 4,354,813
------------
WIRELESS TELECOMMUNICATION SERVICES (1.8%)
Nextel Communications, Inc.
(Series E) 11.125%, (a) ......... 10,278 10,278,130
------------
TOTAL TECHNOLOGY ................ 14,632,943
------------
TOTAL PREFERRED STOCKS (2.7%)
(Cost $16,377,965)............... 15,293,911
------------
NUMBER
OF WARRANTS
------------
WARRANTS:
CAPITAL GOODS (0.0%)
BUILDING & CONSTRUCTION (0.0%)
Capital Pacific Holdings, Inc.,
expiring 5/1/02*+ ............... 11,850 5,925
------------
CONSUMER CYCLICALS (0.0%)
LEISURE RELATED (0.0%)
Discovery Zone, expiring
8/1/07*+ ........................ 3,500 4
------------
RETAIL--GENERAL (0.0%)
V2 Music Holdings, expiring
4/15/08*+ ....................... 8,000 20,000
------------
TOTAL CONSUMER CYCLICALS ........ 20,004
------------
CONSUMER NON-CYCLICALS (0.0%)
HOSPITAL SUPPLIES & SERVICES (0.0%)
Renaissance Cosmetics, Inc.,
expiring 8/15/01*+ .............. 2,000 2
Wright Medical Technology, Inc.,
expiring 6/30/03* ............... 618 6
------------
TOTAL CONSUMER NON-CYCLICALS..... 8
------------
DIVERSIFIED (0.0%)
MISCELLANEOUS (0.0%)
Republic Technologies, expiring
7/15/04*+ ....................... 7,000 --
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF WARRANTS (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
TECHNOLOGY (1.0%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.8%)
21st Century Telecommunications
Group, expiring 2/15/10*+ ............... 4,000 $ --
Knology Holdings, Inc., expiring
10/15/07*+ .............................. 15,000 37,500
Long Distance International, Inc.,
expiring 4/13/08+ ....................... 5,000 --
Loral Space & Communications,
expiring 1/15/07* ....................... 4,000 38,000
Primus Telecommunications,
expiring 8/1/04* ........................ 6,500 325,000
Startec Global Communications
Corp., expiring 5/15/08* ................ 5,000 72,500
Versatel Telecommunications,
expiring 5/15/08*+ ...................... 10,000 4,000,000
------------
4,473,000
------------
ELECTRONICS (0.2%)
Inter Act Electronic Marketing,
expiring 12/15/09* ...................... 1,500 --
InterAct Systems, Inc., expiring
8/1/03* ................................. 1,500 15
Splitrock Services, Inc., expiring
7/15/08*+ ............................... 10,000 940,000
------------
940,015
------------
OFFICE EQUIPMENT (0.0%)
Intersil Corp., expiring 8/15/09* ......... 5,000 --
------------
TOTAL TECHNOLOGY ........................ 5,413,015
------------
TOTAL WARRANTS (1.0%)
(Cost $121,645).......................... 5,438,952
------------
PRINCIPAL
AMOUNT
---------
LONG-TERM DEBT SECURITIES:
BASIC MATERIALS (7.8%)
CHEMICALS (4.1%)
Aqua Chemicals, Inc.
11.25%, 7/1/08 .......................... $5,500,000 3,052,500
Equistar Chemicals LP
8.75%, 2/15/09 .......................... 7,000,000 6,898,017
Lyondell Chemical Co. (Series B)
9.875%, 5/1/07 .......................... 3,000,000 3,075,000
ZSC Specialty Chemicals plc
11.00%, 7/1/09+ ......................... 10,000,000 10,375,000
------------
23,400,517
------------
METALS & MINING (0.4%)
Elgin National Industries
(Series B)
11.00%, 11/1/07 ......................... 3,000,000 2,400,000
------------
PAPER (2.5%)
Crown Paper Co. 11.00%, 9/1/05............. 9,235,000 5,633,350
Doman Industries Ltd.
12.00%, 7/1/04 .......................... 7,000,000 7,288,750
Pen Tab Industries, Inc.
(Series B)
10.875%, 2/1/07 ......................... 3,500,000 875,000
------------
13,797,100
------------
</TABLE>
115
<PAGE>
EQ ADVISORS TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
STEEL (0.8%)
Republic Technology/RTI Capital
13.75%, 7/15/09+ ................ $ 7,000,000 $ 4,620,000
------------
TOTAL BASIC MATERIALS ........... 44,217,617
------------
BUSINESS SERVICES (4.8%)
PRINTING, PUBLISHING, BROADCASTING (1.4%)
GOSS Graphic Systems, Inc.
12.25%, 11/19/05(c) ............. 3,000,000 930,000
Radio One, Inc. (Series B)
7.00%, 5/15/04 (b) .............. 5,000,000 5,325,000
Supercanal Holding SA
11.75%, 5/15/02 ................. 1,738,812 1,738,812
------------
7,993,812
------------
PROFESSIONAL SERVICES (2.4%)
Employee Solutions, Inc.
(Series B)
10.00%, 10/15/04 ................ 3,250,000 1,950,000
Pentacon, Inc.
12.25%, 4/1/09 .................. 7,000,000 6,300,000
Primark Corp.
9.25%, 12/15/08 ................. 6,000,000 5,670,000
------------
13,920,000
------------
TRUCKING, SHIPPING (1.0%)
NTEX, Inc.
11.50%, 6/1/06 .................. 2,000,000 700,000
Stena Line AB
10.625%, 6/1/08 ................. 8,000,000 4,720,000
------------
5,420,000
------------
TOTAL BUSINESS SERVICES ......... 27,333,812
------------
CAPITAL GOODS (5.1%)
ELECTRICAL EQUIPMENT (1.3%)
AES Corp.
9.50%, 6/1/09 ................... 7,000,000 7,061,250
------------
MACHINERY (3.8%)
Generac Portable LLC
11.25%, 7/1/06 .................. 7,000,000 7,140,000
Penhall International
12.00%, 8/1/06 .................. 5,000,000 5,075,000
Sequa Corp.
9.00%, 8/1/09 ................... 7,000,000 6,772,500
Woods Equipment Co. (Series B)
12.00%, 7/15/09 ................. 3,000,000 2,700,000
------------
21,687,500
------------
TOTAL CAPITAL GOODS ............. 28,748,750
------------
CONSUMER CYCLICALS (9.7%)
AIRLINES (0.5%)
Aircraft Service International
Group
11.00%, 8/15/05 ................. 3,000,000 2,760,000
------------
APPAREL & TEXTILES (0.3%)
St. John Knits International, Inc.
12.50%, 7/1/09+ ................. 2,000,000 1,770,000
------------
AUTO RELATED (2.2%)
Avis Rent a Car, Inc.
11.00%, 5/1/09 .................. 4,500,000 4,725,000
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Tenneco Automotive, Inc.
11.625%, 10/15/09+ .............. $ 7,350,000 $ 7,497,000
------------
12,222,000
------------
AUTOS & TRUCKS (0.9%)
Breed Technologies, Inc.
9.25%, 4/15/08(c) ............... 8,000,000 90,000
Sonic Automotive, Inc.
11.00%, 8/1/08 .................. 5,250,000 5,197,500
------------
5,287,500
------------
FOOD SERVICES, LODGING (2.8%)
ICG Services, Inc. 0.00%, 5/1/08
(Step Bond) ..................... 7,000,000 3,535,000
NE Restaurant Co., Inc.
10.75%, 7/15/08 ................. 8,000,000 7,080,000
Romacorp, Inc.
12.00%, 7/1/06 .................. 6,000,000 5,400,000
------------
16,015,000
------------
LEISURE RELATED (1.7%)
Hedstrom Corp.
10.00%, 6/1/07 .................. 6,000,000 360,000
Marvel Enterprises, Inc.
12.00%, 6/15/09 ................. 8,000,000 7,360,000
Silverleaf Resorts, Inc.
10.50%, 4/1/08 .................. 3,000,000 2,025,000
------------
9,745,000
------------
PHOTO & OPTICAL (0.8%)
Polaroid Corp.
11.50%, 2/15/06 ................. 4,300,000 4,214,000
------------
RETAIL--GENERAL (0.5%)
V2 Music Holdings plc
0.00%, 4/15/08 (Step Bond)+ ..... 8,000,000 2,720,000
------------
TOTAL CONSUMER CYCLICALS ........ 54,733,500
------------
CONSUMER NON-CYCLICALS (8.3%)
CONTAINERS (0.6%)
Riverwood International Corp.
10.875%, 4/1/08 ................. 3,500,000 3,430,000
------------
FOODS (2.2%)
Imperial Holly Corp.
9.75%, 12/15/07 ................. 6,000,000 4,380,000
SFC New Holdings, Inc.
12.125%, 10/1/02 ................ 8,000,000 7,880,000
SFC Sub, Inc.
0.00%, 12/15/09 (Step Bond) ..... 383,149 187,743
------------
12,447,743
------------
HOSPITAL SUPPLIES & SERVICES (3.4%)
Concentra Operating Corp.
(Series A) 13.00%, 8/15/09+ ..... 9,000,000 8,190,000
Iasis Healthcare Corp.
13.00%, 10/15/09+ ............... 6,000,000 6,180,000
Unilab Finance Corp.
12.75%, 10/1/09+ ................ 5,000,000 5,175,000
------------
19,545,000
------------
RETAIL--FOOD (2.1%)
Di Giorgio Corp. (Series B)
10.00%, 6/15/07 ................. 5,000,000 4,600,000
Stater Brothers Holdings
10.75%, 8/15/06 ................. 7,000,000 7,087,500
------------
11,687,500
------------
TOTAL CONSUMER NON-CYCLICALS..... 47,110,243
------------
</TABLE>
116
<PAGE>
EQ ADVISORS TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
CREDIT SENSITIVE (10.8%)
ASSET BACKED (1.5%)
Russell-Stanley Holding, Inc.
10.875%, 2/15/09 ................... $ 10,000,000 $ 8,700,000
------------
FINANCIAL SERVICES (1.8%)
Lodgian Financing Corp.
12.25%, 7/15/09 .................... 3,500,000 3,465,000
PTC International Finance II SA
11.25%, 12/1/09+ ................... 7,000,000 6,860,000
------------
10,325,000
------------
INSURANCE (0.9%)
Willis Corroon Corp
9.00%, 2/1/09 ...................... 6,000,000 4,995,000
------------
UTILITY--ELECTRIC (1.4%)
Cogentrix Energy Inc. (Series B)
8.75%, 10/15/08 ................... 5,000,000 4,768,750
PSEG Energy Holdings
10.00%, 10/1/09+ ................... 3,000,000 3,075,009
------------
7,843,759
------------
UTILITY--TELEPHONE (5.2%)
Alestra S.A.
12.625%, 5/15/09+ .................. 7,000,000 7,052,500
NEXTLINK Communications,
Inc
10.50%, 12/1/09+ ................... 12,000,000 12,180,000
Viatel, Inc.
11.50%, 3/15/09 .................... 10,000,000 10,175,000
------------
29,407,500
------------
TOTAL CREDIT SENSITIVE ............. 61,271,259
------------
DIVERSIFIED (4.4%)
MISCELLANEOUS (4.4%)
Blount, Inc.
13.00%, 8/1/09+ .................... 4,000,000 4,220,000
Elgar Holdings, Inc.
9.875%, 2/1/08 ..................... 2,250,000 1,575,000
Precision Partners, Inc.
12.00%, 3/15/09+ ................... 6,200,000 4,340,000
SCG Holding Corp.
12.00%, 8/1/09+ .................... 6,500,000 6,922,500
TM Group Holdings plc
11.00%, 5/15/08 .................... 8,000,000 7,860,000
------------
TOTAL DIVERSIFIED .................. 24,917,500
------------
ENERGY (3.9%)
COAL & GAS PIPELINES (0.6%)
Chesapeake Energy Corp.
(Series B)
9.625%, 5/1/05 ..................... 3,800,000 3,610,000
------------
OIL--DOMESTIC (0.8%)
Trans-Resources, Inc. (Series B)
10.75%, 3/15/08 .................... 5,000,000 4,450,000
TransTexas Gas Corp. (Series D)
13.75%, 12/31/01(c) ................ 5,829,000 58,290
------------
4,508,290
------------
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
OIL--INTERNATIONAL (1.4%)
Eagle Geophysical, Inc.
(Series B)
10.75%, 7/15/08(c) ................. $ 3,000,000 $ 240,000
Northern Offshore ASA
10.00%, 5/15/05 .................... 6,500,000 3,965,000
Queen Sand Resources, Inc.
12.50%, 7/1/08 ..................... 7,500,000 3,750,000
------------
7,955,000
------------
OIL--SUPPLIES & CONSTRUCTION (1.1%)
Eott Energy Partners LP
11.00%, 10/1/09 .................... 6,000,000 6,210,000
------------
TOTAL ENERGY ....................... 22,283,290
------------
TECHNOLOGY (32.0%)
COMPUTER SOFTWARE (4.8%)
Exodus Communications, Inc.
10.75%, 12/15/09 ................... 10,000,000 10,175,000
11.25%, 7/1/08 ..................... 4,000,000 4,130,000
PSINet, Inc.
10.50%, 12/1/06+ ................... 5,000,000 5,037,500
11.00%, 8/1/09 ..................... 7,500,000 7,725,000
------------
27,067,500
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (19.9%)
Econophone, Inc.
13.50%, 7/15/07 .................... 6,500,000 6,890,000
Global Crossing Holding Ltd.
9.125%, 11/15/06+ .................. 2,500,000 2,471,875
9.50%, 11/15/09+ ................... 5,000,000 4,925,000
Iridium LLC/Capital Corp.
(Series B)
14.00%, 7/15/05(c) ................. 12,000,000 600,000
Iridium LLC/Capital Corp.
(Series D)
10.875%, 7/15/05(c) ................ 5,000,000 200,000
Logix Communication Enterprise
12.25%, 6/15/08 .................... 9,000,000 6,480,000
Metromedia Fiber Network
10.00%, 12/15/09+ .................. 6,000,000 6,150,000
NTL Communications Corp.
9.25%, 11/15/06+ ................... 7,500,000 7,562,619
Optel, Inc. (Series B)
13.00%, 2/15/05(c) ................. 10,000,000 7,200,000
Primus Telecommunications
12.75%, 10/15/09 ................... 4,500,000 4,668,750
RSL Communications plc 9.875%,
11/15/09 ........................... 6,000,000 5,460,000
Startec Global
Communications, Inc.
12.00%, 5/15/08 .................... 5,000,000 4,375,000
United Pan-European
Communications
10.875%, 8/1/09 .................... 12,000,000 12,150,000
0.00%, 11/1/09 (Step Bond)+ ........ 7,000,000 3,920,000
US Xchange LLC
15.00%, 7/1/08 ..................... 6,500,000 5,460,000
</TABLE>
117
<PAGE>
EQ ADVISORS TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------
<S> <C> <C>
Versatel Telecommunications
13.25%, 5/15/08 ..................... $ 9,500,000 $10,117,500
Williams Communications Group,
Inc.
10.875%, 10/1/09 .................... 2,000,000 2,090,000
WinStar Communications, Inc.
11.00%, 3/15/08 ..................... 2,000,000 2,040,000
WinStar Equipment Corp.
12.50%, 3/15/04 ..................... 6,500,000 6,922,500
Worldwide Fiber, Inc.
12.00%, 8/1/09+ ..................... 12,600,000 12,978,000
------------
112,661,244
------------
ELECTRONICS (2.8%)
CHS Electronics, Inc.
9.875%, 4/15/05 ..................... 10,000,000 1,325,000
Geologistics Corp.
9.75%, 10/15/07 ..................... 4,000,000 1,200,000
Integrated Circuit Systems
11.50%, 5/15/09 ..................... 4,000,000 3,970,000
Interact Operating Co.
14.00%, 8/1/03 (a) .................. 750,000 255,000
Splitrock Services, Inc. (Series B)
11.75%, 7/15/08 ..................... 10,000,000 9,350,000
------------
16,100,000
------------
OFFICE EQUIPMENT (1.1%)
Intersil Corp.
13.25%, 8/15/09+ .................... 5,000,000 6,250,000
------------
OFFICE EQUIPMENT SERVICES (1.5%)
Global Telesystems Europe
11.00%, 12/1/09+ .................... 2,000,000 2,013,169
<CAPTION>
- ---------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------
<S> <C> <C>
Verio, Inc.
10.625%, 11/15/09+ .................. $ 6,000,000 $ 6,150,000
------------
8,163,169
------------
WIRELESS TELECOMMUNICATION
SERVICES (1.9%)
Nextel Communications, Inc.
9.35%, 11/15/09, (a)+ ............... 11,000,000 10,780,000
------------
TOTAL TECHNOLOGY .................... 181,021,913
------------
TOTAL LONG-TERM DEBT
SECURITIES (86.8%)
(Cost $575,600,458).................. 491,637,884
------------
SHORT-TERM DEBT
SECURITIES:
TIME DEPOSITS (4.9%)
Chase Nassau
3.48%, 1/3/00 ....................... 27,513,832 27,513,832
------------
U.S. GOVERNMENT AGENCIES (1.7%)
Federal Home Loan Mortgage
Corp. (Discount Note), 2/24/00....... 10,000,000 9,912,153
------------
TOTAL SHORT-TERM DEBT
SECURITIES (6.6%)
(Amortized Cost $37,425,985)......... 37,425,985
------------
TOTAL INVESTMENTS (97.2%)
(Cost/Amortized Cost
$629,526,068)........................ 550,415,018
OTHER ASSETS
LESS LIABILITIES (2.8%) ............. 16,167,202
------------
NET ASSETS (100%) ..................... $566,582,220
=============
</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, 1999, these securities amounted to $164,706,103
or 29.07% of net assets.
(a) Paid-in-kind preferred, quarterly stock payments.
(b) Coupon will increase periodically based upon a predetermined schedule.
Stated interest rate in effect at December 31, 1999.
(c) Security in default, non-income producing.
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $1,001,043,515
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 960,515,156
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 14,832,728
Aggregate gross unrealized depreciation ......... (94,038,673)
-------------
Net unrealized depreciation ..................... $ (79,205,945)
=============
Federal income tax cost of investments .......... $ 629,620,963
=============
The Portfolio has a net capital loss carryforward of $103,665,061 which expires
in the year 2007.
See Notes to Financial Statements.
118
<PAGE>
EQ ADVISORS TRUST
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
CREDIT SENSITIVE (82.6%)
ASSET BACKED (18.6%)
Amresco Residential Securities
Mortgage Loan Trust
5.94%, 3/25/15 (a) ........................ $ 4,500,000 $ 4,435,335
Countrywide Home Equity Loan
Trust
6.6425%, 10/15/24 (a) ..................... 2,207,270 2,195,549
Delta Funding Home Equity Loan
Trust
6.14%, 3/15/18 ............................ 6,028,308 5,982,131
Green Tree Home Improvement
Loan Trust
6.25%, 8/15/29 ............................ 5,000,000 4,920,300
Honda Auto Lease Trust
6.45%, 9/16/02 ............................ 7,000,000 6,960,660
Providian Master Trust
6.60%, 4/16/07 ............................ 6,750,000 6,675,143
The Money Store Home Equity
Trust
6.725%, 6/15/24 ........................... 7,000,000 6,513,640
------------
37,682,758
------------
COLLATERALIZED MORTGAGE OBLIGATIONS (4.2%)
Allied Capital Commercial Mortgage
Trust
6.31%, 9/25/03+ ........................... 1,618,044 1,596,055
Government Lease Trust
4.00%, 5/18/11+ ........................... 4,500,000 3,192,210
Morgan Stanley Capital I
6.17%, 10/3/08 ............................ 4,000,000 3,660,640
Prudential Home Mortgage
Securities
7.63%, 1/25/24 (a) ........................ 59,699 59,773
------------
8,508,678
------------
U.S. GOVERNMENT (30.3%)
U.S. Treasury Bond
11.875%, 11/15/03 ......................... 23,050,000 27,213,406
U.S. Treasury Notes
6.00%, 8/15/04 ............................ 23,925,000 23,551,172
7.00%, 7/15/06 ............................ 2,005,000 2,053,872
6.00%, 8/15/09 ............................ 9,000,000 8,718,750
------------
61,537,200
------------
U.S. GOVERNMENT AGENCIES (29.5%)
Federal Farm Credit Corp.
6.29%, 8/25/04 ............................ 4,700,000 4,593,681
Federal Home Loan Bank
5.77%, 2/3/04 ............................. 6,430,000 6,181,892
Federal Home Loan Mortgage Corp.
9.50%, 9/1/20 ............................. 471,567 497,356
Federal National Mortgage Association
7.00%, 7/1/13 ............................... 17,069 16,883
7.50%, 8/1/13 ............................. 6,163,602 6,202,772
6.00%, 12/1/13 ............................ 65,668 62,337
TBA, 7.00%, 1/25/15 ....................... 10,000,000 9,887,500
TBA, 7.50%, 1/25/30 ....................... 15,800,000 15,627,180
TBA, 8.00%, 1/25/30 ....................... 11,300,000 11,388,276
Tennessee Valley Authority
6.50%, 8/20/01 ............................ 5,400,000 5,378,589
------------
59,836,466
------------
TOTAL CREDIT SENSITIVE .................... 167,565,102
------------
TOTAL LONG-TERM DEBT SECURITIES (82.6%)
(Cost $170,312,448)......................... 167,565,102
------------
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (15.8%)
PaineWebber, Inc. 3.50%, dated
12/31/99, due 1/3/00, to be
repurchased at $32,009,333,
collateralized by $20,815,000 of
U.S. Treasury Notes, 5.625% due
12/31/02 valued at $20,820,656 and
$12,250,000 of U.S. Treasury
Notes, 4.50% due 9/30/00, valued
at $12,343,290............................. $32,000,000 $ 32,000,000
------------
TIME DEPOSITS (7.0%)
Chase Nassau,
3.48%, 1/03/00 ............................ 14,236,704 14,236,704
------------
U.S. GOVERNMENT AGENCIES (11.8%)
Federal Home Loan Bank
(Discount Note)
1/11/00 ................................... 24,000,000 23,961,666
------------
TOTAL SHORT-TERM DEBT
SECURITIES (34.6%)
(Amortized Cost $70,198,370)............... 70,198,370
------------
TOTAL INVESTMENTS (117.2%)
(Cost/Amortized Cost
$240,510,818).............................. 237,763,472
OTHER ASSETS
LESS LIABILITIES (-17.2%) ................. (34,988,932)
------------
NET ASSETS (100%) ........................... $202,774,540
============
</TABLE>
- ---------------------
+ 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, 1999, these securities amounted to $4,788,265 or
2.36% of net assets.
(a) Coupon will fluctuate based upon an interest rate index. Stated due date
reflects final maturity of security.
TBA-Security is subject to delayed delivery.
119
<PAGE>
EQ ADVISORS TRUST
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
U.S. Government securities ........... $763,664,220
NET PROCEEDS OF SALES AND REDEMPTIONS:
U.S. Government securities ........... 883,939,610
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 151,741
Aggregate gross unrealized depreciation ......... (2,903,013)
-------------
Net unrealized depreciation ..................... $ (2,751,272)
=============
Federal income tax cost of investments .......... $ 240,514,744
=============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$26,232,963, which was secured by collateral valued at $26,954,524 of which
$2,346,599 was in the form of U.S. Government securities.
The Portfolio has a net capital loss carryforward of $11,725,172 of which
$5,101,186 expires in the year 2002, $482,139 expires in the year 2004 and
$6,141,847 expires in the year 2007.
See Notes to Financial Statements.
120
<PAGE>
EQ ADVISORS TRUST
ALLIANCE INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
FINLAND (4.4%)
Nokia OYJ* ......................... 69,700 $ 12,650,748
------------
FRANCE (7.6%)
Banque Nationale de Paris .......... 81,400 7,518,493
Carrefour S.A.* .................... 21,500 3,969,518
Sanofi-Synthelabo S.A.* ............ 113,000 4,710,422
Total Fina S.A., Class B ........... 40,880 5,461,824
------------
21,660,257
------------
GERMANY (4.7%)
Mannesmann AG ...................... 55,900 13,550,559
------------
HONG KONG (2.6%)
Cheung Kong Holdings Ltd. .......... 50,000 635,171
China Telecom (Hong Kong)
Ltd. ............................. 753,000 4,707,763
Citic Pacific Ltd. ................. 592,000 2,227,568
------------
7,570,502
------------
IRELAND (1.0%)
Bank of Ireland .................... 367,000 2,923,507
------------
JAPAN (29.2%)
Bank of Fukuoka Ltd. ............... 555,000 3,849,115
Bank of Tokyo-Mitsubishi Ltd. ...... 501,000 6,978,617
Banyu Pharmaceutical Co., Ltd....... 156,000 2,418,664
Canon, Inc. ........................ 117,000 4,646,581
Daito Trust Construction Co. ....... 21,700 241,984
Daiwa Securities Group Ltd. ........ 195,000 3,050,034
Data Communication System
Co. .............................. 20 2,465
Japan Tobacco, Inc. ................ 214 1,636,975
Kao Corp. .......................... 265,000 7,556,246
Kawasaki Steel Corp. ............... 986,000 1,765,020
Nippon Television Network
Corp. ............................ 2,710 3,181,062
NTT Mobile Communications
Network, Inc. .................... 310 11,917,245
Santen Pharmaceutical Co., Ltd...... 22,000 362,614
Seven-Eleven Japan Co., Ltd. ....... 600 95,080
Softbank Corp. ..................... 9,800 9,375,330
Sumitomo Trust & Banking ........... 699,000 4,717,891
Takeda Chemical Industries Ltd...... 118,000 5,829,013
TDK Corp. .......................... 34,000 4,692,752
Tokyo Electron Ltd. ................ 65,000 8,901,496
Yamanouchi Pharmaceutical Co.,
Ltd. ............................. 81,000 2,828,622
------------
84,046,806
------------
KOREA (2.2%)
SK Telecom Co., Ltd. (ADR) ......... 165,560 6,352,807
------------
NETHERLANDS (11.7%)
Akzo Nobel N.V. .................... 40,000 2,008,632
Equant N.V. - New York
Registered Shares* ............... 58,800 6,585,600
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Equant N.V.* ....................... 19,300 $ 2,193,270
STMicroelectronics N.V.* ........... 46,800 7,210,745
United Pan-Europe
Communications N.V.* ............. 120,700 15,456,883
------------
33,455,130
------------
SINGAPORE (1.9%)
DBS Group Holdings Ltd.* ........... 340,000 5,573,107
------------
SPAIN (2.8%)
Banco Santander Central
Hispano S.A. ..................... 13,872 157,223
Repsol S.A. ........................ 170,000 3,946,073
Tabacalera S.A., Class A ........... 281,000 4,023,515
------------
8,126,811
------------
SWEDEN (1.4%)
Securitas AB, Class B .............. 216,610 3,928,623
------------
SWITZERLAND (1.9%)
ABB AG Ltd.* ....................... 43,600 5,335,281
------------
THAILAND (0.0%)
CMIC Finance & Securities
Public Co., Ltd.* - Foreign
Shares ........................... 51,000 --
------------
UNITED KINGDOM (25.2%)
Bank of Scotland ................... 605,200 7,027,889
British Aerospace plc .............. 607,000 4,019,478
British Airways plc ................ 622,000 4,058,531
British Sky Broadcasting plc ....... 628,857 10,121,067
CGU plc ............................ 167,000 2,690,460
CRH plc ............................ 141,500 3,039,114
Dixons Group plc ................... 119,000 2,861,797
Next plc ........................... 802,200 7,696,020
Orange plc ......................... 179,450 6,057,408
Randgold Resources Ltd.
(GDR)* ........................... 30,300 121,200
Royal Bank of Scotland Group
plc .............................. 358,000 6,348,669
Standard Chartered plc ............. 513,500 7,970,048
United News & Media plc ............ 496,640 6,328,719
Vodafone AirTouch plc .............. 839,500 4,159,129
------------
72,499,529
------------
TOTAL COMMON STOCKS (96.6%)
(Cost $207,750,320)............... 277,673,667
------------
NUMBER
OF
WARRANTS
--------
WARRANTS:
NORWAY (0.0%)
Frontline Ltd., expiring 5/11/01*
(Cost $3,956)..................... 58,011 --
------------
</TABLE>
121
<PAGE>
EQ ADVISORS TRUST
ALLIANCE INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -----------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (2.5%)
Chase Nassau
3.48%, 1/03/00 .................... $7,104,456 $ 7,104,456
------------
TOTAL SHORT-TERM DEBT SECURITIES (2.5%)
(Amortized Cost $7,104,456)......... 7,104,456
------------
TOTAL INVESTMENTS (99.1%)
(Cost/Amortized Cost
$214,858,732)...................... 284,778,123
OTHER ASSETS
LESS LIABILITIES (0.9%) ........... 2,739,217
------------
NET ASSETS (100%) ................... $287,517,340
============
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Equity
Investments
<S> <C> <C>
Basic Materials .................................. 1.4%
Business Services ................................ 8.9
Capital Goods .................................... 7.3
Consumer Cyclicals ............................... 6.9
Consumer Non-Cyclicals ........................... 11.9
Credit Sensitive ................................. 21.3
Diversified ...................................... 0.8
Energy ........................................... 5.2
Technology
Computer Software ........................... 3.4
Diversified Telecommunications
Services .................................. 7.2
Electronics ................................. 7.4
Office Equipment Services ................... 3.1
Wireless Telecommunication Services ......... 15.2
----
Total Technology ................................. 36.3
-----
100.0%
=====
</TABLE>
- -------------------------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
122
<PAGE>
EQ ADVISORS TRUST
ALLIANCE INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
At December 31, 1999, the Portfolio had outstanding foreign currency contracts
to buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ----------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 1/4/00 ......... 582 $942,480 $940,582 $ (1,898)
Japanese Yen, expiring 1/4/00 .......... 12,654 123,392 123,779 387
Swedish Krona, expiring 1/4/00 ......... 4,438 520,458 522,723 2,265
Swedish Krona, expiring 1/5/00 ......... 2,192 258,201 258,154 (47)
FOREIGN CURRENCY SELL CONTRACTS
Japanese Yen, expiring 1/5/00 .......... 15,901 155,310 155,538 (228)
Japanese Yen, expiring 1/6/00 .......... 25,990 254,545 254,234 311
--------
$ 790
========
</TABLE>
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $338,672,669
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 345,129,126
As of December 31, 1999, 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 ......... $ 77,524,110
Aggregate gross unrealized depreciation ......... (8,719,379)
------------
Net unrealized appreciation ..................... $ 68,804,731
============
Federal income tax cost of investments .......... $215,973,392
============
</TABLE>
At December 31, 1999. the Portfolio had loaned securities with a total value of
$12,498,505, which was secured by collateral of $13,185,182.
For the period from January 1, 1999 to December 31, 1999, the Portfolio
incurred approximately $1,086 as brokerage commissions with Donaldson, Lufkin &
Jenrette Securities Corp., an affiliated broker/dealer.
See Notes to Financial Statements.
123
<PAGE>
EQ ADVISORS TRUST
ALLIANCE MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
CERTIFICATES OF DEPOSIT (19.0%)
Bayerische Landesbank
5.11%, 3/21/00 ........................ $15,000,000 $ 14,965,455
Chase Manhattan Bank
5.37%, 5/22/00 ........................ 18,000,000 17,949,866
Deutsche Bank N.Y.
5.11%, 2/22/00 ........................ 15,000,000 14,980,911
5.26%, 5/18/00 ........................ 20,000,000 19,938,054
First National Bank Chicago
5.60%, 6/14/00 ........................ 25,000,000 24,939,060
First Tennessee Bank
5.50%, 1/31/00 ........................ 28,000,000 27,994,405
National Westminster Bank plc
5.69%, 4/17/00 ........................ 40,000,000 39,991,072
Rabobank Nederland N.V.
5.02%, 2/8/00 ......................... 25,000,000 24,974,795
5.18%, 3/28/00 ........................ 3,500,000 3,492,692
Toronto Dominion Bank
5.05%, 2/14/00 ........................ 20,000,000 19,977,424
5.29%, 3/6/00 ......................... 15,000,000 14,978,976
UBS AG Stamford
5.29%, 5/22/00 ........................ 26,000,000 25,918,194
Wachovia Bank and Trust Co.
5.09%, 2/23/00 ........................ 25,000,000 24,967,765
--------------
TOTAL CERTIFICATES OF DEPOSIT ......... 275,068,669
--------------
COMMERCIAL PAPER (45.5%)
Albertson's, Inc.
6.30%, 1/12/00 ........................ 7,000,000 6,988,236
Allstate Corp.
5.75%, 3/14/00 ........................ 19,000,000 18,787,711
American General Corp.
5.90%, 2/29/00 ........................ 17,000,000 16,845,370
Associates Corp. of North
America
5.72%, 3/14/00 ........................ 19,000,000 18,787,711
Bank of America Corp.
6.00%, 3/14/00 ........................ 10,000,000 9,888,269
6.03%, 3/22/00 ........................ 15,000,000 14,814,038
Centric Capital Corp.
5.81%, 3/17/00 ........................ 20,000,000 19,767,354
6.10%, 3/20/00 ........................ 5,000,000 4,939,543
6.10%, 3/23/00 ........................ 18,000,000 17,774,089
Daimler Benz AG
5.90%, 3/1/00 ......................... 30,000,000 29,720,499
Dorada Finance Corp.
5.77%, 4/14/00 ........................ 8,000,000 7,871,733
Falcon Asset Securitization
6.30%, 2/1/00 ......................... 23,000,000 22,890,870
6.70%, 1/18/00 ........................ 8,899,000 8,875,887
Golden Funding Corp.
6.00%, 2/28/00 ........................ 31,000,000 30,724,804
7.00%, 1/27/00 ........................ 16,070,000 16,006,165
Goldman Sachs
6.15%, 3/29/00 ........................ 24,000,000 23,672,052
Household Finance Corp.
4.50%, 1/3/00 ......................... 50,000,000 49,984,999
Kitty Hawk Funding Corp.
6.10%, 3/15/00 ........................ 25,000,000 24,716,845
Koch Industries, Inc.
4.50%, 1/3/00 ......................... 22,000,000 21,994,012
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Lexington Parker
5.18%, 3/3/00+ ........................ $30,000,000 $ 30,013,305
Merrill Lynch & Co., Inc.
5.55%, 1/24/00 ........................ 32,800,000 32,684,743
MetLife Funding
6.05%, 2/29/00 ........................ 15,000,000 14,864,546
Morgan Stanley Dean Witter & Co.
6.10%, 2/15/00 ........................ 15,000,000 14,895,938
6.15%, 3/28/00 ........................ 19,500,000 19,236,571
National Rural Utilities
Cooperative Finance Corp.
5.75%, 3/14/00 ........................ 19,000,000 18,787,711
Preferred Receivable Funding
6.08%, 2/15/00 ........................ 20,000,000 19,861,250
Private Export Funding Corp.
5.86%, 2/17/00 ........................ 9,167,000 9,101,055
Prudential Funding Corp.
5.54%, 2/29/00 ........................ 30,000,000 29,761,233
Snap-On, Inc.
6.12%, 2/24/00 ........................ 6,000,000 5,950,410
Southwestern Bell Corp.
5.92%, 2/22/00 ........................ 31,000,000 31,007,210
Teachers Insurance and Annuity
Association
5.95%, 2/28/00 ........................ 17,800,000 17,641,984
Wells Fargo Bank
5.77%, 3/31/00 ........................ 20,000,000 19,710,000
5.81%, 2/25/00 ........................ 11,000,000 10,902,527
Windmill Funding Corp.
6.25%, 2/4/00 ......................... 14,000,000 13,927,145
Woodstreet Funding Corp.
5.85%, 1/10/00 ........................ 4,000,000 3,994,150
--------------
TOTAL COMMERCIAL PAPER ................ 657,389,965
--------------
CORPORATE NOTE (0.7%)
Dorada Finance Corp.
6.02%, 9/15/00 ........................ 10,000,000 9,996,725
--------------
TIME DEPOSITS (0.1%)
Chase Nassau,
3.48%, 1/3/00 ......................... 1,152,970 1,152,970
--------------
U.S. GOVERNMENT (11.8%)
Federal Home Loan Bank
6.24%, 10/6/00 ........................ 60,000,000 60,007,847
Federal National Mortgage
Association
6.16%, 10/5/00 ........................ 25,000,000 25,003,248
Student Loan Marketing
Association
5.89%, 10/4/00 ........................ 25,000,000 25,003,248
6.27%, 10/12/00 ....................... 60,000,000 60,007,824
--------------
TOTAL U.S. GOVERNMENT ................. 170,022,167
--------------
VARIABLE RATE SECURITIES (21.7%)
Asset Backed Capital Financial (a)
5.18%, 8/1/00+ ........................ 35,000,000 35,000,497
American Express Centurion (a)
5.77%, 4/28/00 ........................ 25,000,000 25,005,730
American Express Co. (a)
5.80%, 5/4/00 ......................... 25,000,000 25,009,063
Asset Securitization Co-op
Corp. (a)
6.56%, 2/15/00 ........................ 18,000,000 18,006,124
</TABLE>
124
<PAGE>
EQ ADVISORS TRUST
ALLIANCE MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -----------------------------------------------------------------------
<S> <C> <C>
Beta Finance, Inc. (a)
5.18%, 7/31/00 ..................... $25,000,000 $ 25,000,352
6.41%, 8/24/00+ .................... 25,000,000 25,003,835
CC USA, Inc. (a)
5.18%, 7/31/00 ..................... 25,000,000 25,000,352
Centauri Corp. (a)
6.41%, 8/24/00+ .................... 25,000,000 25,003,835
CS First Boston, Inc. (a)
5.18%, 2/7/00 ...................... 25,000,000 25,000,355
Four Winds Funding Corp. (a)
6.61%, 2/17/00 ..................... 31,000,000 31,028,129
Merrill Lynch & Co., Inc. (a)
5.72%, 4/10/00 ..................... 13,000,000 13,000,263
Sigma Finance Corp. (a)
5.44%, 6/29/00+ .................... 13,000,000 13,005,697
6.52%, 6/30/00+ .................... 10,000,000 10,005,123
Variable Funding Capital Corp. (a)
6.56%, 3/15/00 ..................... 18,000,000 18,005,045
--------------
TOTAL VARIABLE RATE SECURITIES...... 313,074,400
--------------
TOTAL SHORT-TERM DEBT SECURITIES (98.8%)
(Amortized Cost $1,426,445,338) 1,426,704,896
OTHER ASSETS
LESS LIABILITIES (1.2%) ............ 16,995,688
--------------
NET ASSETS (100%) .................... $1,443,700,584
==============
</TABLE>
- ----------
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These Securities may only be resold to qualified institutional
buyers. At December 31, 1999, these securities amounted to $138,032,292
or 9.56% of net assets.
(a) Coupon will increase periodically based upon a predetermined schedule.
Stated interest rate in effect at December 31, 1999.
- --------------------------------------------------------------------------------
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 597,851
Aggregate gross unrealized depreciation ......... (338,293)
--------------
Net unrealized appreciation ..................... $ 259,558
==============
Federal income tax cost of investments .......... $1,426,445,338
==============
See Notes to Financial Statements.
125
<PAGE>
EQ ADVISORS TRUST
EQ/ALLIANCE PREMIER GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (1.9%)
METALS & MINING (1.5%)
Alcoa, Inc. ........................... 32,400 $ 2,689,200
Minnesota Mining &
Manufacturing Co. ................... 44,100 4,316,287
------------
7,005,487
------------
PAPER (0.4%)
International Paper Co. ............... 33,400 1,885,013
------------
TOTAL BASIC MATERIALS ............... 8,890,500
------------
BUSINESS SERVICES (6.0%)
PRINTING, PUBLISHING,
BROADCASTING (6.0%)
AMFM, Inc.* ........................... 32,800 2,566,600
AT&T Corp.--Liberty Media
Group, Class A* ..................... 109,300 6,202,775
CBS Corp.* ............................ 28,400 1,815,825
Clear Channel Communications,
Inc.* ............................... 30,300 2,704,275
Gannett Co., Inc. ..................... 33,700 2,748,656
MediaOne Group, Inc.* ................. 168,700 12,958,269
------------
TOTAL BUSINESS SERVICES ............. 28,996,400
------------
CAPITAL GOODS (8.1%)
AEROSPACE (2.7%)
Honeywell International, Inc.* ........ 133,750 7,715,703
United Technologies Corp. ............. 80,600 5,239,000
------------
12,954,703
------------
BUILDING & CONSTRUCTION (0.9%)
Masco Corp. ........................... 168,900 4,285,837
------------
BUILDING MATERIALS & FOREST
PRODUCTS (2.3%)
Lowe's Cos., Inc ...................... 162,400 9,703,400
Weyerhaeuser Co. ...................... 17,600 1,263,900
------------
10,967,300
------------
MACHINERY (2.2%)
Applied Material, Inc.* ............... 85,700 10,857,119
------------
TOTAL CAPITAL GOODS ................. 39,064,959
------------
CONSUMER CYCLICALS (15.6%)
AIRLINES (2.9%)
Continental Airlines, Inc.,
Class B* ............................ 53,800 2,387,375
Delta Air Lines, Inc. ................. 52,500 2,615,156
KLM Royal Dutch Airlines N.V.
(New York Shares)* .................. 95,980 2,393,495
Northwest Airlines Corp.,
Class A* ............................ 141,100 3,139,475
UAL Corp.* ............................ 42,000 3,257,625
------------
13,793,126
------------
APPAREL & TEXTILES (0.7%)
Tommy Hilfiger Corp.* ................. 146,700 3,419,944
------------
AUTOS & TRUCKS (2.4%)
Ford Motor Co. ........................ 132,400 7,075,125
General Motors Corp. .................. 60,600 4,404,862
------------
11,479,987
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
RETAIL--GENERAL (9.6%)
Costco Wholesale Corp.* ............... 79,200 $ 7,227,000
eBay, Inc.* ........................... 11,800 1,477,213
GAP, Inc. ............................. 260,050 11,962,300
Home Depot, Inc. ...................... 198,300 13,595,944
Kohl's Corp.* ......................... 53,500 3,862,031
Wal-Mart Stores, Inc. ................. 68,300 4,721,237
Walgreen Co. .......................... 115,700 3,384,225
------------
46,229,950
------------
TOTAL CONSUMER CYCLICALS ............ 74,923,007
------------
CONSUMER NON-CYCLICALS (13.8%)
DRUGS (8.6%)
Bristol-Myers Squibb Co. .............. 144,300 9,262,256
Pfizer, Inc. .......................... 167,800 5,443,012
Schering-Plough Corp. ................. 301,700 12,727,969
Warner-Lambert Co. .................... 167,300 13,708,144
------------
41,141,381
------------
HOSPITAL SUPPLIES & SERVICES (0.9%)
IMS Health, Inc. ...................... 115,700 3,145,594
Medtronic, Inc. ....................... 32,700 1,191,506
------------
4,337,100
------------
RETAIL--FOOD (1.7%)
Kroger Co.* ........................... 304,100 5,739,888
Safeway, Inc.* ........................ 62,900 2,236,881
------------
7,976,769
------------
TOBACCO (2.6%)
Philip Morris Cos., Inc. .............. 540,500 12,532,844
------------
TOTAL CONSUMER NON-CYCLICALS......... 65,988,094
------------
CREDIT SENSITIVE (18.9%)
BANKS (1.6%)
Chase Manhattan Corp. ................. 49,900 3,876,606
Fifth Third Bancorp ................... 20,700 1,518,863
U.S. Bancorp .......................... 103,400 2,462,212
------------
7,857,681
------------
FINANCIAL SERVICES (11.2%)
Associates First Capital Corp.,
Class A ............................. 177,900 4,881,131
CIT Group, Inc., Class A .............. 177,520 3,750,110
Citigroup, Inc. ....................... 218,100 12,118,181
Goldman Sachs Group, Inc. ............. 62,300 5,867,881
MBNA Corp. ............................ 400,450 10,912,263
Morgan Stanley Dean Witter
& Co. ............................... 114,900 16,401,975
------------
53,931,541
------------
INSURANCE (1.0%)
American International Group,
Inc. ................................ 41,950 4,535,844
------------
MORTGAGE RELATED (2.1%)
Freddie Mac ........................... 216,600 10,193,738
------------
UTILITY--TELEPHONE (3.0%)
Sprint Corp. (FON Group) .............. 213,200 14,351,025
------------
TOTAL CREDIT SENSITIVE .............. 90,869,829
------------
</TABLE>
126
<PAGE>
EQ ADVISORS TRUST
EQ/ALLIANCE PREMIER GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------
<S> <C> <C>
DIVERSIFIED (4.2%)
MISCELLANEOUS (4.2%)
Tyco International Ltd. ............. 516,400 $ 20,075,050
------------
ENERGY (1.8%)
OIL--DOMESTIC (1.8%)
Atlantic Richfield Co. .............. 99,000 8,563,500
------------
TECHNOLOGY (24.3%)
COMPUTER HARDWARE (3.9%)
Cisco Systems, Inc.* ................ 155,500 16,657,938
Sun Microsystems, Inc.* ............. 29,900 2,315,381
------------
18,973,319
------------
COMPUTER SOFTWARE (3.4%)
America Online, Inc.* ............... 27,400 2,066,988
Microsoft Corp.* .................... 101,100 11,803,425
Oracle Corp.* ....................... 20,600 2,308,487
------------
16,178,900
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (1.7%)
Lucent Technologies, Inc. ........... 20,755 1,552,733
Nortel Networks Corp. ............... 26,500 2,676,500
Vodafone AirTouch plc (ADR) ......... 78,700 3,895,650
------------
8,124,883
------------
ELECTRONICS (4.7%)
Intel Corp. ......................... 189,500 15,598,219
Micron Technology, Inc.* ............ 35,100 2,729,025
Solectron Corp.* .................... 22,500 2,140,312
Texas Instruments, Inc. ............. 21,900 2,121,563
------------
22,589,119
------------
OFFICE EQUIPMENT (6.1%)
Dell Computer Corp.* ................ 425,700 21,710,700
EMC Corp.* .......................... 67,700 7,396,225
------------
29,106,925
------------
WIRELESS TELECOMMUNICATION
SERVICES (4.5%)
Nokia OYJ (ADR) ..................... 114,700 21,793,000
------------
TOTAL TECHNOLOGY .................. 116,766,146
------------
TOTAL COMMON STOCKS (94.6%)
(Cost $407,139,913)................ 454,137,485
------------
<CAPTION>
- ---------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (4.2%)
Chase Nassau,
3.48%, 1/3/00
(Amortized Cost $20,372,922)..... $20,372,922 $ 20,372,922
------------
TOTAL INVESTMENTS (98.8%)
(Cost/Amortized Cost
$427,512,835).................... 474,510,407
OTHER ASSETS
LESS LIABILITIES (1.2%) ......... 5,646,427
------------
NET ASSETS (100%) ................. $480,156,834
============
</TABLE>
- ----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt.
- --------------------------------------------------------------------------------
Investment security transactions for the period ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $480,408,211
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 45,577,244
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 59,810,686
Aggregate gross unrealized depreciation ......... (13,193,522)
-------------
Net unrealized appreciation ..................... $ 46,617,164
=============
Federal income tax cost of investments .......... $ 427,893,243
=============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$29,523,784, which was secured by collateral of $29,758,400.
See Notes to Financial Statements.
127
<PAGE>
EQ ADVISORS TRUST
ALLIANCE QUALITY BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES (9.6%)
PRINTING, PUBLISHING,
BROADCASTING (9.6%)
CBS Corp.
7.15%, 5/20/05 ........................ $3,785,000 $ 3,728,097
Comcast Cable
Communications, Inc.
6.20%, 11/15/08 ....................... 9,875,000 8,930,555
Cox Communications, Inc.
6.80%, 8/1/28 ......................... 11,025,000 9,668,594
Time Warner, Inc.
7.25%, 10/15/17 ....................... 10,000,000 9,334,400
------------
TOTAL BUSINESS SERVICES ............... 31,661,646
------------
CONSUMER CYCLICALS (0.9%)
AUTOS & TRUCKS (0.9%)
Ford Motor Co.
6.375%, 2/1/29 ........................ 3,500,000 2,944,137
------------
CREDIT SENSITIVE (86.0%)
ASSET BACKED (3.9%)
Capital Auto Receivables Asset
Trust
5.58%, 6/15/02 ........................ 8,000,000 7,892,480
Carco Auto Loan Master Trust
6.5425%, 6/15/05 (a) .................. 5,100,000 5,034,669
------------
12,927,149
------------
COLLATERALIZED MORTGAGE
OBLIGATIONS (1.4%)
Prudential Securities Secured
Financing Co.
6.48%, 1/15/09 ........................ 5,000,000 4,660,550
------------
FINANCIAL SERVICES (7.8%)
Household Netherlands B.V.
6.20%, 12/1/03 ........................ 5,500,000 5,266,800
KBC Bank Fund Trust III
9.86%, 11/29/49+ ...................... 6,850,000 7,088,346
Morgan Stanley Dean Witter &
Co.
5.625%, 1/20/04 ....................... 11,000,000 10,361,230
TPSA Finance B.V.
7.75%, 12/10/08 ....................... 3,200,000 2,984,000
------------
25,700,376
------------
U.S. GOVERNMENT (32.8%)
U.S. Treasury Bond
11.25%, 2/15/15 ....................... 5,870,000 8,295,044
8.125%, 8/15/19 ....................... 26,810,000 30,550,799
U.S. Treasury Note
6.75%, 4/30/00 ........................ 5,500,000 5,518,909
6.50%, 8/31/01 ........................ 14,000,000 14,056,882
6.50%, 5/31/02 ........................ 41,690,000 41,898,450
6.875%, 5/15/06 ....................... 2,905,000 2,955,837
6.125%, 8/15/29 ....................... 5,500,000 5,243,909
------------
108,519,830
------------
U.S. GOVERNMENT AGENCIES (40.1%)
Federal National Mortgage
Association
8.00%, 10/1/27 ........................ 99,612 100,453
7.00%, 5/1/12 ......................... 3,377,887 3,341,098
7.00%, 8/1/14 ......................... 7,540,157 7,458,037
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
6.50%, 11/1/14 ........................ $6,455,504 $ 6,264,415
7.00%, 5/1/26 ......................... 1,228,477 1,179,338
7.50%, 9/1/27 ......................... 3,196,341 3,162,863
7.00%, 1/1/28 ......................... 1,958,692 1,894,345
6.50%, 3/1/28 ......................... 1,160,684 1,094,020
6.50%, 9/1/28 ......................... 1,794,892 1,691,802
6.50%, 10/1/28 ........................ 934,560 880,884
8.00%, 11/1/28 ........................ 2,581,534 2,581,534
6.50%, 12/1/28 ........................ 4,877,123 4,597,006
8.00%, 1/1/29 ......................... 4,350,351 4,387,098
6.00%, 3/1/29 ......................... 13,831,293 12,626,912
7.50%, 4/1/29 ......................... 11,307,048 11,188,618
8.00%, 5/1/29 ......................... 2,726,949 2,749,984
7.50%, 11/1/29 ........................ 8,326,704 8,303,722
Government National Mortgage
Association
7.00%, 11/15/26 ....................... 7,776,514 7,514,865
7.00%, 7/15/27 ........................ 2,225,079 2,150,214
7.00%, 2/15/28 ........................ 7,215,839 6,973,055
6.50%, 3/15/28 ........................ 3,290,631 3,091,137
6.50%, 4/15/28 ........................ 2,582,328 2,425,774
6.50%, 5/15/28 ........................ 347,524 326,455
6.50%, 10/15/28 ....................... 15,544,024 14,601,668
7.00%, 12/15/28 ....................... 13,847,701 13,381,781
6.50%, 1/15/29 ........................ 9,359,557 8,792,134
------------
132,759,212
------------
TOTAL CREDIT SENSITIVE ................ 284,567,117
------------
ENERGY (2.1%)
COAL & GAS PIPELINES (2.1%)
Williams Companies, Inc.
6.125%, 2/1/01 ........................ 6,990,000 6,918,352
------------
TECHNOLOGY (0.1%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.1%)
MCI WorldCom, Inc.
6.95%, 8/15/28 ........................ 580,000 529,033
------------
TOTAL LONG-TERM DEBT SECURITIES (98.7%)
(Cost $340,575,719)..................... 326,620,285
------------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (0.1%)
Chase Nassau
3.48%, 1/03/00 (Amortized Cost
$452,555) .......................... 452,555 452,555
------------
TOTAL INVESTMENTS (98.8%)
(Cost/Amortized Cost
$341,028,274).......................... 327,072,840
OTHER ASSETS
LESS LIABILITIES (1.2%) ............... 3,916,260
------------
NET ASSETS (100%) ....................... $330,989,100
============
</TABLE>
- ---------------------
+ 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, 1999, these securities amounted to $7,088,346 or
2.14% of net assets.
(a) Coupon based upon an interest rate index. Stated maturity date reflects
final maturity of security.
128
<PAGE>
EQ ADVISORS TRUST
ALLIANCE QUALITY BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $ 159,740,714
U.S. Government securities ............................. 348,108,479
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 123,381,393
U.S. Government securities ............................. 349,085,655
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for
Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 12,053
Aggregate gross unrealized depreciation ................ (14,655,128)
-------------
Net unrealized depreciation ............................ $ (14,643,075)
=============
Federal income tax cost of investments ................. $ 341,715,915
=============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$92,156,365, which was secured by collateral valued at $94,313,090 of which
$39,775,395 was in the form of U.S. Government Securities.
The Portfolio has a net capital loss carryforward of $8,911,033 which expires in
the year 2007.
See Notes to Financial Statements.
129
<PAGE>
EQ ADVISORS TRUST
ALLIANCE SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (2.5%)
CHEMICALS (1.2%)
Spartech Corp. .......................... 142,300 $ 4,589,175
------------
STEEL (1.3%)
Gibraltar Steel Corp. ................... 68,900 1,610,538
Ispat International N.V. ................ 229,200 3,695,850
------------
5,306,388
------------
TOTAL BASIC MATERIALS ................. 9,895,563
------------
BUSINESS SERVICES (15.7%)
ENVIRONMENTAL CONTROL (3.5%)
Casella Waste Systems, Inc.* ............ 239,300 4,516,788
Tetra Tech, Inc.* ....................... 308,900 4,749,337
Waste Connections, Inc.* ................ 325,800 4,703,738
------------
13,969,863
------------
PROFESSIONAL SERVICES (8.6%)
Career Education Corp.* ................. 112,800 4,328,700
Corinthian Colleges, Inc.* .............. 78,700 1,878,962
Documentum, Inc.* ....................... 62,600 3,748,175
F.Y.I., Inc.* ........................... 91,200 3,100,800
Management Network Group,
Inc.* ................................. 40,800 1,331,100
Netratings, Inc.* ....................... 20,900 1,005,813
Pierce Leahy Corp.* ..................... 93,800 4,056,850
Tanning Technology Corp.* ............... 25,400 1,497,012
Technology Solutions Co.* ............... 135,400 4,434,350
Visual Networks, Inc.* .................. 119,000 9,430,750
------------
34,812,512
------------
TRUCKING, SHIPPING (3.6%)
Expeditors International of
Washington, Inc. ...................... 159,600 6,992,475
Iron Mountain, Inc.* .................... 195,400 7,681,663
------------
14,674,138
------------
TOTAL BUSINESS SERVICES ............... 63,456,513
------------
CAPITAL GOODS (6.1%)
BUILDING & CONSTRUCTION (1.1%)
Dycom Industries, Inc.* ................. 106,300 4,683,844
------------
ELECTRICAL EQUIPMENT (3.1%)
Advanced Energy Industries,
Inc.* ................................. 53,500 2,634,875
Power-One, Inc.* ........................ 86,100 3,944,456
Semtech Corp.* .......................... 38,900 2,027,663
TranSwitch Corp.* ....................... 51,700 3,751,481
------------
12,358,475
------------
MACHINERY (1.9%)
Asyst Technologies, Inc.* ............... 50,200 3,291,237
Terex Corp.* ............................ 154,700 4,292,925
------------
7,584,162
------------
TOTAL CAPITAL GOODS ................... 24,626,481
------------
CONSUMER CYCLICALS (16.4%)
APPAREL & TEXTILES (2.1%)
David's Bridal, Inc.* ................... 57,200 639,925
Mohawk Industries, Inc.* ................ 161,800 4,267,475
Too, Inc.* .............................. 194,400 3,353,400
------------
8,260,800
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
AUTO RELATED (2.1%)
O'Reilly Automotive, Inc.* .............. 197,600 $ 4,248,400
Tower Automotive, Inc.* ................. 273,600 4,223,700
------------
8,472,100
------------
HOUSEHOLD FURNITURE, APPLIANCES (3.0%)
Insight Enterprises, Inc.* .............. 172,200 6,995,625
Rex Stores Corp.* ....................... 151,300 5,295,500
------------
12,291,125
------------
LEISURE RELATED (3.1%)
Bally Total Fitness Holding
Corp.* ................................ 44,500 1,187,594
Championship Auto Racing
Teams, Inc.* .......................... 176,600 4,061,800
Station Casinos, Inc.* .................. 116,800 2,620,700
World Wrestling Federation
Entertainment, Inc.* .................. 276,800 4,774,800
------------
12,644,894
------------
RETAIL--GENERAL (6.1%)
99 Cents Only Stores* ................... 138,100 5,282,325
AnnTaylor Stores Corp.* ................. 124,500 4,287,469
Men's Wearhouse, Inc.* .................. 210,700 6,189,312
pcOrder.com, Inc.* ...................... 16,300 831,300
Regis Corp. ............................. 257,100 4,852,763
Tuesday Morning Corp.* .................. 155,500 2,867,031
Vitaminshoppe.com, Inc.* ................ 20,400 186,150
------------
24,496,350
------------
TOTAL CONSUMER CYCLICALS .............. 66,165,269
------------
CONSUMER NON-CYCLICALS (11.6%)
CONTAINERS (0.5%)
American National Can Group,
Inc. .................................. 144,600 1,879,800
------------
DRUGS (6.3%)
Celgene Corp.* .......................... 28,000 1,960,000
Cephalon, Inc.* ......................... 53,600 1,852,550
Corixa Corp.* ........................... 93,400 1,587,800
Jones Pharma, Inc. ...................... 79,250 3,442,422
King Pharmaceuticals, Inc.* ............. 30,050 1,684,678
Medicis Pharmaceutical Corp.,
Class A* .............................. 123,050 5,237,316
Shire Pharmaceuticals Group
plc* .................................. 106,445 3,100,204
SuperGen, Inc.* ......................... 30,800 904,750
Titan Pharmaceuticals, Inc.* ............ 143,200 2,720,800
Trimeris, Inc.* ......................... 131,000 3,094,875
------------
25,585,395
------------
HOSPITAL SUPPLIES & SERVICES (3.2%)
MedQuist, Inc.* ......................... 61,500 1,587,469
Priority Healthcare Corp.,
Class B* .............................. 97,950 2,834,428
Protein Design Labs, Inc.* .............. 29,300 2,051,000
Renal Care Group, Inc.* ................. 76,900 1,797,537
United Therapeutics Corp.* .............. 98,900 4,549,400
------------
12,819,834
------------
RETAIL--FOOD (1.6%)
BJ's Wholesale Club, Inc.* .............. 177,900 6,493,350
------------
TOTAL CONSUMER NON-CYCLICALS........... 46,778,379
------------
</TABLE>
130
<PAGE>
EQ ADVISORS TRUST
ALLIANCE SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
CREDIT SENSITIVE (7.0%)
BANKS (0.7%)
U.S. Trust Corp. ........................ 37,200 $ 2,982,975
------------
FINANCIAL SERVICES (2.3%)
Affiliated Managers Group, Inc.*......... 107,800 4,359,162
Blackrock, Inc.* ........................ 157,600 2,708,750
LaBranche & Co., Inc.* .................. 176,200 2,246,550
------------
9,314,462
------------
INSURANCE (3.3%)
Annuity and Life Re (Holdings),
Ltd. .................................. 146,600 3,829,925
HealthExtras, Inc.* ..................... 126,900 1,522,800
Reinsurance Group of America,
Inc. .................................. 281,556 7,813,179
------------
13,165,904
------------
REAL ESTATE (0.5%)
Macerich Co. ............................ 90,300 1,879,369
------------
UTILITY--TELEPHONE (0.2%)
Viatel, Inc.* ........................... 19,600 1,051,050
------------
TOTAL CREDIT SENSITIVE ................ 28,393,760
------------
DIVERSIFIED (0.0%)
MISCELLANEOUS (0.0%)
Maxygen, Inc.* .......................... 200 14,200
------------
ENERGY (4.7%)
OIL--DOMESTIC (1.7%)
Basin Exploration, Inc.* ................ 131,500 2,317,688
Callon Petroleum Co.* ................... 162,900 2,412,956
Stone Energy Corp.* ..................... 61,600 2,194,500
------------
6,925,144
------------
OIL--INTERNATIONAL (2.1%)
Cal Dive International, Inc.* ........... 38,000 1,258,750
Newfield Exploration Co.* ............... 140,200 3,750,350
Spinnaker Exploration Co.* .............. 239,700 3,385,762
------------
8,394,862
------------
OIL--SUPPLIES & CONSTRUCTION (0.9%)
BJ Services Co.* ........................ 32,600 1,363,088
Core Laboratories N.V.* ................. 102,100 2,048,381
------------
3,411,469
------------
TOTAL ENERGY .......................... 18,731,475
------------
TECHNOLOGY (35.6%)
COMPUTER SOFTWARE (20.4%)
About.com, Inc.* ........................ 14,600 1,310,350
Advent Software, Inc.* .................. 53,300 3,434,519
Art Technology Group, Inc.* ............. 18,000 2,340,000
ASD Systems, Inc.* ...................... 38,000 674,500
Aspect Development, Inc.* ............... 100,800 6,904,800
BindView Development Corp.* ............. 117,900 5,858,156
Brio Technology, Inc.* .................. 136,200 5,720,400
Business Objects S.A. (ADR)* ............ 72,600 9,701,175
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Concentric Network Corp.* ............... 21,200 $ 653,225
InfoCure Corp.* ......................... 162,800 5,077,325
Intraware, Inc.* ........................ 22,600 1,785,400
ISS Group, Inc.* ........................ 131,600 9,360,050
IXNET, Inc.* ............................ 37,200 1,120,650
MapQuest.com, Inc.* ..................... 46,400 1,046,900
Mercury Interactive Corp.* .............. 22,200 2,396,212
Micromuse, Inc.* ........................ 18,950 3,221,500
NetIQ Corp.* ............................ 82,300 4,284,744
Netzee, Inc.* ........................... 20,500 340,813
Peregrine Systems, Inc.* ................ 41,700 3,445,462
Retek, Inc.* ............................ 26,600 2,008,300
Software.com, Inc.* ..................... 9,400 902,400
SonicWall, Inc.* ........................ 63,500 2,555,875
THQ, Inc.* .............................. 170,625 3,956,367
VerticalNet, Inc.* ...................... 8,600 1,410,400
Vignette Corp.* ......................... 10,200 1,662,600
Yesmail.com, Inc.* ...................... 36,000 1,217,250
------------
82,389,373
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (6.2%)
C-COR.net Corp.* ........................ 50,000 3,831,250
Classic Communications, Inc.* ........... 137,100 5,012,719
Cox Radio Inc., Class A* ................ 41,000 4,089,750
L-3 Communications Holdings,
Inc.* ................................. 141,300 5,881,612
Pac-West Telecomm, Inc.* ................ 90,700 2,403,550
Pinnacle Holdings, Inc.* ................ 51,100 2,165,363
West TeleServices Corp.* ................ 34,500 843,094
Z-Tel Technologies, Inc.* ............... 19,600 791,350
------------
25,018,688
------------
ELECTRONICS (6.8%)
Alpha Industries, Inc.* ................. 54,600 3,129,262
Anadigics, Inc.* ........................ 96,800 4,567,751
Exar Corp.* ............................. 44,500 2,619,938
Fairchild Semiconductor
International, Inc.* .................. 86,300 2,567,425
Helix Technology Corp. .................. 64,100 2,872,481
Micrel, Inc.* ........................... 42,600 2,425,538
MIPS Technologies, Inc.* ................ 70,200 3,650,400
MKS Instruments, Inc.* .................. 89,800 3,244,025
Three-Five Systems, Inc.* ............... 62,666 2,569,299
------------
27,646,119
------------
OFFICE EQUIPMENT SERVICES (2.0%)
CDW Computer Centers, Inc.* ............. 101,900 8,011,887
------------
WIRELESS TELECOMMUNICATION
SERVICES (0.2%)
Price Communications, Corp.* ............ 24,000 667,500
------------
TOTAL TECHNOLOGY ...................... 143,733,567
------------
TOTAL COMMON STOCKS (99.6%)
(Cost $307,387,838).................... 401,795,207
------------
</TABLE>
131
<PAGE>
EQ ADVISORS TRUST
ALLIANCE SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (9.3%)
Chase Nassau
3.48%, 1/03/00
(Amortized Cost $37,466,431)..... $37,466,431 $ 37,466,431
-------------
TOTAL INVESTMENTS (108.9%)
(Cost/ Amortized Cost
$344,854,269).................... 439,261,638
OTHER ASSETS
LESS LIABILITIES (-8.9%) ........ (35,931,524)
-------------
NET ASSETS (100%) ................. $ 403,330,114
=============
</TABLE>
- ----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $688,276,746
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 635,950,903
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $102,085,514
Aggregate gross unrealized depreciation ......... (9,191,938)
------------
Net unrealized appreciation ..................... $ 92,893,576
============
Federal income tax cost of investments .......... $346,368,062
============
The Portfolio has a net capital loss carryforward of $10,282,404 which expires
in the year 2006. The Portfolio utilized net capital loss carryforwards of
$6,183,472 during 1999.
See Notes to Financial Statements.
132
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (2.8%)
CHEMICALS (1.1%)
Air Products and Chemicals, Inc............. 10,000 $ 335,625
Dow Chemical Co. ........................... 12,900 1,723,762
Du Pont (E.I.) de Nemours &
Co. ...................................... 59,042 3,889,392
FMC Corp.* ................................. 600 34,388
Great Lakes Chemical Corp. ................. 1,200 45,825
Hercules, Inc. ............................. 2,900 80,837
Monsanto Co. ............................... 37,400 1,332,375
Union Carbide Corp. Holding
Co. ...................................... 7,500 500,625
------------
7,942,829
------------
CHEMICALS--SPECIALTY (0.3%)
Eastman Chemical Co. ....................... 3,000 143,062
Engelhard Corp. ............................ 4,200 79,275
PPG Industries, Inc. ....................... 8,800 550,550
Praxair, Inc. .............................. 8,600 432,687
Rohm & Haas Co. ............................ 12,228 497,524
Sigma-Aldrich Corp. ........................ 7,500 225,469
W.R. Grace & Co.* .......................... 700 9,713
------------
1,938,280
------------
METALS & MINING (0.8%)
Alcoa, Inc. ................................ 18,100 1,502,300
Barrick Gold Corp. ......................... 24,400 431,575
Freeport McMoran Copper &
Gold, Inc., Class B ...................... 3,800 80,275
Homestake Mining Co. ....................... 6,500 50,781
Inco Ltd.* ................................. 11,100 260,850
Minnesota Mining &
Manufacturing Co. ........................ 23,500 2,300,063
Newmont Mining Corp. ....................... 8,800 215,600
Phelps Dodge Corp. ......................... 4,649 312,052
Placer Dome, Inc. .......................... 19,500 209,625
Reynolds Metals Co. ........................ 4,000 306,500
Timken Co. ................................. 600 12,263
Worthington Industries, Inc. ............... 900 14,906
------------
5,696,790
------------
PAPER (0.5%)
Boise Cascade Corp. ........................ 1,500 60,750
Champion International Corp. ............... 6,100 377,819
Fort James Corp. ........................... 13,700 375,037
Georgia-Pacific Corp. ...................... 9,700 492,275
Ikon Office Solutions, Inc. ................ 4,000 27,250
International Paper Co. .................... 20,761 1,171,674
Louisiana-Pacific Corp. .................... 10,700 152,475
Mead Corp. ................................. 5,500 238,906
Potlatch Corp. ............................. 300 13,388
Temple-Inland, Inc. ........................ 3,600 237,375
Westvaco Corp. ............................. 2,000 65,250
Willamette Industries, Inc. ................ 4,300 199,681
------------
3,411,880
------------
STEEL (0.1%)
Allegheny Technologies, Inc.* .............. 3,050 68,434
Bethlehem Steel Corp.* ..................... 4,700 39,363
Nucor Corp. ................................ 5,800 317,913
USX-U.S. Steel Group, Inc. ................. 6,200 204,600
------------
630,310
------------
TOTAL BASIC MATERIALS .................... 19,620,089
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
BUSINESS SERVICES (4.4%)
ENVIRONMENTAL CONTROL (0.1%)
Allied Waste Industries, Inc.* ............. 7,100 $ 62,569
Ecolab, Inc. ............................... 4,000 156,500
Pall Corp. ................................. 3,500 75,469
Waste Management, Inc. ..................... 33,972 583,893
------------
878,431
------------
PRINTING, PUBLISHING, BROADCASTING (3.3%)
CBS Corp.* ................................. 42,316 2,705,579
Clear Channel Communications,
Inc.* .................................... 16,100 1,436,925
Comcast Corp., Class A ..................... 42,900 2,155,725
Donnelley (R.R.) & Sons Co. ................ 7,100 176,169
Dow Jones & Co., Inc. ...................... 3,500 238,000
Gannett Co., Inc. .......................... 16,600 1,353,938
Interpublic Group, Inc. .................... 17,300 997,994
Knight Ridder, Inc. ........................ 5,200 309,400
McGraw Hill Cos., Inc. ..................... 11,400 702,525
MediaOne Group, Inc.* ...................... 34,100 2,619,306
Meredith Corp. ............................. 800 33,350
New York Times Co., Class A ................ 10,500 515,813
Omnicom Group, Inc. ........................ 10,700 1,070,000
Time Warner, Inc. .......................... 69,000 4,998,187
Times Mirror Co., Class A .................. 3,500 234,500
Tribune Co. ................................ 14,500 798,406
Viacom, Inc., Class B* ..................... 38,700 2,338,931
------------
22,684,748
------------
PROFESSIONAL SERVICES (0.9%)
Automatic Data Processing, Inc.............. 33,400 1,799,425
Cendant Corp.* ............................. 41,629 1,105,770
Computer Sciences Corp.* ................... 8,900 842,163
First Data Corp. ........................... 25,000 1,232,812
Gartner Group, Inc.* ....................... 1 12
Pitney Bowes, Inc. ......................... 16,500 797,156
Service Corp. International ................ 18,000 124,875
------------
5,902,213
------------
TRUCKING, SHIPPING (0.1%)
FDX Corp.* ................................. 16,360 669,738
------------
TOTAL BUSINESS SERVICES .................. 30,135,130
------------
CAPITAL GOODS (7.5%)
AEROSPACE (1.3%)
B.F. Goodrich Co. .......................... 5,200 143,000
Boeing Co. ................................. 52,000 2,161,250
General Dynamics Corp. ..................... 9,800 516,950
Honeywell International, Inc.* ............. 44,850 2,587,284
Lockheed Martin Corp. ...................... 22,700 496,563
Northrop Grumman Corp. ..................... 2,400 129,750
Raytheon Co. ............................... 19,500 517,969
Teledyne Technologies, Inc* ................ 871 8,220
Textron, Inc. .............................. 9,000 690,187
United Technologies Corp. .................. 26,700 1,735,500
------------
8,986,673
------------
BUILDING & CONSTRUCTION (0.3%)
Alcan Aluminum Ltd. ........................ 14,600 601,337
Armstrong World Industries, Inc. 3,000 100,125
Fleetwood Enterprises, Inc. ................ 100 2,063
Fluor Corp. ................................ 3,600 165,150
Masco Corp. ................................ 26,200 664,825
Parker-Hannifin Corp. ...................... 7,200 369,450
Pulte Corp. ................................ 1,400 31,500
Snap-On, Inc. .............................. 1,300 34,531
Vulcan Materials Co. ....................... 6,600 263,588
------------
2,232,569
------------
</TABLE>
133
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
BUILDING MATERIALS & FOREST
PRODUCTS (0.4%)
Crane Co. ............................ 1,200 $ 23,850
Huttig Building Products, Inc.* ...... 267 1,313
Lowe's Cos., Inc. .................... 19,600 1,171,100
Owens Corning ........................ 1,000 19,313
Sherwin-Williams Co. ................. 10,700 224,700
The Stanley Works .................... 5,800 174,725
Weyerhaeuser Co. ..................... 13,700 983,831
------------
2,598,832
------------
ELECTRICAL EQUIPMENT (4.4%)
Cooper Industries, Inc. .............. 5,200 210,275
Eaton Corp. .......................... 4,700 341,338
Emerson Electric Co. ................. 26,000 1,491,750
General Electric Co. ................. 178,300 27,591,925
Rockwell International Corp. ......... 10,400 497,900
Thomas & Betts Corp. ................. 4,200 133,875
------------
30,267,063
------------
MACHINERY (1.1%)
Applied Material, Inc.* .............. 20,100 2,546,419
Black & Decker Corp. ................. 4,400 229,900
Briggs & Stratton Corp. .............. 300 16,088
Caterpillar, Inc. .................... 19,900 936,544
Cummins Engine, Inc. ................. 1,000 48,313
Deere & Co. .......................... 12,600 546,525
Dover Corp. .......................... 12,300 558,112
Illinois Tool Works, Inc. ............ 18,100 1,222,881
Ingersol-Rand Co. .................... 10,400 572,650
McDermott International, Inc. ........ 900 8,156
Millipore Corp. ...................... 1,300 50,212
NACCO Industries, Inc. Class A........ 100 5,556
Thermo Electron Corp.* ............... 4,800 72,000
W.W. Grainger, Inc. .................. 5,600 267,750
------------
7,081,106
------------
TOTAL CAPITAL GOODS ................ 51,166,243
------------
CONSUMER CYCLICALS (9.0%)
AIRLINES (0.2%)
AMR Corp.* ........................... 6,800 455,600
Delta Air Lines, Inc. ................ 9,100 453,294
Southwest Airlines Co. ............... 30,825 498,980
U.S. Airways Group, Inc.* ............ 2,200 70,537
------------
1,478,411
------------
APPAREL & TEXTILES (0.1%)
Nike, Inc., Class B .................. 16,300 807,869
Reebok International Ltd.* ........... 1,400 11,462
Russell Corp. ........................ 800 13,400
Spring Industries, Inc., Class A ..... 200 7,988
V.F. Corp. ........................... 5,400 162,000
------------
1,002,719
------------
AUTO RELATED (0.3%)
AutoZone, Inc.* ...................... 5,700 184,181
Cooper Tire & Rubber Co. ............. 700 10,894
Dana Corp. ........................... 8,042 240,757
Delphi Automotive Systems
Corp. .............................. 31,635 498,251
Genuine Parts Co. .................... 7,500 186,094
Goodyear Tire & Rubber Co. ........... 8,600 242,412
Johnson Controls, Inc. ............... 2,800 159,250
Pep Boys Manny Moe & Jack ............ 300 2,738
Ryder System, Inc. ................... 6,500 158,844
TRW, Inc. ............................ 6,300 327,206
------------
2,010,627
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
AUTOS & TRUCKS (1.0%)
Ford Motor Co. ....................... 67,200 $ 3,591,000
General Motors Corp. ................. 33,900 2,464,106
Navistar International Corp.* ........ 4,600 217,925
PACCAR, Inc. ......................... 5,900 261,444
------------
6,534,475
------------
FOOD SERVICES, LODGING (0.2%)
Darden Restaurants, Inc. ............. 5,400 97,875
Hilton Hotels Corp. .................. 24,200 232,925
Marriot International, Inc. .......... 15,100 476,594
Tricon Global Restaurants, Inc.*...... 9,900 382,387
------------
1,189,781
------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.4%)
Best Buy Co., Inc.* .................. 10,200 511,913
Circuit City Stores-Circuit City
Group .............................. 11,200 504,700
Fortune Brands, Inc. ................. 9,500 314,094
Leggett & Platt, Inc. ................ 11,500 246,531
Maytag Corp. ......................... 4,400 211,200
Newell Rubbermaid, Inc. .............. 16,356 474,324
Whirlpool Corp. ...................... 3,700 240,731
------------
2,503,493
------------
LEISURE RELATED (0.8%)
American Greetings Corp. ............. 3,400 80,325
Brunswick Corp. ...................... 2,500 55,625
Carnival Corp., Class A .............. 32,300 1,544,344
Harrah's Entertainment, Inc.* ........ 2,100 55,519
Hasbro, Inc. ......................... 9,350 178,234
Mirage Resorts, Inc.* ................ 11,700 179,156
Walt Disney Co. ...................... 108,700 3,179,475
------------
5,272,678
------------
PHOTO & OPTICAL (0.2%)
Bausch & Lomb, Inc. .................. 4,400 301,125
Eastman Kodak Co. .................... 18,800 1,245,500
Polaroid Corp. ....................... 2,000 37,625
------------
1,584,250
------------
RETAIL--GENERAL (5.8%)
Bed Bath & Beyond, Inc.* ............. 8,400 291,900
Consolidated Stores Corp.* ........... 6,600 107,250
Costco Wholesale Corp.* .............. 12,800 1,168,000
CVS Corp. ............................ 21,200 846,675
Dayton Hudson Corp. .................. 22,500 1,652,344
Dillards Inc. `A' .................... 7,000 141,313
Dollar General Corp. ................. 17,131 389,730
Federated Department Stores,
Inc.* .............................. 9,300 470,231
GAP, Inc. ............................ 47,975 2,206,850
Harcourt General, Inc. ............... 1,400 56,350
Home Depot, Inc. ..................... 124,200 8,515,462
Jostens, Inc. ........................ 200 4,863
K-Mart Corp.* ........................ 31,200 313,950
Kohl's Corp.* ........................ 9,400 678,562
Limited, Inc. ........................ 11,289 488,955
Liz Claiborne, Inc. .................. 4,300 161,788
Mattel, Inc. ......................... 18,900 248,062
May Department Stores Co. ............ 20,000 645,000
Nordstrom, Inc. ...................... 6,500 170,219
Office Depot, Inc.* .................. 19,100 208,906
Penny (J.C.), Inc. ................... 15,900 317,006
</TABLE>
134
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Rite Aid Corp. ..................... 16,600 $ 185,713
Sears Roebuck & Co. ................ 20,400 620,925
Staples, Inc.* ..................... 27,900 578,925
Tandy Corp. ........................ 10,100 496,794
TJX Cos., Inc. ..................... 18,800 384,225
Toys-R-Us, Inc.* ................... 15,200 217,550
Wal-Mart Stores, Inc. .............. 241,300 16,679,862
Walgreen Co. ....................... 57,800 1,690,650
Water Pik Technologies, Inc.* ...... 305 2,917
------------
39,940,977
------------
TOTAL CONSUMER CYCLICALS ......... 61,517,411
------------
CONSUMER NON-CYCLICALS (16.1%)
BEVERAGES (2.1%)
Adolph Coors Co. ................... 1,400 73,500
Anheuser-Busch Cos., Inc. .......... 26,600 1,885,275
Brown-Forman Corp., Class B ........ 2,100 120,225
Coca-Cola Enterprises, Inc. ........ 22,500 452,813
Coca-Cola Co. ...................... 135,900 7,916,175
PepsiCo, Inc. ...................... 82,700 2,915,175
Seagram Ltd. ....................... 25,000 1,123,437
------------
14,486,600
------------
CONTAINERS (0.1%)
Ball Corp. ......................... 100 3,938
Crown Cork & Seal Co., Inc. ........ 6,500 145,438
Owens-Illinois, Inc.* .............. 9,800 245,612
Pactiv Corp.* ...................... 16,400 174,250
Sealed Air Corp.* .................. 5,907 306,056
------------
875,294
------------
DRUGS (6.6%)
Abbott Laboratories ................ 87,000 3,159,188
Allergan, Inc. ..................... 7,600 378,100
Alza Corp.* ........................ 5,900 204,288
American Home Products Corp......... 72,900 2,874,994
Amgen, Inc.* ....................... 55,800 3,351,487
Bristol-Myers Squibb Co. ........... 106,100 6,810,294
Lilly (Eli) & Co. .................. 61,200 4,069,800
Longs Drug Stores, Inc. ............ 400 10,325
Merck & Co., Inc. .................. 125,800 8,436,462
Pfizer, Inc. ....................... 208,400 6,759,975
Pharmacia & Upjohn, Inc. ........... 30,700 1,381,500
Schering-Plough Corp. .............. 82,600 3,484,687
Warner-Lambert Co. ................. 45,600 3,736,350
Watson Pharmaceutical, Inc.* ....... 5,300 189,806
------------
44,847,256
------------
FOODS (1.1%)
Archer Daniels Midland Co. ......... 38,022 463,393
Bestfoods .......................... 16,200 851,512
Campbell Soup Co. .................. 20,900 808,569
ConAgra, Inc. ...................... 20,500 462,531
General Mills, Inc. ................ 13,600 486,200
H.J. Heinz Co. ..................... 19,700 784,306
Hershey Foods Corp. ................ 8,000 380,000
Kellogg Co. ........................ 19,100 588,519
Nabisco Group Holdings ............. 22,300 236,938
Quaker Oats Co. .................... 7,900 518,438
Sara Lee Corp. ..................... 50,000 1,103,125
Wrigley (Wm.) Jr. Co. .............. 6,100 505,919
------------
7,189,450
------------
HOSPITAL SUPPLIES & SERVICES (1.4%)
Bard (C.R.), Inc. .................. 2,700 143,100
Baxter International, Inc. ......... 17,700 1,111,781
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Becton, Dickinson and Co. .......... 13,100 $ 350,425
Biomet, Inc. ....................... 7,500 300,000
Boston Scientific Corp.* ........... 24,800 542,500
Cardinal Health, Inc. .............. 15,250 730,094
Columbia/HCA Healthcare Corp. 33,900 993,694
Guidant Corp.* ..................... 17,100 803,700
Healthsouth Corp.* ................. 23,700 127,387
Humana, Inc.* ...................... 4,200 34,388
IMS Health, Inc. ................... 14,200 386,062
Mallinckrodt, Inc. ................. 1,800 57,263
Manor Care, Inc.* .................. 2,700 43,200
McKesson HBOC, Inc. ................ 13,481 304,165
Medtronic, Inc. .................... 62,500 2,277,344
PE Corp - PE Biosystems Group....... 6,300 757,969
Quintiles Transnational Corp.* ..... 5,800 108,388
Shared Medical Systems Corp. ....... 400 20,375
St. Jude Medical, Inc.* ............ 1,893 58,091
Tenet Healthcare Corp.* ............ 17,100 401,850
Wellpoint Health Networks,
Inc.* ............................ 4,300 283,531
------------
9,835,307
------------
RETAIL--FOOD (1.0%)
Albertson's, Inc. .................. 23,671 763,390
Great Atlantic & Pacific Tea Co.,
Inc. ............................. 400 11,150
Kroger Co.* ........................ 49,700 938,087
McDonald's Corp. ................... 74,400 2,999,250
Safeway, Inc.* ..................... 28,900 1,027,756
SUPERVALU, Inc. .................... 2,500 50,000
SYSCO Corp. ........................ 19,900 787,294
Wendy's International, Inc. ........ 5,200 107,250
Winn-Dixie Stores, Inc. ............ 4,400 105,325
------------
6,789,502
------------
SOAPS & TOILETRIES (3.3%)
Alberto-Culver Corp. ............... 4,900 126,481
Avon Products, Inc. ................ 13,100 432,300
Clorox Co. ......................... 14,500 730,438
Colgate Palmolive Co. .............. 32,500 2,112,500
Gillette Co. ....................... 60,300 2,483,606
International Flavors &
Fragrances, Inc. ................. 2,500 94,375
Johnson & Johnson .................. 74,400 6,928,500
Kimberly Clark Corp. ............... 31,700 2,068,425
Procter & Gamble Co. ............... 70,500 7,724,156
------------
22,700,781
------------
TOBACCO (0.5%)
Philip Morris Cos., Inc. ........... 132,000 3,060,750
UST, Inc. .......................... 8,800 221,650
------------
3,282,400
------------
TOTAL CONSUMER NON-CYCLICALS 110,006,590
------------
CREDIT SENSITIVE (21.6%)
BANKS (4.8%)
Amsouth Bancorp. ................... 23,150 447,084
Bank of America Corp. .............. 91,366 4,585,431
Bank of New York Co., Inc. ......... 39,700 1,588,000
Bank One Corp. ..................... 66,450 2,130,553
BB&T Corp. ......................... 12,400 339,450
Chase Manhattan Corp. .............. 43,300 3,363,869
Comerica, Inc. ..................... 5,850 273,122
Fifth Third Bancorp ................ 18,800 1,379,450
First Union Corp. .................. 49,720 1,631,437
Firstar Corp. ...................... 52,191 1,102,535
</TABLE>
135
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
FleetBoston Financial Corp. ........ 53,170 $ 1,850,981
Golden West Financial Corp. ........ 9,000 301,500
Huntington Bancshares .............. 15,444 368,725
KeyCorp ............................ 20,800 460,200
National City Corp. ................ 37,800 895,387
Northern Trust Corp. ............... 14,400 763,200
Old Kent Financial Corp. ........... 6,300 222,863
PNC Bank Corp. ..................... 14,900 663,050
Regions Financial Corp. ............ 14,800 371,850
Republic New York Corp. ............ 7,200 518,400
SouthTrust Corp. ................... 11,300 427,281
State Street Corp. ................. 7,100 518,744
Summit Bancorp ..................... 6,000 183,750
SunTrust Banks, Inc. ............... 19,200 1,321,200
Synovus Financial Corp. ............ 9,850 195,769
U.S. Bancorp ....................... 44,700 1,064,419
Union Planters Corp. ............... 7,800 307,612
Wachovia Corp. ..................... 11,400 775,200
Washington Mutual, Inc. ............ 31,602 821,652
Wells Fargo Co. .................... 93,300 3,772,819
------------
32,645,533
------------
FINANCIAL SERVICES (4.7%)
American Express Co. ............... 23,600 3,923,500
Associates First Capital Corp.,
Class A .......................... 42,924 1,177,727
Bear Stearns Co., Inc. ............. 7,843 335,288
Capital One Financial Corp. ........ 10,400 501,150
Charles Schwab Corp. ............... 46,800 1,795,950
Citigroup, Inc. .................... 181,850 10,104,041
Countrywide Credit Industries,
Inc. ............................. 8,100 204,525
Deluxe Corp. ....................... 1,800 49,388
Dun & Bradstreet Corp. ............. 8,600 253,700
Equifax, Inc. ...................... 7,500 176,719
Franklin Resources, Inc. ........... 11,200 359,100
H&R Block, Inc. .................... 3,700 161,875
Household International, Inc. ...... 25,533 951,104
J.P. Morgan & Co., Inc. ............ 8,300 1,050,987
Lehman Brothers Holdings, Inc....... 6,100 516,594
MBIA, Inc. ......................... 6,500 343,281
MBNA Corp. ......................... 44,400 1,209,900
Mellon Financial Corp. ............. 27,100 923,094
Merrill Lynch & Co. ................ 18,600 1,553,100
Morgan Stanley Dean Witter &
Co. .............................. 31,300 4,468,075
Paine Webber Group, Inc. ........... 6,700 260,044
Paychex, Inc. ...................... 15,250 610,000
Providian Financial Corp. .......... 7,250 660,203
SLM Holding Corp. .................. 6,700 283,075
T. Rowe Price Associates, Inc. ..... 8,600 317,662
------------
32,190,082
------------
INSURANCE (3.0%)
Aetna, Inc. ........................ 9,700 541,381
AFLAC, Inc. ........................ 15,300 721,969
Allstate Corp. ..................... 40,900 981,600
American General Corp. ............. 14,900 1,130,537
American International Group,
Inc. ............................. 83,502 9,028,654
Aon Corp. .......................... 13,800 552,000
Chubb Corp. ........................ 10,400 585,650
CIGNA Corp. ........................ 11,300 910,356
Cincinnati Financial Corp. ......... 7,300 227,669
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Conseco, Inc. ...................... 21,799 $ 389,657
Hartford Financial Services
Group, Inc. ...................... 12,500 592,187
Jefferson-Pilot Corp. .............. 3,950 269,588
Lincoln National Corp. ............. 9,200 368,000
Loews Corp. ........................ 7,000 424,812
Marsh & McLennan Cos., Inc. ........ 15,900 1,521,431
MGIC Investment Corp. .............. 6,600 397,238
Progressive Corp. .................. 3,000 219,375
Safeco Corp. ....................... 9,500 236,313
St. Paul Cos. ...................... 13,824 465,696
Torchmark Corp. .................... 4,000 116,250
United Healthcare Corp. ............ 7,700 409,063
UnumProvident Corp. ................ 11,220 359,741
------------
20,449,167
------------
MORTGAGE RELATED (0.8%)
Fannie Mae ......................... 54,800 3,421,575
Freddie Mac ........................ 40,400 1,901,325
------------
5,322,900
------------
REAL ESTATE (0.0%)
Centrex Corp. ...................... 4,200 103,688
------------
UTILITY--ELECTRIC (1.6%)
AES Corp.* ......................... 12,300 919,425
Ameren Corp. ....................... 3,500 114,625
American Electric Power Co. ........ 10,600 340,525
Carolina Power & Light ............. 11,200 340,900
Central & South West Corp. ......... 12,200 244,000
CINergy Corp. ...................... 8,200 197,825
CMS Energy Corp. ................... 8,800 274,450
Consolidated Edison, Inc. .......... 13,900 479,550
Constellation Energy Group ......... 3,700 107,300
Dominion Resources, Inc. ........... 12,900 506,325
DTE Energy Co. ..................... 4,900 153,738
Duke Energy Corp. .................. 22,300 1,117,787
Edison International ............... 19,800 518,512
Entergy Corp. ...................... 15,500 399,125
FirstEnergy Corp. .................. 6,800 154,275
Florida Progress Corp. ............. 6,300 266,569
FPL Group, Inc. .................... 8,700 372,469
GPU, Inc. .......................... 8,600 257,462
New Century Energies, Inc. ......... 5,600 170,100
Niagara Mohawk Holdings, Inc.*...... 2,600 36,238
Northern States Power Co. .......... 2,800 54,600
Peco Energy Co. .................... 8,300 288,425
PG&E Corp. ......................... 25,900 530,950
Pinnacle West Capital Corp. ........ 3,900 119,194
PP&L Resources, Inc. ............... 4,644 106,232
Public Service Enterprise Group,
Inc. ............................. 13,200 459,525
Reliant Energy, Inc. ............... 11,900 272,212
Southern Co. ....................... 42,800 1,005,800
Texas Utilities Co. ................ 19,200 682,800
Unicom Corp. ....................... 12,900 432,150
------------
10,923,088
------------
UTILITY--GAS (0.1%)
Consolidated Natural Gas Co. ....... 6,700 435,081
Nicor, Inc. ........................ 600 19,500
Peoples Energy Corp. ............... 200 6,700
Sempra Energy ...................... 13,053 226,796
------------
688,077
------------
</TABLE>
136
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
UTILITY--TELEPHONE (6.6%)
AT&T Corp. ........................ 172,392 $ 8,748,894
Bell Atlantic Corp. ............... 86,800 5,343,625
BellSouth Corp. ................... 100,400 4,699,975
CenturyTel, Inc. .................. 7,750 367,156
GTE Corp. ......................... 54,900 3,873,881
MCI WorldCom, Inc.* ............... 153,146 8,126,283
SBC Communications, Inc. .......... 183,621 8,951,524
Sprint Corp. (FON Group) .......... 45,900 3,089,644
U.S. WEST, Inc. ................... 29,522 2,125,584
------------
45,326,566
------------
TOTAL CREDIT SENSITIVE .......... 147,649,101
------------
DIVERSIFIED (1.0%)
MISCELLANEOUS (1.0%)
Avery Dennison Corp. .............. 7,000 510,125
Danaher Corp. ..................... 8,500 410,125
Ralston-Purina Group .............. 18,800 524,050
Tyco International Ltd. ........... 89,358 3,473,792
Unilever N.V. ..................... 33,382 1,817,233
------------
6,735,325
------------
ENERGY (6.3%)
COAL & GAS PIPELINES (0.5%)
Columbia Energy Group ............. 5,950 376,338
Eastern Enterprises ............... 2,800 160,825
El Paso Energy Corp. .............. 13,200 512,325
Enron Corp. ....................... 38,800 1,721,750
Williams Cos., Inc. ............... 23,800 727,387
------------
3,498,625
------------
OIL--DOMESTIC (3.1%)
Atlantic Richfield Co. ............ 18,800 1,626,200
Burlington Resources, Inc. ........ 11,900 393,444
Chevron Corp. ..................... 37,600 3,257,100
Coastal Corp. ..................... 10,700 379,181
Exxon Mobil Corp.* ................ 186,858 15,053,748
Kaufman and Broad Home Corp. 600 14,513
Occidental Petroleum Corp. ........ 20,100 434,662
Sunoco, Inc. ...................... 5,600 131,600
Tosco Corp. ....................... 6,800 184,875
------------
21,475,323
------------
OIL--INTERNATIONAL (1.7%)
Amerada Hess Corp. ................ 4,600 261,050
Ashland, Inc. ..................... 2,100 69,169
Conoco, Inc., Class B ............. 32,146 799,632
Kerr-McGee Corp. .................. 4,764 295,368
Phillips Petroleum Co. ............ 13,300 625,100
Royal Dutch Petroleum Co.
(New York Shares) ............... 119,600 7,228,325
Texaco, Inc. ...................... 29,000 1,575,062
Union Pacific Resources Group,
Inc. ............................ 12,600 160,650
USX-Marathon Group, Inc. .......... 13,800 340,687
------------
11,355,043
------------
OIL--SUPPLIES & CONSTRUCTION (0.6%)
Anadarko Petroleum Corp. .......... 4,600 156,975
Apache Corp. ...................... 6,800 251,175
Baker Hughes, Inc. ................ 20,760 437,257
Halliburton Co. ................... 24,700 994,175
Rowan Co., Inc.* .................. 7,700 166,994
Schlumberger Ltd. ................. 28,400 1,597,500
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Transocean Sedco Forex, Inc. ...... 11,010 $ 370,886
Unocal Corp. ...................... 11,300 379,256
------------
4,354,218
------------
RAILROADS (0.4%)
Burlington Northern Santa Fe
Corp. ........................... 24,900 603,825
CSX Corp. ......................... 13,100 411,013
Kansas City Southern Industries,
Inc. ............................ 7,000 522,375
Norfolk Southern Corp. ............ 14,800 303,400
Union Pacific Corp. ............... 15,300 667,462
------------
2,508,075
------------
TOTAL ENERGY .................... 43,191,284
------------
TECHNOLOGY (29.6%)
COMPUTER HARDWARE (4.9%)
Adaptec, Inc.* .................... 6,600 329,175
Cisco Systems, Inc.* .............. 177,800 19,046,825
Gateway, Inc.* .................... 16,600 1,196,237
Hewlett Packard Co. ............... 56,500 6,437,469
Silicon Graphics, Inc.* ........... 13,600 133,450
Sun Microsystems, Inc.* ........... 84,400 6,535,725
------------
33,678,881
------------
COMPUTER SOFTWARE (8.3%)
Adobe Systems, Inc. ............... 6,900 464,025
America Online, Inc.* ............. 121,400 9,158,112
Autodesk, Inc. .................... 4,800 162,000
BMC Software, Inc.* ............... 12,400 991,225
Citrix Systems, Inc.* ............. 4,700 578,100
Computer Associates
International, Inc. ............. 30,500 2,133,094
Compuware Corp.* .................. 21,200 789,700
Microsoft Corp.* .................. 281,000 32,806,750
Novell, Inc.* ..................... 19,500 776,344
Oracle Corp.* ..................... 77,200 8,651,225
Peoplesoft, Inc.* ................. 15,200 323,950
------------
56,834,525
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (6.8%)
ADC Telecommunications, Inc.*...... 8,800 638,550
Alltel Corp. ...................... 18,700 1,546,256
Andrew Corp.* ..................... 5,400 102,263
Comverse Technology, Inc.* ........ 4,400 636,900
Corning, Inc. ..................... 14,100 1,818,019
General Instrument Corp.* ......... 9,300 790,500
Global Crossing Ltd.* ............. 42,445 2,120,924
Lucent Technologies, Inc. ......... 169,935 12,713,262
Motorola, Inc. .................... 32,600 4,800,350
Nortel Networks Corp. ............. 73,760 7,449,760
QUALCOMM, Inc.* ................... 35,600 6,274,500
Scientific-Atlanta, Inc. .......... 4,100 228,062
Tellabs, Inc.* .................... 20,900 1,341,519
Yahoo!, Inc.* ..................... 14,300 6,187,431
------------
46,648,296
------------
ELECTRONICS (4.1%)
3Com Corp.* ....................... 19,100 897,700
Advanced Micro Devices, Inc.* ..... 9,600 277,800
Analog Devices, Inc.* ............. 10,300 957,900
Bemis Co. ......................... 600 20,925
Intel Corp. ....................... 181,400 14,931,487
</TABLE>
137
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
ITT Industries, Inc. .................. 7,000 $ 234,063
KLA-Tencor Corp.* ..................... 4,200 467,775
LSI Logic Corp.* ...................... 8,600 580,500
Micron Technology, Inc.* .............. 14,300 1,111,825
Molex, Inc. ........................... 9,800 555,537
National Semiconductor Corp.* ......... 10,600 453,812
PerkinElmer, Inc.* .................... 600 25,013
Seagate Technology, Inc.* ............. 11,500 535,469
Solectron Corp.* ...................... 16,700 1,588,587
Tektronix, Inc. ....................... 2,500 97,188
Teradyne, Inc.* ....................... 8,500 561,000
Texas Instruments, Inc. ............... 43,000 4,165,625
Xilinx, Inc.* ......................... 18,600 845,719
------------
28,307,925
------------
OFFICE EQUIPMENT (4.4%)
Apple Computer, Inc.* ................. 8,700 894,469
Cabletron Systems Corp.* .............. 11,400 296,400
Compaq Computer Corp. ................. 90,439 2,447,505
Dell Computer Corp.* .................. 138,400 7,058,400
EMC Corp.* ............................ 54,825 5,989,631
International Business Machines
Corp. ............................... 97,600 10,540,800
Lexmark International Group,
Inc.* ............................... 7,700 696,850
Network Appliance, Inc.* .............. 8,600 714,337
Parametric Technology Co.* ............ 16,200 438,413
Xerox Corp. ........................... 38,000 862,125
------------
29,938,930
------------
OFFICE EQUIPMENT SERVICES (0.4%)
Ceridian Corp.* ....................... 7,200 155,250
Electronic Data Systems Corp. ......... 25,800 1,726,988
Unisys Corp.* ......................... 17,600 562,100
------------
2,444,338
------------
WIRELESS TELECOMMUNICATION
SERVICES (0.7%)
Nextel Communications, Inc.,
Class A* ............................ 19,100 1,969,687
Sprint Corp. (PCS Group)* ............. 24,250 2,485,625
------------
4,455,312
------------
TOTAL TECHNOLOGY .................... 202,308,207
------------
TOTAL COMMON STOCKS (98.3%)
(Cost $569,489,298).................. $672,329,380
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (0.0%)
Chase Nassau,
3.48%, 1/3/00 ..................... $ 5,890 $ 5,890
------------
U.S. GOVERNMENT (1.3%)
U.S. Treasury Bill
1/6/00 ............................. 540,000 539,831
1/20/00 ............................ 2,334,000 2,328,445
2/24/00 ............................ 3,799,000 3,771,674
3/23/00 ............................ 1,304,000 1,289,308
4/6/00 ^ ........................... 855,000 843,324
------------
8,772,582
------------
TOTAL SHORT-TERM DEBT SECURITIES (1.3%)
(Amortized Cost $8,778,472)......... 8,778,472
------------
TOTAL INVESTMENTS (99.6%)
(Cost/Amortized Cost
$578,267,770)...................... 681,107,852
OTHER ASSETS LESS
LIABILITIES (0.4%) ................ 2,435,850
------------
NET ASSETS (100%) ................... $683,543,702
============
</TABLE>
- ---------------------
* Non-income producing.
^ All, or a portion of securities held by broker as collateral for financial
futures contracts.
138
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
At December 31, 1999, the Portfolio had the following futures contracts open:
(Note 1)
<TABLE>
<CAPTION>
NO. OF EXPIRATION ORIGINAL VALUE AT UNREALIZED
PURCHASES: CONTRACTS DATE VALUE 12/31/99 APPRECIATION
- ----------------------- ----------- ------------ ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
S&P 500 Index ......... 23 March '00 $8,453,913 $8,534,150 $80,237
=======
</TABLE>
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $384,522,100
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities.......... 7,103,909
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 140,600,790
Aggregate gross unrealized depreciation ......... (37,800,929)
-------------
Net unrealized appreciation ..................... $ 102,799,861
=============
Federal income tax cost of investments .......... $ 578,307,991
=============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$12,645,780, which was secured by collateral valued at $12,886,204 of which
$4,069,560 was in the form of U.S. Government securities.
See Notes to Financial Statements.
139
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS, RIGHTS
AND WARRANTS:
AUSTRALIA (2.1%)
Amcor Ltd. ......................... 6,251 $ 29,254
AMP Ltd. ........................... 10,291 113,618
Australian Gas & Light Co., Ltd. 3,618 21,218
Boral Ltd. ......................... 11,327 17,536
Brambles Industries Ltd. ........... 2,201 60,820
British American Tobacco
Australia ........................ 1,177 10,810
Broken Hill Proprietary Ltd. ....... 16,219 212,804
Coca-Cola Amatil Ltd. .............. 9,817 26,790
Coles Meyer Ltd. ................... 11,555 59,640
Colonial Ltd. ...................... 8,695 38,844
CSL Ltd. ........................... 1,572 22,584
CSR Ltd. ........................... 11,721 28,449
Fosters Brewing Corp. .............. 17,373 49,804
General Property Trust ............. 13,126 21,354
GIO Australia Holdings, Ltd. ....... 4,775 7,299
Lend Lease Corp. ................... 4,516 63,220
M.I.M. Holdings Ltd. ............... 21,126 21,758
National Bank of Australia ......... 13,607 207,980
News Corp., Ltd. ................... 18,171 176,299
Normandy Mining Ltd. ............... 20,196 14,308
North Ltd. ......................... 6,110 14,389
Orica Ltd. ......................... 2,368 12,754
Pacific Dunlop Ltd. ................ 8,588 12,146
Pioneer International Ltd. ......... 9,978 30,044
QBE Insurance Group Ltd. ........... 1,851 8,621
Rio Tinto Ltd. ..................... 2,725 58,492
Santos Ltd. ........................ 4,030 10,971
Smith (Howard) Ltd. ................ 813 5,547
Southcorp Ltd. ..................... 6,538 23,032
Tabcorp Holdings Ltd. .............. 3,437 23,255
Telstra Corp., Ltd. ................ 67,613 367,252
Wesfarmers Ltd. .................... 2,363 19,485
Westfield Trust .................... 13,145 25,783
Westfield Trust (New Units)* ....... 277 534
Westpac Banking Corp. .............. 17,230 118,759
WMC Ltd. ........................... 10,352 57,044
Woolworths Ltd. .................... 10,999 37,808
-----------
2,030,305
-----------
AUSTRIA (0.2%)
Austria Tabakwerke AG .............. 180 8,712
Bank Austria AG .................... 855 48,280
Generali Holding Vienna AG ......... 60 10,070
Flughafen Wein AG .................. 150 5,220
Oesterreichische
Elektrizitaetseirtschafts AG ..... 230 32,353
OMV AG ............................. 230 22,380
VA Technologies AG ................. 150 9,907
Wienerberger Baustoffindustrie
AG* .............................. 640 13,933
-----------
150,855
-----------
BELGIUM (0.8%)
Barco N.V. ......................... 74 10,372
Colruyt S.A. ....................... 370 21,266
Delhaize "Le Lion" S.A. ............ 432 32,583
Dolmen Computer Applications*....... 37 1,119
Electrabel S.A. .................... 495 162,218
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Fortis (B) ......................... 6,476 $ 233,907
Fortis (B) (CVG Rights
expiring 7/21/01)* ............... 140 484
Fortis (B) Strip VVPR .............. 1,260 13
Groupe Bruxelles Lambert S.A........ 201 40,536
Kredietbank N.V. ................... 2,708 146,088
S.A. D'Ieteren N.V. ................ 28 11,486
Solvay S.A., Class A ............... 738 61,021
UCB SA ............................. 1,282 55,651
-----------
776,744
-----------
DENMARK (0.7%)
Carlsberg A/S, Class A ............. 300 11,055
Carlsberg A/S., Class B ............ 200 7,587
D/S 1912, Class B .................. 9 106,076
D/S Svendborg, Class B ............. 7 116,643
Danisco ............................ 480 18,728
Den Danske Bank A/S ................ 400 43,893
Falck A/S .......................... 154 16,169
FLS Industries A/S, Class B* ....... 430 10,835
ISS International Service System
A/S, Class B ..................... 367 24,710
Novo-Nordisk A/S, Class B .......... 701 93,068
Tele Danmark A/S* .................. 1,988 147,858
Unidanmark A/S, Class A ............ 700 49,312
Vestas Wind Systems* ............... 119 21,119
-----------
667,053
-----------
FINLAND (2.7%)
Kemira OYJ ......................... 1,000 6,100
Kesco OYJ .......................... 700 8,894
Merita plc, Class A ................ 8,000 47,191
Metra OYJ, Class B ................. 200 3,731
Metso OYJ* ......................... 1,700 22,113
Nokia OYJ* ......................... 10,500 1,905,780
Outokumpu OYJ ...................... 1,600 22,668
Raisio Group plc ................... 1,800 7,133
Sampo Insurance Co., Ltd.,
Class A .......................... 1,000 34,990
Sanitec Ltd. OYJ* .................. 18 236
Sonera Group OYJ ................... 6,300 432,294
Tieto Corp. ........................ 700 43,762
Upm-Kymmene OYJ .................... 2,400 96,801
-----------
2,631,693
-----------
FRANCE (8.8%)
Accor SA* .......................... 1,745 84,407
Alcatel Alsthom .................... 1,827 420,034
Aventis S.A. ....................... 6,203 360,901
Axa-Uap++ .......................... 3,181 443,926
Banque Nationale de Paris .......... 3,666 338,609
Bouygues S.A. ...................... 260 165,430
Canal Plus* ........................ 944 137,547
Cap Gemini S.A. .................... 728 184,988
Carrefour SA* ...................... 3,119 575,857
Coflexip S.A. ...................... 44 3,201
Compagnie de Saint Gobain .......... 772 145,336
Dassault Systemes S.A. ............. 195 12,722
Elf Aquitaine SA ................... 279 43,043
Eridania Beghin .................... 273 29,400
Essilor International S.A. ......... 28 8,696
Etablissements Economiques du
Casino Guichard Perrachon ........ 726 83,235
</TABLE>
140
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
France Telecom S.A. ................. 8,882 $ 1,175,943
Gecina .............................. 226 25,523
Groupe Danone ....................... 657 155,022
Imetal .............................. 63 9,402
L'Air Liquide ....................... 773 129,545
L'Oreal ............................. 607 487,512
Lafarge S.A. ........................ 1,004 117,031
Lagardere S.C.A. .................... 1,260 68,608
LVMH (Louis Vuitton Moet
Hennessy) ......................... 925 414,782
Michelin, Class B (Registered) ...... 1,529 60,129
Pathe S.A. .......................... 102 12,568
Pechiney S.A., Class A .............. 589 42,138
Pernod Ricard ....................... 702 40,207
Pinault-Printemps-Redoute S.A. ...... 1,009 266,565
PSA Peugeot Citroen ................. 489 111,141
Sanofi-Synthelabo SA* ............... 6,868 286,294
Schneider S.A. ...................... 1,669 131,185
Sidel S.A. .......................... 365 37,725
Simco ............................... 157 12,720
Societe BIC S.A. .................... 119 5,421
Societe Eurafrance S.A. ............. 31 18,693
Societe Generale Paris .............. 1,000 232,929
Sodexho ............................. 310 54,922
Suez Lyonnaise des Eaux ............. 1,187 190,428
Suez Lyonnaise des Eaux (Strip) ..... 664 7
Suez Lyonnaise des Eaux* ............ 664 107,060
Thomson CSF ......................... 1,966 65,003
Total Fina S.A. ..................... 783 105,403
Total Fina S.A., Class B ............ 5,151 688,206
Usinor Sacilor ...................... 1,205 22,661
Valeo S.A. .......................... 604 46,653
Vivendi* ............................ 5,349 483,542
-----------
8,642,300
-----------
GERMANY (9.2%)
Adidas-Salomon AG ................... 300 22,537
Allianz AG .......................... 2,117 711,914
BASF AG ............................. 5,500 287,833
Bayer AG ............................ 6,700 318,880
Bayerische Vereinsbank AG ........... 3,675 251,245
Beiersdorf AG ....................... 450 30,402
Buderus AG* ......................... 1,300 21,891
Continental AG ...................... 600 12,070
DaimlerChrysler AG .................. 9,044 710,410
Deutsche Bank AG
(Registered)*++ ................... 5,516 467,491
Deutsche Lufthansa AG
(Registered) ...................... 3,900 92,415
Deutsche Telekom AG ................. 26,635 1,875,988
Douglas Holding AG .................. 100 4,245
Dresdner Bank AG* ................... 4,500 244,575
EM.TV & Merchandising AG ............ 750 49,535
Fresenius Medical Care AG* .......... 450 38,229
Heidelberger Zement AG .............. 385 29,893
Heidelberger Zement AG* ............. 110 17,453
Hochtief AG ......................... 400 14,964
Karstadt AG* ........................ 500 20,369
Linde AG* ........................... 800 44,206
M.A.N. AG ........................... 1,000 37,561
Mannesmann AG ....................... 4,400 1,066,591
Merck KGaA .......................... 1,700 53,140
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Metro AG ............................ 2,680 $ 146,739
Muenchener
Rueckversicherungs-
Gesellschaft AG (Registered) ...... 1,624 414,302
Preussag AG* ........................ 1,293 72,752
RWE AG .............................. 4,450 177,243
SAP AG .............................. 550 270,641
Schering AG ......................... 750 90,751
SGL Carbon AG ....................... 50 3,302
Siemens AG* ......................... 5,350 685,123
Thyssen Krupp AG* ................... 5,400 167,436
Veba AG ............................. 4,850 237,189
Viag AG* ............................ 5,200 97,161
Volkswagen AG ....................... 3,120 176,179
WCM Beteiligungs & Grundbesi* 850 33,084
-----------
8,995,739
-----------
HONG KONG (2.1%)
Bank of East Asia Ltd. .............. 13,140 36,512
Cathay Pacific Airways .............. 30,000 53,451
Cheung Kong Holdings Ltd. ........... 21,000 266,772
CLP Holdings Ltd. ................... 21,000 96,713
Hang Seng Bank Ltd. ................. 17,700 202,081
Hong Kong & China Gas Co.,
Ltd. .............................. 36,505 50,013
Hong Kong Telecommunications
Ltd. .............................. 109,060 314,967
Hutchison Whampoa Ltd. .............. 34,000 494,243
Johnson Electric Holdings ........... 9,000 57,773
New World Development Co. ........... 23,467 52,830
Shangri-LA Asia Ltd. ................ 18,000 20,609
Sino Land Co. ....................... 16,198 9,325
Sun Hung Kai Properties Ltd. ........ 22,235 231,689
Swire Pacific Ltd., Class A ......... 15,000 88,570
Television Broadcasts Ltd. .......... 4,000 27,272
Wharf Holdings Ltd. ................. 23,029 53,473
-----------
2,056,293
-----------
IRELAND (0.3%)
Allied Irish Banks plc .............. 7,177 81,922
CRH plc ............................. 3,038 65,556
Eircom plc .......................... 20,013 87,380
Independent Newspapers plc .......... 1,622 10,647
Irish Permanent plc ................. 2,438 22,971
Jefferson Smurfit Group plc ......... 10,437 31,572
Kerry Group plc, Class A ............ 1,180 14,159
Ryanair Holdings plc ................ 885 9,291
-----------
323,498
-----------
ITALY (3.8%)
Alitalia S.p.A. ..................... 15,567 37,123
Arnoldo Mondadori Editore
S.p.A. ............................ 1,372 43,579
Assicurazioni Generali S.p.A. ....... 12,222 404,229
Autogrill S.p.A. .................... 1,891 23,835
Banca Commerciale Italiana .......... 15,093 82,183
Banca di Roma ....................... 39,530 50,861
Banca Intasa S.p.A. ................. 21,147 85,934
Benetton Group S.p.A. ............... 16,533 38,010
Bulgari S.p.A. ...................... 2,149 19,329
Credito Italiano .................... 46,101 226,851
Enel S.p.A.* ........................ 63,901 268,048
ENI S.p.A. (Registered) ............. 71,440 393,319
</TABLE>
141
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Fiat S.p.A.* ........................ 3,384 $ 96,737
Italcementi S.p.A. .................. 2,011 24,334
Italgas S.p.A. ...................... 5,940 22,521
La Rinascente S.p.A. ................ 2,262 14,529
Mediaset S.p.A. ..................... 10,332 160,858
Mediobanca S.p.A. ................... 3,565 36,415
Montedison S.p.A.* .................. 30,864 50,573
Olivetti* ........................... 42,616 123,544
Parmalat Finanziaria S.p.A. ......... 19,903 25,488
Pirelli S.p.A. ...................... 19,579 53,798
Riunione Adriatica di Sicurta
S.p.A. ............................ 4,783 48,036
San Paolo-IMI S.p.A. ................ 13,529 184,030
Sirti S.p.A. ........................ 2,255 8,072
Telecom Italia Mobile S.p.A.
(RNC) ............................. 18,196 86,786
Telecom Italia Mobile S.p.A. ........ 58,628 655,613
Telecom Italia S.p.A. ............... 31,358 442,677
Telecom Italia S.p.A. (RNC) ......... 4,077 24,872
Unione Immobiliare S.p.A. ........... 25,151 11,666
----------
3,743,850
----------
JAPAN (24.3%)
77 Bank Ltd. ........................ 3,000 31,429
Acom Co., Ltd. ...................... 1,300 127,291
Advantest Corp. ..................... 900 237,699
Ajinomoto Co. ....................... 7,000 72,924
Alps Electric Co., Ltd. ............. 1,000 15,250
Amada Co., Ltd. ..................... 3,000 16,404
Aoyamma Trading Co., Ltd. ........... 900 19,280
Asahi Bank Ltd. ..................... 26,000 160,227
Asahi Breweries Ltd. ................ 5,000 54,681
Asahi Chemical Industry
Co., Ltd. ......................... 13,000 66,761
Asahi Glass Co., Ltd. ............... 11,000 85,112
Bank of Fukuoka ..................... 6,000 41,612
Bank of Tokyo-Mitsubushi Ltd. ....... 41,000 571,104
Bank of Yokohama .................... 8,000 36,858
Benesse Corp. ....................... 500 120,317
Bridgestone Corp. ................... 8,000 176,074
Canon, Inc. ......................... 8,000 317,715
Casio Computer Co., Ltd. ............ 2,000 16,629
Central Japan Railway Co. ........... 17 106,593
Chichibu Onoda Cement Corp. ......... 6,000 11,445
Chugai Pharmaceutical Ltd. .......... 1,000 10,809
Citizen Watch Co., Ltd. ............. 3,000 19,075
Credit Saison Co., Ltd. ............. 1,100 19,153
Dai Nippon Printing Co., Ltd. ....... 7,000 111,611
Daiei, Inc. ......................... 7,000 27,732
Daiichi Pharma Co., Ltd. ............ 2,000 26,000
Daikin Industries Ltd. .............. 3,000 40,790
Dainippon Ink and
Chemicals, Inc. ................... 10,000 29,639
Daito Trust Construction Co. ........ 2,000 22,303
Daiwa Bank Ltd. ..................... 17,000 49,887
Daiwa House Industry ................ 6,000 44,605
Daiwa Securities Group Ltd. ......... 12,000 187,694
Denso Corp. ......................... 8,000 190,942
East Japan Railway Co. .............. 37 199,423
Ebara Corp. ......................... 3,000 33,454
Eisai Co., Ltd. ..................... 3,000 57,664
Fanuc ............................... 2,300 292,703
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Fuji Bank Ltd. ...................... 31,000 $ 301,115
Fuji Photo Film Co. ................. 5,000 182,432
Fujitsu Ltd. ........................ 16,000 729,336
Furukawa Electric Co., Ltd. ......... 6,000 90,971
Gunma Bank Ltd. ..................... 4,000 26,020
Hirose Electric ..................... 300 67,231
Hitachi Ltd. ........................ 30,000 481,268
Honda Motor Co., Ltd. ............... 9,000 334,540
House Foods Corp. ................... 1,000 15,162
Hoya Corp. .......................... 1,000 78,744
Industrial Bank of Japan Ltd. ....... 24,000 231,243
Isetan Co., Ltd. .................... 2,000 14,673
Ishikawajima-Harima Heavy
Industries Co., Ltd. .............. 14,000 16,160
Ito Yokado Co., Ltd. ................ 4,000 434,315
Itochu Corp. ........................ 9,000 44,811
Japan Airlines Co., Ltd. ............ 19,000 56,314
Japan Energy Corp. .................. 7,000 6,368
Japan Tobacco, Inc. ................. 15 114,741
Joyo Bank Ltd. ...................... 8,000 36,780
JUSCO Co., Ltd. ..................... 3,000 52,264
Kajima Corp. ........................ 12,000 35,802
Kaneka Corp. ........................ 4,000 51,140
Kansai Electric Power Co., Inc. ..... 9,300 162,020
Kao Corp. ........................... 6,000 171,085
Kawasaki Heavy Industries Ltd. ...... 12,000 15,964
Kawasaki Steel Corp. ................ 34,000 60,863
Kinden Corp. ........................ 2,000 15,358
Kinki Nippon Railway Co., Ltd. ...... 17,000 68,180
Kirin Brewery Co., Ltd. ............. 10,000 105,155
Kokuyo .............................. 1,000 13,303
Komatsu ............................. 11,000 50,572
Komori Corp. ........................ 1,000 19,065
Konami Co., Ltd. .................... 500 89,259
Kubuto Corp. ........................ 14,000 53,546
Kuraray Co., Ltd. ................... 4,000 40,497
Kurita Water Industries ............. 2,000 31,771
Kyocera Corp. ....................... 2,000 518,439
Kyowa Hakko Kogyo ................... 2,000 11,993
Marubeni Corp. ...................... 10,000 41,964
Marui Co., Ltd. ..................... 4,000 59,708
Matsushita Electric Industries ...... 18,000 498,288
Meiji Seika ......................... 4,000 22,733
Minebea Co., Ltd. ................... 4,000 68,590
Mitsubishi Chemical Corp. ........... 19,000 66,908
Mitsubishi Corp. .................... 14,000 108,050
Mitsubishi Electric Corp. ........... 21,000 135,577
Mitsubishi Estate Co., Ltd. ......... 12,000 117,030
Mitsubishi Heavy Industries Ltd. 33,000 110,075
Mitsubishi Logistics Corp. .......... 2,000 12,756
Mitsubishi Materials Corp. .......... 10,000 24,455
Mitsubishi Trust & Banking
Corp. ............................. 12,000 105,644
Mitsui & Co., Ltd. .................. 16,000 111,905
Mitsui Fudosan Co., Ltd. ............ 9,000 60,921
Mitsui Marine & Fire Insurance
Co., Ltd. ......................... 6,000 35,567
Mitsui Mining & Smelting Co.,
Ltd. .............................. 5,000 23,623
Mitsui Trust & Banking Co., Ltd. 5,000 11,298
Mitsukoshi, Ltd. .................... 4,000 14,086
Murata Manufacturing Co., Ltd. ...... 2,000 469,529
</TABLE>
142
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
NAMCO Ltd. .......................... 700 $ 45,329
NEC Corp. ........................... 14,000 333,464
NGK Insulators Ltd. ................. 3,000 22,273
NGK Spark Plug Co., Ltd. ............ 1,000 9,146
Nichiel Co., Ltd. ................... 400 8,686
Nidec Corp. ......................... 200 57,713
Nikon Corp. ......................... 3,000 88,037
Nintendo Ltd. ....................... 1,300 215,925
Nippon COMSYS Corp. ................. 1,000 20,738
Nippon Express Co., Ltd. ............ 11,000 60,794
Nippon Meat Packers, Inc. ........... 3,000 38,883
Nippon Oil Co. ...................... 14,000 61,626
Nippon Paper Industries Co. ......... 9,000 49,565
Nippon Sheet Glass Co., Ltd. ........ 2,000 10,369
Nippon Steel Corp. .................. 65,000 151,961
Nippon Telegraph & Telephone ........ 111 1,900,127
Nippon Yusen Kabushiki Kaisha 12,000 49,066
Nissan Motor Co., Ltd. .............. 37,000 145,495
Nissin Food Products Co., Ltd. ...... 1,000 23,525
Nitto Denko Corp. ................... 2,000 99,971
Nomura Securities Co. ............... 18,000 324,856
NSK Ltd. ............................ 6,000 41,025
Obayashi Corp. ...................... 8,000 37,797
Oji Paper Co., Ltd. ................. 10,000 60,158
Olympus Optical Co., Ltd. ........... 2,000 28,270
Omron Corp. ......................... 2,000 46,073
Onward Kashiyama Co., Ltd. .......... 2,000 27,389
Oriental Land Co., Ltd. ............. 800 68,708
Orix Corp. .......................... 600 135,107
Osaka Gas Co., Ltd. ................. 26,000 62,565
Pioneer Electric .................... 1,000 26,411
Promise Co., Ltd. ................... 900 45,779
Rohm Co. ............................ 1,100 451,922
Sakura Bank Ltd. .................... 38,000 220,053
Sankyo Co. .......................... 4,000 82,168
Sanyo Electric Co., Ltd. ............ 17,000 69,011
Secom Co. ........................... 2,000 220,092
Sega Enterprises Ltd. ............... 400 12,716
Sekisui Chemical .................... 7,000 31,018
Sekisui House Ltd. .................. 7,000 61,968
Sharp Corp. ......................... 10,000 255,796
Shimamura Co., Ltd. ................. 300 47,540
SHIMANO, Inc. ....................... 1,000 17,607
Shimizu Corp. ....................... 6,000 19,838
Shin-Etsu Chemical Co., Ltd. ........ 4,000 172,161
Shionogi & Co., Ltd. ................ 3,000 36,418
Shiseido Co., Ltd. .................. 4,000 58,300
Shizuoka Bank Ltd. .................. 6,000 61,508
Showa Shell Sekiyu K.K. ............. 3,000 13,235
Skylark Co., Ltd. ................... 1,000 23,525
SMC ................................. 600 132,701
Softbank Corp. ...................... 800 765,333
Sony Corp. .......................... 3,600 1,067,006
Sumitomo Bank Ltd. .................. 27,000 369,490
Sumitomo Chemical Co., Ltd. ......... 15,000 70,429
Sumitomo Corp. ...................... 11,000 106,632
Sumitomo Electric Industries ........ 7,000 80,867
Sumitomo Heavy Industries* .......... 6,000 16,434
Sumitomo Marine & Fire
Insurance Co., Ltd. ............... 4,000 24,650
Sumitomo Metal Industries* .......... 29,000 21,843
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Sumitomo Metal Mining Co. ........... 3,000 $ 6,691
Taisei Corp. ........................ 7,000 13,284
Taisho Pharmaceutical ............... 3,000 88,037
Taiyo Yuden Co., Ltd. ............... 1,000 59,278
Takara Shuzo Co., Ltd. * ............ 1,000 15,759
Takashimaya Co., Ltd. ............... 3,000 20,659
Takeda Chemical Industries Ltd. 8,000 395,187
Takefuji Corp. ...................... 1,400 175,154
Teijin Ltd. ......................... 10,000 36,878
Terumo Corp. ........................ 2,000 53,409
Tobu Railway Co., Ltd. .............. 7,000 20,542
Toda Corp. .......................... 3,000 11,533
Toho Co., Ltd. ...................... 100 14,614
Tohoku Electric Power Co., Inc. ..... 4,200 62,447
Tokai Bank Ltd. ..................... 20,000 125,990
Tokio Marine & Fire Insurance
Co., Ltd. ......................... 14,000 163,651
Tokyo Broadcasting System, Inc. 2,000 67,690
Tokyo Electric Power ................ 12,100 324,308
Tokyo Electron Ltd. ................. 2,000 273,892
Tokyo Gas Co., Ltd. ................. 21,000 51,149
Tokyo Style ......................... 1,000 8,217
Tokyu Corp. ......................... 9,000 21,921
Toppan Printing ..................... 7,000 69,842
Toray Industries, Inc. .............. 13,000 50,357
Toshiba Corp. ....................... 30,000 228,896
Tosoh Corp.* ........................ 7,000 26,704
Tostem Corp. ........................ 2,000 35,899
Toto Ltd. ........................... 5,000 30,226
Toyo Seikan Kaisha Ltd. ............. 2,000 28,954
Toyota Motor Corp. .................. 33,000 1,597,868
Uni-Charm ........................... 800 46,092
Uny Co., Ltd. ....................... 2,000 19,544
Wacaol Corp. ........................ 1,000 8,794
World Co., Ltd. ..................... 300 37,269
Yakult Honsha ....................... 2,000 17,412
Yamaha Corp. (First Section) ........ 2,000 12,990
Yamanouchi Pharmaceutical
Co. Ltd. .......................... 3,000 104,764
Yamato Transport Co., Ltd. .......... 4,000 154,945
Yamazaki Banking Co., Ltd. .......... 2,000 21,696
----------
23,885,730
----------
NETHERLANDS (5.1%)
ABN-Amro Holdings N.V. .............. 13,415 335,470
Aegon NV ............................ 5,911 571,598
Akzo Nobel N.V. ..................... 2,565 128,804
ASM Lithography Holding N.V.* 1,061 118,005
Buhrmann NV ......................... 153 2,306
Elsevier ............................ 5,244 62,713
Getronics N.V. ...................... 1,094 87,368
Hagemeyer N.V. ...................... 743 17,224
Heineken N.V. ....................... 2,536 123,818
IHC Caland N.V. ..................... 65 2,376
ING Groep N.V. ...................... 8,397 507,518
KLM Royal Dutch Airlines N.V.* 248 6,377
Koninklijke Ahold N.V. .............. 6,061 179,620
Koninklijke KPN ..................... 4,473 437,053
Koninklijke (Royal) Philips
Electronics N.V.* ................. 3,118 424,444
Oce N.V. ............................ 307 5,194
Royal Dutch Petroleum Co. ........... 18,797 1,153,347
</TABLE>
143
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
STMicroelectronics N.V.* ........... 2,437 $ 375,483
TNT Post Group N.V. ................ 4,577 131,303
Unilever N.V. ...................... 5,230 289,208
Wolters Kluwer N.V.* ............... 1,812 61,392
-----------
5,020,621
-----------
NEW ZEALAND (0.1%)
Brierley Investments Ltd. * ........ 14,287 2,986
Carter Holt Harvey Ltd. ............ 15,301 19,987
Contact Energy Ltd. ................ 5,646 9,882
Fletcher Challenge Energy .......... 3,302 8,626
Lion Nathan Ltd. ................... 5,041 11,721
Telecom Corp. of New Zealand ....... 15,856 74,563
-----------
127,765
-----------
NORWAY (0.3%)
Bergesen ASA, Class A .............. 500 9,125
Christiania Bank OG Kreditkasse 4,600 22,714
Den Norske Bank .................... 4,350 17,890
Kvaerner ASA ....................... 280 5,915
Merkantildata ASA .................. 1,000 12,126
NCL Holdings ASA ................... 2,800 12,111
Norsk Hydro ASA .................... 2,500 105,006
Norske Skogindustrier ASA .......... 200 10,451
Orkla ASA, Class A ................. 1,485 25,618
PC Lan ASA* ........................ 263 214
Petroleum Geo-Services ASA ......... 850 15,195
Schibsted ASA ...................... 450 8,382
Storebrand ASA ..................... 2,750 20,970
Tomra Systems ASA* ................. 800 13,601
-----------
279,318
-----------
PORTUGAL (0.4%)
Banco Comercial Portugues S.A.
(Registered) ..................... 9,305 51,699
Banco Espirito Santo S.A. .......... 962 27,064
BPI-SGPS S.A. (Registered)* ........ 4,075 17,381
Brisa-Auto Estradas de Portugal
S.A. ............................. 2,500 19,209
Cimentos de Portugal S.A. .......... 1,294 21,529
Electricidade de Portugal S.A. ..... 5,283 92,319
Jeronimo Martins SGPS .............. 875 22,411
Portugal Telecom S.A.* ............. 9,145 100,420
Sonae SGPS S.A. .................... 729 38,518
-----------
390,550
-----------
SINGAPORE (0.9%)
City Developments Ltd. ............. 8,000 46,833
Creative Technology Ltd. ........... 1,000 18,133
DBS Group Holdings Ltd. * .......... 10,349 169,635
DBS Land Ltd. ...................... 21,000 41,357
Keppel Corp., Ltd. ................. 6,000 15,707
Oversea-Chinese Banking Corp
(Foreign) ........................ 13,559 124,559
Sembcorp Industries Ltd. ........... 27,000 36,800
Singapore Airlines Ltd. ............ 12,000 136,175
Singapore Press Holdings Ltd. ...... 3,048 66,066
Singapore Tech Engineering ......... 33,000 51,120
Singapore Telecommunications
Ltd. ............................. 59,000 121,861
United Overseas Bank (Foreign) 7,392 65,243
Venture Manufacturing Ltd. ......... 1,000 11,468
-----------
904,957
-----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
SPAIN (2.4%)
Acerinox S.A. ...................... 280 $ 11,181
Altadis* ........................... 342 4,869
Argentaria S.A. .................... 4,339 102,074
Autopistas Concesionaria Espana 4,379 42,610
Azucarera Ebro Agticolas ........... 539 7,870
Banco Bilbao Vizcaya ............... 18,826 268,422
Banco Santander Central
Hispano S.A. ..................... 31,610 358,263
Corporacion Financiera Alba ........ 1,087 37,223
Endesa S.A. ........................ 9,522 189,245
Fomento de Construcciones y
Contratas S.A.* .................. 2,046 41,674
Gas Natural SDG S.A.* .............. 4,333 99,923
Grupo Dragados S.A. ................ 1,842 16,271
Iberdrola S.A. ..................... 8,582 119,074
Repsol S.A. ........................ 10,616 246,421
Sociedad General de Aguas de
Barcelona S.A.* .................. 1,023 14,999
Sociedad General de Aguas de
Barcelona S.A.* .................. 10 145
Tabacalera S.A., Class A ........... 3,362 48,139
Telefonica S.A.* ................... 28,831 720,978
TelePizza* ......................... 2,024 8,572
Union Electrica Fenosa S.A. ........ 1,587 27,748
Vallehermoso S.A. .................. 1,297 9,129
Zardoya Otis S.A. .................. 1,498 14,758
-----------
2,389,588
-----------
SWEDEN (2.4%)
AGA AB, Class A .................... 400 6,642
Atlas Copco AB, Class A ............ 1,428 42,297
Atlas Copco AB, Class B ............ 457 13,025
Drott AB, Class B .................. 500 5,712
Electrolux AB, Class B ............. 3,400 85,691
Ericsson AB, Class B ............... 17,100 1,101,602
ForeningsSparbanken AB ............. 5,300 78,024
Gambro AB* ......................... 3,100 27,930
Hennes & Mauritz AB, Class B* 7,700 258,450
Netcom Systems AB, Class B ......... 1,000 70,427
S.K.F. AB, Class B ................. 600 14,627
Sandvik AB, Class A ................ 2,000 62,772
Securitas AB, Class B .............. 3,000 54,410
Skandia Forsakrings AB ............. 5,000 151,337
Skandinaviska Enskilda Banken ...... 6,600 66,847
Skanska AB, Class B ................ 1,300 48,534
Svenska Cellulosa, AB, Class B ..... 2,100 62,325
Svenska Hadelsbanken, Class A* 5,800 73,089
Swedish Match AB ................... 1,400 4,897
Volvo AB, Class A .................. 1,600 40,513
Volvo AB, Class B .................. 2,700 69,956
WM-Data AB, Class B ................ 700 43,364
-----------
2,382,471
-----------
SWITZERLAND (5.0%)
ABB AG* ............................ 2,772 339,206
Adecco S.A.* ....................... 140 109,079
Alusuisse Lonza Group AG ........... 50 36,883
Credit Suisse Group ................ 2,360 469,331
Fischer (Georg) AG (Registered) 30 10,368
</TABLE>
144
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Holderbank Financiere Glarus
AG (Registered) ................ 93 $ 33,016
Holderbank Financiere Glarus
AG, Class B .................... 51 69,859
Kuoni Reisen AG (Registered) ..... 1 4,153
Lonza AG* ........................ 50 30,412
Nestle S.A. (Registered) ......... 345 632,337
Novartis AG (Registered) ......... 600 881,433
Roche Holding AG ................. 61 724,411
Roche Holding AG (Bearer) ........ 14 228,715
SAirGroup (Registered) ........... 50 10,069
SGS Societe Generale de
Surveillance Holding S.A. ...... 15 19,133
Sulzer AG ........................ 30 19,510
Swiss Reinsurance Co.
(Registered) ................... 125 256,912
Swisscom AG (Registered) ......... 670 271,115
The Swatch Group AG (Bearer) 10 11,524
The Swatch Group AG
(Registered) ................... 160 37,298
UBS AG (Registered) .............. 1,861 502,815
Zurich Allied AG ................. 440 251,034
----------
4,948,613
----------
UNITED KINGDOM (17.1%)
3i Group plc ..................... 4,679 83,505
Abbey National plc ............... 12,594 201,371
Allied Zurich plc ................ 13,814 162,758
Amvescap plc ..................... 8,182 95,146
Anglian Water plc ................ 1,842 16,809
Arjo Wiggins Appleton plc ........ 2,323 8,442
AstraZeneca Group plc ............ 5,851 248,070
AstraZeneca Group plc ............ 10,116 419,567
BAA plc .......................... 11,489 80,718
Barclays plc ..................... 12,876 370,583
Barratt Developments plc ......... 2,197 10,219
Bass plc ......................... 8,826 109,833
BBA Group plc .................... 1,548 12,501
Berkeley Group plc ............... 1,015 11,721
BG Group plc* .................... 31,787 205,356
Blue Circle Industries plc ....... 6,605 38,377
BOC Group plc .................... 5,002 107,447
Boots Co. plc .................... 9,356 90,967
BP Amoco plc ..................... 139,149 1,398,996
BP Amoco plc (ADR) ............... 5,380 319,101
British Aerospace plc ............ 28,721 190,187
British Airways plc .............. 10,354 67,560
British American Tobacco plc ..... 19,361 109,991
British Land Co., plc ............ 7,293 48,293
British Sky Broadcasting plc ..... 16,173 260,294
British Telecom plc .............. 56,562 1,382,168
Bunzl plc ........................ 4,465 24,519
Burmah Castrol plc ............... 1,044 19,054
Cadbury Schweppes plc ............ 16,812 101,552
Canary Wharf Finance plc ......... 5,175 32,179
Carlton Communications plc ....... 6,486 63,167
Centrica plc ..................... 43,814 124,190
CGU plc .......................... 11,489 185,094
Compass Group plc ................ 7,485 102,756
Corus Group plc* ................. 19,143 49,777
Diageo plc ....................... 32,217 259,126
Dixons Group plc ................. 1,592 38,286
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Electrocomponents plc ............ 5,979 $ 66,196
EMI Group plc .................... 8,955 87,864
GKN plc .......................... 7,095 111,726
Glaxo Wellcome plc ............... 32,132 908,182
Granada Group plc ................ 19,107 193,644
Great Universal Stores plc ....... 10,995 64,284
Halifax plc ...................... 21,122 234,192
Hanson plc ....................... 7,167 60,076
HAYS plc ......................... 9,135 145,473
HSBC Holdings plc ................ 74,845 1,043,207
Imperial Chemical Industries plc 6,373 67,470
Jarvis plc ....................... 904 3,212
Johnson Matthey plc .............. 1,469 16,371
Kingfisher plc ................... 13,231 146,807
Ladbroke Group plc ............... 3,691 11,818
Land Securities plc .............. 5,087 57,019
Lasmo plc ........................ 1,694 3,222
Legal & General Group plc ........ 49,086 133,584
Lloyds TSB Group plc ............. 46,871 586,304
Logica plc ....................... 2,724 70,260
Marconi plc ...................... 25,720 455,072
Marks & Spencer plc .............. 30,447 144,942
MEPC plc ......................... 2,816 21,149
Misys plc ........................ 7,071 110,206
National Grid Group plc .......... 13,392 101,874
National Power plc ............... 9,038 52,331
Pearson plc ...................... 6,424 207,922
Penninsular & Oriental Steam
Navigation Co. ................. 6,470 107,945
Pilkington plc ................... 363 495
Provident Financial plc .......... 2,169 24,522
Prudential plc ................... 16,962 334,221
Racal Electronics plc ............ 1,213 10,873
Railtrack Group plc .............. 5,280 88,688
Rank Group plc ................... 4,798 15,188
Reed International plc ........... 7,122 53,315
Rentokil Initial plc ............. 31,233 113,878
Reuters Group plc ................ 13,436 184,345
Rexam plc ........................ 2,929 11,826
Rio Tinto plc .................... 9,802 236,675
RMC Group plc .................... 2,289 31,424
Royal & Sun Alliance Insurance
Group .......................... 207 1,576
Royal Bank of Scotland
Group plc ...................... 6,366 112,893
Sainsbury (J) plc ................ 14,979 84,492
Schroders plc .................... 2,579 51,900
Scottish Power plc ............... 9,673 73,271
SEMA Group plc ................... 5,491 98,795
Siebe plc ........................ 34,894 189,923
Slough Estates plc ............... 2,760 15,713
SmithKline Beecham plc ........... 50,231 640,908
Smiths Industries plc ............ 3,461 51,706
Stagecoach Holdings plc .......... 9,196 23,690
Tarmac plc ....................... 1,036 9,203
Tate Lyle ORD plc ................ 3,654 23,488
Taylor Woodward plc .............. 3,250 7,086
Tesco plc ........................ 61,266 186,274
Thames Water plc ................. 4,702 58,627
TI Group plc ..................... 4,346 33,341
Unilever plc ..................... 25,838 190,083
United Utilities plc ............. 4,135 42,975
</TABLE>
145
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Vodafone AirTouch plc ........... 150,663 $ 746,429
Vodafone AirTouch plc (ADR) ..... 11,335 561,082
Williams plc .................... 9,134 41,564
Wolseley plc .................... 4,791 36,736
WPP Group plc ................... 8,342 132,171
----------
16,781,408
----------
TOTAL COMMON STOCKS, RIGHTS
AND WARRANTS (88.7%)
(Cost $67,191,691) ............ 87,129,351
----------
PREFERRED STOCKS:
AUSTRALIA (0.2%)
News Corp., Ltd. ................ 19,733 168,930
----------
GERMANY (0.3%)
RWE AG .......................... 700 21,599
SAP AG (Non Voting) ............. 400 244,222
Volkswagen AG ................... 500 16,134
----------
281,955
----------
ITALY (0.0%)
Fiat S.p.A.* .................... 1,172 16,959
----------
TOTAL PREFERRED STOCKS (0.5%)
(Cost $381,978) ............... 467,844
----------
PRINCIPAL
AMOUNT
--------
LONG-TERM DEBT SECURITIES:
UNITED KINGDOM (0.0%)
BG Transco Holdings plc
7.06%, 12/14/09 (FRN) ......... $ 4,000 6,500
BG Transco Holdings plc
4.19%, 12/14/22 ............... 4,000 6,445
BG Transco Holdings plc
7.00%, 12/16/24 ............... 4,000 6,277
British Aerospace plc
7.45%, 11/30/03 ............... 3,483 5,626
----------
TOTAL LONG-TERM DEBT
SECURITIES (0.0%)
(Cost $2,848) ................. 24,848
----------
</TABLE>
- ---------------------
* Non-income producing.
++ Issuer of this security is an affiliate of the Trust.
Glossary:
ADR--American Depository Receipts
CVG--Certificate de Valeur Garantie
FRN--Floating Rate Note
RNC--Risparmio Non-Convertible Savings Shares
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. Treasury Bills
1/13/00 .............................. $3,993,000 $ 3,987,387
1/20/00 .............................. 475,000 473,869
2/24/00 .............................. 20,000 19,856
3/23/00 .............................. 2,865,000 2,832,720
-----------
7,313,832
-----------
Chase Nassau
3.48%, 1/3/00 ....................... 2,940 2,940
-----------
TOTAL SHORT-TERM DEBT
SECURITIES (7.5%)
(Amortized Cost $7,316,772) ......... 7,316,772
-----------
TOTAL INVESTMENTS (96.7%)
(Cost/Amortized Cost
$74,893,289) ........................ 94,938,815
OTHER ASSETS
LESS LIABILITIES (3.3%) ............. 3,271,357
-----------
NET ASSETS (100%) ..................... $98,210,172
===========
</TABLE>
<TABLE>
- --------------------------------------------------------------------------------
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Common
Stocks, Preferred Stocks, Rights, and
Warrants
<S> <C> <C>
Basic Materials ....................... 3.2%
Business Services ..................... 3.8
Capital Goods ......................... 5.3
Consumer Cyclicals .................... 11.0
Consumer Non-Cyclicals ................ 13.3
Credit Sensitive
Banks ............................... 14.3
Financial Services .................. 2.6
Insurance ........................... 5.0
Real Estate ......................... 1.5
Utility--Electric ................... 0.2
Utility--Gas ........................ 0.8
Utility--Telephone .................. 6.9
----
Total Credit Sensitive ................ 31.3
Diversified ........................... 6.1
Energy ................................ 20.9
Technology ............................ 5.1
-----
100.0%
=====
</TABLE>
146
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
At December 31, 1999, the Portfolio had the following futures contracts open:
(Note 1)
<TABLE>
<CAPTION>
NUMBER
OF EXPIRATION ORIGINAL VALUE AT UNREALIZED
PURCHASES: CONTRACTS DATE VALUE 12/31/99 APPRECIATION
- -------------------------------------- ----------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
Australia All Ordinary Index.......... 4 March '00 $ 200,874 $ 201,889 $ 1,015
CAC 40 Index ......................... 16 March '00 922,445 974,530 52,085
German DAX Index ..................... 16 March '00 2,584,905 2,853,327 268,422
Hang Seng Index ...................... 3 Jan '00 316,304 327,652 11,348
IBEX Plus Index ...................... 3 Jan '00 351,425 355,030 3,605
Milan MIB 30 Index ................... 2 March '00 407,759 438,711 30,952
Nikkei 300 Index ..................... 30 March '00 895,050 940,096 45,046
TOPIX Index .......................... 9 March '00 1,423,804 1,499,431 75,627
Financial Times 100 Index ............ 16 March '00 1,734,124 1,795,151 61,027
--------
$549,127
========
</TABLE>
At December 31, 1999, the Portfolio had outstanding foreign currency contracts
to buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 1/21/00 .......... 745 $1,204,976 $1,203,734 $ (1,242)
British Pound, expiring 1/21/00 .......... 135 218,000 218,213 213
European Union, expiring 1/21/00.......... 2,664 2,733,538 2,690,727 (42,811)
European Union, expiring 1/21/00.......... 518 520,000 522,987 2,987
Japanese Yen, expiring 1/21/00 ........... 219,982 2,128,981 2,159,670 30,689
Japanese Yen, expiring 1/21/00 ........... 48,747 477,000 478,569 1,569
FOREIGN CURRENCY SELL CONTRACTS
British Pound, expiring 1/21/00 .......... 167 269,000 269,518 (518)
European Union, expiring 1/21/00.......... 278 281,000 280,488 512
Japanese Yen, expiring 1/21/00 ........... 16,553 163,000 162,506 494
---------
$ (8,107)
=========
</TABLE>
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $32,372,923
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 4,021,979
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation.......... $ 22,801,223
Aggregate gross unrealized depreciation.......... (2,943,965)
------------
Net unrealized appreciation ..................... $ 19,857,258
============
Federal income tax cost of investments .......... $ 75,081,557
============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$5,035,798, which was secured by collateral valued at $5,175,317 of which
$1,562,866 was in the form of U.S. Government securities.
The Portfolio utilized net capital loss carryforwards of $266,434 during 1999.
See Notes to Financial Statements.
147
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (4.0%)
CHEMICALS (0.4%)
Dionex Corp.* ....................... 1,300 $ 53,544
Geon Co. ............................ 1,700 55,250
Georgia Gulf Corp. .................. 2,100 63,919
Octel Corp.* ........................ 600 6,225
Spartech Corp. ...................... 1,100 35,475
Stepan Co. .......................... 300 7,013
Thermo Optek Corp.* ................. 1,100 12,512
Wellman, Inc. ....................... 1,900 35,387
-----------
269,325
-----------
CHEMICALS--SPECIALTY (1.3%)
A. Schulman, Inc. ................... 1,900 30,994
Airgas, Inc.* ....................... 2,800 26,600
Albemarle Corp. ..................... 1,940 37,224
Arch Chemicals, Inc. ................ 1,800 37,687
Bush Boake Allen, Inc.* ............. 300 7,369
Cambrex Corp. ....................... 1,500 51,656
ChemFirst, Inc. ..................... 1,000 21,875
CK Witco Corp. ...................... 7,165 95,832
Cytec Industries, Inc.* ............. 2,500 57,812
Ethyl Corp. ......................... 4,800 18,900
Ferro Corp. ......................... 1,600 35,200
H.B. Fuller Co. ..................... 800 44,750
Lilly Industries, Inc., Class A ..... 1,700 22,844
M.A. Hanna Co. ...................... 2,200 24,062
MacDermid, Inc. ..................... 700 28,744
Minerals Technologies, Inc. ......... 1,400 56,087
NCH Corp. ........................... 400 17,825
NL Industries, Inc. ................. 1,000 15,063
OM Group, Inc. ...................... 1,100 37,881
Omnova Solutions Inc ................ 1,200 9,300
Terra Industries, Inc. .............. 1,200 1,950
U.S. Plastic Lumber Co.* ............ 1,700 13,069
W.R. Grace & Co.* ................... 4,800 66,600
-----------
759,324
-----------
METALS & MINING (1.0%)
Alltrista Corp.* .................... 600 13,275
Battle Mountain Gold Co. ............ 10,600 21,863
Castle (A.M) & Co. .................. 600 7,050
Cleveland-Cliffs, Inc. .............. 900 28,013
Commercial Metals Co. ............... 600 20,363
Intermet Corp. ...................... 1,800 20,925
Kaiser Aluminum* .................... 1,500 11,531
Lawson Products, Inc. ............... 200 4,625
MAXXAM, Inc.* ....................... 200 8,575
MDU Resources Group, Inc. ........... 2,600 52,000
Mueller Industries, Inc.* ........... 2,300 83,375
Pride International, Inc.* .......... 3,000 43,875
RTI International Metals, Inc.* ..... 400 3,000
Southern Peru Copper Corp. .......... 1,100 16,981
Stillwater Mining Co.* .............. 2,000 63,750
Timken Co. .......................... 2,400 49,050
Titanium Metals Corp. ............... 1,500 6,750
USEC, Inc. .......................... 8,000 56,000
Wolverine Tube, Inc.* ............... 600 8,475
Worthington Industries, Inc. ........ 5,200 86,125
-----------
605,601
-----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
PAPER (0.7%)
Buckeye Technologies, Inc.* ......... 1,200 $ 17,850
Caraustar Industries, Inc. .......... 1,800 43,200
Champion Enterprises, Inc.* ......... 1,900 16,269
Chesapeake Corp. .................... 1,600 48,800
Ivex Packaging Corp.* ............... 800 8,000
Longview Fibre, Co. ................. 3,900 55,575
P. H. Glatfelter Co. ................ 1,200 17,475
Potlatch Corp. ...................... 1,500 66,937
Rayonier, Inc. ...................... 2,100 101,456
Rock-Tenn Co., Class A .............. 600 8,850
Schweitzer-Mauduit
International, Inc. ............... 700 9,406
Wausau-Mosinee Paper Corp. .......... 3,800 44,413
-----------
438,231
-----------
STEEL (0.6%)
Bethlehem Steel Corp.* .............. 8,409 70,425
Carpenter Technology Corp. .......... 800 21,950
Gibraltar Steel Corp. ............... 400 9,350
Lone Star Technologies, Inc.* ....... 1,100 30,663
LTV Corp. ........................... 7,900 32,587
Maverick Tube Corp.* ................ 1,100 27,156
National Steel Corp., Class B ....... 1,000 7,438
Oregon Steel Mills, Inc. ............ 1,200 9,525
Quanex Corp. ........................ 800 20,400
Reliance Steel & Aluminum Co. 1,500 35,156
Rouge Industries, Inc., Class A ..... 1,000 7,875
Ryerson Tull, Inc. .................. 1,096 21,304
Steel Dynamics, Inc.* ............... 2,100 33,469
Valmont Industries .................. 800 12,850
-----------
340,148
-----------
TOTAL BASIC MATERIALS ............. 2,412,629
-----------
BUSINESS SERVICES (10.6%)
ENVIRONMENTAL CONTROL (1.0%)
AgriBioTech, Inc.* .................. 1,600 3,800
American States Water Co.* .......... 200 7,200
Cadiz, Inc.* ........................ 1,700 16,150
Calgon Carbon Corp. ................. 1,600 9,500
California Water Service Group ...... 600 18,188
Casella Waste Systems, Inc.* ........ 500 9,438
Cataytica, Inc.* .................... 3,700 50,181
CCC Information Services
Group* ............................ 1,700 29,112
CLARCOR, Inc. ....................... 1,150 20,700
Donaldson Co., Inc. ................. 2,500 60,156
E'Town Corp. ........................ 700 43,575
IMCO Recycling, Inc. ................ 700 8,838
Ionics, Inc.* ....................... 1,200 33,750
IT Group, Inc.* ..................... 700 6,431
Mine Saftey Appliances Co. .......... 100 6,400
Mississippi Chemical Corp. .......... 1,300 8,044
ONEOK, Inc. ......................... 2,600 65,325
Philadelphia Suburban Corp. ......... 2,600 53,787
Rollins, Inc. ....................... 1,800 27,000
Stericycle, Inc.* ................... 400 7,525
Tejon Ranch Co. ..................... 700 16,625
Tetra Tech, Inc.* ................... 2,412 37,084
Thermo Ecotek Corp.* ................ 1,100 5,844
US Liquids, Inc.* ................... 1,500 12,563
Waste Connections, Inc.* ............ 1,200 17,325
Waste Industries, Inc. .............. 500 5,656
-----------
580,197
-----------
</TABLE>
148
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
PRINTING, PUBLISHING, BROADCASTING (3.4%)
Ackerely Group, Inc. ................. 1,100 $ 19,937
ACTV, Inc.* .......................... 2,000 91,375
AdForce, Inc.* ....................... 500 35,687
Analysts International Corp. ......... 1,600 20,000
Autobytel.Com, Inc.* ................. 800 12,150
Banta Corp. .......................... 1,200 27,075
Bowne & Co. .......................... 2,700 36,450
Citadel Communications Corp.* ........ 1,500 97,312
Consolidated Graphics, Inc.* ......... 800 11,950
Cumulus Media, Inc., Class A* ........ 1,200 60,900
Direct Focus, Inc.* .................. 800 22,200
E4L, Inc.* ........................... 1,300 3,250
Emmis Communications Corp.,
Class A* ........................... 1,100 137,105
Entercom Communications Corp. 1,300 85,800
Flycast Communications Corp.* ........ 500 64,969
Gaylord Entertainment Co. ............ 1,200 35,925
HA-LO Industries, Inc.* .............. 2,500 18,750
IDG Books Worldwide, Inc.,
Class A* ........................... 600 6,938
Journal Register Co.* ................ 2,900 44,769
Lee Enterprises, Inc. ................ 2,800 89,425
Macrovision Corp.* ................... 700 51,800
Mail-Well, Inc.* ..................... 1,700 22,950
MessageMedia, Inc.* .................. 1,300 18,281
Network Event Theater, Inc.* ......... 800 23,800
On Command Corp.* .................... 500 9,250
Paxson Communications Corp.* ......... 1,400 16,713
Pegasus Communications Corp.* 800 78,200
Penton Media, Inc. ................... 1,000 24,000
Playboy Enterprises, Inc.,
Class B* ........................... 1,200 29,175
Pulitzer, Inc. ....................... 200 8,063
R.H. Donnelly Corp.* ................. 1,500 28,312
Radio One, Inc.* ..................... 500 46,000
Scholastic Corp.* .................... 900 55,969
Sinclair Broadcast Group, Inc.* ...... 900 10,983
Sirius Satellite Radio, Inc.* ........ 1,000 44,500
Source Media, Inc.* .................. 1,000 18,500
True North Communications ............ 2,700 120,656
United Television, Inc. .............. 100 13,550
Valley Media, Inc.* .................. 900 6,300
Value Line, Inc. ..................... 100 3,600
Valuevision Intl, Inc., Class A* ..... 2,100 120,356
Westwood One, Inc.* .................. 2,250 171,000
Young Broadcasting Corp.,
Class A* ........................... 700 35,700
Zebra Technologies Corp.,
Class A* ........................... 1,600 93,600
Ziff-Davis, Inc. - ZDNet* ............ 1,100 23,100
Ziff-Davis, Inc.* .................... 1,900 30,044
Zomax, Inc.* ......................... 700 31,675
-----------
2,058,044
-----------
PROFESSIONAL SERVICES (4.9%)
ABM Industries, Inc. ................. 900 18,338
Administaff, Inc.* ................... 500 15,125
ADVO, Inc.* .......................... 1,100 26,125
AHL Services, Inc.* .................. 400 8,350
Albany Molecular Research,
Inc.* .............................. 600 18,300
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Alexander & Baldwin, Inc. ............ 3,300 $ 75,281
Alterra Healthcare Corp.* ............ 1,300 10,806
Amdocs Ltd.* ......................... 557 19,217
American Retirement Corp.* ........... 1,600 12,700
AnswerThink Consulting Group,
Inc.* .............................. 1,500 51,375
Applied Graphics Technologies,
Inc.* .............................. 1,160 10,005
Bacou USA, Inc.* ..................... 300 4,519
Berlitz International, Inc.* ......... 400 6,875
Billing Concepts Corp.* .............. 2,500 16,250
Bright Horizons Family
Solutions, Inc.* ................... 1,100 20,625
Brightpoint, Inc.* ................... 2,800 36,750
Burns International Services
Corp.* ............................. 1,200 12,975
CACI International, Inc.,
Class A* ........................... 900 20,362
Cambridge Technology Partners,
Inc.* .............................. 2,900 76,125
Career Education Corp.* .............. 300 11,513
CDI Corp.* ........................... 900 21,712
Century Business Services, Inc.* ..... 3,600 30,375
Cerner Corp.* ........................ 1,300 25,594
Charles River Associates, Inc.* ...... 700 23,450
Circle International Group, Inc. ..... 1,000 22,250
Computer Horizons Corp.* ............. 2,200 35,612
Concord Communications, Inc.* ........ 900 39,937
Cornell Corrections, Inc.* ........... 900 7,538
Corporate Executive Board Co.* 600 33,525
CORT Business Service Corp.* ......... 600 10,463
Cotelligent, Inc.* ................... 1,400 7,525
Coventry Health Care, Inc.* .......... 4,100 27,675
Crawford & Co., Class B .............. 2,200 29,975
Diamond Technology Partners,
Inc.* .............................. 800 68,750
Documentum, Inc.* .................... 800 47,900
Dollar Thrifty Automotive
Group, Inc.* ....................... 1,400 33,512
Duff & Phelps Credit Rating Co. 400 35,575
Education Management Corp.* .......... 1,700 23,800
F.Y.I., Inc.* ........................ 900 30,600
First Consulting Group, Inc.* ........ 1,400 21,700
Fisher Scientific International,
Inc.* .............................. 2,300 83,087
Forrester Research, Inc.* ............ 300 20,662
Franklin Covey Co.* .................. 2,000 15,000
General Binding Corp. ................ 300 3,525
Getty Images, Inc.* .................. 1,600 78,200
Group Maintenence America
Corp.* ............................. 1,200 12,825
Heidrick & Struggles, Inc.* .......... 600 25,350
InaCom Corp.* ........................ 1,908 13,952
Interim Services, Inc.* .............. 3,080 76,230
Iron Mountain, Inc.* ................. 1,650 64,866
ITT Educational Services, Inc.* ...... 1,200 18,525
Kelly Services, Inc., Class A ........ 800 20,100
Korn/Ferry International* ............ 1,100 40,012
Kroll-O'Gara Co.* .................... 1,000 16,500
Labor Ready, Inc.* ................... 2,250 27,281
Landauer, Inc. ....................... 300 6,563
Lason, Inc.* ......................... 900 9,900
</TABLE>
149
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Learning Tree International,
Inc.* ............................. 900 $ 25,200
Marketing Services Group, Inc.* ..... 800 13,400
Maximus, Inc.* ...................... 500 16,969
MemberWorks, Inc.* .................. 600 19,913
Metamor Worldwide, Inc.* ............ 2,200 64,075
Mpath Interactive, Inc.* ............ 900 23,962
Multex.com, Inc.* ................... 500 18,813
Navigant Consulting Co.* ............ 2,050 22,294
NCO Group, Inc.* .................... 600 18,075
Nextera Enterprises Inc., Class
A* ................................ 1,000 12,875
NFO Worldwide, Inc.* ................ 800 17,900
Ogden Corp. ......................... 3,400 40,587
Olsten Corp. ........................ 3,600 40,725
On Assignment, Inc.* ................ 500 14,938
Pegasystems, Inc.* .................. 1,300 14,625
Per-Se Technologies, Inc.* .......... 1,566 13,164
Personnel Group of America,
Inc.* ............................. 2,300 23,287
Pharmaceutical Product
Development, Inc.* ................ 900 10,688
Pierce Leahy Corp.* ................. 300 12,975
Piston Brink's Group ................ 1,900 41,800
PrePaid Legal Services, Inc.* ....... 1,200 28,800
Preview Travel, Inc.* ............... 800 41,700
ProBusiness Services, Inc.* ......... 950 34,200
Professionals Group, Inc.* .......... 770 18,047
Profit Recovery Group
International, Inc.* .............. 1,800 47,812
Razorfish, Inc.* .................... 362 34,435
Renaissance Worldwide, Inc.* ........ 1,400 10,325
Rent-Way, Inc.* ..................... 1,400 26,162
Romac International, Inc.* .......... 2,840 38,162
School Specialty, Inc.* ............. 700 10,588
SCM Microsystems, Inc.* ............. 800 51,150
Seitel, Inc.* ....................... 2,400 16,200
SITEL Corp.* ........................ 1,900 13,300
Staff Leasing, Inc.* ................ 1,300 12,350
StaffMark, Inc.* .................... 1,300 9,831
Startek, Inc.* ...................... 300 10,875
Strayer Education, Inc. ............. 600 11,850
Superior Consultant Holdings,
Inc.* ............................. 300 4,275
Sybase, Inc.* ....................... 5,200 88,400
Technology Solutions Co.* ........... 2,650 86,787
TeleTech Holdings, Inc.* ............ 1,200 40,444
URS Corp.* .......................... 900 19,519
US Office Products Co.* ............. 2,700 8,438
Veritas DGC, Inc.* .................. 1,000 14,000
Visual Networks, Inc.* .............. 1,300 103,025
Volt Infomation Sciences, Inc.* ..... 500 11,938
Wackenhut Corp., Class A ............ 600 8,963
Wackenhut Corrections Corp.* ........ 500 5,844
Wallace Computer Services, Inc. ..... 1,800 29,925
Xceed, Inc.* ........................ 800 33,200
-----------
2,918,472
-----------
TRUCKING, SHIPPING (1.3%)
Air Express International Corp. ..... 1,600 51,700
Airborne Freight Corp. .............. 2,700 59,400
AMERCO* ............................. 400 10,000
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
American Freightways Corp.* ......... 900 $ 14,569
Arnold Industries, Inc. ............. 1,600 22,500
C.H. Robinson Worldwide, Inc. ....... 2,400 95,400
Consolidated Freightways Corp.* 1,900 15,081
Eagle USA Airfreight, Inc.* ......... 900 38,812
Forward Air Corp.* .................. 700 30,362
Fritz Cos., Inc.* ................... 1,300 13,650
Heartland Express, Inc.* ............ 1,500 23,625
J.B. Hunt Transport Services, Inc. 1,900 26,303
Kirby Corp.* ........................ 1,375 28,188
Knight Transportation, Inc.* ........ 350 5,994
Landstar Systems, Inc.* ............. 900 38,531
M.S. Carriers, Inc.* ................ 400 9,550
OMI Corp.* .......................... 400 825
Overseas Shipholding Group, Inc. 1,200 17,775
Pittston BAX Group .................. 1,800 19,125
Roadway Express, Inc. ............... 1,100 23,788
Swift Transportation Co., Inc.* ..... 2,250 39,656
USFreightways Corp. ................. 1,900 90,962
Werner Enterprises, Inc. ............ 2,000 28,125
Wisconsin Central Transportation
Corp.* ............................ 3,700 49,719
XTRA Corp.* ......................... 900 38,362
Yellow Corp.* ....................... 1,100 18,494
-----------
810,496
-----------
TOTAL BUSINESS SERVICES ........... 6,367,209
-----------
CAPITAL GOODS (9.6%)
AEROSPACE (0.7%)
AAR Corp. ........................... 1,650 29,597
Aeroflex, Inc.* ..................... 1,500 15,563
BE Aerospace, Inc.* ................. 2,100 17,719
Curtiss-Wright Corp. ................ 400 14,750
Cymer, Inc.* ........................ 1,700 78,200
Fairchild Corp., Class A* ........... 946 8,573
GenCorp, Inc. ....................... 2,300 22,712
Hexcel Corp.* ....................... 700 3,894
Kaman Corp., Class A ................ 1,900 24,462
Kellstrom Industries, Inc.* ......... 1,300 11,863
Moog, Inc., Class A* ................ 200 5,400
Orbital Sciences Corp.* ............. 2,100 38,981
REMEC, Inc.* ........................ 1,600 40,800
Scott Technologies, Inc.* ........... 700 13,213
Titan Corp.* ........................ 2,100 98,962
-----------
424,689
-----------
BUILDING & CONSTRUCTION (1.6%)
A.O. Smith Corp. .................... 1,350 29,531
Building One Services Corp.* ........ 893 8,428
Butler Manufacturing Co. ............ 300 6,694
Coachman Industries, Inc. ........... 1,500 22,688
Crossmann Communities, Inc.* ........ 300 4,650
Dal-Tile International, Inc.* ....... 3,700 37,462
Del Webb Corp.* ..................... 1,000 24,938
Dycom Industries, Inc.* ............. 1,400 61,687
Elcor Corp. ......................... 1,500 45,187
Fairfield Communities, Inc.* ........ 3,000 32,250
Fleetwood Enterprises, Inc. ......... 2,200 45,375
Foster Wheeler Corp. ................ 1,800 15,975
Granite Construction, Inc. .......... 1,200 22,125
Insituform Technologies, Inc.,
Class A* .......................... 1,600 45,200
</TABLE>
150
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Integrated Electrical Services,
Inc.* ............................. 2,200 $ 22,138
Jacobs Engineering Group, Inc.* 1,300 42,250
Kennametal, Inc. .................... 1,500 50,437
M.D.C. Holdings, Inc. ............... 800 12,550
Morrison Knudsen Corp.* ............. 1,200 9,375
National R.V. Holdings, Inc.* ....... 700 13,475
NCI Building Systems, Inc.* ......... 1,300 24,050
Newport News Shipbuilding, Inc. 1,900 52,250
Nortek, Inc.* ....................... 500 14,000
Palm Harbor Homes, Inc.* ............ 1,500 27,000
Pulte Corp. ......................... 2,600 58,500
Republic Group, Inc. ................ 400 6,050
Service Experts, Inc.* .............. 2,100 12,206
Simpson Manufacturing Inc.* ......... 300 13,125
Standard Pacific Corp. .............. 2,000 22,000
Stone & Webster, Inc. ............... 900 15,131
Thomas Industries, Inc. ............. 1,200 24,525
Thor Industries, Inc. ............... 600 18,263
TJ International, Inc. .............. 1,000 42,000
Toll Brothers, Inc.* ................ 900 16,763
U.S. Home Corp.* .................... 500 12,781
Walter Industries, Inc. ............. 3,100 33,519
Watts Industries, Inc., Class A ..... 800 11,800
-----------
956,378
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (0.8%)
Apogee Enterprises, Inc. ............ 1,500 7,594
Centex Construction Products,
Inc. .............................. 500 19,500
Deltic Timber Corp. ................. 900 19,688
Fedders Corp. ....................... 1,500 8,250
Florida Rock Industries, Inc. ....... 1,000 34,437
Griffon Corp.* ...................... 2,000 15,625
HomeBase, Inc.* ..................... 3,300 10,106
Hughes Supply, Inc. ................. 1,800 38,812
Hussmann International, Inc. ........ 3,300 49,706
Kaydon Corp. ........................ 1,500 40,219
Modine Manufacturing Co. ............ 1,000 25,000
Park Electrochemical Corp. .......... 400 10,625
Sturm Ruger & Co., Inc. ............. 1,900 16,863
Texas Industries, Inc. .............. 1,400 59,587
The Scotts Co., Class A* ............ 1,200 48,300
Toro Co. ............................ 800 29,850
Tractor Supply Co.* ................. 700 11,200
Universal Forest Products, Inc. ..... 800 11,800
-----------
457,162
-----------
ELECTRICAL EQUIPMENT (4.5%)
ADTRAN, Inc.* ....................... 1,200 61,725
Advanced Energy Industries,
Inc.* ............................. 600 29,550
AMETEK, Inc. ........................ 1,400 26,688
Applied Power, Inc. Class A ......... 2,740 100,695
Arctic Cat, Inc. .................... 900 9,000
Barnes Group, Inc. .................. 600 9,788
Belden, Inc. ........................ 1,500 31,500
Benchmark Electronics, Inc.* ........ 800 18,350
Brooks Automation, Inc.* ............ 800 26,050
Comfort Systems USA, Inc.* .......... 1,200 8,850
Credence Systems Corp.* ............. 1,200 103,800
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Cypress Semiconductor Corp.* ........ 6,100 $ 197,487
Dallas Semiconductor Corp. .......... 2,000 128,875
Electro Rent Corp.* ................. 700 8,138
Electroglas, Inc.* .................. 1,200 30,450
Esterline Technologies Corp.* ....... 1,500 17,344
Flowserve Corp. ..................... 2,800 47,600
Franklin Electric Co., Inc. ......... 400 28,075
General Semiconductor, Inc.* ........ 2,100 29,794
Genlyte Group, Inc.* ................ 1,000 21,375
Harman International Industries,
Inc. .............................. 1,000 56,125
Harmon Industries, Inc. ............. 1,000 12,125
IGEN International, Inc.* ........... 500 14,875
Kulicke & Soffa Industries* ......... 1,500 63,844
Lam Research Corp.* ................. 2,300 256,594
Mentor Graphics Corp.* .............. 4,800 63,300
Methode Electronics, Inc.,
Class A ........................... 2,400 77,100
Mettler-Toledo International,
Inc.* ............................. 2,600 99,287
MMC Networks, Inc.* ................. 1,700 58,437
Pioneer-Standard Electronics ........ 2,200 31,762
Plexus Corp.* ....................... 1,200 52,800
Power Integrations, Inc.* ........... 1,200 57,525
Power-One, Inc.* .................... 800 36,650
Powerwave Technologies, Inc.* ....... 800 46,700
Rayovac Corp.* ...................... 1,700 32,087
RPC, Inc. ........................... 600 3,450
Sawtek, Inc.* ....................... 1,400 93,187
Semtech Corp.* ...................... 1,800 93,825
Sensormatics Electronics Corp.* ..... 4,700 81,956
Silicon Valley Group, Inc.* ......... 2,300 40,825
Siliconix, Inc.* .................... 200 26,300
SIPEX Corp.* ........................ 1,100 27,019
ThermoQuest Corp.* .................. 700 7,219
TNP Enterprises, Inc. ............... 500 20,625
Transwitch Corp.* ................... 1,500 108,844
Triquint Semiconductor, Inc.* ....... 850 94,562
UCAR International, Inc.* ........... 3,100 55,219
Ultratech Stepper, Inc.* ............ 1,700 27,413
Veeco Instruments, Inc. ............. 600 28,087
Vicor Corp.* ........................ 1,200 48,600
Watkins-Johnson Co. ................. 500 20,000
Watsco, Inc. ........................ 1,400 16,188
-----------
2,687,664
-----------
MACHINERY (2.0%)
Agco Corp. .......................... 3,400 45,687
Albany International Corp.,
Class A* .......................... 1,550 24,031
Anchor Gaming* ...................... 500 21,719
Applied Industrial Technologies,
Inc. .............................. 1,000 16,625
Astec Industries, Inc.* ............. 800 15,050
Asyst Technologies, Inc.* ........... 900 59,006
Baldor Electric Co. ................. 2,500 45,312
Chart Industries, Inc. .............. 2,050 8,200
CMI Corp., Class A .................. 1,700 12,006
Cognex Corp.* ....................... 1,800 70,200
Columbus McKinnon Corp. ............. 600 6,075
Commercial Intertech Corp. .......... 600 7,650
Gardner Denver, Inc.* ............... 600 10,013
</TABLE>
151
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Graco, Inc. .......................... 750 $ 26,906
IDEX Corp. ........................... 1,800 54,675
Imation Corp.* ....................... 2,400 80,550
JLG Industries, Inc. ................. 2,100 33,337
L.S. Starrett Co., Class A ........... 400 8,975
Lincoln Electric Holdings ............ 2,400 49,500
Lindsay Manufacturing Co. ............ 550 10,038
MagneTek, Inc.* ...................... 2,600 19,988
Manitowoc Co., Inc. .................. 1,400 47,600
MascoTech, Inc. ...................... 2,600 32,987
Milacron, Inc. ....................... 2,900 44,587
NACCO Industries, Inc. Class A 300 16,669
National Oilwell, Inc.* .............. 2,600 40,787
NationsRent, Inc.* ................... 1,300 7,313
Nordson Corp. ........................ 1,000 48,250
Presstek, Inc.* ...................... 2,100 29,138
PRI Automation, Inc.* ................ 1,100 73,837
Regal-Beloit Corp. ................... 1,000 20,625
Robbins & Myers, Inc. ................ 300 6,788
Sequa Corp., Class A* ................ 800 43,150
Specialty Equipment Cos., Inc.* ...... 600 14,363
Speedfam-Ipec, Inc.* ................. 1,881 24,335
Stewart & Stevenson Services,
Inc. ............................... 2,100 24,872
Tennant Co. .......................... 600 19,650
Terex Corp.* ......................... 1,500 41,625
Thermo Fibertek, Inc.* ............... 1,300 9,263
UNOVA, Inc.* ......................... 3,000 39,000
Woodward Governor Co. ................ 300 8,250
-----------
1,218,632
-----------
TOTAL CAPITAL GOODS ................ 5,744,525
-----------
CONSUMER CYCLICALS (9.5%)
AIRLINES (0.5%)
AirTran Holdings, Inc.* .............. 3,900 17,672
Alaska Air Group, Inc.* .............. 1,300 45,662
America West Holdings Corp.,
Class B* ........................... 2,300 47,725
Amtran, Inc.* ........................ 500 9,688
Atlantic Coast Airlines
Holdings* .......................... 600 14,250
Atlas Air, Inc.* ..................... 600 16,462
Aviall, Inc.* ........................ 1,300 10,644
Aviation Sales Co.* .................. 1,100 18,150
Frontier Airlines, Inc.* ............. 1,100 12,513
Mesaba Holdings, Inc.* ............... 600 6,863
Midwest Express Holdings, Inc.* 1,150 36,656
SkyWest, Inc. ........................ 1,500 42,000
Trans World Airlines, Inc.* .......... 2,900 8,156
-----------
286,441
-----------
APPAREL & TEXTILES (1.4%)
Brown Shoe Company, Inc. ............. 1,300 18,362
Buckle, Inc.* ........................ 300 4,444
Burlington Coat Factory
Warehouse Corp. .................... 800 11,100
Burlington Industries, Inc.* ......... 4,500 18,000
Cato Corp., Class A .................. 900 11,363
Charming Shoppes, Inc.* .............. 5,400 35,775
Chico's FAS, Inc.* ................... 600 22,575
Collins & Aikman Corp. ............... 2,800 16,100
Columbia Sportswear Co.* ............. 400 8,600
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Dan River, Inc.* ..................... 900 $ 4,613
Donna Karan International, Inc.* 700 4,594
Dress Barn, Inc.* .................... 800 13,300
Enesco Group, Inc. ................... 700 7,744
Finish Line, Inc., Class A* .......... 2,100 11,419
Footstar, Inc.* ...................... 1,000 30,500
G&K Services, Inc., Class A .......... 1,500 48,562
Genesco, Inc.* ....................... 1,200 15,600
Goody's Family Clothing, Inc.* ....... 1,500 8,063
Guess ?, Inc.* ....................... 900 19,575
Guilford Mills, Inc. ................. 800 5,800
Gymboree Corp.* ...................... 1,700 9,563
Interface, Inc. ...................... 3,700 21,275
Just For Feet, Inc.* ................. 1,100 1,375
K-Swiss Inc., Class A ................ 800 14,863
Kellwood Co. ......................... 1,500 29,156
Michaels Stores, Inc.* ............... 1,900 54,150
Nautica Enterprises, Inc.* ........... 1,400 15,837
OshKosh B'Gosh, Inc. ................. 420 8,846
Oxford Industries, Inc. .............. 300 5,944
Pacific Sunwear of California,
Inc.* .............................. 1,650 53,109
Phillips-Van Heusen Corp. ............ 1,500 12,469
Polymer Group, Inc. .................. 1,600 29,200
Quicksilver, Inc.* ................... 1,200 18,600
Reebok International Ltd.* ........... 2,600 21,287
Russell Corp. ........................ 1,300 21,775
Shoe Carnival, Inc.* ................. 900 9,056
Spring Industries, Inc., Class A ..... 900 35,944
Stein Mart, Inc.* .................... 1,900 10,806
Stride Rite Corp. .................... 3,800 24,700
Talbots, Inc. ........................ 900 40,162
Tarrant Apparel Group* ............... 500 4,813
Timberland Co., Class A* ............. 600 31,725
Unifi, Inc.* ......................... 3,400 41,862
United Retail Group, Inc.* ........... 1,200 9,900
Wet Seal, Inc., Class A* ............. 700 8,575
-----------
851,081
-----------
AUTO RELATED (1.2%)
Action Performance Cos., Inc.* ....... 700 8,050
Aftermarket Technology Corp.* ........ 1,000 11,937
Arvin Industries, Inc. ............... 1,900 53,912
Avis Rent a Car, Inc.* ............... 1,700 43,456
Bandag, Inc. ......................... 600 15,000
Budget Group, Inc.* .................. 1,700 15,406
CSK Auto Corp.* ...................... 1,200 21,000
Detroit Diesel Corp. ................. 200 3,838
Discount Auto Parts, Inc.* ........... 900 16,256
Dura Automotive Systems, Inc.* 1,400 24,412
Exide Corp. .......................... 1,800 14,962
Hayes Lemmerz International,
Inc.* .............................. 800 13,950
Keystone Automotive Industries,
Inc.* .............................. 1,900 11,163
Littelfuse, Inc.* .................... 900 21,839
Mark IV Industries, Inc. ............. 2,300 40,681
McGrath Rentcorp ..................... 1,000 17,500
Midas, Inc. .......................... 800 17,500
Miller Industries, Inc.* ............. 1,900 5,463
Monaco Coach Corp.* .................. 900 23,006
National Equipment Services* ......... 900 5,625
</TABLE>
152
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
O'Reilly Automotive, Inc.* ............ 1,800 $ 38,700
OEA, Inc.* ............................ 900 4,388
Pennzoil-Quaker State Co. ............. 3,700 37,694
Pep Boys Manny Moe & Jack ............. 3,400 31,025
Precision Castparts Corp. ............. 1,100 28,875
Rollins Truck Leasing Corp. ........... 3,350 39,991
Sauer, Inc. ........................... 600 5,438
Standard Motor Products, Inc. ......... 300 4,838
Superior Industries International,
Inc. ................................ 1,400 37,537
Titan International, Inc. ............. 1,600 10,400
Tower Automotive, Inc.* ............... 2,400 37,050
United Auto Group, Inc.* .............. 800 7,150
Westinghouse Air Brake Co. ............ 2,986 53,001
Wynn's International, Inc. ............ 700 9,888
-----------
730,931
-----------
AUTOS & TRUCKS (0.2%)
ASV, Inc.* ............................ 900 12,263
Copart, Inc.* ......................... 1,300 56,550
Group 1 Automotive, Inc.* ............. 700 9,756
LithiaI Motors, Inc., Class A* ........ 700 12,513
Oshkosh Truck Corp. ................... 1,000 29,312
Wabash National Corp. ................. 900 13,500
-----------
133,894
-----------
FOOD SERVICES, LODGING (1.3%)
Applebee's International, Inc. ........ 1,200 35,400
Avado Brands, Inc. .................... 2,200 9,281
Bob Evans Farms, Inc. ................. 2,700 41,681
Buffets, Inc.* ........................ 1,900 19,000
CBRL Group, Inc. ...................... 3,300 32,020
CEC Entertainment, Inc.* .............. 1,600 45,400
Cheesecake Factory, Inc.* ............. 950 33,250
CKE Restaurants, Inc. ................. 3,300 19,387
Consolidated Products, Inc.* .......... 1,815 18,377
Crestline Capital Corp.* .............. 700 14,438
Extended Stay America, Inc.* .......... 5,100 38,887
IHOP Corp.* ........................... 1,500 25,031
Jack in the Box, Inc.* ................ 2,300 47,581
Landry's Seafood Resaurants,
Inc.* ............................... 2,100 18,244
Lone Star Steakhouse & Saloon,
Inc.* ............................... 3,100 27,658
Marcus Corp. .......................... 2,100 28,219
MeriStar Hospitality Corp. ............ 3,278 52,448
Morrison Management Specialist,
Inc. ................................ 400 8,625
NPC International, Inc.* .............. 500 3,938
O'Charleys, Inc.* ..................... 1,400 18,375
P.F. Chang's China Bistro, Inc.* ...... 700 17,413
Papa John's International, Inc.* ...... 1,100 28,669
Prime Hospitality Corp.* .............. 3,100 27,319
Ruby Tuesday, Inc. .................... 2,300 41,831
Ryan's Family Steak Houses,
Inc.* ............................... 1,900 16,150
Sonic Corp.* .......................... 1,300 37,050
Sunterra, Corp.* ...................... 1,700 19,550
Vail Resorts, Inc.* ................... 1,000 17,938
Wyndham International,
Class A* ............................ 7,800 22,912
-----------
766,072
-----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
HOUSEHOLD FURNITURE,
APPLIANCES (1.1%)
Aaron Rents, Inc. ..................... 800 $ 14,200
American Woodmark Corp. ............... 600 14,550
Basset Furniture Industries, Inc. ..... 600 9,600
Bush Industries, Class A .............. 100 1,719
Central Garden & Pet Co.* ............. 1,900 19,712
Cheap Tickets, Inc.* .................. 200 2,738
Cost Plus, Inc.* ...................... 1,200 42,750
Department 56, Inc.* .................. 1,400 31,675
Ethan Allen Interiors, Inc. ........... 2,500 80,156
Furniture Brands International,
Inc.* ............................... 2,800 61,600
Haverty Furniture Cos., Inc. .......... 1,400 17,675
Heilig-Meyers Co. ..................... 4,500 12,375
Insight Enterprises, Inc.* ............ 1,100 44,687
Kimball International Inc.,
Class B ............................. 2,200 36,300
La-Z-Boy, Inc. ........................ 3,300 55,481
Libbey, Inc. .......................... 900 25,875
Mikasa, Inc. .......................... 1,200 12,075
National Presto Industries, Inc. ...... 100 3,550
Pier 1 Imports, Inc. .................. 4,800 30,600
Pillowtex Corp. ....................... 1,700 10,519
Rent A Center, Inc.* .................. 800 15,850
Restoration Hardware, Inc.* ........... 1,400 9,538
Salton, Inc.* ......................... 700 23,406
SLI, Inc.* ............................ 650 8,816
Spiegel, Inc., Class A* ............... 1,700 11,953
Sunbeam Corp.* ........................ 5,400 22,612
The Bombay Company, Inc.* ............. 2,700 12,150
Virco Mfg. Corp. ...................... 770 10,010
Windmere-Durable Holdings,
Inc.* ............................... 1,400 23,800
-----------
665,972
-----------
LEISURE RELATED (1.2%)
AMC Entertainment, Inc.* .............. 1,300 11,212
AMF Bowling, Inc.* .................... 3,700 11,562
Argosy Gaming Co.* .................... 1,500 23,344
Aztar Corp.* .......................... 3,000 32,625
Bally Total Fitness Holding
Corp.* .............................. 1,600 42,700
Boca Resorts, Inc., Class A* .......... 1,400 13,650
Boyd Gaming Corp.* .................... 1,800 10,463
Boyds Collection Ltd.* ................ 3,700 25,669
Callaway Golf Co. ..................... 4,500 79,594
Carmike Cinemas, Inc., Class A* 800 6,250
Championship Auto Racing
Teams, Inc.* ........................ 300 6,900
Coleman Co., Inc.* .................... 500 4,656
Family Golf Centers, Inc.* ............ 2,800 3,938
GC Cos., Inc.* ........................ 400 10,350
GTECH Holdings Corp.* ................. 2,400 52,800
Hollywood Park, Inc.* ................. 1,800 40,387
Jerks Pacific, Inc.* .................. 800 14,950
Marvel Enterprises, Inc.* ............. 1,200 6,600
Midway Games, Inc.* ................... 1,959 46,894
ParkerVision, Inc.* ................... 600 18,450
Pegasus Systems, Inc.* ................ 700 42,219
Players International, Inc.* .......... 2,500 20,547
Polaris Industries, Inc. .............. 1,200 43,500
</TABLE>
153
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Racing Champions Corp.* ............. 1,400 $ 6,213
Scientific Games Holdings Corp.* 800 13,250
SCP Pool Corp.* ..................... 800 20,750
Station Casinos, Inc.* .............. 1,900 42,631
Steinway Musical Instrument,
Inc.* ............................. 700 14,175
Topps Co. (The)* .................... 2,500 25,937
Trendwest Resorts, Inc.* ............ 400 9,000
West Marine, Inc.* .................. 900 7,425
WMS Industries, Inc.* ............... 1,500 19,687
-----------
728,328
-----------
PHOTO & OPTICAL (0.4%)
BMC Industries, Inc. ................ 2,000 9,750
CPI Corp. ........................... 700 15,794
Metromedia International Group,
Inc.* ............................. 2,600 12,350
Oakley, Inc.* ....................... 1,400 7,788
Ocular Sciences, Inc.* .............. 1,300 24,537
Polaroid Corp. ...................... 2,600 48,912
Sola International, Inc.* ........... 1,700 23,588
Sunglass Hut International,
Inc.* ............................. 2,400 27,000
Wesley Jessen Visioncare, Inc.* ..... 1,300 49,237
-----------
218,956
-----------
RETAIL--GENERAL (2.2%)
7-Eleven, Inc.* ..................... 6,900 12,291
99 Cents Only Stores* ............... 475 18,169
Ames Department Stores, Inc.* ....... 1,800 51,862
AnnTaylor Stores Corp.* ............. 1,200 41,325
BarnesandNoble.com, Inc.* ........... 1,800 25,537
Beyond.com Corp.* ................... 1,300 10,156
Borders Group, Inc.* ................ 4,400 70,675
Casey's General Stores, Inc. ........ 4,300 44,881
CDnow, Inc.* ........................ 932 9,204
CellStar Corp.* ..................... 2,600 25,675
Children's Place Retail Stores,
Inc.* ............................. 1,000 16,438
Coldwater Creek, Inc.* .............. 400 8,200
CompUSA, Inc.* ...................... 4,600 23,575
Creative Computers, Inc.* ........... 800 5,850
Daisytek International Corp.* ....... 1,400 32,637
dELiA*s, Inc.* ...................... 1,000 7,250
Egghead.com, Inc.* .................. 1,591 25,754
Electronics Boutique Holdings
Corp.* ............................ 200 3,600
Factory 2-U Stores, Inc.* ........... 900 25,537
Fatbrain.com, Inc.* ................. 300 7,519
Fossil, Inc.* ....................... 750 17,344
Guitar Center, Inc. ................. 1,700 17,106
Handleman Co.* ...................... 2,200 29,425
Hanover Direct, Inc.* ............... 5,500 19,938
Hollywood Entertainment Corp.* 1,800 26,100
InterTan, Inc.* ..................... 900 23,513
JLK Direct Distribution,Inc.,
Class A* .......................... 900 9,281
Jo-Ann Stores, Inc., Class A* ....... 700 7,875
Jostens, Inc. ....................... 2,000 48,625
Kenneth Cole Productions,
Class A* .......................... 200 9,150
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Lands' End, Inc.* ................... 700 $ 24,325
Men's Wearhouse, Inc.* .............. 1,743 51,201
Miami Computer Supply Corp.* ........ 900 33,412
Micro Warehouse, Inc.* .............. 2,000 37,000
Mills Corp. ......................... 1,700 30,387
Movado Group, Inc. .................. 800 17,450
MSC Industrial Direct, Inc.,
Class A* .......................... 1,200 15,900
Musicland Stores Corp.* ............. 1,600 13,500
Officemax, Inc.* .................... 6,400 35,200
Oneida Ltd. ......................... 900 19,575
Party City Corp.* ................... 300 300
PC Connection, Inc.* ................ 400 13,800
pcOrder.com, Inc.* .................. 200 10,200
PETSMART, Inc.* ..................... 6,400 36,800
Regis Corp. ......................... 2,150 40,581
Russ Berrie & Co., Inc. ............. 600 15,750
Shop At Home, Inc.* ................. 1,200 11,925
ShopKo Stores, Inc.* ................ 2,000 46,000
Trans World Entertainment
Corp.* ............................ 1,850 19,425
Tuesday Morning Corp.* .............. 800 14,750
Tweeter Home Entertainment
Group, Inc.* ...................... 400 14,200
U.S. Franchise Systems, Inc.,
Class A* .......................... 1,600 7,200
Ubid, Inc.* ......................... 100 2,650
Value City Department Stores,
Inc.* ............................. 700 10,588
WD-40 Co. ........................... 600 13,275
Wesco International, Inc.* .......... 1,900 16,863
Whitehall Jewelers, Inc.* ........... 800 29,500
Winnebago Industries, Inc. .......... 1,100 22,069
Wolverine World Wide, Inc. .......... 2,700 29,531
-----------
1,307,849
-----------
TOTAL CONSUMER CYCLICALS .......... 5,689,524
-----------
CONSUMER NON-CYCLICALS (12.0%)
BEVERAGES (0.3%)
Aquarion Co. ........................ 900 33,300
Beringer Wine Estates Holdings,
Inc., Class B* .................... 900 35,887
Canandaigua Wine, Inc.* ............. 1,200 61,200
Coca Cola Bottling Co. .............. 300 14,213
Robert Modavi Corp., Class A* ....... 500 17,375
-----------
161,975
-----------
CONTAINERS (0.3%)
CUNO, Inc.* ......................... 1,200 24,844
EarthShell Corp.* ................... 1,000 4,125
Gaylord Container Corp.,
Class A* .......................... 2,700 18,394
Greif Brothers Corp., Class A ....... 600 17,850
Interpool, Inc. ..................... 600 4,462
Shorewood Packaging Corp.* .......... 950 17,991
Silgan Holdings, Inc.* .............. 600 8,025
Tupperware Corp. .................... 3,900 66,056
-----------
161,747
-----------
</TABLE>
154
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
DRUGS (3.7%)
Algos Pharmaceuticals Corp.* ......... 500 $ 5,500
Alkermes, Inc.* ...................... 1,400 68,775
Alpharma, Inc. ....................... 1,400 43,050
AmeriSource Health Corp.,
Class A* ........................... 2,500 37,969
Anesta Corp.* ........................ 1,000 17,188
Applied Analytical Industries,
Inc.* .............................. 1,000 9,125
Aviron* .............................. 900 14,231
Barr Laboratories, Inc.* ............. 700 21,963
Bio-Rad Laboratories, Inc.,
Class A* ........................... 500 11,688
Block Drug Co., Inc., Class A ........ 633 19,637
Carter-Wallace, Inc. ................. 1,300 23,319
Celgene Corp.* ....................... 1,100 77,000
Cephalon, Inc.* ...................... 2,000 69,125
ChiRex, Inc.* ........................ 1,400 20,475
Columbia Laboratories, Inc.* ......... 1,600 12,000
Coulter Pharmaceutical, Inc.* ........ 1,100 24,956
Cygnus, Inc.* ........................ 1,500 27,375
Duane Reade, Inc.* ................... 1,400 38,587
Dura Pharmaceuticals, Inc.* .......... 2,900 40,419
Duramed Pharmaceuticals, Inc.* ....... 1,700 12,113
EntreMed, Inc.* ...................... 900 23,063
Enzon, Inc.* ......................... 2,100 91,087
GelTex Pharmaceuticals, Inc.* ........ 1,200 15,375
Gilead Sciences, Inc.* ............... 2,492 134,879
Guilford Pharmaceuticals, Inc.* ...... 1,400 23,800
Herbalife International, Class A ..... 800 11,500
IDEC Pharmaceuticals Corp.* .......... 2,500 245,625
Incyte Pharmaceuticals, Inc.* ........ 1,400 84,000
Isis Pharmaceuticals, Inc.* .......... 1,400 8,750
Jones Pharma, Inc. ................... 2,050 89,047
King Pharmaceuticals, Inc.* .......... 1,350 75,684
Ligand Pharmaceuticals, Inc.,
Class B* ........................... 2,200 28,325
Lipsome, Inc.* ....................... 2,600 31,728
Medco Research, Inc.* ................ 900 27,056
Medicis Pharmaceutical Corp.,
Class A* ........................... 1,600 68,100
Millennium Pharmaceuticals,
Inc.* .............................. 2,300 280,600
NBTY, Inc.* .......................... 2,700 31,219
NCS HealthCare, Inc., Class A* ....... 2,300 5,534
PathoGenesis Corp.* .................. 1,100 23,581
Perrigo Co.* ......................... 3,600 28,800
Pharmacyclics, Inc.* ................. 800 33,000
Rexall Sundown, Inc.* ................ 1,500 15,469
Shire Pharmaceuticals Group
plc* ............................... 2,389 69,566
SICOR, Inc.* ......................... 5,800 44,950
Syncor International Corp. -
Del.* .............................. 800 23,300
Triangle Pharmaceuticals, Inc.* ...... 1,600 20,500
Twinlab Corp.* ....................... 1,100 8,731
Vertex Pharmaceuticals, Inc.* ........ 1,300 45,500
West Pharmaceutical Services ......... 557 17,232
-----------
2,200,496
-----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
FOODS (1.2%)
Agribrands International, Inc.* ...... 700 $ 32,200
American Italian Pasta Co.,
Class A* ........................... 800 24,600
Aurora Foods, Inc.* .................. 700 6,519
Chiquita Brands International,
Inc. ............................... 3,000 14,250
Corn Products International, Inc. 2,100 68,775
Del Monte Foods Co.* ................. 2,400 29,550
Delta & Pine Land Co. ................ 2,000 34,750
Dreyer's Grand Ice Cream, Inc. ....... 1,200 20,400
Earthgrains Co. ...................... 2,500 40,312
International Home Foods, Inc.* 1,600 27,800
International Multifoods Corp. ....... 1,400 18,550
J.M. Smucker Co., Class A ............ 1,700 33,150
Lance, Inc. .......................... 1,900 19,000
Michael Foods, Inc. .................. 1,000 24,625
Performance Food Group Co.* .......... 500 12,188
Pilgrims Pride Corp. ................. 1,300 10,806
Ralcorp Holdings, Inc.* .............. 2,080 41,470
Riviana Foods, Inc. .................. 800 14,200
Sanderson Farms, Inc. ................ 1,000 8,563
Smithfield Foods, Inc.* .............. 3,200 76,800
Suiza Foods Corp.* ................... 2,000 79,250
SuperGen, Inc.* ...................... 1,100 32,312
Universal Foods Corp. ................ 2,800 57,050
Vlasic Foods International, Inc.* 1,300 7,394
Zapata Corp.* ........................ 600 2,775
-----------
737,289
-----------
HOSPITAL SUPPLIES &
SERVICES (5.7%)
Abgenix, Inc.* ....................... 700 92,750
Acuson Corp.* ........................ 1,000 12,563
Advance Paradigm, Inc.* .............. 1,000 21,563
Affymetrix, Inc.* .................... 900 152,719
ALARIS Medical, Inc.* ................ 700 1,313
AmeriPath, Inc.* ..................... 1,100 9,006
Apria Healthcare Group, Inc.* ........ 3,300 59,194
Arrow International, Inc. ............ 1,000 29,000
Beverly Enterprises, Inc.* ........... 5,500 24,063
Bindley Western Industries, Inc. ..... 1,566 23,588
Bio-Technology General Corp.* ........ 3,600 54,900
Biomatrix, Inc.* ..................... 600 11,550
Capital Senior Living Corp.* ......... 500 2,531
Caremark Rx, Inc.* ................... 11,200 56,700
CareMatrix Corp.* .................... 400 1,000
Chemed Corp. ......................... 700 20,038
Closure Medical Corp.* ............... 300 3,863
Coherent, Inc.* ...................... 1,800 48,150
Coinstar, Inc.* ...................... 1,600 22,400
CONMED Corp.* ........................ 1,300 33,637
Cooper Cos., Inc. .................... 1,000 30,125
COR Therapeutics, Inc.* .............. 1,500 40,312
Covance, Inc.* ....................... 2,900 31,356
Cyberonics, Inc.* .................... 1,300 20,719
Cytyc Corp.* ......................... 1,000 61,062
Datascope Corp. ...................... 1,000 40,000
Dendrite International, Inc.* ........ 1,600 54,200
Diagnostic Products Corp. ............ 600 14,700
</TABLE>
155
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Eclipse Surgical Tech, Inc.* ......... 1,300 $ 9,588
Eclipsys Corp.* ...................... 1,900 48,687
Enzo Biochem, Inc.* .................. 1,200 54,075
First Health Group Corp.* ............ 3,300 88,687
Gliatech, Inc.* ...................... 900 14,963
Haemonetics Corp.* ................... 1,200 28,575
Hanger Orthopedic Group, Inc.* 700 7,000
Healtheon/WebMD Corp.* ............... 175 6,578
Henry Schein, Inc.* .................. 2,100 27,956
Hooper Holmes, Inc. .................. 1,900 48,925
Human Genome Sciences, Inc.* ......... 1,300 198,412
IDEXX Laboratories, Inc.* ............ 2,000 32,250
IDX Systems Corp.* ................... 1,000 31,250
ImClone Systems, Inc.* ............... 1,400 55,475
IMPATH, Inc.* ........................ 700 17,806
Inhale Therapeutic Systems, Inc.* 1,000 42,562
Integrated Health Services* .......... 2,400 216
Invitrogen Corp.* .................... 500 30,000
Ivacare Corp. ........................ 1,600 32,100
K-V Pharmaceutical Co.,
Class B* ........................... 1,000 21,438
Laboratory Corp. of America
Holdings* .......................... 4,100 15,119
Laser Vision Centers, Inc.* .......... 1,800 19,013
Lasersight, Inc.* .................... 1,400 14,000
LCA-Vision, Inc.* .................... 1,300 6,094
Lifepoint Hospitals, Inc.* ........... 1,400 16,538
LTC Healthcare, Inc.* ................ 90 180
Magellan Health Services, Inc.* ...... 2,200 13,888
MedQuist, Inc.* ...................... 2,000 51,625
Mentor Corp. ......................... 1,300 33,556
Metals USA, Inc.* .................... 2,100 17,850
Mid Atlantic Medical Services,
Inc.* .............................. 2,100 17,456
Neurogen Corp.* ...................... 1,000 16,500
Novoste Corp.* ....................... 1,200 19,800
Onhealth Network Co.* ................ 1,300 11,619
Organogenesis, Inc.* ................. 2,000 17,375
Orthodontic Centers of America,
Inc.* .............................. 2,600 31,037
Osteotech, Inc.* ..................... 1,100 14,713
Owens & Minor, Inc. .................. 2,400 21,450
PAREXEL International Corp.* ......... 1,300 15,356
Patterson Dental Co.* ................ 1,750 74,594
PE Corp. - Celera Genomics
Group* ............................. 1,500 223,500
Pediatrix Medical Group, Inc.* ....... 1,400 9,800
PhyCor, Inc.* ........................ 4,400 8,250
Physician Computer Network,
Inc.* .............................. 700 35
Priority Healthcare Corp.,
Class B* ........................... 387 11,199
Protein Design Labs, Inc.* ........... 1,300 91,000
Province Healthcare Co.* ............. 600 11,400
ProxyMed, Inc.* ...................... 1,300 12,675
PSS World Medical, Inc.* ............. 3,600 33,975
Quest Diagnostics, Inc.* ............. 1,700 51,956
Quorum Health Group, Inc.* ........... 4,400 40,975
Regeneron Pharmaceuticals, Inc.* 1,000 12,750
Renal Care Group, Inc.* .............. 2,750 64,281
Res-Care, Inc.* ...................... 1,800 22,950
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
ResMed, Inc.* ........................ 700 $ 29,225
Respironics, Inc.* ................... 1,400 11,156
Sabratek Corp.* ...................... 600 48
Safeskin Corp.* ...................... 2,300 27,888
SangStat Medical Corp.* .............. 1,100 32,725
Serologicals Corp.* .................. 1,650 9,900
Sierra Health Services, Inc.* ........ 1,300 8,694
Source Information Management
Co.* ............................... 900 15,075
STERIS Corp.* ........................ 4,000 41,250
Summit Technology, Inc.* ............. 2,600 30,387
Sunrise Assisted Living, Inc.* ....... 1,400 19,250
Sunrise Medical, Inc.* ............... 1,200 7,425
Sunrise Technology
International* ..................... 2,500 29,531
Techne Corp.* ........................ 1,400 77,087
Theragenics Corp.* ................... 2,000 18,125
Thermo BioAnalysis Corp.* ............ 500 9,188
Thermo Cardiosystems, Inc.* .......... 700 4,594
Total Renal Care Holdings* ........... 4,200 28,087
Transkaryotic Therapies, Inc.* ....... 1,300 50,050
Trex Medical Corp.* .................. 2,000 5,625
Triad Hospitals, Inc.* ............... 2,500 37,812
United Payors & United
Providers, Inc.* ................... 1,300 21,531
US Onconlogy, Inc.* .................. 3,258 16,086
Varian Medical Systems, Inc.* ........ 2,100 62,606
Ventana Medical Systems, Inc.* ....... 1,000 24,875
Veterinary Centers of America,
Inc* ............................... 1,000 12,875
Vical, Inc.* ......................... 700 20,956
-----------
3,444,105
-----------
RETAIL--FOOD (0.5%)
Advantica Restaurant Group,
Inc.* .............................. 1,100 1,925
Dave & Busters, Inc.* ................ 500 4,094
Fleming Cos., Inc. ................... 1,700 17,425
Grand Union Co.* ..................... 1,200 12,150
Great Atlantic & Pacific Tea Co.,
Inc. ............................... 1,200 33,450
Hain Food Group, Inc.* ............... 600 13,425
Imperial Sugar Co. ................... 1,500 4,969
Ingles Markets, Inc., Class A ........ 1,300 14,463
Luby's, Inc. ......................... 2,300 26,162
Petco Animal Supplies, Inc.* ......... 1,700 25,287
Ruddick Corp. ........................ 1,400 21,700
Smart & Final, Inc.* ................. 300 2,175
United Natural Foods, Inc.* .......... 1,200 14,400
Whole Foods Market, Inc.* ............ 1,500 69,562
Wild Oats Markets, Inc.* ............. 1,300 28,844
-----------
290,031
-----------
SOAPS & TOILETRIES (0.2%)
American Classic Voyager Co.* ........ 400 14,000
Chattem, Inc.* ....................... 800 15,200
Church & Dwight Co., Inc. ............ 2,700 72,056
Nature's Sunshine Products, Inc. ..... 500 4,000
Playtex Products, Inc.* .............. 1,400 21,525
-----------
126,781
-----------
</TABLE>
156
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
TOBACCO (0.1%)
DIMON, Inc. .......................... 2,200 $ 7,150
General Cigar Holdings, Inc.* ........ 700 5,819
Universal Corp. ...................... 2,400 54,750
----------
67,719
----------
TOTAL CONSUMER NON-CYCLICALS 7,190,143
----------
CREDIT SENSITIVE (18.7%)
BANKS (5.7%)
Alabama National Bancorp/Del. ........ 300 5,663
Anchor Bancorp Wisconsin, Inc. ....... 800 12,100
Anchor Financial Corp.* .............. 200 5,500
Area Bancshares Corp. ................ 500 12,250
BancFirst Corp. ...................... 3 102
BancFirst Ohio Corp. ................. 500 11,500
BancorpSouth, Inc. ................... 3,900 63,619
BancWest Corp. ....................... 3,400 66,300
Bank of Granite Corp. ................ 550 11,825
Banknorth Group, Inc. ................ 1,000 26,750
Bay View Capital Corp. ............... 2,071 29,386
Brenton Banks, Inc. .................. 484 4,901
Brookline Bancorp, Inc. .............. 600 5,850
BSB Bancorp, Inc. .................... 300 5,775
BT Financial Corp. ................... 630 13,860
Capital City Bank Group, Inc. ........ 150 3,225
Capitol Federal Financial Corp. ...... 7,200 70,200
Carolina First Corp. ................. 2,100 38,325
CashAmerica International, Inc. ...... 1,900 18,525
Cathay Bancorp, Inc. ................. 300 12,300
Century South Banks, Inc. ............ 900 20,138
Chemical Financial Corp. ............. 725 23,109
Chittenden Corp. ..................... 2,249 66,627
City Holdings Co. .................... 1,533 21,462
Commerce Bancorp, Inc. ............... 1,962 79,338
Commonwealth Bancorp, Inc. ........... 800 13,300
Community First Bankshares,
Inc. ............................... 3,900 61,425
Community Trust Bancorp, Inc. ........ 440 8,800
CORUS Bankshares, Inc. ............... 500 12,000
CVB Financial Corp. .................. 1,130 26,131
Dime Community Banshares, Inc. 900 16,650
Downey Financial Corp. ............... 825 16,655
East-West Bancorp, Inc.* ............. 1,100 12,581
F&M Bancorp .......................... 1,000 20,250
F&M National Corp. ................... 1,830 50,439
Farmers Capital Bank Corp. ........... 300 9,038
First Busey Corp. - Class A* ......... 200 4,525
First Charter Corp. .................. 400 5,950
First Citizens BankShares, Inc.,
Class A ............................ 300 20,925
First Commerce Bankshare's,
Inc., Class B ...................... 700 13,781
First Commonwealth Financial
Corp. .............................. 3,926 47,112
First Federal Capital Corp. .......... 1,000 14,625
First Financial Bancorp .............. 1,760 37,620
First Financial Bankshares, Inc. ..... 330 10,148
First Financial Corp. ................ 700 29,050
First Financial Holdings, Inc. ....... 1,400 22,400
First Indiana Corp. .................. 900 19,575
First Merchants Corp. ................ 540 14,175
First Midwest Bancorp, Inc. .......... 2,745 72,742
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
First Republic Bank* ................. 1,000 $ 23,500
First Sentinel Bancorp, Inc. ......... 1,382 10,797
First Source Corp. ................... 682 17,050
First United Bankshares, Inc. ........ 1,100 14,713
FirstBank Corp. ...................... 1,900 39,425
FirstFed Financial Corp.* ............ 1,100 15,469
Flagstar Bancorp, Inc. ............... 1,000 17,250
Frontier Financial Corp. ............. 700 14,000
GBC Bancorp .......................... 510 9,849
Grand Premier Financial, Inc. ........ 800 11,850
Greater Bay Bancorp .................. 1,000 42,875
Hamilton Bancorp, Inc.* .............. 700 12,425
Hancock Holding Corp. ................ 400 15,500
Harbor Florida Bancorp, Inc. ......... 700 9,056
Harleysville National Corp. .......... 315 10,238
Harris Financial, Inc. ............... 600 4,500
Hudson United Bancorp ................ 2,892 73,927
Imperial Bancorp* .................... 2,650 63,931
Independence Community Bank
Corp. .............................. 5,500 68,750
International Bancshares Corp. ....... 950 42,037
InterWest Bancorp, Inc. .............. 750 14,438
Irwin Financial Corp. ................ 1,000 17,813
JSB Financial, Inc. .................. 700 36,312
MAF Bancorp, Inc. .................... 1,850 38,734
Merchants New York Bancorp,
Inc. ............................... 800 13,700
Michigan Financial Corp. ............. 210 5,788
Mid-America Bancorp .................. 212 6,042
Mid-State Bancshares ................. 300 9,563
Midwest Banc Holdings, Inc. .......... 900 12,375
Mississippi Valley Bancshares,
Inc. ............................... 300 8,100
National Bancorp of Alaska, Inc. 1,300 36,481
National City Bancshares, Inc. ....... 756 18,995
National Penn Bancshares, Inc. ....... 1,443 36,255
Net Bank, Inc.* ...................... 1,300 24,050
NTB Bancorp, Inc. .................... 1,048 16,244
OceanFirst Financial Corp. ........... 700 12,119
Omega Financial Corp. ................ 600 17,400
One Valley Bancorp, Inc. ............. 1,700 52,062
Pacific Capital Bancorp .............. 1,600 49,200
Park National Corp. .................. 630 60,480
PFF Bancorp, Inc. .................... 1,300 25,187
Premier Bancshares, Inc. ............. 1,000 13,625
Premier National Bancorp, Inc. ....... 1,500 27,656
Provident Bankshares Corp. ........... 2,260 39,126
Republic Bancorp, Inc. ............... 3,053 37,059
Republic Bancshares, Inc.* ........... 400 5,000
Republic Security Financial Corp. 2,100 15,028
Richmond County Financial
Corp. .............................. 2,100 37,931
Riggs National Corp.
(Washington D.C.) .................. 1,000 13,188
S & T Bancorp, Inc. .................. 1,760 40,810
Sandy Spring Bancorp, Inc. ........... 1,000 27,000
Seacoast Financial Services Corp. 2,600 26,487
Second Bancorp, Inc.* ................ 300 6,713
Shoreline Financial Corp. ............ 500 9,250
Silicon Valley Bancshares* ........... 1,300 64,350
Sky Financial Group, Inc. ............ 4,704 94,662
</TABLE>
157
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Southwest Bancorporation of
Texas, Inc.* ........................ 2,300 $ 45,569
Staten Island Bancorp, Inc. ........... 1,900 34,200
Sterling Bancshares, Inc., Texas ...... 2,350 26,291
Sterling Financial Corp. .............. 375 11,625
Susquehanna Bancshares, Inc. .......... 1,700 26,987
Telebanc Financial Corp.* ............. 1,800 46,800
Texas Regional Bancshares, Inc.,
Class A ............................. 1,200 34,800
Triangle Bancorp, Inc. ................ 1,900 36,812
Trust Co. of New Jersey ............... 1,400 32,025
Trustco Bank Corp. (New York) ......... 3,810 50,482
U.S. BANCORP, Inc. .................... 700 8,225
U.S.B. Holding Co., Inc. .............. 440 7,013
United Bankshares, Inc. ............... 2,000 47,750
United Community Financial ............ 3,000 29,812
United National Bancorp ............... 848 18,815
UST Corp. ............................. 2,900 92,075
W Holding Co., Inc. ................... 1,900 19,713
Washington Federal, Inc. .............. 4,200 82,950
WesBanco, Inc. ........................ 1,500 39,000
West Coast Bancorp (Oregon) ........... 1,452 19,602
Whitney Holding Corp. ................. 1,000 37,062
----------
3,422,500
----------
FINANCIAL SERVICES (2.7%)
Advanta Corp., Class A ................ 1,500 27,375
Advest Group, Inc. .................... 400 7,350
Affiliated Managers Group, Inc.* 1,700 68,744
Allied Capital Corp. .................. 4,500 82,406
AMCORE Finacial, Inc. ................. 2,300 55,200
AmeriCredit Corp.* .................... 4,400 81,400
Amresco, Inc.* ........................ 4,400 6,188
Arcadia Financial Ltd.* ............... 3,700 16,419
Bank United Corp., Class A ............ 2,400 65,400
BankAtlantic Bancorp, Inc.,
Class B ............................. 1,700 8,713
BOK Financial Corp.* .................. 521 10,526
Charter Municipal Mortgage
Acceptance Co. ...................... 2,200 25,850
Citizens Banking Corp. ................ 1,952 43,676
CompuCredit Corp.* .................... 200 7,700
Conning Corp. ......................... 700 5,775
ContiFinancial Corp.* ................. 1,500 352
Credit Acceptance Corp.* .............. 2,700 9,956
Creditrust Corp.* ..................... 1,100 8,456
Dain Rauscher Corp. ................... 900 41,850
Data Broadcasting Corp.* .............. 2,100 17,325
Doral Financial Corp. ................. 1,400 17,238
DVI, Inc.* ............................ 300 4,556
Eaton Vance Corp. ..................... 1,600 60,800
Enhance Financial Services
Group, Inc. ......................... 1,200 19,500
Fidelity Holdings, Inc.* .............. 700 13,256
Financial Federal Corp.* .............. 500 11,406
Finet.com, Inc.* ...................... 3,900 5,119
First Sierra Financial, Inc.* ......... 800 13,700
FNB Corp. ............................. 845 18,801
Freedom Securities Corp. .............. 800 9,000
Friedman, Billings, Ramsey
Group, Inc., Class A* ............... 1,000 7,875
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Imperial Credit Commercial
Mortgage Investment ................. 2,300 $ 26,162
Imperial Credit Industries, Inc.* ..... 2,500 15,625
Indymac Mortgage Holdings, Inc. 4,500 57,375
Investors Financial Services
Corp. ............................... 1,100 50,600
Jeffries Group, Inc. .................. 1,400 30,800
John Nuveen Co., Class A .............. 200 7,213
Medallion Financial Corp. ............. 1,000 17,937
Metris Cos., Inc. ..................... 2,200 78,512
Morgan Keegan, Inc. ................... 1,300 21,856
National Discount Brokers
Group, Inc.* ........................ 600 15,825
National Processing, Inc.* ............ 1,300 11,538
New Century Financial Corp.* .......... 1,000 15,750
Nextcard, Inc.* ....................... 300 8,663
Oakwood Homes Corp. ................... 4,500 14,344
Ocwen Financial Corp.* ................ 3,000 18,750
Oriental Financial Group, Inc. ........ 533 11,759
Phoenix Investment Partners Ltd. 2,100 17,063
Pioneer Group, Inc.* .................. 1,200 18,900
Queens County Bancorp, Inc. ........... 1,500 40,687
Raymond James Financial, Inc. ......... 2,600 48,587
Reliance Bancorp, Inc. ................ 800 27,600
Resource America, Inc., Class A 1,000 7,875
Resource Bankshares Mortgage
Group, Inc. ......................... 700 3,172
Siebert Financial Corp. ............... 300 4,425
Southwest Securities Group, Inc. 760 20,805
Student Loan Corp. .................... 500 24,937
Towne Services, Inc.* ................. 2,000 8,000
Track Data Corp.* ..................... 2,000 20,375
Triad Guaranty, Inc.* ................. 1,000 22,750
UMB Financial Corp. ................... 880 33,220
UniCapital Corp.* ..................... 2,400 8,850
United Asset Management Co. ........... 3,000 55,687
Webster Financial Corp. ............... 2,700 63,619
Westcorp .............................. 800 11,600
WFS Financial, Inc. ................... 500 10,563
----------
1,623,336
----------
INSURANCE (2.7%)
Acceptance Insurance Cos., Inc.* 500 2,906
Alfa Corp. ............................ 2,100 34,256
Alleghany Corp.* ...................... 300 55,650
American Annuity Group, Inc. .......... 700 12,600
AmerUs Life Holdings, Inc.,
Class A ............................. 1,300 29,900
Argonaut Group, Inc. .................. 800 15,900
Arthur J. Gallagher & Co. ............. 900 58,275
Baldwin & Lyons, Inc., Class B ........ 400 8,850
Brown & Brown, Inc. ................... 800 30,650
Chicago Title Corp. ................... 600 27,750
CNA Surety Corp. ...................... 900 11,700
Commerce Group, Inc. .................. 2,000 52,250
Delphi Financial Group, Inc.,
Class A* ............................ 642 19,260
E W Blanch Holdings, Inc. ............. 1,000 61,250
Farm Family Holdings, Inc.* ........... 500 21,125
FBL Financial Group, Inc.,
Class A ............................. 1,200 24,000
Fidelity National Financial, Inc. ..... 1,990 28,606
</TABLE>
158
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
First American Financial Corp. ....... 2,650 $ 32,959
Foremost Corp. of America ............ 900 25,538
FPIC Insurance Group, Inc.* .......... 900 15,019
Frontier Insurance Group, Inc. ....... 3,460 11,894
Harleysville Group, Inc. ............. 500 7,125
HCC Insurance Holdings, Inc. ......... 2,900 38,244
Hilb, Rogal & Hamilton Co. ........... 1,200 33,900
Horace Mann Educators Corp. .......... 2,600 51,025
HSB Group, Inc. ...................... 1,400 47,337
INspire Insurance Solutions, Inc.* 1,500 6,891
Kansas City Life Insurance
Company ............................ 600 20,250
LandAmerica Financial Group,
Inc. ............................... 700 12,863
Leucadia National Corp. .............. 1,900 43,937
Liberty Corp. ........................ 692 29,194
Liberty Financial Cos. ............... 300 6,881
Markel Corp.* ........................ 300 46,500
Medical Assurance, Inc.* ............. 1,680 35,595
Midland Co. .......................... 500 10,375
MMI Cos., Inc. ....................... 1,800 15,525
Mony Group, Inc. ..................... 2,600 75,887
Ohio Casualty Corp. .................. 4,800 77,100
Penn Treaty American Corp.* .......... 300 4,725
Philadelphia Consolidated
Holdings Corp.* .................... 1,000 14,500
Pico Holdings, Inc.* ................. 800 9,850
PMA Capital Corp., Class A ........... 700 13,913
Presidential Life Corp. .............. 1,900 34,912
Provident American Corp.* ............ 700 24,631
PXRE Corp. ........................... 500 6,500
Radian Group, Inc. ................... 2,286 109,156
Reliance Group Holdings, Inc. ........ 4,500 30,094
Risk Capital Holdings, Inc.* ......... 400 5,050
RLI Corp. ............................ 325 11,050
SCPIE Holdings, Inc. ................. 1,000 32,125
Selective Insurance Group, Inc. ...... 1,900 32,656
StanCorp Financial Group, Inc. ....... 1,100 27,706
Stewart Information Services
Corp. .............................. 800 10,650
Superior National Insurance* ......... 1,700 12,856
Trenwick Group, Inc. ................. 700 11,856
UICI* ................................ 1,800 19,013
United Fire & Casualty Co. ........... 300 6,788
W.R. Berkley Corp. ................... 900 18,788
White Mountains Insurance
Group, Inc. ........................ 200 24,100
----------
1,599,886
----------
MORTGAGE RELATED (0.0%)
Federal Agricultural Mortgage
Corp., Class C* .................... 300 6,056
----------
REAL ESTATE (4.7%)
Alexanders, Inc.* .................... 100 7,900
Alexandria Real Estate Equities,
Inc. ............................... 600 19,088
AMLI Residential Properties
Trust .............................. 600 12,113
Bedford Property Investors, Inc. ..... 900 15,356
Boykin Lodging Trust, Inc. ........... 800 8,750
Bradley Real Estate, Inc. ............ 1,100 19,181
Brandywine Realty Trust .............. 1,600 26,200
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
BRE Properties, Class A .............. 3,400 $ 77,137
Burnham Pacific Properties, Inc. ..... 1,300 12,188
Cabot Industrial Trust ............... 2,700 49,612
Camden Property Trust ................ 3,000 82,125
Capital Automotive ................... 1,900 23,156
Capstead Mortgage Corp. .............. 2,800 11,725
CB Richard Ellis Services, Inc.* ..... 900 11,138
CBL & Associates Properties,
Inc. ............................... 1,000 20,625
CenterPoint Properties Corp. ......... 1,500 53,812
Chateau Communications, Inc. ......... 1,500 38,906
Chelsea GCA Realty, Inc. ............. 1,200 35,700
Choice Hotels International,
Inc.* .............................. 2,700 46,237
Colonial Properties Trust ............ 1,200 27,825
Commercial Net Lease Realty .......... 1,400 13,913
Cornerstone Realty Income
Trust, Inc. ........................ 2,300 22,425
Cousins Properties, Inc. ............. 1,100 37,331
D.R. Horton, Inc. .................... 2,600 35,912
Developers Diversified Realty
Corp. .............................. 2,700 34,762
EastGroup Properties, Inc. ........... 1,600 29,600
Entertainment Properties Trust ....... 100 1,319
Equity Inns, Inc. .................... 2,000 13,500
Essex Property Trust, Inc. ........... 700 23,800
Federal Realty Investment Trust ...... 2,900 54,556
First Industrial Realty Trust, Inc. 2,800 76,825
Forest City Enterprises, Inc.,
Class A ............................ 700 19,600
Gables Residential Trust ............. 1,900 45,600
Getty Realty Corp. ................... 1,100 12,306
Glenborough Realty Trust, Inc. ....... 2,800 37,450
Glimcher Realty Trust ................ 1,100 14,163
Great Lakes REIT, Inc. ............... 900 12,938
Health Care Property Investors,
Inc. ............................... 3,258 77,785
Health Care REIT, Inc. ............... 1,200 18,150
Healthcare Realty Trust, Inc. ........ 2,896 45,250
Home Properties of New York,
Inc. ............................... 700 19,206
Hospitality Properties Trust ......... 3,900 74,344
Innkeepers USA Trust ................. 1,700 13,919
Insignia Financial Group, Inc. ....... 833 7,237
IRT Property Co. ..................... 3,500 27,344
JDN Realty Corp. ..................... 1,450 23,381
Jones Lang Lasalle, Inc.* ............ 1,400 16,625
JP Realty, Inc. ...................... 600 9,375
Kilroy Realty Corp. .................. 2,500 55,000
Koger Equity, Inc. ................... 900 15,188
Lennar Corp. ......................... 3,500 56,875
LNR Property Corp. ................... 1,200 23,850
LTC Properties, Inc. ................. 900 7,594
Macerich Co. ......................... 1,400 29,137
Manufactured Home
Communities, Inc. .................. 1,600 38,900
MGI Properties, Inc. ................. 1,000 5,250
Mid America Apartment
Communities, Inc. .................. 800 18,100
National Health Investors, Inc. ...... 1,800 26,775
Nationwide Health Properties,
Inc. ............................... 2,100 28,875
</TABLE>
159
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
NVR, Inc.* ........................... 500 $ 23,875
OMEGA Healthcare Investors ........... 1,500 19,031
Pacific Gulf Properties, Inc. ........ 700 14,175
Pan Pacific Retail Pptys, Inc. ....... 400 6,525
Parkway Properties, Inc. ............. 600 17,288
Penn Real Estate Invest .............. 1,200 17,475
Prentiss Properties Trust ............ 1,700 35,700
Prime Group Realty Trust ............. 500 7,594
Prime Retail, Inc. ................... 3,700 20,813
PS Business Parks, Inc., Class A ..... 1,600 36,400
Realty Income Corp. .................. 1,900 39,187
Reckson Associates Realty ............ 2,600 53,300
Redwood Trust, Inc. .................. 800 10,000
Regency Realty Corp. ................. 1,600 32,000
RFS Hotel Investors, Inc. ............ 1,600 16,700
Ryland Group, Inc. ................... 1,300 29,981
Security Capital Group, Inc.,
Class B* ........................... 2,900 36,250
Shurgard Storage Centers,
Class A ............................ 2,000 46,375
SL Green Realty Corp. ................ 1,000 21,750
Smith (Charles E.) Residential
Realty ............................. 1,500 53,062
Sovran Self Storage, Inc. ............ 1,200 22,725
Starwood Financial, Inc. ............. 3,962 67,102
Storage USA, Inc. .................... 1,600 48,400
Summit Properties, Inc. .............. 2,100 37,537
Sun Communities, Inc. ................ 1,300 41,844
Taubman Center, Inc. ................. 3,200 34,400
Thornberg Mortgage Asset Corp. 1,000 8,250
Town & Country Trust ................. 1,700 30,494
Trammell Crow Co.* ................... 1,000 11,625
U.S. Restaurant Properties, Inc. ..... 800 11,450
United Dominion Realty Trust,
Inc. ............................... 6,300 62,212
Urban Shopping Centers, Inc. ......... 900 24,413
Ventas, Inc. ......................... 2,500 10,469
Walden Residential Properties,
Inc. ............................... 1,200 25,950
Washington Real Estate
Investment Trust ................... 2,800 42,000
Weingarten Realty Investors .......... 1,800 70,087
Wellsford Real Properties* ........... 1,100 9,350
Western Properties Trust ............. 1,500 14,344
Westfield America, Inc. .............. 1,200 14,775
----------
2,847,842
----------
UTILITY--ELECTRIC (1.3%)
Avista Corp. ......................... 1,800 27,788
Black Hills Corp. .................... 950 21,078
CH Energy Group, Inc.* ............... 800 26,400
Cleco Corp. .......................... 1,900 60,919
CMP Group, Inc. ...................... 1,700 46,856
Eastern Utilities Associates ......... 1,500 45,469
El Paso Electric Co.* ................ 4,800 47,100
Empire District Electric Co. ......... 800 18,100
Hawaiin Electronics Industries,
Inc. ............................... 2,400 69,300
Idacorp, Inc. ........................ 2,900 77,756
Northwestern Corp. ................... 1,700 37,400
Otter Tail Power Co. ................. 400 15,000
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Public Service Co. of New
Mexico, Inc. ....................... 2,200 $ 35,750
RGS Energy Group, Inc. ............... 2,500 51,406
SIGCORP, Inc. ........................ 1,700 38,675
UniSource Energy Corp.* .............. 1,600 17,900
United Illuminating Co. .............. 700 35,963
United Water Resources, Inc. ......... 1,900 64,956
WPS Resources Corp. .................. 1,800 45,225
----------
783,041
----------
UTILITY--GAS (1.1%)
AGL Resources, Inc. .................. 4,100 69,700
Atmos Energy Corp. ................... 1,900 38,831
Connecticut Energy Corp. ............. 600 23,325
CTG Resources, Inc. .................. 200 6,950
Energen Corp. ........................ 1,200 21,675
Indiana Energy, Inc. ................. 2,033 36,086
Laclede Gas Co. ...................... 900 19,463
Madison Gas & Electric Co. ........... 700 14,088
New Jersey Resources Corp. ........... 800 31,250
Northwest Natural Gas Co. ............ 1,500 32,906
NUI Corp. ............................ 1,100 29,013
Piedmont Natural Gas Co. ............. 2,100 63,525
Public Service Co. of North
Carolina, Inc. ..................... 1,400 45,237
SEMCO Energy, Inc. ................... 420 4,961
South Jersey Industries .............. 400 11,375
Southern Union Co.* .................. 2,908 55,615
Southwest Gas Corp. .................. 1,300 29,900
UGI Corp. ............................ 1,500 30,656
Washington Gas Light Co. ............. 3,200 88,000
----------
652,556
----------
UTILITY--TELEPHONE (0.5%)
e.spire Communications, Inc.* ........ 2,900 16,856
Intermedia Communications, Inc. 2,800 108,675
Sierra Pacific Resources ............. 5,744 99,443
Viatel, Inc.* ........................ 911 48,853
----------
273,827
----------
TOTAL CREDIT SENSITIVE ............. 11,209,044
----------
DIVERSIFIED (1.4%)
MISCELLANEOUS (1.4%)
AMCOL International Corp. ............ 2,000 32,250
AptarGroup, Inc. ..................... 1,900 47,737
Blount International, Inc.* .......... 1,462 23,301
Brush Wellman, Inc. .................. 800 13,450
Central Parking Corp. ................ 1,300 24,862
DBT Online, Inc. ..................... 800 19,500
Dexter Corp. ......................... 1,800 71,550
Federal Signal Corp. ................. 3,200 51,400
Gentek Ink ........................... 500 5,219
Harsco Corp. ......................... 2,700 85,725
Justin Industries, Inc. .............. 700 10,413
Matthews International Corp.,
Class A ............................ 1,200 33,000
Myers Industries, Inc. ............... 1,210 19,058
National Golf Properties, Inc. ....... 1,000 19,750
Olin Corp. ........................... 2,900 57,456
Quanta Services, Inc.* ............... 1,800 50,850
Roper Industries, Inc. ............... 1,600 60,500
SPS Technologies, Inc.* .............. 1,000 31,937
</TABLE>
160
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Standex International Corp. .......... 1,000 $ 20,937
Tredegar Industries, Inc. ............ 1,300 26,894
Triarc Cos.* ......................... 1,375 25,266
Trinity Industries ................... 2,900 82,469
----------
TOTAL DIVERSIFIED .................. 813,524
----------
ENERGY (3.0%)
COAL & GAS PIPELINES (0.5%)
Arch Coal, Inc. ...................... 900 10,181
Consol Energy, Inc. .................. 1,900 19,238
Eastern Enterprises .................. 1,800 103,387
Equitable Resourses, Inc. ............ 2,300 76,762
Nuevo Energy Co.* .................... 1,200 22,500
Southwestern Energy Co. .............. 1,200 7,875
TransMontaigne Oil Co.* .............. 2,100 14,700
Western Gas Resources, Inc. .......... 1,200 15,825
Yankee Energy System, Inc. ........... 600 26,363
----------
296,831
----------
OIL--DOMESTIC (0.8%)
Barrett Resources Corp.* ............. 1,800 52,987
Basin Exploration, Inc.* ............. 1,300 22,913
Berry Petroleum, Class A ............. 800 12,100
Cabot Oil & Gas Corp., Class A 1,100 17,669
Chesapeake Energy Corp.* ............. 5,590 13,276
Cross Timbers Oil Co. ................ 2,700 24,469
EEX Corp.* ........................... 3,266 9,594
Houston Exploration Co.* ............. 600 11,888
Kaufman and Broad Home Corp. 3,400 82,237
Key Energy Group, Inc.* .............. 5,800 30,088
Louis Dreyfus Natural Gas
Corp.* ............................. 900 16,313
Meridian Resource Corp.* ............. 2,500 7,656
Plains Resources, Inc.* .............. 1,100 13,750
Pogo Producing Co. ................... 2,300 47,150
St. Mary Land and Exploration
Co. ................................ 700 17,325
Stone Energy Corp.* .................. 1,300 46,312
Tom Brown, Inc.* ..................... 2,000 26,750
Vintage Petroleum, Inc.* ............. 2,500 30,156
----------
482,633
----------
OIL--INTERNATIONAL (0.2%)
Newfield Exploration Co.* ............ 2,100 56,175
Seacor Holdings, Inc.* ............... 900 46,575
----------
102,750
----------
OIL--SUPPLIES & CONSTRUCTION (1.5%)
Atwood Oceanics, Inc.* ............... 500 19,313
Belco Oil & Gas Corp.* ............... 800 4,400
Cal Dive International, Inc.* ........ 400 13,250
CARBO Ceramics, Inc. ................. 300 6,563
Dril-Quip, Inc.* ..................... 700 21,262
Evergreen Resources, Inc.* ........... 1,200 23,700
Forest Oil Corp.* .................... 2,000 26,375
Friede Goldman International,
Inc.* .............................. 1,498 10,392
Global Industries Ltd.* .............. 4,800 41,400
Grey Wolf, Inc.* ..................... 10,000 28,750
Hanover Compressor Co.* .............. 1,600 60,400
Harken Energy Corp.* ................. 6,500 4,875
Helmerich & Payne, Inc. .............. 3,500 76,344
HS Resources, Inc.* .................. 1,400 24,150
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Input/Output, Inc.* .................. 3,600 $ 18,225
Marine Drilling Co., Inc.* ........... 3,000 67,312
McMoran Exploration Co.* ............. 1,100 23,237
Mitchell Energy & Development
Corp., Class A ..................... 900 19,856
Newpark Resources, Inc.* ............. 5,500 33,687
Oceaneering International, Inc.* ..... 1,700 25,394
Offshore Logistics, Inc.* ............ 1,700 15,938
Parker Drilling Co.* ................. 4,600 14,663
Patterson Energy, Inc.* .............. 1,600 20,800
Pioneer Natural Resources Co.* ....... 5,200 46,475
Swift Energy Co.* .................... 1,200 13,800
Syntroleum Corp.* .................... 1,100 8,938
Tesoro Petroleum Corp.* .............. 2,300 26,594
Tuboscope, Inc.* ..................... 1,300 20,638
UTI Energy Corp.* .................... 1,000 23,062
Valero Energy Corp. .................. 3,400 67,575
Varco International, Inc.* ........... 3,900 39,731
WICOR, Inc. .......................... 2,600 75,887
----------
922,986
----------
RAILROADS (0.0%)
ABC-NACO Inc.* ....................... 500 4,125
----------
TOTAL ENERGY ....................... 1,809,325
----------
TECHNOLOGY (28.0%)
COMPUTER HARDWARE (0.4%)
Advanced Digital Information
Corp.* ............................. 1,100 53,487
Brooktrout, Inc.* .................... 1,000 18,563
Computer Network Technology
Corp.* ............................. 1,300 29,819
Digital River, Inc.* ................. 800 26,650
Iomega Corp.* ........................ 15,100 50,962
Maxtor Corp.* ........................ 2,900 21,025
Mercury Computer Systems,
Inc.* .............................. 1,400 49,000
Systemax, Inc.* ...................... 1,600 13,600
----------
263,106
----------
COMPUTER SOFTWARE (8.2%)
24/7 Media, Inc.* .................... 800 45,000
Actuate Corp.* ....................... 1,600 68,600
Advent Software, Inc.* ............... 850 54,772
Allaire Corp.* ....................... 400 58,000
American Management Systems,
Inc.* .............................. 2,300 72,162
Applied Theory Corp.* ................ 600 16,650
Ardent Software, Inc.* ............... 1,100 42,900
Ashton Technology Group, Inc.* 1,800 11,588
Aspect Development, Inc.* ............ 1,300 89,050
Aspen Technologies, Inc.* ............ 1,300 34,369
Avant! Corp.* ........................ 1,600 24,000
Banyan Systems, Inc.* ................ 1,800 36,000
Best Software, Inc.* ................. 200 5,900
BindView Development Corp.* .......... 900 44,719
Bottomline Technologies, Inc.* ....... 600 21,600
Brio Technology, Inc.* ............... 700 29,400
CAIS Internet, Inc.* ................. 800 28,400
Catapult Communications Corp.* 600 5,963
Clarify, Inc.* ....................... 1,200 151,200
Cognizant Technology Solutions
Corp.* ............................. 300 32,794
</TABLE>
161
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Concentric Network Corp.* .......... 2,300 $ 70,869
Concur Technologies, Inc.* ......... 700 20,300
Cybercash, Inc.* ................... 1,100 10,175
Earthweb, Inc.* .................... 500 25,156
Echelon Corp.* ..................... 1,500 29,344
eFax.com, Inc.* .................... 1,000 7,219
Excalibur Technologies Corp.* ...... 1,000 20,625
Exchange Applications, Inc.* ....... 700 39,113
Flashnet Communications, Inc.* ..... 1,000 6,188
Go2net, Inc.* ...................... 1,200 104,400
Harbinger Corp.* ................... 2,200 69,987
HNC Software, Inc.* ................ 1,400 148,050
Hyperion Solutions Corp.* .......... 1,780 77,430
IMRglobal Corp.* ................... 900 11,306
InfoCure Corp.* .................... 1,700 53,019
Informatica Corp.* ................. 500 53,187
Informix Corp.* .................... 11,000 125,125
infoUSA, Inc.* ..................... 2,000 27,875
InterVU, Inc.* ..................... 600 63,000
Intraware, Inc.* ................... 1,000 79,937
ISS Group, Inc.* ................... 1,300 92,462
iTurf, Inc.* ....................... 600 7,463
iVillage, Inc.* .................... 600 12,150
JDA Software Group, Inc.* .......... 1,550 25,381
Juno Online Services, Inc.* ........ 600 21,300
Learn2.com, Inc.* .................. 3,200 10,500
Manugistics Group, Inc.* ........... 1,300 42,006
MapQuest.com, Inc.* ................ 700 15,794
Media Metrix, Inc.* ................ 300 10,725
Mercury Interactive Corp.* ......... 2,300 248,256
Micromuse, Inc.* ................... 600 102,000
MicroStrategy, Inc.* ............... 2,300 483,000
Neon Systems, Inc.* ................ 600 23,550
Net Perceptions, Inc* .............. 500 21,000
Netobjects, Inc.* .................. 700 11,550
Netopia, Inc.* ..................... 400 21,725
Network Peripherals, Inc.* ......... 900 42,525
Nvidia Corp.* ...................... 1,000 46,937
OneMain.com, Inc.* ................. 1,400 21,000
Open Market, Inc.* ................. 1,700 76,712
Peregrine Systems, Inc.* ........... 1,400 117,862
Pervasive Software, Inc.* .......... 1,200 20,325
Policy Management Systems
Corp.* ........................... 2,500 63,906
Private Business, Inc.* ............ 1,600 7,700
Proxicom, Inc.* .................... 600 74,587
PSINet, Inc.* ...................... 153 9,448
RadiSys Corp.* ..................... 450 22,950
Rare Medium Group, Inc.* ........... 1,900 64,837
RSA Security, Inc.* ................ 2,100 162,750
Saga Systems, Inc.* ................ 1,600 31,900
Sagent Technology, Inc.* ........... 600 17,963
Saleslogix Corp.* .................. 400 16,425
Santa Cruz Operation, Inc.* ........ 1,300 39,487
S1 Corp.* .......................... 1,997 156,016
Serena Software, Inc.* ............. 300 9,281
Silknet Software, Inc.* ............ 200 33,150
Softnet Systems, Inc.* ............. 1,100 27,638
Spyglass, Inc.* .................... 1,000 37,922
SVI Holdings, Inc.* ................ 1,100 13,200
TeleScan, Inc.* .................... 900 22,219
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
TheStreet.com, Inc.* ............... 500 $ 9,594
THQ, Inc.* ......................... 1,200 27,825
TSI International Software Ltd.* 900 50,962
USinternetworking, Inc.* ........... 900 62,887
Vantive Corp.* ..................... 1,900 34,438
Verity, Inc.* ...................... 1,600 68,100
VerticalNet, Inc.* ................. 2,000 328,000
Wave Systems Corp., Class A* ....... 2,150 25,666
WebTrends Corp.* ................... 400 32,400
Western Digital Corp.* ............. 4,300 18,006
WorldGate Communications,
Inc.* ............................ 600 28,538
Zixit Corp.* ....................... 1,000 39,625
----------
4,927,015
----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (6.2%)
Adaptive Broadband Corp.* .......... 1,000 73,813
Adelphia Business Solutions,
Inc., Class A* ................... 1,000 48,000
Advanced Fibre
Communications, Inc.* ............ 4,200 187,687
Advanced Communications
Group, Inc.* ..................... 1,000 13,625
Advanced Radio Telecom Corp.* 1,100 26,400
Aerial Communications, Inc.* ....... 1,000 60,875
Allen Telecom, Inc.* ............... 2,000 23,125
Alliant Techsystems, Inc.* ......... 631 39,319
Alpine Group, Inc.* ................ 800 10,300
American Mobile Satellite Corp.* 1,200 25,275
Andrew Corp.* ...................... 4,600 87,112
ANTEC Corp.* ....................... 1,500 54,750
Ascent Entertainment Group,
Inc.* ............................ 2,300 29,181
Aspect Communications* ............. 2,700 105,637
AVT Corp.* ......................... 800 37,600
Aware, Inc.* ....................... 800 29,100
AXENT Technologies, Inc.* .......... 1,900 39,900
Black Box Corp.* ................... 1,300 87,100
C-COR.net Corp.* ................... 500 38,313
Caprock Communications Corp.* 1,900 61,631
Carrier Access Corp.* .............. 600 40,388
CellNet Data Systems, Inc.* ........ 1,900 2,138
CFW Communications Co. ............. 600 20,850
Com21, Inc.* ....................... 900 20,194
Commonwealth Telephone
Enterprises, Inc.* ............... 800 42,300
CommScope, Inc.* ................... 2,700 108,844
CoreComm Ltd.* ..................... 600 35,625
CT Communications, Inc. ............ 500 28,000
CTC Communications Corp.* .......... 700 27,311
Digital Microwave Corp.* ........... 3,500 82,031
Electric Lightwave, Inc.,
Class A* ......................... 900 16,875
eLOT, Inc.* ........................ 5,000 27,188
General Communications, Inc.,
Class A* ......................... 2,500 10,938
Genesys Telecom Labs, Inc.* ........ 500 27,000
Glenayre Technologies, Inc.* ....... 4,500 50,906
Harmonic, Inc.* .................... 1,600 151,900
ICG Communications, Inc. ........... 2,500 46,875
IDT Corp.* ......................... 1,000 18,875
</TABLE>
162
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Inet Technologies, Inc.* ............ 200 $ 13,975
Inter-Tel, Inc. ..................... 1,500 37,500
InterDigital Communications
Corp.* ............................ 3,500 262,500
International Fibercom, Inc.* ....... 2,200 17,325
IPC Information Systems, Inc.* ...... 500 35,500
ITC DeltaCom, Inc.* ................. 3,000 82,875
KEMET Corp.* ........................ 2,400 108,150
Leap Wireless Int'l, Inc.* .......... 1,100 86,350
MasTec, Inc.* ....................... 1,300 57,850
Metro Information Services, Inc.* 300 7,200
MGC Communications, Inc.* ........... 1,100 55,825
MRV Communications, Inc.* ........... 1,500 94,312
Network Equipment
Technologies, Inc.* ............... 1,000 11,813
North Pittsburgh Systems, Inc. ...... 500 7,375
Northeast Optic Network, Inc.* ...... 400 25,025
Pacific Gateway Exchange, Inc.* ..... 600 10,238
Paging Network, Inc.* ............... 3,300 2,681
PairGain Technologies, Inc.* ........ 3,800 53,913
PictureTel Corp.* ................... 2,000 8,625
Pinnacle Holdings, Inc.* ............ 1,600 67,800
Plantronics, Inc.* .................. 900 64,406
Polycom, Inc.* ...................... 1,200 76,425
Powertel, Inc.* ..................... 1,500 150,562
Premiere Technologies, Inc.* ........ 2,600 18,200
Primus Telecommunications
Group, Inc.* ...................... 1,300 49,725
Prism Financial Corp.* .............. 600 3,375
Proxim, Inc.* ....................... 800 88,000
Star Telecommunications, Inc.* ...... 1,700 13,441
Superior TeleCom, Inc. .............. 481 7,425
TALK.com, Inc.* ..................... 2,300 40,825
Tekelec* ............................ 1,500 33,750
Terayon Communication
Systems* .......................... 900 56,531
TUT Systems, Inc.* .................. 800 42,900
US Lec Corp.* ....................... 900 29,025
WebLink Wireless, Inc.* ............. 2,700 41,850
West TeleServices Corp.* ............ 1,100 26,881
Westell Technologies, Inc.* ......... 1,500 16,125
World Access, Inc.* ................. 3,000 57,750
----------
3,701,009
----------
ELECTRONICS (7.7%)
Aavid Thermal Technologies,
Inc.* ............................. 700 17,194
Acclaim Entertainment, Inc.* ........ 3,300 16,913
ACE Ltd.* ........................... 650 10,847
Actel Corp.* ........................ 900 21,600
Activision, Inc.* ................... 1,900 29,094
ACX Technologies, Inc.* ............. 700 7,481
AFC Cable Systems, Inc.* ............ 400 15,550
Alliance Semiconductor Corp.* ....... 1,600 26,700
Alpha Industries, Inc.* ............. 1,000 57,312
American Superconductor Corp.* 1,200 33,600
American Xtal Technology, Inc.* 1,200 20,925
Amkor Technology, Inc.* ............. 4,700 132,775
Amphenol Corp., Class A* ............ 1,100 73,219
AMTI, Inc.* ......................... 1,300 42,981
Anacomp, Inc.* ...................... 600 10,913
Anadigics, Inc.* .................... 1,100 51,906
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Analogic Corp. ...................... 200 $ 6,600
Ancor Communications, Inc.* ......... 1,600 108,600
Anicom, Inc.* ....................... 1,300 5,525
Anixter International, Inc.* ........ 1,600 33,000
APEX, Inc.* ......................... 1,300 41,925
Arguss Holdings, Inc.* .............. 1,000 13,000
Artesyn Technologies, Inc.* ......... 1,700 35,700
Avid Technology, Inc.* .............. 1,000 13,063
BARRA, Inc.* ........................ 700 22,225
Burr-Brown Corp.* ................... 2,475 89,409
C & D Technology, Inc. .............. 500 21,250
C-Cube Microsystems, Inc.* .......... 2,300 143,175
Cable Design Technologies* .......... 1,600 36,800
Checkpoint Systems, Inc.* ........... 1,500 15,281
CHS Electronics, Inc.* .............. 3,400 3,825
Ciber, Inc.* ........................ 2,500 68,750
Cirrus Logic, Inc.* ................. 3,700 49,256
Cohu, Inc. .......................... 1,500 46,500
CompuCom Systems, Inc. .............. 4,500 18,563
Computer Task Group, Inc. ........... 700 10,369
Cree Research, Inc.* ................ 1,400 119,525
CTS Corp. ........................... 1,800 135,675
Cubic Corp. ......................... 200 4,375
Data Transmission Network
Corp.* ............................ 800 13,800
DII Group, Inc.* .................... 1,700 120,647
DSP Group, Inc.* .................... 800 74,400
Dupont Photomasks, Inc.* ............ 300 14,475
Electro Scientific Industries, Inc.* 700 51,100
Emcore Corp.* ....................... 400 13,600
Emulex Corp.* ....................... 1,900 213,750
Epicor Software Corp.* .............. 2,035 10,302
ESS Technology, Inc.* ............... 1,600 35,500
Etec Systems, Inc.* ................. 1,400 62,825
Exar Corp.* ......................... 700 41,213
FactSet Research Systems, Inc. ...... 700 55,737
FSI International, Inc.* ............ 1,800 20,700
General Cable Corp. ................. 1,450 10,966
GenRad, Inc.* ....................... 1,200 19,350
Gerber Scientific, Inc. ............. 1,500 32,906
Hadco Corp.* ........................ 900 45,900
Helix Technology Corp. .............. 1,400 62,737
hi/fn, Inc.* ........................ 300 11,625
Identix Corp.* ...................... 1,700 15,406
Information Resourses, Inc.* ........ 2,200 20,350
Innovex, Inc. ....................... 1,400 13,125
Integrated Device Technology,
Inc.* ............................. 4,800 139,200
Integrated Systems, Inc.* ........... 1,300 43,631
Intergraph Corp.* ................... 2,100 9,844
International Rectifer Corp.* ....... 2,900 75,400
Intervoice, Inc.* ................... 1,900 44,175
Iti Technologies* ................... 300 9,000
Jack Henry & Associates, Inc. ....... 1,000 53,687
Kent Electronics Corp.* ............. 1,400 31,850
Kopin Corp.* ........................ 1,600 67,200
Lattice Semiconductor Corp.* ........ 2,600 122,525
LTX Corp.* .......................... 2,300 51,462
Maxwell Technologies, Inc.* ......... 800 8,000
Mechanical Technology Inc.* ......... 600 13,950
MEMC Electronic Materials,
Inc.* ............................. 1,600 19,600
</TABLE>
163
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Micrel, Inc.* ...................... 1,700 $ 96,794
MIPS Technologies, Inc.* ........... 800 41,600
Molecular Devices Corp.* ........... 500 26,000
MTS Systems Corp. .................. 800 6,200
National Instruments Corp.* ........ 1,800 68,850
Navarre Corp.* ..................... 1,100 6,325
NeoMagic Corp.* .................... 2,000 21,875
Oak Industries, Inc.* .............. 1,100 116,737
Optical Cable Corp.* ............... 500 10,000
Optical Coating Laboratories ....... 700 207,200
P-Com, Inc.* ....................... 3,600 31,838
Paxar Corp.* ....................... 3,200 27,000
PerkinElmer, Inc.* ................. 3,100 129,231
Photronics, Inc.* .................. 1,400 40,075
Pittway Corp., Class A ............. 1,900 85,144
PLX Technology, Inc.* .............. 600 11,363
Protection One, Inc.* .............. 3,600 6,975
Read-Rite Corp.* ................... 2,800 13,300
Rogers Corp.* ...................... 300 11,475
S3, Inc.* .......................... 3,900 45,094
Sanchez Computer Associates* ....... 700 28,831
System Software Associates, Inc.* 150 300
Tektronix, Inc. .................... 2,400 93,300
TherMedics, Inc.* .................. 900 4,894
Transaction Systems Architechs,
Inc., Class A* ................... 1,700 47,600
Trimble Navigation Ltd.* ........... 1,600 34,600
Valence Technology, Inc.* .......... 1,600 30,400
Varian Semiconductor
Equipment Associates, Inc.* ...... 2,000 68,000
Varian, Inc.* ...................... 2,000 45,000
----------
4,617,340
----------
OFFICE EQUIPMENT (2.0%)
3Dfx Interactive, Inc.* ............ 1,800 17,662
ACT Networks, Inc.* ................ 1,200 11,175
American Business Products, Inc. 800 9,350
Auspex Systems, Inc.* .............. 1,300 13,325
Bell & Howell Co.* ................. 800 25,450
Boise Cascade Office Products* ..... 700 10,500
Cybex Computer Products
Corp.* ........................... 500 20,250
FilNET Corp.* ...................... 2,200 56,100
GT Interactive Software Corp.* ..... 2,200 3,644
Hutchinson Technology, Inc.* ....... 1,600 34,000
InFocus Systems, Inc.* ............. 1,500 34,781
John H. Harland Co. ................ 2,000 36,625
Kronos, Inc.* ...................... 950 57,000
Mastech Corp.* ..................... 1,900 47,025
Micron Electronics, Inc.* .......... 2,000 22,250
MICROS Systems, Inc.* .............. 1,100 81,400
National Computer Systems, Inc. 2,200 82,775
New England Business Services,
Inc. ............................. 1,000 24,437
Pinnacle Systems, Inc.* ............ 1,300 52,894
Sandisk Corp.* ..................... 1,200 115,500
Technitrol, Inc. ................... 700 31,150
Triumph Group, Inc.* ............... 900 21,769
United Stationers, Inc.* ........... 2,300 65,694
Visio Corp.* ....................... 1,500 71,250
WH Brady Co. ....................... 1,500 50,906
Wind River Systems* ................ 2,100 77,175
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Xircom, Inc.* ...................... 1,500 $ 112,500
----------
1,186,587
----------
OFFICE EQUIPMENT SERVICES (2.8%)
Advantage Learning Systems,
Inc.* ............................ 400 4,475
BroadVision, Inc.* ................. 3,300 561,206
ChoicePoint, Inc.* ................. 1,600 66,200
Complete Business Solutions,
Inc.* ............................ 1,200 30,150
Concurrent Computer Corp. .......... 3,000 56,062
Datastream Systems, Inc.* .......... 1,200 29,475
Engineering Animation, Inc.* ....... 900 7,875
Entrust Technologies, Inc.* ........ 900 53,944
Fair Issac & Co., Inc. ............. 400 21,200
Florida East Coast Industries,
Inc. ............................. 1,600 66,800
Globix Corp.* ...................... 800 48,000
Great Plains Software, Inc.* ....... 700 52,325
Hypercom Corp. ..................... 600 6,000
Komag, Inc.* ....................... 3,100 9,688
Manhattan Associates, Inc.* ........ 1,100 8,113
MAPICS, Inc.* ...................... 1,700 21,462
MTI Technology Corp.* .............. 1,800 66,375
Phoenix Technologies Ltd.* ......... 1,900 30,044
Progress Software Corp.* ........... 1,150 65,262
Project Software &
Development, Inc.* ............... 800 44,400
PubliCard, Inc.* ................... 1,400 9,188
QRS Corp.* ......................... 600 63,000
QuadraMed, Corp.* .................. 1,700 14,822
Radiant Systems, Inc.* ............. 900 36,169
Remedy Corp.* ...................... 1,400 66,325
RWD Technologies, Inc.* ............ 300 3,113
Schawk, Inc. ....................... 1,500 12,750
SportsLine.com, Inc.* .............. 1,000 50,125
Standard Register Co. .............. 1,100 21,312
Structural Dynamics Research* ...... 2,700 34,425
Sykes Enterprises, Inc.* ........... 1,300 57,037
Syntel, Inc.* ...................... 700 11,331
Systems & Computer Tech
Corp.* ........................... 1,900 30,875
Tyler Technologies, Inc.* .......... 1,000 5,500
Wavo Corp.* ........................ 1,200 4,650
----------
1,669,678
----------
WIRELESS TELECOMMUNICATION
SERVICES (0.7%)
CommNet Cellular, Inc.* ............ 1,100 35,338
Metricom, Inc.* .................... 600 47,175
Omnipoint Corp.* ................... 1,800 217,125
Price Communications Corp.* ........ 3,040 84,550
----------
384,188
----------
TOTAL TECHNOLOGY ................. 16,748,923
----------
TOTAL COMMON STOCKS (96.8%)
(Cost $52,074,901) ............... 57,984,846
----------
PREFERRED STOCK:
CONSUMER NON-CYCLICALS (0.0%)
HOSPITAL SUPPLIES & SERVICES (0.0%)
Mediq, Inc. 13.00%, Class A*
(Cost $0) ........................ 22 33
----------
</TABLE>
164
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (0.0%)
Chase Nassau
3.48%, 1/3/00 ....................... $ 15,667 $ 15,667
-------------
U.S. GOVERNMENT (3.0%)
U.S. Treasury Bills
1/13/00 ............................. 180,000 179,747
1/20/00 ............................. 562,000 560,663
2/24/00 ............................. 114,000 113,180
3/23/00 ............................. 831,000 821,637
4/6/00+ ............................. 105,000 103,566
-------------
TOTAL U.S. GOVERNMENT ............... 1,778,793
-------------
TOTAL SHORT-TERM
DEBT SECURITIES (3.0%)
(Amortized Cost $1,794,460) ......... 1,794,460
-------------
TOTAL INVESTMENTS (99.8%)
(Cost/Amortized Cost
$53,869,361) ........................ 59,779,339
OTHER ASSETS
LESS LIABILITIES (0.2%) ............. 151,575
-------------
NET ASSETS (100%) ..................... $ 59,930,914
=============
</TABLE>
- ---------------------
* Non-income producing.
+ All, or a portion of securities held by broker as collateral for
financial futures contracts.
165
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
At December 31, 1999, the Portfolio had the following futures contracts open:
(Note 1)
<TABLE>
<CAPTION>
NUMBER
OF EXPIRATION ORIGINAL VALUE AT UNREALIZED
PURCHASES: CONTRACTS DATE VALUE 12/31/99 APPRECIATION
- ----------------------- ----------- ------------ ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
S&P 500 Index......... 5 March '00 $1,832,783 $1,855,250 $22,467
=======
</TABLE>
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities .......... $41,559,472
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .......... 24,159,003
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation.......... $ 13,106,945
Aggregate gross unrealized depreciation.......... (7,850,073)
------------
Net unrealized appreciation ..................... $ 5,256,872
============
Federal income tax cost of investments .......... $ 54,522,467
============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$5,816,678 which was secured by collateral valued at $5,954,593 of which
$487,087 was in the form of U.S. Government securities.
See Notes to Financial Statements.
166
<PAGE>
EQ ADVISORS TRUST
CALVERT SOCIALLY RESPONSIBLE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BUSINESS SERVICES (3.9%)
PROFESSIONAL SERVICES (3.9%)
Fiserv, Inc.* .............................. 1,650 $ 63,216
Robert Half International, Inc.*............ 1,350 38,559
----------
TOTAL BUSINESS SERVICES .................. 101,775
----------
CAPITAL GOODS (5.8%)
BUILDING & CONSTRUCTION (2.6%)
Fastenal Co. ............................... 1,500 67,406
----------
MACHINERY (3.2%)
Illinois Tool Works, Inc. .................. 1,250 84,453
----------
TOTAL CAPITAL GOODS ...................... 151,859
----------
CONSUMER CYCLICALS (13.5%)
AUTO RELATED (2.6%)
Harley-Davidson, Inc. ...................... 1,050 67,266
----------
HOUSEHOLD FURNITURE, APPLIANCES (2.1%)
Newell Rubbermaid, Inc. .................... 1,950 56,550
----------
RETAIL--GENERAL (8.8%)
Dollar General Corp. ....................... 3,150 71,662
Home Depot, Inc. ........................... 1,200 82,275
Staples, Inc.* ............................. 2,700 56,025
TJX Companies, Inc. ........................ 1,000 20,438
----------
230,400
----------
TOTAL CONSUMER CYCLICALS ................. 354,216
----------
CONSUMER NON-CYCLICALS (11.4%)
DRUGS (1.5%)
Merck & Co., Inc. .......................... 600 40,238
----------
HOSPITAL SUPPLIES & SERVICES (7.9%)
Boston Scientific Corp.* ................... 1,750 38,281
Cardinal Health, Inc. ...................... 1,850 88,569
Guidant Corp.* ............................. 600 28,200
Health Management Associates,
Inc., Class A* ........................... 3,900 52,162
----------
207,212
----------
SOAPS & TOILETRIES (2.0%)
Johnson & Johnson .......................... 550 51,219
----------
TOTAL CONSUMER NON-CYCLICALS 298,669
----------
CREDIT SENSITIVE (28.3%)
BANKS (7.2%)
Bank of America Corp. ...................... 1,250 62,734
Chase Manhattan Corp. ...................... 1,150 89,341
State Street Corp. ......................... 500 36,531
----------
188,606
----------
FINANCIAL SERVICES (14.7%)
Franklin Resources, Inc. ................... 1,450 46,491
Mellon Financial Corp. ..................... 2,150 73,234
Paychex, Inc. .............................. 2,300 92,000
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
SLM Holding Corp. .......................... 2,250 $ 95,062
T. Rowe Price Associates, Inc. ............. 2,150 79,416
----------
386,203
----------
INSURANCE (2.9%)
AFLAC, Inc. ................................ 1,600 75,500
----------
UTILITY--TELEPHONE (3.5%)
MCI WorldCom, Inc.* ........................ 1,725 91,533
----------
TOTAL CREDIT SENSITIVE ................... 741,842
----------
TECHNOLOGY (35.2%)
COMPUTER SOFTWARE (14.1%)
BMC Software, Inc.* ........................ 1,350 107,916
Compuware Corp.* ........................... 1,950 72,638
Microsoft Corp.* ........................... 950 110,912
Sterling Software, Inc.* ................... 2,450 77,175
----------
368,641
----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (6.1%)
Lucent Technologies, Inc. .................. 900 67,331
Tellabs, Inc.* ............................. 1,450 93,072
----------
160,403
----------
ELECTRONICS (4.7%)
Altera Corp.* .............................. 650 32,216
Intel Corp. ................................ 300 24,694
Solectron Corp.* ........................... 700 66,587
----------
123,497
----------
OFFICE EQUIPMENT (8.2%)
EMC Corp.* ................................. 650 71,012
International Business Machines
Corp. .................................... 1,050 113,400
Parametric Technology Co.* ................. 1,150 31,122
----------
215,534
----------
OFFICE EQUIPMENT SERVICES (2.1%)
Sterling Commerce, Inc.* ................... 1,650 56,203
----------
TOTAL TECHNOLOGY ......................... 924,278
----------
TOTAL COMMON STOCKS (98.1%)
(Cost $2,422,550)......................... 2,572,639
----------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (2.8%)
Chase Nassau
3.48%,1/3/00
(Amortized Cost $73,187).................. $73,187 73,187
----------
TOTAL INVESTMENTS (100.9%)
(Cost/Amortized Cost
$2,495,737) .............................. 2,645,826
OTHER ASSETS
LESS LIABILITIES (-0.9%) ................. (23,682)
----------
NET ASSETS (100%) .......................... $2,622,144
==========
</TABLE>
- ----------
* Non-income producing.
167
<PAGE>
EQ ADVISORS TRUST
CALVERT SOCIALLY RESPONSIBLE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
Investment security transactions for the period ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $2,271,493
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 765,382
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 260,977
Aggregate gross unrealized depreciation ......... (115,185)
----------
Net unrealized appreciation ..................... $ 145,792
==========
Federal income tax cost of investments .......... $2,500,034
==========
See Notes to Financial Statements.
168
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
ARGENTINA (0.1%)
Telefonica de Argentina (ADR)........ 1,500 $ 46,313
-----------
AUSTRALIA (2.9%)
Broken Hill Proprietary Ltd. ........ 42,188 553,534
Coca-Cola Amatil Ltd. ............... 30,000 81,869
Coles Meyer Ltd. .................... 38,800 200,263
Lend Lease Corp. .................... 11,400 159,589
News Corp., Ltd. .................... 18,300 177,551
Santos Ltd. ......................... 30,000 81,672
Westpac Banking Corp. ............... 35,223 242,778
-----------
1,497,256
-----------
BRAZIL (0.4%)
CIA Cervejaria Brahma (ADR).......... 15,000 210,000
-----------
CANADA (3.4%)
Bank of Nova Scotia ................. 11,200 240,698
Bombardier, Inc., Class B ........... 16,800 344,767
Clarica Life Insurance Co. .......... 5,000 89,978
Manulife Financial Corp.* ........... 8,000 102,159
National Bank of Canada ............. 11,900 152,374
Nortel Networks Corp. ............... 2,500 252,500
Teleglobe, Inc. ..................... 9,100 207,219
Thomson Corp. ....................... 13,700 360,327
-----------
1,750,022
-----------
FINLAND (4.5%)
Metra OYJ, Class B .................. 4,000 74,618
Nokia OYJ (ADR) ..................... 4,000 760,000
Nokia OYJ* .......................... 5,900 1,070,867
Upm-Kymmene OYJ ..................... 11,500 463,840
-----------
2,369,325
-----------
FRANCE (5.6%)
Banque Nationale de Paris ........... 1,125 103,910
Bouygues S.A. ....................... 600 381,761
Carrefour S.A.* ..................... 800 147,703
Christian Dior S.A. ................. 600 148,832
Compagnie de Saint Gobain ........... 1,100 207,085
Groupe Danone ....................... 700 165,168
Legardere S.C.A. .................... 2,400 130,682
LVMH (Louis Vuitton Moet
Hennessy) ......................... 400 179,365
Michelin, Class B (Registered) ...... 1,800 70,786
Pechiney S.A., Class A .............. 2,800 200,319
PSA Peugeot Citroen ................. 1,000 227,282
Sanofi-Synthelabo SA* ............... 10,300 429,357
Societe BIC S.A. .................... 1,800 82,003
Television Francaise ................ 300 157,302
Total Fina S.A. (ADR) ............... 1,000 69,250
Total Fina S.A., Class B ............ 600 80,164
Valero S.A. ......................... 1,900 146,755
-----------
2,927,724
-----------
GERMANY (9.4%)
Bayerische Motoren Werke
(BMW) AG* ......................... 6,100 187,296
DaimlerChrysler AG .................. 1,400 109,971
Degussa-Huels AG* ................... 2,500 109,658
Deutsche Bank AG
(Registered)* ..................... 2,200 186,454
Deutsche Telekom AG ................. 8,800 619,812
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Dresdner Bank AG* ................... 2,100 $ 114,135
Epcos AG* ........................... 1,600 119,388
Mannesmann AG ....................... 9,047 2,193,057
Preussag AG* ........................ 1,400 78,772
Siemens AG* ......................... 6,700 858,004
Thyssen Krupp* ...................... 9,900 306,967
-----------
4,883,514
-----------
HONG KONG (1.2%)
Hong Kong Telecommunications
Ltd. .............................. 49,400 142,668
Hutchison Whampoa Ltd. .............. 26,000 377,951
Johnson Electric Holdings ........... 20,000 128,385
-----------
649,004
-----------
IRELAND (0.0%)
Allied Irish Banks plc .............. 2,000 22,789
Eircom plc .......................... 1,400 5,999
-----------
28,788
-----------
ITALY (2.6%)
Assicurazioni Generali .............. 8,300 274,513
Credito Italiano .................... 24,000 118,098
ENI S.p.A. (Registered) ............. 58,600 322,627
Fiat S.p.A.* ........................ 5,610 160,371
Telecom Italia Mobile S.p.A.
(RNC) ............................. 10,700 51,034
Telecom Italia Mobile S.p.A. ........ 15,800 176,685
Telecom Italia S.p.A. ............... 3,600 50,821
Telecom Italia S.p.A. (RNC) ......... 32,000 195,216
-----------
1,349,365
-----------
JAPAN (28.3%)
Advantest Corp. ..................... 4,100 1,082,852
Aiful Corp. ......................... 500 61,137
Asahi Breweries Ltd. ................ 8,000 87,489
DDI Corp. ........................... 12 164,335
Fanuc ............................... 2,000 254,524
Fuji Bank Ltd. ...................... 8,000 77,707
Fujitsu Ltd. ........................ 5,000 227,917
Hirose Electric ..................... 2,900 649,897
Hitachi Ltd. ........................ 11,000 176,465
JUSCO Co., Ltd. ..................... 6,000 104,529
Kao Corp. ........................... 3,000 85,542
Keyence Corp. ....................... 1,100 446,542
Mitsubishi Heavy Industries Ltd...... 49,000 163,445
Mitsubishi Motors Corp.* ............ 37,000 126,313
Mitsui Chemicals, Inc. .............. 12,000 96,606
Mitsui Marine & Fire Insurance
Co., Ltd. ......................... 28,000 165,979
Murata Manufacturing Co., Ltd........ 5,000 1,173,824
NEC Corp. ........................... 33,000 786,022
Nichiei Co., Ltd. ................... 3,000 65,147
Nidec Corp. ......................... 400 115,426
Nikon Corp. ......................... 22,000 645,603
Nintendo Ltd. ....................... 1,600 265,754
Nippon Telegraph & Telephone ........ 20 342,365
Nissan Motor Co., Ltd. .............. 42,000 165,157
Nomura Securities Co. ............... 6,000 108,285
NTT Mobile Communications
Network, Inc. ..................... 43 1,653,037
Orix Corp. .......................... 800 180,143
Rohm Co. ............................ 2,000 821,677
</TABLE>
169
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Sakura Bank Ltd. ................... 25,000 $ 144,772
Sankyo Co. ......................... 4,000 82,168
Shohkoh Fund & Co., Ltd. ........... 390 154,314
Sony Corp. ......................... 5,100 1,511,592
Sony Corp. (ADR) ................... 300 85,425
Sony Music Entertainment, Inc. ..... 2,700 538,257
Suzuki Motor Co., Ltd. ............. 14,000 204,187
Takeda Chemical Industries Ltd...... 1,000 49,398
Thk Company Ltd. ................... 3,000 121,197
Tokyo Electron Ltd. ................ 10,000 1,369,461
Toshiba Corp. ...................... 21,000 160,227
-----------
14,714,717
-----------
KOREA (1.1%)
Hyundai Motor Co. (GDR)*+# ......... 6,990 75,142
Pohang Iron & Steel Co., Ltd.
(ADR) ............................ 4,360 152,600
Samsung Electronics (GDS)+# ........ 2,856 342,363
-----------
570,105
-----------
LUXEMBOURG (0.2%)
Societe Europeenne des Satellites
(FDR) ............................ 600 87,726
-----------
MEXICO (1.8%)
Cifra S.A., Class B (ADR)* ......... 3,700 74,156
Panamerican Beverages, Inc.,
Class A .......................... 5,000 102,812
Telefonos de Mexico S.A.,
Class L (ADR) .................... 6,800 765,000
-----------
941,968
-----------
NETHERLANDS (6.6%)
ABN-Amro Holdings N.V. ............. 11,000 275,078
Aegon NV ........................... 7,600 734,925
ASM Lithography Holding N.V.*....... 6,900 772,229
DSM NV* ............................ 4,700 188,622
Heineken Holding N.V., Class A 2,600 91,629
Heineken N.V. ...................... 6,600 322,240
ING Groep N.V. ..................... 2,011 121,546
STMicroelectronics N.V.* ........... 2,300 354,374
STMicroelectronics N.V.--N.Y.
Shares ........................... 3,600 545,175
-----------
3,405,818
-----------
PORTUGAL (0.7%)
Portugal Telecom S.A.* ............. 10,000 109,809
Telecel-Comunicacoes Pessoais,
S.A.* ............................ 15,000 261,818
-----------
371,627
-----------
SINGAPORE (1.1%)
Cycle & Carriage Ltd. .............. 6,000 18,553
DBS Group Holdings Ltd.* ........... 12,652 207,385
Keppel Tat Lee Bank Limited ........ 38,000 83,963
Singapore Press Holdings Ltd. ...... 5,000 108,376
Singapore Tech Engineering ......... 111,000 171,948
-----------
590,225
-----------
SOUTH AFRICA (0.3%)
De Beers Consolidated Mines
(ADR) ............................ 2,500 72,344
South African Breweries plc ........ 8,800 89,574
-----------
161,918
-----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
SPAIN (1.0%)
Banco Bilbao Vizcaya ............... 4,200 $ 59,884
Telefonica S.A.* ................... 18,810 470,383
-----------
530,267
-----------
SWEDEN (0.9%)
Ericsson L.M., Class B ............. 2,000 128,842
Foreningssparbanken AB,
Class A .......................... 12,200 179,602
Svenska Hadelsbanken, Class A*...... 11,000 138,618
-----------
447,062
-----------
SWITZERLAND (4.0%)
Adecco S.A. (Registered)* .......... 197 153,490
Cie Financiere Richemont,
Class A .......................... 145 346,214
Holderbank Financiere Glarus
AG (Registered) .................. 478 169,695
Holderbank Financiere Glarus
AG, Class B ...................... 90 123,280
Nestle S.A. (Registered) ........... 90 164,958
Novartis AG (Registered) ........... 236 346,697
Roche Holding AG ................... 7 83,129
SGS Societe Generale de
Surveillance Holding S.A. ........ 165 210,462
Swiss Reinsurance Co.
(Registered) ..................... 65 133,594
Swisscom AG (Registered) ........... 760 307,534
UBS AG (Registered) ................ 150 40,528
-----------
2,079,581
-----------
TAIWAN (2.2%)
Asustek Computer, Inc. (GDR) ....... 18,000 250,650
Hon Hai Precision Industry Co.,
Ltd. (GDR)* ...................... 600 8,957
Hon Hai Precision Industry Co.,
Ltd. (GDR)*+# .................... 2,500 48,687
Taiwan Semiconductor
Manufacturing Co. (ADR)* ......... 18,895 850,275
-----------
1,158,569
-----------
TURKEY (0.4%)
Turkiye Is Bankasi (Registered)
(GDR)* ........................... 47,200 192,340
-----------
UNITED KINGDOM (10.4%)
AstraZeneca Group plc .............. 21,900 918,921
AstraZeneca Group plc (ADR) ........ 2,700 112,725
BG Group plc* ...................... 16,000 103,366
BOC Group plc ...................... 14,000 300,730
British Airways plc ................ 14,800 96,569
Cadbury Schweppes plc .............. 41,100 248,262
Coca-Cola Beverages plc ............ 21,800 41,547
Colt Telecom Group plc* ............ 4,700 240,557
Dixons Group plc ................... 4,600 110,624
Enterprise Oil plc ................. 12,100 82,079
GKN plc ............................ 10,900 171,644
Glaxo Wellcome plc ................. 3,500 98,924
Halifax plc ........................ 10,000 110,876
Invinsys plc ....................... 90,700 493,667
Kingfisher plc ..................... 9,200 102,080
Laporte plc* ....................... 18,600 162,220
</TABLE>
170
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Lloyds TSB Group plc ................. 30,900 $ 386,524
Rank Group plc ....................... 54,000 170,941
Reuters Group plc .................... 33,500 459,627
Reuters Group plc (ADR) .............. 1,200 96,975
Royal & Sun Alliance Insurance
Group .............................. 28,963 220,558
Shell Transport & Trading Co.,
plc ................................ 21,000 174,503
Tate Lyle ORD plc .................... 23,500 151,059
TI Group plc ......................... 12,700 97,430
Tomkins plc .......................... 15,000 48,453
Unilever plc ......................... 15,000 110,351
Vodafone AirTouch plc ................ 20,000 99,086
-----------
5,410,298
-----------
TOTAL COMMON STOCKS (89.1%)
(Cost $35,210,092) ................. 46,373,532
-----------
WARRANTS:
FRANCE (0.0%)
Banque Nationale de Paris*,
expiring 7/1/02 .................... 325 1,501
-----------
GERMANY (0.1%)
Dresdner Bank AG*, expiring
4/30/02 ............................ 2,000 54,451
-----------
TOTAL WARRANTS (0.1%)
(Cost $41,477)...................... 55,952
-----------
PREFERRED STOCKS:
GERMANY (0.1%)
Henkel KGaA Vorzug ................... 1,000 66,551
-----------
ITALY (0.0%)
Fiat S.p.A.* ......................... 510 7,380
-----------
TOTAL PREFERRED STOCKS (0.1%)
(Cost $80,825)....................... 73,931
-----------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT
SECURITIES:
TIME DEPOSITS (9.5%)
Chase Nassau
3.48%, 1/3/00
(Amortized Cost $4,931,827)......... $4,931,827 4,931,827
-----------
TOTAL INVESTMENTS (98.8%)
(Cost/Amortized Cost
$40,264,221)........................ 51,435,242
OTHER ASSETS
LESS LIABILITIES (1.2%) ............ 613,918
-----------
NET ASSETS (100%) .................... $52,049,160
===========
</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, 1999, these securities amounted to $466,192 or
0.89% of net assets.
# Illiquid security: is not actively traded.
Glossary:
ADR--American Depository Receipt
GDR--Global Depository Receipt
GDS--Global Depository Share
RNC--Risparmio Non-Convertible Savings Shares
<TABLE>
- --------------------------------------------------------------------------------
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Common Stocks,
Preferred Stocks, and Warrants
<S> <C> <C>
Basic Materials ................ 5.1%
Business Services .............. 5.4
Capital Goods .................. 11.3
Consumer Cyclicals ............. 10.8
Consumer Non-Cyclicals ......... 10.0
Credit Sensitive ............... 19.8
Diversified .................... 5.6
Energy ......................... 1.7
Technology
Computer Hardware ............ 1.0
Electronics .................. 17.6
Office Equipment ............. 0.2
Telecommunications ........... 11.5
----
Total Technology ............... 30.3
-----
100.0%
=====
</TABLE>
171
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
At December 31, 1999, the Portfolio had outstanding foreign currency contracts
to buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ---------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
European Union, expiring 1/19/00 ............ 67 $ 69,113 $ 67,333 $ (1,780)
European Union, expiring 1/20/00 ............ 409 437,346 412,713 (24,633)
European Union, expiring 1/28/00 ............ 156 166,788 157,110 (9,678)
European Union, expiring 2/4/00 ............. 24 24,991 23,874 (1,117)
European Union, expiring 2/28/00 ............ 197 201,307 199,537 (1,770)
European Union, expiring 3/7/00 ............. 75 75,798 76,357 559
European Union, expiring 3/23/00 ............ 98 103,852 99,150 (4,702)
European Union, expiring 3/31/00 ............ 141 150,923 143,451 (7,472)
European Union, expiring 5/26/00 ............ 180 181,833 183,103 1,270
FOREIGN CURRENCY SELL CONTRACTS
Australian Dollar, expiring 1/19/00 ......... 104 69,113 68,452 661
British Pound, expiring 1/28/00 ............. 70 115,889 112,553 3,336
British Pound, expiring 2/4/00 .............. 15 24,991 24,538 453
Canadian Dollar, expiring 1/28/00 ........... 75 50,900 52,038 (1,138)
Canadian Dollar, expiring 3/7/00 ............ 112 75,798 77,713 (1,915)
Canadian Dollar, expiring 3/23/00 ........... 153 103,852 106,041 (2,189)
Japanese Yen, expiring 1/20/00 .............. 46,935 437,346 460,704 (23,358)
Japanese Yen, expiring 2/28/00 .............. 42,112 397,307 415,893 (18,586)
Japanese Yen, expiring 5/26/00 .............. 19,020 181,833 190,601 (8,768)
Korean Won, expiring 3/31/00 ................ 77,824 63,921 68,554 (4,633)
Taiwan Dollar, expiring 3/31/00 ............. 2,762 87,002 88,544 (1,542)
-----------
$ (107,002)
===========
</TABLE>
Investment security transactions for the period ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities .......... $46,232,433
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .......... 5,532,053
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $11,944,352
Aggregate gross unrealized depreciation ......... (929,844)
-----------
Net unrealized appreciation ..................... $11,014,508
===========
Federal income tax cost of investments .......... $40,420,734
===========
At December 31, 1999, the Portfolio had loaned securities with a total value of
$1,245,994 which was secured by cash collateral of $1,269,400.
For the period from January 1, 1999 to December 31, 1999, the Portfolio
incurred approximately $99 as brokerage commissions with Donaldson, Lufkin &
Jenrette Securities Corp., an affiliated broker/dealer.
The Portfolio has a net capital loss carryforward of $36,605 which expires in
the year 2007.
See Notes to Financial Statements.
172
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (2.7%)
METALS & MINING (1.8%)
Alcoa, Inc. ............................... 4,900 $ 406,700
Newmont Mining Corp. ...................... 7,500 183,750
-----------
590,450
-----------
PAPER (0.9%)
Bowater, Inc. ............................. 3,300 179,231
Fort James Corp. .......................... 5,000 136,875
-----------
316,106
-----------
TOTAL BASIC MATERIALS ................... 906,556
-----------
BUSINESS SERVICES (12.8%)
PRINTING, PUBLISHING, BROADCASTING (11.7%)
Adelphia Communications Corp.,
Class A* ................................ 5,569 365,466
AT&T Corp.--Liberty Media Group,
Class A* ................................ 21,700 1,231,475
Cablevision Systems Corp., Class A* ....... 8,200 619,100
Charter Communications, Inc.* ............. 8,500 185,937
Comcast Corp. ............................. 1,600 76,600
Fox Entertainment Group, Inc., Class A..... 8,400 209,475
Interpublic Group, Inc. ................... 6,800 392,275
Viacom, Inc., Class B* .................... 11,200 676,900
Young & Rubicam, Inc. ..................... 2,900 205,175
-----------
3,962,403
-----------
PROFESSIONAL SERVICES (0.5%)
Service Corp. International ............... 24,400 169,275
-----------
TRUCKING, SHIPPING (0.6%)
CNF Transportation, Inc. .................. 4,400 151,800
Wisconsin Central Transport Corp.* ........ 4,000 53,750
-----------
205,550
-----------
TOTAL BUSINESS SERVICES ................. 4,337,228
-----------
CAPITAL GOODS (7.1%)
AEROSPACE (0.6%)
Textron, Inc. ............................. 700 53,681
United Technologies Corp. ................. 2,500 162,500
-----------
216,181
-----------
BUILDING MATERIALS & FOREST PRODUCTS (0.7%)
Lowe's Cos., Inc. ......................... 4,200 250,950
-----------
ELECTRICAL EQUIPMENT (2.6%)
Emerson Electric Co. ...................... 2,900 166,388
General Electric Co. ...................... 900 139,275
Hubbell, Inc., Class B .................... 3,500 95,375
Lam Research Corp.* ....................... 2,900 323,531
Sensormatics Electronics Corp.* ........... 8,500 148,219
-----------
872,788
-----------
MACHINERY (3.2%)
Applied Material, Inc.* ................... 3,900 494,081
Black & Decker Corp. ...................... 3,700 193,325
Dover Corp. ............................... 3,800 172,425
Illinois Tool Works, Inc. ................. 3,200 216,200
-----------
1,076,031
-----------
TOTAL CAPITAL GOODS ..................... 2,415,950
-----------
CONSUMER CYCLICALS (7.2%)
AIRLINES (0.5%)
Continental Airlines, Inc., Class B* ...... 3,800 168,625
-----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
APPAREL & TEXTILES (1.1%)
Nike, Inc., Class B ....................... 900 $ 44,606
Tommy Hilfiger Corp.* ..................... 13,700 319,381
-----------
363,987
-----------
AUTO RELATED (0.5%)
Delphi Automotive Systems Corp. ........... 5,100 80,325
Federal-Mogul Corp. ....................... 3,600 72,450
-----------
152,775
-----------
AUTOS & TRUCKS (0.4%)
Autonation, Inc.* ......................... 13,900 128,575
-----------
FOOD SERVICES, LODGING (0.2%)
Brinker International, Inc.* .............. 2,600 62,400
Hilton Hotels Corp. ....................... 2,000 19,250
-----------
81,650
-----------
HOUSEHOLD FURNITURE, APPLIANCES (0.6%)
Circuit City Stores--Circuit City Group 2,300 103,644
Williams-Sonoma, Inc.* .................... 2,100 96,600
-----------
200,244
-----------
LEISURE RELATED (2.7%)
American Greetings Corp. .................. 6,400 151,200
Blockbuster, Inc. ......................... 8,300 111,013
Carnival Corp., Class A ................... 3,700 176,906
Galileo International, Inc. ............... 6,400 191,600
Harrah's Entertainment, Inc.* ............. 1,000 26,438
Hasbro, Inc. .............................. 6,500 123,906
Mirage Resorts, Inc.* ..................... 9,000 137,812
-----------
918,875
-----------
RETAIL--GENERAL (1.2%)
Wal-Mart Stores, Inc. ..................... 6,000 414,750
-----------
TOTAL CONSUMER CYCLICALS ................ 2,429,481
-----------
CONSUMER NON-CYCLICALS (22.5%)
BEVERAGES (0.7%)
PepsiCo, Inc. ............................. 6,800 239,700
-----------
CONTAINERS (0.2%)
Smurfit-Stone Container Corp.* ............ 3,000 73,500
-----------
DRUGS (7.2%)
AstraZeneca Group plc (ADR) ............... 17,200 718,100
Forest Laboratories, Inc.* ................ 4,000 245,750
Genentech, Inc.* .......................... 400 53,800
Pfizer, Inc. .............................. 44,100 1,430,494
-----------
2,448,144
-----------
FOODS (2.4%)
Campbell Soup Co. ......................... 7,500 290,156
Kellogg Co. ............................... 16,900 520,732
-----------
810,888
-----------
HOSPITAL SUPPLIES & SERVICES (8.1%)
Becton, Dickinson and Co. ................. 7,400 197,950
Guidant Corp.* ............................ 18,200 855,400
Medtronic, Inc. ........................... 31,300 1,140,494
PE Corp--PE Biosystems Group .............. 3,000 360,937
Quintiles Transnational Corp.* ............ 9,600 179,400
-----------
2,734,181
-----------
RETAIL--FOOD (0.6%)
Albertson's, Inc. ......................... 6,500 209,625
-----------
SOAPS & TOILETRIES (2.7%)
Clorox Co. ................................ 12,900 649,837
Kimberly Clark Corp. ...................... 4,100 267,525
-----------
917,362
-----------
</TABLE>
173
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
TOBACCO (0.6%)
Philip Morris Cos., Inc. ................... 8,100 $ 187,819
-----------
TOTAL CONSUMER NON-CYCLICALS ............. 7,621,219
-----------
CREDIT SENSITIVE (22.0%)
BANKS (5.4%)
Bank of America Corp. ...................... 12,100 607,269
Bank One Corp. ............................. 21,600 692,550
Washington Mutual, Inc. .................... 11,300 293,800
Wells Fargo Co. ............................ 5,900 238,581
-----------
1,832,200
-----------
FINANCIAL SERVICES (5.6%)
Associates First Capital Corp. Class A ..... 7,100 194,806
Citigroup, Inc. ............................ 3,500 194,469
Household International, Inc. .............. 3,400 126,650
Indymac Mortgage Holdings, Inc. ............ 10,200 130,050
J.P. Morgan & Co., Inc. .................... 1,100 139,287
SLM Holding Corp. .......................... 26,000 1,098,500
-----------
1,883,762
-----------
INSURANCE (3.3%)
American International Group, Inc. ......... 2,575 278,422
Jefferson-Pilot Corp. ...................... 2,500 170,625
Lincoln National Corp. ..................... 3,100 124,000
PMI Group, Inc. ............................ 5,550 270,909
United Healthcare Corp. .................... 5,300 281,563
-----------
1,125,519
-----------
UTILITY--ELECTRIC (3.8%)
AES Corp.* ................................. 7,700 575,575
American Electric Power Co. ................ 7,700 247,362
CINergy Corp. .............................. 4,300 103,738
Niagara Mohawk Holdings, Inc. .............. 13,400 186,763
Northeast Utilities ........................ 8,100 166,556
-----------
1,279,994
-----------
UTILITY--TELEPHONE (3.9%)
AT&T Corp. ................................. 2,200 111,650
Sprint Corp. (FON Group) ................... 18,200 1,225,088
-----------
1,336,738
-----------
TOTAL CREDIT SENSITIVE ................... 7,458,213
-----------
DIVERSIFIED (1.4%)
MISCELLANEOUS (1.4%)
Berkshire Hathaway, Inc., Class A* ......... 2 112,200
Tyco International Ltd. .................... 9,300 361,538
-----------
TOTAL DIVERSIFIED ........................ 473,738
-----------
ENERGY (6.7%)
COAL & GAS PIPELINES (1.1%)
Kinder Morgan, Inc. ........................ 8,900 179,669
Williams Cos., Inc. ........................ 5,800 177,262
-----------
356,931
-----------
OIL--DOMESTIC (1.7%)
Exxon Mobil Corp.* ......................... 7,308 588,751
-----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
OIL--INTERNATIONAL (1.8%)
Shell Transport & Trading Co. (ADR) ........ 8,100 $ 398,925
Total Fina S.A. (ADR) ...................... 1,700 117,725
USX-Marathon Group, Inc. ................... 4,500 111,094
-----------
627,744
-----------
OIL--SUPPLIES & CONSTRUCTION (2.1%)
Baker Hughes, Inc. ......................... 21,600 454,950
Weatherford Intl., Inc. .................... 6,600 263,587
-----------
718,537
-----------
TOTAL ENERGY ............................. 2,291,963
-----------
TECHNOLOGY (14.7%)
COMPUTER HARDWARE (3.3%)
Cisco Systems, Inc.* ....................... 4,200 449,925
Gateway, Inc.* ............................. 4,500 324,282
Hewlett Packard Co. ........................ 1,500 170,906
Storage Technology Corp.* .................. 8,800 162,250
-----------
1,107,363
-----------
COMPUTER SOFTWARE (2.1%)
Autodesk, Inc. ............................. 4,900 165,375
Cadence Design Systems, Inc.* .............. 15,500 372,000
Peoplesoft, Inc.* .......................... 8,400 179,025
-----------
716,400
-----------
ELECTRONICS (5.4%)
Advanced Micro Devices, Inc.* .............. 6,400 185,200
Agilent Technologies, Inc.* ................ 5,900 456,144
ASM Lithography Holding NV ................. 5,000 568,750
KLA-Tencor Corp.* .......................... 1,700 189,337
Newbridge Networks Corp.* .................. 3,700 83,481
Teradyne, Inc.* ............................ 5,000 330,000
-----------
1,812,912
-----------
OFFICE EQUIPMENT (1.8%)
Compaq Computer Corp. ...................... 14,500 392,405
Dell Computer Corp.* ....................... 4,500 229,500
-----------
621,905
-----------
WIRELESS TELECOMMUNICATION SERVICES (2.1%)
Nokia Oyj (ADR) ............................ 3,800 722,000
-----------
TOTAL TECHNOLOGY ......................... 4,980,580
-----------
TOTAL COMMON STOCKS (97.1%)
(Cost $30,835,775)........................ 32,914,928
-----------
PRINCIPAL
AMOUNT
----------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (3.9%)
Chase Nassau
3.48%, 1/3/00
(Amortized Cost $1,327,755) .............. $1,327,755 1,327,755
-----------
TOTAL INVESTMENTS (101.0%)
(Cost/Amortized Cost $32,163,530) ........ 34,242,683
OTHER ASSETS
LESS LIABILITIES (-1.0%) ................. (339,226)
-----------
NET ASSETS (100%) .......................... $33,903,457
=============
</TABLE>
- ----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
174
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
Investment security transactions for the period ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $37,877,162
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 5,796,533
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation.......... $ 3,986,328
Aggregate gross unrealized depreciation.......... (1,907,175)
------------
Net unrealized appreciation ..................... $ 2,079,153
============
Federal income tax cost of investments .......... $ 32,163,530
============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$2,159,288 which was secured by collateral of $2,186,000.
For the period from January 1, 1999 to December 31, 1999, the Portfolio incurred
approximately $35 as brokerage commission with Donaldson, Lufkin & Jenrette
Securities Corp., an affiliate broker.
See Notes to Financial Statements.
175
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (1.3%)
CHEMICALS--SPECIALTY(0.2%)
IMC Global, Inc. ...................... 10,000 $ 163,750
-----------
METALS & MINING (0.4%)
Alcoa, Inc. ........................... 3,400 282,200
-----------
PAPER (0.7%)
Bowater, Inc. ......................... 2,800 152,075
Fort James Corp. ...................... 11,300 309,338
-----------
461,413
-----------
TOTAL BASIC MATERIALS ............... 907,363
-----------
BUSINESS SERVICES (11.9%)
ENVIRONMENTAL CONTROL (1.6%)
Ecolab, Inc. .......................... 27,500 1,075,937
-----------
PRINTING, PUBLISHING,
BROADCASTING (9.2%)
Adelphia Communications Corp.,
Class A* ............................ 6,600 433,125
AT&T Corp.--Liberty Media
Group, Class A* ..................... 16,000 908,000
Cablevision Systems Corp.,
Class A* ............................ 14,700 1,109,850
Charter Communications, Inc.* ......... 12,000 262,500
Fox Entertainment Group, Inc.,
Class A* ............................ 36,400 907,725
Interpublic Group, Inc. ............... 10,700 617,256
New York Times Co., Class A ........... 4,200 206,325
Time Warner, Inc. ..................... 1,500 108,656
Viacom, Inc., Class B* ................ 17,100 1,033,482
Young & Rubicam, Inc. ................. 8,500 601,375
-----------
6,188,294
-----------
PROFESSIONAL SERVICES (0.7%)
Service Corp. International ........... 64,700 448,856
-----------
TRUCKING, SHIPPING (0.4%)
CNF Transportation, Inc. .............. 8,900 307,050
-----------
TOTAL BUSINESS SERVICES ............. 8,020,137
-----------
CAPITAL GOODS (8.3%)
AEROSPACE (2.4%)
Lockheed Martin Corp. ................. 18,000 393,750
Raytheon Co., Class B ................. 7,000 185,937
United Technologies Corp. ............. 16,300 1,059,500
-----------
1,639,187
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (0.8%)
Lowe's Cos., Inc. ..................... 8,600 513,850
-----------
ELECTRICAL EQUIPMENT (1.9%)
Emerson Electric Co. .................. 9,200 527,850
General Electric Co. .................. 3,400 526,150
Hubbell, Inc., Class B ................ 8,000 218,000
-----------
1,272,000
-----------
MACHINERY (3.2%)
Applied Material, Inc.* ............... 4,500 570,094
Black & Decker Corp. .................. 5,800 303,050
Dover Corp. ........................... 7,600 344,850
Illinois Tool Works, Inc. ............. 14,500 979,656
-----------
2,197,650
-----------
TOTAL CAPITAL GOODS ................. 5,622,687
-----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER CYCLICALS (11.8%)
AIRLINES (0.4%)
Continental Airlines, Inc.,
Class B* ............................ 6,100 $ 270,688
-----------
APPAREL & TEXTILES (2.8%)
Nike, Inc., Class B ................... 21,200 1,050,725
Tommy Hilfiger Corp.* ................. 23,900 557,169
V.F. Corp. ............................ 8,500 255,000
-----------
1,862,894
-----------
AUTO RELATED (0.9%)
Delphi Automotive Systems
Corp. ............................... 5,000 78,750
Federal-Mogul Corp. ................... 26,700 537,337
-----------
616,087
-----------
AUTOS & TRUCKS (1.2%)
Autonation, Inc.* ..................... 88,100 814,925
-----------
HOUSEHOLD FURNITURE,
APPLIANCES (1.7%)
Circuit City Stores--Circuit City
Group ............................... 2,600 117,162
Sony Corp. (ADR) ...................... 2,600 740,350
Williams-Sonoma, Inc.* ................ 6,200 285,200
-----------
1,142,712
-----------
LEISURE RELATED (4.8%)
American Greetings Corp. .............. 26,700 630,788
Blockbuster, Inc., Class A ............ 4,000 53,500
Carnival Corp., Class A ............... 20,400 975,375
Galileo International, Inc. ........... 25,000 748,437
Hasbro, Inc. .......................... 23,800 453,688
Mirage Resorts, Inc.* ................. 23,700 362,906
-----------
3,224,694
-----------
TOTAL CONSUMER CYCLICALS ............ 7,932,000
-----------
CONSUMER NON-CYCLICALS (21.8%)
BEVERAGES (2.4%)
Anheuser-Busch Cos., Inc. ............. 2,700 191,363
PepsiCo, Inc. ......................... 26,400 930,600
Seagram Co., Ltd. (ACES) .............. 3,000 135,000
Starbucks Corp.* ...................... 14,700 356,475
-----------
1,613,438
-----------
CONTAINERS (0.8%)
Sealed Air Corp.* ..................... 10,000 518,125
-----------
DRUGS (5.8%)
AstraZeneca Group plc (ADR) ........... 43,800 1,828,650
Forest Laboratories, Inc.,
Class A* ............................ 19,300 1,185,744
Pfizer, Inc. .......................... 27,000 875,812
-----------
3,890,206
-----------
FOODS (3.0%)
Campbell Soup Co. ..................... 23,600 913,025
Kellogg Co. ........................... 34,300 1,065,587
Nabisco Holdings Corp. ................ 2,500 79,063
-----------
2,057,675
-----------
HOSPITAL SUPPLIES &
SERVICES (5.1%)
Becton, Dickinson and Co. ............. 10,000 267,500
Guidant Corp.* ........................ 27,700 1,301,900
</TABLE>
176
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Medtronic, Inc. ......................... 24,400 $ 889,075
PE Corp--PE Biosystems Group............. 2,000 240,625
Quintiles Transnational Corp.* .......... 39,500 738,156
-----------
3,437,256
-----------
RETAIL--FOOD (1.4%)
Albertson's, Inc. ....................... 28,600 922,350
-----------
SOAPS & TOILETRIES (2.7%)
Avon Products, Inc. ..................... 18,500 610,500
Clorox Co. .............................. 18,900 952,087
Kimberly Clark Corp. .................... 4,600 300,150
-----------
1,862,737
-----------
TOBACCO (0.6%)
Philip Morris Cos., Inc. ................ 19,200 445,200
-----------
TOTAL CONSUMER NON-CYCLICALS........... 14,746,987
-----------
CREDIT SENSITIVE (21.5%)
BANKS (5.2%)
Bank of America Corp. ................... 22,200 1,114,162
Bank One Corp. .......................... 36,700 1,176,694
Washington Mutual, Inc. ................. 30,900 803,400
Wells Fargo Co. ......................... 10,100 408,419
-----------
3,502,675
-----------
FINANCIAL SERVICES (3.9%)
Associates First Capital Corp.,
Class A ............................... 23,300 639,294
Citigroup, Inc. ......................... 5,300 294,481
Household International, Inc. ........... 9,500 353,875
Indymac Mortgage Holdings, Inc. 18,300 233,325
J.P. Morgan & Co., Inc. ................. 1,200 151,950
SLM Holding Corp. ....................... 22,200 937,950
-----------
2,610,875
-----------
INSURANCE (4.6%)
Allstate Corp. .......................... 25,700 616,800
Cincinnati Financial Corp. .............. 10,900 339,944
Jefferson-Pilot Corp. ................... 6,800 464,100
PacifiCare Health Systems, Inc.*......... 3,500 185,500
PMI Group, Inc. ......................... 18,000 878,625
United Healthcare Corp. ................. 12,000 637,500
-----------
3,122,469
-----------
UTILITY--ELECTRIC (3.4%)
AES Corp.* .............................. 10,100 754,975
American Electric Power Co. ............. 25,900 832,038
CINergy Corp. ........................... 8,000 193,000
Niagara Mohawk Holdings, Inc.*........... 18,800 262,025
Northeast Utilities ..................... 13,300 273,481
-----------
2,315,519
-----------
UTILITY--TELEPHONE (4.4%)
AT&T Corp. .............................. 19,500 989,625
MCI WorldCom, Inc.* ..................... 9,750 517,359
Sprint Corp. (FON Group) ................ 21,500 1,447,219
-----------
2,954,203
-----------
TOTAL CREDIT SENSITIVE ................ 14,505,741
-----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
DIVERSIFIED (3.0%)
MISCELLANEOUS (3.0%)
Berkshire Hathaway, Inc.,
Class A* .............................. 15 $ 841,500
Tyco International Ltd. ................. 30,100 1,170,138
-----------
TOTAL DIVERSIFIED ..................... 2,011,638
-----------
ENERGY (5.0%)
COAL & GAS PIPELINES (1.0%)
Williams Cos., Inc. ..................... 22,000 672,375
-----------
OIL--DOMESTIC (1.6%)
Exxon Mobil Corp.* ...................... 13,700 1,103,706
-----------
OIL--INTERNATIONAL (1.2%)
Shell Transport & Trading Co.
(ADR) ................................. 16,200 797,850
-----------
OIL--SUPPLIES & CONSTRUCTION (0.9%)
Baker Hughes, Inc. ...................... 28,500 600,281
-----------
RAILROADS (0.3%)
Union Pacific Corp. ..................... 4,400 191,950
-----------
TOTAL ENERGY .......................... 3,366,162
-----------
TECHNOLOGY (13.8%)
COMPUTER HARDWARE (2.3%)
Cisco Systems, Inc.* .................... 2,800 299,950
Hewlett Packard Co. ..................... 10,200 1,162,162
Storage Technology Corp.* ............... 3,000 55,313
-----------
1,517,425
-----------
COMPUTER SOFTWARE (2.9%)
Autodesk, Inc. .......................... 9,100 307,125
Cadence Design Systems, Inc.* ........... 18,200 436,800
Peoplesoft, Inc.* ....................... 37,400 797,088
Policy Management Systems
Corp.* ................................ 16,400 419,225
-----------
1,960,238
-----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.0%)
Williams Communications
Group* ................................ 800 23,150
-----------
ELECTRONICS (3.6%)
Advanced Micro Devices, Inc.* ........... 11,700 338,569
Agilent Technologies, Inc.* ............. 5,000 386,562
Intel Corp. ............................. 9,100 749,044
KLA-Tencor Corp.* ....................... 1,800 200,475
Teradyne, Inc.* ......................... 11,100 732,600
-----------
2,407,250
-----------
OFFICE EQUIPMENT (3.6%)
Compaq Computer Corp. ................... 29,500 798,344
Dell Computer Corp.* .................... 12,200 622,200
International Business Machines
Corp. ................................. 9,200 993,600
Xerox Corp. ............................. 200 4,537
-----------
2,418,681
-----------
</TABLE>
177
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
<TABLE>
<CAPTION>
- -----------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -----------------------------------------------------------
<S> <C> <C>
WIRELESS TELECOMMUNICATION
SERVICES (1.4%)
Nokia OYJ (ADR) ............. 5,000 $ 950,000
-----------
TOTAL TECHNOLOGY .......... 9,276,744
-----------
TOTAL COMMON STOCKS (98.4%)
(Cost $63,913,606)......... 66,389,459
-----------
PRINCIPAL
AMOUNT
-------------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (2.7%)
Chase Nassau,
3.48%, 1/3/00 ......... $1,832,871 1,832,871
-----------
<CAPTION>
- -------------------------------------------------------
VALUE
(NOTE 1)
- -------------------------------------------------------
<S> <C>
TOTAL SHORT-TERM DEBT
SECURITIES (2.7%)
(Amortized Cost $1,832,871)......... $ 1,832,871
-----------
TOTAL INVESTMENTS (101.1%)
(Cost/Amortized Cost
$65,746,477)........................ 68,222,330
OTHER ASSETS LESS
LIABILITIES (-1.1%) ................ (749,905)
-----------
NET ASSETS (100%) .................... $67,472,425
===========
</TABLE>
- ----------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
- --------------------------------------------------------------------------------
Investment security transactions for the period ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $79,652,612
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 14,117,624
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 6,403,019
Aggregate gross unrealized depreciation ......... (3,964,570)
------------
Net unrealized appreciation ..................... $ 2,438,449
============
Federal income tax cost of investments .......... $ 65,783,881
============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$4,493,588, which was secured by collateral of $4,594,706.
See Notes to Financial Statements.
178
<PAGE>
EQ ADVISORS TRUST
EQ/EVERGREEN PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (3.5%)
CHEMICALS (1.8%)
Dow Chemical Co. ....................... 270 $ 36,079
Du Pont (E.I.) de
Nemours & Co. ........................ 670 44,136
Monsanto Co. ........................... 150 5,344
----------
85,559
----------
CHEMICALS--SPECIALTY (0.4%)
Praxair, Inc. .......................... 120 6,037
Sigma-Aldrich Corp. .................... 510 15,332
----------
21,369
----------
METALS & MINING (0.9%)
Alcoa, Inc. ............................ 150 12,450
Minnesota Mining &
Manufacturing Co. .................... 310 30,341
----------
42,791
----------
PAPER (0.2%)
International Paper Co. ................ 130 7,337
----------
STEEL (0.2%)
Nucor Corp. ............................ 160 8,770
----------
TOTAL BASIC MATERIALS ................ 165,826
----------
BUSINESS SERVICES (5.2%)
PRINTING, PUBLISHING,
BROADCASTING (3.9%)
CBS Corp.* ............................. 280 17,903
Clear Channel
Communications, Inc.* ................ 800 71,400
Cox Communications, Inc.,
Class A* ............................. 260 13,390
EchoStar Communications Corp.,
Class A* ............................. 260 25,350
Time Warner, Inc. ...................... 860 62,296
----------
190,339
----------
PROFESSIONAL SERVICES (1.1%)
Automatic Data Processing, Inc.......... 430 23,166
Computer Sciences Corp.* ............... 110 10,409
First Data Corp. ....................... 370 18,246
----------
51,821
----------
TRUCKING, SHIPPING (0.2%)
United Parcel Service, Inc.,
Class B .............................. 150 10,350
----------
TOTAL BUSINESS SERVICES .............. 252,510
----------
CAPITAL GOODS (7.9%)
AEROSPACE (1.5%)
Boeing Co. ............................. 430 17,872
Honeywell International, Inc.* ......... 553 31,901
United Technologies Corp. .............. 340 22,100
----------
71,873
----------
BUILDING MATERIALS & FOREST
PRODUCTS (0.7%)
Lowe's Cos., Inc. ...................... 470 28,082
Weyerhaeuser Co. ....................... 120 8,618
----------
36,700
----------
ELECTRICAL EQUIPMENT (5.2%)
Applied Power, Inc., Class A ........... 100 3,675
Emerson Electric Co. ................... 200 11,475
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
General Electric Co. ................... 1,510 $ 233,673
----------
248,823
----------
MACHINERY (0.5%)
Caterpillar, Inc. ...................... 200 9,413
Illinois Tool Works, Inc. .............. 200 13,512
----------
22,925
----------
TOTAL CAPITAL GOODS .................. 380,321
----------
CONSUMER CYCLICALS (7.1%)
AUTOS & TRUCKS (1.2%)
Ford Motor Co. ......................... 470 25,116
General Motors Corp. ................... 430 31,255
----------
56,371
----------
HOUSEHOLD FURNITURE, APPLIANCES (0.2%)
Best Buy Co., Inc.* .................... 190 9,536
----------
LEISURE RELATED (0.7%)
Walt Disney Co. ........................ 1,150 33,637
----------
RETAIL--GENERAL (5.0%)
Bed Bath & Beyond, Inc.* ............... 270 9,383
Costco Wholesale Corp.* ................ 240 21,900
Dayton Hudson Corp. .................... 160 11,750
Home Depot, Inc. ....................... 1,035 70,962
Tandy Corp. ............................ 200 9,838
Wal-Mart Stores, Inc. ................. 1,740 120,277
----------
244,110
----------
TOTAL CONSUMER CYCLICALS ............. 343,654
----------
CONSUMER NON-CYCLICALS (13.8%)
BEVERAGES (2.2%)
Anheuser-Busch Cos., Inc. .............. 345 24,452
Coca-Cola Co. .......................... 980 57,085
PepsiCo, Inc. .......................... 670 23,618
----------
105,155
----------
DRUGS (6.2%)
Abbott Laboratories .................... 630 22,877
American Home Products Corp............. 420 16,564
Bristol-Myers Squibb Co. ............... 590 37,871
Lilly (Eli) & Co. ...................... 570 37,905
Merck & Co., Inc. ...................... 1,370 91,875
Pfizer, Inc. ........................... 1,030 33,411
Pharmacia & Upjohn, Inc. ............... 330 14,850
Schering-Plough Corp. .................. 520 21,937
Warner-Lambert Co. ..................... 250 20,484
----------
297,774
----------
FOODS (0.5%)
Bestfoods .............................. 330 17,345
Campbell Soup Co. ...................... 190 7,351
----------
24,696
----------
HOSPITAL SUPPLIES & SERVICES (0.8%)
Baxter International, Inc. ............. 100 6,281
Guidant Corp.* ......................... 220 10,340
Medtronic, Inc. ........................ 550 20,041
----------
36,662
----------
RETAIL--FOOD (0.5%)
McDonald's Corp. ....................... 390 15,722
Safeway, Inc.* ......................... 270 9,602
----------
25,324
----------
SOAPS & TOILETRIES (3.3%)
Colgate Palmolive Co. .................. 230 14,950
</TABLE>
179
<PAGE>
EQ ADVISORS TRUST
EQ/EVERGREEN PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Gillette Co. ............................. 340 $ 14,004
Johnson & Johnson ........................ 690 64,256
Kimberly Clark Corp. ..................... 180 11,745
Procter & Gamble Co. ..................... 500 54,781
----------
159,736
----------
TOBACCO (0.3%)
Philip Morris Cos., Inc. ................. 700 16,231
----------
TOTAL CONSUMER NON-CYCLICALS............ 665,578
----------
CREDIT SENSITIVE (13.7%)
BANKS (1.3%)
Bank of America Corp. .................... 600 30,112
Chase Manhattan Corp. .................... 110 8,546
FleetBoston Financial Corp. .............. 400 13,926
Wells Fargo Co. .......................... 230 9,301
----------
61,885
----------
FINANCIAL SERVICES (3.4%)
American Express Co. ..................... 210 34,913
Charles Schwab Corp. ..................... 310 11,896
Citigroup, Inc. .......................... 790 43,894
Goldman Sachs Group, Inc. ................ 220 20,721
Merrill Lynch & Co. ...................... 160 13,360
Morgan Stanley Dean Witter &
Co. .................................... 210 29,978
Providian Financial Corp. ............... 100 9,106
----------
163,868
----------
INSURANCE (1.1%)
Allstate Corp. ........................... 270 6,480
American International Group,
Inc. ................................... 430 46,494
----------
52,974
----------
MORTGAGE RELATED (1.8%)
Fannie Mae ............................... 870 54,321
Freddie Mac .............................. 670 31,532
----------
85,853
----------
UTILITY--ELECTRIC (0.1%)
Southern Co. ............................. 240 5,640
----------
UTILITY--TELEPHONE (6.0%)
AT&T Corp. .............................. 1,450 73,587
Bell Atlantic Corp. ...................... 620 38,169
GTE Corp. ................................ 540 38,104
MCI WorldCom, Inc.* ...................... 930 49,348
SBC Communications, Inc. ................. 1,410 68,737
Sprint Corp. (FON Group) ................. 300 20,194
----------
288,139
----------
TOTAL CREDIT SENSITIVE ................. 658,359
----------
DIVERSIFIED (0.5%)
MISCELLANEOUS (0.5%)
Teleflex, Inc. ........................... 400 12,525
Tyco International Ltd. .................. 270 10,496
----------
23,021
----------
ENERGY (5.0%)
OIL--DOMESTIC (3.2%)
Atlantic Richfield Co. ................... 180 15,570
Chevron Corp. ............................ 270 23,389
Exxon Mobil Corp.* ....................... 1,439 115,929
----------
154,888
----------
OIL--INTERNATIONAL (1.1%)
Royal Dutch Petroleum Co.
(New York Shares) ...................... 500 30,219
Texaco, Inc. ............................. 390 21,182
----------
51,401
----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
OIL--SUPPLIES & CONSTRUCTION (0.7%)
Baker Hughes, Inc. ....................... 190 $ 4,002
Diamond Offshore Drilling, Inc............ 180 5,501
Halliburton Co. .......................... 170 6,842
Schlumberger Ltd. ........................ 320 18,000
Transocean Sedco Forex, Inc. ............. 62 2,089
----------
36,434
----------
TOTAL ENERGY ........................... 242,723
----------
TECHNOLOGY (33.8%)
COMPUTER HARDWARE (7.0%)
Cisco Systems, Inc.* ..................... 1,270 136,049
Gateway, Inc.* ........................... 300 21,619
Hewlett Packard Co. ...................... 440 50,133
Sun Microsystems, Inc.* .................. 1,640 126,997
----------
334,798
----------
COMPUTER SOFTWARE (8.4%)
America Online, Inc.* .................... 900 67,894
At Home Corp. Series A* .................. 210 9,004
BMC Software, Inc.* ...................... 110 8,793
Computer Associates
International, Inc. .................... 390 27,275
Microsoft Corp.* ......................... 2,040 238,170
Oracle Corp.* ............................ 480 53,790
----------
404,926
----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (6.6%)
Alltel Corp. ............................. 120 9,922
Corning, Inc. ............................ 220 28,366
General Motors Corp., Class H*............ 170 16,320
Lucent Technologies, Inc. ................ 1,200 89,775
Motorola, Inc. ........................... 200 29,450
Nortel Networks Corp. .................... 770 77,770
QUALCOMM, Inc.* .......................... 200 35,250
Tellabs, Inc.* ........................... 510 32,736
----------
319,589
----------
ELECTRONICS (4.0%)
Analog Devices, Inc.* .................... 170 15,810
Intel Corp. .............................. 1,740 143,224
Jabil Circuit, Inc.* ..................... 260 18,980
JDS Uniphase Corp.* ...................... 100 16,131
----------
194,145
----------
OFFICE EQUIPMENT (5.3%)
Compaq Computer Corp. .................... 770 20,838
Dell Computer Corp.* ..................... 1,580 80,580
EMC Corp.* ............................... 430 46,978
International Business
Machines Corp. ......................... 670 72,360
MICROS Systems, Inc.* .................... 400 29,600
Xerox Corp. .............................. 230 5,218
----------
255,574
----------
WIRELESS TELECOMMUNICATION
SERVICES (2.5%)
Ericsson Telecommunications,
Class B (ADR) .......................... 240 15,765
Nextel Communications, Inc.,
Class A* ............................... 90 9,281
Nokia OYJ (ADR) .......................... 340 64,600
Sprint Corp. (PCS Group)* ................ 290 29,725
----------
119,371
----------
TOTAL TECHNOLOGY ....................... 1,628,403
----------
TOTAL COMMON STOCKS (90.5%)
(Cost $3,860,636)....................... $4,360,395
----------
</TABLE>
180
<PAGE>
EQ ADVISORS TRUST
EQ/EVERGREEN PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT
SECURITIES:
TIME DEPOSITS (10.1%)
Chase Nassau,
3.48%,1/3/00
(Amortized Cost $485,458)......... $485,458 $ 485,458
----------
TOTAL INVESTMENTS (100.6%)
(Cost/Amortized Cost
$4,346,094)....................... 4,845,853
OTHER ASSETS
LESS LIABILITIES (-0.6%) ......... (27,758)
----------
NET ASSETS (100%) .................. $4,818,095
==========
</TABLE>
- ----------
* Non-income producing
Glossary:
ADR--American Depositary Receipt.
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $7,699,229
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 3,086,210
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 609,513
Aggregate gross unrealized depreciation ......... (119,987)
----------
Net unrealized appreciation ..................... $ 489,526
==========
Federal income tax cost of investments .......... $4,356,327
==========
At December 31, 1999, the Portfolio had loaned securities with a total value of
$42,863, which was secured by collateral of $43,450.
For the period from January 1, 1999, to December 31, 1999 the Portfolio
incurred approximately $8 and $11,855 as brokerage commissions with Donaldson,
Lufkin & Jenrette Corp. and Lieber & Co., respectively, both affiliated
broker/dealers.
The Portfolio has a net capital loss carryforward of $158,113 which expires in
the year 2007.
See Notes to Financial Statements.
181
<PAGE>
EQ ADVISORS TRUST
EQ/EVERGREEN FOUNDATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (3.5%)
CHEMICALS (2.0%)
Air Products & Chemicals, Inc. ...... 100 $ 3,357
Dow Chemical Co. .................... 380 50,777
Du Pont (E.I.) de Nemours & Co. ..... 1,490 98,154
Monsanto Co. ........................ 700 24,937
----------
177,225
----------
CHEMICALS--SPECIALTY (0.3%)
PPG Industries, Inc. ................ 290 18,143
Praxair, Inc. ....................... 200 10,063
----------
28,206
----------
METALS & MINING (0.6%)
Alcoa, Inc. ......................... 220 18,260
Minnesota Mining &
Manufacturing Co. ................. 400 39,150
----------
57,410
----------
PAPER (0.4%)
International Paper Co. ............. 420 23,704
Willamette Industries, Inc. ......... 200 9,287
----------
32,991
----------
STEEL (0.2%)
Nucor Corp. ......................... 240 13,155
----------
TOTAL BASIC MATERIALS ............. 308,987
----------
BUSINESS SERVICES (2.9%)
PRINTING, PUBLISHING,
BROADCASTING (1.7%)
CBS Corp.* .......................... 300 19,181
Clear Channel Communications,
Inc.* ............................. 170 15,173
Cox Communications, Inc.,
Class A* .......................... 430 22,145
Gannett Co., Inc. ................... 140 11,419
Time Warner, Inc. ................... 1,180 85,476
----------
153,394
----------
PROFESSIONAL SERVICES (1.0%)
Automatic Data Processing, Inc....... 520 28,015
Computer Sciences Corp.* ............ 320 30,280
First Data Corp. .................... 520 25,642
----------
83,937
----------
TRUCKING, SHIPPING (0.2%)
United Parcel Service, Inc.
Class B ........................... 250 17,250
----------
TOTAL BUSINESS SERVICES ........... 254,581
----------
CAPITAL GOODS (6.6%)
AEROSPACE (1.3%)
Boeing Co. .......................... 700 29,094
Honeywell International, Inc.* ...... 882 50,880
United Technologies Corp. ........... 500 32,500
----------
112,474
----------
BUILDING MATERIALS & FOREST
PRODUCTS (0.6%)
Lowe's Cos., Inc. ................... 600 35,850
Weyerhaeuser Co. .................... 200 14,363
----------
50,213
----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
ELECTRICAL EQUIPMENT (4.3%)
Applied Power, Inc., Class A ........ 400 $ 14,700
Emerson Electric Co. ................ 660 37,868
General Electric Co. ................ 2,160 334,260
----------
386,828
----------
MACHINERY (0.4%)
Caterpillar, Inc. ................... 210 9,883
Deere & Co. ......................... 100 4,337
Illinois Tool Works, Inc. ........... 300 20,269
----------
34,489
----------
TOTAL CAPITAL GOODS ............... 584,004
----------
CONSUMER CYCLICALS (6.0%)
AUTO RELATED (0.0%)
Delphi Automotive Systems Corp. ..... 300 4,725
----------
AUTOS & TRUCKS (1.3%)
DaimlerChrysler AG .................. 420 32,865
Ford Motor Co. ...................... 690 36,872
General Motors Corp. ................ 640 46,520
----------
116,257
----------
HOUSEHOLD FURNITURE,
APPLIANCES (0.2%)
Best Buy Co., Inc.* ................. 320 16,060
----------
LEISURE RELATED (0.6%)
Walt Disney Co. ..................... 1,720 50,310
----------
RETAIL--GENERAL (3.9%)
Bed Bath & Beyond, Inc.* ............ 580 20,155
Costco Wholesale Corp.* ............. 270 24,637
Dayton Hudson Corp. ................. 200 14,688
Home Depot, Inc. .................... 1,635 112,100
Tandy Corp. ......................... 240 11,805
Wal-Mart Stores, Inc. ............... 2,420 167,282
----------
350,667
----------
TOTAL CONSUMER CYCLICALS .......... 538,019
----------
CONSUMER NON-CYCLICALS (10.8%)
BEVERAGES (1.6%)
Anheuser-Busch Cos., Inc. ........... 450 31,894
Coca Cola Co. ....................... 1,420 82,715
PepsiCo, Inc. ....................... 840 29,610
----------
144,219
----------
DRUGS (4.5%)
Abbott Laboratories ................. 1,120 40,670
American Home Products Corp. ........ 810 31,944
Bristol-Myers Squibb Co. ............ 880 56,485
Lilly (Eli) & Co. ................... 800 53,200
Merck & Co., Inc. ................... 1,350 90,534
Pfizer, Inc. ........................ 1,380 44,764
Pharmacia & Upjohn, Inc. ............ 530 23,850
Schering-Plough Corp. ............... 770 32,484
Warner Lambert Co. .................. 360 29,498
----------
403,429
----------
FOODS (0.8%)
Bestfoods ........................... 620 32,589
Campbell Soup Co. ................... 290 11,219
ConAgra, Inc. ....................... 530 11,958
H.J. Heinz Co. ...................... 170 6,768
Kellogg Co. ......................... 200 6,163
----------
68,697
----------
</TABLE>
182
<PAGE>
EQ ADVISORS TRUST
EQ/EVERGREEN FOUNDATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
HOSPITAL SUPPLIES & SERVICES (0.6%)
Baxter International, Inc. ........ 190 $ 11,934
Guidant Corp.* .................... 340 15,980
Medtronic, Inc. ................... 770 28,057
----------
55,971
----------
RETAIL--FOOD (0.6%)
McDonald's Corp. .................. 920 37,087
Safeway, Inc.* .................... 350 12,447
----------
49,534
----------
SOAPS & TOILETRIES (2.5%)
Colgate Palmolive Co. ............. 280 18,200
Gillette Co. ...................... 570 23,477
Johnson & Johnson ................. 800 74,500
Kimberly Clark Corp. .............. 390 25,447
Procter & Gamble Co. .............. 750 82,172
----------
223,796
----------
TOBACCO (0.2%)
Philip Morris Cos., Inc. .......... 600 13,913
----------
TOTAL CONSUMER NON-CYCLICALS..... 959,559
----------
CREDIT SENSITIVE (11.6%)
BANKS (0.7%)
Bank of America Corp. ............. 460 23,086
Chase Manhattan Corp. ............. 160 12,430
FleetBoston Financial Corp. ....... 499 17,379
Wells Fargo Co. ................... 350 14,153
----------
67,048
----------
FINANCIAL SERVICES (3.0%)
American Express Co. .............. 560 93,100
Charles Schwab Corp. .............. 400 15,350
Citigroup, Inc. ................... 910 50,562
Goldman Sachs Group, Inc. ......... 340 32,024
Merrill Lynch & Co. ............... 400 33,400
Morgan Stanley Dean Witter & Co. 310 44,252
----------
268,688
----------
INSURANCE (1.3%)
AFLAC, Inc. ....................... 200 9,438
Allstate Corp. .................... 300 7,200
American International Group,
Inc. ............................ 850 91,906
Marsh & McLennan Cos. ............. 100 9,569
----------
118,113
----------
MORTGAGE RELATED (1.1%)
Fannie Mae ........................ 1,250 78,047
Freddie Mac ....................... 370 17,413
----------
95,460
----------
UTILITY--ELECTRIC (0.4%)
Duke Energy Corp. ................. 200 10,025
Public Service Enterprise Group,
Inc. ............................ 100 3,481
ScottishPower plc (ADR) ........... 232 6,496
Southern Co. ...................... 500 11,750
----------
31,752
----------
UTILITY--GAS (0.2%)
KeySpan Corp. ..................... 700 16,231
----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
UTILITY--TELEPHONE (4.9%)
AT&T Corp. ........................ 2,030 $ 103,022
Bell Atlantic Corp. ............... 880 54,175
GTE Corp. ......................... 620 43,749
MCI WorldCom, Inc.* ............... 1,365 72,430
SBC Communications, Inc. .......... 1,970 96,038
Sprint Corp. (FON Group) .......... 930 62,601
----------
432,015
----------
TOTAL CREDIT SENSITIVE .......... 1,029,307
----------
DIVERSIFIED (0.4%)
MISCELLANEOUS (0.4%)
Berkshire Hathaway, Inc., Class
B* .............................. 10 18,300
Ralston-Purina Group .............. 170 4,739
Tyco International Ltd. ........... 350 13,606
----------
TOTAL DIVERSIFIED ............... 36,645
----------
ENERGY (4.0%)
OIL--DOMESTIC (2.4%)
Atlantic Richfield Co. ............ 300 25,950
Chevron Corp. ..................... 520 45,045
Exxon Mobil Corp.* ................ 1,794 144,529
----------
215,524
----------
OIL--INTERNATIONAL (0.7%)
BP Amoco plc (ADR) ................ 550 32,622
Texaco, Inc. ...................... 600 32,587
----------
65,209
----------
OIL--SUPPLIES & CONSTRUCTION (0.6%)
Baker Hughes, Inc. ................ 200 4,213
Halliburton Co. ................... 450 18,112
Schlumberger Ltd. ................. 500 28,125
Transocean Sedco Forex, Inc. ...... 97 3,268
----------
53,718
----------
RAILROADS (0.3%)
Union Pacific Corp. ............... 560 24,430
----------
TOTAL ENERGY .................... 358,881
----------
TECHNOLOGY (26.6%)
COMPUTER HARDWARE (4.8%)
Cisco Systems, Inc.* .............. 1,920 205,680
Hewlett Packard Co. ............... 600 68,363
Sun Microsystems, Inc.* ........... 2,000 154,875
----------
428,918
----------
COMPUTER SOFTWARE (6.4%)
America Online, Inc.* ............. 1,220 92,034
At Home Corp., Series A* .......... 340 14,578
BMC Software, Inc.* ............... 300 23,981
Computer Associates
International, Inc. ............. 460 32,171
Microsoft Corp.* .................. 2,870 335,072
Oracle Corp.* ..................... 660 73,961
----------
571,797
----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (6.6%)
Alltel Corp. ...................... 170 14,057
Corning, Inc. ..................... 350 45,128
General Motors Corp., Class H*..... 320 30,720
</TABLE>
183
<PAGE>
EQ ADVISORS TRUST
EQ/EVERGREEN FOUNDATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- ---------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------
<S> <C> <C>
Global Crossing Ltd.* ........... 2,330 $ 116,500
Lucent Technologies, Inc. ....... 1,650 123,441
Motorola, Inc. .................. 300 44,175
Nortel Networks Corp. ........... 1,070 108,070
QUALCOMM, Inc.* ................. 320 56,400
Qwest Communications
International, Inc.* .......... 670 28,810
Vodafone AirTouch plc (ADR) ..... 430 21,285
---------
588,586
---------
ELECTRONICS (3.0%)
Analog Devices, Inc.* ........... 420 39,060
Intel Corp. ..................... 2,400 197,550
JDS Uniphase Corp.* ............. 160 25,811
---------
262,421
---------
OFFICE EQUIPMENT (3.8%)
Compaq Computer Corp. ........... 1,500 40,594
Dell Computer Corp.* ............ 2,350 119,850
EMC Corp.* ...................... 560 61,180
International Business Machines
Corp. ......................... 1,000 108,000
Xerox Corp. ..................... 200 4,537
---------
334,161
---------
WIRELESS TELECOMMUNICATION
SERVICES (2.0%)
Ericsson Telecommunications,
Class B (ADR) ................. 400 26,275
Nokia Oyj (ADR) ................. 550 104,500
Sprint Corp. (PCS Group)* ....... 450 46,125
---------
176,900
---------
TOTAL TECHNOLOGY .............. 2,362,783
---------
TOTAL COMMON STOCKS (72.4%)
(Cost $5,686,136) ............. 6,432,766
---------
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (1.7%)
Lucent Technologies, Inc. 6.90%,
7/15/01 .............................. $150,000 $ 150,561
----------
U.S. GOVERNMENT (17.2%)
U.S. Treasury Bond
6.25%, 8/15/23 ....................... 100,000 94,313
U.S. Treasury Note
5.50%, 5/15/09 ........................ 500,000 465,781
5.88%, 11/15/05 ....................... 500,000 485,469
6.13%, 8/15/07 ........................ 500,000 487,344
----------
1,532,907
----------
U.S. GOVERNMENT AGENCIES (4.2%)
Federal National Mortgage
Association
5.13%, 2/13/04 ....................... 400,000 375,311
----------
TOTAL LONG-TERM DEBT SECURITIES (23.1%)
(Cost $2,109,893)...................... 2,058,779
----------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (5.4%)
Chase Nassau,
3.48%, 1/3/00
(Amortized Cost $477,264) ............ 477,264 477,264
----------
TOTAL INVESTMENTS (100.9%)
(Cost/Amortized Cost $8,273,293) ..... 8,968,809
OTHER ASSETS LESS LIABILITIES (-0.9%) (81,824)
----------
NET ASSETS (100%) ...................... $8,886,985
==========
</TABLE>
- ---------------------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
184
<PAGE>
EQ ADVISORS TRUST
EQ/EVERGREEN FOUNDATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $10,286,854
U.S. Government securities ............................. 2,200,235
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 3,380,361
U.S. Government securities ............................. 570,531
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation.......... $ 946,025
Aggregate gross unrealized depreciation.......... (250,943)
----------
Net unrealized appreciation ..................... $ 695,082
==========
Federal income tax cost of investments .......... $8,273,727
==========
At December 31, 1999, the Portfolio had loaned securities with a total value of
$1,785,061 which was secured by collateral valued at $1,819,204 of which
$1,586,804 was in the form of U.S. Government securities.
For the period from January 1, 1999 to December 31, 1999, the Portfolio
incurred approximately $13 and $12,443 as brokerage commissions with Donaldson,
Lufkin & Jenrette Securities Corp., and Lieber & Co., respectively, both
affiliated broker/dealers.
The Portfolio has a net capital loss carryforward of $272,820 which expires in
the year 2007.
See Notes to Financial Statements.
185
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES (0.5%)
ENVIRONMENTAL CONTROL (0.2%)
Lasmo USA, Inc.
7.50%, 6/30/06 ................... $ 380,000 $ 374,049
-------------
TRUCKING, SHIPPING (0.3%)
FedEx Corp.,
Series 991C,
8.25%, 1/15/19 ................... 380,000 379,525
-------------
TOTAL BUSINESS SERVICES ........... 753,574
-------------
CAPITAL GOODS (0.8%)
AEROSPACE (0.8%)
Boeing Co.
7.50%, 8/15/42 ................... 1,445,000 1,371,305
-------------
CONSUMER CYCLICALS (1.0%)
AUTOS & TRUCKS (0.3%)
Daimlerchrysler NA
7.20%, 9/1/09 .................... 550,000 539,994
-------------
RETAIL--GENERAL (0.7%)
Federated Dept Stores
8.50%, 6/15/03 ................... 1,000,000 1,031,111
-------------
TOTAL CONSUMER CYCLICALS ......... 1,571,105
-------------
CONSUMER NON-CYCLICALS (0.2%)
HOSPITAL SUPPLIES & SERVICES (0.2%)
McKesson Corp.
6.30%, 3/1/05 .................... 300,000 279,141
-------------
TOBACCO (0.0%)
Philip Morris Cos., Inc.
6.15%, 3/15/00 ................... 30,000 29,975
-------------
TOTAL CONSUMER NON-CYCLICALS 309,116
-------------
CREDIT SENSITIVE (99.3%)
ASSET BACKED (0.8%)
Sears Credit Account Master Trust,
Series 95-5, Class A,
6.05%, 1/16/08 ................... 700,000 681,996
The Money Store Home
Equity Trust, Series 1997-D,
Class AV2,
6.49%, 10/15/26 .................. 570,000 563,944
-------------
1,245,940
-------------
BANKS (1.1%)
Amsouth Bank of Alabama
6.45%, 2/1/18 .................... 1,000,000 906,218
First Union Corp.
8.13%, 6/24/02 ................... 750,000 765,675
-------------
1,671,893
-------------
COLLATERALIZED MORTGAGE
OBLIGATIONS (8.1%)
First Union-Lehman Brothers,
Series 97-C2, Class A3,
6.65%, 11/18/29 .................. 2,500,000 2,385,550
Morgan Stanley Capital Corp.,
Series 98-WF1, Class A1,
6.25%, 7/15/07 ................... 381 369
Series 99-CAM1, Class A3,
6.92%, 11/15/08 .................. 3,000,000 2,927,940
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Series 99-WF1, Class A2,
6.21%, 9/15/08, .................. $ 2,000,000 $ 1,841,740
Series 97-XL1, Class A1,
6.59%, 10/3/30 ................... 3,277,043 3,198,525
Nationslink Funding Corp.,
Series 98-2, Class A2,
6.48%, 7/20/08 ................... 2,200,000 2,063,798
Ocwen Residential MBS Corp.,
Series 98-R1, Class A1,
4.00%, 10/25/30 + ................ 201,321 194,747
-------------
12,612,669
-------------
FINANCIAL SERVICES (13.6%)
Associates Corp. of North
America
5.88%, 7/15/02 ................... 400,000 389,620
6.00%, 4/15/03 ................... 200,000 193,268
6.95%, 11/1/18 ................... 355,000 328,607
Beneficial Corp., Series G,
6.85%, 6/17/02 ................... 500,000 494,980
Chase Credit Card Master Trust,
Series 97-2, Class A,
6.30%, 4/15/03 ................... 4,800,000 4,795,680
CIT Group, Inc.
5.92%, 11/8/02 ................... 2,000,000 1,934,894
7.25%, 8/15/05 ................... 2,405,000 2,388,281
Ford Credit Auto Loan
Master Trust,
Series 96-1, Class A,
5.50%, 2/15/03 ................... 1,520,000 1,499,366
Ford Motor Credit Co.
6.63%, 6/30/03 ................... 150,000 147,548
5.75%, 2/23/04 ................... 1,565,000 1,482,607
7.38%, 10/28/09 .................. 2,000,000 1,974,366
General Motors Acceptance
Corp.
5.85%, 1/14/09 ................... 2,000,000 1,778,160
Household Finance Corp.
5.88%, 2/1/09 .................... 710,000 628,222
John Deere Capital Corp.
5.85%, 1/15/01 ................... 100,000 98,912
Keystone Financial Midatlantic
Funding
6.50%, 5/31/08 ................... 200,000 182,798
MBNA Master Credit Card
Trust, Series 99-J, Class A,
7.00%, 2/15/12 ................... 1,300,000 1,272,781
Nomura Asset Securities Corp.
Series 98-D6, Class A1B,
6.59%, 3/17/28 ................... 890,000 837,348
Toyota Motor Credit
5.63%, 11/13/03 .................. 1,000,000 952,130
-------------
21,379,568
-------------
FOREIGN GOVERNMENT (1.7%)
Quebec Province, Series NY,
6.50%, 1/17/06 ................... 500,000 479,335
7.50%, 9/15/29 ................... 2,225,000 2,153,844
-------------
2,633,179
-------------
</TABLE>
186
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT (11.2%)
U.S. Treasury Bond
8.88%, 2/15/19^ ................... $ 6,765,000 $ 8,227,931
U.S. Treasury Note
5.88%, 2/15/00^ ................... 2,500,000 2,501,562
5.63%, 10/31/01 ................... 3,965,000 3,925,350
6.00%, 8/15/04 .................... 500,000 492,188
6.00%, 8/15/09 .................... 1,650,000 1,598,438
6.75%, 8/15/26 .................... 785,000 788,434
6.13%, 8/15/29 .................... 55,000 52,439
------------
17,586,342
------------
U.S. GOVERNMENT AGENCIES (59.5%)
Federal Home Loan Bank
5.38%, 3/2/01 ..................... 200,000 197,652
Federal Home Loan
Mortgage Corporation
5.13%, 10/15/08 ................... 1,440,000 1,258,645
Federal National Mortgage
Assocation
6.00%, 5/15/08 .................... 1,375,000 1,285,107
6.63%, 9/15/09 .................... 2,185,000 2,119,778
6.50%, 6/1/13 ..................... 1,686 1,636
6.00%, 8/1/13 ..................... 80,765 76,668
7.00%, 3/1/26 ..................... 28,242 27,314
7.00%, 4/1/27 ..................... 491,783 475,627
8.00%, 7/1/27 ..................... 12,313 12,313
8.00%, 8/1/27 ..................... 958,536 958,536
7.00%, 9/1/27 ..................... 43,428 42,001
8.00%, 9/1/27 ..................... 19,660 19,660
8.00%, 10/1/27 .................... 24,131 24,235
8.00%, 11/1/27 .................... 134,706 134,706
7.50%, 2/1/28 ..................... 22,187 21,743
6.50%, 3/1/28 ..................... 226,429 213,424
6.50%, 4/1/28 ..................... 512,581 483,141
6.50%, 7/1/28 ..................... 303,213 285,798
7.00%, 7/1/28 ..................... 1,268,712 1,227,033
7.50%, 7/1/28 ..................... 475,963 470,978
6.00%, 8/1/28 ..................... 302,416 276,868
6.50%, 8/1/28 ..................... 5,767 5,436
7.00%, 8/1/28 ..................... 929,088 898,566
6.16%, 8/7/28 ..................... 600,000 520,675
6.50%, 9/1/28 ..................... 1,278,431 1,205,005
6.00%, 10/1/28 .................... 825,707 755,952
6.50%, 10/1/28 .................... 1,143,443 1,077,769
7.00%, 10/1/28 .................... 377,335 364,939
6.00%, 11/1/28 .................... 395,145 361,763
7.00%, 11/1/28 .................... 343,156 331,883
6.00%, 12/1/28 .................... 723,782 662,638
6.50%, 12/1/28 .................... 904,378 852,434
7.00%, 12/1/28 .................... 42,020 40,640
6.00%, 1/1/29 ..................... 347,932 318,539
6.50%, 1/1/29 ..................... 1,431,280 1,349,074
7.00%, 1/1/29 ..................... 299,532 289,692
6.00%, 2/1/29 ..................... 368,935 337,768
6.50%, 2/1/29 ..................... 936,659 882,862
7.00%, 2/1/29 ..................... 25,853 25,004
6.50%, 3/1/29 ..................... 196,428 185,146
6.50%, 4/1/29 ..................... 617,266 581,813
6.00%, 5/1/29 ..................... 386,870 354,188
6.50%, 5/1/29 ..................... 2,346 2,205
6.00%, 6/1/29 ..................... 507,430 464,563
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
7.50%, 6/1/29 ..................... $ 707.489 $ 700,078
6.50%, 7/1/29 ..................... 1,103,099 1,036,913
7.50%, 7/1/29 ..................... 327,528 324,097
7.00%, 8/1/29 ..................... 3,966,441 3,807,783
7.50%, 8/1/29 ..................... 5,544,611 5,486,537
8.00%, 8/1/29 ..................... 853,905 853,905
7.00%, 9/1/29 ..................... 2,864,872 2,770,755
7.50%, 9/1/29 ..................... 5,771,900 5,711,383
8.00%, 9/1/29 ..................... 1,001,993 1,008,269
7.00%, 10/1/29 .................... 4,903,169 4,734,413
7.50%, 10/1/29 .................... 3,698,436 3,659,116
8.00%, 10/1/29 .................... 1,132,133 1,133,564
7.00%, 11/1/29 .................... 712,248 688,849
7.50%, 11/1/29 .................... 772,838 764,144
8.00%, 11/1/29 .................... 2,811,992 2,834,522
6.00%, 1/1/30 ..................... 11,065,000 10,127,927
6.50%, 1/1/30 ..................... 8,775,000 8,270,437
7.50%, 1/1/30 ..................... 750,000 741,796
8.00%, 1/1/30 ..................... 3,715,000 3,744,022
7.00%, 10/1/30 .................... 7,690,000 7,428,063
Government National Mortgage
Association
8.00%, 8/15/27 .................... 255,921 258,667
7.50%, 2/15/28 .................... 30,027 29,714
7.00%, 5/15/28 .................... 30 29
7.50%, 5/15/28 .................... 399,634 395,471
7.00%, 7/15/28 .................... 740 715
7.50%, 7/15/28 .................... 895,730 886,399
6.50%, 8/15/28 .................... 468,863 438,237
7.00%, 10/15/28 ................... 71,490 69,085
6.50%, 12/15/28 ................... 3,995,544 3,753,314
------------
93,139,621
------------
UTILITY--ELECTRIC (1.0%)
Detroit Edison, Series E,
6.75%, 3/17/03 .................... 100,000 98,233
Kincaid Generation LLC
7.33%, 6/15/20 + .................. 300,000 264,531
Texas Utilities Electric Co.
6.25%, 10/1/04 .................... 200,000 191,604
5.94%, 10/15/11 ................... 1,000,000 982,358
------------
1,536,726
------------
UTILITY--GAS (0.9%)
Energen Corp.
7.13%, 2/15/28 .................... 1,000,000 861,478
Ferellgas LP, Series A,
6.99%, 8/1/05 ..................... 500,000 485,000
Lakehead Pipe Line Co. LP
7.13%, 10/1/28 .................... 150,000 125,157
------------
1,471,635
------------
UTILITY--TELEPHONE (1.4%)
AT&T Corp.
6.00%, 3/15/09 .................... 1,675,000 1,519,426
Century Telephone
Enterprises, Inc.,
Series E,
6.15%, 1/15/05 .................... 100,000 94,091
Pacific Telecommunications,
Series B, 6.63%, 10/20/05 ......... 150,000 140,696
</TABLE>
187
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. West Capital Funding, Inc.
6.25%, 7/15/05 ...................... $ 125,000 $ 118,298
6.88%, 7/15/28 ...................... 400,000 350,578
------------
2,223,089
------------
TOTAL CREDIT SENSITIVE .............. 155,500,662
------------
DIVERSIFIED (0.2%)
MISCELLANEOUS (0.2%)
United Utilities plc
6.25%, 8/15/05 ..................... 300,000 279,186
------------
ENERGY (3.3%)
OIL--DOMESTIC (2.5%)
Amerada Hess Corp.
7.88%, 10/1/29 ..................... 400,000 389,560
Conoco, Inc.
5.90%, 4/15/04 ..................... 2,000,000 1,909,340
Enron Corp. , Series NOV,
6.95%, 7/15/28 ..................... 1,090,000 948,572
Occidental Petroleum
9.25%, 8/1/19 ....................... 575,000 636,652
------------
3,884,124
------------
OIL--INTERNATIONAL (0.3%)
PECO Energy Transition Trust,
Series 99-A, Class A4,
5.80%, 3/1/07 ....................... 500,000 475,865
------------
RAILROADS (0.5%)
Burlington Northern Santa Fe,
Series 96-B,
6.96%, 3/22/09 ...................... 440,953 430,335
Canadian National Railroad Co.
6.45%, 7/15/06 ...................... 400,000 368,192
------------
798,527
------------
TOTAL ENERGY ........................ 5,158,516
------------
TECHNOLOGY (2.0%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (2.0%)
Aerial Communications, Inc.,
Zero Coupon, 2/1/08 + .............. 435,000 205,152
Sprint Capital Corp.
5.70%, 11/15/03 .................... 2,000,000 1,899,185
Tele-Communication, Inc.
7.88%, 8/1/13 ...................... 1,000,000 1,012,240
------------
TOTAL TECHNOLOGY .................... 3,116,577
------------
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
TOTAL LONG-TERM DEBT
SECURITIES (107.3%)
(Cost $172,510,552) ................ $168,060,041
------------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (0.0%)
Chase Nassau,
3.48%, 1/3/00 ...................... $ 1,206 1,206
------------
U.S. GOVERNMENT (1.3%)
U.S. Treasury Bill
3.00%, 1/6/00 ...................... 2,000,000 1,999,377
------------
U.S. GOVERNMENT AGENCIES (9.8%)
Federal Home Loan
Mortgage Corp.
(Discount Note)
1/3/00 ............................. 15,317,000 15,315,599
------------
TOTAL SHORT-TERM DEBT
SECURITIES (11.1%)
(Amortized
Cost $17,316,182) .................. 17,316,182
------------
TOTAL INVESTMENTS (118.4%)
(Cost/Amortized Cost
$189,826,734)....................... 185,376,223
OTHER ASSETS
LESS LIABILITIES (-18.4%) .......... (28,795,046)
------------
NET ASSETS (100%) .................... $156,581,177
============
</TABLE>
- ---------------------
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may only be resold to qualified institutional
buyers. At December 31, 1999, these securities amounted to $664,430 or
0.42% of net assets.
^ All, or a portion of securities held by broker as collateral for financial
futures contracts.
188
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
At December 31, 1999, the Portfolio had the following futures contracts open:
(Note 1)
<TABLE>
<CAPTION>
UNREALIZED
NO. OF EXPIRATION ORIGINAL VALUE AT APPRECIATION
SALES: CONTRACTS DATE VALUE 12/31/99 (DEPRECIATION)
- ------ --------- ---- ----- -------- --------------
<S> <C> <C> <C> <C> <C>
US 5YR Note .......... (91) March '00 $ (9,036,053) $ (8,919,959) $ 116,094
US 10YR Note ......... (128) March '00 (12,520,166) (12,270,000) 250,166
PURCHASES:
- ----------
US Long Bond ......... 55 March '00 5,159,647 5,003,223 (156,424)
----------
$ 209,836
==========
</TABLE>
At December 31, 1999, the Portfolio had outstanding forward commitments as
follows: (Note 1)
<TABLE>
<CAPTION>
PROCEEDS ON CURRENT UNREALIZED
FORWARD SALES: PRINCIPAL ORIGINAL DATE VALUE APPRECIATION
- -------------- --------- ------------- ----- ------------
<S> <C> <C> <C> <C>
FNMA TBA (Jan.) 7.50%, 1/1/30 ......... $2,310,000 $2,292,314 $2,284,733 $ 7,581
FNMA TBA (Jan.) 8.00%, 1/1/30 ......... 2,900,000 2,947,578 2,922,655 24,923
-------
$32,504
=======
</TABLE>
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $502,775,785
U.S. Government securities ............................. 187,600,871
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 150,459,741
U.S. Government securities ............................. 149,383,711
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 123,660
Aggregate gross unrealized depreciation ......... (4,654,199)
------------
Net unrealized depreciation ..................... $ (4,530,539)
============
Federal income tax cost of investments .......... $189,906,762
============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$19,115,404, which was secured by collateral valued at $19,519,974 of which
$16,476,178 was in the form of U.S. Government securities.
See Notes to Financial Statements.
189
<PAGE>
ED ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (5.8%)
CHEMICALS--SPECIALTY (1.2%)
PPG Industries, Inc. .................... 24,700 $ 1,545,294
------------
METALS & MINING (3.0%)
Alcoa, Inc. ............................. 24,600 2,041,800
Minnesota Mining &
Manufacturing Co. ..................... 20,300 1,986,862
------------
4,028,662
------------
PAPER (1.6%)
International Paper Co. ................. 38,200 2,155,913
------------
TOTAL BASIC MATERIALS ................. 7,729,869
------------
BUSINESS SERVICES (4.0%)
PRINTING, PUBLISHING,
BROADCASTING (2.7%)
Gannett Co., Inc. ....................... 17,800 1,451,813
New York Times Co., Class A ............. 43,300 2,127,112
------------
3,578,925
------------
PROFESSIONAL SERVICES (1.3%)
First Data Corp. ........................ 35,400 1,745,663
------------
TOTAL BUSINESS SERVICES ............... 5,324,588
------------
CAPITAL GOODS (8.1%)
AEROSPACE (5.8%)
Boeing Co. .............................. 5,500 228,594
General Dynamics Corp. .................. 25,500 1,345,125
Honeywell International, Inc.* .......... 38,500 2,220,968
Textron, Inc. ........................... 17,200 1,319,025
United Technologies Corp. ............... 39,500 2,567,500
------------
7,681,212
------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.9%)
Lowe's Cos., Inc. ....................... 20,700 1,236,825
------------
MACHINERY (1.4%)
Ingersoll Rand Co. ...................... 35,200 1,938,200
------------
TOTAL CAPITAL GOODS ................... 10,856,237
------------
CONSUMER CYCLICALS (7.6%)
AUTOS & TRUCKS (3.0%)
Ford Motor Co. .......................... 35,800 1,913,063
General Motors Corp. .................... 28,400 2,064,325
------------
3,977,388
------------
PHOTO & OPTICAL (1.0%)
Eastman Kodak Co. ....................... 21,100 1,397,875
------------
RETAIL--GENERAL (3.6%)
Dayton Hudson Corp. ..................... 20,500 1,505,469
Federated Department Stores,
Inc.* ................................. 34,700 1,754,519
Office Depot, Inc.* ..................... 68,200 745,937
TJX Cos., Inc. .......................... 36,800 752,100
------------
4,758,025
------------
TOTAL CONSUMER CYCLICALS .............. 10,133,288
------------
CONSUMER NON-CYCLICALS (22.1%)
BEVERAGES (3.4%)
Anheuser-Busch Cos., Inc. ............... 22,000 1,559,250
Diageo PLC (ADR) ........................ 23,791 761,312
PepsiCo, Inc. ........................... 61,600 2,171,400
------------
4,491,962
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
DRUGS (8.4%)
Abbott Laboratories ..................... 32,600 $ 1,183,787
American Home Products Corp. ............ 53,300 2,102,019
Amgen, Inc.* ............................ 21,600 1,297,350
Bristol-Myers Squibb Co. ................ 38,400 2,464,800
Merck & Co., Inc. ....................... 47,800 3,205,587
Pharmacia & Upjohn, Inc. ................ 22,900 1,030,500
------------
11,284,043
------------
FOODS (1.4%)
H.J. Heinz Co. .......................... 25,300 1,007,256
Hershey Foods Corp. ..................... 18,900 897,750
------------
1,905,006
------------
HOSPITAL SUPPLIES & SERVICES (1.0%)
Baxter International, Inc. .............. 20,700 1,300,219
------------
RETAIL--FOOD (1.9%)
Albertson's, Inc. ....................... 32,303 1,041,772
McDonald's Corp. ........................ 36,400 1,467,375
------------
2,509,147
------------
SOAPS & TOILETRIES (4.9%)
Gillette Co. ............................ 27,700 1,140,894
Kimberly Clark Corp. .................... 29,600 1,931,400
Procter & Gamble Co. .................... 31,400 3,440,262
------------
6,512,556
------------
TOBACCO (1.1%)
Philip Morris Cos., Inc. ................ 62,900 1,458,494
------------
TOTAL CONSUMER NON-CYCLICALS........... 29,461,427
------------
CREDIT SENSITIVE (29.8%)
BANKS (8.5%)
Bank of America Corp. ................... 38,784 1,946,472
Chase Manhattan Corp. ................... 43,800 3,402,713
Comerica, Inc. .......................... 6,700 312,806
First Union Corp. ....................... 29,300 961,406
FleetBoston Financial Corp. ............. 43,900 1,528,269
Washington Mutual, Inc. ................. 43,100 1,120,600
Wells Fargo Co. ......................... 52,100 2,106,794
------------
11,379,060
------------
FINANCIAL SERVICES (5.5%)
Citigroup, Inc. ......................... 58,850 3,269,853
Mellon Financial Corp. .................. 49,600 1,689,500
Morgan Stanley Dean Witter & Co. 16,200 2,312,550
------------
7,271,903
------------
INSURANCE (3.1%)
Aetna, Inc. ............................. 29,300 1,635,306
Allstate Corp. .......................... 44,800 1,075,200
Hartford Financial Services
Group, Inc. ........................... 29,400 1,392,825
------------
4,103,331
------------
MORTGAGE RELATED (1.8%)
Fannie Mae .............................. 39,500 2,466,281
------------
UTILITY--ELECTRIC (2.1%)
Entergy Corp. ........................... 49,500 1,274,625
FPL Group, Inc. ......................... 17,300 740,656
Southern Co. ............................ 31,000 728,500
------------
2,743,781
------------
</TABLE>
190
<PAGE>
ED ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------------------------------------------
<S> <C> <C>
UTILITY--TELEPHONE (8.8%)
AT&T Corp. ....................... 73,150 $ 3,712,363
Bell Atlantic Corp. .............. 66,500 4,093,906
SBC Communications, Inc. ......... 81,561 3,976,089
------------
11,782,358
------------
TOTAL CREDIT SENSITIVE ......... 39,746,714
------------
DIVERSIFIED (1.3%)
MISCELLANEOUS (1.3%)
Ralston-Purina Group ............. 28,800 802,800
Unilever N.V. .................... 18,035 981,780
------------
TOTAL DIVERSIFIED .............. 1,784,580
------------
ENERGY (4.6%)
OIL--DOMESTIC (3.8%)
Chevron Corp. .................... 19,600 1,697,850
Exxon Mobil Corp.* ............... 22,722 1,830,541
Texaco, Inc. ..................... 28,600 1,553,338
------------
5,081,729
------------
OIL--INTERNATIONAL (0.8%)
Conoco, Inc., Class B ............ 44,742 1,112,957
------------
TOTAL ENERGY ................... 6,194,686
------------
TECHNOLOGY (11.8%)
COMPUTER HARDWARE (1.2%)
Hewlett Packard Co. .............. 13,900 1,583,731
------------
COMPUTER SOFTWARE (1.3%)
Oracle Corp.* .................... 16,200 1,815,413
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (2.9%)
Alcatel (ADR) .................... 39,600 1,782,000
Motorola, Inc. ................... 14,000 2,061,500
------------
3,843,500
------------
ELECTRONICS (3.7%)
3Com Corp.* ...................... 40,800 1,917,600
Intel Corp. ...................... 24,500 2,016,656
Texas Instruments, Inc. .......... 9,800 949,375
------------
4,883,631
------------
OFFICE EQUIPMENT (2.7%)
Compaq Computer Corp. ............ 45,500 1,231,344
International Business Machines
Corp. .......................... 15,300 1,652,400
Xerox Corp. ...................... 33,800 766,837
------------
3,650,581
------------
TOTAL TECHNOLOGY ............... 15,776,856
------------
TOTAL COMMON STOCKS (95.1%)
(Cost $120,878,757) ............ 127,008,245
------------
<CAPTION>
- ------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (0.0%)
Chase Nassau
3.48%, 1/03/00 ................ $ 4,698 $ 4,698
------------
U.S. GOVERNMENT (4.6%)
U.S. Treasury Bill,
1/27/00 ....................... 3,615,000 3,603,675
U.S. Treasury Bill,
3/23/00 ....................... 2,550,000 2,521,269
------------
TOTAL U.S. GOVERNMENT ......... 6,124,944
------------
TOTAL SHORT-TERM DEBT
SECURITIES (4.6%)
(Amortized Cost $6,129,642) 6,129,642
------------
TOTAL INVESTMENTS (99.7%)
(Cost/Amortized Cost $127,008,399) 133,137,887
OTHER ASSETS LESS LIABILITIES (0.3%) 365,281
------------
NET ASSETS (100%) ............... $133,503,168
============
</TABLE>
- ---------------------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
191
<PAGE>
ED ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
<TABLE>
COST OF PURCHASES:
<S> <C>
Stocks and long-term corporate debt securities .......... $86,237,885
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .......... 32,245,394
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation.......... $ 17,068,388
Aggregate gross unrealized depreciation.......... (10,956,168)
-------------
Net unrealized appreciation ..................... $ 6,112,220
=============
Federal income tax cost of investments .......... $ 127,025,667
=============
</TABLE>
At December 31, 1999, the Portfolio had loaned securities with a total value
$3,809,242 which was secured by collateral of $3,883,830.
The Portfolio utilized net capital loss carryforwards of $475,091 during 1999.
See Notes to Financial Statements.
192
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (4.4%)
CHEMICALS--SPECIALTY (2.6%)
A. Schulman, Inc. ..................... 18,600 $ 303,413
Ferro Corp. ........................... 32,200 708,400
H.B. Fuller Co. ....................... 15,100 844,656
----------
1,856,469
----------
PAPER (1.8%)
Chesapeake Corp. ...................... 21,800 664,900
Wausau-Mosinee Paper Corp. ............ 56,800 663,850
----------
1,328,750
----------
TOTAL BASIC MATERIALS ............... 3,185,219
----------
BUSINESS SERVICES (11.6%)
PRINTING, PUBLISHING, BROADCASTING (5.0%)
Banta Corp. ........................... 35,100 791,944
Bowne & Co. ........................... 55,200 745,200
Houghton Mifflin Co. .................. 16,000 675,000
Mail-Well, Inc.* ...................... 45,700 616,950
Pulitzer, Inc. ........................ 10,600 427,312
R.H. Donnelly Corp.* .................. 20,100 379,387
----------
3,635,793
----------
PROFESSIONAL SERVICES (4.9%)
AC Nielson Corp.* ..................... 38,500 948,062
CDI Corp.* ............................ 17,300 417,363
Electronics for Imaging, Inc. ......... 9,100 528,938
Gartner Group, Inc., Class A .......... 21,300 324,825
InaCom Corp.* ......................... 47,700 348,806
Interim Services, Inc.* ............... 24,800 613,800
Pittston Brink's Group ................ 17,000 374,000
----------
3,555,794
----------
TRUCKING, SHIPPING (1.7%)
CNF Transportation, Inc. .............. 26,700 921,150
Pittston BAX Group .................... 29,000 308,125
----------
1,229,275
----------
TOTAL BUSINESS SERVICES ............. 8,420,862
----------
CAPITAL GOODS (15.6%)
AEROSPACE (1.6%)
AAR Corp. ............................. 23,900 428,706
Cordant Technologies, Inc. ............ 21,800 719,400
----------
1,148,106
----------
BUILDING & CONSTRUCTION (2.4%)
Dycom Industries, Inc.* ............... 3,200 141,000
Granite Construction, Inc. ............ 14,200 261,812
Toll Brothers, Inc. ................... 42,600 793,425
Watts Industries, Inc., Class A ....... 36,600 539,850
----------
1,736,087
----------
BUILDING MATERIALS & FOREST PRODUCTS (3.6%)
Apogee Enterprises, Inc. .............. 41,000 207,562
Circor International, Inc.* ........... 18,300 188,719
Crane Co. ............................. 23,250 462,094
Hughes Supply, Inc. ................... 19,500 420,469
Hussmann International, Inc. .......... 32,000 482,000
Huttig Building Products, Inc.* ....... 5,167 25,510
Martin Marietta Materials, Inc. ....... 19,900 815,900
----------
2,602,254
----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
ELECTRICAL EQUIPMENT (5.7%)
Applied Power, Inc., Class A .......... 15,900 $ 584,325
Belden, Inc. .......................... 18,600 390,600
Credence Systems Corp.* ............... 4,900 423,850
Harman International Industries,
Inc. ................................ 21,500 1,206,687
Lam Research Corp.* ................... 3,200 357,000
Mentor Graphics Corp.* ................ 51,800 683,113
Sensormatics Electronics Corp.* ....... 30,100 524,869
----------
4,170,444
----------
MACHINERY (2.3%)
Briggs & Stratton Corp. ............... 4,200 225,225
JLG Industries, Inc. .................. 50,600 803,275
Regal-Beloit Corp. .................... 29,900 616,688
----------
1,645,188
----------
TOTAL CAPITAL GOODS ................. 11,302,079
----------
CONSUMER CYCLICALS (15.7%)
AIRLINES (0.3%)
Aviation Sales Co.* ................... 11,200 184,800
----------
APPAREL & TEXTILES (1.5%)
Interface, Inc. ....................... 54,000 310,500
Nautica Enterprises, Inc.* ............ 17,500 197,969
Talbots, Inc. ......................... 8,900 397,162
Wet Seal, Inc., Class A ............... 16,400 200,900
----------
1,106,531
----------
AUTO RELATED (3.6%)
Borg-Warner Automotive, Inc. .......... 13,500 546,750
Dura Automotive Systems, Inc.* 11,000 191,813
Mark IV Industries, Inc. .............. 24,200 428,038
Pennzoil-Quaker State Co. ............. 81,100 826,206
Tower Automotive, Inc.* ............... 40,200 620,587
----------
2,613,394
----------
FOOD SERVICES, LODGING (1.2%)
Lone Star Steakhouse & Saloon,
Inc. ................................ 26,600 237,322
Prime Hospitality Corp.* .............. 57,000 502,313
Ryan's Family Steak Houses, Inc. 19,700 167,450
----------
907,085
----------
HOUSEHOLD FURNITURE,
APPLIANCES (3.4%)
Basset Furniture Industries, Inc. ..... 22,800 364,800
Ethan Allen Interiors, Inc. ........... 18,200 583,537
Furniture Brands International,
Inc. ................................ 48,300 1,062,600
Pier 1 Imports, Inc. .................. 69,600 443,700
----------
2,454,637
----------
LEISURE RELATED (0.7%)
Polaris Industries, Inc. .............. 14,400 522,000
----------
PHOTO & OPTICAL (0.7%)
Polaroid Corp. ........................ 28,600 538,038
----------
RETAIL--GENERAL (4.3%)
Borders Group, Inc.* .................. 62,600 1,005,512
Casey's General Stores, Inc. .......... 46,900 489,519
CompUSA, Inc.* ........................ 73,200 375,150
</TABLE>
193
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Men's Wearhouse, Inc.* ................ 19,400 $ 569,875
Venator Group, Inc.* .................. 93,100 651,700
----------
3,091,756
----------
TOTAL CONSUMER CYCLICALS ............ 11,418,241
----------
CONSUMER NON-CYCLICALS (13.4%)
BEVERAGES (1.0%)
Whitman Corp. ......................... 53,800 722,937
----------
CONTAINERS (0.7%)
American National Can Group,
Inc. ................................ 36,100 469,300
----------
DRUGS (1.5%)
AmeriSource Health Corp.,
Class A* ............................ 47,500 721,406
Perrigo Co.* .......................... 17,900 143,200
West Pharmaceutical Services .......... 8,294 256,596
----------
1,121,202
----------
FOODS (3.0%)
American Italian Pasta Co.* ........... 31,000 953,250
Aurora Foods, Inc.* ................... 37,500 349,219
Lance, Inc. ........................... 12,200 122,000
Ralcorp Holdings, Inc. ................ 38,100 759,618
----------
2,184,087
----------
HOSPITAL SUPPLIES & SERVICES (4.5%)
Apria Healthcare Group, Inc.* ......... 50,200 900,462
DENTSPLY International, Inc. .......... 25,100 592,988
Ivacare Corp. ......................... 38,600 774,412
Sierra Health Services, Inc. .......... 3,950 26,416
Sunrise Medical, Inc. ................. 20,200 124,988
Varian Medical Systems, Inc. .......... 28,800 858,600
----------
3,277,866
----------
RETAIL--FOOD (2.7%)
Flowers Industries, Inc. .............. 51,000 812,812
Great Atlantic & Pacific Tea Co.,
Inc. ................................ 27,300 760,988
Ruddick Corp. ......................... 23,000 356,500
----------
1,930,300
----------
TOTAL CONSUMER NON-CYCLICALS 9,705,692
----------
CREDIT SENSITIVE (16.5%)
BANKS (3.4%)
Chittenden Corp. ...................... 16,800 497,700
Hudson United Bancorp ................. 25,148 642,846
Southwest Bancorporation of
Texas, Inc. ......................... 33,700 667,681
Staten Island Bancorp, Inc. ........... 35,200 633,600
----------
2,441,827
----------
FINANCIAL SERVICES (1.7%)
Astoria Financial Corp. ............... 19,200 584,400
Enhance Financial Services
Group, Inc. ......................... 41,100 667,875
----------
1,252,275
----------
INSURANCE (4.9%)
Arthur J. Gallagher & Co. ............. 15,000 971,250
E. W. Blanch Holdings, Inc. ........... 14,000 857,500
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Everest Reinsurance Holdings,
Inc. ................................ 28,400 $ 633,675
HCC Insurance Holdings, Inc. .......... 19,500 257,156
Radian Group, Inc. .................... 17,259 824,118
----------
3,543,699
----------
REAL ESTATE (5.0%)
Catellus Development Corp.* ........... 51,700 662,406
Chateau Communities, Inc. ............. 18,400 477,250
Chelsea GCA Realty, Inc. .............. 10,200 303,450
FelCor Lodging Trust, Inc. ............ 30,000 525,000
Glenborough Realty Trust, Inc. ........ 30,200 403,925
JDN Realty Corp. ...................... 24,000 387,000
Kilroy Realty Corp. ................... 22,100 486,200
Mack-Cali Realty Corp. ................ 16,100 419,606
----------
3,664,837
----------
UTILITY--ELECTRIC (0.9%)
Avista Corp. .......................... 41,300 637,569
----------
UTILITY--TELEPHONE (0.6%)
Sierra Pacific Resources .............. 26,352 456,219
----------
TOTAL CREDIT SENSITIVE .............. 11,996,426
----------
DIVERSIFIED (1.7%)
MISCELLANEOUS (1.7%)
Federal Signal Corp. .................. 32,000 514,000
Roper Industries, Inc. ................ 20,200 763,814
----------
TOTAL DIVERSIFIED ................... 1,277,814
----------
ENERGY (4.4%)
COAL & GAS PIPELINES (0.3%)
Consol Energy, Inc. ................... 21,200 214,650
----------
OIL--DOMESTIC (1.9%)
Barrett Resources Corp.* .............. 32,600 959,662
Kaufman and Broad Home Corp. 16,600 401,513
----------
1,361,175
----------
OIL--INTERNATIONAL (1.0%)
Devon Energy Corp. .................... 21,900 719,962
----------
OIL--SUPPLIES & CONSTRUCTION (1.2%)
Helmerich & Payne, Inc. ............... 40,700 887,769
----------
TOTAL ENERGY ........................ 3,183,556
----------
TECHNOLOGY (11.9%)
COMPUTER HARDWARE (1.6%)
Quantum Corp.--Hard Disk
Drive Group* ........................ 94,500 655,594
Storage Technology Corp.* ............. 27,000 497,812
----------
1,153,406
----------
COMPUTER SOFTWARE (0.9%)
American Management Systems,
Inc.* ............................... 21,700 680,838
----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (1.6%)
Allen Telecom, Inc.* .................. 34,000 393,125
KEMET Corp.* .......................... 16,400 739,025
----------
1,132,150
----------
</TABLE>
194
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
ELECTRONICS (4.6%)
Anixter International, Inc.* ......... 42,800 $ 882,750
Oak Industries, Inc. ................. 11,900 1,262,887
Tektronix, Inc. ...................... 31,100 1,209,017
-----------
3,354,654
-----------
OFFICE EQUIPMENT (2.0%)
Bell & Howell Co.* ................... 24,700 785,768
United Stationers, Inc.* ............. 23,500 671,219
-----------
1,456,987
-----------
OFFICE EQUIPMENT SERVICES (1.2%)
Acxiom Corp.* ........................ 23,500 564,000
Standard Register Co. ................ 14,100 273,187
-----------
837,187
-----------
TOTAL TECHNOLOGY ................... 8,615,222
-----------
TOTAL COMMON STOCKS (95.2%)
(Cost $69,900,434) ................. 69,105,111
-----------
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (0.0%)
Chase Nassau
3.48%, 1/3/00 ....................... $ 3,112 $ 3,112
-----------
U.S. GOVERNMENT (4.7%)
U.S. Treasury Bill,
1/27/00 ............................. 1,755,000 1,749,502
3/23/00 ............................. 1,685,000 1,665,275
-----------
TOTAL U.S. GOVERNMENT ............... 3,414,777
-----------
TOTAL SHORT-TERM DEBT SECURITIES (4.7%)
(Amortized Cost $3,416,980) ......... 3,417,889
-----------
TOTAL INVESTMENTS (99.9%)
(Cost/Amortized Cost
$73,318,323) ..................... 72,523,000
OTHER ASSETS
LESS LIABILITIES (0.1%) ............. 84,063
-----------
NET ASSETS (100%) ..................... $72,607,063
===========
</TABLE>
- ----------
* Non-income producing.
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $47,879,943
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 27,273,102
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 7,762,212
Aggregate gross unrealized depreciation ......... (8,632,838)
------------
Net unrealized depreciation ..................... $ (870,626)
============
Federal income tax cost of investments .......... $ 73,393,626
============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$4,113,435 which was secured by collateral of $4,231,870.
The Portfolio utilized net capital loss carryforwards of $597,372 during 1999.
See Notes to Financial Statements.
195
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (7.5%)
CHEMICALS (3.6%)
Du Pont (E.I.) de Nemours &
Co. ....................................... 80,000 $ 5,270,000
Hercules, Inc. .............................. 200,000 5,575,000
------------
10,845,000
------------
METALS & MINING (2.5%)
Newmont Mining Corp. ........................ 125,000 3,062,500
Potash Corp. of Saskatchewan,
Inc. ...................................... 90,000 4,336,875
------------
7,399,375
------------
PAPER (1.4%)
Champion International Corp. ................ 70,000 4,335,625
------------
TOTAL BASIC MATERIALS ..................... 22,580,000
------------
BUSINESS SERVICES (2.3%)
PRINTING, PUBLISHING, BROADCASTING (2.3%)
Knight Ridder, Inc. ......................... 115,000 6,842,500
------------
CAPITAL GOODS (11.1%)
AEROSPACE (4.3%)
Boeing Co. .................................. 100,000 4,156,250
Lockheed Martin Corp. ....................... 200,000 4,375,000
Northrop Grumman Corp. ...................... 80,000 4,325,000
------------
12,856,250
------------
ELECTRICAL EQUIPMENT (5.5%)
Eaton Corp. ................................. 60,000 4,357,500
Emerson Electric Co. ........................ 80,000 4,590,000
Thomas & Betts Corp. ........................ 245,000 7,809,375
------------
16,756,875
------------
MACHINERY (1.3%)
Deere & Co. ................................. 90,000 3,903,750
------------
TOTAL CAPITAL GOODS ....................... 33,516,875
------------
CONSUMER CYCLICALS (2.8%)
AUTO RELATED (1.3%)
Delphi Automotive Systems
Corp. ..................................... 250,001 3,937,513
------------
AUTOS & TRUCKS (1.5%)
General Motors Corp. ........................ 60,000 4,361,250
------------
TOTAL CONSUMER CYCLICALS .................. 8,298,763
------------
CONSUMER NON-CYCLICALS (11.1%)
BEVERAGES (1.1%)
Seagram Ltd. ................................ 75,000 3,370,313
------------
CONTAINERS (2.6%)
Crown Cork & Seal Co., Inc. ................. 350,000 7,831,250
------------
DRUGS (0.3%)
American Home Products Corp.................. 19,400 765,088
------------
FOODS (2.9%)
General Mills, Inc. ......................... 120,000 4,290,000
Sara Lee Corp. .............................. 200,000 4,412,500
------------
8,702,500
------------
HOSPITAL SUPPLIES & SERVICES (3.0%)
Becton, Dickinson and Co. ................... 100,000 2,675,000
Columbia/HCA Healthcare
Corp. ..................................... 215,000 6,302,187
------------
8,977,187
------------
TOBACCO (1.2%)
Philip Morris Cos., Inc. .................... 155,000 3,594,062
------------
TOTAL CONSUMER NON-CYCLICALS............... 33,240,400
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
CREDIT SENSITIVE (27.3%)
BANKS (8.0%)
Bank of Tokyo-Mitsubishi Ltd.
(ADR) ..................................... 200,000 $ 2,787,500
Bank One Corp. .............................. 210,000 6,733,125
Chase Manhattan Corp. ....................... 55,000 4,272,813
First Union Corp. ........................... 150,000 4,921,875
National City Corp. ......................... 225,000 5,329,687
------------
24,045,000
------------
FINANCIAL SERVICES (4.4%)
Associates First Capital Corp.
Class A ................................... 160,000 4,390,000
CIT Group, Inc., Class A .................... 220,000 4,647,500
Mellon Financial Corp. ...................... 120,000 4,087,500
------------
13,125,000
------------
INSURANCE (8.8%)
Ace Ltd. .................................... 370,000 6,174,375
Allstate Corp. .............................. 250,000 6,000,000
American National Insurance ................. 60,000 3,825,000
St. Paul Cos. ............................... 210,000 7,074,375
UnumProvident Corp. ......................... 104,000 3,334,500
------------
26,408,250
------------
REAL ESTATE (1.1%)
Simon Property Group, Inc. .................. 150,000 3,440,625
------------
UTILITY--ELECTRIC (1.0%)
CINergy Corp. ............................... 125,000 3,015,625
------------
UTILITY--TELEPHONE (4.0%)
AT&T Corp. .................................. 90,000 4,567,500
GTE Corp. ................................... 65,000 4,586,562
SBC Communications, Inc. .................... 60,000 2,925,000
------------
12,079,062
------------
TOTAL CREDIT SENSITIVE .................... 82,113,562
------------
ENERGY (9.8%)
OIL--DOMESTIC (2.7%)
Burlington Resources, Inc. .................. 160,000 5,290,000
Sunoco, Inc. ................................ 125,000 2,937,500
------------
8,227,500
------------
OIL--SUPPLIES & CONSTRUCTION (7.1%)
Diamond Offshore Drilling, Inc............... 190,000 5,806,875
Halliburton Co. ............................. 100,000 4,025,000
Rowan Co., Inc.* ............................ 190,000 4,120,625
Unocal Corp. ................................ 215,000 7,215,938
------------
21,168,438
------------
TOTAL ENERGY .............................. 29,395,938
------------
TECHNOLOGY (19.3%)
COMPUTER HARDWARE (1.9%)
Hewlett Packard Co. ......................... 50,000 5,696,875
------------
COMPUTER SOFTWARE (2.4%)
Novell, Inc.* ............................... 180,000 7,166,250
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (1.8%)
Alcatel S.A. (ADR) .......................... 120,000 5,400,000
------------
ELECTRONICS (6.2%)
3Com Corp.* ................................. 67,800 3,186,600
Integrated Device Technology,
Inc.* ..................................... 190,000 5,510,000
Motorola, Inc. .............................. 40,000 5,890,000
Koninklijke (Royal) Philips
Electronics N.V. (N.Y. Shares)............. 30,000 4,050,000
------------
18,636,600
------------
</TABLE>
196
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- ------------------------------------------------------------------
<S> <C> <C>
OFFICE EQUIPMENT (6.2%)
Compaq Computer Corp. ............. 250,000 $ 6,765,625
International Business Machines
Corp. ........................... 60,000 6,480,000
Scitex Corp., Ltd. (ADR)* ......... 375,000 5,460,937
------------
18,706,562
------------
OFFICE EQUIPMENT SERVICES (0.8%)
Unisys Corp.* ..................... 75,000 2,395,313
------------
TOTAL TECHNOLOGY ................ 58,001,600
------------
TOTAL COMMON STOCKS (91.2%)
(Cost $265,732,711).............. 273,989,638
------------
<CAPTION>
- ------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT
SECURITIES:
TIME DEPOSITS (0.0%)
Chase Nassau,
3.48%, 1/3/00 ................... $ 364 $ 364
------------
U.S. GOVERNMENT AGENCIES (8.4%)
Federal Home Loan Bank
(Discount Note), 1/3/00 ......... 25,179,000 25,176,902
------------
TOTAL SHORT-TERM
DEBT SECURITIES (8.4%)
(Amortized Cost $25,177,266)..... 25,177,266
------------
TOTAL INVESTMENTS (99.6%)
(Cost/Amortized Cost
$290,909,977).................... 299,166,904
OTHER ASSETS
LESS LIABILITIES (0.4%) ......... 1,299,701
------------
NET ASSETS (100%) ................. $300,466,605
============
</TABLE>
- ----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt.
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
<TABLE>
COST OF PURCHASES:
<S> <C>
Stocks and long-term corporate debt securities ......... $246,217,181
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 144,701,035
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 34,421,472
Aggregate gross unrealized depreciation ......... (26,211,705)
-------------
Net unrealized appreciation ..................... $ 8,209,767
=============
Federal income tax cost of investments .......... $ 290,957,137
=============
</TABLE>
At December 31, 1999, the Portfolio had loaned securities with a total value of
$7,969,677, which was secured by collateral of $8,102,900.
For the period from January 1, 1999 to December 31, 1999, the Portfolio
incurred approximately $19,906 and $21,572 as brokerage commissions with
Donaldson, Lufkin & Jenrette Corp. and Merrill Lynch & Co., respectively, both
affiliated broker/dealers.
See Notes to Financial Statements.
197
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
AUSTRALIA (0.8%)
Broken Hill Proprietary Ltd. ........... 9,100 $ 119,398
News Corp. Ltd. (ADR) .................. 4,725 157,992
-----------
TOTAL AUSTRALIA ...................... 277,390
-----------
CANADA (1.6%)
Alberta Energy Co. Ltd. ................ 2,100 65,756
BCE, Inc. .............................. 1,850 166,847
Domtar, Inc. ........................... 8,700 102,970
Nortel Networks Corp. .................. 1,600 161,600
Teleglobe, Inc. ........................ 3,500 79,406
-----------
TOTAL CANADA ......................... 576,579
-----------
JAPAN (16.5%)
Bank of Tokyo--Mitsubushi Ltd. 11,000 153,223
Bridgestone Corp. ...................... 4,000 88,037
Daimaru, Inc. .......................... 10,000 33,845
East Japan Railway Co. ................. 28 150,915
Fujitsu Ltd. ........................... 4,000 182,334
Hitachi Ltd. ........................... 6,000 96,254
Honda Motor Co., Ltd. .................. 3,000 111,513
Internet Initiative Japan, Inc.
(ADR) ................................ 550 53,453
Ito Yokado Co., Ltd. ................... 2,000 217,157
Kao Corp. .............................. 5,000 142,571
Keyence Corp. .......................... 200 81,189
Kyocera Corp. (ADR) .................... 1,456 381,472
Marui Co., Ltd. ........................ 6,000 89,563
Matsushita Electric Industries Co. ..... 6,000 166,096
Minebea Co., Ltd. ...................... 9,000 154,329
Mitsukoshi, Ltd. ....................... 7,000 24,650
NEC Corp. .............................. 10,000 238,188
Nippon Sheet Glass Co., Ltd. ........... 34,000 176,269
Nippon Steel Corp. ..................... 34,000 79,487
Nippon Telegraph & Telephone ........... 13 222,537
NTT Mobile Communications
Network, Inc. ........................ 8 307,542
Olympus Optical Co., Ltd. .............. 5,000 70,674
Orix Corp. ............................. 1,000 225,179
Rohm Co. ............................... 1,000 410,838
Sanwa Bank Ltd. ........................ 12,000 145,906
Shin-Etsu Chemical Co., Ltd. ........... 2,000 86,080
Softbank Corp. ......................... 400 382,667
Sony Corp. (ADR) ....................... 958 272,791
Sumitomo Bank Ltd. ..................... 11,000 150,533
Takeda Chemical Industries Ltd.......... 3,000 148,195
TDK Corp. .............................. 2,000 276,044
Tokio Marine & Fire Insurance
Co., Ltd. ............................ 11,000 128,583
Toshiba Corp. .......................... 16,000 122,078
Toyota Motor Corp. ..................... 3,000 145,261
Toyota Motor Corp. (ADR) ............... 2,000 194,750
-----------
TOTAL JAPAN .......................... 5,910,203
-----------
LATIN AMERICA (1.1%)
BRAZIL (1.1%)
Aracruz Celulose S.A. ( ADR) ........... 3,800 99,750
Embratel Participacoes S.A.
(ADR) ................................ 5,800 158,050
Petroleo Brasileiro S.A. ............... 234,000 51,809
Telebras S.A. (ADR) .................... 640 82,240
-----------
TOTAL LATIN AMERICA .................. 391,849
-----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
OTHER EUROPEAN COUNTRIES (17.0%)
AUSTRIA (0.2%)
Mayr-Melnhof Karton AG ................. 1,500 $ 69,576
-----------
FRANCE (5.1%)
Atos S.A.* ............................. 300 49,792
Aventis S.A. ........................... 2,453 142,720
Banque Nationale de Paris .............. 840 77,586
Cap Gemini S.A. ........................ 342 86,904
Carrefour S.A.* ........................ 821 151,580
France Telecom S.A. .................... 1,943 257,246
Groupe Danone .......................... 371 87,539
Pechiney S.A., Class A ................. 2,500 178,856
Scor ................................... 2,074 91,600
Societe Generale Paris ................. 333 77,565
Thomson CSF ............................ 2,400 79,353
Thomson Multimedia* .................... 1,300 70,131
Total Fina S.A., Class B ............... 2,193 292,998
Vivendi* ............................... 1,910 172,661
-----------
1,816,531
-----------
GERMANY (3.0%)
BASF AG ................................ 1,340 70,130
Deutsche Bank AG (Registered)*.......... 1,000 84,752
Dresdner Bank AG* ...................... 1,355 73,644
Epcos AG* .............................. 1,889 140,953
Mannesmann AG .......................... 1,000 242,407
RWE AG ................................. 2,060 82,049
Siemens AG ............................. 1,700 217,703
Veba AG ................................ 2,875 140,602
-----------
1,052,240
-----------
IRELAND (0.3%)
Bank of Ireland ........................ 13,800 109,930
-----------
ITALY (0.8%)
Arnoldo Mondadori Editore .............. 4,100 130,228
ENI SpA (Registered) ................... 27,900 153,606
-----------
283,834
-----------
NETHERLANDS (4.3%)
ABN-Amro Holdings N.V. ................. 2,800 70,020
Akzo Nobel N.V. ........................ 2,700 135,582
ASM Lithography Holding N.V.*........... 950 105,660
Baan Co., N.V.* ........................ 2,100 29,709
CSM N.V. ............................... 4,400 94,059
Equant N.V.* ........................... 400 45,456
Getronics N.V. ......................... 615 49,115
Koninklijke (Royal) Philips
Electronics N.V. (New York
Shares) .............................. 700 94,500
Koninklijke Ahold N.V. ................. 3,300 97,797
STMicroelectronics N.V. ................ 2,230 337,706
Unilever N.V. .......................... 1,696 93,808
Vedior N.V. ............................ 1,800 18,513
Vendex KBB N.V. ........................ 2,150 57,234
VNU N.V. ............................... 4,200 220,986
Wolters Kluwer N.V.* ................... 2,720 92,155
-----------
1,542,300
-----------
SPAIN (2.1%)
Dinamia Capital Privado ................ 8,800 76,756
Endesa S.A. ............................ 6,500 129,185
Grupo Ferrovial, S.A.* ................. 1,010 14,665
Immobiliaria Metropolitana Vasco........ 5,000 86,718
</TABLE>
198
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Repsol S.A. ........................... 6,000 $ 139,273
Telefonica S.A.* ...................... 9,900 247,570
Uralita S.A. .......................... 10,200 72,099
-----------
766,266
-----------
SWITZERLAND (1.2%)
Adecco S.A.* .......................... 58 45,190
Credit Suisse Group ................... 449 89,292
Novartis AG (Registered) .............. 71 104,303
Roche Holding AG ...................... 11 130,631
UBS AG (Registered) ................... 232 62,683
-----------
432,099
-----------
TOTAL OTHER EUROPEAN
COUNTRIES ........................ 6,072,776
-----------
SCANDINAVIA (5.3%)
DENMARK (0.2%)
ISS International Service System
A/S, Class B ........................ 1,000 67,331
-----------
FINLAND (1.9%)
Amer-Yhtymae OYJ ...................... 5,100 103,623
Nokia OYJ* ............................ 1,450 263,179
Sampo Insurance Co., plc, Class A...... 3,000 104,969
Stora Enso OYJ ........................ 7,100 122,082
Upm-Kymmene OYJ ....................... 2,555 103,054
-----------
696,907
-----------
NORWAY (0.7%)
Bergesen d.y. ASA, Class B ............ 3,400 58,229
Merkantildata ASA ..................... 8,100 98,218
Tandberg Television ASA* .............. 6,000 83,255
-----------
239,702
-----------
SWEDEN (2.5%)
Autoliv, Inc. ......................... 2,100 61,583
Bure Investment AB .................... 9,200 62,843
Castellum AB .......................... 5,600 54,740
Custos AB, Class B .................... 3,000 72,076
Ericsson AB, Class B .................. 2,700 173,937
Forening gaSparbanken AB .............. 8,850 130,285
Haldex AB ............................. 8,500 99,105
Nordbanken AB ......................... 8,400 49,464
Tornet Fastighets AB .................. 8,100 112,566
Volvo AB, Class B ..................... 2,400 62,184
-----------
878,783
-----------
TOTAL SCANDINAVIA ................... 1,882,723
-----------
SOUTHEAST ASIA (1.2%)
HONG KONG (0.3%)
Hutchison Whampoa Ltd. ................ 6,200 90,127
-----------
KOREA (0.3%)
Pohang Iron & Steel Co., Ltd.
(ADR) ............................... 1,900 66,500
Samsung Electronics Co. ............... 240 56,222
-----------
122,722
-----------
SINGAPORE (0.6%)
City Developments Ltd. ................ 13,000 76,103
DBS Group Holdings Ltd.* .............. 3,000 49,174
Singapore Airlines Ltd. ............... 7,000 79,436
-----------
204,713
-----------
TOTAL SOUTHEAST ASIA ................ 417,562
-----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
UNITED KINGDOM (7.0%)
AstraZeneca Group plc ................. 3,700 $ 153,460
Billiton plc .......................... 30,000 176,974
BP Amoco plc .......................... 16,200 162,874
British Telecom plc ................... 6,800 166,167
Cable & Wireless plc .................. 6,800 115,208
Devro plc ............................. 13,200 21,479
Diageo plc ............................ 9,272 74,576
Dixons Group plc ...................... 5,700 137,078
Energis plc ........................... 2,200 105,672
Glaxo Wellcome plc .................... 5,900 166,758
Global Crossing Ltd.* ................. 1,050 52,500
Hilton Group plc ...................... 20,000 64,038
HSBC Holdings plc ..................... 9,200 128,232
Lloyds TSB Group plc .................. 19,900 248,927
Penninsular & Oriental Steam
Navigation Co. ...................... 5,700 95,098
Reckitt Benckiser plc ................. 9,300 87,193
Shell Transport & Trading Co.
(ADR) ............................... 3,500 172,375
SmithKline Beecham plc ................ 11,000 140,351
TeleWest Communications plc ........... 8,800 46,938
Vodafone AirTouch plc ................. 34,000 168,446
-----------
TOTAL UNITED KINGDOM ................ 2,484,344
-----------
UNITED STATES (24.0%)
3Com Corp.* ........................... 1,000 47,000
Adelphia Business Solutions, Inc.*..... 500 24,000
AES Corp.* ............................ 300 22,425
Alcoa, Inc. ........................... 1,534 127,322
Amdocs Ltd.* .......................... 1,200 41,400
America Online, Inc.* ................. 400 30,175
American Home Products Corp. .......... 785 30,958
American International Group,
Inc. ................................ 937 101,313
American Tower Corp., Class A*......... 1,330 40,648
AMFM, Inc.* ........................... 3,050 238,662
Associates First Capital Corp.,
Class A ............................. 2,720 74,630
AT&T Corp. ............................ 3,903 198,077
AT&T Corp.--Liberty Media
Group, Class A* ..................... 4,700 266,725
Bank of America Corp. ................. 1,301 65,294
Bank of New York Co., Inc. ............ 4,620 184,800
Bristol-Myers Squibb Co. .............. 1,600 102,700
Broadcom Corp., Ltd.* ................. 100 27,238
Burlington Resources, Inc. ............ 1,820 60,174
Calpine Corp.* ........................ 800 51,200
Cardinal Health, Inc. ................. 410 19,629
Caterpillar, Inc. ..................... 763 35,909
Chase Manhattan Corp. ................. 600 46,613
Cisco Systems, Inc.* .................. 3,370 361,011
Citigroup, Inc. ....................... 2,190 121,682
Coca-Cola Co. ......................... 600 34,950
Colgate Palmolive Co. ................. 2,800 182,000
Columbia/HCA Healthcare Corp........... 1,400 41,038
Compaq Computer Corp. ................. 1,100 29,769
Convergys Corp.* ...................... 1,100 33,825
Dial Corp. ............................ 2,340 56,891
Du Pont (E.I.) de Nemours & Co. ....... 821 54,083
EMC Corp.* ............................ 1,200 131,100
Enron Corp. ........................... 3,090 137,119
</TABLE>
199
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Exxon Mobil Corp.* .................. 1,716 $ 138,245
Federated Department Stores,
Inc.* ............................. 1,000 50,563
Flextronics International, Ltd* ..... 5,360 246,560
Gateway, Inc.* ...................... 330 23,781
General Electric Co. ................ 3,250 502,937
Gillette Co. ........................ 500 20,594
Global TeleSystems Group, Inc.*...... 600 20,775
GTE Corp. ........................... 2,560 180,640
Honeywell International, Inc.* ...... 1,200 69,225
Household International, Inc. ....... 1,900 70,775
i2 Technologies Inc.* ............... 200 39,000
InfoSpace.com, Inc. ................. 100 21,400
Inktomi Corp.* ...................... 400 35,500
Intel Corp. ......................... 1,345 110,710
International Business Machines
Corp. ............................. 1,100 118,800
International Paper Co. ............. 1,191 67,217
Internet Capital Group, Inc. ........ 200 34,000
JDS Uniphase Corp.* ................. 1,720 277,457
Johnson & Johnson ................... 2,440 227,225
Keebler Foods Co.* .................. 3,510 98,719
Lilly (Eli) & Co. ................... 300 19,950
Lowe's Cos., Inc. ................... 1,940 115,915
Lucent Technologies, Inc. ........... 1,040 77,805
McDonald's Corp. .................... 2,600 104,812
MCI WorldCom, Inc.* ................. 3,825 202,964
Merck & Co., Inc. ................... 1,800 120,712
Microsoft Corp.* .................... 2,730 318,727
Millipore Corp. ..................... 700 27,038
Motorola, Inc. ...................... 1,400 206,150
Network Associates, Inc.* ........... 1,000 26,688
Nextel Communications, Inc.,
Class A* .......................... 400 41,250
Oracle Corp.* ....................... 300 33,619
PepsiCo, Inc. ....................... 4,090 144,172
Pfizer, Inc. ........................ 2,800 90,825
Pharmacia & Upjohn, Inc. ............ 770 34,650
Procter & Gamble Co. ................ 750 82,172
Rohm & Haas Co. ..................... 2,607 106,072
Safeway, Inc.* ...................... 2,400 85,350
SBC Communications, Inc. ............ 2,632 128,310
Schlumberger Ltd. ................... 1,650 92,812
Siebel Systems, Inc.* ............... 1,440 120,960
Sprint Corp. (PCS Group)* ........... 700 71,750
Sun Microsystems, Inc.* ............. 1,800 139,387
Symantec Corp.* ..................... 600 35,175
Tandy Corp. ......................... 2,350 115,591
Texas Instruments, Inc. ............. 500 48,438
Transocean Sedco Forex, Inc. ........ 320 10,780
Unisys Corp.* ....................... 1,870 59,723
United Parcel Service, Inc. Class B 500 34,500
United Technologies Corp. ........... 1,134 73,710
UnitedGlobalCom Inc. Class A*........ 600 42,375
Unocal Corp. ........................ 2,000 67,125
Wal-Mart Stores, Inc. ............... 2,525 174,541
Wells Fargo Co. ..................... 2,810 113,629
Yahoo!, Inc.* ....................... 100 43,269
-----------
TOTAL UNITED STATES ............... 8,585,429
-----------
TOTAL COMMON STOCKS (74.5%)
(Cost $20,040,394) ................ 26,598,855
-----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
PREFERRED STOCKS:
BRAZIL (0.3%)
Companhia Vale do Rio Doce,
Class A ........................... 3,400 $ 94,105
-----------
GERMANY (0.3%)
Henkel KGaA ......................... 1,655 110,142
-----------
TOTAL PREFERRED STOCKS: (0.6%)
(Cost $164,460) ................... 204,247
-----------
NO. OF
RIGHTS
------
RIGHTS:
UNITED KINGDOM (0.0%)
Telewest Communications*
expiring 8/4/00 ................... 800 --
-----------
TOTAL RIGHTS ...................... --
-----------
PRINCIPAL
AMOUNT
-----------
LONG-TERM DEBT
SECURITIES:
GERMANY (12.1%)
Deutschland Republic
4.75%, 07/04/28 ................... EU 1,250,000 1,053,281
Republic of Germany, Series 121
4.75%, 11/20/01 ................... 3,220,000 3,278,993
-----------
4,332,274
-----------
NEW ZEALAND (1.0%)
Government of New Zealand
8.00%, 04/15/04 ................... NZD 650,000 350,662
-----------
UNITED KINGDOM (1.3%)
United Kingdom Treasury Note
7.25%, 12/7/07 .................... GBP 250,000 439,579
-----------
UNITED STATES (4.3%)
Federal National Mortgage
Association
5.25%, 01/15/09 ................... $ 820,000 722,053
U.S. Treasury Note
5.00%, 04/30/01 ................... 320,000 315,300
5.75%, 06/30/01 ................... 105,000 104,344
6.13%, 08/15/29 ................... 420,000 400,444
-----------
1,542,141
-----------
TOTAL LONG-TERM DEBT SECURITIES (18.7%)
(Cost $7,199,230) .................. 6,664,656
-----------
SHORT-TERM DEBT
SECURITIES:
TIME DEPOSITS (0.0%)
Chase Nassau,
3.48%, 1/3/00 ..................... 911 911
-----------
U.S. GOVERNMENT
AGENCIES (6.0%)
Federal Home Loan Mortgage
Corp. (Discount Note ), 1/3/00..... 2,155,000 2,154,820
-----------
TOTAL SHORT-TERM DEBT SECURITIES (6.0%)
(Amortized Cost $2,155,731) ....... 2,155,731
-----------
</TABLE>
200
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------
VALUE
(NOTE 1)
- -------------------------------------------------------
<S> <C>
TOTAL INVESTMENTS (99.8%)
(Cost/Amortized Cost
$29,559,815) .................... $35,623,489
OTHER ASSETS
LESS LIABILITIES (0.2%) ......... 98,444
-----------
NET ASSETS (100%) ................. $35,721,933
===========
</TABLE>
- ----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
EU--Euro
GBP--British Pound
NZD--New Zealand Dollar
- -----------------------------------------------------------------------------
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Equity Investments
<TABLE>
<S> <C> <C>
Basic Materials.............................. 7.0%
Business Services............................ 6.4
Capital Goods ............................... 5.3
Consumer Cyclicals........................... 7.6
Consumer Non-Cyclicals....................... 12.9
Credit Sensitive ............................ 20.1
Diversified ................................. 3.3
Energy ...................................... 6.6
Technology
Electronics ............................ 12.8
Computer Hardware....................... 2.6
Computer Software....................... 3.9
Diversified Telecommunications.......... 5.2
Office Equipment ....................... 1.0
Office Equipment Services .............. 1.5
Wireless Telecommunications ............ 3.8
----
Total Technology ............................ 30.8
-----
100.0%
=====
</TABLE>
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
<TABLE>
COST OF PURCHASES:
<S> <C>
Stocks and long-term corporate debt securities ......... $34,228,671
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 36,760,737
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation.......... $ 7,755,204
Aggregate gross unrealized depreciation.......... (1,860,109)
------------
Net unrealized appreciation ..................... $ 5,895,095
============
Federal income tax cost of investments .......... $ 29,728,394
============
</TABLE>
At December 31, 1999, the Portfolio had loaned securities with a total value of
$1,699,926, which was secured by collateral of $1,749,235.
For the period from January 1, 1999 to December 31, 1999, the Portfolio
incurred approximately $57 and $4,834 as brokerage commissions with Donaldson,
Lufkin & Jenrette Securities Corp. and Merrill Lynch & Co. Inc., respectively,
both affiliated broker/dealers.
The Portfolio utilized net capital loss carryforwards of $1,533,428 during
1999.
See Notes to Financial Statements.
201
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BUSINESS SERVICES (5.5%)
PRINTING, PUBLISHING,
BROADCASTING (4.5%)
AT&T Corp.-Liberty Media
Group, Class A* .................... 331,600 $ 18,818,300
CBS Corp.* ........................... 207,700 13,279,819
Clear Channel Communications,
Inc.* .............................. 186,405 16,636,646
Comcast Corp., Class A ............... 128,710 6,467,677
Cox Communications, Inc.,
Class A* ........................... 6,515 335,522
Digimarc Corp.* ...................... 6,600 330,000
DoubleClick, Inc.* ................... 525 132,858
EchoStar Communications Corp.,
Class A* ........................... 36,300 3,539,250
Emmis Communications,
Class A* ........................... 13,400 1,670,184
Grupo Televisa S.A. (GDR)* ........... 54,900 3,746,925
Hearst-Argyle Television, Inc.* ...... 900 23,963
Infinity Broadcasting Corp.,
Class A* ........................... 33,375 1,207,758
Lifeminders.com, Inc.* ............... 930 53,708
Mediaplex Inc.* ...................... 1,140 71,535
Omnicom Group, Inc. .................. 59,600 5,960,000
Radio One, Inc.* ..................... 6,000 552,000
Spanish Broadcasting System
Class A* ........................... 22,875 920,719
Telefonica Publicidad e
Informacion, S.A.* ................. 5,800 282,186
Thomson Multimedia* .................. 5,100 275,128
Time Warner, Inc. .................... 26,500 1,919,594
TV Guide, Inc.* ...................... 2,000 86,000
Univision Communications, Inc.,
Class A* ........................... 1,000 102,188
USA Networks, Inc.* .................. 1,500 82,875
Westwood One, Inc.* .................. 1,300 98,800
--------------
76,593,635
--------------
PROFESSIONAL SERVICES (1.0%)
Amdocs Ltd.* ......................... 4,104 141,588
CacheFlow, Inc.* ..................... 1,670 218,248
Cendant Corp.* ....................... 257,436 6,838,144
Computer Sciences Corp.* ............. 24,600 2,327,775
CSG System International, Inc.*....... 40,300 1,606,962
Electronics for Imaging, Inc.* ....... 900 52,312
First Data Corp. ..................... 18,400 907,350
Futurelink Corp.* .................... 11,000 286,000
Lamar Advertising Co.* ............... 600 36,338
Learning Tree International,
Inc.* .............................. 38,000 1,064,000
Pfsweb, Inc.* ........................ 10 375
Professional Detailing, Inc.* ........ 600 17,963
Tanning Technology Corp.* ............ 2,800 165,025
TeleTech Holdings, Inc.* ............. 98,700 3,326,499
USWeb Corp.* ......................... 1,800 79,987
Wireless Facilities Inc.* ............ 910 39,699
--------------
17,108,265
--------------
TOTAL BUSINESS SERVICES ............ 93,701,900
--------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
CAPITAL GOODS (3.9%)
BUILDING & CONSTRUCTION (1.4%)
Bouygues S.A. ........................ 37,710 $ 23,993,677
Newport News Shipbuilding, Inc. 300 8,250
--------------
24,001,927
--------------
ELECTRICAL EQUIPMENT (0.3%)
Credence Systems Corp.* .............. 1,300 112,450
Lam Research Corp.* .................. 31,500 3,514,219
Powerwave Technologies, Inc.* ........ 1,600 93,400
SIPEX Corp.* ......................... 9,700 238,256
--------------
3,958,325
--------------
MACHINERY (2.2%)
Applied Material, Inc.* .............. 152,700 19,345,181
Mannesmann AG ........................ 75,920 18,403,550
SI Handling Systems, Inc. ............ 10,950 104,367
--------------
37,853,098
--------------
TOTAL CAPITAL GOODS ................ 65,813,350
--------------
CONSUMER CYCLICALS (2.5%)
AIRLINES (0.0%)
Atlas Air, Inc.* ..................... 900 24,694
Expedia, Inc., Class A* .............. 1,460 51,100
--------------
75,794
--------------
APPAREL & TEXTILES (0.1%)
Fast Retailing Co., Ltd.* ............ 6,300 2,563,631
--------------
AUTO RELATED (0.0%)
International Speedway Corp.,
Class A ............................ 2,050 103,269
--------------
AUTOS & TRUCKS (0.0%)
Autonation, Inc.* .................... 4,300 39,775
--------------
FOOD SERVICES, LODGING (0.0%)
Brinker International, Inc.* ......... 900 21,600
CEC Entertainment, Inc.* ............. 1,050 29,794
Four Seasons Hotels, Inc. ............ 1,000 53,250
Hilton Hotels Corp. .................. 2,240 21,560
Papa John's International, Inc.* ..... 600 15,637
Starwood Hotels & Resorts
Worldwide, Inc. .................... 1,300 30,550
--------------
172,391
--------------
HOUSEHOLD FURNITURE, APPLIANCES (0.5%)
Cost Plus, Inc.* ..................... 1,800 64,125
Insight Enterprises, Inc.* ........... 900 36,562
Sony Corp. (ADR) ..................... 29,000 8,257,750
--------------
8,358,437
--------------
LEISURE RELATED (0.0%)
Callaway Golf Co. .................... 3,400 60,137
Harrah's Entertainment, Inc.* ........ 2,100 55,519
Pegasus Systems, Inc.* ............... 1,000 60,312
Tickets.com, Inc.* ................... 2,725 39,002
--------------
214,970
--------------
PHOTO & OPTICAL (0.1%)
Canon, Inc. .......................... 40,000 1,588,575
Polaroid Corp. ....................... 1,900 35,744
--------------
1,624,319
--------------
</TABLE>
202
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
RETAIL--GENERAL (1.8%)
Fogdog, Inc.* ...................... 1,030 $ 9,785
Home Depot, Inc. ................... 161,400 11,065,988
Office Depot, Inc.* ................ 105,450 1,153,359
Wal-Mart Stores, Inc. .............. 258,100 17,841,162
Webvan Group, Inc.* ................ 130 2,145
--------------
30,072,439
--------------
TOTAL CONSUMER CYCLICALS ......... 43,225,025
--------------
CONSUMER NON-CYCLICALS (4.2%)
CONTAINERS (0.0%)
Smurfit-Stone Container Corp.* ..... 2,200 53,900
--------------
DRUGS (4.0%)
Andrx Corp.* ....................... 1,000 42,313
Chiron Corp.* ...................... 109,400 4,635,825
Enzon, Inc.* ....................... 2,600 112,775
Genentech, Inc.* ................... 98,100 13,194,450
IDEC Pharmaceuticals Corp.* ........ 15,500 1,522,875
Immunex Corp.* ..................... 161,000 17,599,312
King Pharmaceuticals, Inc.* ........ 2,700 151,369
MedImmune, Inc.* ................... 139,500 23,139,562
Sepracor, Inc.* .................... 59,200 5,871,900
Teva Pharmaceutical Industries
Ltd. (ADR) ....................... 35,900 2,573,581
--------------
68,843,962
--------------
HOSPITAL SUPPLIES & SERVICES (0.1%)
Allscripts, Inc.* .................. 2,575 113,300
Cyberonics, Inc.* .................. 200 3,188
Human Genome Sciences, Inc.* ....... 11,000 1,678,875
ImClone Systems, Inc.* ............. 2,100 83,212
Transkaryotic Therapies, Inc.* ..... 1,300 50,050
--------------
1,928,625
--------------
SOAPS & TOILETRIES (0.1%)
Carson, Inc., Class A* ............. 1,000 3,250
Johnson & Johnson .................. 5,175 481,922
--------------
485,172
--------------
TOTAL CONSUMER NON-CYCLICALS...... 71,311,659
--------------
CREDIT SENSITIVE (6.1%)
BANKS (0.0%)
First Tennessee National Corp. ..... 1,000 28,500
--------------
FINANCIAL SERVICES (1.9%)
American Express Co. ............... 40,400 6,716,500
Concord EFS, Inc.* ................. 2,100 54,075
Lehman Brothers Holdings, Inc....... 37,100 3,141,906
Merrill Lynch Biotech Holding
Co.* ............................. 68,900 9,887,150
Morgan Stanley Dean Witter &
Co. .............................. 86,800 12,390,700
Waddell & Reed Financial,
Class A .......................... 1,000 27,125
--------------
32,217,456
--------------
INSURANCE (0.1%)
United Healthcare Corp. ............ 27,200 1,445,000
--------------
UTILITY--ELECTRIC (0.8%)
Calpine Corp.* ..................... 209,400 13,401,600
--------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
UTILITY--TELEPHONE (3.3%)
DDI Corp. .......................... 675 $ 9,243,862
MCI WorldCom, Inc.* ................ 621,995 33,004,604
Nippon Telegraph & Telephone ....... 235 4,022,792
Partner Communications Co. Ltd.
(ADR)* ........................... 27,075 700,566
Telefonos de Mexico S.A.,
Class L (ADR) .................... 44,600 5,017,500
Telephone & Data Systems, Inc....... 45,000 5,670,000
--------------
57,659,324
--------------
TOTAL CREDIT SENSITIVE ........... 104,751,880
--------------
DIVERSIFIED (2.0%)
MISCELLANEOUS (2.0%)
Digital Insight Corp.* ............. 1,725 62,747
Hutchison Whampoa Ltd. ............. 113,000 1,642,632
Internet Commerce Corp.,
Class A* ......................... 9,600 298,800
PT MULTIMEDIA-Servicos de
Telecomunicacoes e
Multimedia SGPS S.A.* ............ 3,580 203,850
Quanta Services, Inc.* ............. 1,700 48,025
Tyco International Ltd. ............ 829,338 32,240,515
--------------
34,496,569
--------------
ENERGY (0.1%)
OIL--SUPPLIES &
CONSTRUCTION (0.1%)
Atwood Oceanics, Inc.* ............. 1,300 50,213
Noble Drilling Corp.* .............. 50,000 1,637,500
--------------
1,687,713
--------------
TECHNOLOGY (68.6%)
COMPUTER HARDWARE (6.4%)
Cisco Systems, Inc.* ............... 734,858 78,721,663
Computer Network Technology
Corp.* ........................... 7,200 165,150
Immersion Corp.* ................... 770 29,549
Maxtor Corp.* ...................... 2,300 16,675
Sun Microsystems, Inc.* ............ 392,800 30,417,450
--------------
109,350,487
--------------
COMPUTER SOFTWARE (22.5%)
Adobe Systems, Inc. ................ 33,500 2,252,875
Agency.com, Ltd.* .................. 700 35,700
Agile Software Corp.* .............. 7,675 1,667,274
Alteon Websystems, Inc.* ........... 925 81,169
America Online, Inc.* .............. 49,400 3,726,612
Aspen Technology, Inc.* ............ 500 13,219
BEA Systems, Inc.* ................. 4,600 321,712
BMC Software, Inc.* ................ 599,540 47,925,729
Brio Technology, Inc.* ............. 5,800 243,600
Business Objects S.A. (ADR)* ....... 28,100 3,754,862
Cadence Design Systems, Inc.* ...... 184,990 4,439,760
China.com Corp., Class A* .......... 400 31,450
Clarify, Inc.* ..................... 1,300 163,800
CMG Information Services, Inc.*..... 7,200 1,993,500
Computer Associates
International, Inc. .............. 361,700 25,296,394
Compuware Corp.* ................... 486,100 18,107,225
Data Return Corp.* ................. 2,250 120,375
Deltathree.com, Inc. Class A* ...... 1,040 26,780
eBenx, Inc* ........................ 630 28,508
Espeed, Inc. Class A* .............. 3,000 106,687
</TABLE>
203
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
F-Secure OYJ ........................ 750 $ 21,932
GRIC Communications, Inc.* .......... 600 8,400
Harbinger Corp.* .................... 4,100 130,431
Harris Interactive, Inc.* ........... 1,020 13,324
i2 Technologies, Inc.* .............. 94,800 18,486,000
imanage, Inc.* ...................... 240 7,710
IMRglobal Corp.* .................... 9,800 123,112
Inktomi Corp.* ...................... 34,400 3,053,000
Keane, Inc.* ........................ 2,700 85,725
Keynote Systems, Inc.* .............. 1,175 86,656
Macromedia, Inc.* ................... 34,200 2,500,875
Manugistics Group, Inc.* ............ 12,600 407,137
McAfee.com, Corp., Class A* ......... 2,760 124,200
Mercury Interactive Corp.* .......... 6,900 744,769
Metasolv Software, Inc.* ............ 1,140 93,195
Microsoft Corp.* .................... 661,600 77,241,800
MicroStrategy, Inc., Class A* ....... 4,600 966,000
NetIQ Corp.* ........................ 1,225 63,777
Networks Associates, Inc.* .......... 7,700 205,494
OnDisplay, Inc.* .................... 330 29,989
Open Market, Inc.* .................. 62,600 2,824,825
Oracle Corp.* ....................... 1,171,118 131,238,411
RSA Security, Inc.* ................. 16,000 1,240,000
Siebel Systems, Inc.* ............... 62,600 5,258,400
Softbank Corp. ...................... 2,400 2,295,999
SonicWall, Inc.* .................... 810 32,603
Symantec Corp.* ..................... 32,300 1,893,587
Synopsys, Inc. ...................... 1,500 100,125
Tecnomatix Technologies Ltd.* ....... 3,600 103,500
VA Linux Systems, Inc.* ............. 1,320 272,745
Vantive Corp.* ...................... 6,300 114,187
VERITAS Software Corp.* ............. 173,837 24,880,421
Women.com Networks, Inc.* ........... 3,975 56,644
-------------
385,042,204
-------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (18.0%)
Adelphia Business Solutions,
Inc.* ............................. 1,800 86,400
American Tower Corp.,
Class A* .......................... 2,100 64,181
Aware, Inc.* ........................ 900 32,738
Broadwing, Inc.* .................... 4,600 169,625
China Telecom (Hong Kong)
Ltd. .............................. 626,000 3,913,758
CIENA Corp.* ........................ 110,900 6,376,750
Colt Telecom Group plc* ............. 87,300 4,468,210
CommScope, Inc.* .................... 8,500 342,656
Corning, Inc. ....................... 36,200 4,667,537
Cox Radio, Inc., Class A* ........... 14,700 1,466,325
Digital Lightwave, Inc.* ............ 25,100 1,606,400
Global Crossing Ltd.* ............... 70,000 3,500,000
Global TeleSystems Group, Inc.*...... 36,770 1,273,161
Hikari Tsushin, Inc. ................ 1,600 3,208,452
iBasis, Inc.* ....................... 510 14,663
ITC DeltaCom, Inc.* ................. 2,400 66,300
Jazztel plc (ADR)* .................. 17,750 1,155,969
L-3 Communications Holdings,
Inc.* ............................. 900 37,463
Level 3 Communications, Inc.* ....... 38,500 3,152,187
Lucent Technologies, Inc. ........... 8,500 635,906
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Metromedia Fiber Network, Inc.,
Class A* .......................... 139,200 $ 6,672,900
Microcell Telecommunications,
Inc., Class B (Non Voting)* ....... 8,800 289,300
Motorola, Inc. ...................... 159,899 23,545,128
Next Level Communications,
Inc.* ............................. 6,900 516,638
Nortel Networks Corp. ............... 405,000 40,905,000
NTL, Inc.* .......................... 1,000 124,750
PairGain Technologies, Inc.* ........ 27,100 384,481
Powertel, Inc.* ..................... 35,500 3,563,312
Primus Telecommunications
Group, Inc.* ...................... 100,300 3,836,475
QUALCOMM, Inc.* ..................... 890,000 156,862,500
Qwest Communications
International, Inc.* .............. 147,200 6,329,600
Sonera Group Oyj .................... 398,400 27,337,474
TALK.com, Inc.* ..................... 26,200 465,050
Tekelec* ............................ 7,600 171,000
Thus plc* ........................... 61,640 389,257
Time Warner Telecom, Inc.
Class A* .......................... 2,400 119,850
-------------
307,751,396
-------------
ELECTRONICS (11.5%)
Affiliated Computer Services,
Inc., Class A* .................... 1,000 46,000
Agilent Technologies, Inc.* ......... 14,610 1,129,536
Altera Corp.* ....................... 409,900 20,315,669
Analog Devices, Inc.* ............... 85,900 7,988,700
Ancor Communications, Inc.* ......... 20,150 1,367,681
Applied Micro Circuits Corp.* ....... 1,400 178,150
ARM Holdings plc (ADR)* ............. 120,560 23,087,240
ASM Lithography Holding N.V.*........ 26,200 2,980,250
Atmel Corp.* ........................ 29,800 880,963
ATMI, Inc.* ......................... 1,300 42,981
Burr-Brown Corp.* ................... 1,500 54,188
Caliper Technologies Corp.* ......... 970 64,748
Cobalt Networks, Inc.* .............. 850 92,119
Conexant Systems, Inc.* ............. 178,700 11,861,212
E-Tek Dynamics, Inc.* ............... 9,500 1,278,937
Electro Scientific Industries,
Inc.* ............................. 800 58,400
Flextronics International, Ltd* ..... 1,600 73,600
J.D. Edwards & Co.* ................. 20,800 621,400
Jabil Circuit, Inc.* ................ 800 58,400
JDS Uniphase Corp.* ................. 363,950 58,709,684
Kyocera Corp. ....................... 51,100 13,246,112
LTX Corp.* .......................... 4,200 93,975
Maxim Integrated Products* .......... 1,200 56,625
Micrel, Inc.* ....................... 1,000 56,938
MIPS Technologies, Inc.* ............ 1,000 52,000
National Semiconductor Corp.* ....... 62,200 2,662,937
Novellus Systems, Inc.* ............. 14,700 1,801,209
Optical Coating Laboratory, Inc...... 800 236,800
Photronics, Inc.* ................... 1,200 34,350
QLogic Corp.* ....................... 900 143,888
Sage, Inc.* ......................... 520 10,075
Sanmina Corp.* ...................... 800 79,900
SAP AG .............................. 7,500 390,469
SDL, Inc.* .......................... 21,500 4,687,000
Seagate Technology, Inc.* ........... 1,600 74,500
</TABLE>
204
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------------------------------------------------
<S> <C> <C>
Solectron Corp.* ..................... 5,600 $ 532,700
Sycamore Networks Inc.* .............. 1,600 492,800
Teradyne, Inc.* ...................... 76,900 5,075,400
Texas Instruments, Inc. .............. 47,300 4,582,187
VeriSign, Inc.* ...................... 105,400 20,105,050
Virata Corp.* ........................ 840 25,095
Xilinx, Inc.* ........................ 252,600 11,485,406
--------------
196,815,274
--------------
OFFICE EQUIPMENT (0.4%)
EMC Corp.* ........................... 15,600 1,704,300
Olivetti* ............................ 1,675,800 4,858,150
RealNetworks, Inc.* .................. 8,900 1,078,569
SmartDisk Corp.* ..................... 550 18,013
United Stationers, Inc.* ............. 2,400 68,550
--------------
7,727,582
--------------
OFFICE EQUIPMENT SERVICES (0.1%)
Breakaway Solutions, Inc.* ........... 1,400 102,200
Checkfree Holdings Corp.* ............ 1,500 156,750
Foundry Networks, Inc.* .............. 1,275 384,652
Lycos, Inc.* ......................... 14,900 1,185,481
Microchip Technology, Inc. ........... 700 47,906
Unisys Corp.* ........................ 4,500 143,719
--------------
2,020,708
--------------
WIRELESS TELECOMMUNICATION
SERVICES (9.7%)
Airnet Communications Corp.* ......... 2,430 88,391
Centennial Cellular Corp.* ........... 1,100 91,162
CommNet Cellular, Inc.* .............. 2,300 73,888
Ericsson Telecommunications,
Class B (ADR) ...................... 172,500 11,331,094
Metricom, Inc.* ...................... 42,500 3,341,562
Mobilcom AG* ......................... 16,500 1,432,511
Nextel Communications, Inc.,
Class A* ........................... 184,400 19,016,250
Nokia OYJ (ADR) ...................... 157,600 29,944,000
NTT Mobile Communications
Network, Inc. ...................... 300 11,532,818
Omnipoint Corp.* ..................... 191,000 23,039,375
Price Communications, Corp.* ......... 2,600 72,313
Sprint Corp. (PCS Group)* ............ 225,601 23,124,102
TeleCorp PCS Inc.* ................... 2,380 90,440
US Cellular Corp.* ................... 1,300 131,219
Voicestream Wireless Corp.* .......... 216,300 30,782,194
Western Wireless Corp.,
Class A* ........................... 175,400 11,707,950
--------------
165,799,269
--------------
TOTAL TECHNOLOGY ................... 1,174,506,920
--------------
TOTAL COMMON STOCKS (92.9%)
(Cost $917,485,017)................. 1,589,495,016
--------------
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (0.0%)
Chase Nassau,
3.48%,1/3/00 .................... $ 399,778 $ 399,778
--------------
U.S. GOVERNMENT AGENCIES (7.5%)
Federal Agricultural Mortgage
Corp.
(Discount Note), 1/13/00 ......... 25,000,000 24,952,750
(Discount Note), 1/20/00 ......... 20,000,000 19,940,783
Federal Home Loan Mortgage
Corp.:
(Discount Note), 1/3/00 .......... 21,300,000 21,298,225
5.60%, 1/11/00 ................... 18,400,000 18,371,378
(Discount Note), 2/1/00 .......... 20,000,000 19,901,144
Federal National Mortgage
Association,
(Discount Note), 1/28/00 ........ 18,000,000 17,922,510
World Bank
(Discount Note), 1/12/00 ........ 6,500,000 6,486,480
--------------
128,873,270
--------------
TOTAL SHORT-TERM DEBT SECURITIES (7.5%)
(Amortized Cost $129,273,048)..... 129,273,048
--------------
TOTAL INVESTMENTS (100.4%)
(Cost/Amortized Cost
$1,046,758,065) ................. 1,718,768,064
OTHER ASSETS
LESS LIABILITIES (--0.4%) ....... (6,884,514)
--------------
NET ASSETS (100%) ................. $1,711,883,550
==============
</TABLE>
- ----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
205
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $1,924,138,746
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 1,437,925,233
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 674,984,831
Aggregate gross unrealized depreciation ......... (8,431,102)
--------------
Net unrealized appreciation ..................... $ 666,553,729
==============
Federal income tax cost of investments .......... $1,052,214,335
==============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$92,147,798, which was secured by collateral of $92,090,701.
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.
The Portfolio utilized net capital loss carryforwards of $10,613,683 during
1999.
See Notes to Financial Statements.
206
<PAGE>
EQ ADVISORS TRUST
MFS GROWTH WITH INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (0.9%)
CHEMICALS (0.7%)
Akzo Nobel N.V. ............................. 8,000 $ 401,726
Dow Chemical Co. ............................ 1,400 187,075
Du Pont (E.I.) de Nemours & Co. ............. 2,340 154,148
------------
742,949
------------
CHEMICALS--SPECIALTY(0.2%)
PPG Industries, Inc. ........................ 100 6,256
Rohm & Haas Co. ............................. 4,300 174,956
------------
181,212
------------
METALS & MINING (0.0%)
Alcoa, Inc. ................................. 600 49,800
------------
TOTAL BASIC MATERIALS ..................... 973,961
------------
BUSINESS SERVICES (7.3%)
PRINTING, PUBLISHING, BROADCASTING (5.6%)
Gannett Co., Inc. ........................... 14,694 1,198,479
Infinity Broadcasting Corp., Class A* 10,100 365,494
New York Times Co., Class A ................. 19,970 981,026
Reuters Group plc (ADR) ..................... 5,212 421,195
Time Warner, Inc. ........................... 19,903 1,441,723
Tribune Co. ................................. 30,838 1,698,018
------------
6,105,935
------------
PROFESSIONAL SERVICES (1.6%)
Computer Sciences Corp.* .................... 8,134 769,680
First Data Corp. ............................ 19,097 941,721
------------
1,711,401
------------
TRUCKING, SHIPPING (0.1%)
United Parcel Service, Inc. Class B ......... 2,270 156,630
------------
TOTAL BUSINESS SERVICES ................... 7,973,966
------------
CAPITAL GOODS (9.9%)
AEROSPACE (3.5%)
Boeing Co. .................................. 4,000 166,250
General Dynamics Corp. ...................... 13,636 719,299
Honeywell International, Inc.* .............. 11,798 680,597
United Technologies Corp. ................... 35,306 2,294,890
------------
3,861,036
------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.3%)
Lowe's Cos., Inc. ........................... 3,200 191,200
Weyerhaeuser Co. ............................ 2,600 186,713
------------
377,913
------------
ELECTRICAL EQUIPMENT (4.5%)
Emerson Electric Co. ........................ 11,142 639,272
General Electric Co. ........................ 27,717 4,289,206
------------
4,928,478
------------
MACHINERY (1.6%)
Illinois Tool Works, Inc. ................... 2,400 162,150
Ingersoll Rand Co. .......................... 3,500 192,719
Mannesmann AG ............................... 4,901 1,188,037
W.W. Grainger, Inc. ......................... 3,200 153,000
------------
1,695,906
------------
TOTAL CAPITAL GOODS ....................... 10,863,333
------------
CONSUMER CYCLICALS (6.8%)
APPAREL & TEXTILES (0.5%)
Cintas Corp. ................................ 7,100 377,187
Fast Retailing Co., Ltd.* ................... 500 203,463
------------
580,650
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
AUTO RELATED (0.4%)
Federal-Mogul Corp. ......................... 3,086 $ 62,106
TRW, Inc. ................................... 6,550 340,191
------------
402,297
------------
AUTOS & TRUCKS (0.3%)
Ford Motor Co. .............................. 6,719 359,047
------------
LEISURE RELATED (0.2%)
Carnival Corp., Class A ..................... 4,090 195,553
------------
PHOTO & OPTICAL (0.3%)
Bausch & Lomb, Inc. ......................... 5,100 349,031
------------
RETAIL--GENERAL (5.1%)
Costco Wholesale Corp.* ..................... 1,800 164,250
CVS Corp. ................................... 21,735 868,041
Dayton Hudson Corp. ......................... 12,887 946,389
Home Depot, Inc. ............................ 11,874 814,111
Nordstrom, Inc. ............................. 800 20,950
TJX Cos., Inc. .............................. 28,493 582,326
Wal-Mart Stores, Inc. ....................... 31,206 2,157,115
------------
5,553,182
------------
TOTAL CONSUMER CYCLICALS .................. 7,439,760
------------
CONSUMER NON-CYCLICALS (14.9%)
BEVERAGES (1.1%)
Anheuser-Busch Cos., Inc. ................... 13,548 960,214
Coca-Cola Co. ............................... 1,570 91,453
PepsiCo, Inc. ............................... 3,438 121,190
------------
1,172,857
------------
DRUGS (4.3%)
American Home Products Corp. ................ 12,409 489,380
AstraZeneca Group plc ....................... 8,160 338,441
Bristol-Myers Squibb Co. .................... 20,072 1,288,372
Pfizer, Inc. ................................ 28,092 911,234
Pharmacia & Upjohn, Inc. .................... 18,797 845,865
Schering-Plough Corp. ....................... 9,255 390,445
Warner-Lambert Co. .......................... 5,481 449,099
------------
4,712,836
------------
FOODS (1.7%)
Bestfoods ................................... 6,333 332,878
Nabisco Holdings Corp. ...................... 7,880 249,205
Nestle S.A. (Registered) .................... 335 614,009
Quaker Oats Co. ............................. 11,226 736,706
------------
1,932,798
------------
HOSPITAL SUPPLIES & SERVICES (1.8%)
Guidant Corp.* .............................. 9,861 463,467
Medtronic, Inc. ............................. 40,692 1,482,715
------------
1,946,182
------------
RETAIL--FOOD (2.9%)
Kroger Co.* ................................. 57,900 1,092,863
McDonald's Corp. ............................ 15,134 610,089
Safeway, Inc.* .............................. 42,781 1,521,399
------------
3,224,351
------------
SOAPS & TOILETRIES (3.1%)
Clorox Co. .................................. 6,736 339,326
Colgate Palmolive Co. ....................... 10,990 714,350
Gillette Co. ................................ 3,782 155,771
Johnson & Johnson ........................... 5,899 549,344
Procter & Gamble Co. ........................ 14,869 1,629,085
------------
3,387,876
------------
TOTAL CONSUMER NON-CYCLICALS .............. 16,376,900
------------
</TABLE>
207
<PAGE>
EQ ADVISORS TRUST
MFS GROWTH WITH INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
CREDIT SENSITIVE (21.5%)
BANKS (5.4%)
Bank of America Corp. ....................... 13,591 $ 682,098
Bank of Ireland ............................. 44,800 356,875
Bank One Corp. .............................. 12,700 407,194
Chase Manhattan Corp. ....................... 2,020 156,929
Comerica, Inc. .............................. 3,375 157,570
Northern Trust Corp. ........................ 16,986 900,258
State Street Corp. .......................... 15,370 1,122,971
U.S. Bancorp ................................ 30,153 718,018
Wells Fargo Co. ............................. 34,438 1,392,587
------------
5,894,500
------------
FINANCIAL SERVICES (1.9%)
American Express Co. ........................ 3,210 533,662
Associates First Capital Corp., Class A 5,123 140,562
Capital One Financial Corp. ................. 3,400 163,838
Citigroup, Inc. ............................. 13,260 736,759
MBIA, Inc. .................................. 3,983 210,352
Providian Financial Corp. ................... 3,550 323,272
------------
2,108,445
------------
INSURANCE (4.2%)
American International Group, Inc. .......... 9,567 1,034,432
CIGNA Corp. ................................. 4,593 370,023
Hartford Financial Services Group,
Inc. ...................................... 31,334 1,484,448
Lincoln National Corp. ...................... 18,096 723,840
Marsh & McLennan Cos., Inc. ................. 5,090 487,050
Torchmark Corp. ............................. 6,800 197,625
United Healthcare Corp. ..................... 7,259 385,634
------------
4,683,052
------------
MORTGAGE RELATED (0.7%)
Freddie Mac ................................. 16,028 754,318
------------
UTILITY--ELECTRIC (2.5%)
CMS Energy Corp. ............................ 8,471 264,190
Duke Energy Corp. ........................... 8,570 429,571
FirstEnergy Corp. ........................... 9,023 204,709
NiSource, Inc. .............................. 10,998 196,589
Peco Energy Co. ............................. 19,270 669,633
Pinnacle West Capital Corp. ................. 5,108 156,113
Texas Utilities Co. ......................... 19,237 684,116
Unicom Corp. ................................ 3,694 123,749
------------
2,728,670
------------
UTILITY--TELEPHONE (6.8%)
AT&T Corp. .................................. 12,000 609,000
Bell Atlantic Corp. ......................... 31,266 1,924,813
BellSouth Corp. ............................. 5,050 236,403
MCI WorldCom, Inc.* ......................... 25,452 1,350,520
Nippon Telegraph & Telephone
Corp. ..................................... 5,751 495,305
SBC Communications, Inc. .................... 33,341 1,625,373
Sprint Corp. (FON Group) .................... 18,444 1,241,512
------------
7,482,926
------------
TOTAL CREDIT SENSITIVE .................... 23,651,911
------------
DIVERSIFIED (0.8%)
MISCELLANEOUS (0.8%)
Tyco International Ltd. ..................... 23,416 910,297
------------
ENERGY (6.5%)
COAL & GAS PIPELINES (0.4%)
Enron Corp. ................................. 4,600 204,125
Williams Cos., Inc. ......................... 5,500 168,094
------------
372,219
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
OIL--DOMESTIC (3.1%)
Chevron Corp. ............................... 4,313 $ 373,614
Coastal Corp. ............................... 11,670 413,555
Exxon Mobil Corp.* .......................... 32,873 2,648,331
------------
3,435,500
------------
OIL--INTERNATIONAL (2.3%)
BP Amoco plc (ADR) .......................... 30,790 1,826,232
Conoco, Inc., Class B ....................... 26,140 650,232
USX-Marathon Group, Inc. .................... 400 9,875
------------
2,486,339
------------
OIL--SUPPLIES & CONSTRUCTION (0.4%)
Halliburton Co. ............................. 4,800 193,200
Unocal Corp. ................................ 8,500 285,281
------------
478,481
------------
RAILROADS (0.3%)
Canadian National Railway Co. ............... 13,426 353,272
------------
TOTAL ENERGY .............................. 7,125,811
------------
TECHNOLOGY (24.9%)
COMPUTER HARDWARE (4.5%)
Cisco Systems, Inc.* ........................ 21,024 2,252,196
Hewlett Packard Co. ......................... 13,090 1,491,442
Sun Microsystems, Inc.* ..................... 15,090 1,168,532
------------
4,912,170
------------
COMPUTER SOFTWARE (7.1%)
BMC Software, Inc.* ......................... 4,544 363,236
Computer Associates International,
Inc. ...................................... 16,889 1,181,174
Microsoft Corp.* ............................ 42,591 4,972,499
Oracle Corp.* ............................... 11,784 1,320,545
------------
7,837,454
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (6.9%)
Alltel Corp. ................................ 6,849 566,327
Broadwing, Inc.* ............................ 11,800 435,125
Corning, Inc. ............................... 12,610 1,625,902
General Instrument Corp.* ................... 4,200 357,000
Koninklijke KPN ............................. 4,700 459,232
Lucent Technologies, Inc. ................... 13,010 973,311
Motorola, Inc. .............................. 13,193 1,942,669
Nortel Networks Corp. ....................... 12,360 1,248,360
------------
7,607,926
------------
ELECTRONICS (3.5%)
Agilent Technologies, Inc.* ................. 2,160 166,995
Hitachi Ltd. ................................ 27,000 433,141
Intel Corp. ................................. 30,450 2,506,416
National Semiconductor Corp.* ............... 9,900 423,844
STMicroelectronics N.V. ..................... 2,300 348,306
------------
3,878,702
------------
OFFICE EQUIPMENT (1.9%)
Dell Computer Corp.* ........................ 1,900 96,900
DST Systems, Inc.* .......................... 5,295 404,075
International Business Machines
Corp. ..................................... 14,700 1,587,600
------------
2,088,575
------------
WIRELESS TELECOMMUNICATION SERVICES (1.0%)
Nokia Oyj (ADR) ............................. 2,700 513,000
Sprint Corp. (PCS Group)* ................... 5,393 552,783
------------
1,065,783
------------
TOTAL TECHNOLOGY .......................... 27,390,610
------------
</TABLE>
208
<PAGE>
EQ ADVISORS TRUST
MFS GROWTH WITH INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
TOTAL COMMON STOCKS (93.5%)
(Cost $95,200,953)................... $102,706,549
------------
PREFERRED STOCK:
CREDIT SENSITIVE (0.0%)
UTILITY--ELECTRIC (0.0%)
Houston Industries, Inc.
(Cost $10,253)....................... 100 12,050
------------
PRINCIPAL
AMOUNT
------
LONG-TERM DEBT SECURITIES:
CREDIT SENSITIVE (0.1%)
Bell Atlantic Financial Services
4.25%, 9/15/05 ...................... $ 108,000 132,840
Bell Atlantic Financial Services
4.25%, 9/15/05 ...................... 10,000 12,246
------------
TOTAL CREDIT SENSITIVE .............. 145,086
------------
TECHNOLOGY (0.4%)
NTL, Inc.
5.75%,12/15/09 ...................... 320,000 342,816
------------
TOTAL LONG-TERM DEBT
SECURITIES (0.5%)
(Cost $451,752)...................... 487,902
------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (5.6%)
Federal Home Loan Mortgage Corp.
(Discount Note) 1/3/00
(Amortized Cost $6,199,483) ......... 6,200,000 6,199,483
------------
TOTAL INVESTMENTS (99.6%)
(Cost/Amortized Cost $101,862,441) 109,405,984
OTHER ASSETS
LESS LIABILITIES (0.4%) ............. 422,207
------------
NET ASSETS (100%) ..................... $109,828,191
============
</TABLE>
- ---------------------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
209
<PAGE>
EQ ADVISORS TRUST
MFS GROWTH WITH INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
At December 31, 1999, the Portfolio had outstanding foreign currency contracts
to buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ---------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 1/4/00 .......... 25 $ 40,865 $ 40,791 $ (74)
European Union, expiring 1/5/00 ......... 43 43,756 43,401 (355)
FOREIGN CURRENCY SELL CONTRACTS
European Union, expiring 1/5/00 ......... 285 286,712 286,917 (205)
------
$ (634)
======
</TABLE>
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $122,601,639
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 25,056,150
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation .......... $ 11,162,873
Aggregate gross unrealized depreciation .......... (4,197,484)
------------
Net unrealized appreciation ...................... $ 6,965,389
============
Federal income tax cost of investments ........... $102,440,595
============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$3,013,054 which was secured by cash collateral of $3,060,765.
The Portfolio has a net capital loss carryforward of $836,647 which expires in
the year 2007.
See Notes to Financial Statements.
210
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (0.8%)
CHEMICALS--SPECIALTY (0.3%)
Cambrex Corp. ........................... 46,700 $ 1,608,231
-----------
PAPER (0.5%)
Abitibi-Consolidated, Inc. .............. 29,100 345,563
Bowater, Inc. ........................... 59,300 3,220,731
-----------
3,566,294
-----------
TOTAL BASIC MATERIALS ................. 5,174,525
-----------
BUSINESS SERVICES (4.9%)
PRINTING, PUBLISHING,
BROADCASTING (4.4%)
CBS Corp.* .............................. 67,000 4,283,813
Comcast Corp., Class A .................. 71,700 3,602,925
Digimarc Corp* .......................... 5,940 297,000
EchoStar Communications Corp.,
Class A* .............................. 12,400 1,209,000
Infinity Broadcasting Corp.,
Class A* .............................. 147,575 5,340,370
Time Warner, Inc. ....................... 128,300 9,293,731
Tribune Co. ............................. 103,500 5,698,969
-----------
29,725,808
-----------
PROFESSIONAL SERVICES (0.5%)
Cendant Corp.* .......................... 24,300 645,469
First Data Corp. ........................ 60,000 2,958,750
-----------
3,604,219
-----------
TOTAL BUSINESS SERVICES ............... 33,330,027
-----------
CAPITAL GOODS (3.8%)
AEROSPACE (1.7%)
General Dynamics Corp. .................. 96,900 5,111,475
United Technologies Corp. ............... 101,300 6,584,500
-----------
11,695,975
-----------
ELECTRICAL EQUIPMENT (0.9%)
General Electric Co. .................... 37,600 5,818,600
-----------
MACHINERY (1.2%)
Deere & Co. ............................. 31,100 1,348,963
Ingersoll Rand Co. ...................... 15,200 836,950
Mannesmann AG ........................... 22,200 5,381,438
SPX Corp.* .............................. 8,100 654,581
-----------
8,221,932
-----------
TOTAL CAPITAL GOODS ................... 25,736,507
-----------
CONSUMER CYCLICALS (5.6%)
AUTO RELATED (0.2%)
Federal-Mogul Corp. ..................... 67,700 1,362,463
-----------
LEISURE RELATED (0.5%)
Carnival Corp., Class A ................. 70,900 3,389,906
-----------
PHOTO & OPTICAL (0.5%)
Polaroid Corp. .......................... 68,100 1,281,131
VISX, Inc.* ............................. 49,200 2,546,100
-----------
3,827,231
-----------
RETAIL--GENERAL (4.4%)
Costco Wholesale Corp.* ................. 42,800 3,905,500
CVS Corp. ............................... 162,700 6,497,831
GAP, Inc. ............................... 55,400 2,548,400
Office Depot, Inc.* ..................... 207,950 2,274,453
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Tandy Corp. ............................. 29,000 $ 1,426,438
TJX Cos., Inc. .......................... 105,000 2,145,937
Wal-Mart Stores, Inc. ................... 164,000 11,336,500
-----------
30,135,059
-----------
TOTAL CONSUMER CYCLICALS .............. 38,714,659
-----------
CONSUMER NON-CYCLICALS (14.6%)
BEVERAGES (1.1%)
Anheuser-Busch Cos., Inc. ............... 109,600 7,767,900
-----------
CONTAINERS (0.4%)
Owens-Illinois, Inc.* ................... 114,600 2,872,163
-----------
DRUGS (5.2%)
American Home Products Corp. ............ 266,800 10,521,925
AstraZeneca Group plc ................... 104,800 4,346,637
Bristol-Myers Squibb Co. ................ 120,600 7,741,013
Pharmacia & Upjohn, Inc. ................ 179,600 8,082,000
Sanofi-Synthelabo S.A.* ................. 125,200 5,218,981
-----------
35,910,556
-----------
FOODS (1.0%)
Nabisco Holdings Corp. .................. 88,600 2,801,975
Quaker Oats Co. ......................... 64,400 4,226,250
-----------
7,028,225
-----------
HOSPITAL SUPPLIES & SERVICES (2.0%)
Boston Scientific Corp.* ................ 99,100 2,167,812
Guidant Corp.* .......................... 105,500 4,958,500
Medtronic, Inc. ......................... 176,900 6,445,794
-----------
13,572,106
-----------
RETAIL--FOOD (1.7%)
Albertson's, Inc. ....................... 882 28,445
Kroger Co.* ............................. 160,900 3,036,987
Safeway, Inc.* .......................... 238,300 8,474,544
-----------
11,539,976
-----------
SOAPS & TOILETRIES (3.2%)
Clorox Co. .............................. 106,200 5,349,825
Colgate Palmolive Co. ................... 107,700 7,000,500
Dial Corp. .............................. 158,700 3,858,394
Procter & Gamble Co. .................... 48,600 5,324,737
-----------
21,533,456
-----------
TOTAL CONSUMER NON-CYCLICALS 100,224,382
-----------
CREDIT SENSITIVE (18.5%)
BANKS (2.5%)
Bank of America Corp. ................... 68,100 3,417,769
Bank of Ireland ......................... 510,400 4,065,825
Bank One Corp. .......................... 77,300 2,478,431
Chase Manhattan Corp. ................... 33,800 2,625,837
U.S. Bancorp ............................ 118,800 2,828,925
Wells Fargo Co. ......................... 44,500 1,799,469
-----------
17,216,256
-----------
FINANCIAL SERVICES (3.7%)
Associates First Capital Corp.,
Class A ............................... 67,414 1,849,672
Capital One Financial Corp. ............. 69,000 3,324,938
Citigroup, Inc. ......................... 137,650 7,648,178
Merrill Lynch & Co. ..................... 16,600 1,386,100
Morgan Stanley Dean Witter &
Co. ................................... 30,100 4,296,775
Orix Corp. .............................. 13,400 3,017,392
Providian Financial Corp. ............... 42,900 3,906,581
-----------
25,429,636
-----------
</TABLE>
211
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
INSURANCE (5.0%)
American International Group,
Inc. ............................... 79,250 $ 8,568,906
Aon Corp. ............................ 25,000 1,000,000
CIGNA Corp. .......................... 92,200 7,427,862
Hartford Financial Services
Group, Inc. ........................ 72,900 3,453,638
Lincoln National Corp. ............... 122,600 4,904,000
Marsh & McLennan Cos., Inc. .......... 22,400 2,143,400
Reliastar Financial Corp. ............ 75,562 2,961,086
United Healthcare Corp. .............. 66,000 3,506,250
-----------
33,965,142
-----------
MORTGAGE RELATED (0.6%)
Freddie Mac .......................... 87,100 4,099,144
-----------
UTILITY--ELECTRIC (1.0%)
AES Corp.* ........................... 33,300 2,489,175
CMS Energy Corp. ..................... 65,800 2,052,137
Texas Utilities Co. .................. 63,100 2,243,994
-----------
6,785,306
-----------
UTILITY--TELEPHONE (5.7%)
Bell Atlantic Corp. .................. 160,300 9,868,469
GTE Corp. ............................ 27,100 1,912,244
MCI WorldCom, Inc.* .................. 212,573 11,279,628
Nippon Telegraph & Telephone ......... 321 5,494,962
SBC Communications, Inc. ............. 84,900 4,138,875
Sprint Corp. (FON Group) ............. 100,100 6,737,981
-----------
39,432,159
-----------
TOTAL CREDIT SENSITIVE ............. 126,927,643
-----------
DIVERSIFIED (2.7%)
MISCELLANEOUS (2.7%)
Danaher Corp. ........................ 110,200 5,317,150
Tyco International Ltd. .............. 332,772 12,936,512
-----------
18,253,662
-----------
ENERGY (6.3%)
COAL & GAS PIPELINES (0.4%)
Columbia Energy Group ................ 41,350 2,615,388
-----------
OIL--DOMESTIC (1.6%)
Atlantic Richfield Co. ............... 22,200 1,920,300
Exxon Mobil Corp.* ................... 115,921 9,338,885
-----------
11,259,185
-----------
OIL--INTERNATIONAL (3.3%)
BP Amoco plc (ADR) ................... 106,968 6,344,539
Conoco, Inc., Class B ................ 306,800 7,631,650
Devon Energy Corp. ................... 26,800 881,050
EOG Resources Inc. ................... 97,000 1,703,563
Total Fina S.A. (ADR) ................ 10,900 754,825
Total Fina S.A., Class B ............. 38,800 5,183,923
-----------
22,499,550
-----------
OIL--SUPPLIES & CONSTRUCTION (1.0%)
Cooper Cameron Corp.* ................ 34,700 1,698,131
Noble Drilling Corp.* ................ 66,300 2,171,325
Transocean Sedco Forex, Inc. ......... 86,400 2,910,600
-----------
6,780,056
-----------
TOTAL ENERGY ....................... 43,154,179
-----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
TECHNOLOGY (38.3%)
COMPUTER HARDWARE (6.7%)
Cisco Systems, Inc.* ................. 199,800 $21,403,575
Hewlett Packard Co. .................. 29,100 3,315,581
Sun Microsystems, Inc.* .............. 271,200 21,001,050
-----------
45,720,206
-----------
COMPUTER SOFTWARE (12.3%)
America Online, Inc.* ................ 55,200 4,164,150
Ariba, Inc.* ......................... 9,600 1,702,800
BEA Systems, Inc.* ................... 11,000 769,312
BMC Software, Inc.* .................. 113,800 9,096,887
Citrix Systems, Inc.* ................ 18,900 2,324,700
Computer Associates
International, Inc. ................ 44,550 3,115,716
Compuware Corp.* ..................... 116,600 4,343,350
Intuit* .............................. 600 35,963
Liberate Technologies, Inc. .......... 12,875 3,308,875
Macromedia, Inc.* .................... 20,100 1,469,812
Microsoft Corp.* ..................... 255,800 29,864,650
Oracle Corp.* ........................ 153,850 17,240,816
Phone.com, Inc.* ..................... 4,600 533,313
Trintech Group plc (ADR)* ............ 17,175 850,162
VERITAS Software Corp.* .............. 40,200 5,753,625
-----------
84,574,131
-----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (4.3%)
Corning, Inc. ........................ 39,400 5,080,138
General Instrument Corp.* ............ 7,300 620,500
Motorola, Inc. ....................... 102,900 15,152,025
Nortel Networks Corp. ................ 85,700 8,655,700
-----------
29,508,363
-----------
ELECTRONICS (9.6%)
Analog Devices, Inc.* ................ 220,800 20,534,400
Ancor Communications, Inc.* .......... 4,300 291,863
DII Group, Inc.* ..................... 25,400 1,802,606
Flextronics International, Ltd.* ..... 56,000 2,576,000
Hitachi Ltd. ......................... 307,000 4,924,973
Intel Corp. .......................... 35,200 2,897,400
LSI Logic Corp.* ..................... 216,000 14,580,000
Micron Technology, Inc.* ............. 37,300 2,900,075
Oak Industries, Inc.* ................ 35,700 3,788,662
SCI Systems, Inc.* ................... 12,000 986,250
Seagate Technology, Inc.* ............ 78,400 3,650,500
VeriSign, Inc.* ...................... 37,000 7,057,750
-----------
65,990,479
-----------
OFFICE EQUIPMENT (2.5%)
EMC Corp.* ........................... 101,400 11,077,950
International Business Machines
Corp. .............................. 56,200 6,069,600
-----------
17,147,550
-----------
WIRELESS TELECOMMUNICATION
SERVICES (2.9%)
Ericsson AB, Class B ................. 42,500 2,737,899
Sprint Corp. (PCS Group)* ............ 167,100 17,127,750
-----------
19,865,649
-----------
TOTAL TECHNOLOGY ................... 262,806,378
-----------
TOTAL COMMON STOCKS (95.5%)
(Cost $512,078,680) ................ 654,321,962
-----------
</TABLE>
212
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (0.1%)
Chase Nassau,
3.48%, 1/3/00 ..................... $ 449,881 $ 449,881
------------
U.S. GOVERNMENT AGENCIES (4.5%)
Federal Home Loan Mortgage
Corp. (Discount Note), 1/3/00 ..... 31,000,000 30,997,417
------------
TOTAL SHORT-TERM DEBT
SECURITIES: (4.6%)
(Amortized Cost $31,447,298) ...... 31,447,298
------------
TOTAL INVESTMENTS (100.1%)
(Cost/Amortized Cost
$543,525,978) ..................... 685,769,260
OTHER ASSETS
LESS LIABILITIES (-0.1%) .......... (499,754)
------------
NET ASSETS (100%) ................... $685,269,506
============
</TABLE>
- ----------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $604,880,755
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 457,887,286
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation.......... $ 166,676,278
Aggregate gross unrealized depreciation.......... (27,073,591)
-------------
Net unrealized appreciation ..................... $ 139,602,687
=============
Federal income tax cost of investments .......... $ 546,166,573
=============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$41,235,754, which was secured by collateral of $41,989,584.
The Portfolio utilized net capital loss carryforwards of $5,142,662 during
1999.
See Notes to Financial Statements.
213
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
ARGENTINA (0.8%)
Telecom Argentina S.A. (ADR)........ 27,997 $ 958,897
Telefonica de Argentina (ADR)....... 16,505 509,592
------------
1,468,489
------------
BRAZIL (5.2%)
Celular CRT Participacoes SA* ...... 5,514,239 961,520
Cia Vale do Rio Doce (ADR) ......... 14,233 396,792
Companhia Energetica de Minas
Gerais ( ADR) .................... 11,272 254,538
Coteminas .......................... 359,200 22,866
Coteminas (ADR)+ ++ ............... 1,155 3,220
CRT, Class A ....................... 3,866,759 1,198,663
Petrobras S.A. (ADR) ............... 33,480 858,695
Tele Nordeste Celular (ADR) ........ 1,335 67,418
Tele Norte Leste Participacoes
S.A. (ADR) ....................... 23,726 605,013
Telebras S.A. (ADR) (Block) ........ 7,455 957,967
Telecentro Sul Participacoes S.A
(ADR) ............................ 4,346 394,399
Telecular Sul (ADR) ................ 9,246 293,560
Telemig Celular (ADR) .............. 2,948 136,161
Telesp Celular Participacoes S.A.
(ADR) ............................ 24,165 1,023,992
Telesp Participacoes S.A. (ADR)..... 2,610 63,782
Telesudeste Celular Participacoes
S.A. (ADR) ....................... 17,037 661,249
Unibanco (GDR) ..................... 66,436 2,001,384
------------
9,901,219
------------
CHILE (0.2%)
Endesa Empresa S.A. (ADR) .......... 7,062 100,192
Enersis S.A. (ADR) ................. 7,371 173,219
Santa Isabel S.A. (ADR)* ........... 1,975 19,256
------------
292,667
------------
CHINA (0.4%)
Guangdong Kelon Electrical
Holdings Co. Ltd. ................ 126,000 95,633
Legend Holdings Ltd. ............... 141,000 350,074
Yanzhou Coal Mining Co., Ltd.
(ADR) ............................ 12,220 172,607
Zhenhai Refining and Chemical
Co., Ltd. ........................ 492,300 87,396
------------
705,710
------------
CZECH REPUBLIC (0.4%)
SPT Telecom A.S. ................... 32,459 522,626
SPT Telecom A.S. (GDR) ............. 10,439 167,546
------------
690,172
------------
EGYPT (1.0%)
Al-Ahram Beverages Co.
(GDR)* ........................... 14,027 276,332
Eastern Tobacco .................... 4,045 106,176
Egypt Gas Co. ...................... 2,000 122,569
Egyptian Company for Mobile
Services ......................... 31,453 1,441,280
------------
1,946,357
------------
GREECE (1.0%)
Alpha Credit Bank .................. 4,040 318,145
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Hellenic Telecommunications
(ADR) ............................ 34,844 $ 415,950
Hellenic Telecommunications
Organization SA .................. 15,930 379,320
National Bank of Greece S.A. ....... 4,530 334,869
National Bank of Greece S.A.
(ADR)* ........................... 11,680 164,250
Panafon Hellenic Telecom Co.
S.A. ............................. 16,850 227,501
Panafon Hellenic Telecom Co.
S.A. (GDR)*+ ..................... 13,210 177,198
------------
2,017,233
------------
HONG KONG (3.1%)
China Telecom (Hong Kong)
Ltd. ............................. 383,000 2,394,520
China Telecom Ltd. (ADR)* .......... 11,500 1,478,469
Great Wall Technology Co.,
Ltd.* ............................ 823,000 799,338
TCL International* ................. 1,202,000 842,722
Timeless Software Ltd.* ............ 170,000 98,411
Yue Yuen Industrial Hldgs* ......... 113,000 270,380
------------
5,883,840
------------
HUNGARY (0.7%)
Matav Rt. .......................... 30,851 216,263
Matav Rt. (ADR) .................... 28,923 1,041,228
OTP Bank Rt. ....................... 2,156 126,286
------------
1,383,777
------------
INDIA (8.8%)
Associated Cement Cos., Ltd.
(Dematerialized) ................. 3,000 17,121
Associated Cement Cos., Ltd.* ...... 42,750 243,970
Bank of Baroda ..................... 22,250 32,659
Bharat Heavy Electricals Ltd.
(Dematerialized) ................. 150,750 727,585
Container Corp. of India Ltd. ...... 57,300 322,724
Container Corp. of India Ltd.
(Dematerialized) ................. 47,500 267,529
Corporation Bank
(Dematerialized) ................. 33,950 86,631
Dabur India Ltd. ................... 5,200 141,057
Gujarat Ambuja Cements Ltd. ........ 44,500 333,494
Gujarat Ambuja Cements Ltd.
(GDR)* ........................... 10,000 78,500
Gujarat Ambuja Cements Ltd.* ....... 34,200 256,303
HCL Technologies Ltd.*++ ........... 5,100 68,000
Hero Honda Motors Ltd. ............. 8,124 210,851
Hero Honda Motors Ltd.
(Dematerialized) ................. 36,053 935,720
Hindustan Lever Ltd. ............... 6,250 323,276
Hindustan Lever Ltd.
(Dematerialized) ................. 11,100 574,138
Housing Development Finance
Corp., Ltd. (Dematerialized) ..... 36,500 259,150
Indo Gulf Corp., Ltd.* ............. 79,500 115,138
Infosys Technology, Ltd.
(Dematerialized) ................. 14,365 4,793,700
ITC Ltd. (Dematerialized) .......... 200 3,057
Larsen & Toubro Ltd.
(Dematerialized) ................. 53,000 677,303
Larsen & Toubro Ltd. (GDR) ......... 11,000 365,750
</TABLE>
214
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Lupin Laboratories Ltd.* ........... 15,500 $ 169,609
NIIT Ltd. .......................... 4,750 362,043
NIIT Ltd. (Dematerialized) ......... 2,650 201,982
Oriental Bank Of Commerce* ......... 56,500 59,747
Reliance Industries (GDR) .......... 15,500 221,650
Reliance Industries Ltd.
(Dematerialized) ................. 85,250 457,998
Satyam Computer Services Ltd. ...... 26,990 1,364,391
State Bank of India
(Dematerialized) ................. 68,500 353,917
State Bank of India (GDR) .......... 19,500 237,900
Strides Arcolab Ltd.*++ ............ 2,500 22,989
Tata Engineering & Locomotive....... 29,000 134,000
Tata Engineering & Locomotive
(Dematerialized) ................. 74,000 341,931
Tata Engineering & Locomotive
Co.* ............................. 40,000 210,000
Tata TEA Limited
(Dematerialized)* ................ 24,820 299,552
Videsh Sanchar Nigam Ltd.
(Dematerialized) ................. 4,500 187,138
Videsh Sanchar Nigam Ltd.
(GDR)* ........................... 3,000 73,800
Zee Telefilms Ltd. ................. 53,000 1,331,457
------------
16,863,760
------------
INDONESIA (1.4%)
Gudang Garam ....................... 383,100 1,030,738
Indah Kiat Pulp & Paper Co. ........ 619,400 243,771
Indofood Sukses Makmur ............. 329,500 412,612
Semen Gresik (Persero) Tbk. ........ 256,400 406,387
Telekomunikasi (ADR) ............... 45,718 502,898
------------
2,596,406
------------
ISRAEL (5.3%)
BATM Advanced
Communications Ltd.* ............. 6,709 554,785
Check Point Software
Technologies* .................... 6,203 1,232,846
ECI Telecommunications ............. 80,077 2,532,431
Galileo Technology Ltd.* ........... 8,484 204,676
Gilat Satellite Networks Ltd.* ..... 30,541 3,626,744
Jacada Ltd.* ....................... 2,265 63,137
Nice Systems Ltd. (ADR)* ........... 9,295 457,198
Nice Systems Ltd.* ................. 2,119 103,172
Orbotech Ltd.* ..................... 8,729 676,459
Orckit Communications Ltd.* ........ 4,430 152,697
RADWARE Ltd.* ...................... 2,740 118,162
Sapiens International Corp.* ....... 9,290 152,704
Tecnomatix Technologies Ltd.* ...... 5,240 150,650
TTI Team Telecom International
Ltd.* ............................ 8,140 147,537
------------
10,173,198
------------
KOREA (19.7%)
Cheil Jedang Corp. ................. 8,030 926,402
Dacom Corp.* ....................... 2,570 1,324,042
Daewoo Securities Co. .............. 22,034 249,350
Daou Technology, Inc.* ............. 12,498 434,772
Digital Chosun Co., Ltd.* .......... 920 183,919
Good Morning Securities Co.,
Ltd. ............................. 69,400 331,873
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Hana Bank .......................... 25,360 $ 197,654
Hankuk Glass Industries, Inc. ...... 9,250 175,143
Hanvit Bank ........................ 105,210 355,796
Hanvit Bank (GDR)*+ ................ 40,330 260,129
Housing & Commercial Bank .......... 14,900 472,391
Humax Co., Ltd.* ................... 22,540 381,125
Hyundai Electronics Industries
Co. .............................. 32,374 687,110
Hyundai Securities Co.* ............ 11,000 215,059
Insung Information* ................ 8,300 283,611
Kookmin Bank ....................... 46,508 729,055
Korea Electric Power Corp.
(ADR) ............................ 42,119 705,493
Korea Technology Banking Co.*....... 22,040 213,509
Korea Telecom Corp. ................ 90 14,188
Korea Telecom Corp. SP (ADR)........ 48,000 3,588,000
LG Electronics ..................... 11,050 457,376
LG Securities Co.* ................. 11,630 197,674
Maxon Electronics Co.* ............. 90 1,110
Mirae Co.* ......................... 41,490 322,639
Pantech Co., Ltd.* ................. 21,820 490,013
Pohang Iron & Steel Co., Ltd. ...... 5,610 640,214
Samsung Electro-Mechanics Co........ 10,773 716,303
Samsung Electronics Co. ............ 54,945 12,871,308
Samsung Securities Co., Ltd. ....... 7,610 230,545
Serome Technology, Inc.* ........... 950 202,466
SK Telecom Co. Ltd. (ADR) .......... 56,063 2,151,414
SK Telecom Co., Ltd. ............... 1,845 6,613,078
Telson Electronics Co., Ltd.* ...... 22,130 432,661
Trigem Computer Inc.* .............. 6,746 748,565
------------
37,803,987
------------
MALAYSIA (0.4%)
British American Tobacco Bhd. ...... 19,000 144,998
Commerce Asset Holding Bhd. ........ 2,000 5,132
Malayan Banking Bhd. ............... 55,000 195,392
Nestle (Malaysia) Bhd. ............. 14,000 60,420
Public Bank Bhd. ................... 93,000 81,252
Sime Darby Bhd. .................... 11,000 13,952
Telekom Malaysia Bhd. .............. 92,000 355,890
------------
857,036
------------
MEXICO (10.8%)
Alfa S.A.* ......................... 74,867 351,433
Cemex S.A. (ADR)* .................. 43,545 1,213,812
Cemex S.A. (CPO)* .................. 361,103 2,018,825
Cifra S.A. (ADR)* .................. 5,650 113,238
Cifra S.A., Class C* ............... 34,210 65,100
Cifra S.A., Series V* .............. 122,206 244,928
Fomento Economico Mexicano
S.A. ............................. 392,796 1,752,666
Fomento Economico Mexicano
S.A. (ADR) (UBD Unit) ............ 19,989 889,510
Grupo Carso S.A., Class A1 ......... 63,277 315,050
Grupo Financiero Banamex* .......... 275,539 1,104,481
Grupo Financiero Bancomer
(ADR)+ ........................... 23,989 200,908
Grupo Financiero Bancomer* ......... 733,875 306,555
Grupo Televisa S.A. (GDR)* ......... 61,463 4,194,850
Kimberly Clark de Mexico S.A.,
Class A .......................... 114,197 445,705
</TABLE>
215
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Telefonos de Mexico S.A.,
Class L (ADR) ...................... 66,080 $ 7,434,000
------------
20,651,061
------------
PAKISTAN (0.1%)
Pakistan State Oil Co., Ltd. ......... 13,200 47,240
Pakistan Telecommunications
Corp., Class A ..................... 274,000 109,684
------------
156,924
------------
POLAND (1.1%)
Elektrim S.A.* ....................... 30,882 306,206
Polski Koncern Naftowy
(GDR)*+ ............................ 25,450 318,125
Prokom Software (GDR) ................ 6,348 99,029
Telekomunikacja Polska S.A.
(GDR) .............................. 214,557 1,367,801
Wielkopolski Bank Kredytowy
S.A. ............................... 14,932 101,111
------------
2,192,272
------------
RUSSIA (2.3%)
LUKoil Holding (ADR) ................. 29,608 1,539,616
Rostelecom (ADR) ..................... 12,800 216,000
Surgutneftegaz (ADR)* ................ 114,585 1,990,914
Unified Energy System (ADR) .......... 1,700 22,525
Unified Energy System (GDR)*.......... 52,181 626,172
------------
4,395,227
------------
SINGAPORE (0.5%)
Chartered Semiconductor
(ADR)* ............................. 200 14,600
Chartered Semiconductor* ............. 52,000 284,119
Natsteel Electronics Ltd. ............ 64,000 338,156
Venture Manufacturing Ltd. ........... 28,000 321,105
------------
957,980
------------
SOUTH AFRICA (5.1%)
Amalgamated Banks of South
Africa Group Ltd. .................. 91,217 409,364
Anglo American Platinum Corp.
Ltd. ............................... 15,305 465,371
Bidvest Group Ltd. ................... 151,339 1,478,939
Billiton plc ......................... 96,268 553,345
BOE Corp., Ltd. ...................... 817,209 620,547
BOE Ltd. ............................. 45,800 44,683
Comparex Holdings Ltd. ............... 46,930 328,892
De Beers Centenary AG ................ 52,082 1,515,883
De Beers Consolidated Mines
(ADR) .............................. 9,080 262,752
Dimension Data Holdings Ltd.*......... 96,393 605,003
Educor Ltd. .......................... 140,880 118,202
Ellerine Holdings Ltd. ............... 63,449 335,300
Firstrand Ltd. ....................... 436,840 625,072
M-Cell Ltd. .......................... 96,440 373,215
Nedor Ltd. ........................... 20,493 456,511
New Africa Investments Ltd.,
Class N* ........................... 382,050 212,457
Rembrandt Group Ltd. ................. 66,349 632,203
Sappi Ltd. ........................... 33,600 332,176
Sasol Ltd. ........................... 55,100 452,447
------------
9,822,362
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
TAIWAN (11.9%)
Accton Technology Corp.* ............. 306,000 $ 1,038,362
Acer Peripherals, Inc. ............... 242,736 1,005,438
Acer Peripherals, Inc. (GDR)* ........ 8,832 365,831
ACER, Inc. ........................... 431,550 1,299,394
Advanced Semiconductor
Engineering, Inc.* ................. 189,696 676,946
Ambit Microsystems Corp.* ............ 22,000 163,326
ASE Test Ltd.* ....................... 4,000 97,500
Asustek Computer, Inc. ............... 152,942 1,612,994
China Steel .......................... 690,500 510,422
China Trust Commercial Bank .......... 141,040 164,026
Compal Electronics Inc. .............. 121,590 408,722
Compeq Manufacturing Co.,
Ltd.* .............................. 113,000 615,676
D-Link Corp. ......................... 131,000 283,830
Delta Electronic Industrial .......... 157,000 680,325
Dialer and Business* ................. 521,000 929,616
Far Eastern Textiles Ltd. ............ 460,340 1,100,064
Far Eastern Textiles Ltd.
(GDR)*+ ............................ 6,600 158,400
Hon Hai Precision Industry Co.,
Ltd. (GDR)*+ ....................... 11,200 216,440
Hon Hai Precision Industry Co.,
Ltd.* .............................. 159,000 1,185,471
International Commercial Bank
China .............................. 129,200 144,905
President Chain Store Corp. .......... 128,000 564,856
Ritek Corp. (GDR)*+ .................. 21,300 246,547
Ritek Corp.* ......................... 33,000 199,777
Siliconware Precision Industries*..... 251,370 640,739
Taishin International Bank* .......... 223,680 125,435
Taiwan Semiconductor
Manufacturing Co. (ADR)* ........... 3,600 162,000
Taiwan Semiconductor
Manufacturing Co.* ................. 904,560 4,813,176
United Microelectronics
(Dematerialized)* .................. 844,000 3,011,885
Universal Scientific Industrial
Co., Ltd.* ......................... 66,000 208,189
Wyse Technology Taiwan Ltd.* ......... 87,000 169,093
------------
22,799,385
------------
THAILAND (1.9%)
Advanced Information Service
plc (Foreign) ...................... 49,700 833,942
BEC World plc (Foreign) .............. 46,600 329,101
Delta Electronics PCL (Foreign)....... 55,560 660,849
Shinawatra Computer Co.
(Foreign) .......................... 53,900 509,449
Siam City Cement Co., Ltd.
(Foreign) .......................... 137,266 736,167
Thai Farmers Bank PCL
(Foreign) .......................... 364,600 609,845
------------
3,679,353
------------
TURKEY (7.8%)
Dogan Sirketler Grubu Holdings........ 91,341,000 2,694,425
Dogan Yayin Holdings* ................ 48,324,000 712,743
Ege Biracilik ........................ 10,921,000 835,585
Erciyas Biracilik Ve Malt Sanayii
T.A.S.* ............................ 1,637,512 78,494
Eregli Demir Celik* .................. 9,174,000 380,559
</TABLE>
216
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
NUMBER OF VALUE
SHARES (NOTE 1)
- --------------------------------------------------------------------------
<S> <C> <C>
Migros Turk T.A.S. ................. 328,000 $ 211,652
Sabanci Holding .................... 20,748,000 1,204,945
Tupras-Turkiye Petrol
Rafinerileri T.A.S. .............. 3,283,000 369,216
Turkiye Garanti Bankasi T.A.S.*..... 57,818,400 874,098
Turkiye Is Bankasi ................. 31,876,200 1,527,989
Vestel Elektronik Sanayi Ve
Ticaret T.A.S.* .................. 3,580,090 858,060
Yapi Ve Kredi Bankasi T.A.S. ....... 163,576,309 5,051,444
Yapi Ve Kredi Bankasi* (GDR) ....... 3,500 103,250
------------
14,902,460
------------
UNITED KINGDOM (0.1%)
Billiton plc ....................... 18,104 106,798
OTP Bank (GDR)* .................... 1,830 106,597
------------
213,395
------------
UNITED STATES (1.3%)
Amdocs Ltd.* ....................... 21,004 724,638
Comverse Technology, Inc.* ......... 6,517 943,263
DSP Group, Inc.* ................... 7,083 658,719
Zoran Corp.* ....................... 3,850 214,638
------------
2,541,258
------------
TOTAL COMMON STOCKS (91.3%)
(Cost $123,626,220)............ 174,895,528
------------
WARRANTS:
THAILAND (0.1%)
Siam Commercial Bank*,
expiring 5/10/02 ................. 414,000 192,354
Siam Commercial Bank*,
expiring 6/22/04 ................. 10,500 4,321
------------
TOTAL WARRANTS (0.1%)
(Cost $0)......................... 196,675
------------
PREFERRED STOCKS:
BRAZIL (3.4%)
Cia Emergetica Minas GER ........... 34,048,381 763,332
Companhia Vale do Rio Doce,
Class A .......................... 53,511 1,481,068
Lojas Arapua S.A.* ................. 1,248,000 0
Petrobras S.A. ..................... 5,414,144 1,378,636
Tele Celular Sul S.A. .............. 40,533,820 134,627
Tele Centro Oeste S.A. ............. 1,634,505 3,438
Tele Centro Sul S.A. ............... 43,193,990 788,801
Tele Nordeste Celular S.A. ......... 19,986,220 51,998
Tele Norte Leste S.A. .............. 13,349,020 358,388
Tele Sudeste Celular S.A. .......... 40,418,870 298,695
Telecomunicacoes de Sao Paulo ...... 6,158,666 149,322
Telemig Celular S.A. ............... 66,634,220 145,699
Telerj Celular S.A., Class B ....... 1,056,000 29,169
Telesp Celular S.A. ................ 28,163,656 498,886
Telesp Celular S.A., Class B ....... 4,046,744 320,335
------------
TOTAL PREFERRED STOCKS (3.4%)
(Cost $4,249,762)................. 6,402,394
------------
TOTAL INVESTMENTS (94.8%)
(Cost $127,875,982)............... 181,494,597
OTHER ASSETS
LESS LIABILITIES (5.2%) .......... 10,086,238
------------
NET ASSETS (100%) .................. $191,580,835
============
</TABLE>
- --------------------------------------------------------------------------------
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Common Stocks,
Preferred Stocks and Warrants
Basic Materials ......................... 3.3%
Business Services ....................... 4.6
Capital Goods ........................... 5.3
Consumer Cyclicals ...................... 3.1
Consumer Non-Cyclicals .................. 4.3
Credit Sensitive ........................ 21.1
Diversified ............................. 4.9
Energy .................................. 3.7
Technology
Computer Hardware ...................... 1.0
Computer Software ...................... 3.3
Electronics ............................ 16.9
Office Equipment ....................... 5.6
Office Equipment Services .............. 1.1
Telecommunications ..................... 21.8
----
Total Technology ........................ 49.7
-----
100.0%
=====
- ---------------------
* 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, 1999, these securities amounted to $1,580,968 or
0.83% of net assets.
++ Securities (totaling $94,209 or 0.05% 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.
217
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $182,793,425
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 110,740,208
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 55,240,593
Aggregate gross unrealized depreciation ......... (3,489,040)
------------
Net unrealized appreciation ..................... $ 51,751,553
============
Federal income tax cost of investments .......... $129,743,044
============
For the period from January 1, 1999 to December 31, 1999, the Portfolio
incurred approximately $11,109 and $6,812 as brokerage commissions with Morgan
Stanley & Co., Inc., and Donaldson, Lufkin & Jenrette Corp., respectively, both
affiliated broker/dealers.
The Portfolio utilized net capital loss carryforwards of $6,887,145 during
1999.
See Notes to Financial Statements.
218
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (4.6%)
CHEMICALS (1.4%)
Air Products & Chemicals, Inc. ..... 4,400 $ 147,675
Dow Chemical Co. .................. 5,000 668,125
Du Pont (E.I.) de Nemours &
Co. .............................. 5,661 372,918
Monsanto Co. ....................... 8,740 311,363
------------
1,500,081
------------
CHEMICALS--SPECIALTY (1.4%)
Eastman Chemical Co. ............... 5,000 238,438
Engelhard Corp. .................... 16,500 311,438
PPG Industries, Inc. ............... 9,000 563,062
Praxair, Inc. ..................... 2,400 120,750
Rohm & Haas Co. .................... 6,300 256,331
------------
1,490,019
------------
METALS & MINING (1.0%)
Alcoa, Inc. ........................ 4,600 381,800
Minnesota Mining &
Manufacturing Co. ................ 6,700 655,762
------------
1,037,562
------------
PAPER (0.8%)
Mead Corp. ........................ 15,100 655,906
Temple-Inland, Inc. ................ 2,900 191,219
------------
847,125
------------
TOTAL BASIC MATERIALS ............. 4,874,787
------------
BUSINESS SERVICES (1.6%)
ENVIRONMENTAL CONTROL (0.4%)
Waste Management, Inc. ............ 24,300 417,656
------------
PRINTING, PUBLISHING,
BROADCASTING (0.6%)
McGraw Hill Cos., Inc. ............ 9,700 597,762
------------
PROFESSIONAL SERVICES (0.2%)
Service Corp. International ........ 25,300 175,519
------------
TRUCKING, SHIPPING (0.4%)
FDX Corp.* ......................... 11,300 462,594
------------
TOTAL BUSINESS SERVICES .......... 1,653,531
------------
CAPITAL GOODS (4.6%)
AEROSPACE (1.4%)
Boeing Co. ......................... 14,600 606,813
Raytheon Co. ....................... 13,700 363,906
United Technologies Corp. .......... 7,900 513,500
------------
1,484,219
------------
BUILDING MATERIALS & FOREST
PRODUCTS (1.0%)
Weyerhaeuser Co. ................... 14,600 1,048,462
------------
ELECTRICAL EQUIPMENT (1.0%)
Eaton Corp. ........................ 5,000 363,125
Emerson Electric Co. .............. 11,800 677,025
------------
1,040,150
------------
MACHINERY (1.2%)
Dover Corp. ........................ 11,500 521,812
Illinois Tool Works, Inc. .......... 6,800 459,425
W.W. Grainger, Inc. ................ 6,200 296,438
------------
1,277,675
------------
TOTAL CAPITAL GOODS .............. 4,850,506
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER CYCLICALS (6.1%)
AIRLINES (0.7%)
Delta Air Lines, Inc. .............. 7,000 $ 348,687
UAL Corp.* ......................... 4,700 364,544
------------
713,231
------------
APPAREL & TEXTILES (0.3%)
Shaw Industries, Inc. .............. 23,132 357,100
------------
AUTO RELATED (0.2%)
Lear Corp.* ........................ 7,500 240,000
------------
AUTOS & TRUCKS (1.1%)
Ford Motor Co. .................... 13,100 700,031
General Motors Corp. ............... 5,400 392,513
------------
1,092,544
------------
FOOD SERVICES, LODGING (0.6%)
Marriot International, Inc. ........ 8,900 280,906
Starwood Hotels & Resorts
Worldwide, Inc. .................. 16,600 390,100
------------
671,006
------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.8%)
Fortune Brands, Inc. ............... 14,300 472,794
Whirlpool Corp. .................... 5,800 377,363
------------
850,157
------------
LEISURE RELATED (0.9%)
Hasbro, Inc. ....................... 22,800 434,625
Walt Disney Co. .................... 15,800 462,150
------------
896,775
------------
PHOTO & OPTICAL (0.4%)
Eastman Kodak Co. ................. 5,600 371,000
------------
RETAIL--GENERAL (1.1%)
CVS Corp. .......................... 3,700 147,769
Federated Department Stores,
Inc.* ............................ 14,500 733,156
Rite Aid Corp. ..................... 12,500 139,844
Staples, Inc.* ..................... 8,400 174,300
------------
1,195,069
------------
TOTAL CONSUMER CYCLICALS ......... 6,386,882
------------
CONSUMER NON-CYCLICALS (9.6%)
BEVERAGES (1.6%)
Anheuser-Busch Cos., Inc. .......... 2,400 170,100
Pepsi Bottling Group, Inc. ......... 26,000 430,625
PepsiCo, Inc. ..................... 16,000 564,000
Seagram Ltd. ....................... 11,800 530,262
------------
1,694,987
------------
CONTAINERS (0.4%)
Owens-Illinois, Inc.* .............. 17,900 448,619
------------
DRUGS (3.7%)
Abbott Laboratories ................ 23,900 867,869
American Home Products Corp. ....... 17,500 690,156
Bristol-Myers Squibb Co. ........... 11,200 718,900
Merck & Co., Inc. .................. 11,600 777,925
Pharmacia & Upjohn, Inc. ........... 17,200 774,000
------------
3,828,850
------------
</TABLE>
219
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
FOODS (1.4%)
General Mills, Inc. ..................... 5,900 $ 210,925
H.J. Heinz Co. ......................... 12,500 497,656
Nabisco Group Holdings .................. 22,200 235,875
Nabisco Holdings Corp. .................. 1,900 60,088
Sara Lee Corp. .......................... 20,300 447,869
------------
1,452,413
------------
HOSPITAL SUPPLIES & SERVICES (0.8%)
Baxter International, Inc. .............. 7,600 477,375
Healthsouth Corp.* ...................... 25,900 139,212
Mallinckrodt, Inc. ...................... 5,500 174,969
------------
791,556
------------
RETAIL--FOOD (0.7%)
Albertson's, Inc. ....................... 6,500 209,625
SYSCO Corp. ............................. 14,300 565,744
------------
775,369
------------
SOAPS & TOILETRIES (0.7%)
Kimberly Clark Corp. .................... 10,900 711,225
------------
TOBACCO (0.3%)
Philip Morris Cos., Inc. ................ 14,400 333,900
------------
TOTAL CONSUMER NON-CYCLICALS 10,036,919
------------
CREDIT SENSITIVE (22.8%)
BANKS (5.5%)
Bank of America Corp. ................... 21,100 1,058,956
Bank One Corp. .......................... 10,200 327,038
BB&T Corp. .............................. 17,100 468,112
Charter One Financial, Inc. ............. 19,300 369,113
Chase Manhattan Corp. ................... 4,623 359,149
Comerica, Inc. .......................... 12,700 592,931
FleetBoston Financial Corp. ............. 14,994 521,979
National City Corp. ..................... 10,000 236,875
PNC Bank Corp. .......................... 11,100 493,950
Synovus Financial Corp. ................. 16,216 322,293
U.S. Bancorp ............................ 15,700 373,856
Washington Mutual, Inc. ................. 12,700 330,200
Wells Fargo Co. ......................... 8,500 343,719
------------
5,798,171
------------
FINANCIAL SERVICES (3.4%)
Associates First Capital Corp.
Class A ............................... 7,200 197,550
Bear Stearns Co., Inc. .................. 10,365 443,104
Centaur Funding Corp.+ (Section) ....... 105 105,877
Citigroup, Inc. ......................... 23,000 1,277,937
DPL, Inc. ............................... 22,400 387,800
Franklin Resources, Inc. ................ 900 28,856
Household International, Inc. ........... 10,500 391,125
J.P. Morgan & Co., Inc. ................. 2,200 278,575
MBNA Corp. .............................. 8,000 218,000
Merrill Lynch & Co. ..................... 3,300 275,550
------------
3,604,374
------------
INSURANCE (2.9%)
Allstate Corp. .......................... 13,970 335,280
American General Corp. .................. 6,600 500,775
Aon Corp. ............................... 9,800 392,000
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
CIGNA Corp. ............................. 4,900 $ 394,756
Hartford Financial Services
Group, Inc. ........................... 14,300 677,462
Jefferson-Pilot Corp. ................... 1,800 122,850
Torchmark Corp. ......................... 12,700 369,094
UnumProvident Corp. ..................... 8,300 266,119
------------
3,058,336
------------
MORTGAGE RELATED (0.9%)
Fannie Mae .............................. 14,500 905,344
------------
REAL ESTATE (0.8%)
Equity Office Properties Trust .......... 12,800 315,200
Equity Residential Property Trust 12,300 525,056
------------
840,256
------------
UTILITY--ELECTRIC (2.9%)
Carolina Power & Light .................. 11,700 356,119
CINergy Corp. ........................... 10,900 262,963
Duke Energy Corp. ....................... 14,700 736,837
Entergy Corp. ........................... 19,500 502,125
OGE Energy Corp. ........................ 23,100 438,900
PG&E Corp. .............................. 9,200 188,600
Texas Utilities Co. ..................... 14,450 513,878
------------
2,999,422
------------
UTILITY--GAS (0.6%)
Consolidated Natural Gas Co. ............ 5,050 327,935
Sempra Energy ........................... 18,600 323,175
------------
651,110
------------
UTILITY--TELEPHONE (5.8%)
AT&T Corp. .............................. 25,000 1,268,750
Bell Atlantic Corp. ..................... 16,200 997,313
BellSouth Corp. ......................... 18,900 884,756
GTE Corp. ............................... 14,100 994,931
SBC Communications, Inc. ................ 39,692 1,934,985
------------
6,080,735
------------
TOTAL CREDIT SENSITIVE ................ 23,937,748
------------
ENERGY (8.0%)
COAL & GAS PIPELINES (0.5%)
El Paso Energy Corp. .................... 4,500 174,656
Williams Cos., Inc. ..................... 12,400 378,975
------------
553,631
------------
OIL--DOMESTIC (3.7%)
Chevron Corp. ........................... 8,300 718,987
Exxon Mobil Corp.* ...................... 33,238 2,677,736
Tosco Corp. ............................. 16,200 440,438
------------
3,837,161
------------
OIL--INTERNATIONAL (2.5%)
Conoco, Inc., Class A ................... 17,500 433,125
Conoco, Inc., Class B ................... 9,664 240,392
Royal Dutch Petroleum Co.
(New York Shares) ..................... 17,800 1,075,788
Total Fina S.A. (ADR) ................... 7,700 533,225
Union Pacific Resources Group,
Inc. .................................. 24,000 306,000
------------
2,588,530
------------
</TABLE>
220
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
OIL--SUPPLIES & CONSTRUCTION (0.7%)
Baker Hughes, Inc. .................... 16,600 $ 349,638
Halliburton Co. ....................... 8,500 342,125
------------
691,763
------------
RAILROADS (0.6%)
Burlington Northern Santa Fe
Corp. .............................. 22,338 541,696
CSX Corp. ............................. 4,500 141,188
------------
682,884
------------
TOTAL ENERGY ........................ 8,353,969
------------
TECHNOLOGY (5.4%)
COMPUTER HARDWARE (1.2%)
Hewlett Packard Co. ................... 10,900 1,241,919
------------
COMPUTER SOFTWARE (0.6%)
Computer Associates
International, Inc. ................. 8,900 622,444
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (1.5%)
Alltel Corp. ......................... 8,650 715,247
Motorola, Inc. ........................ 6,200 912,950
------------
1,628,197
------------
OFFICE EQUIPMENT (1.7%)
Compaq Computer Corp. ................. 7,900 213,794
International Business Machines
Corp. .............................. 9,800 1,058,400
Lexmark International Group,
Inc.* ............................... 2,400 217,200
Xerox Corp. ........................... 11,300 256,368
------------
1,745,762
------------
OFFICE EQUIPMENT SERVICES (0.4%)
Electronic Data Systems Corp. ......... 7,100 475,256
------------
TOTAL TECHNOLOGY .................... 5,713,578
------------
TOTAL COMMON STOCKS (62.7%)
(Cost $66,154,753) .................. 65,807,920
------------
PREFERRED STOCKS:
BUSINESS SERVICES (0.0%)
ENVIRONMENTAL CONTROL (0.0%)
Tcr Holding Corp.* .................... 10 1
------------
CREDIT SENSITIVE (0.0%)
FINANCIAL SERVICES (0.0%)
Webster Capital Corp.* ................ 40 38,000
------------
TOTAL PREFERRED STOCKS (0.0%)
(Cost $39,975) ...................... 38,001
------------
PRINCIPAL
AMOUNT
------
LONG-TERM DEBT SECURITIES:
BASIC MATERIALS (0.9%)
CHEMICALS (0.7%)
Lyondell Chemical Co
9.625%, 5/1/07 ...................... $ 260,000 265,850
Monsanto Co.
6.60%, 12/1/28+ (Section) .......... 80,000 68,752
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Nova Chemicals Corp.
7.00%, 8/15/26 ..................... $ 75,000 $ 72,522
Rohm & Hass Co.
7.85%, 7/15/29 ..................... 315,000 316,581
------------
723,705
------------
CHEMICALS--SPECIALTY (0.0%)
IMC Global, Inc.
7.40%, 11/1/02 ..................... 35,000 34,583
------------
PAPER (0.2%)
Abitibi-Consolidated, Inc.
8.50%, 8/1/29 ...................... 145,000 139,809
Georgia Pacific Corp.
7.75%, 11/15/29 .................... 100,000 95,300
------------
235,109
------------
TOTAL BASIC MATERIALS .............. 993,397
------------
BUSINESS SERVICES (0.8%)
ENVIRONMENTAL CONTROL (0.1%)
Waste Management, Inc.
(Step Bond) 7.70%, 10/1/02 ......... 50,000 47,892
------------
PRINTING, PUBLISHING,
BROADCASTING (0.6%)
News America Holdings, Inc.
7.75%, 12/1/45 ..................... 325,000 296,328
Time Warner, Inc.
8.375%, 7/15/33 .................... 280,000 290,991
Walt Disney Co.
5.62%, 12/1/08 ..................... 50,000 44,917
------------
632,236
------------
TRUCKING, SHIPPING (0.1%)
FEDEX Corp.
6.72%, 1/15/22 ..................... 134,663 122,712
------------
TOTAL BUSINESS SERVICES ............ 802,840
------------
CAPITAL GOODS (1.0%)
AEROSPACE (1.0%)
Boeing Co.
6.625%, 2/15/38 .................... 250,000 209,306
Litton Industries, Inc.
8.00%, 10/15/09+ (Section) ........ 145,000 141,964
Lockheed Martin Corp.
7.45%, 6/15/04 ..................... 310,000 304,130
8.50%, 12/1/29 ...................... 150,000 150,135
Raytheon Co.
6.40%, 12/15/18 .................... 320,000 266,652
------------
TOTAL CAPITAL GOODS ................ 1,072,187
------------
CONSUMER CYCLICALS (2.2%)
AIRLINES (0.7%)
Air 2 US
8.027%, 10/1/19+ (Section) ........ 260,000 260,468
Atlas Air Inc., Series 99-1A
7.20%, 1/2/19 ...................... 115,000 106,138
Continental Airlines, Inc.
Series 97, Class 4C,
6.80%, 7/2/07 ...................... 53,098 50,339
</TABLE>
221
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Series 98, Class 1C,
6.541%, 3/15/08 ................... $ 36,683 $ 34,783
Series 98, Class A-2,
6.32%, 11/1/08 .................... 110,000 101,897
Delta Air Lines
8.30%, 12/15/29+ (Section) ....... 150,000 145,302
Northwest Airlines Corp.
Series 99-1A,
6.81%, 2/1/20 ..................... 74,937 67,546
------------
766,473
------------
AUTO RELATED (0.2%)
Delphi Automotive
Systems Corp.
7.125%, 5/1/29 .................... 250,000 220,732
------------
AUTOS & TRUCKS (0.4%)
American Standard, Inc.
7.375%, 2/1/08 .................... 235,000 215,612
DaimlerChrysler AG Series B,
7.45%, 2/1/97 ..................... 40,000 37,133
Ford Motor Co.
7.40%, 11/1/46 .................... 45,000 41,981
Hertz Corp.
6.50%, 5/15/06 .................... 115,000 108,852
6.25%, 3/15/09 .................... 20,000 18,111
------------
421,689
------------
FOOD SERVICES, LODGING (0.4%)
Tricon Global Restaurants
7.45%, 5/15/05 .................... 455,000 437,477
------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.1%)
Newell Co. Series A,
6.35%, 7/15/08 .................... 125,000 115,830
------------
RETAIL--GENERAL (0.4%)
Saks, Inc.
8.25%, 11/15/08 ................... 105,000 102,078
Sears Roebuck Acceptance Corp.
6.50%, 12/1/28 .................... 320,000 250,905
------------
352,983
------------
TOTAL CONSUMER CYCLICALS .......... 2,315,184
------------
CONSUMER NON-CYCLICALS (1.3%)
CONTAINERS (0.1%)
Ball Corp.
7.75%, 8/1/06 ..................... 100,000 97,500
------------
HOSPITAL SUPPLIES & SERVICES (0.5%)
Columbia/HCA Healthcare
6.63%, 7/15/45 .................... 235,000 224,129
Tenet Healthcare Corp. Sr. Sub.
Notes
8.625%, 1/15/07 ................... 260,000 250,900
------------
475,029
------------
RETAIL--FOOD (0.3%)
Pepsi Bottling Group, Inc. Series B,
7.00%, 3/1/29 ..................... 320,000 288,852
------------
TOBACCO (0.4%)
Imperial Tobacco Group
7.125%, 4/1/09 .................... 130,000 117,446
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Philip Morris Cos., Inc.
7.25%, 1/15/03 .................... $ 340,000 $ 334,327
7.125%, 10/1/04 ................... 10,000 9,634
------------
461,407
------------
TOTAL CONSUMER NON-CYCLICALS 1,322,788
------------
CREDIT SENSITIVE (24.4%)
ASSET BACKED (0.1%)
Associates Manufactured
Housing
7.025%, 3/15/28 ................... 55,000 48,572
------------
BANKS (1.7%)
Bank of America Corp.
5.875%, 2/15/09 ................... 325,000 289,393
Bank United Series,
8.00%, 3/15/09 .................... 130,000 119,380
Hypovereinsbank
8.741%, 6/30/31+ (Section) ....... 325,000 320,505
Citicorp Series F,
6.375%, 11/15/08 .................. 215,000 198,460
Colonial Bank
8.00%, 3/15/09 .................... 75,000 68,444
Countrywide Home Loan
Series H,
6.25%, 4/15/09 .................... 220,000 197,587
Dime Bancorp, Inc.
6.375%, 1/30/01 ................... 80,000 78,819
FCB/NC Capital Trust I
8.05%, 3/1/28 ..................... 40,000 35,418
First Union Capital
7.95%, 11/15/29 ................... 180,000 172,439
Merita Bank Ltd.
6.50%, 1/15/06 .................... 65,000 61,048
Nationsbank Corp.
6.50%, 8/15/03 .................... 65,000 63,794
Sovereign Bancorp
6.625%, 3/15/01 ................... 110,000 107,231
Wilmington Trust
6.625%, 5/1/08 .................... 90,000 81,345
------------
1,793,863
------------
COLLATERALIZED MORTGAGE
OBLIGATIONS (3.3%)
Chase Manhattan Bank-First
Union National Series 99-1,
Class A1,
7.13%, 7/15/07 .................... 142,346 141,312
Commercial Mortgage
Acceptance Corp.
6.57%, 12/15/30 ................... 31,000 29,483
Commercial Mortgage
Asset Trust
6.975%, 4/17/13 ................... 195,000 181,910
CS First Boston Mortgage
Securities Corp
6.91%, 1/15/08 .................... 29,744 29,270
CS First Boston Mortgage
Securities Corp. Series 99-C1,
Class A2,
7.29%, 9/15/09 .................... 417,000 410,482
</TABLE>
222
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Series 99-C1, Class E,
8.18%, 9/15/09 ...................... $ 75,000 $ 72,797
Series 99-C1, Class F,
8.18%, 10/15/09 ..................... 25,000 22,766
DLJ Commercial Mortgage Corp
Series 99-CG3, Class A1B,
7.34%, 9/10/09 ..................... 90,000 88,991
DLJ Commercial Mortgage Corp.
Series 98-CG1, Class A1B,
6.11%, 12/10/07 ..................... 74,434 71,298
Dresdner Funding Trust
8.151%, 6/30/31+ (Section) ......... 100,000 93,684
Federal Home Loan Mortgage
Corp. Series T-20, Class A6,
7.49%, 9/25/29 ...................... 75,000 74,977
General Electric Capital
Mortgage Series 98-11,
Class 2A4
6.75%, 6/25/28 ...................... 50,000 46,894
GGP--Homart Series 99-C1,
Class F,
8.04%, 6/10/03+ (Section) (a) ....... 25,000 25,000
GGP Homart Series 99-C1,
Class G,
8.25%, 6/10/08+ (Section) (a) ....... 25,000 25,000
Goldman Sachs Mortgage
Securities Corp. Series 97-GL,
Class A2B,
6.86%, 7/13/30 ...................... 50,000 49,358
Series 98-GL II
Class A
6.312%, 4/13/31 ..................... 34,178 33,097
Green Tree Corp.
Series 98-A, Class A1C,
6.18%, 6/15/19 ...................... 25,448 25,004
Green Tree Financial Corp.
Series 97-1, Class B2,
7.76%, 3/15/28 ...................... 20,000 15,743
Series 98-2, Class A5,
6.24%, 3/18/28 ...................... 50,000 48,953
Series 97-2, Class B1
7.56%, 6/15/28 ...................... 25,000 19,785
GS Mortgage Securities
Corporation II
Series 98-GLII, Class A2,
6.562%, 4/13/31 ..................... 140,000 130,312
Series 98-GLII, Class D,
7.19%, 4/13/31 ...................... 25,000 22,874
LB Commercial Conduit
Mortgage Trust
Series 99-C1, Class A2,
6.78%, 10/1/30 ...................... 58,000 55,300
Series 99-C2, Class A1,
7.105%, 10/15/32 .................... 30,676 30,497
Lehman Large Loan
6.84%, 9/12/06
Series 97 LLI A2 .................... 21,000 20,602
Lehman Manufactured Housing
Trust Series 98-1, Class 1IO,
0.82%, 7/15/28 ...................... 250,000 8,711
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Mashantucket Pequot Tribe
Series A,
6.57%, 9/1/13+ (Section) ........... $ 90,000 $ 79,398
Merrill Lynch Mortgage
Investors, Inc. Series 96-C2,
Class E,
6.96%, 11/21/28 ..................... 55,000 46,723
Merrill Lynch Mortgage
Investors, Inc., Series 98-C2,
Class A1
6.22%, 2/15/30 ...................... 121,781 117,917
Morgan Stanley Capital Corp.
Series 96-WF1, Class A2,
7.23%, 1/16/06 ...................... 20,000 20,059
Series 98-HF1, Class A1,
6.34%, 1/15/07 ...................... 307,953 296,774
Series 98-WF1, Class A1,
6.25%, 7/15/07 ...................... 4,441 4,303
Series 99-CAM1, Class A2,
6.76%, 11/15/08 ..................... 122,721 119,810
Series 99-CAM1, Class A3,
6.92%, 11/15/08 ..................... 445,000 434,311
Series 98-XL1, Class A3,
6.48%, 6/3/30 ....................... 65,000 61,399
Mortgage Capital Funding, Inc.
Series 97-MC2, Class A1,
6.525%, 1/20/07 ..................... 34,710 33,897
Series 98-MC1, Class A1,
6.417%, 6/18/07 ..................... 80,068 77,555
Provident Bank Home Equity
Loan Trust, Series 99-1,
Class A2,
6.62%, 7/25/19 ...................... 223,464 223,314
Residential Asset Securitization
Trust, Series 98-A12, Class A14
8.00%, 11/25/28 ..................... 75,000 75,578
Standard Credit Card Master
Trust Series 94-2, Class A,
7.25%, 4/7/08 ....................... 120,000 120,084
------------
3,485,222
------------
FINANCIAL SERVICES (4.4%)
AFC Capital Trust I, Series B
8.207%, 2/3/27 ...................... 25,000 24,246
Associates Corp. of North
America
8.15%, 8/1/09 ....................... 290,000 299,886
6.95%, 11/1/18 ...................... 40,000 37,026
Bear Stearns Co. Inc.
7.625%, 12/7/09 ..................... 155,000 152,260
Bombardier Capital, Inc.
7.30%, 12/15/02+ (Section) ......... 135,000 134,460
Capital One Financial Corp.
7.25%, 12/1/03 ...................... 15,000 14,669
7.25%, 5/1/06 ....................... 115,000 109,542
CIT Group Holdings
5.50%, 10/15/01 ..................... 95,000 92,481
Conseco Financing Trust II
8.70%, 11/15/26 ..................... 130,000 116,587
Countrywide Home Loan
Series E,
6.935%, 7/16/07 ..................... 75,000 71,431
</TABLE>
223
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------------------
<S> <C> <C>
Dime Capital Trust I Series A,
9.33%, 5/6/27 ................................ $ 165,000 $ 156,997
Finova Capital Corp.
6.25%, 11/1/02 ............................... 90,000 87,306
Series D,
6.11%, 2/18/03 ................................ 110,000 105,830
7.25%, 11/8/04 ............................... 110,000 108,450
7.40%, 6/1/07 ................................ 65,000 63,379
Ford Motor Credit Co.
6.55%, 9/10/22 ............................... 10,000 9,882
5.80%, 1/12/09 ............................... 265,000 234,859
7.375%, 10/28/09 ............................. 190,000 187,565
GATX Capital Corporation
7.75%, 12/1/06 ............................... 135,000 132,676
Goldman Sachs Group, Inc.
Series B,
7.35%, 10/1/09 ............................... 145,000 141,638
Green Tree Financial Corp.
Series A,
6.50%, 9/26/02 ............................... 55,000 52,963
Heller Financial, Inc.
7.375%, 11/1/09+ (Section) .................. 285,000 277,076
Household Finance Corp.
6.50%, 11/15/08 .............................. 105,000 97,055
Household Finance Corp.
Series E
5.875%, 2/1/09 ............................... 115,000 101,754
KN Capital Trust III
7.63%, 4/15/28 ............................... 155,000 135,562
Lehman Brothers Holdings
6.25%, 4/1/03 ................................ 160,000 154,355
6.625%, 4/1/04 ............................... 50,000 48,402
Merrill Lynch & Co., Inc.
Series B,
6.13%, 4/7/03 ................................ 40,000 38,962
Newcourt Credit Group
Series A, 7.125%, 12/17/03+ (Section) ....... 70,000 69,579
Series B, 6.875%, 2/16/05 .................... 75,000 73,018
Norwest Corp. Series J,
6.75%, 12/15/27 .............................. 40,000 35,072
Paine Webber Group, Inc.
Series C,
6.52%, 4/6/05 ................................ 60,000 56,650
Principal Financial Group
7.95%, 8/15/04+ (Section) ................... 135,000 135,810
Provident Cos., Inc.
7.405%, 3/15/38 .............................. 250,000 210,814
RBF Finance Co.
11.375%, 3/15/09 ............................. 260,000 278,200
Safeco Capital Trust I
8.072%, 7/15/37 .............................. 80,000 70,359
Salomon, Inc.
6.75%, 2/15/03 ............................... 45,000 44,247
Sun Life Canada Capital Trust
8.526%, 5/26/49+ (Section) .................. 185,000 172,657
The Money Store, Inc.
8.05%, 4/15/02 ............................... 35,000 35,623
Toyota Motor Credit
5.625%, 11/13/03 ............................. 75,000 71,410
<CAPTION>
- -------------------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------------------
<S> <C> <C>
Yosemite Sec Trust I
8.25%, 11/15/04+ (Section) .................. $ 50,000 $ 49,207
Zurich Capital Trust
8.376%, 6/1/37+ (Section) ................... 115,000 111,843
------------
4,601,788
------------
FOREIGN GOVERNMENT (0.5%)
Ontario Province
5.50%, 10/1/08 ............................... 315,000 279,922
Province of Quebec
7.50%, 7/15/02 ............................... 50,000 50,499
5.75%, 2/15/09 ............................... 185,000 164,221
------------
494,642
------------
INSURANCE (1.0%)
American General Finance Corp.
5.70%, 2/7/01 ................................ 50,000 49,373
8.125%, 3/15/46+ (Section) .................. 310,000 309,309
Conseco, Inc.
8.50%, 10/15/02 .............................. 80,000 80,931
Hartford Life, Inc.
7.65%, 6/15/27 ............................... 15,000 14,518
Intl Game Technology
8.375%, 5/15/09 .............................. 50,000 47,875
ITT Corp.
6.75%, 11/15/05 .............................. 260,000 222,975
Liberty Mutual Insurance Co.
7.697%, 10/15/97+ (Section) ................. 95,000 79,419
Presidential Life Insurance Co.
7.875%, 2/15/09 .............................. 65,000 59,207
Prudential Life Insurance Co.
6.875%, 4/15/03+ (Section) .................. 105,000 103,000
Transamerica Capital III
7.625%, 11/15/37 ............................. 55,000 51,068
Travelers Property &
Casualty, Inc.
6.75%, 4/15/01 ............................... 50,000 49,821
------------
1,067,496
------------
REAL ESTATE (0.5%)
Avalon Properties, Inc.
6.625%, 1/15/05 .............................. 230,000 216,748
6.875%, 12/15/07 ............................. 25,000 23,202
EOP Operating Ltd.
6.375%, 1/15/02 .............................. 35,000 34,167
6.75%, 2/15/08 ............................... 145,000 133,031
6.80%, 1/15/09 ............................... 100,000 91,281
Omega Healthcare Investors, Inc.
6.95%, 6/15/02 ............................... 65,000 59,793
------------
558,222
------------
U.S. GOVERNMENT (4.4%)
U.S. Treasury Note
5.875%, 11/30/01 ............................. 235,000 233,531
5.875%, 10/31/01 ............................. 4,370,000 4,341,324
------------
4,574,855
------------
U.S Treasury Bond
6.125%, 8/15/29 .............................. 15,000 14,302
------------
4,589,157
------------
</TABLE>
224
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCIES (7.6%)
Federal National Mortgage
Association
6.50%, 8/15/04 .................... $1,770,000 $ 1,745,526
6.625%, 9/15/09 .................... 125,000 121,269
7.00%, 2/1/12 ...................... 54,905 54,307
6.00%, 6/1/14 ...................... 173,630 164,822
5.50%, 8/15/14 ..................... 274,219 254,338
7.00%, 9/1/14 ...................... 200,001 197,823
6.00%, 12/1/14 ..................... 200,000 189,750
8.50%, 2/1/25 ...................... 237,780 244,180
6.50%, 5/1/26 ...................... 42,100 39,682
9.00%, 8/1/26 ...................... 114,594 119,345
6.50%, 6/1/27 ...................... 184,187 173,608
6.50%, 11/1/27 ..................... 159,305 150,155
6.50%, 3/1/28 ...................... 350,545 330,412
6.50%, 7/1/28 ...................... 310,782 292,932
7.00%, 7/1/28 ...................... 263 254
6.50%, 8/1/28 ...................... 40,615 38,282
6.50%, 9/1/28 ...................... 148,667 140,128
7.50%, 9/1/29 ...................... 154,852 153,230
6.50%, 11/1/29 ..................... 599,510 565,077
Government National
Mortgage Association ..............
8.50%, 10/15/17 .................... 34,782 35,793
8.50%, 11/15/17 .................... 38,943 40,075
7.00%, 8/15/23 ..................... 232,515 224,692
6.50%, 10/15/23 .................... 159,858 150,167
7.00%, 5/15/24 ..................... 83,831 81,010
8.00%, 7/15/25 ..................... 78,315 79,155
8.00%, 7/15/25 ..................... 51,093 51,641
7.00%, 9/15/25 ..................... 56,505 54,604
7.00%, 12/15/25 .................... 49,205 47,549
8.00%, 12/15/25 .................... 164,507 166,272
6.50%, 3/15/26 ..................... 132,638 124,597
8.00%, 7/15/26 ..................... 19,980 20,194
8.00%, 10/15/26 .................... 491,192 496,462
7.00%, 11/15/26 .................... 25,216 24,368
7.00%, 7/15/27 ..................... 40,482 39,120
8.00%, 7/15/27 ..................... 17,430 17,617
7.00%, 9/15/27 ..................... 20,621 19,927
7.00%, 11/15/27 .................... 104,089 100,587
8.00%, 11/15/27 .................... 34,315 34,683
7.00%, 2/15/28 ..................... 20,227 19,546
7.00%, 3/15/28 ..................... 42,429 41,001
7.00%, 4/15/28 ..................... 68,285 65,988
7.00%, 5/15/28 ..................... 124,597 120,405
6.50%, 1/15/29 ..................... 188,383 176,962
6.50%, 2/15/29 ..................... 684,993 643,466
7.00%, 4/15/29 ..................... 45,004 43,490
TBA
8.50%, 11/15/17 .................... 89,604 92,678
------------
7,987,169
------------
UTILITY--ELECTRIC (0.7%)
AES Eastern Energy
9.00%, 1/1/17+ (Section) ......... 115,000 108,318
Arizona Public Service Co.
6.75%, 11/15/06 ................... 50,000 47,234
Baltimore Gas & Electric Co.
6.90%, 2/1/05 ..................... 50,000 48,738
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
CalEnergy Co., Inc.
7.63%, 10/15/07 ................... $ 60,000 $ 58,780
CMS Energy Corp.
7.00%, 1/15/05 .................... 25,000 23,252
Midwest Energy, Inc.
8.70%, 10/15/09+ (Section) ....... 90,000 90,882
Niagara Mohawk Power
Series G,
7.75%, 10/1/08 .................... 40,000 39,968
Public Service Electric &
Gas Co.
8.875%, 6/1/03 .................... 50,000 52,081
Southern Energy
7.90%, 7/15/09+ (Section) ........ 95,000 91,943
Texas Utilities Co.
7.46%, 1/1/15 ..................... 40,000 38,945
TXU Eelec Cap V
8.175%, 1/30/37 ................... 200,000 186,522
------------
786,663
------------
UTILITY--GAS (0.1%)
Express Pipeline Ltd.
7.39%, 12/31/19+ (Section) ....... 19,976 17,577
Louis Dreyfus Natural Gas Corp.
6.875%, 12/1/07 ................... 85,000 76,956
------------
94,533
------------
UTILITY--TELEPHONE (0.1%)
GTE Corp.
6.46%, 4/15/08 .................... 65,000 61,134
U.S. West Communications
5.625%, 11/15/08 .................. 40,000 34,762
------------
95,896
------------
TOTAL CREDIT SENSITIVE ............ 25,603,223
------------
DIVERSIFIED (0.4%)
MISCELLANEOUS (0.4%)
Norsk Hydro A/S
6.36%, 1/15/09 .................... 120,000 109,670
Tyco International Group
Yankee Notes
6.25%, 6/15/03 .................... 200,000 189,595
6.375%, 6/15/05 ................... 90,000 84,382
------------
TOTAL DIVERSIFIED ................. 383,647
------------
ENERGY (1.5%)
COAL & GAS PIPELINES (0.4%)
Alliance Pipeline
7.77%, 6/30/15+ (Section) ........ 70,000 67,480
Columbia Gas Systems, Inc.
6.61%, 11/28/02 ................... 65,000 64,151
El Paso Energy Corp.
6.75%, 5/15/09 .................... 65,000 60,733
Maritime & Northeast Pipeline
7.70%, 11/30/19+ (Section) ....... 75,000 71,181
Sonat, Inc.
7.625%, 7/15/11 ................... 200,000 196,414
------------
459,959
------------
</TABLE>
225
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
OIL--DOMESTIC (0.4%)
Amerada Hess Corp.
7.875%, 10/1/29 ..................... $ 185,000 $ 180,431
Coastal Corp.
6.95%, 6/2/28 ....................... 75,000 65,349
Pride Petroleum Services, Inc.
9.375%, 5/1/07 ...................... 30,000 29,850
Union Oil Co. of California
7.50%, 2/15/29 ...................... 150,000 140,223
------------
415,853
------------
OIL--SUPPLIES & CONSTRUCTION (0.3%)
Merey Sweeney L.P.
8.85%, 12/18/19+ (Section) ......... 90,000 86,423
Petroleum Geo-Services
7.50%, 3/31/07 ...................... 185,000 180,550
Petroleum Geo-Services ASA
7.125%, 3/20/28 ..................... 115,000 100,315
------------
367,288
------------
RAILROADS (0.4%)
Burlington Northern Santa Fe
Corp.
6.125%, 3/15/09 ..................... 165,000 148,489
CSX Corp.
7.95%, 5/1/27 ....................... 245,000 242,837
------------
391,326
------------
TOTAL ENERGY ........................ 1,634,426
------------
TECHNOLOGY (1.4%)
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (0.8%)
AT&T Capital Corp. Series F,
6.60%, 5/15/05 ...................... 195,000 187,527
MCI WorldCom, Inc.
6.40%, 8/15/05 ...................... 100,000 95,783
Sprint Capital Corp.
5.70%, 11/15/03 ..................... 75,000 71,219
6.125%, 11/15/08 .................... 170,000 154,123
6.90%, 5/1/19 ....................... 50,000 45,596
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
TCI Communications, Inc.
8.75%, 8/1/15 ....................... $ 205,000 $ 223,734
7.125%, 2/15/28 ..................... 110,000 100,887
------------
878,869
------------
ELECTRONICS (0.3%)
Fairchild Semiconductor
10.125%, 3/15/07 .................... 260,000 265,200
------------
OFFICE EQUIPMENT (0.3%)
International Business Machine
Corp.
7.125%, 12/1/96 ..................... 325,000 295,064
------------
TOTAL TECHNOLOGY .................... 1,439,133
------------
TOTAL LONG-TERM DEBT SECURITIES (33.9%)
(Cost $36,993,739) .................. 35,566,825
------------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (0.3%)
TRW, Inc.,
6.50%, 2/8/00 ....................... 350,000 341,909
------------
REPURCHASE AGREEMENT (2.7%)
Morgan Stanley & Co., Inc.
2.47%, dated 12/31/99, due
1/3/00, to be repurchased at
$2,832,583, collateralized by
$2,275,000 of U.S. Treasury
Bonds, 9.25% due 2/15/16,
valued at $2,890,966 ................ 2,832,000 2,832,000
------------
TIME DEPOSITS (0.0%)
Chase Nassau,
3.48%, 1/3/00 ....................... 3,372 3,372
------------
TOTAL SHORT-TERM
DEBT SECURITIES (3.0%)
(Amortized Cost $3,177,281) ......... 3,177,281
------------
TOTAL INVESTMENTS (99.6%)
(Cost/Amortized Cost
$106,365,748) ....................... 104,590,027
OTHER ASSETS
LESS LIABILITIES (0.4%) ............. 386,813
------------
NET ASSETS (100%) ..................... $104,976,840
============
</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, 1999, these securities
amounted to $3,242,114 or 3.09% of net assets.
(Section) Illiquid security: is not actively traded
(a) Coupon will fluctuate based upon an interest rate index. Stated due
date reflects final maturity of security.
Glossary:
ADR--American Depositary Receipt
TBA--Security is subject to delayed delivery
226
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $100,856,435
U.S. Government securities ............................. 59,940,256
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 65,519,591
U.S. Government securities ............................. 60,478,505
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation......... $ 6,246,132
Aggregate gross unrealized depreciation......... (8,641,795)
------------
Net unrealized depreciation ..................... $ (2,395,663)
============
Federal income tax cost of investments .......... $106,985,690
============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$3,309,671, which was secured by collateral valued at $3,383,219 of which
$2,597,537 was in the form of U.S. Government securities.
For the period from January 1, 1999 to December 31, 1999 the Portfolio incurred
approximately $1,145 as brokerage commissions with Donaldson, Lufkin and
Jenrette Securities Corp., an affiliated broker/dealer.
See Notes to Financial Statements.
227
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (6.3%)
CHEMICALS (2.6%)
Dow Chemical Co. .................... 37,910 $ 5,065,724
Du Pont (E.I.) de Nemours & Co. ..... 62,046 4,087,280
Monsanto Co. ........................ 144,720 5,155,650
------------
14,308,654
------------
CHEMICALS--SPECIALTY (0.5%)
PPG Industries, Inc. ................ 39,005 2,440,250
------------
METALS & MINING (1.7%)
Alcoa, Inc. ......................... 64,220 5,330,260
Minnesota Mining &
Manufacturing Co. ................. 36,960 3,617,460
------------
8,947,720
------------
PAPER (1.5%)
Boise Cascade Corp. ................. 205,630 8,328,015
------------
TOTAL BASIC MATERIALS ............. 34,024,639
------------
BUSINESS SERVICES (3.1%)
ENVIRONMENTAL CONTROL (0.7%)
Waste Management, Inc. .............. 227,990 3,918,578
------------
PRINTING, PUBLISHING,
BROADCASTING (1.4%)
McGraw Hill Cos., Inc. .............. 50,756 3,127,839
Times Mirror Co., Class A ........... 70,595 4,729,865
------------
7,857,704
------------
PROFESSIONAL SERVICES (0.5%)
Service Corp. International ......... 360,580 2,501,524
------------
TRUCKING, SHIPPING (0.5%)
FDX Corp.* .......................... 62,990 2,578,653
------------
TOTAL BUSINESS SERVICES .......... 16,856,459
------------
CAPITAL GOODS (8.7%)
AEROSPACE (2.8%)
Boeing Co. .......................... 168,245 6,992,683
Honeywell International, Inc.* ...... 37,120 2,141,360
Northrop Grumman Corp. .............. 31,780 1,718,106
Raytheon Co. ........................ 66,140 1,641,099
United Technologies Corp. ........... 46,740 3,038,100
------------
15,531,348
------------
BUILDING & CONSTRUCTION (1.0%)
Parker-Hannifin Corp. ............... 102,415 5,255,170
------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.8%)
Weyerhaeuser Co. .................... 64,825 4,655,245
------------
ELECTRICAL EQUIPMENT (2.4%)
Cooper Industries, Inc. ............. 72,225 2,920,598
Eaton Corp. ......................... 42,430 3,081,479
Emerson Electric Co. ................ 47,780 2,741,377
Rockwell International Corp. ........ 85,275 4,082,541
------------
12,825,995
------------
MACHINERY (1.7%)
Deere & Co. ......................... 51,920 2,252,030
Illinois Tool Works, Inc. ........... 57,090 3,857,143
W.W. Grainger, Inc. ................. 61,215 2,926,842
------------
9,036,015
------------
TOTAL CAPITAL GOODS .............. 47,303,773
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER CYCLICALS (10.9%)
AIRLINES (1.6%)
Delta Air Lines, Inc. ............... 54,415 $ 2,710,547
Southwest Airlines Co. .............. 358,277 5,799,609
------------
8,510,156
------------
AUTO RELATED (1.1%)
Lear Corp.* ......................... 66,935 2,141,920
TRW, Inc. ........................... 75,360 3,914,010
------------
6,055,930
------------
AUTOS & TRUCKS (1.7%)
Ford Motor Co. ...................... 76,285 4,076,480
General Motors Corp. ................ 69,280 5,035,790
------------
9,112,270
------------
HOUSEHOLD FURNITURE,
APPLIANCES (1.1%)
Newell Rubbermaid, Inc. ............. 96,025 2,784,725
Whirlpool Corp. ..................... 53,680 3,492,555
------------
6,277,280
------------
LEISURE RELATED (1.4%)
Hasbro, Inc. ........................ 164,405 3,133,970
Walt Disney Co. ..................... 154,130 4,508,303
------------
7,642,273
------------
PHOTO & OPTICAL (1.1%)
Bausch & Lomb, Inc. ................. 21,370 1,462,509
Eastman Kodak Co. ................... 67,723 4,486,649
------------
5,949,158
------------
RETAIL--GENERAL (2.9%)
Federated Department Stores, Inc.* .. 157,705 7,973,959
K-Mart Corp.* ....................... 260,840 2,624,702
Rite Aid Corp. ...................... 231,515 2,590,074
Saks, Inc.* ......................... 164,265 2,556,374
------------
15,745,109
------------
TOTAL CONSUMER CYCLICALS .......... 59,292,176
------------
CONSUMER NON-CYCLICALS (16.3%)
BEVERAGES (2.1%)
Pepsi Bottling Group, Inc. .......... 200,545 3,321,527
PepsiCo, Inc. ....................... 132,325 4,664,456
Seagram Ltd. ........................ 75,410 3,388,737
------------
11,374,720
------------
CONTAINERS (1.6%)
Owens-Illinois, Inc.* ............... 193,785 4,856,737
Smurfit-Stone Container Corp.* ...... 154,990 3,797,255
------------
8,653,992
------------
DRUGS (5.7%)
Abbott Laboratories ................. 156,330 5,676,733
American Home Products Corp. ........ 176,640 6,966,240
Bristol-Myers Squibb Co. ............ 94,130 6,041,969
Merck & Co., Inc. ................... 101,320 6,794,773
Pharmacia & Upjohn, Inc. ............ 126,254 5,681,430
------------
31,161,145
------------
FOODS (2.6%)
General Mills, Inc. ................. 64,095 2,291,396
H.J. Heinz Co. ...................... 75,455 3,004,052
</TABLE>
228
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Kellogg Co. ........................ 111,010 $ 3,420,496
Quaker Oats Co. .................... 21,425 1,406,016
Sara Lee Corp. ..................... 188,497 4,158,715
------------
14,280,675
------------
HOSPITAL SUPPLIES & SERVICES (2.3%)
Baxter International, Inc. ......... 71,309 4,479,096
Mallinckrodt, Inc. ................. 111,350 3,542,322
Tenet Healthcare Corp.* ............ 191,610 4,502,835
------------
12,524,253
------------
SOAPS & TOILETRIES (1.7%)
Clorox Co. ......................... 56,515 2,846,943
Kimberly Clark Corp. ............... 94,735 6,181,459
------------
9,028,402
------------
TOBACCO (0.3%)
Philip Morris Cos., Inc. ........... 81,905 1,899,172
------------
TOTAL CONSUMER NON-CYCLICALS...... 88,922,359
------------
CREDIT SENSITIVE (31.6%)
BANKS (8.3%)
Bank of America Corp. .............. 117,977 5,920,971
Bank One Corp. ..................... 167,939 5,384,544
Charter One Financial, Inc. ........ 236,687 4,526,639
Comerica, Inc. ..................... 66,340 3,097,249
First Union Corp. .................. 109,965 3,608,226
FleetBoston Financial Corp. ........ 150,289 5,231,936
National City Corp. ................ 159,175 3,770,458
PNC Bank Corp. ..................... 102,726 4,571,307
U.S. Bancorp ....................... 80,385 1,914,168
Washington Mutual, Inc. ............ 105,265 2,736,890
Wells Fargo Co. .................... 113,310 4,581,973
------------
45,344,361
------------
FINANCIAL SERVICES (4.0%)
Associates First Capital Corp.
Class A .......................... 110,780 3,039,526
Citigroup, Inc. .................... 144,252 8,015,002
J.P. Morgan & Co., Inc. ............ 35,883 4,543,685
Lehman Brothers Holdings, Inc. ..... 31,890 2,700,684
Merrill Lynch & Co. ................ 40,845 3,410,558
------------
21,709,455
------------
INSURANCE (5.0%)
Ace Ltd. ........................... 43,945 733,332
Aetna, Inc. ........................ 15,450 862,303
Allstate Corp. ..................... 84,700 2,032,800
American General Corp. ............. 56,664 4,299,381
Aon Corp. .......................... 53,825 2,153,000
CIGNA Corp. ........................ 59,178 4,767,528
Jefferson-Pilot Corp. .............. 42,245 2,883,221
Lincoln National Corp. ............. 87,045 3,481,800
Reliastar Financial Corp. .......... 89,055 3,489,843
Travelers Property Casualty Corp.,
Class A .......................... 65,750 2,251,937
------------
26,955,145
------------
MORTGAGE RELATED (0.8%)
Fannie Mae ......................... 71,075 4,437,745
------------
UTILITY--ELECTRIC (4.6%)
CINergy Corp. ...................... 121,520 2,931,670
Consolidated Edison, Inc. .......... 96,290 3,322,005
Dominion Resources, Inc. ........... 88,560 3,475,980
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Duke Energy Corp. .................. 83,835 $ 4,202,229
Edison International ............... 147,320 3,857,943
Entergy Corp. ...................... 154,105 3,968,204
Texas Utilities Co. ................ 92,875 3,302,867
------------
25,060,898
------------
UTILITY--TELEPHONE (8.9%)
AT&T Corp. ......................... 177,137 8,989,703
Bell Atlantic Corp. ................ 135,170 8,321,403
BellSouth Corp. .................... 151,885 7,110,117
GTE Corp. .......................... 110,970 7,830,321
SBC Communications, Inc. ........... 293,554 14,310,757
Sprint Corp. (FON Group) ........... 28,359 1,908,915
------------
48,471,216
------------
TOTAL CREDIT SENSITIVE ........... 171,978,820
------------
DIVERSIFIED (0.3%)
MISCELLANEOUS (0.3%)
Tyco International Ltd. ............ 44,730 1,738,879
------------
ENERGY (10.9%)
COAL & GAS PIPELINES (1.2%)
El Paso Energy Corp. ............... 91,345 3,545,328
Williams Cos., Inc. ................ 107,610 3,288,830
------------
6,834,158
------------
OIL--DOMESTIC (5.5%)
Atlantic Richfield Co. ............. 48,702 4,212,723
Chevron Corp. ...................... 45,745 3,962,661
Exxon Mobil Corp.* ................. 182,404 14,694,922
Occidental Petroleum Corp. ......... 184,845 3,997,273
Tosco Corp. ........................ 111,820 3,040,106
------------
29,907,685
------------
OIL--INTERNATIONAL (1.9%)
Conoco, Inc., Class A .............. 93,160 2,305,710
Royal Dutch Petroleum Co.
(New York Shares) ................ 101,745 6,149,214
Texaco, Inc. ....................... 33,220 1,804,261
------------
10,259,185
------------
OIL--SUPPLIES & CONSTRUCTION (1.2%)
Halliburton Co. .................... 61,550 2,477,388
Schlumberger Ltd. .................. 60,970 3,429,562
Transocean Sedco Forex, Inc. ....... 11,828 398,462
------------
6,305,412
------------
RAILROADS (1.1%)
Burlington Northern Santa Fe
Corp. ............................ 155,758 3,777,132
CSX Corp. .......................... 76,190 2,390,461
------------
6,167,593
------------
TOTAL ENERGY ..................... 59,474,033
------------
TECHNOLOGY (8.9%)
COMPUTER HARDWARE (1.9%)
Hewlett Packard Co. ................ 89,140 10,156,389
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (2.0%)
Alltel Corp. ....................... 64,415 5,326,315
Motorola, Inc. ..................... 39,165 5,767,046
------------
11,093,361
------------
</TABLE>
229
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
ELECTRONICS (0.4%)
Seagate Technology, Inc.* ............. 48,190 $ 2,243,847
------------
OFFICE EQUIPMENT (2.6%)
Compaq Computer Corp. ................. 86,015 2,327,781
International Business Machines
Corp. ............................... 85,920 9,279,360
Xerox Corp. ........................... 102,650 2,328,872
------------
13,936,013
------------
OFFICE EQUIPMENT SERVICES (2.0%)
Electronic Data Systems Corp. ......... 96,790 6,478,880
NCR Corp. ............................. 121,435 4,599,351
------------
11,078,231
------------
TOTAL TECHNOLOGY .................... 48,507,841
------------
TOTAL COMMON STOCKS (97.0%)
(Cost $548,075,053) ................. 528,098,979
------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (2.9%)
Warburg Dillon Read 2.75%, dated
12/31/99, due 1/3/00, to be
repurchased at $15,806,622,
collateralized by $13,322,000 of
U.S. Treasury Bonds, 8.75% due
5/15/17, valued at $16,068,382 ...... $15,803,000 $ 15,803,000
------------
TIME DEPOSITS (0.0%)
Chase Nassau,
3.48%, 1/3/00 ....................... 256 256
------------
TOTAL SHORT-TERM DEBT SECURITIES (2.9%)
(Amortized Cost $15,803,256).......... 15,803,256
------------
TOTAL INVESTMENTS (99.9%)
(Cost/Amortized Cost $563,878,309)... 543,902,235
OTHER ASSETS LESS LIABILITIES (0.1%)... 368,691
------------
NET ASSETS (100%) ..................... $544,270,926
============
</TABLE>
- ----------
* Non-income producing.
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $510,577,015
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 394,486,887
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation.......... $ 40,634,143
Aggregate gross unrealized depreciation.......... (62,667,046)
-------------
Net unrealized depreciation ..................... $ (22,032,903)
=============
Federal income tax cost of investments .......... $ 565,935,138
=============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$12,954,598, which was secured by collateral of $13,281,780.
For the period from January 1, 1999 to December 31, 1999 the Portfolio incurred
approximately $14,728 as brokerage commissions with Donaldson, Lufkin and
Jenrette Securities Corp., an affiliated broker/dealer.
See Notes to Financial Statements.
230
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
AUSTRALIA (1.5%)
Cable & Wireless Optus Ltd. ........... 140,970 $ 470,704
News Corp., Ltd. (ADR) ................ 102,040 3,903,030
------------
TOTAL AUSTRALIA ..................... 4,373,734
------------
CANADA (2.8%)
Abitibi-Consolidated, Inc. ............ 39,361 460,410
BCE, Inc. ............................. 73,391 6,662,003
Nortel Networks Corp. ................. 11,099 1,120,425
------------
TOTAL CANADA ........................ 8,242,838
------------
JAPAN (23.0%)
Advantest Corp. ....................... 14,400 3,803,189
Asatsu, Inc. .......................... 6,900 465,715
Benesse Corp. ......................... 6,500 1,564,120
DDI Corp. ............................. 325 4,450,748
Eisai Co., Ltd. ....................... 35,000 672,748
Fancl Corp. ........................... 2,000 536,046
Fuji Bank Ltd. ........................ 171,000 1,660,990
Fuji Machine Manufacturing Co. ........ 4,500 362,712
Fujitsu Ltd. .......................... 37,600 1,713,939
Industrial Bank of Japan Ltd. ......... 1,000 9,635
Ito-Yokado Co., Ltd. .................. 29,000 3,148,782
KDD Corp. ............................. 6,130 849,074
Kojima Co. Ltd. ....................... 11,000 430,402
Kyocera Corp. ......................... 32,000 8,295,021
Mitsumi Electric Co., Ltd. ............ 300 9,391
NEC Corp. ............................. 123,000 2,929,717
Nikko Securities Co., Ltd. ............ 636,000 8,044,097
Nippon Telegraph & Telephone
Corp. ............................... 210 3,594,835
Nippon Television Network Corp. ....... 3,330 3,908,833
NTT Mobile Communications
Network, Inc. ....................... 50 1,922,136
Promise Co., Ltd. ..................... 18,500 941,015
Sharp Corp. ........................... 87,000 2,225,423
Shiseido Co., Ltd. .................... 135,000 1,967,622
Sony Corp. ............................ 40,600 12,033,454
Tokyo Broadcasting System, Inc. ....... 2,000 67,691
Toshiba Corp. ......................... 340,000 2,594,150
Yamanouchi Pharmaceutical Co. Ltd...... 19,000 663,504
------------
TOTAL JAPAN ......................... 68,864,989
------------
LATIN AMERICA (4.2%)
BRAZIL (1.8%)
Companhia Energetica de Minas
Gerais (ADR) ........................ 56,631 1,278,807
Tele Centro Sul Participacoes S.A.
(ADR) ............................... 20,318 1,843,859
Telesp Celular Participacoes S.A.
(ADR) ............................... 51,605 2,186,762
------------
5,309,428
------------
MEXICO (2.4%)
Carso Global Telecom A-1* ............. 104,426 980,371
Grupo Financiero Banamex* ............. 79,000 316,666
Grupo Televisa S.A. (GDR)* ............ 32,851 2,242,081
Telefonos de Mexico S.A., Class L
(ADR) ............................... 33,511 3,769,987
------------
7,309,105
------------
TOTAL LATIN AMERICA ................. 12,618,533
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
OTHER EUROPEAN COUNTRIES (33.8%)
FRANCE (12.1%)
Alcatel Alsthom ....................... 960 $ 220,707
Aventis S.A.* ......................... 67,683 3,903,818
Banque Nationale de Paris ............. 13,425 1,239,997
Bouygues S.A. ......................... 6,273 3,991,311
Elf Aquitaine S.A. .................... 6 926
France Telecom S.A. ................... 22,299 2,952,304
Groupe Danone ......................... 3,517 829,849
Havas Advertising ..................... 4,241 1,808,921
Lafarge S.A. .......................... 19,129 2,229,775
Publicis S.A. ......................... 2,801 1,059,145
Sanofi-Synthelabo S.A.* ............... 56,532 2,356,545
Societe Generale Paris ................ 4,812 1,120,853
Television Francaise .................. 5,570 2,920,582
Total Fina S.A., Class B .............. 65,181 8,708,589
Vivendi* .............................. 31,284 2,828,027
------------
36,171,349
------------
GERMANY (3.7%)
Bayerische Motoren Werke (BMW)
AG* ................................. 82,038 2,518,914
Celanese AG* .......................... 4,968 92,174
Mannesmann AG ......................... 34,309 8,316,746
SAP AG ................................ 29 14,270
------------
10,942,104
------------
IRELAND (1.5%)
CRH plc ............................... 128,261 2,767,702
Elan Corp. plc* ....................... 45,378 1,306,244
Jefferson Smurfit Group plc ........... 121,495 363,999
------------
4,437,945
------------
ITALY (3.7%)
Bipop SpA ............................. 12,800 1,133,869
Mediaset SpA .......................... 207,012 3,222,951
Telecom Italia Mobile SpA ............. 595,125 6,655,040
------------
11,011,860
------------
NETHERLANDS (6.5%)
Akzo Nobel N.V. ....................... 55,199 2,771,861
ASM Lithography Holding N.V.* ......... 8,419 936,369
Gucci Group N.V. ...................... 33,230 3,804,835
ING Groep N.V. ........................ 83,638 5,055,118
Philips Electronics N.V.* ............. 34,543 4,702,240
STMicroelectronics N.V. ............... 10,780 1,632,496
United Pan-Europe Communications
N.V.* ............................... 5,870 751,714
------------
19,654,633
------------
SPAIN (0.9%)
Telefonica S.A.* ...................... 108,685 2,717,892
------------
SWITZERLAND (5.4%)
Ares-Serono Group, Class B* ........... 1,141 2,437,575
Cie Financiere Richemont, Class A ..... 1,832 4,374,238
Clariant AG* .......................... 4,225 2,014,939
Credit Suisse Group ................... 8,014 1,593,736
Fantastic Corp.* ...................... 2,009 364,639
Julius Baer Holding AG ................ 707 2,136,770
Publi Groupe S.A. ..................... 2,479 2,453,299
The Swatch Group AG (Bearer) .......... 790 910,374
The Swatch Group AG (Registered)....... 80 18,649
------------
16,304,219
------------
</TABLE>
231
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
TOTAL OTHER EUROPEAN
COUNTRIES ........................ $101,240,002
------------
SCANDINAVIA (8.1%)
FINLAND (4.0%)
Enso OYJ .............................. 56,382 984,121
Helsingin Puhelin OYJ ................. 2,600 216,815
HPY Holding OYJ* ...................... 4,385 164,705
Nokia OYJ* ............................ 58,556 10,628,081
------------
11,993,722
------------
SWEDEN (4.1%)
Ericsson LM, Class B .................. 110,332 7,107,714
Investor AB Class B * ................. 238,176 3,366,049
Sandvik AB, Class A ................... 18,844 591,441
Sandvik AB, Class B ................... 24,102 769,243
Svenska Hadelsbanken, Class A* ........ 41,745 526,053
------------
12,360,500
------------
TOTAL SCANDINAVIA ................... 24,354,222
------------
SOUTHEAST ASIA (7.8%)
HONG KONG (3.4%)
Cheung Kong Holdings Ltd. ............. 179,000 2,273,911
China Telecom (Hong Kong) Ltd. ........ 1,190,000 7,439,892
Hutchison Whampoa Ltd. ................ 42,000 610,536
------------
10,324,339
------------
KOREA (2.3%)
Korea Electric Power .................. 48,396 1,500,255
Korea Telecom Corp. SP (ADR) .......... 18,571 1,388,182
Pohang Iron & Steel Co., Ltd.
(ADR) ............................... 12,030 421,050
Samsung Electronics Co. (Foreign) ..... 15,612 3,657,237
------------
6,966,724
------------
SINGAPORE (1.2%)
DBS Group Holdings Ltd.* .............. 92,031 1,508,524
Oversea-Chinese Banking Corp
(Foreign) ........................... 140,095 1,286,973
United Overseas Bank (Foreign) ........ 77,088 680,392
------------
3,475,889
------------
TAIWAN (0.9%)
Hon Hai Precision Industry* ........... 103,000 767,946
Winbond Electronics Corp. (GDR)*....... 37,200 846,300
Winbond Electronics Corp.* ............ 409,000 970,862
------------
2,585,108
------------
TOTAL SOUTHEAST ASIA ................ 23,352,060
------------
UNITED KINGDOM (15.5%)
Aegis Group plc. ...................... 361,372 1,313,210
Barclays plc .......................... 75,938 2,185,566
BP Amoco plc .......................... 6,900 69,372
British Telecom plc ................... 224,186 5,478,284
Cable & Wireless Communications
plc* ................................ 22,600 324,860
Cable & Wireless plc .................. 221,000 3,744,250
Carlton Communications plc ............ 286,200 2,787,302
Diageo plc ............................ 149,149 1,199,629
EMI Group plc ......................... 264,685 2,597,005
Granada Group plc ..................... 368,310 3,732,711
Orange plc ............................ 80,680 2,723,387
Scottish Power plc .................... 225,913 1,711,241
Securicor plc* ........................ 230,330 597,996
Shell Transport & Trading Co., plc
(Registered) ........................ 1,132,161 9,407,856
Siebe plc ............................. 481,356 2,619,952
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Smiths Industries plc ................. 141,572 $ 2,115,028
Tesco plc ............................. 602,379 1,831,479
WPP Group plc ......................... 119,476 1,892,983
------------
TOTAL UNITED KINGDOM ................ 46,332,111
------------
UNITED STATES (0.3%)
NTL, Inc.* ............................ 7,000 873,250
------------
TOTAL COMMON STOCKS: (97.0%)
(Cost $199,383,393).................. 290,251,739
------------
PREFERRED STOCK
BRAZIL (0.0%)
Telecominicacoes de Sao Paulo ......... 3,494 85
------------
GERMANY (0.5%)
SAP AG (Non Voting) ................... 2,339 1,428,089
------------
TOTAL PREFERRED STOCKS: (0.5%)
(Cost $1,406,628).................... 1,428,174
------------
WARRANTS
JAPAN (0.5%)
Tokyo Broadcasting, expiring
11/17/00* ........................... 42,000 1,419,180
------------
KOREA (0.1%)
Pohang Iron Lehman, expiring
4/17/00* ............................ 4,040 445,895
------------
TOTAL WARRANTS (0.6%)
(Cost $1,609,793).................... 1,865,075
------------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (1.6%)
Morgan Stanley & Co., Inc. 2.47%,
dated 12/31/99, due 1/3/00, to be
repurchased at $4,768,981,
collateralized by $3,335,000 of U.S.
Treasury Bonds, 13.25% due
5/15/14, valued at $4,864,490........ $4,768,000 4,768,000
------------
TIME DEPOSITS (0.0%)
Chase Nassau,
3.48%, 1/3/00 ....................... 598 598
------------
TOTAL SHORT-TERM DEBT SECURITIES: (1.6%)
(Amortized Cost $4,768,598)........... 4,768,598
------------
TOTAL INVESTMENTS (99.7%)
(Cost/Amortized Cost
$207,168,412)........................ 298,313,586
OTHER ASSETS
LESS LIABILITIES (0.3%) ............. 845,272
------------
NET ASSETS (100%) ..................... $299,158,858
============
</TABLE>
232
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
- --------------------------------------------------------------------------------
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Common Stocks
Basic Materials .............................. 2.1%
Business Services ............................ 11.3
Capital Goods ................................ 9.3
Consumer Cyclicals ........................... 7.7
Consumer Non-Cyclicals ....................... 8.7
Credit Sensitive ............................. 19.3
Diversified .................................. 3.4
Energy ....................................... 6.2
Technology
Electronics ............................. 10.4
Computer Hardware ....................... 0.6
Computer Software ....................... 0.1
Diversified Telecommunications
Services .............................. 10.2
Wireless Telecommunications Services..... 10.7
----
Total Technology ............................. 32.0
-----
100.0%
=====
</TABLE>
- ---------------------
* Non-income producing.
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
233
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
At December 31, 1999 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 1/5/00 - 1/7/00 ........... 236 $382,722 $381,596 $ (1,126)
European Union, expiring 1/3/00 ................... 68 68,146 68,191 45
European Union, expiring 1/4/00 - 1/31/00 ......... 207 208,600 209,261 661
European Union, expiring 1/5/00 - 1/31/00 ......... 334 335,102 336,599 1,497
Japanese Yen, expiring 1/6/00 ..................... 13,209 129,169 129,345 176
FOREIGN CURRENCY SELL CONTRACTS
British Pound, expiring 1/10/00 ................... 105 169,925 170,169 (244)
British Pound, expiring 1/4/00 .................... 38 61,032 61,286 (254)
British Pound, expiring 1/5/00 .................... 470 758,997 758,471 526
Canadian Dollar, expiring 1/4/00 .................. 174 120,008 120,734 (726)
Canadian Dollar, expiring 1/5/00 .................. 162 111,175 111,846 (671)
Swedish Krona, expiring 1/4/00 - 1/5/00 ........... 408 47,817 48,079 (262)
Swedish Krona, expiring 1/3/00 .................... 358 42,008 42,147 (139)
--------
$ (517)
========
</TABLE>
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $268,947,190
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 223,446,438
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 87,954,769
Aggregate gross unrealized depreciation ......... (2,634,378)
------------
Net unrealized appreciation ..................... $ 85,320,391
============
Federal income tax cost of investments .......... $212,993,195
============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$24,902,582, which was secured by collateral of $25,961,525.
The Portfolio utilized net capital loss carryforwards of $1,651,370 during
1999.
See Notes to Financial Statements.
234
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (0.7%)
CHEMICALS--SPECIALTY (0.7%)
Praxair, Inc. .......................... 50,600 $ 2,545,813
------------
BUSINESS SERVICES (10.2%)
PRINTING, PUBLISHING,
BROADCASTING (10.2%)
AT&T Corp.--Liberty Media
Group, Class A* ...................... 151,800 8,614,650
CBS Corp.* ............................. 64,300 4,111,181
Clear Channel Communications,
Inc.* ................................ 58,300 5,203,275
Comcast Corp., Class A ................. 64,200 3,226,050
Interpublic Group, Inc. ................ 83,100 4,793,831
Omnicom Group, Inc. .................... 18,700 1,870,000
Time Warner, Inc. ...................... 66,500 4,817,094
Viacom, Inc., Class B* ................. 110,500 6,678,344
------------
39,314,425
------------
CAPITAL GOODS (6.6%)
AEROSPACE (0.9%)
United Technologies Corp. .............. 50,900 3,308,500
------------
BUILDING MATERIALS & FOREST PRODUCTS (0.4%)
Weyerhaeuser Co. ....................... 24,200 1,737,863
------------
ELECTRICAL EQUIPMENT (4.3%)
General Electric Co. ................... 100,300 15,521,425
Rockwell International Corp. ........... 17,300 828,237
------------
16,349,662
------------
MACHINERY (1.0%)
Applied Material, Inc.* ................ 31,400 3,977,988
------------
TOTAL CAPITAL GOODS .................. 25,374,013
------------
CONSUMER CYCLICALS (9.4%)
LEISURE RELATED (0.3%)
Carnival Corp., Class A ................ 27,200 1,300,500
------------
PHOTO & OPTICAL (0.3%)
Bausch & Lomb, Inc. .................... 19,800 1,355,062
------------
RETAIL--GENERAL (8.8%)
Costco Wholesale Corp.* ................ 7,600 693,500
CVS Corp. .............................. 52,100 2,080,744
Dayton Hudson Corp. .................... 52,300 3,840,781
Home Depot, Inc. ....................... 157,650 10,808,878
Tandy Corp. ............................ 68,500 3,369,344
TJX Cos., Inc. ......................... 150,300 3,071,756
Wal-Mart Stores, Inc. .................. 141,300 9,767,363
------------
33,632,366
------------
TOTAL CONSUMER CYCLICALS ............. 36,287,928
------------
CONSUMER NON-CYCLICALS (11.7%)
BEVERAGES (0.5%)
Anheuser-Busch Cos., Inc. .............. 25,400 1,800,225
------------
CONTAINERS (0.3%)
Sealed Air Corp.* ...................... 24,100 1,248,681
------------
DRUGS (6.6%)
Allergan, Inc. ......................... 27,200 1,353,200
Amgen, Inc.* ........................... 65,800 3,952,112
Biogen, Inc.* .......................... 20,000 1,690,000
Bristol-Myers Squibb Co. ............... 56,600 3,633,012
Genentech, Inc.* ....................... 11,000 1,479,500
Immunex Corp.* ......................... 16,200 1,770,863
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Schering-Plough Corp. .................. 133,900 $ 5,648,906
Warner-Lambert Co. ..................... 71,300 5,842,144
------------
25,369,737
------------
RETAIL--FOOD (0.4%)
SYSCO Corp. ............................ 41,800 1,653,713
------------
SOAPS & TOILETRIES (3.9%)
Colgate Palmolive Co. .................. 56,100 3,646,500
Estee Lauder Cos., Class A ............. 67,300 3,394,444
Johnson & Johnson ...................... 58,800 5,475,750
Kimberly Clark Corp. ................... 37,700 2,459,925
------------
14,976,619
------------
TOTAL CONSUMER NON-CYCLICALS ......... 45,048,975
------------
CREDIT SENSITIVE (14.5%)
BANKS (3.5%)
Comerica, Inc. ......................... 9,400 438,862
Fifth Third Bancorp .................... 46,800 3,433,950
First Security Corp. ................... 62,200 1,588,044
Firstar Corp. .......................... 159,400 3,367,325
Northern Trust Corp. ................... 18,800 996,400
Wells Fargo Co. ........................ 54,900 2,220,018
Zions Bancorporation ................... 21,700 1,284,369
------------
13,328,968
------------
FINANCIAL SERVICES (4.6%)
American Express Co. ................... 28,800 4,788,000
Capital One Financial Corp. ............ 37,500 1,807,031
Citigroup, Inc. ........................ 147,100 8,173,244
Providian Financial Corp. .............. 32,850 2,991,403
------------
17,759,678
------------
INSURANCE (2.7%)
American General Corp. ................. 36,300 2,754,263
American International Group, Inc. ..... 63,900 6,909,187
Lincoln National Corp. ................. 22,300 892,000
------------
10,555,450
------------
UTILITY--TELEPHONE (3.7%)
MCI WorldCom, Inc.* .................... 37,350 1,981,884
SBC Communications, Inc. ............... 72,000 3,510,000
Sprint Corp. (FON Group) ............... 129,200 8,696,775
------------
14,188,659
------------
TOTAL CREDIT SENSITIVE ............... 55,832,755
------------
DIVERSIFIED (2.4%)
MISCELLANEOUS (2.4%)
Avery Dennison Corp. ................... 9,000 655,875
Tyco International Ltd. ................ 215,200 8,365,900
------------
9,021,775
------------
ENERGY (4.7%)
COAL & GAS PIPELINES (1.3%)
Enron Corp. ............................ 110,400 4,899,000
------------
OIL--DOMESTIC (1.7%)
Burlington Resources, Inc. ............. 38,800 1,282,825
Exxon Mobil Corp.* ..................... 66,500 5,357,406
------------
6,640,231
------------
OIL--INTERNATIONAL (1.7%)
Conoco, Inc., Class A .................. 124,200 3,073,950
Royal Dutch Petroleum Co.
(New York Shares) .................... 55,600 3,360,325
------------
6,434,275
------------
TOTAL ENERGY ......................... 17,973,506
------------
</TABLE>
235
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
TECHNOLOGY (37.1%)
COMPUTER HARDWARE (4.1%)
Cisco Systems, Inc.* ....................... 88,900 $ 9,523,412
Sun Microsystems, Inc.* .................... 78,600 6,086,588
------------
15,610,000
------------
COMPUTER SOFTWARE (10.0%)
America Online, Inc.* ...................... 102,400 7,724,800
BMC Software, Inc.* ........................ 47,100 3,765,056
Microsoft Corp.* ........................... 163,800 19,123,650
Oracle Corp.* .............................. 50,300 5,636,744
VERITAS Software Corp.* .................... 14,200 2,032,375
------------
38,282,625
------------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (9.5%)
Alltel Corp. ............................... 45,100 3,729,206
Comverse Technology, Inc.* ................. 12,700 1,838,325
Corning, Inc. .............................. 16,400 2,114,575
Lucent Technologies, Inc. .................. 98,600 7,376,512
Motorola, Inc. ............................. 67,600 9,954,100
QUALCOMM, Inc.* ............................ 35,300 6,221,625
Tellabs, Inc.* ............................. 11,800 757,413
Yahoo!, Inc.* .............................. 11,103 4,804,129
------------
36,795,885
------------
ELECTRONICS (5.3%)
Amazon.com, Inc.* .......................... 15,700 1,195,163
Intel Corp. ................................ 59,100 4,864,669
JDS Uniphase Corp.* ........................ 24,800 4,000,550
Solectron Corp.* ........................... 48,700 4,632,587
Texas Instruments, Inc. .................... 34,800 3,371,250
Xilinx, Inc.* .............................. 54,400 2,473,500
------------
20,537,719
------------
OFFICE EQUIPMENT (3.5%)
Apple Computer, Inc.* ...................... 32,800 3,372,250
Dell Computer Corp.* ....................... 76,600 3,906,600
EMC Corp.* ................................. 41,900 4,577,575
Lexmark International Group, Inc.*.......... 15,400 1,393,700
------------
13,250,125
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
OFFICE EQUIPMENT SERVICES (0.5%)
Electronic Data Systems Corp. .............. 27,600 $ 1,847,475
------------
WIRELESS TELECOMMUNICATION
SERVICES (4.2%)
Nextel Communications, Inc.,
Class A* ................................. 35,600 3,671,250
Nokia OYJ (ADR) ............................ 33,800 6,422,000
Omnipoint Corp.* ........................... 12,200 1,471,625
Sprint Corp. (PCS Group)* .................. 30,300 3,105,750
VoiceStream Wireless Corp.* ................ 11,100 1,579,669
------------
16,250,294
------------
TOTAL TECHNOLOGY ......................... 142,574,123
------------
TOTAL COMMON STOCKS (97.3%)
(Cost $275,679,524)....................... 373,973,313
------------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT
SECURITIES:
REPURCHASE AGREEMENT (3.1%)
J.P. Morgan Securities, Inc. 2.50%,
dated 12/31/99, due 1/3/00, to be
repurchased at $11,795,457,
collateralized by $9,623,000 of U.S.
Treasury Bonds, 8.75% due
8/15/20, valued at $11,975,470............ $11,793,000 11,793,000
------------
TIME DEPOSITS (0.0%)
Chase Nassau,
3.48%, 1/3/00 ............................ 823 823
------------
TOTAL SHORT-TERM DEBT SECURITIES (3.1%)
(Amortized Cost $11,793,823)............... 11,793,823
------------
TOTAL INVESTMENTS (100.4%)
(Cost/Amortized Cost
$287,473,347)............................. 385,767,136
OTHER ASSETS LESS LIABILITIES
(--0.4%) ................................. (1,591,679)
------------
NET ASSETS (100%) .......................... $384,175,457
============
</TABLE>
- ---------------------
* Non-income producing.
Glossary:
ADR -- American Depositary Receipt.
236
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $320,455,262
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 198,258,756
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $104,758,445
Aggregate gross unrealized depreciation ......... (6,638,826)
------------
Net unrealized appreciation ..................... $ 98,119,619
------------
Federal income tax cost of investments .......... $287,647,517
============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$11,563,177, which was secured by collateral of $11,671,440.
The Portfolio utilized net capital loss carryforwards of $4,282,990 during
1999.
See Notes to Financial Statements.
237
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (11.7%)
CHEMICALS (4.1%)
Dow Chemical Co. .............................. 20,200 $2,699,225
Du Pont (E.I.) de Nemours
& Co. ....................................... 51,800 3,412,325
Great Lakes Chemical Corp. .................... 47,800 1,825,362
Hercules, Inc. ................................ 79,800 2,224,425
Imperial Chemical Industries plc
(ADR) ....................................... 31,500 1,340,719
----------
11,502,056
----------
CHEMICALS--SPECIALTY (0.9%)
CK Witco Corp. ................................ 57,207 765,144
PPG Industries, Inc. .......................... 29,000 1,814,312
----------
2,579,456
----------
METALS & MINING (3.3%)
Inco Ltd.* .................................... 44,900 1,055,150
Minnesota Mining &
Manufacturing Co. ........................... 33,700 3,298,387
Newmont Mining Corp. .......................... 63,900 1,565,550
Phelps Dodge Corp. ............................ 23,900 1,604,288
Reynolds Metals Co. ........................... 22,500 1,724,063
----------
9,247,438
----------
PAPER (3.4%)
Consolidated Papers, Inc. ..................... 56,200 1,787,862
Fort James Corp. .............................. 91,000 2,491,125
International Paper Co. ....................... 88,621 5,001,548
----------
9,280,535
----------
TOTAL BASIC MATERIALS ....................... 32,609,485
----------
BUSINESS SERVICES (4.2%)
ENVIRONMENTAL CONTROL (1.4%)
Pall Corp. .................................... 95,700 2,063,531
Waste Management, Inc. ........................ 103,634 1,781,210
----------
3,844,741
----------
PRINTING, PUBLISHING,
BROADCASTING (2.6%)
Donnelley (R.R.) & Sons Co. ................... 51,600 1,280,325
Dow Jones & Co., Inc. ......................... 26,900 1,829,200
Knight Ridder, Inc. ........................... 48,200 2,867,900
Reader's Digest Association, Inc.,
Class A ..................................... 46,700 1,365,975
----------
7,343,400
----------
TRUCKING, SHIPPING (0.2%)
GATX Corp. .................................... 17,200 580,500
----------
TOTAL BUSINESS SERVICES ..................... 11,768,641
----------
CAPITAL GOODS (4.1%)
AEROSPACE (1.9%)
Boeing Co. .................................... 45,000 1,870,313
Honeywell International, Inc.* ................ 14,162 816,970
Lockheed Martin Corp. ......................... 114,700 2,509,063
----------
5,196,346
----------
BUILDING & CONSTRUCTION (0.5%)
Armstrong World Industries, Inc................ 41,400 1,381,725
----------
BUILDING MATERIALS & FOREST
PRODUCTS (0.7%)
The Stanley Works ............................. 66,200 1,994,275
----------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
ELECTRICAL EQUIPMENT (1.0%)
Cooper Industries, Inc. ....................... 35,100 $1,419,356
Hubbell, Inc., Class B ........................ 45,300 1,234,425
----------
2,653,781
----------
TOTAL CAPITAL GOODS ......................... 11,226,127
----------
CONSUMER CYCLICALS (8.3%)
AUTO RELATED (1.5%)
Dana Corp. .................................... 27,000 808,313
Genuine Parts Co. ............................. 73,700 1,828,681
TRW, Inc. ..................................... 27,300 1,417,894
----------
4,054,888
----------
AUTOS & TRUCKS (0.4%)
General Motors Corp. .......................... 16,000 1,163,000
----------
FOOD SERVICES, LODGING (1.1%)
Hilton Hotels Corp. ........................... 114,100 1,098,213
Starwood Hotels & Resorts
Worldwide, Inc. ............................. 85,097 1,999,779
----------
3,097,992
----------
HOUSEHOLD FURNITURE, APPLIANCES (1.0%)
Fortune Brands, Inc. .......................... 41,500 1,372,094
Whirlpool Corp. ............................... 22,100 1,437,881
----------
2,809,975
----------
LEISURE RELATED (1.6%)
Hasbro, Inc. .................................. 62,200 1,185,687
Walt Disney Co. ............................... 110,800 3,240,900
----------
4,426,587
----------
PHOTO & OPTICAL (1.1%)
Eastman Kodak Co. ............................. 46,500 3,080,625
----------
RETAIL--GENERAL (1.6%)
May Department Stores Co. ..................... 41,850 1,349,662
Penny (J.C.), Inc. ............................ 44,700 891,206
Rite Aid Corp. ................................ 63,200 707,050
Toys-R-Us, Inc.* .............................. 105,900 1,515,694
----------
4,463,612
----------
TOTAL CONSUMER CYCLICALS .................... 23,096,679
----------
CONSUMER NON-CYCLICALS (16.0%)
BEVERAGES (1.7%)
Anheuser-Busch Cos., Inc. ..................... 39,700 2,813,738
Brown-Forman Corp., Class B ................... 34,000 1,946,500
----------
4,760,238
----------
CONTAINERS (0.2%)
Tupperware Corp. .............................. 38,700 655,481
----------
DRUGS (3.8%)
Abbott Laboratories ........................... 53,900 1,957,243
American Home Products Corp.................... 108,400 4,275,025
Merck & Co., Inc. ............................. 17,100 1,146,769
Pharmacia & Upjohn, Inc. ...................... 73,000 3,285,000
----------
10,664,037
----------
FOODS (5.7%)
Campbell Soup Co. ............................. 48,900 1,891,819
General Mills, Inc. ........................... 106,700 3,814,525
H.J. Heinz Co. ................................ 63,300 2,520,131
Hershey Foods Corp. ........................... 52,900 2,512,750
Kellogg Co. ................................... 41,000 1,263,313
</TABLE>
238
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
McCormick & Co., Inc.
(Non Voting) ........................... 57,400 $1,707,650
Quaker Oats Co. .......................... 30,500 2,001,562
----------
15,711,750
----------
HOSPITAL SUPPLIES & SERVICES (0.6%)
Becton, Dickinson and Co. ................ 21,300 569,775
Smith & Nephew plc ....................... 331,400 1,113,302
----------
1,683,077
----------
SOAPS & TOILETRIES (2.5%)
International Flavors &
Fragrances, Inc. ....................... 78,100 2,948,275
Kimberly Clark Corp. ..................... 59,600 3,888,900
----------
6,837,175
----------
TOBACCO (1.5%)
Philip Morris Cos., Inc. ................. 85,300 1,977,894
UST, Inc. ................................ 89,000 2,241,687
----------
4,219,581
----------
TOTAL CONSUMER NON-CYCLICALS............ 44,531,339
----------
CREDIT SENSITIVE (29.4%)
BANKS (5.1%)
Bank of America Corp. .................... 29,700 1,490,569
Bank One Corp. ........................... 64,750 2,076,047
Chase Manhattan Corp. .................... 11,200 870,100
Firstar Corp. ............................ 45,300 956,962
FleetBoston Financial Corp. .............. 95,506 3,324,803
KeyCorp .................................. 29,200 646,050
Mercantile Bankshares Corp. .............. 46,450 1,483,497
National City Corp. ...................... 43,600 1,032,775
Wells Fargo Co. .......................... 57,400 2,321,112
----------
14,201,915
----------
FINANCIAL SERVICES (5.4%)
Citigroup, Inc. .......................... 72,200 4,011,612
Dun & Bradstreet Corp. ................... 57,200 1,687,400
H&R Block, Inc. .......................... 35,900 1,570,625
J.P. Morgan & Co. ........................ 22,200 2,811,075
Mellon Financial Corp. ................... 142,300 4,847,094
----------
14,927,806
----------
INSURANCE (5.0%)
American General Corp. ................... 40,700 3,088,112
Chubb Corp. .............................. 36,100 2,032,881
Lincoln National Corp. ................... 36,800 1,472,000
Safeco Corp. ............................. 53,700 1,335,788
St. Paul Companies, Inc. ................. 87,166 2,936,405
UnumProvident Corp. ...................... 61,800 1,981,462
XL Capital Ltd-Class A ................... 17,800 923,375
----------
13,770,023
----------
MORTGAGE RELATED (1.1%)
Fannie Mae ............................... 50,500 3,153,094
----------
REAL ESTATE (1.3%)
Rouse Co. ................................ 53,200 1,130,500
Simon Property Group, Inc. ............... 81,000 1,857,938
Vornado Realty Trust ..................... 21,200 689,000
----------
3,677,438
----------
UTILITY--ELECTRIC (4.8%)
DQE, Inc. ................................ 39,800 1,378,075
Duke Energy Corp. ........................ 43,200 2,165,400
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Entergy Corp. ............................ 35,400 $ 911,550
FirstEnergy Corp. ........................ 66,470 1,508,038
Niagara Mohawk Holdings, Inc.*............ 47,900 667,606
Reliant Energy, Inc. ..................... 48,500 1,109,438
ScottishPower plc (ADR) .................. 41,586 1,164,408
Southern Co. ............................. 84,800 1,992,800
TECO Energy, Inc. ........................ 33,500 621,844
Unicom Corp. ............................. 52,300 1,752,050
----------
13,271,209
----------
UTILITY--TELEPHONE (6.7%)
AT&T Corp. ............................... 24,100 1,223,075
Bell Atlantic Corp. ...................... 54,000 3,324,375
BellSouth Corp. .......................... 23,100 1,081,369
GTE Corp. ................................ 65,100 4,593,619
SBC Communications, Inc. ................. 108,881 5,307,948
U.S. WEST, Inc. .......................... 44,900 3,232,800
----------
18,763,186
----------
TOTAL CREDIT SENSITIVE ................. 81,764,671
----------
DIVERSIFIED (0.6%)
MISCELLANEOUS (0.6%)
Unilever N.V. ............................ 31,400 1,736,353
----------
ENERGY (16.4%)
OIL--DOMESTIC (6.4%)
Atlantic Richfield Co. ................... 55,000 4,757,500
Chevron Corp. ............................ 42,700 3,698,888
Exxon Mobil Corp.* ....................... 114,469 9,221,814
----------
17,678,202
----------
OIL--INTERNATIONAL (6.0%)
Amerada Hess Corp. ....................... 53,600 3,041,800
BP Amoco plc (ADR) ....................... 78,148 4,635,153
Phillips Petroleum Co. ................... 26,300 1,236,100
Royal Dutch Petroleum Co.
(New York Shares) ...................... 54,700 3,305,931
Texaco, Inc. ............................. 58,500 3,177,281
USX-Marathon Group, Inc. ................. 56,500 1,394,844
----------
16,791,109
----------
OIL--SUPPLIES & CONSTRUCTION (1.9%)
Baker Hughes, Inc. ....................... 123,200 2,594,900
Unocal Corp. ............................. 77,900 2,614,519
----------
5,209,419
----------
RAILROADS (2.1%)
Burlington Northern Santa Fe
Corp. .................................. 27,900 676,575
Norfolk Southern Corp. ................... 122,200 2,505,100
Union Pacific Corp. ...................... 63,700 2,778,912
----------
5,960,587
----------
TOTAL ENERGY ........................... 45,639,317
----------
TECHNOLOGY (4.9%)
COMPUTER HARDWARE (0.9%)
Hewlett Packard Co. ...................... 22,500 2,563,594
----------
DIVERSIFIED TELECOMMUNICATIONS
SERVICES (2.8%)
Alltel Corp. ............................. 49,400 4,084,762
BCE, Inc. ................................ 40,800 3,679,650
----------
7,764,412
----------
</TABLE>
239
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
<TABLE>
<CAPTION>
- ------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------------------------------------------
<S> <C> <C>
OFFICE EQUIPMENT (1.2%)
Compaq Computer Corp. ............ 47,100 $ 1,274,644
Xerox Corp. ...................... 84,100 1,908,019
------------
3,182,663
------------
TOTAL TECHNOLOGY ............... 13,510,669
------------
TOTAL COMMON STOCKS (95.6%)
(Cost $268,894,629)............. 265,883,281
------------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (4.9%)
Aon Corp.,
6.55%, 2/4/00 .................. $3,000,000 2,981,442
Dresdner US Finance, Inc.,
6.23%, 1/10/00 ................. 3,000,000 2,995,327
General Electric Capital,
6.30%, 2/17/00 ................. 2,000,000 1,983,550
Greenwich Funding Corp.
6.00%, 2/7/00+ (Section) ....... 2,000,000 1,987,667
Harvard University,
5.50%, 1/3/00 .................. 765,000 764,787
Kommunalkredit Austria AG,
6.60%, 1/18/00 ................. 3,000,000 2,990,650
------------
13,703,423
------------
<CAPTION>
- -----------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -----------------------------------------------------------------------
<S> <C> <C>
TIME DEPOSITS (0.0%)
Chase Nassau,
3.48%, 1/3/00 ...................... $1,116 $ 1,116
------------
TOTAL SHORT-TERM DEBT
SECURITIES (4.9%)
(Amortized Cost $13,704,539)......... 13,704,539
------------
TOTAL INVESTMENTS (100.5%)
(Cost/Amortized Cost
$282,599,168)....................... 279,587,820
OTHER ASSETS
LESS LIABILITIES (-0.5%) ........... (1,375,549)
------------
NET ASSETS (100%) .................... $278,212,271
============
</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, 1999, these securities
amounted to $1,987,667 or 0.71% of net assets.
(Section) Illiquid security; is not actively traded.
Glossary:
ADR--American Depositary Receipt
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $117,413,420
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 78,673,217
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 24,861,963
Aggregate gross unrealized depreciation ......... (28,053,351)
-------------
Net unrealized depreciation ..................... $ (3,191,388)
=============
Federal income tax cost of investments .......... $ 282,779,208
=============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$8,857,169, which was secured by collateral of $9,119,900.
For the period from January 1, 1999 to December 31, 1999, the Portfolio
incurred approximately $610 and $7,326 as brokerage commissions with Autranet
and Donaldson, Lufkin & Jenrette Securities Corp., both affiliated
broker/dealers.
See Notes to Financial Statements.
240
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
AUSTRALIA & NEW ZEALAND (2.4%)
AUSTRALIA (2.2%)
Brambles Industries Ltd. ............ 12,000 $ 331,592
Broken Hill Proprietary Ltd. ........ 27,424 359,821
Colonial Ltd. ....................... 109,976 491,302
Commonwealth Bank of
Australia ......................... 31,048 534,239
Lend Lease Corp. .................... 22,296 312,123
News Corp., Ltd. .................... 64,184 622,729
Publishing & Broadcasting Ltd. ...... 66,000 503,533
Tabcorp Holdings Ltd. ............... 42,000 284,171
Telstra Corp., Ltd. ................. 112,305 610,005
Telstra Corp., Ltd. (INS RECP)*...... 22,000 77,500
Westpac Banking Corp. ............... 77,520 534,314
------------
4,661,329
------------
NEW ZEALAND (0.2%)
Telecom Corp. of New Zealand ........ 95,000 446,736
------------
TOTAL AUSTRALIA & NEW
ZEALAND ........................ 5,108,065
------------
CANADA (0.8%)
Alcan Aluminum Ltd. ................. 6,620 272,168
Celestica, Inc.* .................... 15,638 867,909
Nortel Networks Corp. ............... 3,170 320,006
Royal Bank of Canada ................ 3,600 158,222
------------
TOTAL CANADA ...................... 1,618,305
------------
JAPAN (22.0%)
Bridgestone Corp. ................... 11,000 242,101
Canon, Inc. ......................... 56,000 2,224,005
Citizen Watch Co., Ltd. ............. 18,000 114,448
Daiichi Pharma Co., Ltd. ............ 10,000 130,001
Daiwa House Industry ................ 32,000 237,895
DDI Corp. ........................... 71 972,317
Denso Corp. ......................... 48,000 1,145,652
East Japan Railway Co. .............. 86 463,523
Fanuc ............................... 7,300 929,013
Fuji Television Network, Inc.* ...... 25 342,365
Fujitsu Ltd. ........................ 38,000 1,732,173
Hitachi Ltd. ........................ 40,000 641,690
Honda Motor Co., Ltd. ............... 4,000 148,684
Ito-Yokado Co., Ltd. ................ 6,000 651,472
Kao Corp. ........................... 22,000 627,311
Kokuyo .............................. 17,000 226,157
Komori Corp. ........................ 15,000 285,973
Kuraray Co., Ltd. ................... 44,000 445,466
Kyocera Corp. ....................... 16,000 4,147,511
Makita Corp. ........................ 23,000 206,984
Marui Co., Ltd. ..................... 34,000 507,522
Matsushita Electric Industries ...... 68,000 1,882,422
Mitsubishi Corp. .................... 39,000 300,998
Mitsubishi Heavy Industries Ltd...... 187,000 623,760
Mitsui Fudosan Co., Ltd. ............ 84,000 568,600
Murata Manufacturing Co., Ltd........ 16,000 3,756,236
NEC Corp. ........................... 80,000 1,905,507
Nippon Telegraph & Telephone ........ 216 3,697,545
Nomura Securities Co. ............... 69,000 1,245,280
NTT Mobile Communications
Network, Inc. ..................... 65 2,498,777
Sankyo Co. .......................... 36,000 739,509
Sekisui Chemical .................... 55,000 243,715
Sekisui House Ltd. .................. 39,000 345,251
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Seven-Eleven Japan Co. Ltd. ......... 4,000 $ 633,865
Shin-Etsu Chemical Co., Ltd. ........ 17,000 731,684
Shiseido Co., Ltd. .................. 20,000 291,500
Softbank Corp. ...................... 300 287,000
Sony Corp. .......................... 14,900 4,416,218
Sumitomo Bank Ltd. .................. 46,000 629,502
Sumitomo Corp. ...................... 75,000 727,037
Sumitomo Electric Industries ........ 69,000 797,114
TDK Corp. ........................... 14,000 1,932,310
Tokio Marine & Fire Insurance
Co., Ltd. ......................... 16,000 187,029
Tokyo Electron Ltd. ................. 2,000 273,892
Toppan Printing ..................... 30,000 299,325
Toshiba Corp. ....................... 138,000 1,052,920
Uny Co., Ltd. ....................... 18,000 175,898
Yamanouchi Pharmaceutical Co.
Ltd. .............................. 19,000 663,504
------------
TOTAL JAPAN ....................... 47,328,661
------------
LATIN AMERICA (3.4%)
ARGENTINA (0.3%)
Banco Frances Rio Plata (ADR)........ 4,370 103,514
Banco Galicia Y Bueno (ADR) ......... 7,504 148,665
Telefonica de Argentina (ADR)........ 10,280 317,395
------------
569,574
------------
BRAZIL (1.5%)
Compamhia Energetica de Minas
Gerais (ADR) ...................... 9,223 208,268
Pao de Acucar (ADR) ................. 8,875 286,774
Telebras S.A. (ADR) ................. 21,020 2,701,070
Unibanco S.A. (GDR) ................. 4,019 121,072
------------
3,317,184
------------
MEXICO (1.6%)
Cemex S.A. (ADR)* ................... 12,800 356,800
Cemex S.A. (CPO)* ................... 26,000 145,359
Fomento Economico Mexicano
S.A. .............................. 99,000 441,741
Grupo Modelo S.A., Class C .......... 75,000 205,696
Grupo Televisa S.A. (GDR)* .......... 6,500 443,625
Kimberly Clark de Mexico S.A.,
Class A ........................... 63,000 245,886
Telefonos de Mexico S.A.,
Class L (ADR) ..................... 15,000 1,687,500
------------
3,526,607
------------
TOTAL LATIN AMERICA ............... 7,413,365
------------
OTHER EUROPEAN COUNTRIES (37.6%)
BELGIUM (1.0%)
Dexia ............................... 1,105 177,273
Fortis (B) .......................... 22,910 827,488
Kredietbank N.V. .................... 17,710 955,396
UCB S.A. ............................ 2,460 106,787
------------
2,066,944
------------
FRANCE (9.2%)
Alcatel Alsthom ..................... 6,040 1,388,618
Aventis S.A. ........................ 5,710 332,218
Aventis S.A.* ....................... 3,375 194,662
Banque Nationale de Paris ........... 10,650 983,685
Cap Gemini S.A. ..................... 3,390 861,412
Carrefour S.A.* ..................... 10,646 1,965,557
</TABLE>
241
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Compagnie de Saint Gobain ........... 3,650 $ 687,145
Groupe Danone ....................... 590 139,213
Hermes International* ............... 3,050 460,705
L'Oreal ............................. 270 216,851
Lafarge S.A. ........................ 2,301 268,216
Legrand ............................. 3,330 793,449
Pinault-Printemps-Redoute S.A........ 2,550 673,678
Sanofi-Synthelabo S.A.* ............. 27,172 1,132,669
Schneider S.A. ...................... 14,299 1,123,913
Societe Generale Paris .............. 2,875 669,670
Sodexho ............................. 6,022 1,066,899
Television Francaise ................ 3,870 2,029,202
Total Fina S.A., Class B ............ 19,207 2,566,175
Vivendi* ............................ 25,813 2,333,456
------------
19,887,393
------------
GERMANY (6.2%)
Allianz AG .......................... 2,690 904,605
Bayer AG ............................ 14,782 703,536
Bayerische Vereinsbank AG ........... 19,588 1,339,155
Deutsche Bank AG
(Registered)* ..................... 13,811 1,170,506
Deutsche Telekom AG ................. 17,067 1,202,083
Dresdner Bank AG* ................... 15,698 853,187
Gehe AG ............................. 14,010 543,888
Mannesmann AG ....................... 17,360 4,208,188
Rhoen-Kilnikum AG ................... 6,540 240,703
SAP AG .............................. 2,060 1,013,673
Siemens AG* ......................... 4,309 551,812
Veba AG ............................. 12,420 607,399
------------
13,338,735
------------
IRELAND (0.2%)
CBT Group plc (ADR)* ................ 10,154 340,159
------------
ITALY (5.1%)
Assicurazioni Generali .............. 20,660 683,306
Bipop SpA ........................... 19,000 1,683,086
Credito Italiano .................... 126,205 621,022
ENI SpA (Registered) ................ 160,683 884,654
Istituto Bancario San Paolo SpA ..... 47,800 650,206
Italgas SpA ......................... 30,000 113,742
Mediolanum SpA ...................... 52,000 681,644
Seat Pagine Gialle SpA* ............. 96,000 315,573
Tecnost SpA* ........................ 85,800 324,436
Telecom Italia Mobile SpA ........... 305,000 3,410,690
Telecom Italia SpA .................. 117,665 1,661,064
------------
11,029,423
------------
LUXEMBOURG (0.1%)
Societe Europeenne des Satellites 810 118,431
------------
NETHERLANDS (8.2%)
ABN-Amro Holdings N.V. .............. 34,010 850,490
Akzo Nobel N.V. ..................... 3,480 174,751
ASM Lithography Holding N.V.*........ 19,890 2,212,184
CSM* ................................ 22,940 490,388
Elsevier ............................ 28,407 339,720
Equant N.V.* ........................ 6,490 737,530
FORTIS (NL) NV ...................... 32,010 1,153,912
Gucci Group N.V. .................... 5,509 630,781
ING Groep N.V. ...................... 41,960 2,536,081
Koninklijke KPN ..................... 4,160 406,470
Philips Electronics N.V.* ........... 14,056 1,913,403
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Royal Dutch Petroleum Co. ........... 20,160 $ 1,236,978
STMicroelectronics N.V.* ............ 12,718 1,959,535
TNT Post Group N.V. ................. 4,310 123,643
Unilever N.V. ....................... 1 55
VNU N.V. ............................ 11,470 603,502
Wolters Kluwer N.V.* ................ 65,010 2,202,573
------------
17,571,996
------------
PORTUGAL (0.3%)
Jeronimo Martins & Filho ............ 27,023 692,115
------------
SPAIN (2.9%)
Argentaria S.A. ..................... 14,900 350,519
Banco Bilbao Vizcaya ................ 16,040 228,699
Banco Popular Espanol S.A. .......... 2,570 167,797
Banco Santander Central
Hispano S.A. ...................... 92,938 1,053,345
Endesa S.A. ......................... 25,066 498,176
Gas Natural SDG S.A.* ............... 12,540 289,184
Iberdrola S.A. ...................... 41,150 570,952
Repsol S.A. ......................... 25,269 586,549
Telefonica S.A.* .................... 101,222 2,531,264
------------
6,276,485
------------
SWITZERLAND (4.4%)
ABB AG* ............................. 7,294 892,558
Adecco S.A.* ........................ 3,270 2,547,785
Credit Suisse Group ................. 3,770 749,736
Nestle S.A. (Registered) ............ 1,210 2,217,763
Roche Holding AG .................... 140 1,662,583
Swisscom AG (Registered) ............ 620 250,883
UBS AG (Registered) ................. 4,349 1,175,036
------------
9,496,344
------------
TOTAL OTHER EUROPEAN
COUNTRIES ...................... 80,818,025
------------
SCANDINAVIA (6.0%)
DENMARK (0.3%)
Den Danske Bank AS .................. 1,940 212,884
Tele Danmark AS* .................... 3,900 290,063
Unidanmark AS, Class A .............. 1,510 106,374
------------
609,321
------------
FINLAND (2.0%)
Nokia OYJ* .......................... 23,960 4,348,808
------------
NORWAY (0.5%)
Norsk Hydro ......................... 5,090 213,793
Orkla ASA, Class A .................. 50,600 872,905
------------
1,086,698
------------
SWEDEN (3.2%)
ABB Ltd.* ........................... 3,753 458,351
Atlas Copco AB, Class B ............. 9,820 279,877
Electrolux AB, Class B .............. 46,630 1,175,223
Ericsson AB, Class B ................ 14,170 912,848
Hennes & Mauritz AB, Class B*........ 63,550 2,133,053
Nordbanken AB ....................... 131,899 776,699
Sandvik AB, Class B ................. 13,230 422,251
Securitas AB, Class B ............... 35,538 644,547
------------
6,802,849
------------
TOTAL SCANDINAVIA ................. 12,847,676
------------
</TABLE>
242
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
SOUTHEAST ASIA (6.4%)
CHINA (0.1%)
Huaneng Power International,
Inc. (ADR) ......................... 16,000 $ 169,000
------------
HONG KONG (3.2%)
Cheung Kong Holdings Ltd. ............ 49,000 622,467
China Telecom (Hong Kong)
Ltd. ............................... 278,000 1,738,059
CLP Holdings Ltd. .................... 74,000 340,799
Dao Heng Bank Group Ltd. ............. 35,000 180,549
Henderson Land Development
Co., Ltd. .......................... 76,000 487,863
Hong Kong Telecommunications
Ltd. ............................... 118,200 341,364
HSBC Holdings plc .................... 55,200 774,014
Hutchison Whampoa Ltd. ............... 105,000 1,526,339
New World Development Co. ............ 61,000 137,326
Pacific Century CyberWorks
Limited ............................ 227,000 528,552
Sun Hung Kai Properties Ltd. ......... 26,000 270,920
------------
6,948,252
------------
KOREA (1.2%)
Korea Telecom Corp. SP (ADR).......... 11,000 822,250
Pohang Iron & Steel Co., Ltd. ........ 5,430 190,050
Samsung Electronics Co. .............. 5,378 1,259,840
SK Telecom Co., Ltd. ................. 90 322,589
------------
2,594,729
------------
SINGAPORE (0.8%)
Singapore Press Holdings Ltd. ........ 19,429 421,127
Singapore Telecommunications ......... 94,000 194,152
United Overseas Bank Ltd. ............ 112,992 997,287
------------
1,612,566
------------
TAIWAN (1.1%)
Hon Hai Precision Industry
(GDR)*+ (Section) .................. 18,599 359,426
Hon Hai Precision Industry* .......... 101,000 753,035
Taiwan Semiconductor
Manufacturing Co.* ................. 190,000 1,010,992
United Microelectronics
(Dematerialized)* .................. 66,000 235,527
------------
2,358,980
------------
TOTAL SOUTHEAST ASIA ............... 13,683,527
------------
SOUTHERN CENTRAL ASIA (0.5%)
INDIA (0.5%)
Hindustan Lever Ltd.
(Dematerialized) ................... 7,000 362,069
ICICI Ltd (ADR)* ..................... 22,157 307,428
Mahanagar Telephone Nigam
(Dematerialized) ................... 79,000 350,506
Mahanagar Telephone Nigam
Ltd. (GDR) ......................... 6,000 67,500
------------
TOTAL SOUTHERN CENTRAL ASIA ........ 1,087,503
------------
UNITED KINGDOM (15.3%)
Abbey National plc ................... 48,000 767,491
AstraZeneca Group plc ................ 36,168 1,500,088
BG Group plc* ........................ 44,025 284,418
BP Amoco plc ......................... 92,000 924,963
Cable & Wireless plc ................. 138,200 2,341,427
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Cadbury Schweppes plc ................ 150,800 $ 910,899
Caradon plc .......................... 118,100 295,651
Centrica plc ......................... 37,800 107,143
Compass Group plc .................... 134,000 1,839,589
David S. Smith Holdings plc .......... 57,000 182,279
Diageo plc ........................... 130,892 1,052,785
Electrocomponents plc ................ 36,000 398,572
GKN plc .............................. 14,000 220,460
Glaxo Wellcome plc ................... 81,000 2,289,392
HAYS plc ............................. 8,200 130,583
Hilton Group plc ..................... 64,000 204,923
John Laing plc, Class A .............. 9,000 40,555
Kingfisher plc ....................... 186,000 2,063,796
Marconi plc .......................... 60,800 1,075,754
National Westminster Bank ............ 171,000 3,673,202
Rank Group plc ....................... 19,290 61,064
Reed International plc ............... 243,000 1,819,085
Rio Tinto plc ........................ 54,000 1,303,863
Safeway plc* ......................... 53,000 181,472
Shell Transport & Trading Co. plc . 358,000 2,974,853
SmithKline Beecham plc ............... 170,000 2,169,068
Tesco plc ............................ 201,700 613,251
Tomkins plc .......................... 202,364 653,673
Unilever plc ......................... 162,000 1,191,792
United News & Media plc .............. 46,100 587,456
Vodafone AirTouch plc ................ 199,000 985,904
------------
TOTAL UNITED KINGDOM ............... 32,845,451
------------
TOTAL COMMON STOCKS: (94.4%)
(Cost $147,370,235) ................ 202,750,578
------------
PREFERRED STOCKS:
AUSTRALIA (0.2%)
News Corp., Ltd. ..................... 44,404 380,134
------------
BRAZIL (0.5%)
Banco Itau S.A. ...................... 1,580,000 135,566
CEMIG ................................ 5,147,177 115,395
Petrobras S.A. ....................... 2,661,654 677,753
Telecominicacoes de Sao Paulo ........ 6,509,178 157,820
Telesp Celular S.A., Class B ......... 911,706 72,169
------------
1,158,703
------------
GERMANY (0.1%)
Fielmann AG .......................... 1,460 45,638
Fresenius AG ......................... 750 142,177
------------
187,815
------------
TOTAL PREFERRED STOCKS: (0.8%)
(Cost $1,699,345) .................. 1,726,652
------------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (0.0%)
Chase Nassau,
3.48%, 1/3/00
(Amortized Cost $259)............... $ 259 259
------------
TOTAL INVESTMENTS (95.2%)
(Cost/Amortized Cost
$149,069,839)....................... 204,477,489
OTHER ASSETS LESS LIABILITIES (4.8%) 10,421,300
------------
NET ASSETS (100%) .................... $214,898,789
============
</TABLE>
243
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
December 31, 1999
- --------------------------------------------------------------------------------
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Common and Preferred Stock
Basic Materials .......................... 1.7%
Business Services ........................ 6.8
Capital Goods ............................ 5.9
Consumer Cyclicals ....................... 10.5
Consumer Non-Cyclicals ................... 11.9
Credit Sensitive
Banks ................................... 11.4
Financial Services ...................... 2.4
Insurance ............................... 2.2
Real Estate ............................. 1.2
Utility-Electric ........................ 1.0
Utility-Gas ............................. 0.4
Utility-Telephone ....................... 6.6
----
Total Credit Sensitive ................... 25.2
Diversified .............................. 4.6
Energy ................................... 5.5
Technology
Computer Hardware ....................... 0.9
Computer Software ....................... 0.1
Diversified telecommunications .......... 6.3
Electronics ............................. 13.3
Office Equipment ........................ 0.3
Office Equipment Services ............... 0.8
Wireless Telecommunication services ..... 6.2
----
Total Technology 27.9
-----
100.0%
=====
- ---------------------
* 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, 1999, these securities
amounted to $359,426 or 0.17% of net assets.
(Section) Illiquid security; is not actively traded.
Glossary:
ADR--American Depositary Receipt
CPO--Certificate of Participation
GDR--Global Depositary Receipt
244
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $68,287,924
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 37,821,794
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 61,198,338
Aggregate gross unrealized depreciation ......... (6,676,987)
------------
Net unrealized appreciation ..................... $ 54,521,351
============
Federal income tax cost of investments .......... $149,956,138
============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$4,355,107, which was secured by collateral of $4,598,483.
For the period from January 1, 1999 to December 31, 1999, the Portfolio
incurred approximately $1,235, $1,972, and $3,280 as brokerage commissions with
Donaldson, Lufkin & Jenrette Securities Corp., Jardin Fleming Securities Ltd.
and Robert Fleming Co., respectively, which are affiliated broker/dealers.
The Portfolio utilized net capital loss carryforwards of $946,431 during 1999.
See Notes to Financial Statements.
245
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (15.0%)
CHEMICALS--SPECIALTY (3.2%)
CK Witco Corp. ...................... 244,400 $ 3,268,850
Ferro Corp. ......................... 70,100 1,542,200
------------
4,811,050
------------
METALS & MINING (3.7%)
Freeport McMoran Copper &
Gold, Inc., Class B* .............. 139,200 2,940,600
Pride International, Inc.* .......... 186,500 2,727,562
------------
5,668,162
------------
PAPER (4.6%)
Abitibi-Consolidated, Inc. .......... 138,500 1,644,688
Caraustar Industries, Inc. .......... 106,600 2,558,400
Wausau-Mosinee Paper Corp. .......... 231,800 2,709,162
------------
6,912,250
------------
STEEL (3.5%)
Bethlehem Steel Corp.* .............. 378,200 3,167,425
Ryerson Tull, Inc. .................. 113,732 2,210,666
------------
5,378,091
------------
TOTAL BASIC MATERIALS ............. 22,769,553
------------
BUSINESS SERVICES (7.3%)
PRINTING, PUBLISHING,
BROADCASTING (1.2%)
Ziff-Davis, Inc.* ................... 116,100 1,835,831
------------
PROFESSIONAL SERVICES (1.7%)
AC Nielson Corp.* ................... 102,450 2,522,832
------------
TRUCKING, SHIPPING (4.4%)
Airborne Freight Corp. .............. 115,500 2,541,000
Landstar Systems, Inc. .............. 53,800 2,303,312
M.S. Carriers, Inc.* ................ 76,500 1,826,438
------------
6,670,750
------------
TOTAL BUSINESS SERVICES ........... 11,029,413
------------
CAPITAL GOODS (8.0%)
BUILDING & CONSTRUCTION (3.8%)
Elcor Corp. ......................... 100,000 3,012,500
Walter Industries, Inc. ............. 103,400 1,118,012
Watts Industries, Inc., Class A ..... 104,000 1,534,000
------------
5,664,512
------------
ELECTRICAL EQUIPMENT (2.5%)
Harman International Industries,
Inc. .............................. 67,900 3,810,888
------------
MACHINERY (1.7%)
Graco, Inc. ......................... 72,974 2,617,942
------------
TOTAL CAPITAL GOODS ............... 12,093,342
------------
CONSUMER CYCLICALS (21.1%)
APPAREL & TEXTILES (5.6%)
Saucony, Inc., Class B* ............. 159,700 2,215,838
Timberland Co., Class A* ............ 58,500 3,093,187
Westpoint Stevens, Inc. ............. 184,100 3,221,750
------------
8,530,775
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
AUTO RELATED (1.5%)
Superior Industries International,
Inc. .............................. 84,318 $ 2,260,776
------------
FOOD SERVICES, LODGING (1.3%)
Morrison Management Specialist,
Inc. .............................. 90,200 1,944,937
------------
LEISURE RELATED (4.9%)
Midway Games, Inc.* ................. 195,500 4,679,781
SCP Pool Corp.* ..................... 108,500 2,814,219
------------
7,494,000
------------
RETAIL--GENERAL (7.8%)
Baker (J.), Inc. .................... 364,000 2,184,000
Hollywood Entertainment
Corp.* ............................ 170,600 2,473,700
Ross Stores, Inc. ................... 76,800 1,377,600
Value City Department Stores,
Inc.* ............................. 161,157 2,437,500
Wilmar Industries, Inc.* ............ 195,800 3,402,025
------------
11,874,825
------------
TOTAL CONSUMER CYCLICALS .......... 32,105,313
------------
CONSUMER NON-CYCLICALS (4.7%)
CONTAINERS (1.6%)
Gaylord Container Corp.,
Class A ........................... 356,897 2,431,361
------------
HOSPITAL SUPPLIES &
SERVICES (3.1%)
Health Management Associates,
Inc., Class A* .................... 154,300 2,063,762
Omnicare, Inc. ...................... 222,000 2,664,000
------------
4,727,762
------------
TOTAL CONSUMER NON-CYCLICALS....... 7,159,123
------------
CREDIT SENSITIVE (18.3%)
BANKS (5.2%)
Century Bancorp, Inc., Class A ...... 157,900 2,565,875
Prosperity Bancshares, Inc. ......... 204,000 3,264,000
Texas Regional Bancshares, Inc.,
Class A ........................... 69,625 2,019,125
------------
7,849,000
------------
FINANCIAL SERVICES (4.1%)
AmeriCredit Corp.* .................. 115,000 2,127,500
Astoria Financial Corp. ............. 64,700 1,969,306
Webster Financial Corp. ............. 90,700 2,137,119
------------
6,233,925
------------
INSURANCE (5.7%)
HCC Insurance Holdings, Inc. ........ 132,000 1,740,750
National Western Life Insurance
Co., Class A ...................... 18,150 1,245,544
Radian Group, Inc. .................. 52,789 2,520,675
StanCorp Financial Group, Inc. ...... 128,400 3,234,075
------------
8,741,044
------------
REAL ESTATE (1.7%)
Mission West Properties, Inc. ....... 228,300 1,769,325
Western Water Co.* .................. 662,850 787,134
------------
2,556,459
------------
</TABLE>
246
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
December 31, 1999
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
UTILITY--ELECTRIC (1.6%)
NSTAR ................................. 59,810 $ 2,422,305
------------
TOTAL CREDIT SENSITIVE .............. 27,802,733
------------
DIVERSIFIED (0.7%)
MISCELLANEOUS (0.7%)
Packaged Ice, Inc.* ................... 344,000 1,118,000
------------
ENERGY (4.6%)
OIL--SUPPLIES &
CONSTRUCTION (4.6%)
Evergreen Resources, Inc.* ............ 129,900 2,565,525
Global Industries Ltd.* ............... 288,100 2,484,863
Varco International, Inc. ............. 195,698 1,993,673
------------
TOTAL ENERGY ........................ 7,044,061
------------
TECHNOLOGY (16.1%)
COMPUTER HARDWARE (1.5%)
Computer Network Technology
Corp.* .............................. 95,200 2,183,650
------------
COMPUTER SOFTWARE (9.0%)
Avant! Corp.* ......................... 91,700 1,375,500
Hyperion Solutions Corp.* ............. 159,900 6,955,650
JDA Software Group, Inc.* ............. 122,300 2,002,663
New Era of Networks, Inc.* ............ 35,800 1,704,975
RadiSys Corp.* ........................ 32,700 1,667,700
------------
13,706,488
------------
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
ELECTRONICS (4.5%)
LoJack Corp.* ......................... 291,200 $ 1,965,600
Quantum Corp.--DLT & Storage
Systems* ............................ 206,800 3,127,850
Varian Semiconductor
Equipment Associates, Inc.* ......... 52,900 1,798,600
------------
6,892,050
------------
OFFICE EQUIPMENT (1.1%)
Exabyte Corp.* ........................ 226,000 1,695,000
------------
TOTAL TECHNOLOGY .................... 24,477,188
------------
TOTAL COMMON STOCKS (95.8%)
(Cost $136,710,515).................. 145,598,726
------------
PRINCIPAL
AMOUNT
-----
SHORT-TERM DEBT SECURITIES:
TIME DEPOSITS (4.2%)
Chase Nassau
3.48%, 1/3/00
(Amortized Cost $6,363,384).......... $6,363,384 6,363,384
------------
TOTAL INVESTMENTS (100.0%)
(Cost/Amortized Cost
$143,073,899) ....................... 151,962,110
OTHER ASSETS
LESS LIABILITIES (0.0%) ............. (4,861)
------------
NET ASSETS (100%) ..................... $151,957,249
============
</TABLE>
- ----------
* Non-income producing.
- --------------------------------------------------------------------------------
Investment security transactions for the year ended December 31, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $273,105,463
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 276,382,710
As of December 31, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ......... $ 21,437,541
Aggregate gross unrealized depreciation ......... (13,847,728)
-------------
Net unrealized appreciation ..................... $ 7,589,813
=============
Federal income tax cost of investments .......... $ 144,372,297
=============
At December 31, 1999, the Portfolio had loaned securities with a total value of
$2,917,306 which was secured by cash collateral of $2,963,300.
The Portfolio has a net capital loss carryforward of $14,155,545 which expires
in the year 2006 and $12,520,421 which expires in the year 2007.
For the period from January 1, 1999 to December 31, 1999, the Portfolio incurred
approximately $1,740 as brokerage commission with Donaldson, Lufkin and Jenrette
Securities Corp., an affiliate broker.
See Notes to Financial Statements.
247
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS
December 31, 1999
Note 1 Organization and Significant Accounting Policies
EQ Advisors Trust (the "Trust") was organized as a Delaware business trust
on October 31, 1996 and is registered under the Investment Company Act of 1940,
as amended (the "1940 Act"), as an open-end management investment company with
thirty-seven diversified portfolios and three non-diversified portfolios (each a
"Portfolio"). The non-diversified Portfolios are: the Lazard Small Cap Value
Portfolio, Merrill Lynch World Strategy Portfolio and Morgan Stanley Emerging
Markets Equity Portfolio. Effective October 18, 1999, the Class IA and Class IB
shares of 14 new Portfolios of the Trust were substituted for the same class of
shares of 14 corresponding portfolios of The Hudson River Trust ("HRT"). For
accounting purposes, this transaction is treated as a continuation of the
business of the former HRT Portfolios. Alliance Capital Management L.P.
("Alliance") will continue to serve as Adviser for each of the 14 new
Portfolios. The agreement for this transaction states that, with respect to the
14 new Portfolios advised by Alliance, the Manager will not use the powers
granted to it under the Multi-Manager Order (i) to terminate Alliance as
investment adviser ("Adviser") and the Trust for these Portfolios or to select
new or additional Advisers for those Portfolios or (ii) to materially modify the
Investment Advisory Agreement between the Manager and Alliance without first
obtaining shareholders' approval to utilize the powers granted under the
Multi-Manager Order or the approval of shareholders to materially modify the
Investment Advisory Agreement.
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, 1999, the Trust had Class IB
shares outstanding for each Portfolio. In addition, as of and during the year
ended December 31, 1999, the Trust had Class IA shares outstanding for certain
Portfolios as shown in the Statements of Assets and Liabilities. The Trust
issued Class IA shares for the EQ/Alliance Premier Growth Portfolio beginning
May 1, 1999. The Class IB shares are subject to distribution fees imposed under
a distribution plan ("Distribution Plan") adopted pursuant to Rule 12b-1 under
the 1940 Act. Under the Trust's multiple class distribution system, both classes
of shares have identical voting, dividend, liquidation and other rights, other
than the payment of distribution fees under the Distribution Plan. The Trust's
shares are currently sold only to insurance company separate accounts in
connection with variable life insurance contracts and variable annuity
certificates and contracts issued by The Equitable Life Assurance Society of the
United States ("Equitable") and Equitable of Colorado, Inc. ("EOC") as well as
insurance companies that are not affiliated with Equitable or EOC and to The
Equitable Investment Plan for Employees, Managers and Agents.
The investment objectives and certain investment policies of each Portfolio
are as follows:
Alliance Aggressive Stock Portfolio (advised by Alliance) -- Seeks to
achieve long-term growth of capital.
Alliance Balanced Portfolio (advised by Alliance) -- Seeks to achieve a
high return through both appreciation of capital and current income.
Alliance Common Stock Portfolio (advised by Alliance) -- Seeks to achieve
long-term growth of its capital and increase income.
Alliance Conservative Investors Portfolio (advised by Alliance) -- Seeks to
achieve a high total return without, in the opinion of the Adviser, undue risk
to principal.
Alliance Equity Index Portfolio (advised by Alliance) -- Seeks a total
return before expenses that approximates the total return performance of the
Standard & Poor's 500 Index, including reinvestment of dividends, at a risk
level consistent with that of the Index.
Alliance Global Portfolio (advised by Alliance) -- Seeks long-term growth
of capital.
Alliance Growth and Income Portfolio (advised by Alliance) -- Seeks to
provide a high total return through a combination of current income and capital
appreciation by investing primarily in income-producing common stocks and
securities convertible into common stocks.
248
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1999
Alliance Growth Investors Portfolio (advised by Alliance) -- Seeks to
achieve the highest total return consistent with the Adviser's determination of
reasonable risk.
Alliance High Yield Portfolio (advised by Alliance) -- Seeks to achieve a
high return by maximizing current income and, to the extent consistent with
that objective, capital appreciation.
Alliance Intermediate Government Securities Portfolio (advised by Alliance)
- -- Seeks to achieve high current income consistent with relative stability of
principal through investment primarily in debt securities issued or guaranteed
as to principal and interest by the U.S. Government or its agencies or
instrumentalities.
Alliance International Portfolio (advised by Alliance) -- Seeks to achieve
long-term growth of capital by investing primarily in a diversified portfolio
of equity securities selected principally to permit participation in non-United
States companies with prospects for growth.
Alliance Money Market Portfolio (advised by Alliance) -- Seeks to obtain a
high level of current income, preserve its assets and maintain liquidity.
EQ/Alliance Premier Growth Portfolio (advised by Alliance) -- Seeks to
achieve long-term growth of capital by primarily investing in equity securities
of a limited number of large, carefully selected, high-quality United States
companies that are judged, by the Adviser, likely to achieve superior earnings
growth.
Alliance Quality Bond Portfolio (advised by Alliance) -- Seeks to achieve
high current income consistent with preservation of capital by investing
primarily in investment grade fixed income securities.
Alliance Small Cap Growth Portfolio (advised by Alliance) -- Seeks to
achieve long-term growth of capital.
BT Equity 500 Index Portfolio (advised by Bankers Trust Company) -- Seeks
to replicate as closely as possible (before the deduction of Portfolio
expenses) the total return of the Standard & Poor's 500 Index.
BT International Equity Index Portfolio (advised by Bankers Trust Company)
- -- Seeks to replicate as closely as possible (before the deduction of Portfolio
expenses) the total return of the MSCI EAFE Index.
BT Small Company Index Portfolio (advised by Bankers Trust Company) --
Seeks to replicate as closely as possible (before the deduction of Portfolio
expenses) the total return of the Russell 2000 Index.
Calvert Socially Responsible Portfolio (advised by Calvert Asset
Management Company, Inc.) -- Seeks long-term capital appreciation.
Capital Guardian International Portfolio (advised by Capital Guardian
Trust Company) -- Seeks to achieve long-term growth of capital by investing
primarily in non-United States equity securities.
Capital Guardian Research Portfolio (advised by Capital Guardian Trust
Company) -- Seeks to achieve long-term growth of capital.
Capital Guardian U.S. Equity Portfolio (advised by Capital Guardian Trust
Company) -- Seeks to achieve long-term growth of capital.
EQ/Evergreen Portfolio (advised by Evergreen Asset Management Corp.) --
Seeks capital appreciation.
EQ/Evergreen Foundation Portfolio (advised by Evergreen Asset Management
Corp.) -- Seeks to provide, in order of priority, reasonable income,
conservation of capital and capital appreciation.
249
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1999
JPM Core Bond Portfolio (advised by J.P. Morgan Investment Management Inc.)
- -- Seeks to provide a high total return consistent with moderate risk of capital
and maintenance of liquidity.
Lazard Large Cap Value Portfolio (advised by Lazard Asset Management) --
Seeks capital appreciation by investing primarily in equity securities of
companies with relatively large market capitalizations (i.e., companies having
market capitalizations of at least $3 billion at the time of initial purchase)
that appear to the Adviser to be inexpensively priced relative to the return on
total capital or equity.
Lazard Small Cap Value Portfolio (advised by Lazard Asset Management) --
Seeks capital appreciation by investing in equity securities of United States
companies with small market capitalizations (i.e., companies in the range of
companies represented in the Russell 2000 Index) that the Adviser considers
inexpensively priced relative to the return on total capital or equity.
Merrill Lynch Basic Value Equity Portfolio (advised by Merrill Lynch Asset
Management, L.P.) -- Seeks capital appreciation and, secondarily, income by
investing in securities, primarily equities, that the Adviser of the Portfolio
believes are undervalued and therefore represent basic investment value.
Merrill Lynch World Strategy Portfolio (advised by Merrill Lynch Asset
Management, L.P.) -- Seeks high total investment return by investing primarily
in a portfolio of equity and fixed income securities, including convertible
securities, of United States and foreign issuers.
MFS Emerging Growth Companies Portfolio (advised by Massachusetts
Financial Services Company) -- Seeks to provide long-term capital growth.
MFS Growth with Income Portfolio (advised by Massachusetts Financial
Services Company) -- Seeks to provide reasonable current income and long-term
growth of capital and income.
MFS Research Portfolio (advised by Massachusetts Financial Services
Company) -- Seeks to provide long-term growth of capital and future income.
Morgan Stanley Emerging Markets Equity Portfolio (advised by Morgan
Stanley Asset Management) -- Seeks long-term capital appreciation by investing
primarily in equity securities of emerging country issuers.
EQ/Putnam Balanced Portfolio (advised by Putnam Investment Management,
Inc.) -- Seeks to provide a balanced investment composed of a well-diversified
portfolio of stocks and bonds that will produce both capital growth and current
income.
EQ/Putnam Growth & Income Value Portfolio (advised by Putnam Investment
Management, Inc.) -- Seeks capital growth. Current income is a secondary
objective.
EQ/Putnam International Equity Portfolio (advised by Putnam Investment
Management, Inc.) -- Seeks capital appreciation.
EQ/Putnam Investors Growth Portfolio (advised by Putnam Investment
Management, Inc.) -- Seeks long-term growth of capital and any increased income
that results from this growth.
T. Rowe Price Equity Income Portfolio (advised by T. Rowe Price
Associates, Inc.) -- Seeks to provide substantial dividend income and also
capital appreciation by investing primarily in dividend-paying common stocks of
established companies.
T. Rowe Price International Stock Portfolio (advised by Rowe Price-Fleming
International, Inc.) -- Seeks long-term growth of capital through investment
primarily in common stocks of established non-United States companies.
Warburg Pincus Small Company Value Portfolio (advised by Warburg Pincus
Asset Management, Inc.) -- Seeks long-term capital appreciation.
250
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1999
The following is a summary of the significant accounting policies of the
Trust:
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures. Actual results
could differ from those estimates.
Valuation:
Stocks listed on national securities exchanges or included on the NASDAQ
stock market are valued at the last sale price, or, if there is no sale, at the
latest available bid price. Other unlisted stocks are valued at their last sale
price or, if no reported sale occurs during the day, at a bid price estimated
by a broker.
Convertible preferred stocks listed on national securities exchanges or
included on the NASDAQ stock market are valued as of their last sale price or,
if there is no sale, at the latest available bid price.
Convertible bonds and unlisted convertible preferred stocks are valued at
bid prices obtained from one or more of the major dealers in such securities.
Where there is a discrepancy between dealers, values may be adjusted based on
recent premium spreads to the underlying common stocks. Convertible bonds may
be matrix-priced based upon the conversion value to the underlying common
stocks and market premiums.
Mortgage backed and asset backed securities are valued at prices obtained
from a bond pricing service where available, or at a bid price obtained from
one or more of the major dealers in such securities. If a quoted price is
unavailable, an equivalent yield or yield spread quote will be obtained from a
broker and converted to a price.
Options, including options on futures that are traded on exchanges, are
valued at their last sale price, and if the last sale price is not available
then the previous day's sale price is used. However, if the bid price is higher
or the asked price is lower than the previous last sale price, the higher bid
or lower asked price may be used. Options not traded on an exchange or actively
traded are valued at fair value as determined in good faith by the Board of
Trustees.
Long-term corporate bonds may be valued on the basis of prices provided by
a pricing service when such prices are believed to reflect the fair market
value of such securities. The prices provided by a pricing service take into
account many factors, including institutional size trading in similar groups of
securities and any developments related to specific securities; however, when
such prices are unavailable, such bonds will be valued using broker quotes.
U.S. Treasury securities and other obligations issued or guaranteed by the
U.S. Government, its agencies or instrumentalities, are valued at
representative quoted prices.
Foreign securities not traded directly, or in American Depositary Receipt
(ADR) or similar form in the United States, are valued at representative quoted
prices from the primary exchange in the currency of the country of origin.
Except for the Alliance Money Market Portfolio, short-term debt securities
which mature in 60 days or less are valued at amortized cost, which
approximates market value. Short-term debt securities which mature in more than
60 days are valued at representative quoted prices. Short-term debt securities
held in the Alliance Money Market Portfolio are valued at representative quoted
prices regardless of the length of maturity.
Futures contracts are valued at their last sale price or, if there is no
sale, at the latest available bid price.
Forward foreign exchange contracts are valued by interpolating between the
forward and spot currency rates as quoted by a pricing service as of a
designated hour on the valuation date.
251
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1999
Other securities and assets for which market quotations are not readily
available or for which valuation can not be provided, are valued at fair value
as determined in good faith by the Board of Trustees.
Securities transactions are recorded on the trade date net of brokerage
fees, commissions, and transfer fees.
Interest income (including amortization of premium and discount on
long-term securities using the effective yield method) is accrued daily.
Dividend income is recorded on the ex-dividend date.
Realized gains and losses on the sale of investments are computed on the
basis of the identified cost of the investments sold. Unrealized appreciation
(depreciation) on investments and foreign currency denominated assets and
liabilities is presented net of deferred taxes on unrealized gains of
$1,352,450 in the Statement of Assets and Liabilities for the Morgan Stanley
Emerging Markets Equity Portfolio. Realized Gain (Loss) on Securities is
presented net of foreign taxes on realized gains of $679,303 in the Statement
of Operations for the Morgan Stanley Emerging Markets Equity Portfolio.
Expenses attributable to a single Portfolio or class are charged to that
Portfolio or class. Expenses of the Trust not attributable to a single
Portfolio or class are charged to each Portfolio or class in proportion to the
average net assets of each Portfolio. Equitable paid certain operating expenses
on behalf of the Trust for which Equitable was then reimbursed by the Trust.
Effective November 19, 1999, Equitable no longer pays and receives
reimbursement for the expenses of the Trust, these expenses are paid directly
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.
Foreign Currency Valuation:
The books and records of the Trust are kept in U.S. dollars. Foreign
currency amounts are translated into U.S. dollars at current exchange rates at
the following dates:
(i) market value of investment securities, other assets and liabilities --
at the valuation date.
(ii) purchases and sales of investment securities, income and expenses --
at the date of such transactions.
The Portfolios do not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with the net realized and unrealized gain or loss on
securities.
Net currency gains or losses realized and unrealized as a result of
differences between interest or dividends, withholding taxes, forward foreign
currency exchange contracts and foreign cash recorded on the Portfolio's books
and the U.S. dollar equivalent amount actually received or paid are presented
under foreign currency transactions in the realized and unrealized gains and
losses section of the Statements of Operations.
Taxes:
The Trust intends to comply with the requirements of the Internal Revenue
Code of 1986, as amended ("Code") applicable to regulated investment companies
and to distribute substantially all of its net investment income and net
realized capital gains to shareholders of each Portfolio. Therefore, no Federal
income tax provision is required. Dividends from net investment income are
declared and distributed at least annually for all Portfolios. Dividends from
net realized short-term and long-term
252
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1999
capital gains are declared and distributed at least annually to the
shareholders of the Portfolios to which such gains are attributable. All
dividends are reinvested in additional full and fractional shares of the
related Portfolios. All dividends are distributed on a tax basis and, as such,
the amounts may differ from financial statement investment income and realized
capital gains. Those differences are primarily due to differing book and tax
treatments for deferred organization costs, forward foreign currency
transactions, losses due to wash sales transactions, mark-to-market of forward
contracts, mark-to-market of passive foreign investment companies and straddle
transactions.
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, 1999 as follows:
<TABLE>
<CAPTION>
UNDISTRIBUTED
(OVERDISTRIBUTED) ACCUMULATED PAID
NET INVESTMENT NET REALIZED IN
PORTFOLIOS: INCOME GAIN (LOSS) CAPITAL
- ----------- ------ ----------- -------
<S> <C> <C> <C>
Alliance Aggressive Stock Portfolio ................ $ (29,385) $ (5,883) $ 35,268
Alliance Balanced Portfolio ........................ (1,550,157) 1,549,213 944
Alliance Common Stock Portfolio .................... (3,045,144) 3,029,156 15,988
Alliance Conservative Investors Portfolio .......... (276,524) 276,784 (260)
Alliance Equity Index Portfolio .................... 69,274 (59,801) (9,473)
Alliance Global Portfolio .......................... (194,837) 195,462 (625)
Alliance Growth and Income Portfolio ............... -- -- --
Alliance Growth Investors Portfolio ................ (547,062) 547,735 (673)
Alliance High Yield Portfolio ...................... 1,517,141 (413,096) (1,104,045)
Alliance Intermediate Government Securities
Portfolio ......................................... (24,415) 61,384 (36,969)
Alliance International Portfolio ................... (557,574) 317,351 240,223
Alliance Money Market Portfolio .................... (33,259) 30,137 3,122
EQ/Alliance Premier Growth Portfolio ............... 58,663 (38,866) (19,797)
Alliance Quality Bond Portfolio .................... (103,432) 103,432 --
Alliance Small Cap Growth Portfolio ................ 1,497,646 83,739 (1,581,385)
BT Equity 500 Index Portfolio ...................... 6,267 -- (6,267)
BT International Equity Index Portfolio ............ 14,717 (8,450) (6,267)
BT Small Company Index Portfolio ................... 6,267 -- (6,267)
Calvert Socially Responsible Portfolio ............. 1,474 (136) (1,338)
Capital Guardian International Portfolio ........... (86,766) 94,179 (7,413)
Capital Guardian Research Portfolio ................ 8,027 344 (8,371)
Capital Guardian U.S. Equity Portfolio ............. 15,156 (93) (15,063)
EQ/Evergreen Portfolio ............................. 728 -- (728)
EQ/Evergreen Foundation Portfolio .................. 759 -- (759)
JPM Core Bond Portfolio ............................ (56,534) 62,801 (6,267)
Lazard Large Cap Value Portfolio ................... 9,642 959 (10,601)
Lazard Small Cap Value Portfolio ................... 6,052 328 (6,380)
Merrill Lynch Basic Value Equity Portfolio ......... 17,690 (11,390) (6,300)
Merrill Lynch World Strategy Portfolio ............. 28,345 (22,695) (5,650)
MFS Emerging Growth Companies Portfolio ............ 1,127,062 (1,120,762) (6,300)
MFS Growth with Income Portfolio ................... (206) 5,729 (5,523)
MFS Research Portfolio ............................. (54,038) 60,338 (6,300)
</TABLE>
253
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1999
<TABLE>
<CAPTION>
UNDISTRIBUTED
(OVERDISTRIBUTED) ACCUMULATED PAID
NET INVESTMENT NET REALIZED IN
PORTFOLIOS: INCOME GAIN (LOSS) CAPITAL
- ----------- ------ ----------- -------
<S> <C> <C> <C>
Morgan Stanley Emerging Markets Equity Portfolio ......... $128,225 $ (121,757) $ (6,468)
EQ/Putnam Balanced Portfolio ............................. 26,869 1,008 (27,877)
EQ/Putnam Growth & Income Value Portfolio ................ 38,338 3,507 (41,845)
EQ/Putnam International Equity Portfolio ................. 101,247 (123,684) 22,437
EQ/Putnam Investors Growth Portfolio ..................... 532,173 (524,944) (7,229)
T. Rowe Price Equity Income Portfolio .................... 162,494 (156,194) (6,300)
T. Rowe Price International Stock Portfolio .............. 4,818 (214,041) 209,223
Warburg Pincus Small Company Value Portfolio ............. 6,300 102,610 (108,910)
</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, 1999 through
December 31, 1999 the following Portfolios incurred and elected to defer until
January 1, 2000 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>
Alliance Aggressive Stock Portfolio ........................... $ -- $ --
Alliance Balanced Portfolio ................................... 374,666 --
Alliance Common Stock Portfolio ............................... 328,567 --
Alliance Conservative Investors Portfolio ..................... -- --
Alliance Equity Index Portfolio ............................... -- --
Alliance Global Portfolio ..................................... -- --
Alliance Growth and Income Portfolio .......................... -- --
Alliance Growth Investors Portfolio ........................... 225,552 --
Alliance High Yield Portfolio ................................. -- 1,064,439
Alliance Intermediate Government Securities Portfolio ......... -- 166,562
Alliance International Portfolio .............................. 430,611 --
Alliance Money Market Portfolio ............................... -- --
EQ/Alliance Premier Growth Portfolio .......................... -- --
Alliance Quality Bond Portfolio ............................... -- 801,328
Alliance Small Cap Growth Portfolio ........................... -- --
BT Equity 500 Index Portfolio ................................. -- --
BT International Equity Index Portfolio ....................... -- --
BT Small Company Index Portfolio .............................. -- --
Calvert Socially Responsible Portfolio ........................ -- --
Capital Guardian International Portfolio ...................... 125,609 39,934
Capital Guardian Research Portfolio ........................... -- 36,619
Capital Guardian U.S. Equity Portfolio ........................ -- 54,954
EQ/Evergreen Portfolio ........................................ -- 46,980
EQ/Evergreen Foundation Portfolio ............................. -- --
</TABLE>
254
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1999
<TABLE>
<CAPTION>
NET NET
CURRENCY CAPITAL
PORTFOLIOS: LOSSES LOSSES
- ----------- ------ ------
<S> <C> <C>
JPM Core Bond Portfolio .................................. $ -- $ 483,592
Lazard Large Cap Value Portfolio ......................... -- 698,634
Lazard Small Cap Value Portfolio ......................... -- 631,222
Merrill Lynch Basic Value Equity Portfolio ............... -- --
Merrill Lynch World Strategy Portfolio ................... 5,092 --
MFS Emerging Growth Companies Portfolio .................. 88,435 --
MFS Growth with Income Portfolio ......................... 4,857 465,737
MFS Research Portfolio ................................... 39,096 --
Morgan Stanley Emerging Markets Equity Portfolio ......... 40,430 --
EQ/Putnam Balanced Portfolio ............................. -- 374,653
EQ/Putnam Growth & Income Value Portfolio ................ -- 3,631,487
EQ/Putnam International Equity Portfolio ................. 36,023 --
EQ/Putnam Investors Growth Portfolio ..................... 755 --
T. Rowe Price Equity Income Portfolio .................... 4,814 --
T. Rowe Price International Stock Portfolio .............. -- --
Warburg Pincus Small Company Value Portfolio ............. -- 13,282
</TABLE>
Organizational Expense:
Costs incurred by the Trust in connection with its organization have been
allocated equally to and capitalized by each of the Portfolios that commenced
operations on May 1, 1997 and are deferred and amortized on a straight line
basis over a 60-month period from the date the Portfolios commenced operations.
On December 31, 1997 an additional $188,040 in organizational costs was
capitalized and allocated evenly among the BT Equity 500 Index Portfolio, BT
International Equity Index Portfolio, BT Small Company Index Portfolio, JPM
Core Bond Portfolio, Lazard Large Cap Value Portfolio and the Lazard Small Cap
Value Portfolio in connection with their organization. Each of these Portfolios
commenced operations on January 1, 1998.
The Manager has elected to waive the obligations of the Trust under the
Organizational Expense Reimbursement Agreement to reimburse and pay the Manager
for organization expenses incurred with the formation of the EQ/Alliance
Premier Growth Portfolio, Calvert Socially Responsible Portfolio, Capital
Guardian International Portfolio, Capital Guardian Research Portfolio, Capital
Guardian U.S. Equity Portfolio, EQ/Evergreen Portfolio, EQ/Evergreen Foundation
Portfolio and MFS Growth with Income Portfolio.
Securities Lending:
For all Portfolios, the Board of Trustees has approved the lending of
portfolio securities, through its custodian bank The Chase Manhattan Bank
("Chase") acting as lending agent, to certain approved broker-dealers in
exchange for negotiated lenders' fees. By lending investment securities, a
Portfolio attempts to increase its net investment income through the receipt of
interest on the cash held as collateral on the loan. Any gain or loss in the
market price of the securities loaned that might occur and any interest earned
or dividends declared during the term of the loan would be for the account of
the Portfolio. Risks of delay in recovery of the securities or even loss of
rights in the collateral may occur should the borrower of the securities fail
financially. Risks may also arise to the extent that the value of the
securities loaned increases above the value of the collateral received. Any
such loan of portfolio securities will be continuously secured by collateral in
cash or high grade debt securities at least equal at all times to the
255
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1999
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, 1999, the cash collateral received by each Portfolio for
securities loaned was invested by Chase in short-term investments, a money
market fund and repurchase agreements in which each Portfolio has a pro rata
interest equal to the amount of cash collateral contributed.
Repurchase Agreements:
Certain Portfolios may enter into repurchase agreements with qualified and
Board of Trustees approved banks, broker-dealers or other financial
institutions as a means of earning a fixed rate of return on its cash reserves
for periods as short as overnight. A repurchase agreement is a contract
pursuant to which a Portfolio, against receipt of securities of at least equal
value including accrued interest, agrees to advance a specified sum to the
financial institution which agrees to reacquire the securities at a mutually
agreed upon time (usually one day) and price. Each repurchase agreement entered
into by a Portfolio will provide that the value of the collateral underlying
the repurchase agreement will always be at least equal to the repurchase price,
including any accrued interest. A Portfolio's right to liquidate such
securities in the event of a default by the seller could involve certain costs,
losses or delays and, to the extent that proceeds from any sale upon a default
of the obligation to repurchase are less than the repurchase price, the
Portfolio could suffer a loss.
Options Written:
Certain Portfolios may write (sell) covered options as a hedge to provide
protection against adverse movements in the price of securities in the
Portfolio or to enhance investment performance. Certain Portfolios may purchase
and sell exchange traded options on foreign currencies. When a Portfolio writes
an option, an amount equal to the premium received by the Portfolio is recorded
as a liability and is subsequently adjusted on a daily basis to the current
market price of the option written. Premiums received from writing options
which expire unexercised are recognized as gains on the expiration date.
Premiums received from writing options which are exercised or are canceled in
closing purchase transactions are offset against the cost of any securities
purchased or added to the proceeds or netted against the amount paid on the
transaction to determine the realized gain or loss. In writing options, a
Portfolio must assume that the option may be exercised at any time prior to the
expiration of its obligation as a writer, and that in such circumstances the
net proceeds of the sale or cost of purchase of the underlying securities and
currencies pursuant to the call or put option may be substantially below or
above the prevailing market price. A Portfolio also has the additional risk of
not being able to enter into a closing purchase transaction if a liquid
secondary market does not exist and bears the risk of unfavorable changes in
the price of the financial instruments underlying the options.
Futures Contracts, Forward Commitments and Foreign Currency Exchange Contracts:
The futures contracts used by the Portfolios are agreements to buy or sell
a financial instrument for a set price in the future. Certain Portfolios may
buy or sell futures contracts for the purpose of protecting their portfolio
securities against future changes in interest rates and indices which might
adversely affect the value of the Portfolios' securities or the price of
securities that it intends to purchase at a later date. Initial margin deposits
are made upon entering into futures contracts and can be in cash, certain money
market instruments, treasury securities or other liquid, high grade debt. At
December 31, 1999 the BT International Equity Index Portfolio had restricted
foreign cash in the amount of $1,244,281, 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
256
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1999
day. Variation margin payments on futures contracts are received or made,
depending upon whether unrealized gains or losses are incurred. When the
contract is closed, the Portfolio records a realized gain or loss equal to the
difference between the proceeds from (or cost of) the closing transactions and
the Portfolio's basis in the contract. Should interest rates or indices move
unexpectedly, the Portfolio may not achieve the anticipated benefits of the
futures contracts and may incur a loss. The use of futures contracts
transactions involves the risk of imperfect correlation in movements in the
price of futures contracts, interest rates and the underlying hedged assets.
Certain Portfolios may make contracts to purchase securities for a fixed
price at a future date beyond customary settlement time ("forward commitments")
if they hold, and maintain until the settlement date in a segregated account,
cash or liquid securities in an amount sufficient to meet the purchase price,
or if they enter into offsetting contracts for the forward sale of other
securities they own. Forward commitments may be considered securities in
themselves and involve a risk of loss if the value of the security to be
purchased declines prior to the settlement date, which risk is in addition to
the risk of decline in value of the Portfolio's other assets. Where such
purchases are made through dealers, a Portfolio relies on the dealer to
consummate the sale. The dealer's failure to do so may result in the loss to a
Portfolio of an advantageous yield or price.
Certain Portfolios may purchase foreign currency on a spot (or cash)
basis. In addition, certain Portfolios may enter into contracts to purchase or
sell foreign currencies at a future date ("forward contracts"). A forward
foreign currency exchange contract is a commitment to purchase or sell a
foreign currency at a future date at a negotiated forward rate. The gain or
loss arising from the difference between the original contracts and the closing
of such contracts is included in realized gains or losses from foreign currency
transactions. The Advisers, as defined below, may engage in these forward
contracts to protect against uncertainty in the level of future exchange rates
in connection with the purchase and sale of portfolio securities ("transaction
hedging") and to protect the value of specific portfolio positions ("position
hedging").
Swaps:
Certain Portfolios may invest in swap contracts, which are derivatives in
the form of a contract or other similar instrument which is an agreement to
exchange the return generated by one instrument for the return generated by
another instrument. The payment streams are calculated by reference to a
specified index and agreed upon notional amount. A Portfolio will usually enter
into swaps on a net basis, i.e., the two return streams are netted out in a
cash settlement on the payment date or dates specified in the instrument, with
the Portfolio receiving or paying, as the case may be, only the net amount of
the two returns. A Portfolio's obligations under a swap agreement will be
accrued daily (offset against any amounts owing to the Portfolio) and any
accrued but unpaid net amounts owed to a swap counterparty will be covered by
the maintenance of a segregated account consisting of cash, or other liquid
obligations. A Portfolio will not enter into any swap agreement unless the
counterparty meets the rating requirements set forth in guidelines established
by the Trust's Board of Trustees.
Market and Credit Risk:
Written options, futures contracts, forward commitments, forward foreign
currency exchange contracts and swaps involve elements of both market and
credit risk in excess of the amounts reflected in the Statements of Assets and
Liabilities. The risk involved in writing an option on a security is that, if
the option is exercised, the underlying security is then purchased or sold by
the Portfolio at the contract price, which could be disadvantageous relative to
the market price. The contract amounts of these covered written options,
futures contracts, forward commitments, forward foreign currency exchange
contracts and swaps reflect the extent of the Portfolio's exposure to
off-balance sheet risk. The Portfolio bears the market risk which arises from
any changes in security values. The credit risk for futures contracts and
257
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1999
exchange traded options is limited to failure of the exchange or board of trade
which acts as the counterparty to the Portfolio's futures transactions. Forward
commitments, forward foreign currency exchange contracts, over-the-counter
options and swaps are done directly with the counterparty and not through an
exchange and can be terminated only by agreement of both parties to such
contracts. With respect to such transactions there is no daily margin
settlement and the Portfolio is exposed to the risk of default by the
counterparty.
Note 2 Management of the Trust
For the period from January 1, 1999 through September 16, 1999, the Trust
had entered into an investment management agreement (the "Management
Agreement") with AXA Advisors LLC, formerly known as EQ Financial Consultants,
Inc. ("EQFC"), an indirect wholly-owned subsidiary of Equitable. Effective
September 17, 1999, the Trust's Management Agreement with AXA Advisors LLC was
transferred to Equitable (the new "Manager"). The Management Agreement states
that the Manager will (i) have overall supervisory responsibility for the
general management and investment of each Portfolio's assets; (ii) select and
contract with investment advisers ("Advisers") to manage the investment
operations and composition of each and every Portfolio; (iii) monitor the
Advisers' investment programs and results; (iv) oversee compliance by the Trust
with various Federal and state statutes; and (v) carry out the directives of
the Board of Trustees. For the year ended December 31, 1999, for its services
under the Management Agreement, the Manager was entitled to receive an annual
fee as a percentage of average daily net assets, for each of the following
Portfolios, calculated daily and payable quarterly as follows: The fee is
calculated based on an annual rate of:
0.25% OF AVERAGE DAILY NET ASSETS OF THE
BT Equity 500 Index Portfolio
BT Small Company Index Portfolio
0.35% OF AVERAGE DAILY NET ASSETS OF THE
BT International Equity Index Portfolio
0.45% OF AVERAGE DAILY NET ASSETS OF THE
JPM Core Bond Portfolio
0.55% OF AVERAGE DAILY NET ASSETS OF THE
Lazard Large Cap Value Portfolio
Merrill Lynch Basic Value Equity Portfolio
MFS Emerging Growth Companies Portfolio
MFS Growth with Income Portfolio
MFS Research Portfolio
EQ/Putnam Balanced Portfolio
EQ/Putnam Growth & Income Value Portfolio
EQ/Putnam Investors Growth Portfolio
T. Rowe Price Equity Income Portfolio
0.63% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Evergreen Foundation Portfolio
0.65% OF AVERAGE DAILY NET ASSETS OF THE
Calvert Socially Responsible Portfolio
Capital Guardian Research Portfolio
Capital Guardian U.S. Equity Portfolio
Warburg Pincus Small Company Value Portfolio
0.70% OF AVERAGE DAILY NET ASSETS OF THE
Merrill Lynch World Strategy Portfolio
EQ/Putnam International Equity Portfolio
0.75% OF AVERAGE DAILY NET ASSETS OF THE
258
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1999
Capital Guardian International Portfolio
EQ/Evergreen Portfolio
T. Rowe Price International Stock Portfolio
0.80% OF AVERAGE DAILY NET ASSETS OF THE
Lazard Small Cap Value Portfolio
0.90% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Alliance Premier Growth Portfolio
1.15% OF AVERAGE DAILY NET ASSETS OF THE
Morgan Stanley Emerging Markets Equity Portfolio
For the period January 1, 1999 through October 17, 1999, Alliance acted as
Manager and received fees from the following Portfolios at the following rates.
For the period October 18, 1999 through December 31, 1999, Alliance became
Adviser of the Portfolios and Equitable became Manager. As Manager, Equitable
received an annual fee as a percentage of average daily net assets, for each of
the following Portfolios, calculated daily and payable quarterly as follows:
<TABLE>
<CAPTION>
AVERAGE DAILY NET ASSETS
-----------------------------------------------------------------------------
FIRST NEXT NEXT NEXT
PORTFOLIO $750 MILLION $750 MILLION $1 BILLION $2.5 BILLION THEREAFTER
- --------- ------------ ------------ ---------- ------------ ----------
<S> <C> <C> <C> <C> <C>
Alliance Aggressive Stock ............... .625% .575% .525% .500% .475%
Alliance Balanced ....................... .450% .400% .350% .325% .300%
Alliance Common Stock ................... .475% .425% .375% .355% .345%*
Alliance Conservative Investors ......... .475% .425% .375% .350% .325%
Alliance Equity Index ................... .325% .300% .275% .255% .245%
Alliance Global ......................... .675% .600% .550% .530% .520%
Alliance Growth and Income .............. .550% .525% .500% .480% .470%
Alliance Growth Investors ............... .550% .500% .450% .425% .400%
Alliance High Yield ..................... .600% .575% .550% .530% .520%
Alliance Intermediate Government
Securities ............................. .500% .475% .450% .430% .420%
Alliance International .................. .900% .825% .800% .780% .770%
Alliance Money Market ................... .350% .325% .300% .280% .270%
Alliance Quality Bond ................... .525% .500% .475% .455% .445%
Alliance Small Cap Growth ............... .900% .850% .825% .800% .775%
</TABLE>
- ----------
* On assets in excess of $10 billion, the management fee for the Alliance
Common Stock Portfolio is reduced to 0.335% of average daily net assets.
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
For the year ending December 31, 1999 Chase Global Funds Services Company
("Chase Global"), a corporate affiliate of Chase, served as administrator for
the Trust pursuant to an administrative services agreement with Chase Global.
Under that agreement Chase Global provides certain fund accounting, compliance
and administrative services to the Trust. For such services, Chase Global
receives compensation at the annual rate of 0.0525 of 1% of the total Trust
assets, plus $25,000 for each Portfolio, until the
259
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1999
total Trust assets reach $2.0 billion, and when the total Trust assets exceed
$2.0 billion Chase Global receives: 0.0425 of 1% of the next $500 million of
the total Trust assets; 0.035 of 1% of the next $2.0 billion of the total Trust
assets; 0.025 of 1% of the next $1.0 billion of the total Trust assets; 0.015
of 1% of the next $2.5 billion of the total Trust assets; and 0.01 of 1% of the
total Trust assets in excess of $8.0 billion; except that the annual fee
payable to Chase Global with respect to any Portfolio which commenced
operations after July 1, 1997 and whose assets do not exceed $200 million shall
be computed at the annual rate of 0.0525 of 1% of the Portfolio's total assets
plus $25,000. Certain officers of the Trust are also officers of Chase Global.
Included in other assets are receivables from Chase Global of $160,897, $32,119
and $88,615 for the Alliance International Portfolio, Alliance Small Cap Growth
Portfolio and Morgan Stanley Emerging Markets Equity Portfolio, respectively.
For the year ended December 31, 1999, Alliance (an affiliate of the Manager)
performed certain Administrative functions for various Portfolios of the Trust.
The cost of providing these services was paid by the Manager.
Note 4 Custody Fees
The Trust has entered into a Custody Agreement with Chase. The Custody
Agreement provides for an annual fee based on the amount of assets under
custody plus transaction charges. Chase serves as custodian of the Trust's
portfolio securities and other assets. Under the terms of the Custody Agreement
between the Trust and Chase, Chase maintains and deposits in separate accounts,
cash, securities and other assets of the Portfolios. Chase is also required,
upon the order of the Trust, to deliver securities held by Chase, and to make
payments for securities purchased by the Trust. Chase has also entered into
sub-custodian agreements with a number of foreign banks and clearing agencies,
pursuant to which portfolio securities purchased outside the United States are
maintained in the custody of these entities.
Note 5 Distribution Plan
The Trust has entered into distribution agreements with AXA Advisors LLC
and Equitable Distributors, Inc. ("EDI"), an indirect wholly-owned subsidiary
of Equitable (collectively, the "Distributors"), pursuant to which the
Distributors serve as the principal underwriters of the Class IA and Class IB
shares of the Trust. Class IB shares are subject to distribution fees imposed
pursuant to a distribution plan ("Distribution Plan") adopted pursuant to Rule
12b-1 under the 1940 Act. The Distribution Plan provides that each Distributor
will be entitled to receive a maximum distribution fee at the annual rate of
0.50% of the average net assets attributable to the Trust's Class IB shares.
The distribution agreements, however, limit payments for services provided
under the Distribution Plan to an annual rate of 0.25% of the average daily net
assets attributable to the Trust's Class IB shares. For the period January 1,
1999 through October 17, 1999, with respect to the Alliance Small Cap Growth
Portfolio, this amount could not exceed the lesser of (a) 0.25% of the average
daily net assets of the Portfolio attributable to Class IB shares for which
each Class IB Distributor provides services and/or assumes expenses under the
Distribution Plan and (b) an amount that, when added to certain other expenses
of the Class IB shares, would result in a ratio of expenses to average daily
net assets attributable to Class IB shares for which such Class IB Distributor
provides services and/or assumes expenses under the Distribution Plan equaling
1.20%. The Trust's Class IA shares are not subject to such fees.
Note 6 Expense Limitation
In the interest of limiting expenses of certain Portfolios, the Manager
has entered into an expense limitation agreement with the Trust, with respect
to such Portfolios ("Expense Limitation Agreement"), pursuant to which the
Manager has agreed to waive or limit its fees and to assume other expenses so
that the total annual operating expenses (excluding the 0.25% annual fee under
the Trust's Class IB Distribution Plan) of such Portfolio are limited to:
0.30% OF AVERAGE DAILY NET ASSETS OF THE
BT Equity 500 Index Portfolio
260
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1999
0.50% OF AVERAGE DAILY NET ASSETS OF THE
BT Small Company Index Portfolio
0.55% OF AVERAGE DAILY NET ASSETS OF THE
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 Growth with Income Portfolio
MFS Research Portfolio
EQ/Putnam Growth & Income Value Portfolio
T. Rowe Price Equity Income Portfolio
0.65% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Putnam Balanced Portfolio
0.70% OF AVERAGE DAILY NET ASSETS OF THE
Capital Guardian Research Portfolio
Capital Guardian U.S. Equity Portfolio
EQ/Evergreen Foundation Portfolio
Lazard Large Cap Value Portfolio
EQ/Putnam Investors Growth Portfolio
0.75% OF AVERAGE DAILY NET ASSETS OF THE
BT International Equity Index Portfolio
Warburg Pincus Small Company Value Portfolio
0.80% OF AVERAGE DAILY NET ASSETS OF THE
Calvert Socially Responsible Portfolio
EQ/Evergreen Portfolio
0.90% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Alliance Premier Growth Portfolio
0.95% OF AVERAGE DAILY NET ASSETS OF THE
Capital Guardian International Portfolio
Lazard Small Cap Value Portfolio
Merrill Lynch World Strategy Portfolio
EQ/Putnam International Equity Portfolio
T. Rowe Price International Stock Portfolio
1.50% OF AVERAGE DAILY NET ASSETS OF THE
Morgan Stanley Emerging Markets Equity Portfolio
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, 1999, under the Expense Limitation Agreement, the amount
that would be recoverable from each Portfolio is as follows:
PORTFOLIOS: AMOUNT
- ----------- ------
EQ/Alliance Premier Growth Portfolio .................... $239,626
BT Equity 500 Index Portfolio ........................... 738,898
BT International Equity Index Portfolio ................. 250,832
BT Small Company Index Portfolio ........................ 427,920
Calvert Socially Responsible Portfolio .................. 31,969
261
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1999
PORTFOLIOS: AMOUNT
----------- ------
Capital Guardian International Portfolio ................. $ 67,215
Capital Guardian Research Portfolio ...................... 50,116
Capital Guardian U.S. Equity Portfolio ................... 59,827
EQ/Evergreen Portfolio ................................... 47,864
EQ/Evergreen Foundation Portfolio ........................ 44,492
JPM Core Bond Portfolio .................................. 209,405
Lazard Large Cap Value Portfolio ......................... 152,932
Lazard Small Cap Value Portfolio ......................... 142,506
Merrill Lynch Basic Value Equity Portfolio ............... 622,199
Merrill Lynch World Strategy Portfolio ................... 282,129
MFS Emerging Growth Companies Portfolio .................. 1,579,201
MFS Growth with Income Portfolio ......................... 130,037
MFS Research Portfolio ................................... 1,343,001
Morgan Stanley Emerging Markets Equity Portfolio ......... 836,241
EQ/Putnam Balanced Portfolio ............................. 471,265
EQ/Putnam Growth & Income Value Portfolio ................ 1,498,426
EQ/Putnam International Equity Portfolio ................. 593,844
EQ/Putnam Investors Growth Portfolio ..................... 497,188
T. Rowe Price Equity Income Portfolio .................... 906,435
T. Rowe Price International Stock Portfolio .............. 722,176
Warburg Pincus Small Company Value Portfolio ............. 648,751
Note 7 Trustees Deferred Compensation Plan
A deferred compensation plan for the benefit of the unaffiliated Trustees
has been adopted by the Trust. Under the deferred compensation plan, each
Trustee may defer payment of all or part of the fees payable for such Trustee's
services. Each Trustee may defer payment of such fees until their retirement as
a Trustee or until the earlier attainment of a specified age. Fees deferred
under the deferred compensation plan, together with accrued interest thereon,
will be disbursed to a participating Trustee in monthly installments over a
five to twenty year period elected by such Trustee.
Note 8 Subsequent Events
At a meeting of the Board of Trustees held on January 28, 2000, the Board
took the following actions: (i) approved an Amended and Restated Investment
Management Agreement ("Amended Agreement") between the Trust and The Equitable
Life Assurance Society of the United States, investment manager of the Trust
("Equitable" or "Manager"); and (ii) approved two changes in the fundamental
investment policies of each Portfolio, except for three of the Portfolios, in
order to permit each Portfolio to function as a fund-of-funds.
In addition, at that meeting, the Board approved a proposal with respect
to Alliance Aggressive Stock, Alliance Balanced, Alliance Common Stock,
Alliance Conservative Investors, Alliance Equity Index, Alliance Global,
Alliance Growth and Income, Alliance Growth Investors, Alliance High Yield,
Alliance Intermediate Government Securities, Alliance International, Alliance
Money Market, Alliance Quality Bond, and Alliance Small Cap Growth Portfolios
(collectively, "former Hudson River Trust Portfolios") that will permit the
Manager, subject to approval of the Board, to rely upon exemptive relief
granted by the Securities and Exchange Commission ("SEC") enabling the Manager,
without obtaining shareholder approval to: (i) select new or additional
investment advisers ("Adviser") for each of the portfolios; (ii) enter into new
advisory agreements and materially modifying existing investment advisory
agreements; and (iii) terminate and replace Advisers.
262
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1999
With respect to each Portfolio, each of these proposals requires the
approval by each Portfolio's shareholders voting separately. The Trust is
expected to hold a Special meeting of Shareholders of the Trust ("Meeting") to
seek approval of each of these proposals.
AMENDED AND RESTATED INVESTMENT MANAGEMENT AGREEMENT. If approved by
shareholders, the currently effective Investment Management Agreement ("Current
Agreement") between the Trust and the Manager would be amended, as set forth in
the Amended Agreement, in order primarily to (i) modify the current investment
management fee schedule for the Portfolios, as specified below; and (ii) to
facilitate the ability of the Manager, subject to Board approval, to (a) select
new or additional Advisers for each Portfolio, (b) enter into and materially
modify existing investment advisory agreements, and (c) terminate and replace
Advisers, as permitted under the Multi-Manager Order. The Amended Agreement
also will permit the Trust, the Manager and the Advisers to pay broker-dealers
compensation for receipt of brokerage or research services as permitted under
Section 28(e) of the Exchange Act. In addition, the Amended Agreement will
permit the Trust to direct the Manager to cause Advisers to effect securities
transactions through broker-dealers in a manner that would help to generate
resources to (i) pay the cost of certain expenses which the Trust is required
to pay or for which the Trust is required to arrange payment, or (ii) finance
activities that are primarily intended to result in the sale of Trust shares.
The Amended Agreement, if approved by shareholders will be effective on or
about May 1, 2000.
The proposed investment management fee rates and breakpoint schedules for
each Portfolio are provided below.
The proposed changes to the contractual investment management fee rates,
together with the proposed revisions to the breakpoint schedules, would result
in management fees to be (using Portfolio assets as of December 31, 1999):
o higher for 15 of the Portfolios (Alliance Aggresive Stock, Alliance
Balanced, Alliance Common Stock, Alliance Conservative Investors,
Alliance Growth Investors, Alliance Growth and Income, Alliance Global,
Capital Guardian International, Merrill Lynch Basic Value Equity, MFS
Research, MFS Emerging Growth Companies, MFS Growth with Income,
EQ/Putnam International Equity, EQ/Putnam Investors Growth, and T. Rowe
Price Equity Income);
o higher on a contractual basis for 5 of the Portfolios (EQ/Putnam
Balanced, EQ/Putnam Growth & Income Value, Lazard Large Cap Value, T.
Rowe Price International Stock, and Warburg Pincus Small Company Value);
however, the Manager has agreed not to implement any management fee
increase approved by shareholders for these 5 Portfolios until July 31,
2001, unless the Board agrees to an earlier effective date;
o unchanged for 14 of the Portfolios (Alliance Money Market, Alliance
Intermediate Government Securities, Alliance Quality Bond, Alliance High
Yield, JPM Core Bond, BT Equity 500 Index, BT Small Company Index, BT
International Equity Index, EQ/Alliance Premier Growth, Capital Guardian
U.S. Equity, Capital Guardian Research, Merrill Lynch World Strategy,
Calvert Socially Responsible, and Morgan Stanley Emerging Markets
Equity); and
o lower for the remaining 6 Portfolios (Alliance Equity Index, Alliance
Small Cap Growth, Alliance International, Lazard Small Cap Value,
EQ/Evergreen, and EQ/Evergreen Foundation).
263
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
December 31, 1999
FEE UNDER NEW MANAGEMENT AGREEMENT
(AS AN ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS) (FEE ON ALL ASSETS)
INDEX PORTFOLIOS
- ----------------
Alliance Equity Index ................. 0.250%
BT Equity 500 Index ................... 0.250%
BT International Equity Index ......... 0.350%
BT Small Company Index ................ 0.250%
FEE UNDER NEW MANAGEMENT AGREEMENT
(AS AN ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS)
<TABLE>
<CAPTION>
FIRST NEXT NEXT NEXT
DEBT PORTFOLIOS $750 MILLION $750 MILLION $1 BILLION $2.5 BILLION THEREAFTER
- --------------- ------------ ------------ ---------- ------------ ----------
<S> <C> <C> <C> <C> <C>
Alliance High Yield ............ 0.600% 0.575% 0.550% 0.530% 0.520%
Alliance Intermediate
Government Securities ......... 0.500% 0.475% 0.450% 0.430% 0.420%
Alliance Money Market .......... 0.350% 0.325% 0.300% 0.280% 0.270%
Alliance Quality Bond .......... 0.525% 0.500% 0.475% 0.455% 0.445%
JPM Core Bond .................. 0.450% 0.425% 0.400% 0.380% 0.370%
</TABLE>
FEE UNDER NEW MANAGEMENT AGREEMENT
(AS AN ANNUAL PERCENTAGE OF AVERAGE DAILY NET ASSETS)
<TABLE>
<CAPTION>
FIRST NEXT NEXT NEXT
EQUITY PORTFOLIOS $1 BILLION $1 BILLION $3 BILLION $5 BILLION THEREAFTER
- ----------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Alliance Aggressive Stock .......... 0.650% 0.600% 0.575% 0.550% 0.525%
Alliance Balanced .................. 0.600% 0.550% 0.525% 0.500% 0.475%
Alliance Common Stock .............. 0.550% 0.500% 0.475% 0.450% 0.425%
Alliance Conservative Investors..... 0.600% 0.550% 0.525% 0.500% 0.475%
Alliance Global .................... 0.750% 0.700% 0.675% 0.650% 0.625%
Alliance Growth and Income ......... 0.600% 0.550% 0.525% 0.500% 0.475%
Alliance Growth Investors .......... 0.600% 0.550% 0.525% 0.500% 0.475%
Alliance International ............. 0.850% 0.800% 0.775% 0.750% 0.725%
EQ/Alliance Premier Growth ......... 0.900% 0.850% 0.825% 0.800% 0.775%
Alliance Small Cap Growth .......... 0.750% 0.700% 0.675% 0.650% 0.625%
Calvert Socially Responsible ....... 0.650% 0.600% 0.575% 0.550% 0.525%
Capital Guardian International...... 0.850% 0.800% 0.775% 0.750% 0.725%
Capital Guardian Research .......... 0.650% 0.600% 0.575% 0.550% 0.525%
Capital Guardian U.S. Equity ....... 0.650% 0.600% 0.575% 0.550% 0.525%
EQ/Evergreen ....................... 0.650% 0.600% 0.575% 0.550% 0.525%
EQ/Evergreen Foundation ............ 0.600% 0.550% 0.525% 0.500% 0.475%
Lazard Large Cap Value ............. 0.650% 0.600% 0.575% 0.550% 0.525%
Lazard Small Cap Value ............. 0.750% 0.700% 0.675% 0.650% 0.625%
Merrill Lynch Basic Value
Equity ............................ 0.600% 0.550% 0.525% 0.500% 0.475%
Merrill Lynch World Strategy ....... 0.700% 0.650% 0.625% 0.600% 0.575%
MFS Emerging Growth
Companies ......................... 0.650% 0.600% 0.575% 0.550% 0.525%
MFS Growth with Income ............. 0.600% 0.550% 0.525% 0.500% 0.475%
MFS Research ....................... 0.650% 0.600% 0.575% 0.550% 0.525%
</TABLE>
264
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Concluded)
December 31, 1999
<TABLE>
<CAPTION>
FIRST NEXT NEXT NEXT
EQUITY PORTFOLIOS $1 BILLION $1 BILLION $3 BILLION $5 BILLION THEREAFTER
- ----------------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Morgan Stanley Emerging
Markets Equity ..................... 1.150% 1.100% 1.075% 1.050% 1.025%
EQ/Putnam Balanced .................. 0.600% 0.550% 0.525% 0.500% 0.475%
EQ/Putnam Growth & Income
Value .............................. 0.600% 0.550% 0.525% 0.500% 0.475%
EQ/Putnam International
Equity ............................. 0.850% 0.800% 0.775% 0.750% 0.725%
EQ/Putnam Investors Growth .......... 0.650% 0.600% 0.575% 0.550% 0.525%
T. Rowe Price Equity Income ......... 0.600% 0.550% 0.525% 0.500% 0.475%
T. Rowe Price International
Stock .............................. 0.850% 0.800% 0.775% 0.750% 0.725%
Warburg Pincus Small Company
Value .............................. 0.750% 0.700% 0.675% 0.650% 0.625%
</TABLE>
265
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS
ALLIANCE AGGRESSIVE STOCK PORTFOLIO(d)(e):
<TABLE>
<CAPTION>
CLASS IA
--------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------------
1999 1998 1997 1996 1995
------------- ----------- ------------ -------------- ----------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $34.15 $36.22 $35.85 $35.68 $30.63
------ ------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income
(loss) ........................ 0.12 0.09 0.04 0.09 0.10
Net realized and
unrealized gain (loss) on
investments ................... 6.22 (0.28) 3.71 7.52 9.54
------ ------ ------ ------ ------
Total from investment
operations .................... 6.34 (0.19) 3.75 7.61 9.64
------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............. (0.12) (0.16) (0.05) (0.09) (0.10)
Dividends in excess of net
investment income ............. -- -- -- -- --
Distributions from realized
gains ......................... (2.36) (1.72) (3.33) (7.33) (4.49)
Distributions in excess of
realized gains ................ -- -- -- (0.02) --
Tax return of capital
distributions ................. -- -- -- -- --
------ ------ ------ ------ ------
Total dividends and
distributions ................. (2.48) (1.88) (3.38) (7.44) (4.59)
------ ------ ------ ------ ------
Net asset value, end of
period ......................... $38.01 $34.15 $36.22 $35.85 $35.68
====== ====== ====== ====== =========
Total return .................... 18.84% 0.29% 10.94% 22.20% 31.63%
====== ====== ====== ====== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ........................ $4,368,877 $4,346,907 $4,589,771 $3,865,256 $2,700,515
Ratio of expenses to average
net assets ..................... 0.56% 0.56% 0.54% 0.48% 0.49%
Ratio of net investment
income (loss) to average
net assets ..................... 0.33% 0.24% 0.11% 0.24% 0.28%
Portfolio turnover rate ......... 87% 105% 123% 108% 127%
<CAPTION>
CLASS IB
--------------------------------------------------------
OCTOBER 2,*
YEAR ENDED DECEMBER 31, 1996 TO
------------------------------------- DECEMBER 31,
1999 1998 1997 1996
------------ ------------ ----------- ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 34.01 $ 36.13 $ 35.83 $ 37.28
------- ------- ------- ----------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income
(loss) ........................ 0.03 0.01 (0.11) (0.01)
Net realized and
unrealized gain (loss) on
investments ................... 6.20 (0.29) 3.77 0.85
------- ------- ------- ----------
Total from investment
operations .................... 6.23 (0.28) 3.66 0.84
------- ------- ------- ----------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............. (0.05) (0.12) (0.03) --
Dividends in excess of net
investment income ............. -- -- -- (0.02)
Distributions from realized
gains ......................... (2.36) (1.72) (3.33) (0.23)
Distributions in excess of
realized gains ................ -- -- -- (2.04)
Tax return of capital
distributions ................. -- -- -- --
------- ------- ------- ----------
Total dividends and
distributions ................. (2.41) (1.84) (3.36) (2.29)
------- ------- ------- ----------
Net asset value, end of
period ......................... $ 37.83 $ 34.01 $ 36.13 $ 35.83
======= ======= ======= ==========
Total return .................... 18.55% 0.05% 10.66% 2.32%(b)
======= ======= ======= ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ........................ $233,265 $153,782 $73,486 $ 613
Ratio of expenses to average
net assets ..................... 0.81% 0.82% 0.81% 0.73%(a)
Ratio of net investment
income (loss) to average
net assets ..................... 0.07% 0.02% (0.28)% (0.10)%(a)
Portfolio turnover rate ......... 87% 105% 123% 108%
</TABLE>
266
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE BALANCED PORTFOLIO(d)(e):
<TABLE>
<CAPTION>
CLASS IA
--------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------------
1999 1998 1997 1996 1995
-------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 18.51 $ 17.58 $ 16.64 $ 16.76 $ 14.87
--------- --------- --------- --------- ---------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income .......... 0.52 0.56 0.58 0.53 0.54
Net realized and unrealized
gain on investments and
foreign currency
transactions .................. 2.69 2.54 1.86 1.31 2.36
--------- --------- --------- --------- ---------
Total from investment
operations .................... 3.21 3.10 2.44 1.84 2.90
--------- --------- --------- --------- ---------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............. (0.56) (0.50) (0.59) (0.53) (0.54)
Dividends in excess of net
investment income ............. -- -- -- -- --
Distributions from realized
gains ......................... (1.98) (1.67) (0.91) (1.40) (0.47)
Distributions in excess of
realized gains ................ -- -- -- (0.03) --
Tax return of capital
distributions ................. -- -- -- -- --
---------- ---------- ---------- ---------- ----------
Total dividends and
distributions ................. (2.54) (2.17) (1.50) (1.96) (1.01)
---------- ---------- ---------- ---------- ----------
Net asset value, end of
period ......................... $ 19.18 $ 18.51 $ 17.58 $ 16.64 $ 16.76
========== ========== ========== ========== ==========
Total return .................... 17.79% 18.11% 15.06% 11.68% 19.75%
========== ========== ========== ========== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ....................... $2,126,313 $1,936,429 $1,724,089 $1,637,856 $1,523,142
Ratio of expenses to average
net assets ..................... 0.44% 0.45% 0.45% 0.41% 0.40%
Ratio of net investment
income to average net
assets ......................... 2.68% 3.00% 3.30% 3.15% 3.33%
Portfolio turnover rate ......... 107% 95% 146% 177% 186%
<CAPTION>
CLASS IB
-------------------------------------
JULY 8, 1998*
YEAR ENDED TO
DECEMBER 31, 1999 DECEMBER 31, 1998
------------------ ------------------
<S> <C> <C>
Net asset value, beginning of
period ......................... $ 18.51 $ 19.48
------- ---------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income .......... 0.47 0.24
Net realized and unrealized
gain on investments and
foreign currency
transactions .................. 2.69 0.66
------- ---------
Total from investment
operations .................... 3.16 0.90
------- ---------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............. (0.54) (0.20)
Dividends in excess of net
investment income ............. -- --
Distributions from realized
gains ......................... (1.98) (1.67)
Distributions in excess of
realized gains ................ -- --
Tax return of capital
distributions ................. -- --
------- ---------
Total dividends and
distributions ................. (2.52) (1.87)
------- ---------
Net asset value, end of
period ......................... $ 19.15 $ 18.51
======= =========
Total return .................... 17.50% 4.92%(b)
======= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ........................ $10,701 $ 10
Ratio of expenses to average
net assets ..................... 0.69% 0.70%(a)
Ratio of net investment
income to average net
assets ......................... 2.43% 2.65%(a)
Portfolio turnover rate ......... 107% 95%
</TABLE>
267
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE COMMON STOCK PORTFOLIO(d)(e):
<TABLE>
<CAPTION>
CLASS IA
--------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------------
1999 1998 1997 1996 1995
-------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 24.35 $ 21.61 $ 18.23 $ 16.48 $ 13.36
--------- --------- --------- --------- ---------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income .......... 0.17 0.18 0.14 0.15 0.20
Net realized and unrealized
gain on investments and
foreign currency
transactions .................. 5.84 5.99 5.12 3.73 4.12
--------- --------- --------- --------- ---------
Total from investment
operations .................... 6.01 6.17 5.26 3.88 4.32
--------- --------- --------- --------- ---------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............. (0.16) (0.15) (0.11) (0.15) (0.20)
Dividends in excess of net
investment income ............. -- -- -- -- (0.02)
Distributions from realized
gains ......................... (4.03) (3.28) (1.77) (1.76) (0.95)
Distributions in excess of
realized gains ................ -- -- -- (0.22) (0.03)
Tax return of capital
distributions ................. -- -- -- -- --
---------- ---------- ---------- ---------- ----------
Total dividends and
distributions ................. (4.19) (3.43) (1.88) (2.13) (1.20)
---------- ---------- ---------- ---------- ----------
Net asset value, end of
period ......................... $ 26.17 $ 24.35 $ 21.61 $ 18.23 $ 16.48
========== ========== ========== ========== ==========
Total return .................... 25.19% 29.39% 29.40% 24.28% 32.45%
========== ========== ========== ========== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ....................... $14,951,495 $12,061,977 $9,331,994 $6,625,390 $4,879,677
Ratio of expenses to average
net assets ..................... 0.38% 0.39% 0.39% 0.38% 0.38%
Ratio of net investment
income to average net
assets ......................... 0.65% 0.75% 0.69% 0.85% 1.27%
Portfolio turnover rate ......... 57% 46% 52% 55% 61%
<CAPTION>
CLASS IB
--------------------------------------------------------
OCTOBER 2,*
YEAR ENDED DECEMBER 31, 1996 TO
------------------------------------- DECEMBER 31,
1999 1998 1997 1996
------------ ------------ ----------- ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 24.30 $ 21.58 $ 18.22 $ 17.90
------- ------- ------- ----------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income .......... 0.10 0.10 0.10 0.02
Net realized and unrealized
gain (loss) on investments .... 5.82 6.00 5.11 1.52
------- ------- ------- ----------
Total from investment
operations .................... 5.92 6.10 5.21 1.54
------- ------- ------- ----------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............. (0.14) (0.10) (0.08) --
Dividends in excess of net
investment income ............. -- -- -- (0.03)
Distributions from realized
gains ......................... (4.03) (3.28) (1.77) (0.16)
Distributions in excess of
realized gains ................ -- -- -- (1.03)
Tax return of capital
distributions ................. -- -- -- --
------- ------- ------- ----------
Total dividends and
distributions ................. (4.17) (3.38) (1.85) (1.22)
------- ------- ------- ----------
Net asset value, end of
period ......................... $ 26.05 $ 24.30 $ 21.58 $ 18.22
======= ======= ======= ==========
Total return .................... 24.88% 29.06% 29.07% 8.49%(b)
======= ======= ======= ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ........................$1,642,066 $834,144 $228,780 $ 1,244
Ratio of expenses to average
net assets ..................... 0.63% 0.64% 0.64% 0.63%(a)
Ratio of net investment
income to average net assets ... 0.39% 0.44% 0.46% 0.61%(a)
Portfolio turnover rate ......... 57% 46% 52% 55%
</TABLE>
268
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO(d)(e):
<TABLE>
<CAPTION>
CLASS IA
----------------------------------------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------
1999 1998 1997 1996 1995
------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of period ...... $ 12.32 $ 11.89 $ 11.29 $ 11.52 $ 10.15
------- ------- ------- ------- -------
INCOME FROM
INVESTMENT
OPERATIONS:
Net investment
income .................. 0.47 0.49 0.49 0.50 0.60
Net realized and
unrealized gain on
investments and
foreign currency
transactions ............ 0.76 1.12 0.97 0.07 1.43
------- ------- ------- ------- -------
Total from
investment
operations .............. 1.23 1.61 1.46 0.57 2.03
------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net
investment income........ (0.44) (0.48) (0.49) (0.51) (0.59)
Distributions from
realized gains .......... (0.56) (0.70) (0.37) (0.27) (0.07)
Distributions in
excess of realized
gains ................... -- -- -- (0.02) --
Tax return of capital
distributions ........... -- -- -- -- --
-------- -------- -------- -------- --------
Total dividends and
distributions ........... (1.00) (1.18) (0.86) (0.80) (0.66)
-------- -------- -------- -------- --------
Net asset value, end of
period ................... $ 12.55 $ 12.32 $ 11.89 $ 11.29 $ 11.52
======== ======== ======== ======== ========
Total return .............. 10.14% 13.88% 13.25% 5.21% 20.40%
======== ======== ======== ======== ========
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end of
period (000's) ........... $394,489 $355,441 $307,847 $282,402 $252,101
Ratio of expenses to
average net assets ....... 0.53% 0.53% 0.57% 0.61% 0.59%
Ratio of net investment
income to average
net assets ............... 3.73% 3.99% 4.17% 4.48% 5.48%
Portfolio turnover rate.... 111% 103% 206% 181% 287%
<CAPTION>
CLASS 1B
----------------------------------------
YEAR ENDED MAY 1, 1997*
DECEMBER 31, TO
----------------------- DECEMBER 31,
1999 1998 1997
----------- ----------- ----------------
<S> <C> <C> <C>
Net asset value,
beginning of period ...... $ 12.31 $ 11.88 $ 11.29
------- ------- ---------
INCOME FROM
INVESTMENT
OPERATIONS:
Net investment
income .................. 0.44 0.46 0.31
Net realized and
unrealized gain on
investments and
foreign currency
transactions ............ 0.75 1.12 1.01
------- ------- ---------
Total from
investment
operations .............. 1.19 1.58 1.32
------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net
investment income........ (0.43) (0.45) (0.36)
Distributions from
realized gains .......... (0.56) (0.70) (0.37)
Distributions in
excess of realized
gains ................... -- -- --
Tax return of capital
distributions ........... -- -- --
------- ------- ---------
Total dividends and
distributions ........... (0.99) (1.15) (0.73)
------- ------- ---------
Net asset value, end of
period ................... $12.51 $12.31 $11.88
======= ======= =========
Total return .............. 9.87% 13.60% 11.84%(b)
======= ======= =========
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end of
period (000's) ........... $81,555 $32,653 $ 5,694
Ratio of expenses to
average net assets ....... 0.78% 0.78% 0.80%(a)
Ratio of net investment
income to average
net assets ............... 3.48% 3.68% 3.82%(a)
Portfolio turnover rate.... 111% 103% 206%
</TABLE>
269
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE EQUITY INDEX PORTFOLIO(d)(e):
<TABLE>
<CAPTION>
CLASS IA
--------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
--------------------------------------------------------------------
1999 1998 1997 1996 1995
-------------- -------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of period ....... $ 25.00 $ 19.74 $ 15.16 $ 13.13 $ 9.87
--------- --------- ------- ------- -------
INCOME FROM
INVESTMENT
OPERATIONS:
Net investment
income ................... 0.28 0.27 0.26 0.27 0.26
Net realized and
unrealized gain on
investments and
foreign currency
transactions ............. 4.78 5.25 4.64 2.65 3.32
--------- --------- ------- ------- -------
Total from
investment
operations ............... 5.06 5.52 4.90 2.92 3.58
--------- --------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net
investment income......... (0.27) (0.25) (0.25) (0.25) (0.22)
Dividends in excess
of net investment
income -- ................ -- -- -- -- --
Distributions from
realized gains ........... (0.22) (0.01) (0.07) (0.64) (0.09)
Distributions in
excess of realized
gains .................... -- -- -- -- (0.01)
Tax return of capital
distributions ............ -- -- -- -- --
---------- ---------- -------- -------- --------
Total dividends and
distributions ............ (0.49) (0.26) (0.32) (0.89) (0.32)
---------- ---------- -------- -------- --------
Net asset value, end of
period .................... $ 29.57 $ 25.00 $ 19.74 $ 15.16 $ 13.13
========== ========== ======== ======== ========
Total return ............... 20.38% 28.07% 32.58% 22.39% 36.48%
========== ========== ======== ======== ========
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end of
period (000's) ............ $2,618,539 $1,689,913 $943,631 $386,249 $165,785
Ratio of expenses to
average net assets ........ 0.33% 0.34% 0.37% 0.39% 0.48%
Ratio of net investment
income to average
net assets ................ 1.05% 1.23% 1.46% 1.91% 2.16%
Portfolio turnover rate..... 5% 6% 3% 15% 9%
<CAPTION>
CLASS 1B
----------------------------------------
YEAR ENDED MAY 1, 1997*
DECEMBER 31, TO
----------------------- DECEMBER 31,
1999 1998 1997
----------- ----------- ----------------
<S> <C> <C> <C>
Net asset value,
beginning of period ....... $ 24.98 $ 19.73 $ 16.35
------- ------- ---------
INCOME FROM
INVESTMENT
OPERATIONS:
Net investment
income ................... 0.21 0.22 0.14
Net realized and
unrealized gain on
investments and
foreign currency
transactions ............. 4.78 5.24 3.48
------- ------- ---------
Total from
investment
operations ............... 4.99 5.46 3.62
------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net
investment income......... (0.25) (0.20) (0.17)
Dividends in excess
of net investment
income -- ................ -- -- --
Distributions from
realized gains ........... (0.22) (0.01) (0.07)
Distributions in
excess of realized
gains .................... -- -- --
Tax return of capital
distributions ............ -- -- --
------- -------- ---------
Total dividends and
distributions ............ (0.47) (0.21) (0.24)
------- -------- ---------
Net asset value, end of
period .................... $29.50 $ 24.98 $ 19.73
======= ======== =========
Total return ............... 20.08% 27.74% 22.28%(b)
======= ======== =========
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end of
period (000's) ............ $20,931 $ 443 $ 110
Ratio of expenses to
average net assets ........ 0.58% 0.59% 0.62%(a)
Ratio of net investment
income to average
net assets ................ 0.78% 0.98% 1.10%(a)
Portfolio turnover rate..... 5% 6% 3%
</TABLE>
270
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE GLOBAL PORTFOLIO(d)(e):
<TABLE>
<CAPTION>
CLASS IA
----------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------------
1999 1998 1997 1996 1995
-------------- -------------- -------------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of period ..... $ 19.46 $ 17.29 $ 16.92 $ 15.74 $ 13.87
--------- --------- --------- ------- -------
INCOME FROM
INVESTMENT
OPERATIONS:
Net investment
income ................. 0.10 0.14 0.17 0.21 0.26
Net realized and
unrealized gain on
investments and
foreign currency
transactions ........... 7.25 3.56 1.75 2.05 2.32
--------- --------- --------- ------- -------
Total from
investment
operations ............. 7.35 3.70 1.92 2.26 2.58
--------- --------- --------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net
investment income....... (0.02) (0.22) (0.36) (0.21) (0.25)
Dividends in excess
of net investment
income ................. -- -- -- (0.08) --
Distributions from
realized gains ......... (1.63) (1.31) (1.19) (0.79) (0.42)
Distributions in
excess of realized
gains .................. -- -- -- -- (0.03)
Tax return of capital
distributions .......... -- -- -- -- (0.01)
---------- ---------- ---------- -------- --------
Total dividends and
distributions .......... (1.65) (1.53) (1.55) (1.08) (0.71)
---------- ---------- ---------- -------- --------
Net asset value, end of
period .................. $ 25.16 $ 19.46 $ 17.29 $ 16.92 $ 15.74
========== ========== ========== ======== ========
Total return ............. 38.53% 21.80% 11.66% 14.60% 18.81%
========== ========== ========== ======== ========
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end of
period (000's) .......... $1,869,185 $1,360,220 $1,203,867 $997,041 $686,140
Ratio of expenses to
average net assets ...... 0.70% 0.71% 0.69% 0.60% 0.61%
Ratio of net investment
income to average
net assets .............. 0.45% 0.72% 0.97% 1.28% 1.76%
Portfolio turnover rate... 93% 105% 57% 59% 67%
<CAPTION>
CLASS 1B
-----------------------------------------------------
OCTOBER 2,*
YEAR ENDED DECEMBER 31, 1996 TO
------------------------------------ DECEMBER 31,
1999 1998 1997 1996
------------ ----------- ----------- ----------------
<S> <C> <C> <C> <C>
Net asset value,
beginning of period ..... $ 19.41 $ 17.27 $ 16.91 $ 16.57
------- ------- ------- ---------
INCOME FROM
INVESTMENT
OPERATIONS:
Net investment
income ................. 0.03 0.08 0.12 0.02
Net realized and
unrealized gain on
investments and
foreign currency
transactions ........... 7.24 3.56 1.76 0.81
------- ------- ------- ---------
Total from
investment
operations ............. 7.27 3.64 1.88 0.83
------- ------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net
investment income....... -- (0.19) (0.33) --
Dividends in excess
of net investment
income ................. -- -- -- (0.11)
Distributions from
realized gains ......... (1.63) (1.31) (1.19) (0.10)
Distributions in
excess of realized
gains .................. -- -- -- (0.28)
Tax return of capital
distributions .......... -- -- -- --
-------- ------- ------- ---------
Total dividends and
distributions .......... (1.63) (1.50) (1.52) (0.49)
-------- ------- ------- ---------
Net asset value, end of
period .................. $ 25.05 $19.41 $17.27 $ 16.91
======== ======= ======= =========
Total return ............. 38.17% 21.50% 11.38% 4.98%(b)
======== ======= ======= =========
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end of
period (000's) .......... $121,052 $47,982 $21,520 $ 290
Ratio of expenses to
average net assets ...... 0.95% 0.96% 0.97% 0.86%(a)
Ratio of net investment
income to average
net assets .............. 0.16% 0.41% 0.67% 0.48%(a)
Portfolio turnover rate... 93% 105% 57% 59%
</TABLE>
271
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE GROWTH AND INCOME PORTFOLIO(d)(e):
<TABLE>
<CAPTION>
CLASS IA
-----------------------------------------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------------
1999 1998 1997 1996 1995
-------------- ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 16.99 $ 15.38 $ 13.01 $ 11.70 $ 9.70
---------- ------- ------- ------- -------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income .......... 0.06 0.06 0.15 0.24 0.33
Net realized and unrealized
gain (loss) on
investments ................... 3.05 3.08 3.30 2.05 1.97
---------- ------- ------- ------- -------
Total from investment
operations .................... 3.11 3.14 3.45 2.29 2.30
---------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............. (0.05) (0.05) (0.15) (0.23) (0.30)
Distributions from realized
gains ......................... (1.81) (1.48) (0.93) (0.75) --
Tax return of capital
distributions ................. -- -- -- -- --
----------- -------- -------- -------- -------
Total dividends and
distributions ................. (1.86) (1.53) (1.08) (0.98) (0.30)
----------- -------- -------- -------- -------
Net asset value, end of
period ......................... $ 18.24 $ 16.99 $ 15.38 $ 13.01 $11.70
=========== ======== ======== ======== =======
Total return .................... 18.66% 20.86% 26.90% 20.09% 24.07%
=========== ======== ======== ======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ........................ $1,241,619 $877,744 $555,059 $232,080 $98,053
Ratio of expenses to average
net assets ..................... 0.57% 0.58% 0.58% 0.58% 0.60%
Ratio of net investment
income to average net
assets ......................... 0.33% 0.38% 0.99% 1.94% 3.11%
Portfolio turnover rate ......... 70% 74% 79% 88% 65%
<CAPTION>
CLASS IB
--------------------------------------------
YEAR END DECEMBER 31, MAY 1, 1997*
------------------------- TO
1999 1998 DECEMBER 31, 1997
------------ ------------ ------------------
<S> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 16.95 $ 15.36 $ 13.42
------- ------- ---------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income .......... 0.01 0.03 0.05
Net realized and unrealized
gain (loss) on
investments ................... 3.04 3.07 2.91
------- ------- ---------
Total from investment
operations .................... 3.05 3.10 2.96
------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............. (0.03) (0.03) (0.09)
Distributions from realized
gains ......................... (1.81) (1.48) (0.93)
Tax return of capital
distributions ................. -- -- --
-------- -------- ---------
Total dividends and
distributions ................. (1.84) (1.51) (1.02)
-------- -------- ---------
Net asset value, end of
period ......................... $ 18.16 $ 16.95 $ 15.36
======== ======== =========
Total return .................... 18.37% 20.56% 22.41%(b)
======== ======== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ........................ $261,663 $120,558 $ 32,697
Ratio of expenses to average
net assets ..................... 0.82% 0.83% 0.83%(a)
Ratio of net investment
income to average net
assets ......................... 0.06% 0.17% 0.43%(a)
Portfolio turnover rate ......... 70% 74% 79%
</TABLE>
272
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE GROWTH INVESTORS PORTFOLIO(d)(e):
<TABLE>
<CAPTION>
CLASS IA
-----------------------------------------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------------
1999 1998 1997 1996 1995
-------------- ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 19.87 $ 18.55 $ 17.20 $ 17.68 $ 14.66
---------- ------- ------- ------- -------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income .......... 0.37 0.41 0.41 0.40 0.57
Net realized and unrealized
gain on investments and foreign
currency transactions ......... 4.83 3.03 2.43 1.66 3.24
---------- ------- ------- ------- -------
Total from investment
operations .................... 5.20 3.44 2.84 2.06 3.81
---------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............. (0.35) (0.41) (0.46) (0.40) (0.54)
Dividends in excess of net
investment income ............. -- -- -- (0.03) (0.01)
Distributions from realized
gains ......................... (2.15) (1.71) (1.03) (2.10) (0.24)
Distributions in excess of
realized gains ................ -- -- -- (0.01) --
Tax return of capital
distributions ................. -- -- -- -- --
----------- -------- -------- -------- -------
Total dividends and
distributions ................. (2.50) (2.12) (1.49) (2.54) (0.79)
----------- -------- -------- -------- -------
Net asset value, end of
period ......................... $ 22.57 $ 19.87 $ 18.55 $ 17.20 $17.68
=========== ======== ======== ======== =======
Total return .................... 26.58% 19.13% 16.87% 12.61% 26.37%
=========== ======== ======== ======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ........................ $2,495,787 $1,963,074 $1,630,389 $1,301,643 $ 896,134
Ratio of expenses to average
net assets ..................... 0.53% 0.55% 0.57% 0.57% 0.56%
Ratio of net investment
income to average net
assets ......................... 1.71% 2.10% 2.18% 2.31% 3.43%
Portfolio turnover rate ......... 98% 102% 121% 190% 107%
<CAPTION>
CLASS 1B
-----------------------------------------------------
OCTOBER 2,*
YEAR ENDED DECEMBER 31, 1996 TO
------------------------------------ DECEMBER 31,
1999 1998 1997 1996
------------ ----------- ----------- ----------------
<S> <C> <C> <C> <C>
Net asset value,
beginning of period ..... $ 19.84 $ 18.52 $ 17.19 $ 16.78
------- ------- ------- ---------
INCOME FROM
INVESTMENT
OPERATIONS:
Net investment
income ................. 0.31 0.36 0.36 0.07
Net realized and
unrealized gain on
investments and
foreign currency
transactions ........... 4.82 3.03 2.43 0.71
------- ------- ------- ---------
Total from
investment
operations ............. 5.13 3.39 2.79 0.78
------- ------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net
investment income....... (0.31) (0.36) (0.43) (0.02)
Dividends in excess
of net investment
income ................. -- -- -- (0.09)
Distributions from
realized gains ......... (2.15) (1.71) (1.03) (0.02)
Distributions in
excess of realized
gains .................. -- -- -- (0.24)
Tax return of capital
distributions .......... -- -- -- --
-------- ------- ------- ---------
Total dividends and
distributions .......... (2.46) (2.07) (1.46) (0.37)
-------- ------- ------- ---------
Net asset value, end of
period .................. $ 22.51 $19.84 $18.52 $ 17.19
======== ======= ======= =========
Total return ............. 26.27% 18.83% 16.58% 4.64%(b)
======== ======= ======= =========
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end of
period (000's) .......... $202,850 $92,027 $35,730 $ 472
Ratio of expenses to
average net assets ...... 0.78% 0.80% 0.82% 0.84%(a)
Ratio of net investment
income to average
net assets .............. 1.44% 1.85% 1.88% 1.69%(a)
Portfolio turnover rate... 98% 102% 121% 190%
</TABLE>
273
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE HIGH YIELD PORTFOLIO(d)(e):
<TABLE>
<CAPTION>
CLASS IA
-----------------------------------------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------------
1999 1998 1997 1996 1995
-------------- ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 8.71 $ 10.41 $ 10.02 $ 9.64 $ 8.91
---------- ------- ------- ------- -------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income .......... 0.90 1.07 1.04 1.02 0.98
Net realized and unrealized
gain (loss) on investments .... (1.19) (1.56) 0.75 1.07 0.73
---------- ------- ------- ------- -------
Total from investment
operations .................... (0.29) (0.49) 1.79 2.09 1.71
---------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............. (0.96) (1.03) (0.97) (0.98) (0.94)
Dividends in excess of net
investment income ............. -- -- -- (0.03) (0.04)
Distributions from realized
gains ......................... (0.01) (0.18) (0.43) (0.70) --
Distributions in excess of
realized gains ................ -- -- -- -- --
Return of capital
distributions ................. (0.02) -- -- -- --
----------- -------- -------- -------- -------
Total dividends and
distributions ................. (0.99) (1.21) (1.40) (1.71) (0.98)
----------- -------- -------- -------- -------
Net asset value, end of
period ......................... $ 7.43 $ 8.71 $ 10.41 $ 10.02 $ 9.64
=========== ======== ======== ======== =======
Total return .................... (3.35)% (5.15)% 18.48% 22.89% 19.92%
=========== ======== ======== ======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ........................ $336,292 $405,308 $355,473 $199,360 $118,129
Ratio of expenses to average
net assets ..................... 0.63% 0.63% 0.62 0.59% 0.60%
Ratio of net investment
income to average net
assets ......................... 10.53% 10.67% 9.82% 9.93% 10.34%
Portfolio turnover rate ......... 178% 181% 390% 485% 350%
<CAPTION>
CLASS 1B
-----------------------------------------------------
OCTOBER 2,*
YEAR ENDED DECEMBER 31, 1996 TO
------------------------------------ DECEMBER 31,
1999 1998 1997 1996
------------ ----------- ----------- ----------------
<S> <C> <C> <C> <C>
Net asset value,
beginning of period ..... $ 8.69 $ 10.39 $ 10.01 $ 10.25
------- ------- ------- ---------
INCOME FROM
INVESTMENT
OPERATIONS:
Net investment
income ................. 0.87 1.04 1.05 0.19
Net realized and
unrealized gain (loss)
on investments ......... (1.18) (1.56) 0.71 0.15
------- ------- ------- ---------
Total from
investment
operations ............. (0.31) (0.52) 1.76 0.34
------- ------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net
investment income....... (0.95) (1.00) (0.95) (0.03)
Dividends in excess
of net investment
income ................. -- -- -- (0.25)
Distributions from
realized gains ......... (0.01) (0.18) (0.43) (0.01)
Distributions in
excess of realized
gains .................. -- -- -- (0.29)
Tax return of capital
distributions .......... (0.02) -- -- --
-------- ------- ------- ---------
Total dividends and
distributions .......... (0.98) (1.18) (1.38) (0.58)
-------- ------- ------- ---------
Net asset value, end of
period .................. $ 7.40 $ 8.69 $10.39 $ 10.01
======== ======= ======= =========
Total return ............. (3.58)% (5.38)% 18.19% 3.32%(b)
======== ======= ======= =========
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end of
period (000's) .......... $230,290 $207,042 $66,338 $ 685
Ratio of expenses to
average net assets ...... 0.88% 0.88% 0.88% 0.82%(a)
Ratio of net investment
income to average
net assets .............. 10.25% 10.60% 9.76% 8.71%(a)
Portfolio turnover rate... 178% 181% 390% 485%
</TABLE>
274
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO(d)(e):
<TABLE>
<CAPTION>
CLASS IA
----------------------------------------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------
1999 1998 1997 1996 1995
------------ ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ............ $ 9.67 $ 9.44 $ 9.29 $ 9.47 $ 8.87
-------- ------- ------- ------ --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.50 0.50 0.53 0.54 0.58
Net realized and unrealized gain (loss)
on investments ................................ (0.49) 0.21 0.13 (0.19) 0.57
-------- ------- ------- ------- --------
Total from investment operations ............... 0.01 0.71 0.66 0.35 1.15
-------- ------- ------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment
income. ....................................... (0.50) (0.48) (0.51) (0.53) (0.55)
-------- -------- -------- ------- ---------
Net asset value, end of period .................. $ 9.18 $ 9.67 $ 9.44 $ 9.29 $ 9.47
======== ======== ======== ======= =========
Total return .................................... 0.02% 7.74% 7.29% 3.78% 13.33%
======== ======== ======== ========= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $156,864 $153,383 $115,114 $88,384 $71,780
Ratio of expenses to average net assets ......... 0.55% 0.55% 0.55% 0.56% 0.57%
Ratio of net investment income to
average net assets ............................. 5.16% 5.21% 5.61% 5.73% 6.15%
Portfolio turnover rate ......................... 408% 539% 285% 318% 255%
<CAPTION>
CLASS IB
--------------------------------------------------
MAY 1, 1997*
YEAR ENDED DECEMBER 31, TO
------------------------------ DECEMBER 31,
1999 1998 1997
-------------- --------------- -------------------
<S> <C> <C> <C>
Net asset value, beginning of period ............ $ 9.66 $ 9.43 $ 9.27
-------- ---------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.47 0.47 0.32
Net realized and unrealized gain (loss)
on investments ................................ (0.49) 0.22 0.22
-------- ---------- ---------
Total from investment operations ............... (0.02) 0.69 0.54
-------- ---------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment
income. ....................................... (0.49) (0.46) (0.38)
-------- ---------- ---------
Net asset value, end of period .................. $ 9.15 $ 9.66 $ 9.43
======== ========== =========
Total return .................................... (0.23)% 7.48% 5.83%(b)
======== ========== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $45,911 $30,898 $5,052
Ratio of expenses to average net assets ......... 0.80% 0.80% 0.81%(a)
Ratio of net investment income to
average net assets ............................. 4.91% 4.87% 5.15%(a)
Portfolio turnover rate ......................... 408% 539% 285%
</TABLE>
275
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE INTERNATIONAL PORTFOLIO(d)(e):
<TABLE>
<CAPTION>
CLASS IA
-----------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------------------------
APRIL 3, 1995*
TO
1999 1998 1997 1996 DECEMBER 31, 1995
------------ ------------ ------------- ------------ ------------------
<S> <C> <C> <C> <C> <C>
Net asset value,
beginning of period ....... $ 11.13 $ 10.27 $ 11.50 $ 10.87 $ 10.00
------- ------- ------- ------- ---------
INCOME FROM
INVESTMENT
OPERATIONS:
Net investment
income ................... 0.08 0.09 0.10 0.13 0.14
Net realized and
unrealized gain
(loss) on
investments and
foreign currency
transactions ............. 4.07 0.97 (0.45) 0.94 0.98
------- ------- ------- ------- ---------
Total from
investment
operations ............... 4.15 1.06 (0.35) 1.07 1.12
------- ------- ------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net
investment income......... -- (0.20) (0.32) (0.10) (0.07)
Dividends in excess
of net investment
income ................... -- -- -- (0.09) (0.13)
Distributions from
realized gains ........... (0.25) -- (0.56) (0.25) (0.05)
Tax return of capital
distributions ............ -- -- -- -- --
-------- -------- ------- -------- ---------
Total dividends and
distributions ............ (0.25) (0.20) (0.88) (0.44) (0.25)
-------- -------- ------- -------- ---------
Net asset value, end of
period ..................... $ 15.03 $ 11.13 $ 10.27 $ 11.50 $ 10.87
======== ======== ======= ======== =========
Total return ............... 37.31% 10.57% (2.98)% 9.82% 11.29%(b)
========== ========== ======= ======== =========
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end of
period (000's) ............ $268,541 $204,767 $190,611 $151,907 $ 28,684
Ratio of expenses to
average net assets ........ 1.08% 1.06% 1.08% 1.06% 1.03%(a)
Ratio of net investment
income to average
net assets ................ 0.70% 0.81% 0.83% 1.10% 1.71%(a)
Portfolio turnover rate..... 152% 59% 59% 48% 56%
<CAPTION>
CLASS IB
-----------------------------------------------
YEAR ENDED DECEMBER 31, MAY 1, 1997*
---------------------------- TO
1999 1998 DECEMBER 31, 1997
-------------- ------------- ------------------
<S> <C> <C> <C>
Net asset value,
beginning of period ....... $ 11.11 $ 10.26 $ 11.39
--------- -------- ----------
INCOME FROM
INVESTMENT
OPERATIONS:
Net investment
income ................... 0.04 0.05 0.02
Net realized and
unrealized gain
(loss) on
investments and
foreign currency
transactions ............. 4.06 0.98 (0.31)
--------- -------- ----------
Total from
investment
operations ............... 4.10 1.03 (0.29)
--------- -------- ----------
LESS DISTRIBUTIONS:
Dividends from net
investment income......... -- (0.18) (0.28)
Dividends in excess
of net investment
income ................... -- -- --
Distributions from
realized gains ........... (0.25) -- (0.56)
Tax return of capital
distributions ............ -- -- --
---------- --------- ----------
Total dividends and
distributions ............ (0.25) (0.18) (0.84)
---------- --------- ----------
Net asset value, end of
period ..................... $ 14.96 $ 11.11 $ 10.26
========== ========= ==========
Total return ............... 36.90% 10.30% (2.54)%(b)
========== ============ ==========
RATIOS/SUPPLEMENTAL
DATA:
Net assets, end of
period (000's) ............ $18,977 $7,543 $ 3,286
Ratio of expenses to
average net assets ........ 1.33% 1.31% 1.38%(a)
Ratio of net investment
income to average
net assets ................ 0.36% 0.44% 0.20%(a)
Portfolio turnover rate..... 152% 59% 59%
</TABLE>
276
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE MONEY MARKET PORTFOLIO(d)(e):
<TABLE>
<CAPTION>
CLASS IA
----------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
----------------------------------------------------------------------------
1999 1998 1997 1996 1995
--------------- -------------- -------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ................ $ 10.22 $ 10.18 $ 10.17 $ 10.16 $ 10.14
---------- --------- --------- ---------- ---------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income..... 0.51 0.53 0.54 0.54 0.57
Net realized and
unrealized gain (loss)
on investments .......... -- -- -- (0.01) --
----------- ---------- ---------- ----------- ----------
Total from investment
operations .............. 0.51 0.53 0.54 0.53 0.57
----------- ---------- ---------- ----------- ----------
LESS DISTRIBUTIONS:
Dividends from net
investment income ....... (0.45) (0.49) (0.53) (0.52) (0.55)
Dividends in excess of
net investment
income .................. -- -- -- -- --
Dividends from realized
gains ................... -- -- -- -- --
----------- ---------- ---------- ----------- ----------
Total dividends and
distributions ........... (0.45) (0.49) (0.53) (0.52) (0.55)
----------- ---------- ---------- ----------- ----------
Net asset value, end of
period ................... $ 10.28 $ 10.22 $ 10.18 $ 10.17 $ 10.16
=========== ========== ========== =========== ==========
Total return .............. 4.96% 5.34% 5.42% 5.33% 5.74%
=========== ========== ========== =========== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) .................. $883,988 $723,311 $449,960 $463,422 $386,691
Ratio of expenses to
average net assets ....... 0.37% 0.37% 0.39% 0.43% 0.44%
Ratio of net investment
income to average net
assets ................... 4.91% 5.13% 5.28% 5.17% 5.53%
<CAPTION>
CLASS IB
--------------------------------------------------------------------
OCTOBER 2,
YEAR ENDED DECEMBER 31, 1996* TO
------------------------------------------------ DECEMBER 31,
1999 1998 1997 1996
--------------- ---------------- --------------- -------------------
<S> <C> <C> <C> <C>
Net asset value, beginning
of period ................ $ 10.21 $ 10.17 $ 10.16 $ 10.16
---------- ----------- ---------- -----------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income..... 0.49 0.49 0.52 0.11
Net realized and
unrealized gain (loss)
on investments .......... (0.01) 0.02 -- 0.01
----------- ----------- ----------- -----------
Total from investment
operations .............. 0.48 0.51 0.52 0.12
----------- ----------- ----------- -----------
LESS DISTRIBUTIONS:
Dividends from net
investment income ....... (0.44) (0.47) (0.51) (0.02)
Dividends in excess of
net investment
income .................. -- -- -- (0.10)
Dividends from realized
gains ................... -- -- -- --
----------- ------------ ----------- -----------
Total dividends and
distributions ........... (0.44) (0.47) (0.51) (0.12)
----------- ------------ ----------- -----------
Net asset value, end of
period ................... $ 10.25 $ 10.21 $ 10.17 $ 10.16
=========== ============ =========== ===========
Total return .............. 4.71% 5.08% 5.16% 1.29%(b)
=========== ============ =========== ===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) .................. $559,713 $386,718 $123,675 $ 3,184
Ratio of expenses to
average net assets ....... 0.62% 0.62% 0.63% 0.67%(a)
Ratio of net investment
income to average net
assets ................... 4.68% 4.82% 5.02% 4.94%(a)
</TABLE>
277
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/ALLIANCE PREMIER GROWTH PORTFOLIO
<TABLE>
<CAPTION>
CLASS IA CLASS IB
---------------------- ------------------------
MAY 1, 1999* MAY 1, 1999*
TO TO
DECEMBER 31, 1999 DECEMBER 31, 1999
---------------------- ------------------------
<S> <C> <C>
Net asset value, beginning of period ..................................... $ 10.00 $ 10.00
---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................... 0.02 0.01
Net realized and unrealized gain on investments and foreign currency
transactions ........................................................... 1.89 1.89
---------- ----------
Total from investment operations ........................................ 1.91 1.90
---------- ----------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................... (0.01) (0.01)
Dividends in excess of net investment income ............................ -- --
Distributions from realized gains ....................................... (0.03) (0.03)
Distributions in excess of realized gains ............................... -- --
Tax return of capital distributions ..................................... -- --
---------- ----------
Total dividends and distributions ....................................... (0.04) (0.04)
---------- ----------
Net asset value, end of period ........................................... $ 11.87 $ 11.86
========== ==========
Total return ............................................................. 19.14%(b) 18.97%(b)
========== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................ $ 28,834 $ 451,323
Ratio of expenses to average net assets after waivers .................... 0.90%(a)(c) 1.15%(a)(c)
Ratio of expenses to average net assets before waivers (Note 6) .......... 1.12%(a)(c) 1.37%(a)(c)
Ratio of net investment income to average net assets after waivers ....... 0.45%(a)(c) 0.20%(a)(c)
Ratio of net investment income to average net assets before waivers
(Note 6) ................................................................ 0.23%(a)(c) (0.02)%(a)(c)
Portfolio turnover rate .................................................. 29% 29%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................. $ 0.01 $ 0.01
</TABLE>
278
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE QUALITY BOND PORTFOLIO(d)(e):
<TABLE>
<CAPTION>
CLASS IA CLASS 1B
---------------------------------------------------------------- -------------------------------
JULY 8, 1998*
YEAR ENDED DECEMBER 31, YEAR ENDED TO
---------------------------------------------------------------- DECEMBER 31, DECEMBER 31,
1999 1998 1997 1996 1995 1999 1998
------------ ------------ ------------ ------------ ------------ -------------- ----------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period ................... $ 9.84 $ 9.74 $ 9.49 $ 9.61 $ 8.72 $ 9.84 $ 9.90
-------- ------- ------- ------- ------- ------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income........ 0.54 0.55 0.60 0.57 0.57 0.52 0.25
Net realized and
unrealized gain (loss)
on investments and
foreign currency
transactions ............... (0.74) 0.28 0.24 (0.07) 0.88 (0.75) 0.14
-------- ------- ------- -------- ------- ------- --------
Total from investment
operations ................. (0.20) 0.83 0.84 0.50 1.45 (0.23) 0.39
-------- ------- ------- -------- ------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net
investment income .......... (0.50) (0.53) (0.59) (0.60) (0.56) (0.49) (0.25)
Dividends in excess of
net investment
income ..................... -- -- -- (0.02) -- -- --
Distributions from
realized gains ............. (0.03) (0.20) -- -- -- (0.03) (0.20)
Tax return of capital
distributions .............. -- -- -- -- -- -- --
-------- -------- -------- -------- -------- ------- --------
Total dividends and
distributions .............. (0.53) (0.73) (0.59) (0.62) (0.56) (0.52) (0.45)
-------- -------- -------- -------- -------- ------- --------
Net asset value, end of
period ...................... $ 9.11 $ 9.84 $ 9.74 $ 9.49 $ 9.61 $ 9.09 $ 9.84
======== ======== ======== ======== ======== ======= ========
Total return ................. (2.00)% 8.69% 9.14% 5.36% 17.02% (2.25)% 4.05%(b)
======== ======== ======== ======== ======== ======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ..................... $329,895 $322,418 $203,233 $155,023 $157,443 $ 1,094 $ 10
Ratio of expenses to
average net assets .......... 0.56% 0.57% 0.57% 0.59% 0.59% 0.81% 0.81%(a)
Ratio of net investment
income to average net
assets ...................... 5.64% 5.48% 6.19% 6.06% 6.13% 5.39% 5.06%(a)
Portfolio turnover rate ...... 147% 194% 374% 431% 411% 147% 194%
</TABLE>
279
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
ALLIANCE SMALL CAP GROWTH PORTFOLIO(d)(e):
<TABLE>
<CAPTION>
CLASS IA
-----------------------------------------------
YEAR ENDED DECEMBER 31, MAY 1, 1997*
-------------------------- TO
1999 1998 DECEMBER 31, 1997
-------------------------- --------------------
<S> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 11.82 $ 12.35 $ 10.00
-------- ------- ----------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income
(loss) ........................ (0.05) 0.01 0.01
Net realized and unrealized
gain (loss) on
investments ................... 3.34 (0.54) 2.65
-------- ------- ------------
Total from investment
operations .................... 3.29 (0.53) 2.66
-------- ------- ------------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............. -- -- (0.01)
Dividends in excess of net
investment income ............. -- -- --
Distributions from realized
gains ......................... -- -- (0.30)
Tax return of capital
distributions ................. -- -- --
-------- ------- ------------
Total dividends and
distributions ................. -- -- (0.31)
-------- ------- ------------
Net asset value, end of
period ......................... $ 15.11 $ 11.82 $ 12.35
======== ======= ============
Total return .................... 27.75% (4.28)% 26.74%(b)
=========== ======= ============
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ........................ $241,000 $198,360 $ 94,676
Ratio of expenses to average
net assets ..................... 0.95% 0.96% 0.95%(a)
Ratio of net investment
income (loss) to average
net assets ..................... (0.40)% 0.08% 0.10%(a)
Portfolio turnover rate ......... 221% 94% 96%
<CAPTION>
CLASS IB
--------------------------------------------------
YEAR ENDED DECEMBER 31, MAY 1, 1997*
--------------------------- TO
1999 1998 DECEMBER 31, 1997
------------- ------------- ----------------------
<S> <C> <C> <C>
Net asset value, beginning of
period ......................... $ 11.79 $ 12.34 $ 10.00
--------- ------- ----------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income
(loss) ........................ (0.08) (0.02) (0.01)
Net realized and unrealized
gain (loss) on
investments ................... 3.32 (0.53) 2.65
--------- ------- ------------
Total from investment
operations .................... 3.24 (0.55) 2.64
--------- ------- ------------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............. -- -- --
Dividends in excess of net
investment income ............. -- -- --
Distributions from realized
gains ......................... -- -- (0.30)
Tax return of capital
distributions ................. -- -- --
--------- ------- ------------
Total dividends and
distributions ................. -- -- (0.30)
--------- ------- ------------
Net asset value, end of
period ......................... $ 15.03 $ 11.79 $ 12.34
========= ======= ============
Total return .................... 27.46% (4.44)% 26.57%(b)
========= ======= ============
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ........................ $ 162,331 $112,254 $ 46,324
Ratio of expenses to average
net assets ..................... 1.20% 1.20% 1.15%(a)
Ratio of net investment
income (loss) to average
net assets ..................... (0.65)% (0.17)% (0.12)%(a)
Portfolio turnover rate ......... 221% 94% 96%
</TABLE>
280
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
BT EQUITY 500 INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
----------------------------------------
YEAR ENDED YEAR ENDED
DECEMBER 31, 1999 DECEMBER 31, 1998
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................... $ 12.45 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................... 0.08 0.06
Net realized and unrealized gain on investments and foreign currency
transactions ........................................................... 2.44 2.45
------- -------
Total from investment operations ........................................ 2.52 2.51
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................... (0.08) (0.06)
Distributions from realized gains ....................................... (0.04) --
-------- --------
Total dividends and distributions ....................................... (0.12) (0.06)
-------- --------
Net asset value, end of period ........................................... $ 14.85 $ 12.45
======== ========
Total return ............................................................. 20.30% 25.14%
======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................ $683,544 $224,247
Ratio of expenses to average net assets after waivers .................... 0.55% 0.55%
Ratio of expenses to average net assets before waivers (Note 6) .......... 0.67% 0.83%
Ratio of net investment income to average net assets after waivers ....... 0.84% 1.22%
Ratio of net investment income to average net assets before waivers
(Note 6) ................................................................ 0.72% 0.94%
Portfolio turnover rate .................................................. 2% 2%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................. $ 0.01 $ 0.01
</TABLE>
281
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
BT INTERNATIONAL EQUITY INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IA CLASS IB
------------------------------------------ --------------------------------------
NOVEMBER 24, 1998*
YEAR ENDED TO YEAR ENDED YEAR ENDED
DECEMBER 31, 1999 DECEMBER 31, 1998 DECEMBER 31, 1999 DECEMBER 31, 1998
------------------- ---------------------- ------------------- ------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 11.84 $ 11.67 $ 11.85 $ 10.00
-------- ------- ------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ..................... 0.16 0.03 0.10 0.08
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions ............................. 3.10 0.31 3.15 1.92
-------- ------- ------- --------
Total from investment operations .......... 3.26 0.34 3.25 2.00
-------- ------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income....... (0.13) (0.17) (0.10) (0.15)
Dividends in excess of net investment
income ................................... (0.01) -- (0.02) --
Distributions from realized gains .......... (0.11) -- (0.11) --
-------- ------- ------- --------
Total dividends and distributions ......... (0.25) (0.17) (0.23) (0.15)
-------- ------- ------- --------
Net asset value, end of period ............. $ 14.85 $ 11.84 $ 14.87 $ 11.85
======== ======= ======= ========
Total return ............................... 27.75% 2.94%(b) 27.50% 20.07%
======== ======= ======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .......... $ 3,629 $ 735 $94,581 $48,075
Ratio of expenses to average net assets
after waivers ............................. 0.69%(c) 0.59%(a)(c) 0.94%(c) 0.84%(c)
Ratio of expenses to average net assets
before waivers (Note 6) ................... 0.80%(c) 1.24%(a)(c) 1.05%(c) 1.49%(c)
Ratio of net investment income to
average net assets after waivers .......... 1.21%(c) 1.36%(a)(c) 0.96%(c) 1.11%(c)
Ratio of net investment income to
average net assets before waivers
(Note 6) .................................. 1.10%(c) 0.71%(a)(c) 0.85%(c) 0.46%(c)
Portfolio turnover rate .................... 7% 3% 7% 3%
Average commission rate paid ...............
Effect of voluntary expense limitation
during the period: (Note 6) ..............
Per share benefit to net investment
income ................................. $ 0.03 $ 0.26 $ 0.03 $ 0.05
</TABLE>
282
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
BT SMALL COMPANY INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------
YEAR ENDED YEAR ENDED
DECEMBER 31, 1999 DECEMBER 31, 1998
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ............................................. $ 9.56 $ 10.00
------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.09 0.07
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... 1.85 (0.30)
------- --------
Total from investment operations ................................................ 1.94 (0.23)
------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ (0.09) (0.07)
Distributions from realized gains ............................................... (0.56) (0.13)
Distributions in excess of realized gains ....................................... -- (0.01)
------- --------
Total dividends and distributions ............................................... (0.65) (0.21)
------- --------
Net asset value, end of period ................................................... $10.85 $ 9.56
======= ========
Total return ..................................................................... 20.68% (2.27)%
======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $59,931 $32,609
Ratio of expenses to average net assets after waivers ............................ 0.71% 0.60%
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.20% 1.81%
Ratio of net investment income to average net assets after waivers ............... 1.11% 1.18%
Ratio of net investment income to average net assets before waivers (Note 6) ..... 0.62% (0.03)%
Portfolio turnover rate .......................................................... 59% 35%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $ 0.04 $ 0.07
</TABLE>
283
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
CALVERT SOCIALLY RESPONSIBLE PORTFOLIO
<TABLE>
<CAPTION>
CLASS IB
-------------------
SEPTEMBER 1, 1999*
TO
DECEMBER 31, 1999
-------------------
<S> <C>
Net asset value, beginning of period ............................................. $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .................................................... (0.01)
Net realized and unrealized gain (loss) on investments .......................... 0.83
-------
Total from investment operations ................................................ 0.82
-------
LESS DISTRIBUTIONS:
Distributions from realized gains ............................................... (0.06)
-------
Total dividends and distributions ............................................... (0.06)
-------
Net asset value, end of period ................................................... $ 10.76
=======
Total return ..................................................................... 8.09%(b)
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $2,622
Ratio of expenses to average net assets after waivers ............................ 1.05%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 5.38%(a)
Ratio of net investment income to average net assets after waivers ............... (0.19)%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... (4.52)%(a)
Portfolio turnover rate .......................................................... 45%
</TABLE>
284
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO
<TABLE>
<CAPTION>
CLASS IB
------------------
MAY 1, 1999*
TO
DECEMBER 31, 1999
------------------
<S> <C>
Net asset value, beginning of period ..................................................... $ 10.00
----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... --
Net realized and unrealized gain (loss) on investments and foreign currency transactions 4.10
----------
Total from investment operations ........................................................ 4.10
----------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... --
----------
Total dividends and distributions ....................................................... --
----------
Net asset value, end of period ........................................................... $ 14.10
==========
Total return ............................................................................. 41.00%(b)
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $ 52,049
Ratio of expenses to average net assets after waivers .................................... 1.20%(a)
Ratio of expenses to average net assets before waivers (Note 6) .......................... 1.65%(a)
Ratio of net investment income to average net assets after waivers ....................... 0.02%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ............. (0.43)%(a)
Portfolio turnover rate .................................................................. 28%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income .............................................. $ 0.02
</TABLE>
285
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
CAPITAL GUARDIAN RESEARCH PORTFOLIO
<TABLE>
<CAPTION>
CLASS IB
------------------
MAY 1, 1999*
TO
DECEMBER 31, 1999
------------------
<S> <C>
Net asset value, beginning of period ............................................. $ 10.00
---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.02
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... 0.69
---------
Total from investment operations ................................................ 0.71
---------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ (0.02)
Dividends in excess of net investment income .................................... --
---------
Total dividends and distributions ............................................... (0.02)
---------
Net asset value, end of period ................................................... $ 10.69
=========
Total return ..................................................................... 7.10%(b)
=========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $ 33,903
Ratio of expenses to average net assets after waivers ............................ 0.95%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.35%(a)
Ratio of net investment income to average net assets after waivers ............... 0.37%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... (0.03)%(a)
Portfolio turnover rate .......................................................... 36%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $ 0.02
</TABLE>
286
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO
<TABLE>
<CAPTION>
CLASS IB
------------------
MAY 1, 1999*
TO
DECEMBER 31, 1999
------------------
<S> <C>
Net asset value, beginning of period ................................................... $ 10.00
--------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................. 0.02
Net realized and unrealized gain on investments and foreign currency transactions ..... 0.35
--------
Total from investment operations ...................................................... 0.37
--------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................. (0.02)
Dividends in excess of net investment income .......................................... --
Distributions from realized gains ..................................................... (0.02)
Distributions in excess of realized gains ............................................. (0.01)
Tax return of capital distributions ................................................... --
--------
Total dividends and distributions ..................................................... (0.05)
--------
Net asset value, end of period ......................................................... $ 10.32
========
Total return ........................................................................... 3.76%(b)
========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................................... $67,472
Ratio of expenses to average net assets after waivers .................................. 0.95%(a)
Ratio of expenses to average net assets before waivers (Note 6) ........................ 1.23%(a)
Ratio of net investment income to average net assets after waivers ..................... 0.63%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ........... 0.35%(a)
Portfolio turnover rate ................................................................ 50%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ........................................... $ 0.01
</TABLE>
287
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/EVERGREEN PORTFOLIO:***
<TABLE>
<CAPTION>
CLASS IB
------------------
YEAR ENDED
DECEMBER 31, 1999
------------------
<S> <C>
Net asset value, beginning of period ................................................... $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................. 0.04
Net realized and unrealized gain on investments and foreign currency transactions ..... 0.93
-------
Total from investment operations ...................................................... 0.97
-------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................. (0.04)
Dividends in excess of net investment income .......................................... --
Distributions from realized gains ..................................................... --
Distributions in excess of realized gains ............................................. --
Tax return of capital distributions ................................................... --
-------
Total dividends and distributions ..................................................... (0.04)
-------
Net asset value, end of period ......................................................... $ 10.93
=======
Total return ........................................................................... 9.70%
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................................... $ 4,818
Ratio of expenses to average net assets after waivers .................................. 1.05%
Ratio of expenses to average net assets before waivers (Note 6) ........................ 2.86%
Ratio of net investment income to average net assets after waivers ..................... 0.63%
Ratio of net investment income to average net assets before waivers (Note 6) ........... (1.18)%
Portfolio turnover rate ................................................................ 148%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ........................................... $ 0.11
</TABLE>
288
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/EVERGREEN FOUNDATION PORTFOLIO:***
<TABLE>
<CAPTION>
CLASS IB
------------------
YEAR ENDED
DECEMBER 31, 1999
------------------
<S> <C>
Net asset value, beginning of period ................................................. $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................................................... 0.12
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ....................................................................... 0.62
-------
Total from investment operations .................................................... 0.74
-------
LESS DISTRIBUTIONS:
Dividends from net investment income ................................................ (0.12)
--------
Total dividends and distributions ................................................... (0.12)
--------
Net asset value, end of period ....................................................... $ 10.62
--------
Total return ......................................................................... 7.38%
========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................................................... 8,887
Ratio of expenses to average net assets after waivers and reimbursements ............. 0.95%
Ratio of expenses to average net assets before waivers and reimbursements (Note 6) ... 1.94%
Ratio of net investment income to average net assets after waivers and reimbursements 2.03%
Ratio of net investment income to average net assets before waivers and reimbursements
(Note 6) ............................................................................ 1.04%
Portfolio turnover rate .............................................................. 105%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ......................................... $ 0.06
</TABLE>
289
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
JPM CORE BOND PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
----------------------------------------
YEAR ENDED YEAR ENDED
DECEMBER 31, 1999 DECEMBER 31, 1998
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................... $ 10.57 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................... 0.49 0.21
Net realized and unrealized gain (loss) on investments and foreign
currency transactions .................................................. (0.66) 0.70
------- -------
Total from investment operations ........................................ (0.17) 0.91
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................... (0.48) (0.21)
Dividends in excess of net investment income ............................ -- (0.01)
Distributions from realized gains ....................................... -- (0.11)
Distributions in excess of realized gains ............................... -- (0.01)
------- --------
Total dividends and distributions ....................................... (0.48) (0.34)
------- --------
Net asset value, end of period ........................................... $ 9.92 $ 10.57
======= ========
Total return (b) ......................................................... (1.64)% 9.02%
======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................ $156,581 $103,326
Ratio of expenses to average net assets after waivers .................... 0.80% 0.80%
Ratio of expenses to average net assets before waivers (Note 6) .......... 0.89% 1.03%
Ratio of net investment income to average net assets after waivers ....... 5.53% 4.95%
Ratio of net investment income to average net assets before waivers
(Note 6) ................................................................ 5.44% 4.72%
Portfolio turnover rate .................................................. 233% 428%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................. $ 0.01 $ 0.01
</TABLE>
290
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
LAZARD LARGE CAP VALUE PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
----------------------------------------
YEAR ENDED YEAR ENDED
DECEMBER 31, 1999 DECEMBER 31, 1998
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................... $ 11.94 $ 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 .................................................. 0.31 1.94
------- ---------
Total from investment operations ........................................ 0.42 2.00
------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................... (0.11) (0.06)
Dividends in excess of net investment income ............................ -- --
Distributions from realized gains ....................................... (0.19) --
-------- ----------
Total dividends and distributions ....................................... (0.30) (0.06)
-------- ----------
Net asset value, end of period ........................................... $ 12.06 $ 11.94
======== =========
Total return ............................................................. 3.55% 20.01%
======== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................ $133,503 $ 74,588
Ratio of expenses to average net assets after waivers .................... 0.94% 0.90%
Ratio of expenses to average net assets before waivers (Note 6) .......... 1.00% 1.20%
Ratio of net investment income to average net assets after waivers ....... 1.10% 1.19%
Ratio of net investment income to average net assets before waivers
(Note 6) ................................................................ 1.04% 0.89%
Portfolio turnover rate .................................................. 32% 37%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................. $ 0.01 $ 0.02
</TABLE>
291
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
LAZARD SMALL CAP VALUE PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
----------------------------------------
YEAR ENDED YEAR ENDED
DECEMBER 31, 1999 DECEMBER 31, 1998
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................... $ 9.27 $ 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 .................................................. 0.11 (0.72)
------ -------
Total from investment operations ........................................ 0.15 (0.70)
------ -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................... (0.04) (0.03)
Distributions from realized gains ....................................... (0.06) --
------- -------
Total dividends and distributions ....................................... (0.10) (0.03)
------- -------
Net asset value, end of period ........................................... $ 9.32 $ 9.27
======= =======
Total return ............................................................. 1.66% (7.03)%
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................ $72,607 $51,046
Ratio of expenses to average net assets after waivers .................... 1.20% 1.20%
Ratio of expenses to average net assets before waivers (Note 6) .......... 1.30% 1.54%
Ratio of net investment income to average net assets after waivers ....... 0.48% 0.52%
Ratio of net investment income to average net assets before waivers
(Note 6) ................................................................ 0.39% 0.18%
Portfolio turnover rate .................................................. 48% 21%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................. $ 0.01 $ 0.02
</TABLE>
292
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------------------------------
MAY 1, 1997*
YEAR ENDED YEAR ENDED TO
DECEMBER 31, 1999 DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period .......................... $ 12.36 $ 11.58 $ 10.00
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ 0.17 0.12 0.06
Net realized and unrealized gain on investments and
foreign currency transactions ............................... 2.15 1.21 1.64
------- ------- -------
Total from investment operations ............................. 2.32 1.33 1.70
------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... (0.18) (0.12) (0.06)
Dividends in excess of net investment income ................. -- -- --
Distributions from realized gains ............................ (0.74) (0.43) (0.05)
Distributions in excess of realized gains .................... -- -- (0.01)
-------- -------- -------
Total dividends and distributions ............................ (0.92) (0.55) (0.12)
-------- -------- -------
Net asset value, end of period ................................ $ 13.76 $ 12.36 $ 11.58
======== ======== =======
Total return .................................................. 19.00% 11.59% 16.99%(b)
======== ======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $300,467 $174,104 $49,495
Ratio of expenses to average net assets after waivers ......... 0.85% 0.85% 0.85%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 0.96% 1.06% 1.89%(a)
Ratio of net investment income to average net assets
after waivers ................................................ 1.42% 1.41% 1.91%(a)
Ratio of net investment income to average net assets
before waivers (Note 6) ...................................... 1.31% 1.20% 0.87%(a)
Portfolio turnover rate ....................................... 71% 83% 25%
Effect of voluntary expense limitation during the
period: (Note 6)
Per share benefit to net investment income .................. $ 0.01 $ 0.02 $ 0.03
</TABLE>
293
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MERRILL LYNCH WORLD STRATEGY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
------------------------------------------------------------
MAY 1, 1997*
YEAR ENDED YEAR ENDED TO
DECEMBER 31, 1999 DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period ...................... $ 10.93 $ 10.31 $ 10.00
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .................................... 0.11 0.15 0.08
Net realized and unrealized gain on investments and
foreign currency transactions ........................... 2.22 0.55 0.39
------- ------- -------
Total from investment operations ......................... 2.33 0.70 0.47
------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ..................... (0.08) (0.04) (0.05)
Dividends in excess of net investment income ............. (0.03) (0.04) --
Distributions from realized gains ........................ (0.17) -- --
Distributions in excess of realized gains ................ -- -- (0.11)
------- ------- -------
Total dividends and distributions ........................ (0.28) (0.08) (0.16)
------- ------- -------
Net asset value, end of period ............................ $ 12.98 $ 10.93 $ 10.31
======= ======= =======
Total return .............................................. 21.35% 6.81% 4.70%(b)
======= ======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ......................... $35,722 $30,631 $18,210
Ratio of expenses to average net assets after waivers ..... 1.20% 1.20% 1.20%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ................................................. 1.40% 1.61% 3.05%(a)
Ratio of net investment income to average net assets
after waivers ............................................ 0.99% 1.63% 1.89%(a)
Ratio of net investment income to average net assets
before waivers (Note 6) ................................. 0.79% 1.22% 0.04%(a)
Portfolio turnover rate ................................... 116% 115% 58%
Effect of voluntary expense limitation during the
period: (Note 6)
Per share benefit to net investment income .............. $ 0.02 $ 0.04 $ 0.08
</TABLE>
294
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MFS EMERGING GROWTH COMPANIES PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
--------------------------------------------
NOVEMBER 24, 1998*
YEAR ENDED TO
DECEMBER 31, 1999 DECEMBER 31, 1998
------------------- ------------------------
<S> <C> <C>
Net asset value, beginning of
period ........................... $ 16.04 $ 14.18
--------- -----------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income
(loss) .......................... 0.01 --
Net realized and unrealized
gain on investments and
foreign currency
transactions .................... 11.83 1.86
--------- -----------
Total from investment
operations ...................... 11.84 1.86
--------- -----------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............... -- --
Dividends in excess of net
investment income ............... -- --
Distributions from realized
gains ........................... (0.48) --
Distributions in excess of
realized gains .................. -- --
--------- -----------
Total dividends and
distributions ................... (0.48) --
--------- -----------
Net asset value, end of
period ........................... $ 27.40 $ 16.04
========= ===========
Total return ...................... 74.43% 13.12%(b)
========= ===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) .......................... $ 46,248 $ 5,978
Ratio of expenses to average
net assets after waivers ......... 0.60%(c) 0.60%(a)(c)
Ratio of expenses to average
net assets before waivers
(Note 6) ......................... 0.70%(c) 0.79%(a)(c)
Ratio of net investment
income to average net
assets after waivers ............. 0.09%(c) (0.05)%(a)(c)
Ratio of net investment
income to average net
assets before waivers
(Note 6) ......................... (0.01)%(c) (0.24)%(a)(c)
Portfolio turnover rate ........... 184% 79%
Effect of voluntary expense
limitation during the
period: (Note 6)
Per share benefit to net
investment income ............. $ 0.01 $ --
<CAPTION>
CLASS IB
----------------------------------------------------------
MAY 1, 1997*
YEAR ENDED YEAR ENDED TO
DECEMBER 31, 1999 DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of
period ........................... $ 16.04 $ 11.92 $ 10.00
--------- ------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income
(loss) .......................... (0.02) (0.03) 0.02
Net realized and unrealized
gain on investments and
foreign currency
transactions .................... 11.79 4.15 2.21
--------- ------- --------
Total from investment
operations ...................... 11.77 4.12 2.23
--------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............... -- -- (0.02)
Dividends in excess of net
investment income ............... -- -- --
Distributions from realized
gains ........................... (0.48) -- (0.18)
Distributions in excess of
realized gains .................. -- -- (0.11)
--------- ------- --------
Total dividends and
distributions ................... (0.48) -- (0.31)
--------- ------- --------
Net asset value, end of
period ........................... $ 27.33 $ 16.04 $ 11.92
========= ======= ========
Total return ...................... 73.62% 34.57% 22.42%(b)
========= ======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) .......................... $1,665,635 $ 461,307 $ 99,317
Ratio of expenses to average
net assets after waivers ......... 0.85%(c) 0.85%(c) 0.85%(a)
Ratio of expenses to average
net assets before waivers
(Note 6) ......................... 0.95%(c) 1.04%(c) 1.82%(a)
Ratio of net investment
income to average net
assets after waivers ............. (0.16)%(c) (0.30)%(c) 0.61%(a)
Ratio of net investment
income to average net
assets before waivers
(Note 6) ......................... (0.26)%(c) (0.49)%(c) (0.36)%(a)
Portfolio turnover rate ........... 184% 79% 116%
Effect of voluntary expense
limitation during the
period: (Note 6)
Per share benefit to net
investment income ............. $ 0.01 $ 0.02 $ 0.04
</TABLE>
295
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MFS GROWTH WITH INCOME PORTFOLIO:***
<TABLE>
<CAPTION>
CLASS IB
------------------
YEAR ENDED
DECEMBER 31, 1999
------------------
<S> <C>
Net asset value, beginning of period ............................................. $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.04
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... 0.84
-------
Total from investment operations ................................................ 0.88
-------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................. (0.04)
Dividends in excess of net investment income ..................................... --
--------
Total dividends and distributions ................................................ (0.04)
--------
Net asset value, end of period ................................................... $ 10.84
========
Total return ..................................................................... 8.76%
========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $109,828
Ratio of expenses to average net assets after waivers ............................ 0.85%
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.16%
Ratio of net investment income to average net assets after waivers ............... 0.80%
Ratio of net investment income to average net assets before waivers (Note 6) ..... 0.49%
Portfolio turnover rate .......................................................... 64%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $ 0.01
</TABLE>
296
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MFS RESEARCH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------------------------------
MAY 1, 1997*
YEAR ENDED YEAR ENDED TO
DECEMBER 31, 1999 DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period .......................... $ 14.21 $ 11.48 $ 10.00
------- ------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ 0.02 0.04 0.02
Net realized and unrealized gain on investments and
foreign currency transactions ............................... 3.24 2.73 1.58
------- ------- ---------
Total from investment operations ............................. 3.26 2.77 1.60
------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... (0.02) (0.04) (0.02)
Dividends in excess of net investment income ................. -- -- --
Distributions from realized gains ............................ (0.39) -- (0.01)
Distributions in excess of realized gains .................... -- -- (0.09)
-------- -------- ---------
Total dividends and distributions ............................ (0.41) (0.04) (0.12)
-------- -------- ---------
Net asset value, end of period ................................ $ 17.06 $ 14.21 $ 11.48
======== ======== =========
Total return .................................................. 23.12% 24.11% 16.07%(b)
======== ======== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $685,270 $407,619 $114,754
Ratio of expenses to average net assets after waivers ......... 0.85% 0.85% 0.85%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 0.96% 1.05% 1.78%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... 0.12% 0.44% 0.65%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. 0.01% 0.24% (0.28)%(a)
Portfolio turnover rate ....................................... 91% 73% 51%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income .................. $ 0.01 $ 0.02 $ 0.03
</TABLE>
297
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------------------------------
AUGUST 20, 1997*
YEAR ENDED YEAR ENDED TO
DECEMBER 31, 1999 DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period .......................... $ 5.79 $ 7.96 $ 10.00
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income/(loss) ................................. (0.01) 0.03 0.04
Net realized and unrealized gain (loss) on investments
and foreign currency transactions ........................... 5.55 (2.18) (2.06)
-------- ------- -------
Total from investment operations ............................. 5.54 (2.15) (2.02)
-------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... -- (0.02) (0.02)
Distributions from realized gains ............................ (0.11) -- --
-------- ------- -------
Total dividends and distributions ............................ (0.11) (0.02) (0.02)
-------- ------- -------
Net asset value, end of period ................................ $ 11.22 $ 5.79 $ 7.96
======== ======= =======
Total return .................................................. 95.82% (27.10)% (20.16)%(b)
========= ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $191,581 $41,359 $21,433
Ratio of expenses to average net assets after waivers ......... 1.75% 1.75% 1.75%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 2.38% 2.63% 2.61%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... (0.18)% 0.73% 1.96%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. (0.82)% (0.09)% 1.10%(a)
Portfolio turnover rate ....................................... 138% 114% 25%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income .................. $ 0.02 $ 0.03 $ 0.02
</TABLE>
298
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM BALANCED PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------------------------------
MAY 1, 1997*
YEAR ENDED YEAR ENDED TO
DECEMBER 31, 1999 DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period .......................... $ 12.16 $ 11.21 $ 10.00
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ 0.32 0.25 0.14
Net realized and unrealized gain (loss) on investments
and foreign currency transactions ........................... (0.32) 1.08 1.30
-------- ------- -------
Total from investment operations ............................. -- 1.33 1.44
-------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... (0.32) (0.23) (0.13)
Dividends in excess of net investment income ................. -- -- (0.01)
Distributions from realized gains ............................ (0.28) (0.15) (0.09)
Distributions in excess of realized gains .................... (0.12) -- --
-------- ------- -------
Total dividends and distributions ............................ (0.72) (0.38) (0.23)
-------- ------- -------
Net asset value, end of period ................................ $ 11.44 $ 12.16 $ 11.21
======== ======= =======
Total return .................................................. 0.01% 11.92% 14.38%(b)
======== ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $104,977 $75,977 $25,854
Ratio of expenses to average net assets after waivers ......... 0.90% 0.90% 0.90%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 1.07% 1.25% 2.55%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... 2.85% 2.88% 3.19%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. 2.68% 2.53% 1.54%(a)
Portfolio turnover rate ....................................... 140% 135% 117%
Effect of voluntary expense limitation during the period:
(Note 6) ....................................................
Per share benefit to net investment income .................. $ 0.02 $ 0.03 $ 0.07
</TABLE>
299
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------------------------------
MAY 1, 1997*
YEAR ENDED YEAR ENDED TO
DECEMBER 31, 1999 DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period .......................... $ 12.77 $ 11.52 $ 10.00
------- ------- -------
Income from investment operations:
Net investment income ........................................ 0.16 0.11 0.06
Net realized and unrealized gain on investments and
foreign currency transactions ............................... (0.34) 1.35 1.56
------- ------- -------
Total from investment operations ............................. (0.18) 1.46 1.62
------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... (0.16) (0.11) (0.06)
Dividends in excess of net investment income ................. -- -- --
Distributions from realized gains ............................ (0.74) -- (0.01)
Distributions in excess of realized gains .................... (0.13) (0.10) (0.03)
------- -------- -------
Total dividends and distributions ............................ (1.03) (0.21) (0.10)
------- -------- -------
Net asset value, end of period ................................ $ 11.56 $ 12.77 $11.52
======= ======== =======
Total return .................................................. (1.27)% 12.75% 16.23%(b)
======= ======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $544,271 $460,744 $150,260
Ratio of expenses to average net assets after waivers ......... 0.85% 0.85% 0.85%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 0.95% 1.04% 1.75%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... 1.29% 1.30% 1.67%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. 1.19% 1.11% 0.77%(a)
Portfolio turnover rate ....................................... 77% 74% 61%
Effect of voluntary expense limitation during the period:
(Note 6) ....................................................
Per share benefit to net investment income .................. $ 0.01 $ 0.02 $ 0.03
</TABLE>
300
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------------------------------
MAY 1, 1997*
YEAR ENDED YEAR ENDED TO
DECEMBER 31, 1999 DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period .......................... $ 13.01 $ 10.89 $ 10.00
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ 0.07 0.05 0.03
Net realized and unrealized gain on investments and
foreign currency transactions ............................... 7.69 2.07 0.93
------- ------- -------
Total from investment operations ............................. 7.76 2.12 0.96
------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... (0.13) -- (0.02)
Dividends in excess of net investment income ................. (0.22) -- --
Distributions from realized gains ............................ (1.07) -- (0.01)
Distributions in excess of realized gains .................... -- -- (0.04)
-------- -------- -------
Total dividends and distributions ............................ (1.42) -- (0.07)
-------- -------- -------
Net asset value, end of period ................................ $ 19.35 $ 13.01 $10.89
======== ======== =======
Total return .................................................. 60.24% 19.51% 9.58%(b)
======== ======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $299,159 $143,721 $55,178
Ratio of expenses to average net assets after waivers ......... 1.20% 1.20% 1.20%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 1.26% 1.46% 2.53%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... 0.54% 0.64% 0.74%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. 0.48% 0.38% (0.59)%(a)
Portfolio turnover rate ....................................... 119% 94% 43%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income .................. $ 0.01 $ 0.02 $ 0.05
</TABLE>
301
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------------------------------
MAY 1, 1997*
YEAR ENDED YEAR ENDED TO
DECEMBER 31, 1999 DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period .......................... $ 16.79 $ 12.33 $ 10.00
------- ------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................................. (0.03) 0.01 0.02
Net realized and unrealized gain (loss) on investments
and foreign currency transactions ........................... 5.09 4.46 2.45
------- ------- ---------
Total from investment operations ............................. 5.06 4.47 2.47
------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... -- (0.01) (0.03)
Distributions from realized gains ............................ (0.44) -- (0.04)
Distributions in excess of realized gains .................... -- -- (0.07)
------- ------- ---------
Total dividends and distributions ............................ (0.44) (0.01) (0.14)
------- ------- ---------
Net asset value, end of period ................................ $ 21.41 $ 16.79 $ 12.33
======= ======= =========
Total return .................................................. 30.24% 36.27% 24.70%(b)
======= ======= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $384,175 $175,015 $ 39,695
Ratio of expenses to average net assets after waivers ......... 0.93% 0.85% 0.85%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 0.98% 1.09% 2.13%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... (0.20)% 0.14% 0.58%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. (0.25)% (0.10)% (0.70)%(a)
Portfolio turnover rate ....................................... 76% 64% 47%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income .................. $ 0.01 $ 0.02 $ 0.05
</TABLE>
302
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
T. ROWE PRICE EQUITY INCOME PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
-------------------------------------
NOVEMBER 24,
1998*
YEAR ENDED TO
DECEMBER 31, DECEMBER 31,
1999 1998
-------------- ----------------------
<S> <C> <C>
Net asset value, beginning of period .......... $ 12.67 $ 13.22
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................ 0.28 0.06
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions ................................ 0.20 (0.09)+
------- --------
Total from investment operations ............. 0.48 (0.03)
------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ......... (0.29) (0.24)
Distributions from realized gains ............ (0.52) (0.28)
-------- --------
Total dividends and distributions ............ (0.81) (0.52)
-------- --------
Net asset value, end of period ................ $ 12.34 $ 12.67
======== ========
Total return .................................. 3.80% (0.15)%(b)
======== ===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............. $ 5,181 $2,415
Ratio of expenses to average net assets after
waivers ...................................... 0.60% 0.60%(a)(c)
Ratio of expenses to average net assets before
waivers (Note 6) ............................. 0.72% 0.79%(a)(c)
Ratio of net investment income to average net
assets after waivers ......................... 2.15% 2.45%(a)(c)
Ratio of net investment income to average net
assets before waivers (Note 6) ............... 2.03% 2.26%(a)(c)
Portfolio turnover rate ....................... 31% 17%
Effect of voluntary expense limitation during
the period: (Note 6)
Per share benefit to net investment
income ..................................... $ 0.02 $ 0.03
<CAPTION>
CLASS IB
--------------------------------------------------
MAY 1, 1997*
YEAR ENDED YEAR ENDED TO
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1998 1997
-------------- ----------------- -----------------
<S> <C> <C> <C>
Net asset value, beginning of period .......... $ 12.67 $ 12.08 $ 10.00
-------- --------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................ 0.24 0.22 0.10
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions ................................ 0.20 0.87 2.11
-------- --------- -------
Total from investment operations ............. 0.44 1.09 2.21
-------- --------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ......... (0.25) (0.22) (0.09)
Distributions from realized gains ............ (0.52) (0.28) (0.04)
--------- --------- -------
Total dividends and distributions ............ (0.77) (0.50) (0.13)
--------- --------- -------
Net asset value, end of period ................ $ 12.34 $ 12.67 $ 12.08
========= ========= =======
Total return .................................. 3.54% 9.11% 22.11%(b)
========= ========= ============
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............. $273,031 $242,001 $99,947
Ratio of expenses to average net assets after
waivers ...................................... 0.85% 0.85%(c) 0.85%(a)
Ratio of expenses to average net assets before
waivers (Note 6) ............................. 0.97% 1.04%(c) 1.74%(a)
Ratio of net investment income to average net
assets after waivers ......................... 1.90% 2.20%(c) 2.49%(a)
Ratio of net investment income to average net
assets before waivers (Note 6) ............... 1.78% 2.01%(c) 1.60%(a)
Portfolio turnover rate ....................... 31% 17% 9%
Effect of voluntary expense limitation during
the period: (Note 6)
Per share benefit to net investment
income ..................................... $ 0.02 $ 0.02 $ 0.03
</TABLE>
303
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------------------------------------------------
MAY 1, 1997*
YEAR ENDED YEAR ENDED TO
DECEMBER 31, 1999 DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period .......................... $ 11.10 $ 9.85 $ 10.00
------- ------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................ 0.06 0.06 0.02
Net realized and unrealized gain (loss) on investments
and foreign currency transactions ........................... 3.46 1.28 (0.17)
------- ------- ---------
Total from investment operations ............................. 3.52 1.34 (0.15)
------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ......................... (0.05) (0.07) --
Dividends in excess of net investment income ................. -- (0.02) --
Distributions in excess of realized gains .................... (0.15) -- --
Tax return of capital distributions .......................... -- -- --
-------- -------- ---------
Total dividends and distributions ............................ (0.20) (0.09) --
-------- -------- ---------
Net asset value, end of period ................................ $ 14.42 $ 11.10 $ 9.85
======== ======== =========
Total return .................................................. 31.92% 13.68% (1.49)%(b)
======== ================= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................. $214,899 $134,653 $ 69,572
Ratio of expenses to average net assets after waivers ......... 1.20% 1.20% 1.20%(a)
Ratio of expenses to average net assets before waivers
(Note 6) ..................................................... 1.29% 1.40% 2.56%(a)
Ratio of net investment income to average net assets after
waivers ...................................................... 0.51% 0.67% 0.45%(a)
Ratio of net investment income to average net assets before
waivers (Note 6) ............................................. 0.42% 0.47% (0.91)%(a)
Portfolio turnover rate ....................................... 25% 22% 17%
Effect of voluntary expense limitation during the period:
(Note 6)
Per share benefit to net investment income .................. $ 0.01 $ 0.02 $ 0.05
</TABLE>
304
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Concluded)
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
---------------------------------------
NOVEMBER 24,
1998*
YEAR ENDED TO
DECEMBER 31, DECEMBER 31,
1999 1998
---------------- ----------------------
<S> <C> <C>
Net asset value, beginning of period ..... $ 10.59 $ 10.40
--------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... 0.03 0.03
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions ........................... 0.19 0.23+
--------- --------
Total from investment operations ........ 0.22 0.26
--------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income..... (0.05) (0.06)
Distributions in excess of realized
gains .................................. -- --
Return of capital distributions ......... -- (0.01)
--------- --------
Total dividends and distributions ....... (0.05) (0.07)
--------- --------
Net asset value, end of period ........... $ 10.76 $ 10.59
========= ========
Total return ............................. 2.07% 2.63%(b)
========= ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........ $ 2,339 $ 747
Ratio of expenses to average net assets
after waivers ........................... 0.75%(c) 0.75%(a)(c)
Ratio of expenses to average net assets
before waivers (Note 6) ................. 0.84%(c) 0.92%(a)(c)
Ratio of net investment income to
average net assets after waivers ........ 0.40%(c) 0.72%(a)(c)
Ratio of net investment income to
average net assets before waivers
(Note 6) ................................ 0.32%(c) 0.55%(a)(c)
Portfolio turnover rate .................. 192% 111%
Effect of voluntary expense limitation
during the period: (Note 6)
Per share benefit to net investment
income .............................. $ 0.01 $ 0.17
<CAPTION>
CLASS IB
----------------------------------------------------
MAY 1, 1997*
YEAR ENDED YEAR ENDED TO
DECEMBER 31, DECEMBER 31, DECEMBER 31,
1999 1998 1997
---------------- ----------------- -----------------
<S> <C> <C> <C>
Net asset value, beginning of period ..... $ 10.61 $ 11.85 $ 10.00
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................... 0.02 0.05 0.01
Net realized and unrealized gain (loss)
on investments and foreign currency
transactions ........................... 0.17 (1.24) 1.90
------- ------- -------
Total from investment operations ........ 0.19 (1.19) 1.91
------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income..... (0.02) (0.04) (0.01)
Distributions in excess of realized
gains .................................. -- -- (0.05)
Return of capital distributions ......... -- (0.01) --
------- ------- -------
Total dividends and distributions ....... (0.02) (0.05) (0.06)
------- ------- -------
Net asset value, end of period ........... $ 10.78 $ 10.61 $ 11.85
======= ======= =======
Total return ............................. 1.80% (10.02)% 19.15%(b)
======= ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........ $149,618 $166,746 $120,880
Ratio of expenses to average net assets
after waivers ........................... 1.00%(c) 1.00%(c) 1.00%(a)
Ratio of expenses to average net assets
before waivers (Note 6) ................. 1.09%(c) 1.17%(c) 1.70%(a)
Ratio of net investment income to
average net assets after waivers ........ 0.21%(c) 0.47%(c) 0.26%(a)
Ratio of net investment income to
average net assets before waivers
(Note 6) ................................ 0.12%(c) 0.30%(c) (0.44)%(a)
Portfolio turnover rate .................. 192% 111% 44%
Effect of voluntary expense limitation
during the period: (Note 6)
Per share benefit to net investment
income .............................. $ 0.02 $ 0.02 $ 0.03
</TABLE>
- ----------
* Commencement of Operations
** Commenced operations on January 1, 1998.
*** Commenced operations on January 1, 1999.
+ The amount shown for a share outstanding throughout the period does not
accord with the aggregate net gains on investments for that period
because of the timing of sales and repurchases of the Portfolio shares in
relation to fluctuating market value of the investments in the Portfolio.
(a) Annualized
(b) Total return is not annualized.
(c) Reflects overall Portfolio ratios for investment income and
non-class specific expense.
(d) On October 18, 1999, this Portfolio received, through a substitution
transaction, the assets and liabilities of the Hudson River Trust
Portfolio that followed the same investment objectives as this
Portfolio. The information for each of the preceding periods is that
of the predecessor Hudson River Trust Portfolio. Information for the
year ended December 31, 1999 includes the results of operations of
the predecessor Hudson River Trust Portfolio from January 1, 1999
through October 17, 1999.
(e) Net investment income and capital changes per share are based on
monthly average shares outstanding.
305
<PAGE>
REPORT OF INDEPENDENT ACCOUNTANTS
To the 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 40
portfolios constituting EQ Advisors Trust (the "Fund") at December 31, 1999,
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 accounting principles generally accepted in the United States.
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 auditing standards generally accepted in the United States, 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, 1999 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 14, 2000
306
<PAGE>
FEDERAL INCOME TAX INFORMATION (UNAUDITED):
For the year ended December 31, 1999, 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 FOREIGN LONG TERM
PORTFOLIOS: RECEIVED DEDUCTION TAXES SOURCE INCOME CAPITAL GAIN--20%
- ----------------------------------------------------- -------------------- ------------ --------------- ------------------
<S> <C> <C> <C> <C>
Alliance Aggressive Stock Portfolio ................. 10.02% $ -- $ -- $ 226,127,365
Alliance Balanced Portfolio ......................... 4.33 -- -- 142,986,183
Alliance Common Stock Portfolio ..................... 8.21 -- -- 1,378,346,512
Alliance Conservative Investors Portfolio ........... 3.45 46,903 350,796 13,550,301
Alliance Equity Index Portfolio ..................... 100.00 -- -- 19,530,688
Alliance Global Portfolio ........................... 5.63 1,315,150 10,333,362 118,956,878
Alliance Growth and Income Portfolio ................ 13.91 -- -- 97,472,570
Alliance Growth Investors Portfolio ................. 5.48 640,857 5,134,801 130,313,206
Alliance High Yield Portfolio ....................... -- -- -- --
Alliance Intermediate Government Securities
Portfolio .......................................... -- -- -- --
Alliance International Portfolio .................... -- 366,638 4,064,425 1,315,480
Alliance Money Market Portfolio ..................... -- -- -- 82
EQ/Alliance Premier Growth Portfolio ................ 17.56 -- -- --
Alliance Quality Bond Portfolio ..................... -- -- -- --
Alliance Small Cap Growth Portfolio ................. -- -- -- --
BT Equity 500 Index Portfolio ....................... 98.40 -- -- 824,164
BT International Equity Index Portfolio ............. -- 119,744 1,079,186 165,212
BT Small Company Index Portfolio .................... 14.84 -- -- 578,351
Calvert Socially Responsible Portfolio .............. 9.63 -- -- --
Capital Guardian International Portfolio ............ -- -- -- --
Capital Guardian Research Portfolio ................. 100.00 -- -- --
Capital Guardian U.S. Equity Portfolio .............. 65.54 -- -- --
EQ/Evergreen Portfolio .............................. 100.00 -- -- --
EQ/Evergreen Foundation Portfolio ................... 37.73 -- -- --
JPM Core Bond Portfolio ............................. -- -- -- --
Lazard Large Cap Value Portfolio .................... 100.00 -- -- 1,975,866
Lazard Small Cap Value Portfolio .................... 100.00 -- -- 464,119
Merrill Lynch Basic Value Equity Portfolio .......... 27.92 -- -- 6,761,277
Merrill Lynch World Strategy Portfolio .............. 24.16 25,372 439,453 444,186
MFS Emerging Growth Companies Portfolio ............. 2.08 -- -- 14,249,545
MFS Growth with Income Portfolio .................... 100.00 -- -- --
MFS Research Portfolio .............................. 44.94 -- -- 15,179,404
Morgan Stanley Emerging Markets Equity
Portfolio .......................................... -- 730,429 1,758,353 --
EQ/Putnam Balanced Portfolio ........................ 29.63 -- -- 1,542,288
EQ/Putnam Growth & Income Value
Portfolio .......................................... 46.40 -- -- 18,564,191
EQ/Putnam International Equity Portfolio ............ -- 374,462 3,303,008 8,583,138
EQ/Putnam Investors Growth Portfolio ................ 99.97 -- -- 7,655,979
T. Rowe Price Equity Income Portfolio ............... 64.23 -- -- 8,457,025
T. Rowe Price International Stock Portfolio ......... -- 326,719 2,709,895 2,192,627
Warburg Pincus Small Company Value
Portfolio .......................................... 100.00 -- -- --
</TABLE>
307
