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Filed Pursuant to Rule 497(e)
Registration File No.: 333-17217
SUPPLEMENT DATED DECEMBER 6, 2000 TO THE
EQ ADVISORS TRUST PROSPECTUS DATED MAY 1, 2000
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This Supplement updates the above-dated Prospectus of EQ Advisors Trust
("Trust"). You may obtain an additional copy of the Prospectus or Statement of
Additional Information, free of charge, by writing to the Trust at 1290 Avenue
of the Americas, New York, New York 10104.
The primary purpose of this Supplement is to provide you with information about
a change in the investment strategy of one of the Portfolios of the Trust. As
more fully described below, effective February 1, 2001, the investment strategy
of the EQ/Evergreen Portfolio will change from a fund that invests primarily in
the common stocks of large U.S. companies using a "growth-at-a-reasonable price"
methodology to one that invests primarily in common stocks and securities
convertible into common stocks of U.S. companies across all market
capitalizations using a growth style. Also, effective May 1, 2001, the name of
the EQ/Evergreen Portfolio will change to the "EQ/Evergreen Omega" Portfolio
("Portfolio").
The following information updates the information with respect to the Portfolio
in the sections of the Prospectus entitled "Summary Information Concerning EQ
Advisors Trust," "About the Investment Portfolio: Investment Strategy, Who
Manages the Portfolio," and "Prior Performance of Each Adviser" in the
Prospectus:
EQ/EVERGREEN OMEGA PORTFOLIO
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PRINCIPAL INVESTMENT STRATEGIES PRINCIPAL RISKS
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U.S. common stocks and securities convertible into General investment, growth investing, small-cap and
common stocks of all market capitalizations mid-cap company, portfolio turnover, foreign
securities and derivatives
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INVESTMENT OBJECTIVE: Seeks long-term capital growth.
THE INVESTMENT STRATEGY
The Portfolio invests primarily in common stocks and securities convertible into
common stocks of U.S. companies across all market capitalizations. The Adviser
employs a growth style of equity management. "Growth" stocks are stocks of
companies that the Adviser believes have anticipated earnings ranging from
steady to accelerated growth. The Adviser's style of portfolio management may
lead to high portfolio turnover, but the rate of portfolio turnover will not
limit the Adviser's investment decisions.
The Adviser intends to sell a portfolio investment when the value of the
investment reaches or exceeds its estimated fair value, when the issuer's
fundamentals begin to deteriorate, or when the investment no longer appears to
meet the Portfolio's investment objective.
Although not a primary investment strategy, the Portfolio also may invest up to
25% of its total assets in foreign securities. Additionally, the Portfolio may
utilize derivative instruments (such as options and futures contracts) and
engage in short sales in order to: (i) maintain the Portfolio's exposure to the
market; (ii) manage cash; or (iii) attempt to increase income. The Portfolio may
also borrow money for temporary defensive purposes.
In response to adverse economic, political or market conditions, the Portfolio
may temporarily invest up to 100% of its assets in high quality money market
instruments. This strategy is inconsistent with the Portfolio's principal
investment strategy and investment objective, and if employed could result in a
lower return and loss of market opportunity.
THE PRINCIPAL RISKS
The Portfolio invests in common stocks, therefore, its performance may go up or
down depending on general market conditions. Other principal risks include:
GROWTH INVESTING RISK: The Portfolio uses a growth oriented approach to stock
selection. The price of growth stocks may be more sensitive to changes in
current or expected earnings than the price of other stocks. The price of
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growth stocks is also subject to the risk that the stock price of one or more
companies will fall or will fail to appreciate as anticipated by the Adviser,
regardless of movements in the securities market.
SMALL-CAP AND MID-CAP COMPANY RISK: The Portfolio's investments in new or
unseasoned small-cap and mid-cap companies may be subject to more abrupt or
erratic movements in price than those of larger, more established companies
because: the securities of such companies are less well-known and may trade less
frequently and in lower volume; such companies are more likely to experience
greater or more unexpected changes in their earnings and growth prospects; and
the products or technologies of such companies may be at a relatively early
stage of development or not fully tested.
PORTFOLIO TURNOVER RISK: It is anticipated that the Portfolio's turnover rate
will exceed 100% per year. Higher portfolio turnover (e.g., over 100% per year)
will cause the Portfolio to incur additional transaction costs that could be
passed through to shareholders.
FOREIGN SECURITIES RISK: The Portfolio's investments in foreign securities
involve risks not associated with investing in U.S. securities, which can
adversely affect the Portfolio's performance. Foreign markets, particularly
emerging markets, may be less liquid, more volatile, and subject to less
government supervision than domestic markets. There may be difficulties
enforcing contractual obligations, and it may take more time for trades to clear
and settle. In addition, the value of foreign investments can be adversely
affected by: unfavorable currency exchange rates (relative to the U.S. dollar
for securities denominated in foreign currencies); inadequate or inaccurate
information about foreign companies; higher transaction; brokerage and custody
costs; expropriation or nationalization; adverse changes in foreign economic and
tax policies; and foreign government instability, war or other adverse political
or economic actions.
DERIVATIVES RISK: Derivatives are financial contracts whose value depends on, or
is derived from the value of an underlying asset, reference rate or index.
Derivatives include stock options, securities index options, currency options,
forward currency exchange contacts, futures contracts, swaps and options on
futures contracts. Derivatives also involve the risk of mispricing or improper
valuation and the risk that changes in value of the derivative may not correlate
perfectly with the relevant assets, rates and indices.
PORTFOLIO PERFORMANCE - See EQ Advisors Trust Prospectus dated May 1, 2000.
WHO MANAGES THE PORTFOLIO
EVERGREEN INVESTMENT MANAGEMENT COMPANY ("EVERGREEN"), 200 Berkeley Street,
Boston, Massachusetts 02116-5034. Prior to November 1, 2000, Evergreen Asset
Management Corp. ("EAMC") was the Adviser to the Portfolio. EAMC was a
registered investment adviser and a wholly-owned subsidiary of First Union
Corporation. Effective November 1, 2000, EAMC was merged with and into
Evergreen, EAMC (and its successor Evergreen) has been the Adviser to the
Portfolio since it commenced operations. Evergreen is a registered investment
adviser and a wholly-owned subsidiary of First Union Corporation. Evergreen
offers a broad range of financial services to individuals and businesses
throughout the United States.
MAUREEN E. CULLINANE, will commence management of the Portfolio in
February 2001. Ms. Cullinane has been a Vice President and portfolio
manager at Evergreen since September 1987 and became a Senior Vice
President and Senior Portfolio Manager in March 1997.
PRIOR PERFORMANCE OF THE ADVISER
Please disregard the prior performance information for the Evergreen
Fund as provided in the section of the Prospectus entitled "Prior
Performance of Each Adviser."
