<PAGE>
THE HUDSON RIVER TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
ALLIANCE
INTERMEDIATE ALLIANCE
ALLIANCE GOVERNMENT ALLIANCE ALLIANCE GROWTH AND
MONEY MARKET SECURITIES QUALITY BOND HIGH YIELD INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
------------- ------------ ------------- ------------ -------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments at value (Notes 1 and 4) ....................... $ 675,646,698 $153,979,477 $ 236,099,104 $591,549,816 $ 836,062,221
Cash ....................................................... 190,018 3,089,811 3,149,038 -- 496,109
Receivable for securities sold ............................. -- -- 755,460 20,514,002 8,943,643
Collateral held for securities loaned (Note 1) ............. -- 13,398,420 34,829,110 -- 52,777,716
Receivable from Separate Accounts for Trust shares sold .... 3,250,523 248,776 493,628 2,787,163 7,418,116
Unrealized appreciation of forward currency contracts
(Notes 1 and 4) ........................................... -- -- -- -- --
Dividends, interest and other receivables .................. 2,493,722 1,500,240 2,498,624 9,615,704 1,411,261
------------- ------------ ------------- ------------ -------------
Total assets .............................................. 681,580,961 172,216,724 277,824,964 624,466,685 907,109,066
------------- ------------ ------------- ------------ -------------
LIABILITIES:
Options written at value (Premiums received: Alliance
Common Stock Portfolio--$80,537,659) (Notes 1 and 4) -- -- -- -- --
Payable to custodian ....................................... -- -- -- 28,266 --
Payable for securities purchased ........................... -- 9,389,106 -- 17,485,398 8,108,498
Payable for collateral received on securities loaned ....... -- 13,398,420 34,829,110 -- 52,777,716
Payable to Separate Accounts for Trust shares redeemed ..... 6,664,268 70,652 192,918 743,682 267,818
Unrealized depreciation of forward currency contracts
(Notes 1 and 4) ........................................... -- -- -- -- --
Variation margin payable on futures contracts .............. -- -- -- -- --
Distribution fees payable .................................. 44,570 2,612 -- 32,452 14,987
Investment advisory fees payable ........................... 211,218 64,430 108,850 328,511 391,179
Trustees' fees payable ..................................... 31,736 6,887 7,401 11,166 11,030
Accrued expenses ........................................... 51,604 9,686 9,668 21,606 33,662
------------- ------------ ------------- ------------ -------------
Total liabilities ......................................... 7,003,396 22,941,793 35,147,947 18,651,081 61,604,890
------------- ------------ ------------- ------------ -------------
NET ASSETS ................................................. $ 674,577,565 $149,274,931 $ 242,677,017 $605,815,604 $ 845,504,176
============= ============ ============= ============ =============
Investments at cost ........................................ $ 675,482,450 $152,597,186 $ 233,677,932 $599,907,011 $ 738,955,650
============= ============ ============= ============ =============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ............................................ $ 673,763,622 $156,000,246 $ 238,099,023 $599,161,148 $ 685,490,717
Accumulated undistributed (overdistributed) net
investment income ......................................... 624,574 127,133 533,623 847,232 54,531
Accumulated undistributed net realized gain (loss) ......... 25,121 (8,234,739) 1,623,273 14,164,419 62,852,357
Unrealized appreciation/depreciation on investments and
foreign currency denominated assets and liabilities ....... 164,248 1,382,291 2,421,098 (8,357,195) 97,106,571
------------- ------------ ------------- ------------ -------------
NET ASSETS ................................................. $ 674,577,565 $149,274,931 $ 242,677,017 $605,815,604 $ 845,504,176
============= ============ ============= ============ =============
CLASS IA SHARES:
Net Assets ................................................. $ 462,290,303 $136,460,266 $ 242,677,017 $449,307,960 $ 772,855,663
============= ============ ============= ============ =============
Shares outstanding (Note 5) ................................ 45,327,708 14,356,196 24,592,199 43,045,676 44,660,830
============= ============ ============= ============ =============
Net asset value, offering and redemption price per share
(Note 1) . ................................................ $ 10.20 $ 9.51 $ 9.87 $ 10.44 $ 17.30
============= ============ ============= ============ =============
CLASS IB SHARES:
Net Assets ................................................. $ 212,287,262 $ 12,814,665 $156,507,644 $ 72,648,513
============= ============ ============ =============
Shares outstanding (Note 5) ................................ 20,840,307 1,349,309 15,020,438 4,204,186
============= ============ ============ =============
Net asset value, offering and redemption price per share
(Note 1) .................................................. $ 10.19 $ 9.50 $ 10.42 $ 17.28
============= ============ ============ =============
</TABLE>
See Notes to Financial Statements.
1
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE
ALLIANCE ALLIANCE ALLIANCE ALLIANCE AGGRESSIVE
EQUITY INDEX COMMON STOCK GLOBAL INTERNATIONAL STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -------------- ---------------- --------------- ------------ ---------------
<S> <C> <C> <C> <S>
$1,388,081,236 $ 11,905,232,646 $ 1,418,728,014 $219,249,260 $ 5,040,760,071
1,715,415 82,125,812 7,737,850 7,670,139 --
998,672 61,601,971 9,592,122 1,286,170 48,036,676
173,270,053 995,733,730 146,945,006 14,485,756 756,961,100
5,685,621 41,583,099 2,086,228 510,627 4,398,175
-- -- 291,762 46,744 --
1,501,643 9,448,530 2,294,088 543,993 2,696,695
- -------------- ---------------- --------------- ------------ ---------------
1,571,252,640 13,095,725,788 1,587,675,070 243,792,689 5,852,852,717
- -------------- ---------------- --------------- ------------ ---------------
-- 135,178,515 -- -- --
-- -- -- -- 1,573,708
-- 144,218,856 850,388 4,991,422 52,701,424
173,270,053 995,733,730 146,945,006 14,485,756 756,961,100
-- 25,717 2,474,028 176,077 16,504,842
-- -- -- -- --
121,100 -- -- -- --
48 100,239 7,165 1,163 26,275
337,764 3,575,894 784,948 177,006 2,293,841
18,788 351,226 35,421 4,928 169,796
63,375 2,701,630 242,040 102,853 206,433
- -------------- ---------------- --------------- ------------ ---------------
173,811,128 1,281,885,807 151,338,996 19,939,205 830,437,419
- -------------- ---------------- --------------- ------------ ---------------
$1,397,441,512 $ 11,813,839,981 $ 1,436,336,074 $223,853,484 $ 5,022,415,298
============== ================ =============== ============ ===============
$ 992,807,520 $ 8,247,760,627 $ 1,133,971,794 $211,915,057 $ 4,415,146,312
============== ================ =============== ============ ===============
$1,000,786,481 $ 7,226,206,249 $ 1,093,447,339 $216,779,436 $ 4,057,762,661
(335,830) 11,560,589 858,582 (1,240,414) 372,365
1,453,195 973,244,234 58,026,160 942,427 338,666,513
395,537,666 3,602,828,909 284,003,993 7,372,035 625,613,759
- -------------- ---------------- --------------- ------------ ---------------
$1,397,441,512 $ 11,813,839,981 $ 1,436,336,074 $223,853,484 $ 5,022,415,298
============== ================ =============== ============ ===============
$1,397,215,139 $ 11,311,406,877 $ 1,401,575,588 $218,271,294 $ 4,895,216,377
============== ================ =============== ============ ===============
60,620,601 443,517,632 70,264,243 19,022,929 123,790,060
============== ================ =============== ============ ===============
$ 23.05 $ 25.50 $ 19.95 $ 11.47 $ 39.54
============== ================ =============== ============ ===============
$ 226,373 $ 502,433,104 $ 34,760,486 $ 5,582,190 $ 127,198,921
============== ================ =============== ============ ===============
9,825 19,731,370 1,744,315 486,736 3,226,886
============== ================ =============== ============ ===============
$ 23.04 $ 25.46 $ 19.93 $ 11.47 $ 39.42
============== ================ =============== ============ ===============
<CAPTION>
ALLIANCE ALLIANCE ALLIANCE
SMALL CAP CONSERVATIVE ALLIANCE GROWTH
GROWTH INVESTORS BALANCED INVESTORS
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------ ------------- --------------- --------------
<C> <C> <C> <C>
$285,482,425 $ 345,261,819 $ 1,872,124,463 $1,882,127,118
8,147,113 487,065 2,165,832 18,633,843
170,280 336,877 3,602,944 8,883,308
-- 74,639,672 452,723,965 351,367,507
1,594,738 324,824 1,181,042 2,482,915
-- -- -- 82,231
196,820 2,165,721 10,233,948 6,165,638
- ------------ ------------- --------------- --------------
295,591,376 423,215,978 2,342,032,194 2,269,742,560
- ------------ ------------- --------------- --------------
-- -- -- --
-- -- -- --
12,953,267 1,324,010 2,448,857 5,147,930
-- 74,639,672 452,723,965 351,367,507
5,771,819 20,460 23,721 485,631
-- 8,316 68,497 --
-- -- -- --
18,577 3,042 -- 12,382
205,130 141,962 668,139 861,521
1,435 13,752 90,333 52,018
5,767 53,493 141,971 185,528
- ------------ ------------- --------------- --------------
18,955,995 76,204,707 456,165,483 358,112,517
- ------------ ------------- --------------- --------------
$276,635,381 $ 347,011,271 $ 1,885,866,711 $1,911,630,043
============ ============= =============== ==============
$277,868,815 $ 317,521,701 $ 1,616,088,236 $1,622,608,781
============ ============= =============== ==============
$264,767,137 $ 304,092,482 $ 1,516,157,908 $1,531,493,991
(38,218) 304,552 889,029 (813,185)
4,292,852 14,889,486 112,866,554 122,131,643
7,613,610 27,724,751 255,953,220 258,817,594
- ------------ ------------- --------------- --------------
$276,635,381 $ 347,011,271 $ 1,885,866,711 $1,911,630,043
============ ============= =============== ==============
$186,353,683 $ 331,529,925 $ 1,885,866,711 $1,851,125,683
============ ============= =============== ==============
13,943,392 26,323,007 98,019,792 90,253,892
============ ============= =============== ==============
$ 13.37 $ 12.59 $ 19.24 $ 20.51
============ ============= =============== ==============
$ 90,281,698 $ 15,481,346 $ 60,504,360
============ ============= ==============
6,766,669 1,230,124 2,953,403
============ ============= ==============
$ 13.34 $ 12.59 $ 20.49
============ ============= ==============
</TABLE>
2
<PAGE>
THE HUDSON RIVER TRUST
STATEMENTS OF OPERATIONS
Six Months Ended June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
ALLIANCE
INTERMEDIATE ALLIANCE
ALLIANCE GOVERNMENT ALLIANCE ALLIANCE GROWTH AND
MONEY MARKET SECURITIES QUALITY BOND HIGH YIELD INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
----------- ---------- ---------- -------------- -----------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Income*(Note 1):
Dividends (including $928,224 and
$1,596,319 from affiliated companies for the
Alliance Common Stock and Alliance
Aggressive Stock Portfolios, respectively) ......... $ -- $ -- $ -- $ -- $ 2,839,627
Interest ............................................ 17,188,899 3,999,358 6,879,774 27,401,616 --
----------- ---------- ---------- -------------- -----------
Total income ....................................... 17,188,899 3,999,358 6,879,774 27,401,616 2,839,627
----------- ---------- ---------- -------------- -----------
Expenses (Notes 1, 2 and 3):
Investment advisory fee ............................. 1,077,532 334,970 576,545 1,552,924 1,971,803
Custodian fees ...................................... 39,522 19,859 37,529 36,165 40,669
Distribution fees--Class IB ......................... 198,786 10,449 -- 136,252 64,479
Printing and mailing expenses ....................... 51,666 6,466 11,082 23,557 35,617
Professional fees ................................... 5,861 1,300 2,104 4,798 6,689
SEC registration fees ............................... 5,135 435 283 363 2,114
Trustees' fees ...................................... 6,743 1,492 2,418 5,524 6,698
Miscellaneous ....................................... 5,043 1,666 2,259 4,254 5,652
----------- ---------- ---------- -------------- -----------
Total expenses ..................................... 1,390,288 376,637 632,220 1,763,837 2,133,721
----------- ---------- ---------- -------------- -----------
NET INVESTMENT INCOME (LOSS) .......................... 15,798,611 3,622,721 6,247,554 25,637,779 705,906
----------- ---------- ---------- -------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS)
(NOTES 1 AND 4):
Realized Gain (Loss):
On securities (including $37,488,198 and
$60,405,244 from affiliated companies for
the Alliance Common Stock and Alliance
Aggressive Stock Portfolios, respectively) ......... 5,716 597,209 2,084,447 12,013,116 55,405,605
On options written .................................. -- -- -- -- --
On foreign currency transactions .................... -- -- 80,060 -- --
On futures contracts ................................ -- -- -- -- --
----------- ---------- ---------- -------------- -----------
Realized gain (loss)--net ............................ 5,716 597,209 2,164,507 12,013,116 55,405,605
----------- ---------- ---------- -------------- -----------
Change in Unrealized
Appreciation/Depreciation:
On securities ....................................... 52,377 45,386 514,987 (15,981,192) 24,241,334
On options written .................................. -- -- -- -- --
On foreign currency transactions .................... -- -- (227,036) -- --
On futures contracts ................................ -- -- -- -- --
----------- ---------- ---------- -------------- -----------
Unrealized appreciation/depreciation--net ............ 52,377 45,386 287,951 (15,981,192) 24,241,334
----------- ---------- ---------- -------------- -----------
REALIZED AND UNREALIZED GAIN (LOSS)--NET .............. 58,093 642,595 2,452,458 (3,968,076) 79,646,939
----------- ---------- ---------- -------------- -----------
NET INCREASE IN NET ASSETS FROM OPERATIONS ............ $15,856,704 $4,265,316 $8,700,012 $ 21,669,703 $80,352,845
=========== ========== ========== ============== ===========
</TABLE>
- ---------
* Net of foreign taxes withheld on dividends of $360, $209,666, $937,306,
$289,760, $31,155, $313,839 and $412,901 for the Alliance Equity Index,
Alliance Common Stock, Alliance Global, Alliance International, Alliance
Conservative Investors, Alliance Balanced and Alliance Growth Investors
Portfolios, respectively, and on interest of $14,125 and $27 for the
Alliance Quality Bond and Alliance Conservative Investors Portfolios,
respectively.
See Notes to Financial Statements.
3
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE
ALLIANCE ALLIANCE ALLIANCE ALLIANCE AGGRESSIVE
EQUITY INDEX COMMON STOCK GLOBAL INTERNATIONAL STOCK
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------ -------------- ------------ ------------ ------------
<S> <C> <C> <C> <C>
$ 8,751,172 $ 48,277,033 $ 10,169,471 $ 2,279,671 $ 10,237,855
657,061 25,412,523 1,756,668 373,160 6,590,069
- ------------ -------------- ------------ ------------ ------------
9,408,233 73,689,556 11,926,139 2,652,831 16,827,924
- ------------ -------------- ------------ ------------ ------------
1,934,555 19,223,982 4,286,605 965,714 13,171,775
77,439 214,831 346,310 163,414 115,311
212 435,664 34,231 5,351 124,960
62,717 562,232 89,120 18,810 278,423
10,919 101,371 12,905 2,056 48,475
3,076 -- 1,782 344 --
12,568 116,486 14,831 2,367 55,646
8,783 75,702 10,250 2,226 36,569
- ------------ -------------- ------------ ------------ ------------
2,110,269 20,730,268 4,796,034 1,160,282 13,831,159
- ------------ -------------- ------------ ------------ ------------
7,297,964 52,959,288 7,130,105 1,492,549 2,996,765
- ------------ -------------- ------------ ------------ ------------
981,368 597,816,821 43,198,396 3,323,489 209,741,458
-- 200,176,533 -- -- --
3,916 (545,628) 7,113,378 2,319,183 --
514,350 -- -- -- --
- ------------ -------------- ------------ ------------ ------------
1,499,634 797,447,726 50,311,774 5,642,672 209,741,458
- ------------ -------------- ------------ ------------ ------------
174,035,360 971,110,313 140,117,591 19,418,617 207,855,418
-- (39,597,401) -- -- --
(10,468) (2,106) (5,536,764) (1,896,302) --
135,650 -- -- -- --
- ------------ -------------- ------------ ------------ ------------
174,160,542 931,510,806 134,580,827 17,522,315 207,855,418
- ------------ -------------- ------------ ------------ ------------
175,660,176 1,728,958,532 184,892,601 23,164,987 417,596,876
- ------------ -------------- ------------ ------------ ------------
$182,958,140 $1,781,917,820 $192,022,706 $ 24,657,536 $420,593,641
============ ============== ============ ============ ============
<CAPTION>
ALLIANCE ALLIANCE ALLIANCE
SMALL CAP CONSERVATIVE ALLIANCE GROWTH
GROWTH INVESTORS BALANCED INVESTORS
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ----------- ----------- ------------ ------------
<C> <C> <C> <C>
$ 540,094 $ 566,313 $ 5,256,888 $ 7,265,820
561,871 6,970,891 26,606,757 16,880,375
- ----------- ----------- ------------ ------------
1,101,965 7,537,204 31,863,645 24,146,195
- ----------- ----------- ------------ ------------
969,884 776,925 3,707,577 4,568,488
51,516 63,712 169,878 217,119
83,905 12,335 -- 59,363
10,996 18,191 100,727 106,530
1,914 3,167 17,537 17,254
365 103 -- 2,110
2,208 3,639 20,145 19,567
2,120 3,047 13,678 13,468
- ----------- ----------- ------------ ------------
1,122,908 881,119 4,029,542 5,003,899
- ----------- ----------- ------------ ------------
(20,943) 6,656,085 27,834,103 19,142,296
- ----------- ----------- ------------ ------------
5,893,550 10,465,503 85,450,806 90,178,851
-- -- -- --
-- 111,727 1,793,696 3,105,086
-- -- -- --
- ----------- ----------- ------------ ------------
5,893,550 10,577,230 87,244,502 93,283,937
- ----------- ----------- ------------ ------------
6,869,916 7,999,888 74,220,198 84,896,882
-- -- -- --
-- (149,483) (1,550,173) (2,632,029)
-- -- -- --
- ----------- ----------- ------------ ------------
6,869,916 7,850,405 72,670,025 82,264,853
- ----------- ----------- ------------ ------------
12,763,466 18,427,635 159,914,527 175,548,790
- ----------- ----------- ------------ ------------
$12,742,523 $25,083,720 $187,748,630 $194,691,086
=========== =========== ============ ============
</TABLE>
4
<PAGE>
THE HUDSON RIVER TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
ALLIANCE
ALLIANCE INTERMEDIATE GOVERNMENT
MONEY MARKET PORTFOLIO SECURITIES PORTFOLIO
------------------------------- -----------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1998 1997 1998 1997
-------------- -------------- ------------- -------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income .................................. $ 15,798,611 $ 24,630,559 $ 3,622,721 $ 5,754,750
Realized gain--net ..................................... 5,716 57,662 597,209 995,258
Change in unrealized appreciation/depreciation of
investments and foreign currency denominated
assets and liabilities--net ........................... 52,377 (45,650) 45,386 715,736
-------------- -------------- ------------- -------------
Net increase in net assets from operations ............. 15,856,704 24,642,571 4,265,316 7,465,744
-------------- -------------- ------------- -------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1):
Class IA:
Dividends from net investment income .................. (11,198,129) (21,721,933) (3,268,366) (5,646,086)
Distributions from realized gains ..................... -- (30,365) -- --
-------------- -------------- ------------- -------------
Total Class IA dividends and distributions ............. (11,198,129) (21,752,298) (3,268,366) (5,646,086)
-------------- -------------- ------------- -------------
Class IB:
Dividends from net investment income .................. (4,125,844) (2,801,881) (244,778) (90,108)
Distributions from realized gains ..................... -- (7,892) -- --
-------------- -------------- ------------- -------------
Total Class IB dividends and distributions ............. (4,125,844) (2,809,773) (244,778) (90,108)
-------------- -------------- ------------- -------------
Decrease in net assets from dividends and
distributions ......................................... (15,323,973) (24,562,071) (3,513,144) (5,736,194)
-------------- -------------- ------------- -------------
SHARE TRANSACTIONS (NOTES 1 AND 5):
Class IA:
Shares sold ........................................... 606,267,336 902,735,892 35,505,905 40,498,885
Shares issued in reinvestment of dividends and
distributions ....................................... 11,198,129 21,752,298 3,268,366 5,646,086
Shares redeemed ....................................... (605,852,774) (938,706,582) (18,171,109) (21,146,992)
-------------- -------------- ------------- -------------
Total Class IA transactions ............................ 11,612,691 (14,218,392) 20,603,162 24,997,979
-------------- -------------- ------------- -------------
Class IB:
Shares sold ........................................... 138,722,667 158,089,618 8,028,072 5,061,316
Shares issued in reinvestment of dividends and
distributions ....................................... 4,125,844 2,809,773 244,778 90,108
Shares redeemed ....................................... (54,051,818) (39,732,243) (519,149) (97,482)
-------------- -------------- ------------- -------------
Total Class IB transactions ............................ 88,796,693 121,167,148 7,753,701 5,053,942
-------------- -------------- ------------- -------------
Net increase in net assets derived from share
transactions .......................................... 100,409,384 106,948,756 28,356,863 30,051,921
-------------- -------------- ------------- -------------
INCREASE IN NET ASSETS .................................. 100,942,115 107,029,256 29,109,035 31,781,471
NET ASSETS, BEGINNING OF PERIOD ......................... 573,635,450 466,606,194 120,165,896 88,384,425
-------------- -------------- ------------- -------------
NET ASSETS, END OF PERIOD* .............................. $ 674,577,565 $ 573,635,450 $ 149,274,931 $ 120,165,896
============== ============== ============= =============
</TABLE>
- ----------
* Including accumulated undistributed (overdistributed) net investment
income of $624,574 and $149,936 for the Alliance Money Market Portfolio;
$127,133 and $17,556 for the Alliance Intermediate Government Securities
Portfolio; $533,623 and $321,561 for the Alliance Quality Bond Portfolio;
$847,232 and $29,459 for the Alliance High Yield Portfolio; $54,531 and
$(7,871) for the Alliance Growth and Income Portfolio; $(335,830) and
$(17,221) for the Alliance Equity Index Portfolio, as of June 30, 1998
and December 31, 1997, respectively.
See Notes to Financial Statements.
5
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE
ALLIANCE ALLIANCE GROWTH AND INCOME ALLIANCE
QUALITY BOND PORTFOLIO HIGH YIELD PORTFOLIO PORTFOLIO EQUITY INDEX PORTFOLIO
----------------------------- ------------------------------ ----------------------------- -------------------------------
SIX MONTHS SIX MONTHS SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1998 1997 1998 1997 1998 1997 1998 1997
------------ ------------- ------------- ------------- ------------- ------------- -------------- -------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
$ 6,247,554 $ 11,009,665 $ 25,637,779 $ 29,463,188 $ 705,906 $ 3,994,742 $ 7,297,964 $ 9,754,995
2,164,507 5,117,055 12,013,116 19,038,590 55,405,605 40,626,845 1,499,634 3,560,666
287,951 (291,468) (15,981,192) 2,081,485 24,241,334 45,313,202 174,160,542 159,119,452
------------ ------------- ------------- ------------- ------------- ------------- -------------- -------------
8,700,012 15,835,252 21,669,703 50,583,263 80,352,845 89,934,789 182,958,140 172,435,113
------------ ------------- ------------- ------------- ------------- ------------- -------------- -------------
(6,035,492) (11,132,504) (19,212,202) (26,828,709) (627,795) (3,997,147) (7,615,708) (10,027,043)
-- -- -- (13,814,454) -- (31,316,552) -- (3,323,415)
------------ ------------- ------------- ------------- ------------- ------------- -------------- -------------
(6,035,492) (11,132,504) (19,212,202) (40,643,163) (627,795) (35,313,699) (7,615,708) (13,350,458)
------------ ------------- ------------- ------------- ------------- ------------- -------------- -------------
-- -- (5,607,804) (2,657,724) (15,709) (65,287) (865) (648)
-- -- -- (2,518,666) -- (1,815,517) -- (392)
------------ ------------- ------------- ------------- ------------- ------------- -------------- -------------
-- -- (5,607,804) (5,176,390) (15,709) (1,880,804) (865) (1,040)
------------ ------------- ------------- ------------- ------------- ------------- -------------- -------------
(6,035,492) (11,132,504) (24,820,006) (45,819,553) (643,504) (37,194,503) (7,616,573) (13,351,498)
------------ ------------- ------------- ------------- ------------- ------------- -------------- -------------
36,271,825 49,175,799 124,960,084 161,350,185 161,448,035 251,418,234 291,926,135 450,997,869
6,035,492 11,132,504 19,212,202 40,643,163 627,795 35,313,699 7,615,708 13,350,458
(5,528,298) (16,801,045) (49,192,842) (52,652,236) (18,588,683) (17,464,089) (21,275,572) (66,043,438)
------------ ------------- ------------- ------------- ------------- ------------- -------------- -------------
36,779,019 43,507,258 94,979,444 149,341,112 143,487,147 269,267,844 278,266,271 398,304,889
------------ ------------- ------------- ------------- ------------- ------------- -------------- -------------
-- -- 87,610,819 63,018,257 37,292,667 31,791,055 98,281 137,857
-- -- 5,607,804 5,176,390 15,709 1,880,804 865 1,040
-- -- (1,043,038) (534,056) (2,756,581) (4,484) (6,496) (35,558)
------------ ------------- ------------- ------------- ------------- ------------- -------------- -------------
-- -- 92,175,585 67,660,591 34,551,795 33,667,375 92,650 103,339
------------ ------------- ------------- ------------- ------------- ------------- -------------- -------------
36,779,019 43,507,258 187,155,029 217,001,703 178,038,942 302,935,219 278,358,921 398,408,228
------------ ------------- ------------- ------------- ------------- ------------- -------------- -------------
39,443,539 48,210,006 184,004,726 221,765,413 257,748,283 355,675,505 453,700,488 557,491,843
203,233,478 155,023,472 421,810,878 200,045,465 587,755,893 232,080,388 943,741,024 386,249,181
------------ ------------- ------------- ------------- ------------- ------------- -------------- -------------
$242,677,017 $ 203,233,478 $ 605,815,604 $ 421,810,878 $ 845,504,176 $ 587,755,893 $1,397,441,512 $ 943,741,024
============ ============= ============= ============= ============= ============= ============== =============
</TABLE>
6
<PAGE>
THE HUDSON RIVER TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
COMMON STOCK PORTFOLIO GLOBAL PORTFOLIO
--------------------------------- ---------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1998 1997 1998 1997
--------------- -------------- -------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................... $ 52,959,288 $ 55,815,739 $ 7,130,105 $ 11,050,762
Realized gain--net ..................................... 797,447,726 983,715,133 50,311,774 101,771,496
Change in unrealized appreciation/depreciation of
investments and foreign currency denominated
assets and liabilities--net ........................... 931,510,806 1,046,218,790 134,580,827 14,062,715
--------------- -------------- -------------- --------------
Net increase (decrease) in net assets from operations .. 1,781,917,820 2,085,749,662 192,022,706 126,884,973
--------------- -------------- -------------- --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1):
Class IA:
Dividends from net investment income .................. (49,037,339) (43,806,963) (6,619,319) (23,003,562)
Distributions from realized gains ..................... -- (700,688,717) -- (76,503,591)
--------------- -------------- -------------- --------------
Total Class IA dividends and distributions ............. (49,037,339) (744,495,680) (6,619,319) (99,507,153)
--------------- -------------- -------------- --------------
Class IB:
Dividends from net investment income .................. (1,302,834) (241,911) (103,291) (319,694)
Distributions from realized gains ..................... -- (16,923,582) -- (1,359,092)
--------------- -------------- -------------- --------------
Total Class IB dividends and distributions ............. (1,302,834) (17,165,493) (103,291) (1,678,786)
--------------- -------------- -------------- --------------
Decrease in net assets from dividends and
distributions ......................................... (50,340,173) (761,661,173) (6,722,610) (101,185,939)
--------------- -------------- -------------- --------------
SHARE TRANSACTIONS (NOTES 1 AND 5):
Class IA:
Shares sold ........................................... 582,504,721 1,034,152,489 81,330,779 241,147,160
Shares issued in reinvestment of dividends and
distributions ....................................... 49,037,339 744,495,680 6,619,319 99,507,153
Shares redeemed ....................................... (327,261,325) (394,260,503) (71,936,237) (159,826,842)
--------------- -------------- -------------- --------------
Total Class IA transactions ............................ 304,280,735 1,384,387,666 16,013,861 180,827,471
--------------- -------------- -------------- --------------
Class IB:
Shares sold ........................................... 217,962,415 209,141,659 10,672,596 21,767,932
Shares issued in reinvestment of dividends and
distributions ....................................... 1,302,834 17,165,493 103,291 1,678,786
Shares redeemed ....................................... (2,057,383) (643,153) (1,140,765) (1,917,712)
--------------- -------------- -------------- --------------
Total Class IB transactions ............................ 217,207,866 225,663,999 9,635,122 21,529,006
--------------- -------------- -------------- --------------
Net increase (decrease) in net assets derived from
share transactions .................................... 521,488,601 1,610,051,665 25,648,983 202,356,477
--------------- -------------- -------------- --------------
INCREASE IN NET ASSETS .................................. 2,253,066,248 2,934,140,154 210,949,079 228,055,511
NET ASSETS, BEGINNING OF PERIOD ......................... 9,560,773,733 6,626,633,579 1,225,386,995 997,331,484
--------------- -------------- -------------- --------------
NET ASSETS, END OF PERIOD* .............................. $11,813,839,981 $9,560,773,733 $1,436,336,074 $1,225,386,995
=============== ============== ============== ==============
</TABLE>
- ----------
* Including accumulated undistributed (overdistributed) net investment
income of $11,560,589 and $8,941,474 for the Alliance Common Stock
Portfolio; $858,582 and $451,087 for the Alliance Global Portfolio;
$(1,240,414) and $(1,256,432) for the Alliance International Portfolio;
$372,365 and $(113,631) for the Alliance Aggressive Stock Portfolio;
$(38,218) and $(461) for the Alliance Small Cap Growth Portfolio;
$304,552 and $35,314 for the Alliance Conservative Investors Portfolio,
as of June 30, 1998 and December 31, 1997, respectively.
** Commencement of Operations.
See Notes to Financial Statements.
7
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
ALLIANCE ALLIANCE SMALL CAP GROWTH CONSERVATIVE INVESTORS
INTERNATIONAL PORTFOLIO AGGRESSIVE STOCK PORTFOLIO PORTFOLIO PORTFOLIO
- --------------------------------- --------------------------------- ------------------------------ ----------------------------
SIX MONTHS SIX MONTHS SIX MONTHS MAY 1, 1997** SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED ENDED TO ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1998 1997 1998 1997 1998 1997 1998 1997
- --------------- --------------- -------------- ----------------- --------------- ------------- ------------- -------------
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C> <C> <C> <C>
$ 1,492,549 $ 1,609,964 $ 2,996,765 $ 4,499,773 $ (20,943) $ 16,358 $ 6,656,085 $ 12,201,104
5,642,672 8,394,226 209,741,458 523,431,192 5,893,550 1,627,719 10,577,230 13,986,324
17,522,315 (15,340,188) 207,855,418 (75,825,667) 6,869,916 743,694 7,850,405 10,167,050
- --------------- --------------- -------------- ----------------- --------------- ------------- ------------- -------------
24,657,536 (5,335,998) 420,593,641 452,105,298 12,742,523 2,387,771 25,083,720 36,354,478
- --------------- --------------- -------------- ----------------- --------------- ------------- ------------- -------------
(1,448,691) (5,505,067) (2,510,769) (6,323,032) (16,814) (16,325) (6,168,897) (11,954,796)
-- (9,560,102) -- (381,316,889) -- (2,163,100) -- (9,269,071)
- --------------- --------------- -------------- ----------------- --------------- ------------- ------------- -------------
(1,448,691) (15,065,169) (2,510,769) (387,639,921) (16,814) (2,179,425) (6,168,897) (21,223,867)
- --------------- --------------- -------------- ----------------- --------------- ------------- ------------- -------------
(27,840) (69,625) -- (8,975) -- (904) (217,950) (74,433)
-- (161,535) -- (6,038,166) -- (1,071,973) -- (163,419)
- --------------- --------------- -------------- ----------------- --------------- ------------- ------------- -------------
(27,840) (231,160) -- (6,047,141) -- (1,072,877) (217,950) (237,852)
- --------------- --------------- -------------- ----------------- --------------- ------------- ------------- -------------
(1,476,531) (15,296,329) (2,510,769) (393,687,062) (16,814) (3,252,302) (6,386,847) (21,461,719)
- --------------- --------------- -------------- ----------------- --------------- ------------- ------------- -------------
301,299,398 204,985,168 679,702,253 1,331,662,733 324,061,412 154,901,196 21,074,658 34,060,741
1,448,691 15,065,169 2,510,769 387,639,921 16,814 2,179,425 6,168,897 21,223,868
(297,899,664) (161,266,462) (788,017,824) (1,058,223,800) (241,211,978) (62,293,798) (21,760,696) (44,876,250)
- --------------- --------------- -------------- ----------------- --------------- ------------- ------------- -------------
4,848,425 58,783,875 (105,804,802) 661,078,854 82,866,248 94,786,823 5,482,859 10,408,359
- --------------- --------------- -------------- ----------------- --------------- ------------- ------------- -------------
2,738,724 3,841,704 48,764,071 72,451,903 40,867,118 46,064,536 9,455,443 5,707,042
27,840 231,160 -- 6,047,141 -- 1,072,877 217,950 237,851
(839,686) (234,071) (1,884,146) (608,248) (823,146) (60,253) (382,768) (107,498)
- --------------- --------------- -------------- ----------------- --------------- ------------- ------------- -------------
1,926,878 3,838,793 46,879,925 77,890,796 40,043,972 47,077,160 9,290,625 5,837,395
- --------------- --------------- -------------- ----------------- --------------- ------------- ------------- -------------
6,775,303 62,622,668 (58,924,877) 738,969,650 122,910,220 141,863,983 14,773,484 16,245,754
- --------------- --------------- -------------- ----------------- --------------- ------------- ------------- -------------
29,956,308 41,990,341 359,157,995 797,387,886 135,635,929 140,999,452 33,470,357 31,138,513
193,897,176 151,906,835 4,663,257,303 3,865,869,417 140,999,452 -- 313,540,914 282,402,401
- --------------- --------------- -------------- ----------------- --------------- ------------- ------------- -------------
$ 223,853,484 $ 193,897,176 $5,022,415,298 $ 4,663,257,303 $ 276,635,381 $ 140,999,452 $ 347,011,271 $ 313,540,914
=============== =============== ============== ================= =============== ============= ============= =============
</TABLE>
8
<PAGE>
THE HUDSON RIVER TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Concluded)
<TABLE>
<CAPTION>
ALLIANCE
ALLIANCE GROWTH INVESTORS
BALANCED PORTFOLIO PORTFOLIO
--------------------------------- ---------------------------------
SIX MONTHS SIX MONTHS
ENDED YEAR ENDED ENDED YEAR ENDED
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1998 1997 1998 1997
-------------- -------------- -------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income .............................. $ 27,834,103 $ 55,060,063 $ 19,142,296 $ 32,794,295
Realized gain--net ................................. 87,244,502 113,021,038 93,283,937 121,986,091
Change in unrealized appreciation/depreciation of
investments and foreign currency denominated
assets and liabilities--net ....................... 72,670,025 65,873,768 82,264,853 78,749,885
-------------- -------------- -------------- --------------
Net increase in net assets from operations ......... 187,748,630 233,954,869 194,691,086 233,530,271
-------------- -------------- -------------- --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1):
Class IA:
Dividends from net investment income .............. (27,029,082) (54,844,131) (18,029,318) (37,426,355)
Distributions from realized gains ................. -- (84,244,038) -- (84,649,354)
-------------- -------------- -------------- --------------
Total Class IA dividends and distributions ......... (27,029,082) (139,088,169) (18,029,318) (122,075,709)
-------------- -------------- -------------- --------------
Class IB:
Dividends from net investment income .............. -- -- (462,315) (527,651)
Distributions from realized gains ................. -- -- -- (1,840,006)
-------------- -------------- -------------- --------------
Total Class IB dividends and distributions ......... -- -- (462,315) (2,367,657)
-------------- -------------- -------------- --------------
Decrease in net assets from dividends and
distributions ..................................... (27,029,082) (139,088,169) (18,491,633) (124,443,366)
-------------- -------------- -------------- --------------
SHARE TRANSACTIONS (NOTES 1 AND 5):
Class IA:
Shares sold ....................................... 42,639,308 64,626,322 72,166,680 177,931,189
Shares issued in reinvestment of dividends and
distributions ................................... 27,029,082 139,088,169 18,029,318 122,075,709
Shares redeemed ................................... (68,609,756) (212,348,166) (41,117,222) (80,173,883)
-------------- -------------- -------------- --------------
Total Class IA transactions ........................ 1,058,634 (8,633,675) 49,078,776 219,833,015
-------------- -------------- -------------- --------------
Class IB:
Shares sold ....................................... -- -- 22,661,408 34,376,432
Shares issued in reinvestment of dividends and
distributions ................................... -- -- 462,315 2,367,657
Shares redeemed ................................... -- -- (2,890,624) (1,660,277)
-------------- -------------- -------------- --------------
Total Class IB transactions ........................ -- -- 20,233,099 35,083,812
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets derived from
share transactions ................................ 1,058,634 (8,633,675) 69,311,875 254,916,827
-------------- -------------- -------------- --------------
INCREASE IN NET ASSETS .............................. 161,778,182 86,233,025 245,511,328 364,003,732
NET ASSETS, BEGINNING OF PERIOD ..................... 1,724,088,529 1,637,855,504 1,666,118,715 1,302,114,983
-------------- -------------- -------------- --------------
NET ASSETS, END OF PERIOD* .......................... $1,885,866,711 $1,724,088,529 $1,911,630,043 $1,666,118,715
============== ============== ============== ==============
</TABLE>
- ----------
* Including accumulated undistributed (overdistributed) net investment
income of $889,029 and $84,008 for the Alliance Balanced Portfolio;
$(813,185) and $(1,463,848) for the Alliance Growth Investors Portfolio,
as of June 30, 1998 and December 31, 1997, respectively.
See Notes to Financial Statements.
9
<PAGE>
<TABLE>
THE HUDSON RIVER TRUST
ALLIANCE MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
- ---------------------------------------------------------------------------------------------
<CAPTION>
EFFECTIVE
PRINCIPAL VALUE ANNUAL
AMOUNT (NOTE 1) YIELD*
- ---------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
BANKERS' ACCEPTANCES (0.3%)
Chase Manhattan Corp.
Due 08/28/98 .................................. $ 2,000,000 $ 1,980,828 5.57%
-----------
CERTIFICATES OF DEPOSIT
Barclays Bank
Due 08/25/98 .................................. 10,000,000 10,000,498 5.83
Rabobank Nederland N.V.
Due 04/27/99 .................................. 3,500,000 3,503,687 5.82
Royal Bank of Canada, New York
Due 02/24/99 .................................. 9,000,000 8,989,759 5.78
Swiss Bank Corp.
Due 03/24/99 .................................. 25,000,000 24,997,038 5.65
Westdeutsche Landesbank
Due 07/31/98 .................................. 5,000,000 4,999,934 5.78
-----------
TOTAL CERTIFICATES OF DEPOSIT (7.8%) ......... 52,490,916
-----------
COMMERCIAL PAPER
Barton Capital Corp.:
Due 07/06/98 .................................. 3,985,000 3,981,922 5.60
Due 07/24/98 .................................. 6,719,000 6,695,218 5.62
Bavaria Universal Funding Corp.
Due 09/29/98 .................................. 25,000,000 24,655,625 5.62
Corporate Asset Funding Co.
Due 08/17/98 .................................. 16,700,000 16,579,212 5.58
Corporate Asset Securitization Australia
Due 08/05/98 .................................. 3,000,000 2,983,900 5.63
Clipper Receivables Corp.
Due 08/12/98 .................................. 23,184,000 23,034,695 5.62
Concord Minuteman Capital Corp.
Due 08/17/98 .................................. 25,000,000 24,817,222 5.64
CXC, Inc.
Due 08/12/98 .................................. 10,000,000 9,935,366 5.59
Four Winds Funding Corp.
Due 07/14/98 .................................. 25,000,000 24,949,805 5.61
Grand Funding Corp.
Due 08/28/98 .................................. 25,000,000 24,777,665 5.63
Greenwich Asset Funding, Inc.
Due 07/01/98 .................................. 25,000,000 25,000,000 5.54
International Securitization
Due 08/17/98 .................................. 17,400,000 17,274,603 5.64
Lexington Capital Corp.
Due 07/01/98 .................................. 25,000,000 25,000,000 5.60
Old Line Funding Corp.
Due 08/12/98 .................................. 24,000,000 23,845,440 5.69
Park Avenue Receivables:
Due 07/14/98 .................................. 3,078,000 3,071,820 5.66
Due 08/17/98 .................................. 25,000,000 24,819,833 5.61
Premium Funding, Inc.
Due 07/27/98 .................................. 14,900,000 14,840,382 5.64
</TABLE>
10
<PAGE>
<TABLE>
THE HUDSON RIVER TRUST
ALLIANCE MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- -----------------------------------------------------------------------------------------------------
<CAPTION>
EFFECTIVE
PRINCIPAL VALUE ANNUAL
AMOUNT (NOTE 1) YIELD*
- -----------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Rose Funding Ltd.
Due 08/26/98 .................................... $25,101,000 $ 24,885,465 5.65%
Salomon Smith Barney Holdings, Inc.
Due 08/12/98 .................................... 25,000,000 24,837,833 5.59
Sheffield Receivable Corp.:
Due 08/17/98 .................................... 6,000,000 5,956,760 5.65
Due 08/17/98 .................................... 19,400,000 19,260,190 5.64
Sigma Finance Corp.
Due 11/12/98 .................................... 4,976,000 4,874,501 5.62
SPARC EM Ltd.:
Due 08/12/98 .................................... 20,000,000 19,871,200 5.58
Due 08/26/98 .................................... 5,000,000 4,957,067 5.63
Thames Asset Global Securitization No. 1, Inc.
Due 09/08/98 .................................... 15,000,000 14,842,163 5.61
Three Rivers Funding Corp.
Due 07/22/98 .................................... 16,278,000 16,225,394 5.64
Westways Funding Ltd.
Due 08/05/98 .................................... 22,910,000 22,786,158 5.62
Windmill Funding Corp.
Due 08/26/98 .................................... 25,115,000 24,899,345 5.63
Wood Street Funding
Due 07/22/98 .................................... 16,478,000 16,424,746 5.65
------------
TOTAL COMMERCIAL PAPER (73.6%) ................. 496,083,530
------------
U.S. GOVERNMENT AGENCIES (3.7%)
Federal Home Loan Bank
Due 03/17/99 .................................... 25,000,000 25,090,215 5.72
------------
VARIABLE RATE SECURITIES
CC (USA), Inc.
Due 10/27/98(a) ................................. 20,000,000 20,003,294 5.74
Federal Farm Credit Bank
Due 10/01/98(a) ................................. 20,000,000 20,000,000 5.50
General Electric Capital Corp., Series 1
Due 06/04/99(a) ................................. 25,000,000 24,999,470 5.58
SMM Trust, Series 1998-B
Due 03/05/99(a)+ ................................ 15,000,000 14,999,943 5.66
Wachovia Bank and Trust Co. NA
Due 02/19/99(a) ................................. 20,000,000 19,998,502 5.58
------------
TOTAL VARIABLE RATE SECURITIES (14.8%) ......... 100,001,209
------------
TOTAL INVESTMENTS IN SHORT-TERM DEBT SECURITIES (100.2%)
(Amortized Cost $675,482,450) ................... 675,646,698
OTHER ASSETS LESS LIABILITIES (-0.2%) ............ (1,069,133)
------------
NET ASSETS (100.0%) .............................. $674,577,565
============
</TABLE>
- ----------
* Based on market values at the close of business on June 30, 1998.
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. This security may only be resold to qualified institutional
buyers. At June 30, 1998, this security amounted to $14,999,943 or 2.2%
of net assets.
(a) Coupon will fluctuate based upon an interest rate index. Stated due
date reflects final maturity of security.
See Notes to Financial Statements.
11
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
ASSET BACKED (4.0%)
Advanta Credit Card Master
Trust Series 1996-CA
5.8075%, 11/15/03 (a) ........... $ 3,025,000 $ 3,024,032
IMC Home Equity Loan Trust
Series 1998-4A
5.8163%, 08/20/29 (a) ........... 3,000,000 2,999,062
------------
6,023,094
------------
COLLATERALIZED MORTGAGE
OBLIGATIONS (6.0%)
Allied Capital Commercial
Mortgage Trust
6.31%, 09/25/03 ................. 4,291,871 4,263,716
Federal National Mortgage
Association Series 1997-M8
6.94%, 01/25/22 ................. 3,901,363 4,024,490
Residential Funding Mortgage
Securities, Inc. Series 1993-S11
7.25%, 03/25/23 ................. 650,411 648,786
------------
8,936,992
------------
MORTGAGE RELATED (9.4%)
Federal Home Loan Mortgage
Corp. GOLD
9.5%, 01/01/20 .................. 4,847 5,246
Federal National Mortgage
Association:
9.0%, 02/15/20 .................. 7,065,359 7,573,217
30 Year TBA 6.5%, 06/01/28 ...... 6,450,000 6,421,736
------------
14,000,199
------------
U.S. GOVERNMENT & AGENCIES (71.7%)
Federal Farm Credit Corp.
6.29%, 08/25/04 ................. 4,700,000 4,829,377
Federal Home Loan Bank:
5.5%, 01/10/01 .................. 4,500,000 4,479,975
5.77%, 02/03/04 ................. 6,430,000 6,444,577
Federal National Mortgage
Association
5.75%, 04/15/03 ................. 9,850,000 9,876,398
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------
<S> <C> <C>
Tennessee Valley Authority
6.5%, 08/20/01 .................. $ 5,400,000 $ 5,524,848
U.S. Treasury:
5.375% Note, 01/31/00 ........... 9,575,000 9,551,063
5.5% Note, 03/31/00 ............. 8,525,000 8,522,340
5.75% Note, 11/15/00 ............ 2,500,000 2,512,500
5.625% Note, 05/15/01 ........... 15,500,000 15,545,972
6.125% Note, 12/31/01 ........... 6,800,000 6,921,128
6.25% Note, 06/30/02 ............ 5,500,000 5,635,784
5.5% Note, 03/31/03 ............. 7,000,000 6,995,625
11.875% Bond, 11/15/03 .......... 6,300,000 8,119,125
6.625% Note, 05/15/07 ........... 11,150,000 11,982,771
------------
106,941,483
------------
TOTAL LONG-TERM DEBT SECURITIES (91.1%)
(Amortized Cost $134,519,477) 135,901,768
------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES
Federal Home Loan Mortgage
Corp.:
5.85%, due 07/01/98 ............. 11,100,000 11,100,000
5.5%, due 07/23/98 .............. 3,000,000 2,989,953
Federal National Mortgage
Association
5.51%, due 07/21/98 ............. 4,000,000 3,987,756
------------
TOTAL U.S. GOVERNMENT AGENCIES (12.1%) 18,077,709
------------
TOTAL SHORT-TERM DEBT SECURITIES (12.1%)
(Amortized Cost $18,077,709) ..... 18,077,709
------------
TOTAL INVESTMENTS (103.2%)
(Amortized Cost $152,597,186) 153,979,477
OTHER ASSETS LESS LIABILITIES (-3.2%) (4,704,546)
------------
NET ASSETS (100.0%) ............... $149,274,931
=============
</TABLE>
- ----------
(a) Coupon will fluctuate based upon an interest rate index. Stated due
date reflects final maturity of security.
See Notes to Financial Statements.
12
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE QUALITY BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
BASIC MATERIALS (2.1%)
CHEMICALS
Reliance Industries Ltd.
10.375%, 06/24/16+ ............... $ 5,500,000 $ 5,187,815
------------
CONSUMER CYCLICALS (2.3%)
HOUSEHOLD FURNITURE, APPLIANCES
Sony Corp.
6.125%, 03/04/03 ................. 5,500,000 5,512,814
------------
CONSUMER NONCYCLICALS
MEDIA & CABLE
Tele-Communications, Inc.
9.8%, 02/01/12 ................... 6,530,000 8,399,604
Time Warner Entertainment Co.
8.375%, 03/15/23 ................. 5,700,000 6,676,467
Turner Broadcasting System, Inc.
8.375%, 07/01/13 ................. 2,450,000 2,808,141
------------
TOTAL CONSUMER NONCYCLICALS (7.4%) 17,884,212
------------
CREDIT SENSITIVE
BANKS (1.8%)
Chase Manhattan Corp.
6.375%, 04/01/08 ................. 4,500,000 4,507,470
------------
UTILITY--ELECTRIC (2.6%)
Dominion Resources Capital
Trust I
7.83%, 12/01/27 .................. 5,925,000 6,243,172
------------
TOTAL CREDIT SENSITIVE (4.4%) .... 10,750,642
------------
U.S. GOVERNMENT AGENCIES
MORTGAGE RELATED
Federal Home Loan Mortgage
Corp.:
7.0%, 09/01/11 ................... 6,177,747 6,287,791
7.0%, 02/01/13 ................... 4,797,243 4,882,697
Federal National Mortgage
Association:
5.25%, 01/15/03 .................. 17,790,000 17,461,952
6.5%, 06/01/11 ................... 10,741,645 10,802,014
6.5%, 09/01/11 ................... 1,770,039 1,779,987
6.5%, 05/01/13 ................... 4,951,323 4,979,150
7.0%, 05/01/26 ................... 7,137,966 7,238,290
7.0%, 03/01/27 ................... 1,791,943 1,817,138
7.0%, 01/01/28 ................... 11,039,734 11,194,897
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------
<S> <C> <C>
Government National Mortgage
Association:
7.5%, 12/15/25 ................... $ 935,032 $ 960,455
7.5%, 01/15/27 ................... 1,002,677 1,029,940
7.5%, 04/15/27 ................... 1,412,012 1,450,405
7.5%, 05/15/27 ................... 1,371,335 1,408,621
7.5%, 06/15/27 ................... 938,091 963,598
7.0%, 07/15/27 ................... 2,894,686 2,939,930
7.5%, 09/15/27 ................... 1,376,612 1,414,042
7.5%, 11/15/27 ................... 935,236 960,665
7.0%, 02/15/28 ................... 8,700,120 8,836,102
6.5%, 03/15/28 ................... 3,612,512 3,603,481
------------
TOTAL U.S. GOVERNMENT AGENCIES (37.1%)
90,011,155
------------
U.S. GOVERNMENT
U.S. Treasury:
6.5% Note, 08/31/01 .............. 15,250,000 15,659,844
6.5% Note, 05/31/02 .............. 17,165,000 17,733,591
6.875% Note, 05/15/06 ............ 13,500,000 14,622,187
6.125% Bond, 11/15/27 ............ 22,725,000 24,351,269
------------
TOTAL U.S. GOVERNMENT (29.8%) 72,366,891
------------
ENERGY (3.3%)
COAL & GAS PIPELINES
Williams Companies, Inc.
6.125%, 02/01/01 ................. 8,055,000 8,034,138
------------
TOTAL LONG-TERM DEBT SECURITIES (86.4%)
(Amortized Cost $207,326,495)..... 209,747,667
------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES
Federal Home Loan Mortgage
Corp.
5.85%, due 07/01/98 .............. 5,400,000 5,400,000
Federal National Mortgage
Association:
5.6%, due 07/06/98 ............... 10,000,000 9,992,222
5.51%, due 07/21/98 .............. 5,000,000 4,984,695
5.48%, due 07/29/98 .............. 6,000,000 5,974,520
------------
TOTAL U.S. GOVERNMENT AGENCIES (10.9%) 26,351,437
------------
TOTAL SHORT-TERM DEBT SECURITIES (10.9%)
(Amortized Cost $26,351,437) ..... 26,351,437
------------
TOTAL INVESTMENTS (97.3%)
(Amortized Cost $233,677,932)..... 236,099,104
OTHER ASSETS
LESS LIABILITIES (2.7%) .......... 6,577,913
------------
NET ASSETS (100.0%) ................ $242,677,017
============
</TABLE>
- ----------
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. This security may only be resold to qualified institutional
buyers. At June 30, 1998, this security amounted to $5,187,815 or 2.1% of
net assets.
13
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS AND OTHER
INVESTMENTS:
BUSINESS SERVICES (0.0%)
PRINTING, PUBLISHING & BROADCASTING
Pegasus Communications Corp.
(Class A)* ........................... 3,384 $ 79,524
-----------
CAPITAL GOODS (0.0%)
BUILDING & CONSTRUCTION
Capital Pacific Holdings, Inc.--
Warrants (expire 05/01/02)* .......... 11,850 17,775
-----------
CONSUMER CYCLICALS
LEISURE RELATED (0.1%)
Discovery Zone--Warrants
(expire 08/01/07)*+ .................. 3,500 210,000
-----------
RETAIL--GENERAL (0.0%)
FTD Corp.*+ ............................ 37,500 18,750
-----------
TOTAL CONSUMER CYCLICALS (0.1%) 228,750
-----------
CONSUMER NONCYCLICALS
HOSPITAL SUPPLIES & SERVICES (0.0%)
Wright Medical Technology,
Inc.--Warrants (expire
06/30/03)* ........................... 618 61,028
-----------
SOAPS & TOILETRIES (0.0%)
Renaissance Cosmetics--
Warrants (expire 08/15/01)* .......... 2,000 0
-----------
TOTAL CONSUMER
NONCYCLICALS (0.0%) ............... 61,028
-----------
TECHNOLOGY
ELECTRONICS (0.0%)
Interactive Systems Corp.--
Warrants (expire 08/01/03)* .......... 1,500 3,900
-----------
TELECOMMUNICATIONS (0.1%)
Knology Holdings, Inc.--
Warrants (expire 10/15/07)* .......... 15,000 0
Optel, Inc.* ........................... 10,000 400,000
Orion Network Systems, Inc.--
Warrants (expire 01/15/07)* .......... 4,000 0
Primus Telecommunications--
Warrants (expire 08/01/04)* .......... 6,500 195,000
-----------
595,000
-----------
TOTAL TECHNOLOGY (0.1%) .............. 598,900
-----------
TOTAL COMMON STOCKS AND OTHER
INVESTMENTS (0.2%)
(Cost $111,660) ...................... 985,977
-----------
PREFERRED STOCKS:
CONSUMER CYCLICALS (0.8%)
HOUSEHOLD FURNITURE, APPLIANCES
Eagle-Picher Holdings
0.0%(a)*+ ............................ 900 5,130,000
-----------
ENERGY (0.4%)
OIL--DOMESTIC
Chesapeake Energy Corp.
7.0% Conv.+ .......................... 48,000 2,160,000
-----------
TECHNOLOGY
TELECOMMUNICATIONS (3.7%)
Benedek Communications Corp.
11.5%(b)+ ............................ 3,000 3,000,000
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------------------------------------------------------
<S> <C> <C>
Concentric Network Corp.
13.5%(b)+ ............................ 3,000 $ 3,000,000
Nextel Communications, Inc.
(Class A)
11.125%(b)*+ ......................... 7,000 7,175,000
Rural Cellular Corp.
11.375%(b)+ .......................... 5,000 5,000,000
21st Century Telecom Group
13.75%(b) ............................ 4,000 4,360,000
-----------
TOTAL TECHNOLOGY (3.7%) .............. 22,535,000
-----------
TOTAL PREFERRED STOCKS (4.9%)
(Cost $29,810,580) ................... 29,825,000
-----------
PRINCIPAL
AMOUNT
--------
LONG-TERM DEBT SECURITIES:
BASIC MATERIALS
CHEMICALS (0.4%)
Aqua Chemicals, Inc.
11.25%, 07/01/08+ .................... $ 2,500,000 2,537,500
-----------
METALS & MINING (2.7%)
AE1 Holding Co.
10.0%, 11/15/07+ ..................... 6,500,000 6,435,000
Glencore Nickel Proprietary Ltd.
9.0%, 12/01/14+ ...................... 4,000,000 3,840,000
P&L Coal Holdings Corp.
9.625%, 05/15/08+ .................... 6,100,000 6,267,750
-----------
16,542,750
-----------
PAPER (2.2%)
American Pad & Paper Co.
(Series B)
13.0%, 11/15/05 ...................... 3,500,000 3,517,500
Millar Western Forest
9.875%, 05/15/08+ .................... 6,500,000 6,337,500
Pen Tab Industries, Inc.
10.875%, 02/01/07 .................... 3,500,000 3,465,000
-----------
13,320,000
-----------
STEEL (0.5%)
Schuff Steel Co.
10.5%, 06/01/08+ ..................... 3,000,000 2,970,000
-----------
TOTAL BASIC MATERIALS (5.8%) ......... 35,370,250
-----------
BUSINESS SERVICES
ENVIRONMENTAL CONTROL (0.8%)
ATC Group Services
12.0%, 01/15/08+ ..................... 5,500,000 5,060,000
-----------
PRINTING, PUBLISHING &
BROADCASTING (4.1%)
Central European Media
Enterprises Ltd.
9.375%, 08/15/04 ..................... 6,000,000 5,805,000
Radio One, Inc.
7.0%, 05/15/04(c) .................... 5,000,000 5,100,000
Regional Independent Media
10.5%, 07/01/08+ ..................... 3,000,000 3,045,000
Supercanal Holdings SA
14.5%, 12/15/07+ ..................... 1,760,350 1,760,350
Telemundo Group, Inc.
7.0%, 02/15/06(c) .................... 8,235,000 8,842,331
-----------
24,552,681
-----------
</TABLE>
14
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------
<S> <C> <C>
PROFESSIONAL SERVICES (1.0%)
Employee Solutions, Inc.
10.0%, 10/15/04 .................... $3,250,000 $3,185,000
T/SF Communications Corp.
(Series B)
10.375%, 11/01/07 .................. 3,000,000 3,052,500
----------
6,237,500
----------
TRUCKING, SHIPPING (2.6%)
Navigator Gas Transport
10.5%, 06/30/07+ ................... 4,850,000 5,092,500
Stena Line AB
10.625%, 06/01/08 .................. 6,000,000 6,075,000
TBS Shipping International Ltd.
10.0%, 05/01/05+ ................... 4,700,000 4,277,000
----------
15,444,500
----------
TOTAL BUSINESS SERVICES (8.5%) 51,294,681
----------
CAPITAL GOODS
BUILDING & CONSTRUCTION (3.1%)
Cathay International Ltd.
13.0%, 04/15/08+ ................... 8,000,000 7,040,000
GS Superhighway Holdings
10.25%, 08/15/07+ .................. 10,000,000 7,112,500
MMI Products, Inc.
11.25%, 04/15/07 ................... 4,000,000 4,380,000
----------
18,532,500
----------
ELECTRICAL EQUIPMENT (1.5%)
Elgar Holdings
9.875%, 02/01/08+ .................. 2,250,000 2,092,500
Trench Elec & Trench, Inc.
10.25%, 12/15/07+ .................. 4,000,000 4,050,000
Wesco, Inc.
Zero Coupon, 06/01/08(a)+ .......... 5,000,000 2,925,000
----------
9,067,500
----------
MACHINERY (0.3%)
High Voltage Engineering
10.5%, 08/15/04+ ................... 2,000,000 2,060,000
----------
TOTAL CAPITAL GOODS (4.9%) ......... 29,660,000
----------
CONSUMER CYCLICALS
AIRLINES (0.8%)
Trans World Airlines
11.375%, 03/01/06+ ................. 5,000,000 5,006,250
----------
APPAREL, TEXTILE (0.5%)
NTEX, Inc.
11.5%, 06/01/06+ ................... 3,000,000 2,970,000
----------
AUTO RELATED (1.7%)
Federal Mogul Corp.
7.875%, 07/01/10 ................... 6,500,000 6,527,358
Safety Components
International, Inc.
10.125%, 07/15/07 .................. 3,500,000 3,675,000
----------
10,202,358
----------
FOOD SERVICES, LODGING (1.3%)
Mastellone Hermanos SA
11.75%, 04/01/08+ .................. 4,000,000 3,985,000
Romacorp, Inc.
12.0%, 07/01/06+ ................... 4,000,000 4,060,000
----------
8,045,000
----------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------
<S> <C> <C>
HOUSEHOLD FURNITURE, APPLIANCES (2.1%)
Home Interiors & Gifts, Inc.
10.125%, 06/01/08+ ................. $6,700,000 $6,842,375
Sealy Mattress Co.
9.875%, 12/15/07+ .................. 2,750,000 2,915,000
Spin Cycle, Inc.
Zero Coupon, 05/01/05(a) ........... 4,000,000 2,820,000
----------
12,577,375
----------
LEISURE RELATED (4.4%)
Discovery Zone
13.5%, 08/01/02+ ................... 3,500,000 3,150,000
E&S Holdings Corp.
10.375, 10/01/06 ................... 8,000,000 5,880,000
Hedstrom Corp.
10.0%, 06/01/07+ ................... 6,000,000 6,150,000
Planet Hollywood
International, Inc.
12.0%, 04/01/05+ ................... 5,000,000 4,525,000
Silverleaf Resorts, Inc.
10.5%, 04/01/08 .................... 3,000,000 2,910,000
Waterford Gaming LLC
12.75%, 11/15/03 ................... 3,784,000 4,181,320
----------
26,796,320
----------
RETAIL--GENERAL (1.1%)
Pantry, Inc.
12.0%, 11/15/00 .................... 2,150,000 2,284,375
V2 Music Holdings
Zero Coupon, 04/15/08(a) ........... 8,000,000 4,120,000
----------
6,404,375
----------
TOTAL CONSUMER CYCLICALS (11.9%) 72,001,678
----------
CONSUMER NONCYCLICALS
BEVERAGES (0.7%)
TM Group Holdings
11.0%, 05/15/08+ ................... 4,000,000 4,095,000
----------
CONTAINERS (1.0%)
Anchor Glass
11.25%, 04/01/05+ .................. 4,000,000 4,290,000
MVE, Inc.
12.5%, 02/15/02 .................... 2,000,000 2,040,000
----------
6,330,000
----------
FOODS (3.8%)
Grupo Azucarero Mexico
11.5%, 01/15/05+ ................... 6,000,000 5,137,500
Imperial Holly Corp.
9.75%, 12/15/07+ ................... 10,000,000 10,025,000
Specialty Foods Corp.
11.125%, 10/01/02 .................. 8,000,000 8,000,000
----------
23,162,500
----------
HOSPITAL SUPPLIES & SERVICES (0.7%)
Universal Hospital Services
10.25%, 03/01/08+ .................. 4,000,000 4,000,000
----------
MEDIA & CABLE (0.6%)
HMV Media Group PLC
10.25%, 05/15/08+ .................. 3,300,000 3,349,500
----------
</TABLE>
15
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------
<S> <C> <C>
RETAIL--FOOD (1.0%)
Digiorgio Corp.
10.0%, 06/15/07 ................... $6,000,000 $5,970,000
----------
TOTAL CONSUMER
NONCYCLICALS (7.8%) ............ 46,907,000
----------
CREDIT SENSITIVE
BANKS (1.1%)
Tokai Bank
9.98%, 12/29/49+ .................. 7,000,000 6,475,000
----------
FINANCIAL SERVICES (1.7%)
Metris Companies, Inc.
10.0%, 11/01/04+ .................. 8,000,000 8,360,000
Wilshire Financial Services
Group (Series B)
13.0%, 08/15/04 ................... 2,000,000 2,150,000
----------
10,510,000
----------
TOTAL CREDIT SENSITIVE (2.8%) ..... 16,985,000
----------
ENERGY
COAL & GAS PIPELINES (0.9%)
Chesapeake Energy Corp.
9.625%, 05/01/05+ ................. 5,200,000 5,213,000
----------
OIL--DOMESTIC (5.7%)
Bayard Drilling Technologies, Inc.
11.0%, 06/30/08+ .................. 4,000,000 4,000,000
Doe Run Resources Corp.
11.25%, 03/15/05+ ................. 4,000,000 4,040,000
Michael Petroleum Corp.
11.5%, 04/01/05+ .................. 3,000,000 3,000,000
Transamerican Energy
11.5%, 06/15/02+ .................. 13,000,000 11,960,000
Trans-Resources, Inc.
10.75%, 03/15/08+ ................. 5,000,000 5,150,000
TransTexas Gas Corp.
13.75%, 12/31/01 .................. 5,829,000 6,528,480
----------
34,678,480
----------
OIL--INTERNATIONAL (1.6%)
Northern Offshore ASA
10.0%, 05/15/05+ .................. 5,000,000 4,775,000
Petro Mexicanos
9.25%, 03/30/18+ .................. 5,000,000 4,650,000
----------
9,425,000
----------
OIL--SUPPLIES & CONSTRUCTION (0.4%)
Celestica International, Inc.
10.5%, 12/31/06 ................... 2,500,000 2,759,375
----------
RAILROADS (0.8%)
American Commercial Lines
10.25%, 06/30/08+ ................. 5,000,000 5,062,500
----------
TOTAL ENERGY (9.4%) ............... 57,138,355
----------
TECHNOLOGY
ELECTRONICS (3.9%)
CHS Electronics, Inc.
9.875%, 04/15/05+ ................. 10,000,000 9,825,000
Geologistics Corp.
9.75%, 10/15/07 ................... 8,500,000 8,287,500
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------
<S> <C> <C>
Interactive Systems, Inc.
Zero Coupon, 08/01/03(a) .......... $1,500,000 $ 600,000
Sullivan Graphics, Inc.
12.75%, 08/01/05 .................. 5,000,000 5,237,500
----------
23,950,000
----------
TELECOMMUNICATIONS (28.0%)
American Mobile Satellite Corp.
12.25%, 04/01/08 .................. 3,200,000 3,008,000
American Telecasting, Inc.
Zero Coupon, 08/15/05(a) .......... 3,415,000 751,300
Arch Communications, Inc.
12.75%, 07/01/07+ ................. 4,000,000 4,025,000
Dobson Wireline Co.
12.25%, 06/15/08+ ................. 10,000,000 9,700,000
DTI Holdings Inc.
Zero Coupon, 03/01/08(a) .......... 10,000,000 5,400,000
EchoStar Communications Corp.
12.50%, 07/01/02+ ................. 7,000,000 7,857,500
Econophone, Inc.
Zero Coupon, 02/15/08(a)+ ......... 10,000,000 5,600,000
Esprit Telecom
11.5%, 12/15/07 ................... 7,500,000 7,725,000
Exodus Communications, Inc.
11.25%, 07/01/08+ ................. 7,000,000 7,000,000
Firstworld Communications, Inc.
Zero Coupon, 04/15/08(a)(d) ....... 7,000,000 3,115,000
ICG Services, Inc.
Zero Coupon, 05/01/08(a)+ ......... 12,000,000 7,020,000
Ionica Group PLC
Zero Coupon, 05/01/07(a) .......... 12,000,000 2,400,000
Iridium LLC/Capital Corp.
(Class B) 14.0%, 07/15/05 ......... 10,000,000 11,100,000
Knology Holdings, Inc.
Zero Coupon, 10/15/07(a) .......... 11,000,000 6,490,000
Long Distance International, Inc.
12.25%, 04/15/08 .................. 5,000,000 4,950,000
MTL, Inc.
10.0%, 06/15/06+ .................. 3,500,000 3,465,000
Nextel International, Inc.
Zero Coupon, 04/15/08(a)+ ......... 10,000,000 5,750,000
Optel, Inc. (Series B)
13.0%, 02/15/05 ................... 10,000,000 10,800,000
Orion Network Systems, Inc.
11.25%, 01/15/07 .................. 4,000,000 4,500,000
Pathnet, Inc.
12.25%, 04/15/08 .................. 5,000,000 5,300,000
Price Communications Wire
9.125%, 12/15/06+ ................. 6,700,000 6,691,625
Primus Telecommunications
11.75%, 08/01/04 .................. 6,500,000 6,955,000
SBA Communications Corp.
Zero Coupon, 03/01/08(a)+ ......... 5,000,000 3,125,000
Startec Global
Communications, Inc.
12.0%, 05/15/08 ................... 5,000,000 4,850,000
United International Holdings
(Series B) Zero Coupon,
02/15/08(a)+ ...................... 10,000,000 6,175,000
US Xchange LLC
15.0%, 07/01/08+ .................. 6,500,000 6,630,000
</TABLE>
16
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------
<S> <C> <C>
Versatel Telecommunications
13.25%, 05/15/08(d) ................ $ 5,800,000 $6,090,000
Viatel, Inc.
Zero Coupon, 04/15/08(a)+ .......... 5,000,000 3,025,000
WinStar Communications, Inc.
10.0%, 03/15/08+ ................... 4,000,000 3,980,000
WinStar Communications, Inc.
11.0%, 03/15/08(e)+ ................ 6,000,000 5,970,000
------------
169,448,425
------------
TOTAL TECHNOLOGY (31.9%) ........... 193,398,425
------------
DIVERSIFIED
MISCELLANEOUS (1.3%)
Elgin National Industries
11.0%, 11/01/07+ ................... 3,000,000 3,180,000
Samsonite Corp.
10.75%, 06/15/08+ .................. 5,000,000 4,950,000
------------
TOTAL DIVERSIFIED (1.3%) ........... 8,130,000
------------
TOTAL LONG-TERM DEBT SECURITIES (84.3%)
(Amortized Cost $520,131,321) 510,885,389
------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES
Federal Home Loan
Mortgage Corp.
5.85%, due 07/01/98 ................ $32,900,000 $32,900,000
Federal National Mortgage
Association:
5.6%, due 07/06/98 ................. 5,000,000 4,996,111
5.51%, due 07/21/98 ................ 7,000,000 6,978,572
5.48%, due 07/29/98 ................ 5,000,000 4,978,767
------------
TOTAL U.S. GOVERNMENT
AGENCIES (8.2%) ................. 49,853,450
------------
TOTAL SHORT-TERM DEBT SECURITIES (8.2%)
(Amortized Cost $49,853,450)......... 49,853,450
------------
TOTAL INVESTMENTS (97.6%)
(Cost/Amortized
Cost $599,907,011) ................ 591,549,816
OTHER ASSETS
LESS LIABILITIES (2.4%) ............ 14,265,788
------------
NET ASSETS (100.0%) .................. $605,815,604
============
</TABLE>
- ----------
* Non-income producing.
+ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may only be resold to qualified institutional
buyers. At June 30, 1998, these securities amounted to $335,751,600 or
55.4% of net assets.
(a) Debt security initially issued in zero coupon form which converts to coupon
form at a specific rate and date.
(b) Paid-in-kind preferred, quarterly stock payments.
(c) Coupon will increase periodically based upon a predetermined schedule.
Stated interest rate in effect at June 30, 1998.
(d) Consists of more than one class of securities traded together as a unit;
generally bonds with attached stocks or warrants.
(e) Interest is paid-in-kind.
See Notes to Financial Statements.
17
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH & INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS
CHEMICALS (0.8%)
Dow Chemical Co. ......................... 65,000 $ 6,284,687
------------
CHEMICALS--SPECIALTY (0.4%)
Praxair, Inc. ............................ 77,000 3,604,563
------------
TOTAL BASIC MATERIALS (1.2%) ........... 9,889,250
------------
BUSINESS SERVICES (2.6%)
PRINTING, PUBLISHING & BROADCASTING
Belo (A.H.) Corp. (Series A) ............. 360,000 8,775,000
Donnelley (R.R.) & Sons Co. .............. 155,000 7,091,250
Gannett Co. .............................. 82,000 5,827,125
------------
TOTAL BUSINESS SERVICES (2.6%).......... 21,693,375
------------
CAPITAL GOODS
AEROSPACE (1.2%)
General Dynamics Corp. ................... 218,000 10,137,000
------------
ELECTRICAL EQUIPMENT (0.9%)
General Electric Co. ..................... 83,000 7,553,000
------------
MACHINERY (3.8%)
AlliedSignal, Inc. ....................... 302,000 13,401,250
United Technologies Corp. ................ 203,700 18,842,250
------------
32,243,500
------------
TOTAL CAPITAL GOODS (5.9%) ............. 49,933,500
------------
CONSUMER CYCLICALS
AIRLINES (0.9%)
Delta Air Lines, Inc. .................... 39,200 5,066,600
Northwest Airlines Corp.
(Class A)* ............................. 70,900 2,734,081
------------
7,800,681
------------
APPAREL, TEXTILE (1.7%)
Nautica Enterprises, Inc.* ............... 350,000 9,384,375
Tommy Hilfiger Corp.* .................... 77,000 4,812,500
------------
14,196,875
------------
AUTOS & TRUCKS (1.3%)
Harley-Davidson, Inc. .................... 285,000 11,043,750
------------
LEISURE RELATED (0.3%)
Mirage Resorts, Inc.* .................... 115,000 2,450,938
------------
RETAIL--GENERAL (2.8%)
CompUSA, Inc.* ........................... 132,800 2,398,700
Dayton Hudson Corp. ...................... 336,000 16,296,000
Federated Department Stores,
Inc.* .................................. 94,600 5,090,662
------------
23,785,362
------------
TOTAL CONSUMER CYCLICALS (7.0%) 59,277,606
------------
CONSUMER NONCYCLICALS
CONTAINERS (0.0%)
Sealed Air Corp.* ........................ 11,400 418,950
------------
DRUGS (4.7%)
Bristol-Myers Squibb Co. ................. 281,000 32,297,437
Centocor, Inc.* .......................... 118,900 4,310,125
Genzyme Corp. (General
Division)* ............................. 140,000 3,578,750
------------
40,186,312
------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
FOODS (3.1%)
Campbell Soup Co. ........................ 129,000 $ 6,853,125
General Mills, Inc. ...................... 200,000 13,675,000
Tyson Foods, Inc. ........................ 245,000 5,313,438
------------
25,841,563
------------
HOSPITAL SUPPLIES & SERVICES (5.4%)
Abbott Laboratories ...................... 274,000 11,199,750
Columbia/HCA Healthcare Corp. 305,000 8,883,125
PacifiCare Health Systems, Inc.
(Class B)* ............................. 115,000 10,163,125
United HealthCare Corp. .................. 240,000 15,240,000
------------
45,486,000
------------
SOAPS & TOILETRIES (1.6%)
Avon Products, Inc. ...................... 176,000 13,640,000
------------
TOBACCO (2.6%)
Philip Morris Cos., Inc. ................. 294,500 11,595,938
RJR Nabisco Holdings Corp. ............... 424,000 10,070,000
------------
21,665,938
------------
TOTAL CONSUMER NONCYCLICALS (17.4%)
147,238,763
------------
CREDIT SENSITIVE
BANKS (8.1%)
Banc One Corp. ........................... 125,000 6,976,562
Chase Manhattan Corp. .................... 400,000 30,200,000
Citicorp ................................. 133,000 19,850,250
First Union Corp. ........................ 197,000 11,475,250
------------
68,502,062
------------
FINANCIAL SERVICES (4.2%)
Associates First Capital Corp.
(Class A) .............................. 88,000 6,765,000
Household International, Inc. ............ 327,000 16,268,250
MBNA Corp. ............................... 124,500 4,108,500
Morgan Stanley Dean Witter
& Co. .................................. 34,000 3,106,750
PMI Group, Inc. .......................... 66,600 4,886,775
------------
35,135,275
------------
INSURANCE (1.5%)
Hartford Life, Inc. (Class A) ............ 60,000 3,416,250
PennCorp Financial Group, Inc. ........... 93,000 1,906,500
Travelers Group, Inc. .................... 46,500 2,819,063
Travelers Property Casualty
Corp. (Class A) ........................ 105,000 4,501,875
------------
12,643,688
------------
MORTGAGE RELATED (1.6%)
Fannie Mae ............................... 230,000 13,972,500
------------
UTILITY--ELECTRIC (4.3%)
AES Corp.* ............................... 60,100 3,159,006
CMS Energy Corp. ......................... 123,000 5,412,000
Consolidated Edison, Inc. ................ 157,300 7,245,631
FPL Group, Inc. .......................... 201,000 12,663,000
NIPSCO Industries, Inc. .................. 112,000 3,136,000
Pinnacle West Capital Corp. .............. 108,000 4,860,000
------------
36,475,637
------------
UTILITY--TELEPHONE (1.2%)
AT&T Corp. ............................... 85,300 4,872,763
Teleport Communications Group,
Inc. (Class A)* ........................ 99,700 5,408,725
------------
10,281,488
------------
TOTAL CREDIT SENSITIVE (20.9%) 177,010,650
------------
</TABLE>
18
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH & INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
ENERGY
OIL--DOMESTIC (5.3%)
Apache Corp. ........................ 288,000 $ 9,072,000
Enron Oil & Gas Co. ................. 130,000 2,632,500
Murphy Oil Corp. .................... 171,000 8,667,562
Union Pacific Resources Group,
Inc. .............................. 183,800 3,227,988
USX-Marathon Group .................. 601,500 20,638,969
--------------
44,239,019
--------------
OIL--INTERNATIONAL (1.7%)
Texaco, Inc. ........................ 136,600 8,153,312
Total S.A. (ADR) .................... 94,800 6,197,550
--------------
14,350,862
--------------
OIL--SUPPLIES & CONSTRUCTION (2.4%)
Dresser Industries, Inc. ............ 208,000 9,165,000
Noble Drilling Corp.* ............... 240,000 5,775,000
Transocean Offshore, Inc. ........... 122,800 5,464,600
--------------
20,404,600
--------------
RAILROADS (0.1%)
Canadian Pacific Ltd. ............... 39,000 1,106,625
--------------
TOTAL ENERGY (9.5%) ............... 80,101,106
--------------
TECHNOLOGY
ELECTRONICS (5.1%)
Altera Corp.* ....................... 299,374 8,850,244
Atmel Corp.* ........................ 384,000 5,232,000
Cisco Systems, Inc.* ................ 82,750 7,618,172
Intel Corp. ......................... 70,000 5,188,750
Solectron Corp.* .................... 265,200 11,154,975
Xilinx, Inc.* ....................... 145,000 4,930,000
--------------
42,974,141
--------------
OFFICE EQUIPMENT (0.8%)
Compaq Computer Corp. ............... 252,500 7,164,688
--------------
OFFICE EQUIPMENT SERVICES (3.5%)
Electronic Data Systems Corp. ....... 197,200 7,888,000
First Data Corp. .................... 467,000 15,556,938
Oracle Corp.* ....................... 258,000 6,337,125
--------------
29,782,063
--------------
TELECOMMUNICATIONS (5.3%)
Ascend Communications, Inc.* ........ 160,000 7,930,000
FORE Systems, Inc.* ................. 285,000 7,552,500
Intermedia Communications,
Inc.* ............................. 2,212 92,766
MCI Communications Corp. ............ 330,000 19,181,250
WorldCom, Inc.* ..................... 198,989 9,638,529
--------------
44,395,045
--------------
TOTAL TECHNOLOGY (14.7%) .......... 124,315,937
--------------
DIVERSIFIED
MISCELLANEOUS (3.3%)
Tyco International Ltd. ............. 258,200 16,266,600
U.S. Industries, Inc. ............... 218,000 5,395,500
Viad Corp. .......................... 130,000 3,607,500
Whitman Corp. ....................... 109,000 2,500,187
--------------
TOTAL DIVERSIFIED (3.3%) .......... 27,769,787
--------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
TOTAL COMMON STOCKS (82.5%)
(Cost $613,603,364)................ $ 697,229,974
--------------
PREFERRED STOCKS:
BUSINESS SERVICES
PRINTING, PUBLISHING &
BROADCASTING (0.0%)
Readers Digest "TRACES" ............. 400 10,300
--------------
TRUCKING, SHIPPING (0.3%)
CNF Trust I
5.0% Conv. Series A ............... 32,900 2,089,150
--------------
TOTAL BUSINESS SERVICES (0.3%) 2,099,450
--------------
CAPITAL GOODS (0.6%)
AEROSPACE
Loral Space & Communications
6.0% Conv. ........................ 65,900 5,033,113
--------------
CONSUMER CYCLICALS
AIRLINES (0.6%)
Continental Airlines
Finance Trust
8.5% Conv. ........................ 38,900 4,945,162
--------------
LEISURE RELATED (0.9%)
Royal Caribbean Cruises Ltd.
7.25% Series A .................... 61,700 7,774,200
--------------
TOTAL CONSUMER CYCLICALS (1.5%) 12,719,362
--------------
CONSUMER NONCYCLICALS (0.2%)
CONTAINERS
Owens-Illinois, Inc.
4.75% Conv. ....................... 37,300 1,944,263
--------------
CREDIT SENSITIVE
INSURANCE (0.3%)
Life Re Capital Trust II
6.0% Conv. ........................ 32,800 2,501,000
--------------
UTILITY--ELECTRIC (0.5%)
AES Trust I
5.375% Conv. Series A ............. 53,900 4,204,200
--------------
TOTAL CREDIT SENSITIVE (0.8%) ..... 6,705,200
--------------
ENERGY (1.1%)
RAILROADS
Union Pacific Capital Trust
6.25% Conv.+ ...................... 206,000 9,579,000
--------------
TECHNOLOGY
ELECTRONICS (0.3%)
L&H Capital Trust I
4.75% Conv.+ ...................... 36,700 2,330,450
--------------
TELECOMMUNICATIONS (1.7%)
ICG Communications, Inc.
6.75% Conv.+ ...................... 21,900 1,823,175
Intermedia Communications, Inc.:
7.0% Conv.+ ....................... 29,400 1,617,000
7.0% Conv. Series D ............... 52,200 2,871,000
IXC Communications, Inc.
6.75% Conv.+ ...................... 47,200 2,265,600
Nextel Strypes Trust
7.25% Conv. ....................... 101,400 2,256,150
</TABLE>
19
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH & INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Skytel Communications, Inc.
$2.25 Conv. ........................ 22,750 $ 796,250
WinStar Communications, Inc.
7.0% Conv.+ ........................ 59,600 3,270,550
--------------
14,899,725
--------------
TOTAL TECHNOLOGY (2.0%) ............ 17,230,175
--------------
TOTAL PREFERRED STOCKS (6.5%)
(Cost $50,293,571) ................. 55,310,563
--------------
PRINCIPAL
AMOUNT
------
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES
PRINTING, PUBLISHING &
BROADCASTING (0.4%)
Clear Channel Communications,
Inc.
2.625% Conv., 04/01/03 ............. $ 1,225,000 1,307,688
P-Com., Inc.:
4.25% Conv., 11/01/02+ ............. 1,995,000 1,443,881
4.25% Conv., 11/01/02 .............. 860,000 622,425
--------------
3,373,994
--------------
PROFESSIONAL SERVICES (0.4%)
Career Horizons, Inc.
7.0% Conv., 11/01/02 ............... 830,000 2,289,762
Personnel Group of America:
5.75% Conv., 07/01/04+ ............. 375,000 477,656
5.75% Conv., 07/01/04 .............. 785,000 999,894
--------------
3,767,312
--------------
TOTAL BUSINESS SERVICES (0.8%) 7,141,306
--------------
CAPITAL GOODS (0.2%)
AEROSPACE
Orbital Sciences Corp.:
5.0% Conv., 10/01/02 ............... 145,000 217,500
5.0% Conv., 10/01/02+ .............. 945,000 1,417,500
--------------
TOTAL CAPITAL GOODS (0.2%) ......... 1,635,000
--------------
CONSUMER CYCLICALS (0.5%)
RETAIL--GENERAL
Home Depot, Inc.
3.25% Conv. Sub. Note,
10/01/01 ............................ 1,665,000 3,055,275
Office Depot, Inc.
Zero Coupon, 11/01/08 .............. 1,475,000 1,135,750
--------------
TOTAL CONSUMER CYCLICALS (0.5%) 4,191,025
--------------
CONSUMER NONCYCLICALS
DRUGS (1.3%)
Centocor, Inc.
4.75% Conv., 02/15/05+ ............. 1,250,000 1,229,688
MedImmune, Inc.:
7.0% Conv., 07/01/03 ............... 1,750,000 5,635,000
7.0% Conv. Sub. Note, 07/01/03+ 360,000 1,159,200
Quintiles Transnational Corp.:
4.25% Conv., 05/31/00 .............. 1,530,000 1,987,087
4.25% Conv., 05/31/00+ ............. 580,000 753,275
--------------
10,764,250
--------------
HOSPITAL SUPPLIES & SERVICES (0.5%)
Alternative Living Services, Inc.
5.25% Conv., 12/15/02 .............. 1,075,000 1,202,656
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
FPA Medical Management, Inc.
6.5% Conv., 12/15/01 (a) .......... $ 1,770,000 $ 212,400
RES-Care, Inc.:
6.0% Conv., 12/01/04 .............. 235,000 269,075
6.0% Conv., 12/01/04+ ............. 1,420,000 1,625,900
Sunrise Assisted Living, Inc.
5.5% Conv., 06/15/02 .............. 880,000 976,800
--------------
4,286,831
--------------
TOTAL CONSUMER NONCYCLICALS (1.8%) 15,051,081
--------------
CREDIT SENSITIVE (0.4%)
FINANCIAL SERVICES
RAC Financial Group, Inc.:
7.25% Conv., 08/15/03 ............. 1,080,000 2,554,875
7.25% Conv. Sub. Note,
08/15/03+ .......................... 365,000 863,453
--------------
TOTAL CREDIT SENSITIVE (0.4%) ..... 3,418,328
--------------
ENERGY (0.6%)
OIL--SUPPLIES & CONSTRUCTION
Diamond Offshore Drilling, Inc.
3.75% Conv. Sub. Note,
02/15/07 .......................... 2,505,000 2,899,538
Nabors Industries, Inc.
5.0% Conv., 05/15/06 .............. 1,060,000 1,298,500
Seacor Holdings, Inc.
5.375% Conv., 11/15/06 ............ 430,000 481,600
--------------
TOTAL ENERGY (0.6%) ............... 4,679,638
--------------
TECHNOLOGY
ELECTRONICS (3.1%)
Amkor Technologies, Inc.
5.75% Conv., 05/01/03 ............. 3,020,000 2,770,850
HNC Software, Inc.
4.75% Conv., 03/01/03 ............. 1,545,000 1,757,438
Level One Communications, Inc.
4.0% Conv., 09/01/04+ ............. 2,180,000 2,406,175
Network Associates, Inc.
Zero Coupon, 02/13/18+ ............ 5,010,000 2,348,437
Photronics, Inc.
6.0% Conv., 06/01/04 .............. 2,890,000 3,121,200
Sanmina Corp.
5.5% Conv., 08/15/02+ ............. 2,045,000 6,293,487
SCI Systems, Inc.
5.0% Conv., 05/01/06+ ............. 2,500,000 4,031,250
Solectron Corp.
6.0% Conv., 03/01/06+ ............. 2,385,000 3,225,713
Wind River Systems, Inc.
5.0% Conv., 08/01/02+ ............. 470,000 467,650
--------------
26,422,200
--------------
TELECOMMUNICATIONS (0.4%)
Comverse Technology, Inc.:
5.75% Conv., 10/01/06 ............. 1,575,000 1,992,375
5.75% Conv. Sub. Note,
10/01/06+ ......................... 1,200,000 1,518,000
--------------
3,510,375
--------------
TOTAL TECHNOLOGY (3.5%) ........... 29,932,575
--------------
TOTAL LONG-TERM DEBT SECURITIES (7.8%)
(Amortized Cost $57,585,984)....... 66,048,953
--------------
</TABLE>
20
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH & INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES
Federal Home Loan Mortgage Corp.
5.85%, due 07/01/98 ................... $ 6,500,000 $ 6,500,000
Federal National Mortgage
Association:
5.56%, due 07/07/98 ................... 3,000,000 2,997,220
5.51%, due 07/21/98 ................... 8,000,000 7,975,511
-----------
TOTAL U.S. GOVERNMENT AGENCIES (2.1%) 17,472,731
-----------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
VALUE
(NOTE 1)
- -------------------------------------------------------------------------------
<S> <C>
TOTAL SHORT-TERM DEBT SECURITIES (2.1%)
(Amortized Cost $17,472,731) ......... $ 17,472,731
--------------
TOTAL INVESTMENTS (98.9%)
(Cost/Amortized Cost
$738,955,650)...................... 836,062,221
OTHER ASSETS
LESS LIABILITIES (1.1%) .............. 9,441,955
--------------
NET ASSETS (100.0%) .................... $ 845,504,176
==============
</TABLE>
- ----------
* Non-income producing.
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may only be resold to qualified institutional
buyers. At June 30, 1998, these securities amounted to $50,147,040 or
5.9% of net assets.
(a) Subsequent to June 30, 1998, on July 15, 1998, this security defaulted on
its interest payment.
Glossary:
ADR--American Depository Receipt
See Notes to Financial Statements.
21
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS
CHEMICALS (2.0%)
Air Products & Chemicals, Inc. ....... 35,600 $ 1,424,000
Avery Dennison Corp. ................. 15,000 806,250
Dow Chemical Co. ..................... 35,000 3,384,063
Dupont (E.I.) de Nemours & Co. 174,800 13,044,450
Eastman Chemical Co. ................. 11,200 697,200
Ecolab, Inc. ......................... 21,200 657,200
FMC Corp.* ........................... 9,100 620,506
Goodrich (B.F.) Co. .................. 12,100 600,463
Hercules, Inc. ....................... 14,000 575,750
Monsanto Co. ......................... 91,600 5,118,150
Rohm & Haas Co. ...................... 9,500 987,406
Union Carbide Corp. .................. 17,800 950,075
--------------
28,865,513
--------------
CHEMICALS--SPECIALTY (0.4%)
Great Lakes Chemical Corp. ........... 16,600 654,663
Morton International, Inc. ........... 23,900 597,500
Praxair, Inc. ........................ 24,400 1,142,225
Raychem Corp. ........................ 18,100 535,081
Sigma-Aldrich Corp. .................. 17,800 625,225
Southern Co. ......................... 106,500 2,948,719
--------------
6,503,413
--------------
METALS & MINING (0.6%)
Alcan Aluminum Ltd. .................. 32,300 888,960
Aluminum Co. of America .............. 26,900 1,773,719
Barrick Gold Corp. ................... 67,500 1,295,156
Engelhard Corp. ...................... 32,900 666,225
Freeport-McMoRan Copper &
Gold, Inc. (Class B) ............... 40,800 619,650
Newmont Mining Corp. ................. 27,507 649,853
Phelps Dodge Corp. ................... 11,600 663,375
Placer Dome, Inc. .................... 66,200 777,850
Reynolds Metals Co. .................. 10,500 587,344
--------------
7,922,132
--------------
PAPER (0.9%)
Champion International Corp. ......... 13,800 678,787
Fort James Corp. ..................... 31,700 1,410,650
Georgia Pacific Group ................ 14,100 831,019
International Paper Co. .............. 45,925 1,974,775
Kimberly Clark Corp. ................. 84,344 3,869,281
Mead Corp. ........................... 21,300 676,275
Stone Container Corp.* ............... 33,900 529,688
Temple Inland, Inc. .................. 10,000 538,750
Union Camp Corp. ..................... 12,500 620,312
Westvaco Corp. ....................... 21,800 615,850
Willamette Industries, Inc. .......... 20,400 652,800
--------------
12,398,187
--------------
STEEL (0.2%)
Allegheny Teledyne, Inc. ............. 29,200 667,950
Nucor Corp. .......................... 13,100 602,600
USX-U.S. Steel Group, Inc. ........... 15,800 521,400
Worthington Industries, Inc. ......... 37,300 561,831
--------------
2,353,781
--------------
TOTAL BASIC MATERIALS (4.1%) ....... 58,043,026
--------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
BUSINESS SERVICES
ENVIRONMENTAL CONTROL (0.3%)
Browning-Ferris Industries, Inc. ..... 28,200 $ 979,950
Johnson Controls, Inc. ............... 12,300 703,406
Thermo Electron Corp.* ............... 24,400 834,175
Waste Management, Inc. ............... 69,900 2,446,500
--------------
4,964,031
--------------
PRINTING, PUBLISHING &
BROADCASTING (2.7%)
CBS Corp. ............................ 109,500 3,476,625
Clear Channel Communications,
Inc.* .............................. 18,900 2,062,463
Comcast Corp. (Class A) SPL .......... 53,300 2,163,647
Deluxe Corp. ......................... 19,800 709,087
Donnelley (R.R.) & Sons Co. .......... 21,100 965,325
Dow Jones & Co., Inc. ................ 13,900 774,925
Dun & Bradstreet Corp. ............... 26,100 942,862
Gannett Co. .......................... 43,400 3,084,113
King World Productions, Inc.* ........ 24,700 629,850
Knight-Ridder, Inc. .................. 11,500 633,219
McGraw-Hill Companies, Inc. .......... 15,100 1,231,594
MediaOne Group, Inc.* ................ 92,800 4,077,400
New York Times Co. (Class A) ......... 13,900 1,101,575
Tele-Communications, Inc.
(Class A)* ......................... 77,528 2,979,982
Time Warner, Inc. .................... 88,400 7,552,675
Times Mirror Co. (Class A) ........... 12,800 804,800
Tribune Co. .......................... 18,800 1,293,675
Viacom, Inc. (Class A)* .............. 1,000 58,500
Viacom, Inc. (Class B)* .............. 53,000 3,087,250
--------------
37,629,567
--------------
PROFESSIONAL SERVICES (0.4%)
Block (H&R), Inc. .................... 15,200 640,300
Cognizant Corp. ...................... 24,900 1,568,725
Interpublic Group Cos., Inc. ......... 19,300 1,171,269
Omnicom Group, Inc. .................. 24,900 1,241,887
Service Corp. International .......... 36,100 1,547,788
--------------
6,169,969
--------------
TRUCKING, SHIPPING (0.2%)
FDX Corp.* ........................... 21,400 1,342,850
Laidlaw, Inc. ........................ 47,900 583,781
Ryder System, Inc. ................... 13,700 432,407
--------------
2,359,038
--------------
TOTAL BUSINESS SERVICES (3.6%) . 51,122,605
--------------
CAPITAL GOODS
AEROSPACE (1.2%)
Boeing Co. ........................... 153,374 6,834,729
General Dynamics Corp. ............... 18,200 846,300
Lockheed Martin Corp. ................ 29,804 3,155,499
Northrop Grumman Corp. ............... 9,700 1,000,312
Raytheon Co. (Class B) ............... 52,000 3,074,500
Rockwell International Corp. ......... 30,800 1,480,325
TRW, Inc. ............................ 17,900 977,787
--------------
17,369,452
--------------
</TABLE>
22
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ----------------------------------------------------------------------------------
<S> <C> <C>
BUILDING & CONSTRUCTION (0.0%)
Centex Corp. ............................. 16,800 $ 634,200
--------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.5%)
Armstrong World Industries, Inc. 7,100 478,363
Crane Co. ................................ 11,700 568,181
Masco Corp. .............................. 23,700 1,433,850
PPG Industries, Inc. ..................... 26,900 1,871,231
Sherwin Williams Co. ..................... 24,800 821,500
Weyerhaeuser Co. ......................... 30,300 1,399,481
--------------
6,572,606
--------------
ELECTRICAL EQUIPMENT (3.7%)
Emerson Electric Co. ..................... 68,100 4,111,538
General Electric Co. ..................... 500,900 45,581,916
Grainger (W.W.), Inc. .................... 14,400 717,300
Thomas & Betts Corp. ..................... 12,700 625,475
--------------
51,036,229
--------------
MACHINERY (1.6%)
AlliedSignal, Inc. ....................... 86,800 3,851,750
Case Corp. ............................... 12,300 593,475
Caterpillar, Inc. ........................ 57,300 3,029,737
Cooper Industries, Inc. .................. 18,600 1,021,838
Cummins Engine Company, Inc. ............. 12,100 620,125
Deere & Co. .............................. 38,400 2,030,400
Dover Corp. .............................. 34,200 1,171,350
Fluor Corp. .............................. 13,200 673,200
Harnischfeger Industries, Inc. ........... 22,900 648,356
Illinois Tool Works, Inc. ................ 38,400 2,560,800
Ingersoll Rand Co. ....................... 25,450 1,121,391
Pall Corp. ............................... 32,100 658,050
Parker-Hannifin Corp. .................... 16,150 615,719
United Technologies Corp. ................ 35,700 3,302,250
--------------
21,898,441
--------------
TOTAL CAPITAL GOODS (7.0%) ............. 97,510,928
--------------
CONSUMER CYCLICALS
AIRLINES (0.4%)
AMR Corp.* ............................... 28,100 2,339,325
Delta Air Lines, Inc. .................... 10,900 1,408,825
Southwest Airlines Co. ................... 32,150 952,444
US Airways Group, Inc.* .................. 13,300 1,054,025
--------------
5,754,619
--------------
APPAREL, TEXTILE (0.4%)
Fruit of the Loom, Inc.
(Class A)* ............................. 17,900 594,056
Liz Claiborne, Inc. ...................... 14,400 752,400
National Service Industries, Inc. ........ 13,200 671,550
Nike, Inc. (Class B) ..................... 46,800 2,278,575
VF Corp. ................................. 18,400 947,600
--------------
5,244,181
--------------
AUTO RELATED (0.4%)
Dana Corp. ............................... 15,200 813,200
Eaton Corp. .............................. 11,200 870,800
Echlin, Inc. ............................. 12,400 608,375
Genuine Parts Co. ........................ 25,800 891,712
Goodyear Tire & Rubber Co. ............... 26,700 1,720,481
Snap-On, Inc. ............................ 14,950 541,938
--------------
5,446,506
--------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ----------------------------------------------------------------------------------
<S> <C> <C>
AUTOS & TRUCKS (1.8%)
AutoZone, Inc.* .......................... 22,200 $ 709,013
Chrysler Corp. ........................... 99,100 5,586,762
Ford Motor Co. ........................... 183,400 10,820,600
General Motors Corp. ..................... 108,100 7,222,431
Paccar, Inc. ............................. 9,600 501,600
--------------
24,840,406
--------------
FOOD SERVICES, LODGING (0.7%)
Harrah's Entertainment, Inc.* ............ 25,600 595,200
Marriott International, Inc.
(Class A) .............................. 36,950 1,196,256
McDonald's Corp. ......................... 105,500 7,279,500
Tricon Global Restaurants, Inc.* 22,020 697,759
Wendy's International, Inc. .............. 28,400 667,400
--------------
10,436,115
--------------
HOUSEHOLD FURNITURE, APPLIANCES (0.4%)
Black & Decker Corp. ..................... 14,500 884,500
Maytag Corp. ............................. 14,500 715,937
Newell Company ........................... 24,400 1,215,425
Rubbermaid, Inc. ......................... 22,200 736,763
Stanley Works ............................ 12,800 532,000
Whirlpool Corp. .......................... 11,500 790,625
--------------
4,875,250
--------------
LEISURE RELATED (1.4%)
American Greetings Corp.
(Class A) .............................. 13,500 687,656
Brunswick Corp. .......................... 23,000 569,250
Cendant Corp.* ........................... 124,950 2,608,331
Disney (Walt) Co. ........................ 102,400 10,758,400
Hasbro, Inc. ............................. 18,100 711,556
Hilton Hotels Corp. ...................... 36,300 1,034,550
Mattel, Inc. ............................. 44,543 1,884,726
Mirage Resorts, Inc.* .................... 27,600 588,225
--------------
18,842,694
--------------
PHOTO & OPTICAL (0.3%)
Allergan, Inc. ........................... 16,700 774,462
Allergan Specialty Therapeutics,
Inc. (Class A)* ........................ 780 7,995
Eastman Kodak Company .................... 53,900 3,938,069
--------------
4,720,526
--------------
RETAIL--GENERAL (4.8%)
Circuit City Stores-Circuit City
Group .................................. 16,000 750,000
Consolidated Stores Corp.* ............... 18,600 674,250
Costco Cos., Inc.* ....................... 33,100 2,087,369
CVS Corp. ................................ 59,000 2,297,313
Dayton Hudson Corp. ...................... 67,500 3,273,750
Dillard's, Inc. (Class A) ................ 17,400 721,013
Federated Department Stores,
Inc.* .................................. 31,400 1,689,713
Gap, Inc. ................................ 61,100 3,765,288
Harcourt General, Inc. ................... 11,600 690,200
Home Depot, Inc. ......................... 112,900 9,377,756
K-Mart Corp.* ............................ 73,000 1,405,250
Limited, Inc. ............................ 34,800 1,152,750
</TABLE>
23
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -----------------------------------------------------------------------------------
<S> <C> <C>
Lowe's Cos., Inc. .......................... 54,000 $ 2,190,375
May Department Stores Co. .................. 35,700 2,338,350
Nordstrom, Inc. ............................ 11,300 872,925
Penney (J.C.), Inc. ........................ 38,600 2,791,262
Sears, Roebuck & Co. ....................... 60,500 3,694,281
Tandy Corp. ................................ 15,100 801,244
TJX Cos., Inc. ............................. 48,200 1,162,825
Toys R Us, Inc.* ........................... 42,500 1,001,406
Venator Group, Inc.* ....................... 32,900 629,212
Walgreen Co. ............................... 76,400 3,156,275
Wal-Mart Stores, Inc. ...................... 346,600 21,055,950
--------------
67,578,757
--------------
TOTAL CONSUMER CYCLICALS (10.6%) 147,739,054
--------------
CONSUMER NONCYCLICALS
BEVERAGES (3.5%)
Anheuser Busch Companies, Inc. 77,500 3,657,031
Brown Forman Corp. (Class B) ............... 11,200 719,600
Coca-Cola Co. .............................. 379,300 32,430,150
Pepsico, Inc. .............................. 234,000 9,637,875
Seagram Ltd. ............................... 56,400 2,308,875
--------------
48,753,531
--------------
CONTAINERS (0.2%)
Bemis, Inc. ................................ 14,100 576,338
Crown Cork & Seal Co., Inc. ................ 17,100 812,250
Owens-Illinois, Inc.* ...................... 22,000 984,500
Sealed Air Corp.* .......................... 11,010 404,617
--------------
2,777,705
--------------
DRUGS (7.9%)
ALZA Corp.* ................................ 13,200 570,900
American Home Products Corp. ............... 200,200 10,360,350
Amgen, Inc.* ............................... 40,500 2,647,687
Bristol-Myers Squibb Co. ................... 153,200 17,608,425
Lilly (Eli) & Co. .......................... 170,000 11,230,625
Merck & Co., Inc. .......................... 183,600 24,556,500
Pfizer, Inc. ............................... 198,100 21,530,994
Pharmacia & Upjohn, Inc. ................... 78,190 3,606,514
Schering Plough Corp. ...................... 112,200 10,280,325
Warner-Lambert Co. ......................... 125,200 8,685,750
--------------
111,078,070
--------------
FOODS (2.2%)
Archer Daniels Midland Co. ................. 88,162 1,708,139
Bestfoods .................................. 44,400 2,577,975
Campbell Soup Co. .......................... 70,400 3,740,000
ConAgra, Inc. .............................. 73,300 2,322,694
General Mills, Inc. ........................ 24,400 1,668,350
Heinz (H.J.) Co. ........................... 56,350 3,162,644
Hershey Foods Corp. ........................ 22,000 1,518,000
Kellogg Co. ................................ 63,400 2,381,462
Pioneer Hi Bred International,
Inc. ..................................... 36,600 1,514,325
Quaker Oats Co. ............................ 21,400 1,175,662
Ralston-Ralston Purina Group ............... 16,500 1,927,406
Rite Aid Corp. ............................. 39,800 1,494,987
Sara Lee Corp. ............................. 73,000 4,083,438
Wrigley (Wm.), Jr. Co. ..................... 17,900 1,754,200
--------------
31,029,282
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -----------------------------------------------------------------------------------
<S> <C> <C>
HOSPITAL SUPPLIES & SERVICES (3.6%)
Abbott Laboratories ........................ 235,700 $ 9,634,237
Baxter International, Inc. ................. 43,100 2,319,319
Becton, Dickinson & Co. .................... 18,800 1,459,350
Biomet, Inc. ............................... 22,800 753,825
Boston Scientific Corp.* ................... 29,100 2,084,287
Cardinal Health, Inc. ...................... 16,900 1,584,375
Columbia/HCA Healthcare Corp. 99,800 2,906,675
Guidant Corp. .............................. 23,200 1,654,450
Healthsouth Corp.* ......................... 60,600 1,617,263
Humana, Inc.* .............................. 23,800 742,263
Johnson and Johnson ........................ 207,200 15,281,000
Mallinckrodt, Inc. ......................... 20,300 602,656
Manor Care, Inc. ........................... 19,300 741,844
Medtronic, Inc. ............................ 72,200 4,602,750
Saint Jude Medical, Inc.* .................. 18,449 679,154
Tenet Healthcare Corp.* .................... 47,200 1,475,000
United HealthCare Corp. .................... 28,900 1,835,150
--------------
49,973,598
--------------
RETAIL--FOOD (0.6%)
Albertsons, Inc. ........................... 37,900 1,963,694
American Stores Co. ........................ 42,200 1,020,713
Giant Food, Inc. (Class A) ................. 17,400 749,287
Kroger Co.* ................................ 39,300 1,684,987
Supervalu, Inc. ............................ 15,400 683,375
Sysco Corp. ................................ 52,400 1,342,750
Winn Dixie Stores, Inc. .................... 22,900 1,172,194
--------------
8,617,000
--------------
SOAPS & TOILETRIES (3.2%)
Avon Products, Inc. ........................ 19,400 1,503,500
Clorox Co. ................................. 15,200 1,449,700
Colgate Palmolive Co. ...................... 45,900 4,039,200
Gillette Co. ............................... 173,800 9,852,287
International Flavors &
Fragrances, Inc. ......................... 16,000 695,000
Procter & Gamble Co. ....................... 208,300 18,968,319
Unilever N.V. .............................. 99,300 7,838,494
--------------
44,346,500
--------------
TOBACCO (1.3%)
Fortune Brands, Inc. ....................... 25,000 960,938
Loews Corp. ................................ 16,800 1,463,700
Philip Morris Cos., Inc. ................... 373,200 14,694,750
UST, Inc. .................................. 26,800 723,600
--------------
17,842,988
--------------
TOTAL CONSUMER NONCYCLICALS (22.5%)
314,418,674
--------------
CREDIT SENSITIVE
BANKS (8.3%)
Ahmanson (H.F.) & Co. ...................... 16,900 1,199,900
Banc One Corp. ............................. 106,700 5,955,194
BankAmerica Corp. .......................... 107,000 9,248,812
BankBoston Corp. ........................... 44,800 2,492,000
Bankers Trust New York Corp. ............... 14,700 1,706,119
Bank of New York Co., Inc. ................. 58,100 3,525,944
Chase Manhattan Corp. ...................... 130,080 9,821,040
Citicorp ................................... 70,500 10,522,125
Comerica, Inc. ............................. 23,600 1,563,500
</TABLE>
24
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Fifth Third Bancorp ................. 35,950 $ 2,264,850
First Chicago NBD Corp. ............. 44,849 3,974,743
First Union Corp. ................... 149,156 8,688,337
Golden West Financial Corp. ......... 8,300 882,394
Huntington Bancshares, Inc. ......... 29,500 988,250
KeyCorp. ............................ 67,800 2,415,375
Mellon Bank Corp. ................... 39,300 2,736,262
Mercantile Bancorp., Inc. ........... 20,200 1,017,575
Morgan (J.P.) & Co., Inc. ........... 27,400 3,209,225
National City Corp. ................. 50,400 3,578,400
NationsBank Corp. ................... 144,192 11,030,688
Northern Trust Corp. ................ 17,200 1,311,500
Norwest Corp. ....................... 115,900 4,331,762
PNC Bank Corp. ...................... 46,800 2,518,425
Republic New York Corp. ............. 16,800 1,057,350
State Street Corp. .................. 24,000 1,668,000
Summit Bancorp. ..................... 27,100 1,287,250
Suntrust Banks, Inc. ................ 32,300 2,626,394
U.S. Bancorp. ....................... 112,978 4,858,054
Wachovia Corp. ...................... 31,600 2,670,200
Washington Mutual, Inc. ............. 59,550 2,586,703
Wells Fargo & Co. ................... 13,300 4,907,700
--------------
116,644,071
--------------
FINANCIAL SERVICES (3.2%)
American Express Co. ................ 71,700 8,173,800
Associates First Capital Corp.
(Class A) ......................... 53,400 4,105,125
Beneficial Corp. .................... 8,200 1,256,138
Country Wide Credit Industries,
Inc. .............................. 15,800 801,850
Equifax, Inc. ....................... 21,800 791,613
Fleet Financial Group, Inc. ......... 42,079 3,513,596
Franklin Resources, Inc. ............ 37,900 2,046,600
Green Tree Financial Corp. .......... 19,800 847,688
Household International, Inc. ....... 49,500 2,462,625
Lehman Brothers Holdings, Inc. ...... 15,700 1,217,731
MBIA, Inc. .......................... 15,100 1,130,613
MBNA Corp. .......................... 77,287 2,550,471
Merrill Lynch & Co., Inc. ........... 51,400 4,741,650
Morgan Stanley Dean Witter
& Co. ............................. 91,405 8,352,132
Schwab (Charles) Corp. .............. 40,950 1,330,875
Synovus Financial Corp. ............. 38,250 908,437
Transamerica Corp. .................. 9,700 1,116,712
--------------
45,347,656
--------------
INSURANCE (4.7%)
Aetna, Inc. ......................... 22,943 1,746,536
Allstate Corp. ...................... 66,138 6,055,761
American General Corp. .............. 39,100 2,783,431
American International Group,
Inc. .............................. 108,225 15,800,850
Aon Corp. ........................... 25,850 1,815,962
Chubb Corp. ......................... 26,200 2,105,825
CIGNA Corp. ......................... 34,300 2,366,700
Cincinnati Financial Corp. .......... 25,400 974,725
Conseco, Inc. ....................... 28,200 1,318,350
General Re Corp. .................... 12,100 3,067,350
Hartford Financial Services
Group, Inc. ....................... 18,200 2,081,625
Jefferson-Pilot Corp. ............... 16,350 947,278
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Lincoln National Corp. Industries 15,300 $ 1,398,037
Marsh & McLennan Cos., Inc. ......... 39,300 2,375,194
MGIC Investment Corp. ............... 17,600 1,004,300
Progressive Corp. ................... 11,100 1,565,100
Providian Financial Corp. ........... 14,700 1,154,869
Safeco Corp. ........................ 21,800 990,537
Saint Paul Cos., Inc. ............... 34,664 1,458,055
SunAmerica, Inc. .................... 30,100 1,728,869
Torchmark Corp. ..................... 21,600 988,200
Travelers Group, Inc. ............... 176,857 10,721,956
UNUM Corp. .......................... 20,800 1,154,400
--------------
65,603,910
--------------
MORTGAGE RELATED (1.1%)
Fannie Mae .......................... 163,600 9,938,700
Federal Home Loan Mortgage
Corp. ............................. 107,200 5,045,100
--------------
14,983,800
--------------
UTILITY--ELECTRIC (2.2%)
Ameren Corp. ........................ 21,200 842,700
American Electric Power, Inc. ....... 29,300 1,329,488
Baltimore Gas & Electric Co. ........ 22,800 708,225
Carolina Power & Light Co. .......... 23,200 1,006,300
Central & South West Co. ............ 31,800 854,625
CINergy Corp. ....................... 24,313 850,955
Consolidated Edison, Inc. ........... 36,300 1,672,069
Dominion Resources, Inc. ............ 29,900 1,218,425
DTE Energy Co. ...................... 22,400 904,400
Duke Energy Co. ..................... 55,530 3,290,152
Edison International ................ 58,900 1,741,231
Entergy Corp. ....................... 37,600 1,081,000
FirstEnergy Corp. ................... 35,500 1,091,625
FPL Group, Inc. ..................... 28,100 1,770,300
GPU, Inc. ........................... 19,600 741,125
Houston Industries, Inc. ............ 43,600 1,346,150
Northern States Power Co. ........... 22,400 641,200
Pacificorp. ......................... 45,800 1,036,225
Peco Energy Co. ..................... 34,300 1,001,131
PG&E Corp. .......................... 58,800 1,855,875
PP&L Resources, Inc. ................ 29,000 657,937
Public Service Enterprise Group ..... 35,800 1,232,862
Sempra Energy* ...................... 25,865 717,764
Texas Utilities Co. ................. 38,000 1,581,750
Unicom Corporation .................. 33,400 1,171,088
--------------
30,344,602
--------------
UTILITY--GAS (0.4%)
Columbia Gas System, Inc. ........... 12,900 717,562
Consolidated Natural Gas Co. ........ 14,300 841,913
ENRON Corp. ......................... 50,700 2,740,969
Nicor, Inc. ......................... 17,200 690,150
--------------
4,990,594
--------------
UTILITY--TELEPHONE (5.2%)
Alltel Corp. ........................ 26,800 1,246,200
Ameritech Corp. ..................... 168,800 7,574,900
AT&T Corp. .......................... 250,500 14,309,813
Bell Atlantic Corp. ................. 239,592 10,931,385
BellSouth Corp. ..................... 152,900 10,263,412
Frontier Corp. ...................... 23,900 752,850
</TABLE>
25
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
GTE Corp. ........................... 147,700 $ 8,215,812
SBC Communications, Inc. ............ 282,746 11,309,840
Sprint Corp. ........................ 66,300 4,674,150
U.S. West Communications
Group ............................. 74,500 3,501,500
--------------
72,779,862
--------------
TOTAL CREDIT SENSITIVE (25.1%) 350,694,495
--------------
ENERGY
COAL & GAS PIPELINES (0.5%)
Burlington Resources, Inc. .......... 27,730 1,194,123
Coastal Corp. ....................... 16,400 1,144,925
Sonat, Inc. ......................... 17,700 683,662
Tenneco, Inc. ....................... 26,800 1,020,075
Williams Cos., Inc. ................. 63,400 2,139,750
--------------
6,182,535
--------------
OIL--DOMESTIC (1.5%)
Amerada Hess Corp. .................. 13,500 733,219
Amoco Corp. ......................... 149,600 6,227,100
Anadarko Petroleum Corp. ............ 10,700 718,906
Apache Corp. ........................ 21,400 674,100
Ashland, Inc. ....................... 13,400 691,775
Atlantic Richfield Co. .............. 48,600 3,796,875
Kerr McGee Corp. .................... 11,500 665,562
Occidental Petroleum Corp. .......... 53,300 1,439,100
Pennzoil Co. ........................ 12,300 622,688
Phillips Petroleum Co. .............. 40,400 1,946,775
Sun Co., Inc. ....................... 15,500 601,594
Union Pacific Resources
Group, Inc. ....................... 37,408 656,978
Unocal Corp. ........................ 36,300 1,297,725
USX-Marathon Group .................. 41,800 1,434,262
--------------
21,506,659
--------------
OIL--INTERNATIONAL (4.8%)
Chevron Corp. ....................... 100,900 8,381,006
Exxon Corp. ......................... 376,600 26,856,287
Mobil Corp. ......................... 120,500 9,233,313
Royal Dutch Petroleum Co.
(ADR) ............................. 329,300 18,049,756
Texaco, Inc. ........................ 84,200 5,025,688
--------------
67,546,050
--------------
OIL--SUPPLIES & CONSTRUCTION (0.8%)
Baker Hughes, Inc. .................. 24,100 832,956
Dresser Industries, Inc. ............ 27,600 1,216,125
Halliburton Co. ..................... 41,200 1,835,975
McDermott International, Inc. ....... 16,200 557,888
Schlumberger Ltd. ................... 76,400 5,219,075
Western Atlas, Inc.* ................ 8,200 695,975
--------------
10,357,994
--------------
RAILROADS (0.5%)
Burlington Northern Santa Fe ........ 24,051 2,361,508
CSX Corp. ........................... 31,800 1,446,900
Norfolk Southern Corp. .............. 54,900 1,636,706
Union Pacific Corp. ................. 36,000 1,588,500
--------------
7,033,614
--------------
TOTAL ENERGY (8.1%) ............... 112,626,852
--------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
TECHNOLOGY
ELECTRONICS (4.1%)
Advanced Micro Devices, Inc.* ....... 38,200 $ 651,787
AMP, Inc. ........................... 33,800 1,161,875
Applied Materials, Inc.* ............ 56,200 1,657,900
BB&T Corp. .......................... 22,000 1,487,750
Cisco Systems, Inc.* ................ 156,250 14,384,766
EMC Corp.* .......................... 76,200 3,414,712
Harris Corp. ........................ 14,900 665,844
Intel Corp. ......................... 251,300 18,627,613
ITT Industries, Inc. ................ 17,400 650,325
KLA-Tencor Corp.* ................... 24,100 667,269
LSI Logic Corp.* .................... 28,600 659,588
Micron Technology, Inc.* ............ 30,800 764,225
Motorola, Inc. ...................... 91,700 4,819,981
National Semiconductor Corp.* ....... 44,500 586,844
Parametric Technology Corp.* ........ 39,500 1,071,437
Perkin-Elmer Corp. .................. 10,400 646,750
Seagate Technology, Inc.* ........... 35,200 838,200
Texas Instruments, Inc. ............. 59,600 3,475,425
3Com Corp.* ......................... 54,700 1,678,606
--------------
57,910,897
--------------
OFFICE EQUIPMENT (4.2%)
Apple Computer, Inc.* ............... 22,900 656,944
Bay Networks, Inc.* ................. 31,900 1,028,775
Ceridian Corp.* ..................... 11,100 652,125
Compaq Computer Corp. ............... 255,899 7,261,120
Dell Computer Corp.* ................ 100,600 9,336,938
Hewlett-Packard Co. ................. 159,700 9,562,037
Honeywell, Inc. ..................... 19,600 1,637,825
International Business Machines
Corp. ............................. 149,900 17,210,394
Pitney Bowes, Inc. .................. 43,300 2,083,813
Sun Microsystems, Inc.* ............. 58,200 2,528,063
Unisys Corp.* ....................... 36,300 1,025,475
Xerox Corp. ......................... 50,200 5,101,575
--------------
58,085,084
--------------
OFFICE EQUIPMENT SERVICES (4.4%)
Adobe Systems, Inc. ................. 16,000 679,000
Automatic Data Processing, Inc. ..... 45,900 3,344,962
Computer Associates
International, Inc. ............... 83,825 4,657,527
Computer Sciences Corp. ............. 23,900 1,529,600
First Data Corp. .................... 65,700 2,188,631
Gateway 2000, Inc.* ................. 22,800 1,154,250
HBO & Co. ........................... 64,800 2,284,200
Microsoft Corp.* .................... 373,300 40,456,387
Novell, Inc.* ....................... 60,700 773,925
Oracle Corp.* ....................... 151,687 3,725,812
Silicon Graphics, Inc.* ............. 56,000 679,000
--------------
61,473,294
--------------
TELECOMMUNICATIONS (3.3%)
AirTouch Communications, Inc.* 86,700 5,066,531
Ascend Communications, Inc.* ........ 29,900 1,481,919
Cabletron Systems, Inc.* ............ 47,900 643,656
DSC Communications Corp.* ........... 23,600 708,000
Lucent Technologies, Inc. ........... 199,888 16,628,183
</TABLE>
26
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -----------------------------------------------------------------------
<S> <C> <C>
MCI Communications Corp. ............ 107,400 $ 6,242,625
Nextel Communications, Inc.
(Class A)* ........................ 38,200 950,225
Northern Telecommunications
Ltd. .............................. 79,900 4,534,325
Tellabs, Inc.* ...................... 26,400 1,890,900
WorldCom, Inc.* ..................... 155,400 7,527,187
--------------
45,673,551
--------------
TOTAL TECHNOLOGY (16.0%) .......... 223,142,826
--------------
DIVERSIFIED
MISCELLANEOUS (1.0%)
Corning, Inc. ....................... 35,400 1,230,150
Ikon Office Solutions, Inc. ......... 27,500 400,469
Minnesota Mining &
Manufacturing Co. ................. 63,100 5,186,031
Textron, Inc. ....................... 25,200 1,806,525
Tyco International Ltd. ............. 88,086 5,549,418
--------------
TOTAL DIVERSIFIED (1.0%) .......... 14,172,593
--------------
TOTAL COMMON STOCKS (98.0%)
(Cost $974,197,337) ............... 1,369,471,053
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -----------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT & AGENCIES
Federal Home Loan Mortgage
Corp.:
5.85%, due 07/01/98 .............. $ 5,900,000 $ 5,900,000
5.5%, due 07/23/98 ............... 6,254,000 6,233,056
Federal National Mortgage
Association
5.48%, due 07/29/98 .............. 5,000,000 4,978,767
U.S. Treasury Bill
4.93%, due 07/09/98** ............ 1,500,000 1,498,360
--------------
TOTAL U.S. GOVERNMENT &
AGENCIES (1.3%) .................. 18,610,183
--------------
TOTAL SHORT-TERM DEBT SECURITIES (1.3%)
(Amortized Cost $18,610,183) ..... 18,610,183
--------------
TOTAL INVESTMENTS (99.3%)
(Cost/Amortized Cost
$992,807,520)..................... 1,388,081,236
OTHER ASSETS
LESS LIABILITIES (0.7%) .......... 9,360,276
--------------
NET ASSETS (100.0%) ................ $1,397,441,512
==============
</TABLE>
- ----------
Financial Futures Contracts outstanding at June 30, 1998:
<TABLE>
<CAPTION>
EXPIRATION NUMBER ORIGINAL VALUE AT UNREALIZED
DESCRIPTION DATE OF CONTRACTS VALUE 06/30/98 APPRECIATION
- ----------------------------- ------------ -------------- -------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Long S&P 500 Index* ......... 9/98 57 $16,023,800 $16,287,750 $263,950
</TABLE>
- ----------
* Non-income producing.
** Security segregated as collateral on financial futures contracts.
Glossary:
ADR--American Depository Receipt
See Notes to Financial Statements.
27
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (0.3%)
CHEMICALS
Monsanto Co. ................................ 625,000 $ 34,921,875
--------------
BUSINESS SERVICES
ENVIRONMENTAL CONTROL (0.2%)
Waste Management, Inc. ...................... 750,000 26,250,000
--------------
PRINTING, PUBLISHING &
BROADCASTING (6.8%)
CBS Corp.(a) ................................ 2,440,400 77,482,700
Chris Craft Industries, Inc.
(Class B)*++ .............................. 1,262,939 69,066,949
Comcast Corp. (Class A) SPL ................. 1,011,800 41,072,756
Liberty Media Group (Class A)* 4,251,444 165,009,170
MediaOne Group, Inc.* ....................... 265,000 11,643,438
News Corp. Ltd. (ADR)(a) .................... 1,330,200 42,732,675
Reuters Group PLC (ADR) ..................... 1,443,880 98,905,780
Tele-Communications, Inc.
(Class A)(a)* ............................. 1,448,710 55,684,791
Time Warner, Inc. ........................... 178,900 15,284,769
Viacom, Inc. (Class B)* ..................... 3,805,800 221,687,850
--------------
798,570,878
--------------
TOTAL BUSINESS SERVICES (7.0%) 824,820,878
--------------
CAPITAL GOODS
AEROSPACE (0.5%)
Loral Space & Communications* 2,156,800 60,929,600
--------------
ELECTRICAL EQUIPMENT (0.2%)
Philips Electronics N.V. .................... 325,000 27,625,000
--------------
MACHINERY (0.2%)
AlliedSignal, Inc. .......................... 400,000 17,750,000
--------------
TOTAL CAPITAL GOODS (0.9%) ................ 106,304,600
--------------
CONSUMER CYCLICALS
AIRLINES (1.9%)
AMR Corp.* .................................. 370,000 30,802,500
Delta Air Lines, Inc. ....................... 962,300 124,377,275
Northwest Airlines Corp.
(Class A)* ................................ 595,800 22,975,538
UAL Corp.* .................................. 328,500 25,623,000
US Airways Group, Inc.* ..................... 200,000 15,850,000
--------------
219,628,313
--------------
AUTO RELATED (1.0%)
Republic Industries, Inc.(a)* ............... 4,549,500 113,737,500
--------------
AUTOS & TRUCKS (0.1%)
AutoZone, Inc.(a)* .......................... 414,400 13,234,900
Chrysler Corp. .............................. 73,800 4,160,475
--------------
17,395,375
--------------
FOOD SERVICES, LODGING (0.5%)
Starwood Hotels & Resorts ................... 1,189,151 57,450,858
--------------
LEISURE RELATED (3.3%)
Carnival Corp. (Class A)(a) ................. 1,635,200 64,794,800
Cendant Corp.(a)* ........................... 15,223,600 317,792,650
Royal Caribbean Cruises Ltd.(a) ............. 174,000 13,833,000
--------------
396,420,450
--------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------------
<S> <C> <C>
RETAIL--GENERAL (3.4%)
Abercrombie & Fitch Co.
(Class A)*++ .............................. 488,522 $ 21,494,960
Home Depot, Inc. ............................ 2,222,000 184,564,875
Limited, Inc.(a) ............................ 2,246,975 74,431,047
Lowe's Cos., Inc. ........................... 822,800 33,374,825
Office Depot, Inc.* ......................... 450,000 14,203,125
Wal-Mart Stores, Inc. ....................... 1,128,000 68,526,000
--------------
396,594,832
--------------
TOTAL CONSUMER CYCLICALS (10.2%) 1,201,227,328
--------------
CONSUMER NONCYCLICALS
DRUGS (5.8%)
Astra AB (A Shares) ......................... 3,206,666 65,524,202
Bristol-Myers Squibb Co. .................... 2,157,000 247,920,187
Merck & Co., Inc. ........................... 2,163,200 289,328,000
Schering Plough Corp. ....................... 862,000 78,980,750
--------------
681,753,139
--------------
HOSPITAL SUPPLIES & SERVICES (2.8%)
Abbott Laboratories ......................... 1,753,600 71,678,400
Boston Scientific Corp.(a)* ................. 1,792,200 128,366,325
Columbia/HCA Healthcare Corp. 1,000,000 29,125,000
Medtronic, Inc.(a) .......................... 1,257,800 80,184,750
United HealthCare Corp. ..................... 423,500 26,892,250
--------------
336,246,725
--------------
TOBACCO (3.8%)
Loews Corp. ................................. 2,068,500 180,218,063
Philip Morris Cos., Inc.(a) ................. 6,908,200 272,010,375
--------------
452,228,438
--------------
TOTAL CONSUMER NONCYCLICALS (12.4%) 1,470,228,302
--------------
CREDIT SENSITIVE
BANKS (6.3%)
Bank of Tokyo-Mitsubishi Ltd. ............... 3,218,000 35,398,000
Chase Manhattan Corp. ....................... 3,661,736 276,461,068
Citicorp .................................... 400,000 59,700,000
First Union Corp. ........................... 2,205,000 128,441,250
NationsBank Corp. ........................... 3,145,700 240,646,050
--------------
740,646,368
--------------
FINANCIAL SERVICES (5.7%)
American Express Co. ........................ 950,400 108,345,600
Associates First Capital Corp.
(Class A) ................................. 1,080,000 83,025,000
Fleet Financial Group, Inc. ................. 192,100 16,040,350
Household International, Inc. ............... 542,400 26,984,400
MBNA Corp. .................................. 8,367,525 276,128,325
Morgan Stanley Dean Witter
& Co. ..................................... 1,113,166 101,715,543
PMI Group, Inc. ............................. 901,700 66,162,238
--------------
678,401,456
--------------
INSURANCE (10.3%)
Allstate Corp. .............................. 946,647 86,677,366
American International Group,
Inc. ...................................... 3,690,475 538,809,350
Hartford Financial Services
Group, Inc. ............................... 708,600 81,046,125
</TABLE>
28
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Progressive Corp. ................. 599,900 $ 84,585,900
Travelers Group, Inc.(a) .......... 7,036,797 426,605,848
--------------
1,217,724,589
--------------
MORTGAGE RELATED (0.1%)
Fannie Mae ........................ 193,000 11,724,750
--------------
REAL ESTATE (1.3%)
CBL & Associates
Properties, Inc.++ .............. 912,200 22,120,850
Macerich Co. ...................... 717,500 21,031,719
Simon Debartolo Group, Inc. ....... 1,443,000 46,897,500
Spieker Properties, Inc. .......... 1,373,400 53,219,250
Summit Properties, Inc. ........... 464,100 8,788,894
--------------
152,058,213
--------------
UTILITY--TELEPHONE (2.3%)
AT&T Corp. ........................ 500,000 28,562,500
BellSouth Corp. ................... 10,824 726,561
Telecomunicacoes Brasileiras
S.A.--Telebras (ADR)(a) ......... 1,372,300 149,838,006
Teleport Communications Group,
Inc. (Class A)*++ ............... 1,699,000 92,170,750
--------------
271,297,817
--------------
TOTAL CREDIT SENSITIVE (26.0%) 3,071,853,193
--------------
ENERGY
OIL--DOMESTIC (0.2%)
Union Pacific Resources
Group, Inc. ..................... 1,211,677 21,280,077
--------------
OIL--SUPPLIES & CONSTRUCTION (3.9%)
Baker Hughes, Inc. ................ 630,000 21,774,375
BJ Services Co.* .................. 2,013,000 58,502,812
Dresser Industries, Inc.(a) ....... 2,471,200 108,887,250
Halliburton Co. ................... 2,464,400 109,819,825
Nabors Industries, Inc.* .......... 910,300 18,035,319
Rowan Cos., Inc.* ................. 185,000 3,595,938
Santa Fe International Corp. ...... 286,900 8,678,725
Schlumberger Ltd.(a) .............. 500,000 34,156,250
Transocean Offshore, Inc.(a) ...... 1,550,800 69,010,600
Western Atlas, Inc.* .............. 303,800 25,785,025
--------------
458,246,119
--------------
RAILROADS (0.8%)
Canadian Pacific Ltd. ............. 2,373,300 67,342,388
Union Pacific Corp. ............... 643,371 28,388,745
--------------
95,731,133
--------------
TOTAL ENERGY (4.9%) ............. 575,257,329
--------------
TECHNOLOGY
ELECTRONICS (12.3%)
Cisco Systems, Inc.(a)* ........... 5,836,500 537,322,781
EMC Corp.(a)* ..................... 1,350,000 60,496,875
Intel Corp.(a) .................... 800,000 59,300,000
National Semiconductor Corp.* ..... 1,175,000 15,495,312
Network Associates, Inc.(a)* ...... 2,450,000 117,293,750
SCI Systems, Inc.(a)* ............. 1,125,000 42,328,125
Solectron Corp.(a)* ............... 1,600,000 67,300,000
Sterling Commerce, Inc.(a)* ....... 2,683,582 130,153,727
Texas Instruments, Inc.(a) ........ 5,340,000 311,388,750
3Com Corp.(a)* .................... 3,655,700 112,184,294
--------------
1,453,263,614
--------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
OFFICE EQUIPMENT (4.4%)
Ceridian Corp.*++ ................. 3,815,000 $ 224,131,250
Compaq Computer Corp.(a) .......... 1,350,000 38,306,250
International Business Machines
Corp. ........................... 2,000,000 229,625,000
Sterling Software, Inc.* .......... 1,172,400 34,659,075
--------------
526,721,575
--------------
OFFICE EQUIPMENT SERVICES (0.3%)
First Data Corp.(a) ............... 915,000 30,480,938
--------------
TELECOMMUNICATIONS (15.4%)
ADC Telecommunications, Inc.* . 1,650,000 60,276,563
AirTouch Communications, Inc.*..... 894,600 52,278,187
Ascend Communications, Inc.* ...... 100,000 4,956,250
DSC Communications Corp.(a)* ...... 2,381,100 71,433,000
Ericsson LM (ADR) ................. 400,000 11,450,000
FORE Systems, Inc.* ............... 21,400 567,100
Mannesmann AG ..................... 2,013,245 204,394,322
Mannesmann AG (ADR) ............... 1,437,000 146,272,230
MCI Communications Corp. .......... 2,037,300 118,418,062
Nextel Communications, Inc.
(Class A)* ...................... 979,400 24,362,575
Nokia Corp. (ADR) ................. 309,600 22,465,350
Tele-Communications TCI
Ventures Group (Class A)(a)* . 16,137,552 323,759,637
Tellabs, Inc.(a)* ................. 1,385,000 99,200,625
WorldCom, Inc.(a)* ................ 14,032,618 679,704,934
--------------
1,819,538,835
--------------
TOTAL TECHNOLOGY (32.4%) ........ 3,830,004,962
--------------
DIVERSIFIED
MISCELLANEOUS (1.1%)
Anixter International, Inc.* ...... 393,734 7,505,554
Tyco International Ltd. ........... 2,023,336 127,470,168
--------------
TOTAL DIVERSIFIED (1.1%) ........ 134,975,722
--------------
TOTAL COMMON STOCKS (95.2%)
(Cost $7,591,850,024) ............ 11,249,594,189
--------------
PREFERRED STOCKS:
BUSINESS SERVICES (0.1%)
ENVIRONMENTAL CONTROL
Republic Industries, Inc.
6.5% Exch. Conv. ................ 470,400 11,289,600
--------------
TOTAL PREFERRED STOCKS (0.1%)
(Cost $11,561,746) ............... 11,289,600
--------------
PRINCIPAL
AMOUNT
----------
SHORT-TERM DEBT SECURITIES:
BANKERS' ACCEPTANCES
Chase Manhattan Corp.
5.48%, 08/04/98 ................. $ 10,000,000 9,948,528
First Union National Bank
5.52%, 07/30/98 ................. 10,000,000 9,955,694
--------------
TOTAL BANKERS' ACCEPTANCES (0.2%) 19,904,222
--------------
COMMERCIAL PAPER
AIG Funding, Inc.
6.1%, due 07/01/98 .............. 76,081,000 76,081,000
Bankers Trust New York Corp.
5.57%, due 08/12/98 ............. 3,000,000 2,980,645
CXC, Inc.
5.59%, due 08/12/98 ............. 15,000,000 14,902,875
</TABLE>
29
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Dresdner Bank AG
6.0%, due 07/01/98 .......... $108,000,000 $ 108,000,000
General Re Corp.
5.63%, due 07/31/98 ......... 2,000,000 1,990,667
Henkel KGAA
5.55%, due 08/11/98 ......... 4,000,000 3,974,853
Household Finance Corp.
6.05%, due 07/01/98 ......... 35,000,000 35,000,000
Market Street Funding Corp.
6.3%, due 07/01/98 .......... 26,275,000 26,275,000
Merrill Lynch & Co., Inc.
5.59%, due 07/29/98 ......... 12,000,000 11,948,014
Mobil Credit Finance Corp.
6.15%, due 07/01/98 ......... 1,000,000 1,000,000
Rose Funding Ltd.
5.62%, due 08/12/98 ......... 33,245,000 33,028,575
Salomon Smith Barney
Holdings, Inc.
5.59%, due 08/12/98 ......... 30,000,000 29,805,750
San Diego Gas & Electric Co.
5.55%, due 08/24/98 ......... 2,600,000 2,578,355
Sheffield Receivable Corp.
5.61%, due 08/17/98 ......... 27,000,000 26,802,247
Shell Oil Co.
6.2%, due 07/01/98 .......... 4,000,000 4,000,000
Suntrust Banks, Inc.:
5.56%, due 08/12/98 ......... 17,000,000 16,890,520
5.58%, due 08/17/98 ......... 25,000,000 24,819,181
Three Rivers Funding Corp.
5.63%, due 07/24/98 ......... 37,760,000 37,624,661
UBS Finance Delaware, Inc.
5.55%, due 08/10/98 ......... 25,000,000 24,846,667
--------------
TOTAL COMMERCIAL PAPER (4.1%) 482,549,010
--------------
U.S. GOVERNMENT AGENCIES
Federal Home Loan
Bank
5.55%, due 07/01/98 ......... 92,100,000 92,100,000
Federal Home Loan
Mortgage Corp.
6.05%, due 07/01/98 ......... 25,000,000 25,000,000
Federal National Mortgage
Association
5.49%, due 08/24/98 ......... 25,000,000 24,795,625
--------------
TOTAL U.S. GOVERNMENT AGENCIES (1.2%) 141,895,625
--------------
TOTAL SHORT-TERM DEBT SECURITIES (5.5%)
(Cost $644,348,857) .......... 644,348,857
--------------
TOTAL INVESTMENTS (100.8%)
(Cost/Amortized Cost
$8,247,760,627) ............. 11,905,232,646
--------------
NUMBER OF
CONTRACTS(B)
-----------
CALL OPTIONS WRITTEN*(c):
AutoZone, Inc.:
July @ $29.75 ............... 1,500 (339,000)
August @ $33.25 ............. 2,500 (182,500)
Boston Scientific Corp.
July @ $71.50 ............... 2,000 (512,000)
Carnival Corp.
August @ $37.625 ............ 2,000 (664,000)
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
NUMBER OF VALUE
CONTRACTS(B) (NOTE 1)
- -------------------------------------------------------------------
<S> <C> <C>
CBS Corp.:
July @ $34.1875 ............. 2,000 $ (15,680)
August @ $30.625 ............ 2,500 (487,500)
Cendant Corp.:
July @ $21.75 ............... 2,500 (257,500)
July @ $22.25 ............... 3,000 (186,000)
July @ $22.6875 ............. 3,000 (156,000)
July @ $23.50 ............... 2,000 (46,000)
July @ $24.875 .............. 4,000 (60,000)
August @ $19.875 ............ 2,000 (546,000)
August @ $20.625 ............ 3,500 (665,000)
August @ $20.75 ............. 5,000 (1,010,000)
August @ $21.50 ............. 2,500 (320,000)
August @ $21.75 ............. 3,000 (438,000)
August @ $21.9375 ........... 3,000 (294,000)
August @ $22.25 ............. 3,000 (243,540)
Cisco Systems, Inc.:
July @ $74.125 .............. 2,500 (4,535,000)
July @ $74.625 .............. 1,000 (1,747,000)
July @ $75.625 .............. 2,000 (3,311,620)
August @ $73.25 ............. 2,500 (4,832,500)
August @ $76.50 ............. 2,000 (3,256,000)
August @ $76.625 ............ 3,000 (4,959,540)
August @ $79.125 ............ 2,000 (2,797,200)
August @ $80.875 ............ 1,500 (1,900,080)
August @ $84.25 ............. 2,000 (2,048,000)
August @ $86.25 ............. 3,000 (2,652,000)
August @ $87.6875 ........... 2,500 (2,020,000)
September @ $88.82 .......... 2,000 (1,622,760)
September @ $90.75 .......... 1,500 (1,089,000)
Compaq Computer Corp.:
July @ $28.375 .............. 2,000 (288,000)
July @ $31.125 .............. 3,500 (66,850)
July @ $32.125 .............. 3,500 (77,000)
August @ $28.625 ............ 2,500 (433,525)
Dresser Industries, Inc.:
July @ $45.875 .............. 2,000 (224,940)
August @ $40.8719 ........... 2,000 (878,000)
DSC Communications Corp.:
August @ $26.75 ............. 3,000 (1,164,000)
August @ $27.50 ............. 2,500 (837,500)
August @ $28.50 ............. 2,500 (605,000)
August @ $29.8125 ........... 1,500 (310,500)
EMC Corp.:
July @ $41.875 .............. 1,500 (589,500)
August @ $40.75 ............. 2,000 (988,000)
First Data Corp.:
July @ $33.375 .............. 2,000 (228,000)
July @ $34.625 .............. 2,500 (155,000)
Intel Corp.:
July @ $74.00 ............... 1,000 (312,000)
August @ $68.4375 ........... 1,000 (760,500)
August @ $70.00 ............. 1,500 (927,315)
Limited, Inc.:
August @ $31.1875 ........... 3,000 (930,000)
August @ $31.9375 ........... 3,500 (819,000)
Medtronic, Inc.:
July @ $50.25 ............... 3,000 (4,080,720)
August @ $56.625 ............ 2,000 (1,594,000)
August @ $58.00 ............. 1,000 (662,000)
September @ $62.375 ......... 1,500 (472,500)
</TABLE>
30
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
NUMBER OF VALUE
CONTRACTS(B) (NOTE 1)
- -----------------------------------------------------------------------
<S> <C> <C>
Network Associates, Inc.:
August @ $38.375 ............. 2,000 $ (1,980,000)
August @ $41.125 ............. 1,000 (754,000)
News Corp. Ltd.
August @ $28.25 .............. 2,000 (856,000)
Philip Morris Cos., Inc.:
July @ $37.1875 .............. 5,000 (1,174,000)
July @ $37.375 ............... 3,500 (908,250)
July @ $37.75 ................ 2,500 (495,000)
July @ $38.25 ................ 2,000 (330,000)
August @ $37.625 ............. 3,000 (777,000)
August @ $40.0625 ............ 3,000 (507,000)
August @ $40.375 ............. 3,000 (444,000)
Republic Industries, Inc.
July @ $24.50 ................ 3,000 (405,000)
Royal Caribbean Cruises Ltd.
August @ $78.50 .............. 1,000 (498,320)
Schlumberger Ltd.
July @ $78.875 ............... 1,500 (19,500)
SCI Systems, Inc.:
July @ $37.3125 .............. 3,500 (714,000)
August @ $33.125 ............. 2,000 (1,156,240)
Solectron Corp.:
July @ $45.00 ................ 3,500 (360,500)
August @ $39.00 .............. 2,000 (928,000)
August @ $40.375 ............. 1,500 (601,500)
August @ $40.50 .............. 2,000 (770,000)
Sterling Commerce, Inc.:
July @ $41.375 ............... 1,500 (1,096,500)
August @ $38.75 .............. 2,000 (2,010,000)
August @ $40.25 .............. 2,000 (1,716,600)
August @ $41.25 .............. 2,000 (1,556,000)
August @ $42.625 ............. 2,000 (1,364,000)
August @ $43.25 .............. 2,000 (1,220,000)
September @ $47.875 .......... 3,000 (765,000)
Tele-Communications, Inc.
(Class A):
July @ $34.4375 .............. 1,500 (624,855)
July @ $35.875 ............... 1,500 (468,990)
Tele-Communications TCI
Ventures Group (Class A):
July @ $17.125 ............... 3,000 (885,000)
July @ $17.1875 .............. 3,500 (1,053,500)
July @ $17.625 ............... 3,500 (903,000)
August @ $16.50 .............. 6,000 (2,262,000)
August @ $16.6875 ............ 6,500 (2,287,500)
August @ $16.75 .............. 6,000 (2,087,040)
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
NUMBER OF VALUE
CONTRACTS(B) (NOTE 1)
- ---------------------------------------------------------------------
<S> <C> <C>
August @ $19.25 .............. 3,500 $ (507,500)
August @ $19.50 .............. 3,000 (426,000)
September @ $19.50 ........... 2,500 (350,225)
Telecomunicacoes Brasileiras
S.A.--Telebras:
August @ $107.75 ............. 1,000 (940,000)
August @ $111.125 ............ 1,500 (1,246,500)
August @ $117.25 ............. 3,000 (1,323,000)
September @ $107.25 .......... 2,000 (2,090,000)
Tellabs, Inc.:
August @ $62.375 ............. 2,500 (2,575,000)
August @ $63.25 .............. 2,500 (2,330,275)
August @ $63.50 .............. 2,000 (1,894,680)
August @ $64.375 ............. 2,500 (2,232,150)
August @ $73.00 .............. 1,500 (577,500)
Texas Instruments, Inc.:
July @ $52.125 ............... 2,000 (1,422,000)
July @ $55.625 ............... 2,500 (1,175,000)
August @ $47.625 ............. 1,500 (1,693,500)
August @ $49.375 ............. 2,000 (1,936,000)
August @ $50.125 ............. 2,500 (2,292,500)
Transocean Offshore, Inc.
July @ $49.00 ................ 1,500 (199,500)
Travelers Group, Inc.:
July @ $64.00 ................ 1,500 (88,500)
August @ $61.75 .............. 2,500 (657,500)
WorldCom, Inc.:
July @ $44.4375 .............. 5,000 (2,175,000)
August @ $44.4375 ............ 3,500 (1,634,500)
August @ $45.50 .............. 3,500 (1,312,500)
August @ $47.5625 ............ 3,000 (861,000)
3Com Corp.:
July @ $27.125 ............... 3,000 (1,299,000)
July @ $30.00 ................ 2,000 (294,000)
July @ $32.50 ................ 2,500 (155,000)
July @ $33.625 ............... 2,000 (1,120)
July @ $34.00 ................ 2,500 (50,000)
August @ $24.75 .............. 2,500 (1,650,000)
August @ $25.00 .............. 2,000 (1,268,000)
August @ $25.8125 ............ 2,500 (1,472,500)
August @ $26.00 .............. 3,000 (1,599,000)
August @ $27.50 .............. 2,000 (874,000)
---------------
TOTAL CALL OPTIONS WRITTEN (-1.2%)
(Premiums Received $80,537,659) (135,178,515)
---------------
OTHER ASSETS
LESS LIABILITIES (0.4%) ....... 43,785,850
---------------
NET ASSETS (100.0%) ............ $11,813,839,981
===============
</TABLE>
- ----------
* Non-income producing.
++ Affiliated company as defined under the Investment Company Act of 1940
(See Note 6).
(a) 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 Depository Receipt
See Notes to Financial Statements.
31
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GLOBAL PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS AND
OTHER INVESTMENTS:
BASIC MATERIALS
CHEMICALS (0.9%)
Akzo Nobel N.V. ..................... 15,000 $ 3,335,956
Bayer AG ............................ 40,000 2,064,874
GP Batteries International Ltd. ..... 820,000 1,494,880
GP Batteries International Ltd.--
Warrants (expire 11/15/00)* ....... 12,500 11,000
Indo Gulf Fertilisers &
Chemicals Corp. Ltd. (GDR)+ . 150,000 125,295
Ishihara Sangyo Kaisha Ltd.* ........ 117,000 162,055
Johnson Matthey PLC ................. 225,000 2,021,543
Rhodia SA* .......................... 24,760 690,291
Royal Group Technologies Ltd.* 50,000 1,444,056
SKW Trostberg AG .................... 32,000 1,140,893
Yule Catto & Co. PLC ................ 12,156 75,721
--------------
12,566,564
--------------
CHEMICALS--SPECIALTY (0.7%)
SGL Carbon AG+ ...................... 78,560 9,191,106
UCAR International, Inc.* ........... 40,000 1,167,500
--------------
10,358,606
--------------
METALS & MINING (0.2%)
Great Central Mines Ltd. ............ 360,000 343,729
Randgold Resources Ltd.
(GDR)*+ ........................... 181,800 978,084
Toho Titanium ....................... 129,000 1,005,050
Westralian Sands Ltd. ............... 280,000 581,561
WMC Ltd. ............................ 200,000 602,641
--------------
3,511,065
--------------
PAPER (0.4%)
Enso Oyj (R Shares) ................. 124,000 1,341,201
Grupo Industrial Durango
(ADR)* ............................ 66,000 585,750
Jefferson Smurfit Group PLC ......... 300,000 896,794
Mayr-Melnhof Karton AG+ ............. 48,290 3,157,079
Nippon Paper Industries Co. ......... 54,000 225,162
--------------
6,205,986
--------------
STEEL (0.2%)
Broken Hill Proprietary Co. Ltd. 150,000 1,269,453
Sumitomo Metal Industries ........... 696,000 1,119,665
--------------
2,389,118
--------------
TOTAL BASIC MATERIALS (2.4%) ...... 35,031,339
--------------
BUSINESS SERVICES
ENVIRONMENTAL CONTROL (1.0%)
B.U.S. Berzelius Umwelt-Service
AG ................................ 83,200 1,720,743
Daiseki Co. Ltd. .................... 13,300 78,676
Matsuda Sangyo Co. Ltd. ............. 19,000 146,660
Powerscreen International PLC ....... 640,000 961,924
Rentokil Initial PLC ................ 450,000 3,238,978
Tomra Systems ASA ................... 270,000 8,101,761
--------------
14,248,742
--------------
PRINTING, PUBLISHING &
BROADCASTING (4.5%)
CBS Corp. ........................... 136,800 4,343,400
De La Rue PLC ....................... 180,000 892,786
Elsevier N.V. ....................... 174,000 2,627,158
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Flextech PLC* ....................... 69,000 $ 638,377
Grupo Televisa S.A. (GDR)* .......... 120,000 4,515,000
Liberty Media Group (Class A)* . 283,312 10,996,047
Mediaset Spa ........................ 450,000 2,873,203
News Corp. Ltd. (ADR) ............... 91,100 2,926,588
Nippon Television Network
Corp. ............................. 3,830 1,110,706
Reed International PLC .............. 300,000 2,715,431
Reuters Group PLC (ADR) ............. 78,620 5,385,470
Schibsted ASA ....................... 60,000 1,009,785
Seat Spa* ........................... 6,000,000 4,052,114
Tele-Communications, Inc.
(Class A)* ........................ 116,425 4,475,086
Television Broadcasts Ltd. .......... 265,000 701,149
Tokyo Broadcasting System, Inc. 209,000 2,336,964
TVI-Televisao Independente SA* 1,175 0
Viacom, Inc. (Class B)* ............. 234,500 13,659,625
--------------
65,258,889
--------------
PROFESSIONAL SERVICES (1.0%)
Alvern Norway ASA* .................. 258,529 320,421
Apcoa Parking AG .................... 18,670 1,345,772
Content Beheer N.V. ................. 140,000 4,785,324
International Public Relations
PLC ............................... 30,000 24,549
Meitec .............................. 56,700 1,963,353
Unique International N.V. ........... 56,000 1,900,359
Vedior N.V. ......................... 8,881 251,153
WPP Group PLC ....................... 540,000 3,541,834
--------------
14,132,765
--------------
TRUCKING, SHIPPING (0.7%)
Brambles Industries Ltd. ............ 220,000 4,322,524
Cosco Pacific Ltd. .................. 300,000 107,447
Frontline Ltd.* ..................... 3,100,325 2,022,391
Frontline Ltd.--Warrants
(expire 05/11/01)* ................ 180,690 0
Irish Continental Group PLC ......... 140,000 2,248,038
Koninklijke Nedlloyd Groep N.V. 11,250 228,508
Yamato Transport Co. Ltd. ........... 93,000 1,043,248
--------------
9,972,156
--------------
TOTAL BUSINESS SERVICES (7.2%)..... 103,612,552
--------------
CAPITAL GOODS
AEROSPACE (0.3%)
British Aerospace ................... 320,000 2,452,906
Loral Space & Communications* 62,000 1,751,500
McKechnie PLC ....................... 50,000 363,226
--------------
4,567,632
--------------
BUILDING & CONSTRUCTION (0.4%)
ABB AG* ............................. 500 738,932
Daito Trust Construction Co.
Ltd. .............................. 46,600 352,979
ITC Corp. Ltd. ...................... 716,500 3,607
Japan Industrial Land
Development ....................... 50,000 82,961
Kaneshita Construction .............. 104,000 541,682
MacMahon Holdings Ltd. .............. 1,895,200 511,136
Metacorp BHD ........................ 335,000 96,862
Mitsui Home Co. Ltd. ................ 51,000 228,474
Nanno Construction Co. Ltd. ......... 50,000 68,533
Nippon Denwa Shisetsu ............... 43,000 144,243
</TABLE>
32
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GLOBAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------------
<S> <C> <C>
Ohmoto Gumi Co. Ltd. .................... 35,000 $ 201,991
Oriental Construction Co. ............... 17,700 87,593
PS Corp. ................................ 91,200 372,379
Sacos Corp. ............................. 2,400 10,475
Sanyo Engineering &
Construction Co. ...................... 20,000 75,891
Sho-Bond Corp. .......................... 122,800 2,241,264
Suido Kiko Kaisha ....................... 33,000 88,082
Toda Corp. .............................. 62,000 248,233
Wesco, Inc. ............................. 18,000 48,045
--------------
6,143,362
--------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.8%)
BPB PLC ................................. 540,000 3,273,547
Fujikura Ltd. ........................... 335,000 1,493,507
Lafarge SA .............................. 20,000 2,066,970
Nichiha Corp. ........................... 135,700 801,748
Portland Valderrivas SA ................. 11,100 1,360,085
Unidare PLC* ............................ 519,600 1,886,341
--------------
10,882,198
--------------
ELECTRICAL EQUIPMENT (0.2%)
Alcatel Alsthom ......................... 16,000 3,256,883
Mabuchi Motor Co. ....................... 1,100 69,831
Zucchini Spa ............................ 30,400 211,296
--------------
3,538,010
--------------
MACHINERY (2.0%)
AlliedSignal, Inc. ...................... 42,000 1,863,750
Asahi Diamond Industry Co.
Ltd. .................................. 50,000 225,436
Cie Generale de Geophysique
SA (ADR)* ............................. 216,000 6,345,000
Construcciones y Auxiliar de
Ferrocarrites SA ...................... 8,925 349,201
Enshu* .................................. 53,000 91,762
Gildemeister Italiana Spa ............... 36,200 158,605
IHC Caland N.V. ......................... 52,000 2,928,245
Ishikawajima Harima Heavy
Industries Co. Ltd. ................... 130,000 237,267
Kalmar Industries AB+ ................... 60,000 902,595
Kawasaki Heavy Industries Ltd. .......... 277,000 559,515
Keyence Corp. ........................... 27,200 2,962,920
Mitsubishi Heavy Industries Ltd. . 346,000 1,307,921
Namura Shipbuilding ..................... 10,000 23,518
Nireco .................................. 21,000 103,015
Nitta Corp. ............................. 100,700 646,537
Nitto Kohki Co. Ltd. .................... 81,800 884,564
Rauma Oyj ............................... 41,600 853,617
Siebe PLC ............................... 80,000 1,599,198
SMC Corp. ............................... 56,700 4,315,286
Sodick Co.* ............................. 335,000 966,671
Thai Engine Manufacturing
Public Co. Ltd.* ...................... 87,000 32,986
Vestas Wind Systems A/S* ................ 16,580 655,140
--------------
28,012,749
--------------
TOTAL CAPITAL GOODS (3.7%) ............ 53,143,951
--------------
CONSUMER CYCLICALS
AIRLINES (2.1%)
Air Canada* ............................. 90,000 804,254
British Airways PLC ..................... 150,000 1,624,499
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------------
<S> <C> <C>
Continental Airlines, Inc.
(Class B)* ............................ 169,000 $ 10,287,875
Delta Air Lines, Inc. ................... 59,500 7,690,375
Lufthansa AG ............................ 50,000 1,255,891
Northwest Airlines Corp.
(Class A)* ............................ 51,100 1,970,544
UAL Corp.* .............................. 28,200 2,199,600
US Airways Group, Inc.* ................. 28,000 2,219,000
Virgin Express Holdings PLC
(ADR)* ................................ 115,000 1,487,813
--------------
29,539,851
--------------
APPAREL, TEXTILE (0.2%)
Carli Gry International A/S ............. 30,000 2,423,228
King Co. ................................ 50,000 70,336
PT Great River International ............ 3,150,000 80,085
--------------
2,573,649
--------------
AUTO RELATED (1.2%)
Asahi Glass Co. Ltd. .................... 13,000 70,336
Autoliv, Inc. ........................... 35,000 1,106,875
Gerresheimer Glas AG .................... 12,000 180,316
LucasVarity PLC ......................... 450,000 1,788,577
Michelin (CGDE), (Class B) .............. 45,000 2,596,941
Minebea Co. Ltd. ........................ 236,000 2,351,147
Republic Industries, Inc.* .............. 367,000 9,175,000
Toyoda Gosei ............................ 11,000 32,138
--------------
17,301,330
--------------
AUTOS & TRUCKS (0.2%)
Harley-Davidson, Inc. ................... 44,400 1,720,500
Honda Motor Co. Ltd. .................... 42,000 1,496,754
--------------
3,217,254
--------------
FOOD SERVICES, LODGING (1.4%)
Accor SA ................................ 18,000 5,036,131
Compass Group PLC ....................... 825,800 9,501,941
International Fast Food Corp.* .......... 8,000 6,800
QPQ Corp.--Warrants
(expire 09/22/98)* .................... 32,700 128
Restaurant Brands New Zealand
Ltd. .................................. 220,100 106,348
Sanyo Pax Co. Ltd. ...................... 50,000 284,952
Selecta Group ........................... 7,000 1,496,338
Starwood Hotels & Resorts ............... 73,857 3,568,216
Thistle Hotels PLC ...................... 240,000 877,756
--------------
20,878,610
--------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.5%)
Hunter Douglas N.V. ..................... 60,000 3,260,709
Industrie Natuzzi Spa (ADR) ............. 120,000 3,120,000
Moulinex* ............................... 20,527 532,565
--------------
6,913,274
--------------
LEISURE RELATED (3.3%)
Amer Group Ltd. (Series A)* ............. 40,000 773,363
Canal Plus .............................. 19,330 3,611,889
Carnival Corp. (Class A) ................ 11,000 435,875
Cendant Corp.* .......................... 693,100 14,468,463
Cinar Films, Inc. (Class B)* ............ 90,000 1,755,000
EMI Group PLC ........................... 200,000 1,750,167
Hoyts Cinemas Group+ .................... 1,370,000 1,783,744
Imagineer Co. Ltd. ...................... 40,400 204,011
</TABLE>
33
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GLOBAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------------
<S> <C> <C>
KTM Motorradholding AG .................. 17,780 $ 1,386,491
Ladbroke Group PLC ...................... 550,000 3,021,877
Nelvana Ltd.*+ .......................... 130,000 2,822,534
Nintendo Co. Ltd. ....................... 22,100 2,048,658
Nippon Broadcasting System .............. 60,000 2,532,102
Royal Caribbean Cruises Ltd. ............ 78,000 6,201,000
SHIMANO, INC. ........................... 20,000 507,863
Tag Heuer International SA
(ADR) ................................. 143,200 1,342,500
Thomson Travel Group PLC* ............... 500,000 1,561,456
Toei Co. Ltd. ........................... 80,000 252,200
Tourism Holdings Ltd.* .................. 600,000 342,903
--------------
46,802,096
--------------
PHOTO & OPTICAL (0.8%)
Fuji Photo Film Co. ..................... 84,000 2,926,850
Gretag Imaging Group* ................... 50,400 4,838,161
Luxottica Group (ADR) ................... 100,000 1,550,000
Noritsu Koki Co. Ltd. ................... 106,200 2,374,982
--------------
11,689,993
--------------
RETAIL--GENERAL (3.4%)
Abercrombie & Fitch Co.
(Class A)* ............................ 46,950 2,065,778
Aldeasa SA .............................. 94,700 3,384,128
BAA PLC ................................. 100,000 1,080,494
Carpetright PLC ......................... 20,000 87,508
Dixons Group PLC ........................ 450,000 3,592,184
Doshisha Co. ............................ 37,000 157,214
Eiden Sakakiya Co. Ltd. ................. 65,000 250,866
Gucci Group N.V. (New York
Registered Shares) .................... 5,000 265,000
Homac Corp. ............................. 10,500 90,896
Home Centers Ltd.* ...................... 142,800 2,891,700
Home Depot, Inc. ........................ 155,600 12,924,525
Home Wide Corp. ......................... 18,000 66,224
House of Fraser PLC ..................... 520,000 1,511,022
Isetan Co. .............................. 33,000 276,151
Japan Airport Terminal Co. Ltd. . 176,800 982,081
Kokuyo Co. Ltd. ......................... 28,000 474,679
Limited, Inc. ........................... 229,575 7,604,672
Office Depot, Inc.* ..................... 93,000 2,935,313
Paris Miki, Inc. ........................ 105,400 1,384,601
Sato Corp. .............................. 137,600 2,248,334
Smith (W.H.) Group PLC .................. 225,000 1,998,998
Smith (W.H.) Group PLC
(B Shares)* ........................... 250,000 223,363
Sriwani Holdings BHD .................... 633,000 138,794
S.T. Dupont*+ ........................... 70,614 772,988
Swank International
Manufacturing Co.* .................... 1,000,000 108,415
Vendex International N.V. ............... 9,000 346,137
Warehouse Group Ltd. .................... 390,000 688,924
--------------
48,550,989
--------------
TOTAL CONSUMER CYCLICALS (13.1%) 187,467,046
--------------
CONSUMER NONCYCLICALS
BEVERAGES (0.9%)
Diageo PLC .............................. 604,800 7,171,142
Hartwall Oyj AB ......................... 41,300 1,325,807
Lion Nathan Ltd. ........................ 31,500 70,046
Louis Dreyfus Citrus .................... 69,000 2,304,754
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------------
<S> <C> <C>
Panamerican Beverages, Inc. ............. 60,000 $ 1,886,250
Quilmes Industrial Quins (ADR) 76,000 741,000
--------------
13,498,999
--------------
CONTAINERS (0.3%)
Sealed Air Corp.* ....................... 106,200 3,902,850
--------------
DRUGS (6.4%)
Astra AB (A Shares) ..................... 80,000 1,634,700
Bristol-Myers Squibb Co. ................ 134,000 15,401,625
Merck & Co., Inc. ....................... 122,100 16,330,875
Novartis AG ............................. 1,358 2,261,392
Novartis AG (ADR) ....................... 20,000 1,664,016
Novo-Nordisk A/S (B Shares) ............. 15,000 2,069,568
Orion-Yhtyma Oyj (B Shares)* ............ 182,000 5,610,163
Pfizer, Inc. ............................ 75,000 8,151,563
Roche Holding AG
Genusssheine .......................... 450 4,422,214
Sankyo Co. Ltd. ......................... 320,000 7,294,763
Sanofi SA ............................... 30,000 3,527,077
Santen Pharmaceutical Co. Ltd. .......... 312,000 3,418,901
Schering Plough Corp. ................... 51,000 4,672,875
Smith & Nephew PLC ...................... 200,000 499,332
Smithkline Beecham PLC .................. 300,000 3,664,830
Taisho Pharmaceutical Co. ............... 2,000 37,368
Yamanouchi Pharmaceutical Co.
Ltd. .................................. 201,000 4,190,521
Zeneca Group PLC ........................ 180,000 7,731,463
--------------
92,583,246
--------------
FOODS (1.4%)
Avonmore Waterford Group
PLC ................................... 130,500 510,207
Barry Callebaut AG* ..................... 20,830 4,493,904
Fyffes PLC .............................. 2,800,000 6,802,759
Karlshamns AB+ .......................... 17,000 230,162
Koninklijke Numico N.V. ................. 25,000 783,209
Nestle SA ............................... 1,100 2,355,743
Nutreco Holding N.V. .................... 72,800 2,549,235
Oie Sangyo Co. Ltd. ..................... 4,000 14,457
Shriram Industrial Enterprises
Ltd. (GDR)+ ........................... 198,000 297,000
Viscofan Envoltura ...................... 49,000 2,281,448
--------------
20,318,124
--------------
HOSPITAL SUPPLIES & SERVICES (1.3%)
Australian Hospital Care Ltd. ........... 636,000 461,355
Boston Scientific Corp.* ................ 110,300 7,900,237
Coloplast A/S B ......................... 1,200 117,887
EDAP TMS S.A. (ADR)* .................... 355,000 1,664,062
Medtronic, Inc. ......................... 67,800 4,322,250
NIC Corp. ............................... 8,000 53,095
Nichii Gakkan Co. ....................... 8,000 266,051
Quest Medical, Inc.* .................... 164,543 1,563,159
United HealthCare Corp. ................. 28,000 1,778,000
--------------
18,126,096
--------------
RETAIL--FOOD (0.7%)
Daimon Co. Ltd. ......................... 10,200 25,018
Familymart Co. .......................... 78,700 2,997,663
Kesko ................................... 76,000 1,199,077
Loblaw Companies Ltd. ................... 40,000 951,378
McBride PLC ............................. 350,000 1,002,421
</TABLE>
34
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GLOBAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Santa Isabel S.A. (ADR) .............. 10,635 $ 116,985
Seven-Eleven Japan Co. Ltd. .......... 49,800 2,967,451
--------------
9,259,993
--------------
SOAPS & TOILETRIES (0.2%)
Kao Corp. ............................ 180,000 2,778,820
--------------
TOBACCO (3.0%)
Imperial Tobacco Group PLC ........... 341,000 2,517,068
Japan Tobacco, Inc. .................. 240 1,625,739
Loews Corp. .......................... 120,800 10,524,700
Philip Morris Cos., Inc. ............. 440,400 17,340,750
RJ Reynolds BHD ...................... 210,000 290,946
Seita ................................ 66,000 2,990,327
Swedish Match AB ..................... 1,015,385 3,373,161
Tabacalera SA-A ...................... 240,000 4,914,248
--------------
43,576,939
--------------
TOTAL CONSUMER
NONCYCLICALS (14.2%) ............ 204,045,067
--------------
CREDIT SENSITIVE
BANKS (6.0%)
Akita Bank ........................... 76,000 334,439
AMMB Holdings BHD .................... 21,000 11,031
Asahi Bank Ltd. ...................... 88,000 387,246
Banco Central
Hispanoamericano SA ................ 36,000 1,131,529
Banco Latinoamericano de
Exportaciones S.A. (E Shares) 60,000 1,845,000
Bank of Scotland ..................... 200,000 2,241,149
Bank of Tokyo-Mitsubishi Ltd. ........ 250,000 2,649,329
Barclays PLC ......................... 140,000 4,040,080
BPI-SGPS SA .......................... 56,000 1,807,929
Chase Manhattan Corp. ................ 218,976 16,532,688
Citicorp ............................. 50,000 7,462,500
Corporacion Bancaria de Espana
SA ................................. 200,000 4,486,469
Credito Italiano Spa ................. 200,000 1,047,359
Dai-Ichi Kangyo Bank Ltd. ............ 318,000 1,869,644
Erste Bank Der
Oesterreichischen
Sparkassen AG ...................... 37,400 2,268,363
First Union Corp. .................... 139,000 8,096,750
Forenings Sparbanken AB
(A Shares) ......................... 9,700 291,839
Grupo Financiero Banamex
Accival (B Shares)* ................ 150,000 283,966
Grupo Financiero Banorte
(Class B)* ......................... 178,750 193,254
HSBC Holdings PLC (H.K.$) ............ 60,000 1,467,475
Mitsubishi Trust & Banking
Corp. .............................. 65,000 552,842
National Westminster Bank PLC 50,000 894,289
NationsBank Corp. .................... 197,100 15,078,150
Nordbanken Holding AB+ ............... 300,000 2,200,075
Overseas-Chinese Bank ................ 44,000 149,748
Shizuoka Bank Ltd. ................... 21,000 225,725
Skandinaviska Enskilda Banken
(Series A) ......................... 125,330 2,144,609
Societe Generale ..................... 15,000 3,117,817
Sparebanken NOR ...................... 8,600 246,836
Sumitomo Bank Ltd. ................... 166,000 1,616,650
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Toho Bank ............................ 124,000 $ 498,254
United Overseas Bank Ltd. ............ 160,000 497,189
--------------
85,670,223
--------------
FINANCIAL SERVICES (5.5%)
Aiful Corp. .......................... 78,400 3,828,942
American Express Co. ................. 103,600 11,810,400
Americredit Corp.* ................... 186,700 6,662,856
Amvescap PLC ......................... 260,000 2,540,080
Associates First Capital Corp.
(Class A) .......................... 67,000 5,150,625
CIT Group, Inc. ...................... 45,700 1,713,750
CMIC Finance & Securities
Public Co. Ltd.* ................... 724,700 0
Credit Saison Co. .................... 354,450 7,031,723
Dexia France ......................... 10,000 1,346,011
Fleet Financial Group, Inc. .......... 700 58,450
Hong Leong Finance Ltd. .............. 160,000 130,690
JCG Holdings Ltd. .................... 142,000 39,404
MBNA Corp. ........................... 578,100 19,077,300
Morgan Stanley Dean Witter
& Co. .............................. 56,800 5,190,100
Newcourt Credit Group, Inc. .......... 111,000 5,459,813
Nichiei Co. Ltd. ..................... 53,800 3,663,771
PMI Group, Inc. ...................... 57,000 4,182,375
PT Bunas Finance Indonesia* .......... 800,000 4,068
Sanyo Shinpan Finance Co. Ltd. ....... 18,000 636,272
Takefuji Corp. ....................... 7,800 360,121
--------------
78,886,751
--------------
INSURANCE (6.7%)
Acceptance Insurance Cos., Inc.* 30,100 739,331
Aegon N.V. ........................... 70,000 6,093,543
American International
Group, Inc. ........................ 179,375 26,188,750
ASR Verzekeringsgroep N.V. ........... 90,000 7,639,797
Corporacion Mapfre ................... 116,900 4,101,219
Fairfax Financial Holdings Ltd.* ..... 4,000 1,560,260
Fortis Amev N.V. ..................... 82,381 4,825,445
ING Groep N.V. ....................... 90,000 5,895,834
Irish Life PLC ....................... 175,000 1,628,786
Koa Fire & Marine .................... 21,000 80,897
Mediolanum Spa+ ...................... 15,000 476,124
Norwich Union PLC .................... 250,000 1,816,132
Pacific & Orient BHD ................. 220,000 102,307
Progressive Corp. .................... 19,500 2,749,500
QBE Insurance Group Ltd. ............. 10,000 35,340
Skandia Forsakrings AB ............... 130,000 1,857,841
Travelers Group, Inc. ................ 424,699 25,747,377
20th Century Industries .............. 186,000 5,335,875
--------------
96,874,358
--------------
REAL ESTATE (2.4%)
Arden Realty, Inc. ................... 193,100 4,996,463
Asticus AB* .......................... 176,320 1,945,112
Boston Properties, Inc. .............. 83,600 2,884,200
Castellum AB ......................... 288,000 3,393,757
Cheung Kong Holdings ................. 126,000 619,592
City Developments Ltd. ............... 115,000 321,279
Daibiru Corp. ........................ 46,000 296,667
Entertainment Properties Trust ....... 136,000 2,482,000
JP Realty, Inc. ...................... 87,300 2,057,006
Macerich Co. ......................... 151,700 4,446,706
</TABLE>
35
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GLOBAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Mandamus AB* ......................... 485 $ 3,040
MEPC PLC ............................. 210,000 1,848,196
Pernas International Hotels
Holdings BHD ....................... 640,000 121,053
Prentiss Properties Trust ............ 85,000 2,066,563
SAP Holdings BHD ..................... 66,000 14,312
Singapore Land Ltd. .................. 300,000 628,588
Sino Land Co. ........................ 1,850,000 644,683
Spieker Properties, Inc. ............. 82,700 3,204,625
Sumitomo Realty &
Development Co. Ltd. ............... 364,000 1,607,041
Sun Communities, Inc. ................ 41,000 1,358,125
--------------
34,939,008
--------------
UTILITY--ELECTRIC (2.4%)
British Energy PLC ................... 320,000 2,800,267
Cia Paranaense de Energia-Copel
(ADR) .............................. 356,000 3,293,000
Electricidade de Portugal SA ......... 127,005 2,953,637
Enersis S.A. (ADR) ................... 45,000 1,099,687
EVN-Energie-Versorgung
Niederoesterreich AG ............... 8,000 1,197,495
Gas Y Electridad SA (Series 2) ....... 5,000 380,502
Hidroelectrica del Cantabrico ........ 26,000 1,186,827
Iberdrola SA ......................... 270,000 4,384,089
Korea Electric Power (ADR) ........... 15,000 106,875
National Grid Group PLC .............. 850,000 5,734,803
National Power PLC ................... 420,000 3,955,912
Veba AG .............................. 50,000 3,410,036
Viag AG .............................. 5,000 3,382,312
--------------
33,885,442
--------------
UTILITY--GAS (0.3%)
Sociedad General de Aguas de
Barcelona SA ....................... 89,900 5,012,357
--------------
UTILITY--TELEPHONE (1.9%)
Electric Lightwave, Inc.* ............ 178,700 1,976,869
Empresas Telex-Chile S.A.
(ADR)* ............................. 70,000 100,625
Hellenic Telecommunication
Organization SA .................... 58,379 1,498,217
Magyar Tavkozlesi Rt (ADR) ........... 218,000 6,417,375
Portugal Telecom SA .................. 31,680 1,679,740
PT Indosat (ADR) ..................... 40,000 445,000
Telecom Italia Spa ................... 50,000 368,208
Telefonica de Espana ................. 100,000 4,623,410
Telephone & Data Systems, Inc. ....... 46,700 1,838,813
Teleport Communications Group,
Inc. (Class A)* .................... 126,000 6,835,500
Videsh Sanchar Nigam Ltd.
(GDR)*+ ............................ 160,000 1,496,000
--------------
27,279,757
--------------
TOTAL CREDIT SENSITIVE (25.2%) 362,547,896
--------------
ENERGY
COAL & GAS PIPELINES (0.2%)
OMV AG ............................... 20,000 2,679,690
--------------
OIL--DOMESTIC (0.1%)
Union Pacific Resources Group,
Inc. ............................... 79,300 1,392,706
--------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
OIL--INTERNATIONAL (0.4%)
Canadian Occidental .................. 8,000 $ 172,000
Orogen Minerals Ltd. ................. 310,000 413,231
Renaissance Energy Ltd.* ............. 60,000 899,052
Repsol SA ............................ 65,000 3,581,676
Southern Pacific Petroleum ........... 850,000 1,054,002
--------------
6,119,961
--------------
OIL--SUPPLIES & CONSTRUCTION (3.1%)
BJ Services Co.* ..................... 104,000 3,022,500
Bouygues Offshore SA (ADR) ........... 86,000 1,816,750
Canadian Fracmaster Ltd.
Installment Receipt+ ............... 571,500 1,942
Coflexip (ADR) ....................... 65,000 3,973,125
Dresser Industries, Inc. ............. 240,100 10,579,406
Fugro N.V. ........................... 80,000 3,186,937
Halliburton Co. ...................... 188,800 8,413,400
Nabors Industries, Inc.* ............. 35,000 693,438
Noble Drilling Corp.* ................ 247,000 5,943,438
Santa Fe International Corp. ......... 84,500 2,556,125
Transocean Offshore, Inc. ............ 85,000 3,782,500
Tubos de Acero de Mexico SA
(ADR) .............................. 10,000 128,125
--------------
44,097,686
--------------
TOTAL ENERGY (3.8%) ................ 54,290,043
--------------
TECHNOLOGY
ELECTRONICS (7.6%)
Austria Mikro Systeme
International AG ................... 4,000 270,962
Cisco Systems, Inc.* ................. 382,950 35,255,334
EMC Corp.* ........................... 35,000 1,568,438
Enplas Corp. ......................... 10,000 176,021
Fujimi, Inc. ......................... 54,400 1,993,594
Micronics Japan Co. Ltd. ............. 68,000 956,572
Navia ASA* ........................... 80,000 271,363
Network Associates, Inc.* ............ 182,000 8,713,250
Nikon Corp. .......................... 133,000 957,539
PairGain Technologies, Inc.* ......... 363,100 6,331,556
Rohm Co. Ltd. ........................ 27,000 2,775,574
Sankyo Engineering Co. ............... 1,000 3,888
Sanmina Corp.* ....................... 216,000 9,369,000
SCI Systems, Inc.* ................... 123,400 4,642,925
Solectron Corp.* ..................... 88,200 3,709,913
Sterling Commerce, Inc.* ............. 273,660 13,272,510
TDK Corp. ............................ 34,000 2,514,067
Texas Instruments, Inc. .............. 195,000 11,370,938
Tokyo Cathode Laboratory Co. ......... 28,600 224,888
Tokyo Electron ....................... 10,000 306,594
Xilinx, Inc.* ........................ 41,000 1,394,000
Yamaichi Electronics Co. Ltd. ........ 17,000 348,290
Yokogawa Electric Corp. .............. 353,000 1,884,432
--------------
108,311,648
--------------
OFFICE EQUIPMENT (3.0%)
Canon, Inc. .......................... 4,000 90,896
Ceridian Corp.* ...................... 342,700 20,133,625
Ricoh Elemex Corp. ................... 24,000 169,673
Sterling Software, Inc.* ............. 767,200 22,680,350
--------------
43,074,544
--------------
</TABLE>
36
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GLOBAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------------
<S> <C> <C>
OFFICE EQUIPMENT SERVICES (0.9%)
Data Communication System Co. 53,000 $ 955,851
Fuji Soft ABC, Inc. ........................ 60,200 2,049,805
INES Corp. ................................. 86,000 589,381
Misys PLC .................................. 130,000 7,392,285
Nippon System Development .................. 57,900 1,378,372
Turbon International AG .................... 27,500 603,063
--------------
12,968,757
--------------
TELECOMMUNICATIONS (8.3%)
ADC Telecommunications, Inc.* 144,000 5,260,500
Corecomm, Inc.* ............................ 7,600 199,500
DDI Corp. .................................. 384 1,337,989
Energis PLC* ............................... 420,000 6,396,794
E.R.G. Limited* ............................ 2,480,000 1,368,467
Filtronic Comtek PLC ....................... 1,199,000 8,009,352
FORE Systems, Inc.* ........................ 100,000 2,650,000
Global TeleSystems Group, Inc.* 30,000 1,462,500
Helsinki Telephone Corp. ................... 91,710 4,265,542
MCI Communications Corp. ................... 20,000 1,162,500
NetCom Systems AB (B Shares)* 60,000 2,297,856
Nextel Communications, Inc.
(Class A)* ............................... 258,700 6,435,163
SK Telecom Co. Ltd. (ADR) .................. 280,001 1,557,504
Tadiran Telecommunications Ltd. 130,000 1,933,750
Tele-Communications TCI
Ventures Group (Class A)* ................ 885,350 17,762,334
Tellabs, Inc.* ............................. 28,000 2,005,500
Vodafone Group PLC ......................... 500,000 6,350,200
WorldCom, Inc.* ............................ 1,015,219 49,174,670
--------------
119,630,121
--------------
TOTAL TECHNOLOGY (19.8%) ................. 283,985,070
--------------
DIVERSIFIED
MISCELLANEOUS (1.6%)
Brierley Investments Ltd. .................. 27,900 13,481
BTR PLC .................................... 138,125 392,138
Crean (James) PLC--Units ................... 495,000 1,078,221
Hagemeyer N.V. ............................. 41,000 1,774,455
Lippo China Resources Ltd. ................. 2,000,000 126,484
Sime Darby BHD ............................. 800,000 551,292
Swire Pacific Ltd. (Class A) ............... 140,000 528,524
Taiwan Fund, Inc. .......................... 15,000 201,563
Tomkins PLC ................................ 350,000 1,901,094
Tyco International Ltd. .................... 154,984 9,763,992
Vivendi .................................... 30,000 6,404,299
--------------
TOTAL DIVERSIFIED (1.6%) ................. 22,735,543
--------------
TOTAL COMMON STOCKS AND OTHER
INVESTMENTS (91.0%)
(Cost $1,028,633,923)...................... 1,306,858,507
--------------
PREFERRED STOCKS:
BUSINESS SERVICES
ENVIRONMENTAL CONTROL (0.1%)
Republic Industries, Inc.
6.5% Exch. Conv. ......................... 50,000 1,200,000
--------------
PRINTING, PUBLISHING &
BROADCASTING (0.6%)
ProSieben Media AG* ........................ 48,000 2,496,479
Readers Digest "TRACES" .................... 228,000 5,871,000
--------------
8,367,479
--------------
TOTAL BUSINESS SERVICES (0.7%)............ 9,567,479
--------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER CYCLICALS (0.0%)
LEISURE RELATED
Village Roadshow Ltd. ...................... 440,000 $ 654,721
--------------
CREDIT SENSITIVE (0.3%)
BANKS
Bank Austria AG ............................ 51,200 4,157,946
--------------
TECHNOLOGY (0.5%)
TELECOMMUNICATIONS
Nokia Oyj (A Shares) ....................... 88,000 6,476,548
--------------
TOTAL PREFERRED STOCKS (1.5%)
(Cost $13,728,166) ........................ 20,856,694
--------------
PRINCIPAL
AMOUNT
---------
LONG-TERM DEBT SECURITIES:
CONSUMER NONCYCLICALS (0.1%)
FOODS
Burns, Philp & Co. Ltd.
5.5% Conv., 04/30/04 ..................... $ 2,000,000 1,150,000
--------------
CREDIT SENSITIVE
BANKS (0.0%)
Grupo Financiero Banorte
Zero Coupon, 12/05/02 .................... 165,700 18,430
--------------
UTILITY--ELECTRIC (0.0%)
National Grid Group PLC
4.25% Conv., 02/17/08 .................... 232,000 391,723
--------------
TOTAL CREDIT SENSITIVE (0.0%) ............ 410,153
--------------
TOTAL LONG-TERM DEBT SECURITIES (0.1%)
(Amortized Cost $2,157,045) .............. 1,560,153
--------------
SHORT-TERM DEBT
SECURITIES:
U.S. GOVERNMENT AGENCIES
Federal Home Loan
Mortgage Corp.:
5.85%, due 07/01/98 ....................... 22,900,000 22,900,000
5.5%, due 07/23/98 ........................ 11,000,000 10,963,162
Federal National Mortgage
Association:
5.6%, due 07/06/98 ........................ 25,000,000 24,980,555
5.56%, due 07/07/98 ....................... 4,700,000 4,695,645
5.51%, due 07/21/98 ....................... 20,000,000 19,938,778
5.48%, due 07/29/98 ....................... 6,000,000 5,974,520
--------------
TOTAL U.S. GOVERNMENT
AGENCIES (6.2%) .......................... 89,452,660
--------------
TOTAL SHORT-TERM DEBT
SECURITIES (6.2%) ........................
(Amortized Cost $89,452,660) .............. 89,452,660
--------------
TOTAL INVESTMENTS (98.8%)
(Cost/Amortized Cost
$1,133,971,794)........................... 1,418,728,014
--------------
OTHER ASSETS
LESS LIABILITIES (1.2%) ................... 17,608,060
--------------
NET ASSETS (100.0%) ........................ $1,436,336,074
==============
</TABLE>
37
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GLOBAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- ----------
* Non-income producing.
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may only be resold to qualified institutional
buyers. At June 30, 1998, these securities amounted to $24,434,728 or
1.7% of net assets.
Glossary:
ADR--American Depository Receipt
GDR--Global Depository Receipt
See Notes to Financial Statements.
38
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS AND
OTHER INVESTMENTS:
ARGENTINA (0.0%)
Quilmes Industrial Quins (ADR) 10,000 $ 97,500
-----------
AUSTRALIA
Brambles Industries Ltd. ............ 60,000 1,178,870
Broken Hill Proprietary Co. Ltd. 30,000 253,891
E.R.G. Limited* ..................... 1,000,000 551,801
GIO Australia Holdings Ltd. ......... 200,000 513,857
Great Central Mines Ltd. ............ 60,000 57,288
Hoyts Cinemas Group+ ................ 450,000 585,901
National Australia Bank Ltd. ........ 4,900 64,710
News Corp. Ltd. ..................... 5,900 48,213
Oil Search Ltd. ..................... 360,000 544,609
Orogen Minerals Ltd. (GDR)+ ......... 50,000 667,300
QBE Insurance Group Ltd. ............ 20,000 70,680
QCT Resources Ltd. .................. 200,000 132,680
Southern Pacific Petroleum* ......... 250,000 310,001
Spectrum Network Systems
Ltd.*+ ............................ 450,000 223,200
Westralian Sands Ltd. ............... 11,472 23,827
WMC Ltd. ............................ 22,000 66,291
-----------
TOTAL AUSTRALIA (2.4%) ............ 5,293,119
-----------
AUSTRIA
Erste Bank Der
Oesterreichischen
Sparkassen AG ..................... 5,610 340,254
KTM Motorradholding AG .............. 10,000 779,804
Mayr-Melnhof Karton AG+ ............. 20,000 1,307,550
OMV AG .............................. 3,000 401,953
-----------
TOTAL AUSTRIA (1.3%) .............. 2,829,561
-----------
BELGIUM
Electrabel SA ....................... 250 70,863
Petrofina SA ........................ 110 45,144
Tractebel Investment
International Capital ............. 350 51,249
Virgin Express Holdings PLC
(ADR)* ............................ 50,000 646,875
-----------
TOTAL BELGIUM (0.4%) .............. 814,131
-----------
BRAZIL (0.5%)
Cia Paranaense de Energia-Copel
(ADR) ............................. 115,000 1,063,750
-----------
CANADA
Canadian Fracmaster Ltd.+ ........... 214,300 728
Cinar Films, Inc. (Class B)* ........ 16,000 312,000
Leitch Technology Corp.* ............ 18,900 317,879
National Bank of Canada ............. 50,000 976,861
Renaissance Energy Ltd.* ............ 20,000 299,684
-----------
TOTAL CANADA (0.9%) ............... 1,907,152
-----------
CHILE (0.0%)
Enersis S.A. (ADR) .................. 1,000 24,438
-----------
DENMARK
Carli Gry International A/S ......... 17,000 1,373,162
Coloplast A/S B ..................... 6,000 589,434
Novo-Nordisk A/S (B Shares) ......... 4,000 551,885
Vestas Wind Systems A/S* ............ 5,300 209,424
-----------
TOTAL DENMARK (1.2%) .............. 2,723,905
-----------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
FINLAND
Amer Group Ltd. (Series A)* ......... 20,000 $ 386,682
Hartwall Oyj AB ..................... 40,700 1,306,545
Helsinki Telephone Corp. ............ 30,500 1,418,592
Kesko ............................... 28,000 441,765
Nokia Oyj (A Shares) ................ 6,000 435,375
Orion-Yhtyma Oyj (B Shares)* ........ 56,000 1,726,204
Rauma Oyj ........................... 13,900 285,223
-----------
TOTAL FINLAND (2.7%) .............. 6,000,386
-----------
FRANCE
Accor SA ............................ 5,500 1,538,818
Alcatel Alsthom ..................... 3,500 712,443
Banque Nationale de Paris ........... 700 57,181
Bouygues Offshore SA (ADR) .......... 27,000 570,375
Canal Plus .......................... 5,260 982,852
Cie de St. Gobain ................... 250 46,341
Cie Generale de Geophysique
SA (ADR)* ......................... 68,000 1,997,500
Coflexip (ADR) ...................... 3,000 183,000
EDAP TMS SA (ADR)* .................. 110,000 515,625
Groupe Danone ....................... 500 137,826
Havas ............................... 350 29,690
Lafarge SA .......................... 6,000 620,091
L'Air Liquide ....................... 619 102,315
L'Oreal ............................. 495 275,268
Louis Dreyfus Citrus ................ 20,000 668,045
Michelin (CGDE), (Class B) .......... 7,000 403,969
Moulinex* ........................... 35,000 908,061
Paribas* ............................ 750 80,240
Peugeot SA .......................... 250 53,741
Pinault Printemps ................... 150 125,506
Rhodia SA* .......................... 8,230 229,447
Sanofi SA ........................... 10,000 1,175,692
Schneider SA ........................ 800 63,775
Seita ............................... 18,000 815,544
Societe Generale .................... 4,000 831,418
S.T. Dupont*+ ....................... 34,900 382,039
Suez Lyonnaise des Eaux ............. 400 65,812
Vivendi ............................. 7,000 1,494,336
-----------
TOTAL FRANCE (6.7%) ............... 15,066,950
-----------
GERMANY
Allianz AG .......................... 1,500 494,871
Apcoa Parking AG .................... 800 57,666
Bayer AG ............................ 4,500 232,298
B.U.S. Berzelius Umwelt-Service
AG ................................ 25,200 521,187
Daimler-Benz AG ..................... 2,000 196,285
Deutsche Bank AG .................... 3,250 275,444
Dresdner Bank AG .................... 2,850 153,759
Gerresheimer Glas AG ................ 25,000 375,658
Global TeleSystems Group, Inc.* 10,000 487,500
Lufthansa AG ........................ 20,000 502,356
Rofin-Sinar Technologies, Inc.* ..... 35,000 621,250
RWE AG .............................. 1,850 109,759
SAP AG .............................. 300 182,146
Schering AG ......................... 400 47,175
SGL Carbon AG+ ...................... 8,000 935,958
Siemens AG .......................... 2,500 152,204
</TABLE>
39
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Turbon International AG .............. 3,000 $ 65,789
Veba AG .............................. 10,000 682,007
Viag AG .............................. 1,650 1,116,163
-----------
TOTAL GERMANY (3.2%) ............... 7,209,475
-----------
GREECE
A.G. Petzetakis SA* .................. 200,000 1,059,454
Hellenic Telecommunication
Organization SA .................... 16,798 431,109
-----------
TOTAL GREECE (0.7%) ................ 1,490,563
-----------
HONG KONG
Aeon Credit Service (Asia) Co.
Ltd. ............................... 924,000 141,915
Cheung Kong Holdings ................. 90,000 442,566
Cosco Pacific Ltd. ................... 80,000 28,652
Hang Seng Bank ....................... 5,000 28,265
HSBC Holdings PLC (H.K.$) ............ 14,000 342,411
Hutchison Whampoa .................... 12,000 63,345
JCG Holdings Ltd. .................... 250,000 69,373
Swire Pacific Ltd. (Class A) ......... 40,000 151,007
Television Broadcasts Ltd. ........... 86,000 227,543
-----------
TOTAL HONG KONG (0.7%) ............. 1,495,077
-----------
HUNGARY (0.9%)
Magyar Tavkozlesi Rt (ADR) ........... 70,000 2,060,625
-----------
INDIA
Videsh Sanchar Nigam Ltd.
(GDR)* ............................. 47,000 439,450
Videsh Sanchar Nigam Ltd.
(GDR)*+ ............................ 5,000 51,750
-----------
TOTAL INDIA (0.2%) ................. 491,200
-----------
INDONESIA
Gulf Indonesia Resources Ltd.* ....... 49,900 573,850
PT Bunas Finance Indonesia* .......... 200,000 1,017
PT Citatah ........................... 377,500 17,915
PT Great River International ......... 1,367,000 34,754
PT Indosat (ADR) ..................... 12,000 133,500
-----------
TOTAL INDONESIA (0.3%) ............. 761,036
-----------
IRELAND
Avonmore Waterford Group
PLC ................................ 200,000 781,926
Crean (James) PLC--Units ............. 60,000 130,694
Fyffes PLC ........................... 900,000 2,186,601
Irish Continental Group PLC .......... 20,000 321,148
Irish Life PLC ....................... 200,000 1,885,945
Jefferson Smurfit Group PLC .......... 200,000 597,863
Unidare PLC* ......................... 201,000 729,705
-----------
TOTAL IRELAND (3.0%) ............... 6,633,882
-----------
ISRAEL (0.1%)
Home Centers Ltd.* ................... 15,400 311,850
-----------
ITALY
Assicurazioni Generali ............... 6,380 207,538
Banca Commerciale Italiana ........... 10,000 59,825
Banca Nazionale del Lavoro
(BNL)* ............................. 8,000 211,610
Credito Italiano Spa ................. 40,000 209,472
Fiat Spa ............................. 22,000 96,328
Gildemeister Italiana Spa ............ 46,300 202,857
Industrie Natuzzi Spa (ADR) .......... 20,000 520,000
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Istituto Mobiliare Italiano .......... 2,500 $ 39,396
Istituto Naz Delle Assicurazioni ..... 22,500 63,947
Mediaset Spa ......................... 140,000 893,885
Mediolanum Spa+ ...................... 4,000 126,966
Parmalat Finanziaria Spa ............. 300,000 612,038
Seat Spa* ............................ 2,500,000 1,688,381
Telecom Italia Spa ................... 10,000 73,642
Zucchini Spa ......................... 70,000 486,535
-----------
TOTAL ITALY (2.5%) ................. 5,492,420
-----------
JAPAN
Aiful Corp. .......................... 24,900 1,216,080
Akita Bank ........................... 21,000 92,411
Asahi Bank Ltd. ...................... 26,000 114,414
Asahi Diamond Industry Co.
Ltd. ............................... 15,000 67,631
Asahi Glass Co. Ltd. ................. 2,000 10,821
Bank of Tokyo-Mitsubishi Ltd. ........ 70,000 741,812
Bridgestone Corp. .................... 4,000 94,647
Canon, Inc. .......................... 2,000 45,448
Credit Saison Co. .................... 110,300 2,188,176
Dai Nippon Printing Co. Ltd. ......... 3,000 47,937
Daibiru Corp. ........................ 14,000 90,290
Dai-Ichi Kangyo Bank Ltd. ............ 86,000 505,627
Daito Trust Construction Co.
Ltd. ............................... 20,000 151,493
Data Communication System Co. 17,000 306,594
DDI Corp. ............................ 115 400,700
Denso Corp. .......................... 4,000 66,368
Doshisha Co. ......................... 1,000 4,249
Eiden Sakakiya Co. Ltd. .............. 13,000 50,173
Enplas Corp. ......................... 2,000 35,204
Enshu* ............................... 20,000 34,627
Familymart Co. ....................... 24,600 937,008
Fanuc Ltd. ........................... 900 31,164
Fuji Bank Ltd. ....................... 11,000 49,120
Fuji Photo Film Co. .................. 29,000 1,010,460
Fuji Soft ABC, Inc. .................. 19,800 674,188
Fujikura Ltd. ........................ 104,000 463,656
Fujimi, Inc. ......................... 17,500 641,322
Homac Corp. .......................... 3,000 25,970
Home Wide Corp. ...................... 15,000 55,187
Honda Motor Co. Ltd. ................. 12,000 427,644
Imagineer Co. Ltd. ................... 11,800 59,587
INES Corp. ........................... 27,000 185,038
Isetan Co. ........................... 10,000 83,682
Ishihara Sangyo Kaisha Ltd.* ......... 30,000 41,553
Ishikawajima Harima Heavy
Industries Co. Ltd. ................ 48,000 87,606
Japan Airport Terminal Co. Ltd. 51,000 283,293
Japan Industrial Land
Development ........................ 13,000 21,570
Japan Tobacco, Inc. .................. 80 541,913
Kaneshita Construction ............... 12,000 62,502
Kao Corp. ............................ 62,000 957,149
Kawasaki Heavy Industries Ltd. ....... 96,000 193,911
Kawasaki Steel Corp. ................. 10,000 18,035
Keyence Corp. ........................ 8,600 936,806
Kikuchi Co. Ltd. ..................... 10,000 27,846
King Co. ............................. 32,000 45,015
Koa Fire & Marine Insurance
Co. Ltd. ........................... 8,000 30,818
Kokuyo Co. Ltd. ...................... 9,000 152,575
</TABLE>
40
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Mabuchi Motor Co. .................. 1,200 $ 76,179
Matsuda Sangyo Co. Ltd. ............ 6,000 46,314
Meitec ............................. 18,600 644,063
Micronics Japan Co. Ltd. ........... 18,000 253,210
Minebea Co. Ltd. ................... 74,000 737,224
Mitsubishi Heavy Industries Ltd. 92,000 347,771
Mitsubishi Trust & Banking
Corp. ............................ 20,000 170,105
Mitsui Home Co. Ltd. ............... 16,000 71,678
Murata Manufacturing Co., Ltd. ..... 5,000 162,314
Namura Shipbuilding ................ 5,000 11,759
Nanno Construction Co. Ltd. ........ 12,000 16,448
NIC Corp. .......................... 14,000 92,916
Nichiei Co. Ltd. ................... 17,200 1,171,317
Nichiha Corp. ...................... 44,500 262,917
Nichii Gakkan Co. .................. 5,000 166,282
Nikon Corp. ........................ 41,000 295,181
Nintendo Co. Ltd. .................. 7,000 648,896
Nippon Broadcasting System ......... 18,000 759,631
Nippon Denwa Shisetsu .............. 15,000 50,317
Nippon Paper Industries Co. ........ 14,000 58,375
Nippon Steel Corp. ................. 10,000 17,602
Nippon System Development .......... 18,000 428,510
Nippon Television Network
Corp. ............................ 1,170 339,302
Nireco ............................. 8,000 39,244
Nitta Corp. ........................ 31,000 199,033
Nitto Kohki Co. Ltd. ............... 25,100 271,425
Nomura Securities Co. .............. 8,000 93,204
Noritsu Koki Co. Ltd. .............. 31,600 706,680
Ohmoto Gumi Co. Ltd. ............... 9,000 51,941
Oie Sangyo Co. Ltd. ................ 13,000 46,985
Oriental Construction Co. .......... 3,400 16,826
Paris Miki, Inc. ................... 33,900 445,332
PS Corp. ........................... 18,900 77,171
Ricoh Elemex Corp. ................. 8,000 56,558
Rohm Co. Ltd. ...................... 8,000 822,392
Sankyo Co. Ltd. .................... 101,000 2,302,409
Santen Pharmaceutical Co. Ltd. ..... 88,000 964,305
Sanyo Engineering &
Construction Co. ................. 9,000 34,151
Sanyo Pax Co. Ltd. ................. 24,000 136,777
Sanyo Shinpan Finance Co. Ltd. ..... 4,900 173,207
Sato Corp. ......................... 43,800 715,676
Seven-Eleven Japan Co. Ltd. ........ 13,600 810,388
SHIMANO, INC. ...................... 10,000 253,932
Shizuoka Bank Ltd. ................. 8,000 85,991
Sho-Bond Corp. ..................... 39,200 715,452
SMC Corp. .......................... 17,000 1,293,825
Sodick Co.* ........................ 86,000 248,160
Sony Corp. ......................... 1,000 86,207
Suido Kiko Kaisha .................. 4,000 10,677
Sumitomo Bank Ltd. ................. 68,000 662,242
Sumitomo Metal Industries .......... 198,000 318,525
Sumitomo Realty &
Development Co. Ltd. ............. 104,000 459,155
Taisho Pharmaceutical Co. .......... 4,000 74,737
Takara Printing Co. ................ 3,000 10,778
Takefuji Corp. ..................... 2,460 113,577
Takihyo Co. Ltd. ................... 10,000 44,727
TDK Corp. .......................... 10,000 739,432
Toda Corp. ......................... 13,000 52,049
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Toei Co. Ltd. ...................... 26,000 $ 81,965
Toho Bank .......................... 39,000 156,709
Toho Titanium ...................... 37,000 288,270
Tokio Marine & Fire Insurance
Co. .............................. 3,000 30,861
Tokyo Broadcasting System, Inc. 65,000 726,807
Tokyo Cathode Laboratory Co.* 19,700 154,905
Tokyo Electron ..................... 1,000 30,659
Toso Co. Ltd. ...................... 18,000 77,911
Toyoda Gosei ....................... 20,000 58,433
Wesco, Inc. ........................ 3,200 8,541
Yamaichi Electronics Co. Ltd. ...... 14,000 286,827
Yamanouchi Pharmaceutical Co.
Ltd. ............................. 62,000 1,292,598
Yamato Transport Co. Ltd. .......... 28,000 314,096
Yokogawa Electric Corp. ............ 96,000 512,480
-----------
TOTAL JAPAN (17.1%) .............. 38,291,863
-----------
KOREA (0.2%)
SK Telecom Co. Ltd. (ADR) .......... 60,000 333,750
-----------
MALAYSIA
AMMB Holdings BHD .................. 40,000 21,011
Arab Malaysian Finance BHD ......... 140,000 28,167
Guinness Anchor BHD ................ 30,000 31,805
Hong Leong Bank BHD ................ 140,000 80,284
Kumpulan Guthrie BHD ............... 26,000 15,035
Lingkaran Trans Kota Holdings
BHD* ............................. 130,000 90,211
Malayan Banking BHD ................ 48,000 48,344
Mancon BHD ......................... 76,666 7,020
Metacorp BHD* ...................... 120,000 34,697
Pernas International Hotels
Holdings BHD ..................... 462,000 87,385
Resorts World BHD .................. 20,000 21,975
RJ Reynolds BHD .................... 60,000 83,128
Sime Darby BHD ..................... 150,000 103,367
Sriwani Holdings BHD ............... 157,000 34,424
Star Publications BHD .............. 25,000 20,963
Talam Corp. BHD .................... 200,000 38,070
Tanjong PLC ........................ 100,000 138,546
UMW Holdings BHD ................... 150,000 67,225
-----------
TOTAL MALAYSIA (0.4%) ............ 951,657
-----------
MEXICO
Elamex S.A. de C.V.* ............... 30,000 178,125
Grupo Electra, S.A. de C.V. ........ 500,000 491,630
Grupo Financiero Banamex
Accival (B Shares)* .............. 50,000 94,655
Grupo Industrial Saltillo SA
(B Shares) ....................... 236,000 800,623
Grupo Televisa S.A. (GDR)* ......... 36,000 1,354,500
Industrias CH S.A. (B Shares)* ..... 120,000 393,749
Kimberly-Clark de Mexico, S.A.
de C.V. .......................... 30,000 520,806
Panamerican Beverages, Inc. ........ 10,000 314,375
Sanluis Corporacion S.A. de C.V. 28,000 107,447
-----------
TOTAL MEXICO (1.9%) .............. 4,255,910
-----------
NETHERLANDS
ABN Amro Holding N.V. .............. 5,824 136,341
Aegon N.V. ......................... 16,000 1,392,810
Akzo Nobel N.V. .................... 5,000 1,111,985
</TABLE>
41
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
ASR Verzekeringsgroep N.V. .......... 21,400 $ 1,816,574
Content Beheer N.V. ................. 30,000 1,025,427
Elsevier N.V. ....................... 16,955 255,997
Fortis Amev N.V. .................... 10,000 585,747
Fugro N.V. .......................... 30,000 1,195,102
Gucci Group N.V. (New York
Registered Shares) ................ 2,000 106,000
Hagemeyer N.V. ...................... 12,000 519,353
Hunter Douglas N.V. ................. 6,000 326,071
IHC Caland N.V. ..................... 12,000 675,749
ING Groep N.V. ...................... 28,000 1,834,260
Koninklijke Nedlloyd Groep N.V. 2,250 45,701
Koninklijke Numico N.V. ............. 19,000 595,239
Nutreco Holding N.V. ................ 22,100 773,875
Royal Dutch Petroleum Co. ........... 9,948 551,878
Unilever N.V. CVA ................... 2,968 235,595
Unique International N.V. ........... 20,000 678,700
Vedior N.V. ......................... 40,000 1,131,166
------------
TOTAL NETHERLANDS (6.7%) .......... 14,993,570
------------
NEW ZEALAND
Air New Zealand Ltd. (B Shares) 109,000 117,226
Restaurant Brands New Zealand
Ltd. .............................. 312,500 150,994
Sky City Ltd. ....................... 35,300 87,116
Warehouse Group Ltd. ................ 110,000 194,312
------------
TOTAL NEW ZEALAND (0.2%) .......... 549,648
------------
NORWAY
Alvern Norway ASA* .................. 83,000 102,870
Choice Hotels Scandinavia ASA* 472,500 1,417,808
Navia ASA* .......................... 94,000 318,852
Norsk Hydro ASA ..................... 1,100 48,434
ProSafe ASA* ........................ 14,000 230,137
Schibsted ASA ....................... 25,000 420,744
Sparebanken NOR ..................... 12,000 344,423
Tomra Systems ASA ................... 58,000 1,740,378
------------
TOTAL NORWAY (2.1%) ............... 4,623,646
------------
PANAMA (0.2%)
Banco Latinoamericano de
Exportaciones S.A. (E Shares) 15,000 461,250
------------
PERU (0.5%)
Telefonica del Peru S.A. (ADR) ...... 54,000 1,103,625
------------
PORTUGAL
BPI-SGPS SA ......................... 20,000 645,689
Electricidade de Portugal SA ........ 40,000 930,243
Portugal Telecom SA ................. 8,710 461,822
Telecel Comunicacoes Pessoais
SA ................................ 13,000 2,309,359
------------
TOTAL PORTUGAL (1.9%) ............. 4,347,113
------------
SINGAPORE
City Developments Ltd. .............. 50,000 139,686
GP Batteries International Ltd. ..... 140,000 255,224
Great Eastern Life Assurance
Co. ............................... 7,000 38,947
Singapore Land Ltd. ................. 93,000 194,862
United Overseas Bank Ltd. ........... 40,000 124,297
------------
TOTAL SINGAPORE (0.3%) ............ 753,016
------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
SPAIN
Aldeasa SA .......................... 31,500 $ 1,125,660
Banco Bilbao Vizcaya SA ............. 4,881 250,495
Banco Central Hispanoamericano
SA ................................ 14,000 440,039
Banco Santander SA .................. 6,936 177,527
Catalana Occidente SA+ .............. 43,200 1,366,286
Corporacion Bancaria de Espana
SA ................................ 72,000 1,615,129
Corporacion Mapfre .................. 33,300 1,168,269
Endesa SA ........................... 4,488 98,189
Gas Y Electridad SA (Series 2) ...... 14,000 1,065,406
Hidroelectrica del Cantabrico ....... 7,000 319,531
Iberdrola SA ........................ 35,668 579,154
Portland Valderrivas SA ............. 3,600 441,109
Repsol SA ........................... 4,392 242,011
Sociedad General de Aguas de
Barcelona SA ...................... 6,060 337,874
Tabacalera SA-A ..................... 80,000 1,638,083
Telefonica de Espana ................ 26,528 1,226,498
TelePizza SA* ....................... 40,000 423,867
------------
TOTAL SPAIN (5.6%) ................ 12,515,127
------------
SWEDEN
Asticus AB* ......................... 52,000 573,649
Astra AB (A Shares) ................. 20,001 408,695
Castellum AB ........................ 68,000 801,304
Dahl International AB+ .............. 30,000 552,839
Ericsson LM (ADR) ................... 12,800 373,875
Forenings Sparbanken AB
(A Shares) ........................ 2,700 81,234
Kalmar Industries AB+ ............... 10,000 150,433
Karlshamns AB+ ...................... 34,000 460,323
Lindex AB ........................... 22,000 801,178
Mandamus AB* ........................ 135 846
NetCom Systems AB (B Shares)* 18,000 689,357
Scandic Hotels AB+ .................. 30,000 1,090,636
Skandia Forsakrings AB .............. 40,000 571,643
Skandinaviska Enskilda Banken
(Series A) ........................ 84,700 1,449,361
Swedish Match AB .................... 235,108 781,040
------------
TOTAL SWEDEN (3.9%) ............... 8,786,413
------------
SWITZERLAND
Barry Callebaut AG* ................. 6,800 1,467,045
Ciba Specialty Chemicals AG ......... 8,600 1,105,001
Credit Suisse Group ................. 1,250 278,337
Gretag Imaging Group* ............... 16,800 1,612,720
Mettler-Toledo International,
Inc.* ............................. 76,500 1,534,781
Nestle SA ........................... 300 642,476
Novartis AG ......................... 400 666,095
Roche Holding AG
Genusssheine ...................... 80 786,171
Schweizerische
Rueckversicherungs-Gesellschaft 120 303,701
Selecta Group ....................... 2,300 491,654
Tag Heuer International SA
(ADR) ............................. 35,000 328,125
UBS AG--Registered* ................. 600 223,263
------------
TOTAL SWITZERLAND (4.2%) .......... 9,439,369
------------
</TABLE>
42
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -----------------------------------------------------------------------------------------
<S> <C> <C>
THAILAND
CMIC Finance & Securities
Public Co. Ltd.* ............................ 51,000 $ 0
Nation Multimedia Group Public
Co. Ltd.* ................................... 130,000 27,725
Thai Engine Manufacturing
Public Co. Ltd.* ............................ 70,000 26,540
-----------
TOTAL THAILAND (0.0%) ....................... 54,265
-----------
UNITED KINGDOM
Amvescap PLC .................................. 80,000 781,563
BAA PLC ....................................... 30,000 324,148
Bank of Scotland .............................. 70,000 784,402
Barclays PLC .................................. 36,000 1,038,878
BG PLC ........................................ 22,077 127,750
Boots Co. PLC ................................. 5,806 96,282
BPB PLC ....................................... 70,000 424,349
British Aerospace ............................. 100,000 766,533
British Airways PLC ........................... 38,000 411,540
British Energy PLC ............................ 80,000 700,067
British Petroleum Co. PLC ..................... 29,367 428,637
British Sky Broadcasting Group
PLC ......................................... 8,097 58,212
British Telecommunications PLC 35,150 434,385
BTR PLC ....................................... 17,444 49,525
Cable & Wireless PLC .......................... 12,409 150,864
Cadbury Schweppes PLC ......................... 5,961 92,332
Carpetright PLC ............................... 50,000 218,771
Commercial Union PLC .......................... 6,382 119,149
Compass Group PLC ............................. 285,200 3,281,610
De La Rue PLC ................................. 10,000 49,599
Diageo PLC .................................... 90,985 1,078,813
Dixons Group PLC .............................. 120,000 957,916
EMI Group PLC ................................. 50,000 437,542
Energis PLC* .................................. 130,000 1,979,960
Filtronic Comtek PLC .......................... 220,000 1,469,606
Frontline Ltd.* ............................... 979,050 638,650
Frontline Ltd.--Warrants (expire
05/11/01)* .................................. 57,060 0
General Electric Co. PLC ...................... 13,890 119,809
GKN PLC* ...................................... 4,178 53,272
Glaxo Wellcome PLC ............................ 23,220 697,608
Granada Group PLC ............................. 3,225 59,351
Great Universal Stores PLC .................... 3,970 52,376
Harvey Nichols PLC ............................ 40,000 155,645
House of Fraser PLC ........................... 130,000 377,756
HSBC Holdings PLC ............................. 10,000 242,485
Imperial Tobacco Group PLC .................... 125,000 922,679
International Public Relations
PLC ......................................... 80,000 65,464
Johnson Matthey PLC ........................... 55,000 494,155
Kingfisher PLC ................................ 4,084 65,816
Ladbroke Group PLC ............................ 150,000 824,148
Land Securities PLC ........................... 3,207 49,621
Legal & General Group PLC ..................... 7,475 79,831
Lloyds TSB Group PLC .......................... 34,379 481,409
LucasVarity PLC ............................... 100,000 397,462
Marks & Spencer PLC ........................... 17,109 155,861
McBride PLC ................................... 20,000 57,281
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -----------------------------------------------------------------------------------------
<S> <C> <C>
McKechnie PLC ................................. 35,000 $ 254,259
MEPC PLC ...................................... 70,000 616,065
Misys PLC ..................................... 15,000 852,956
National Grid Group PLC ....................... 221,000 1,491,049
National Power PLC ............................ 120,000 1,130,261
National Westminster Bank PLC 10,000 178,858
Norwich Union PLC ............................. 80,000 581,162
Peninsular & Oriental Steam
Navigation Co. .............................. 3,314 47,762
Powerscreen International PLC ................. 160,000 240,481
Prudential Corp. PLC .......................... 8,019 105,728
Randgold Resources Ltd.
(GDR)*+ ..................................... 30,300 163,014
Reed International PLC ........................ 100,000 905,144
Rentokil Initial PLC .......................... 140,000 1,007,682
Rio Tinto PLC ................................. 5,510 62,112
Senior Engineering Group PLC .................. 120,000 394,790
Smith & Nephew PLC ............................ 40,000 99,866
Smith (W.H.) Group PLC ........................ 54,000 479,759
Smith (W.H.) Group PLC
(B Shares)* ................................. 60,000 53,607
Smithkline Beecham PLC ........................ 70,000 855,127
Tesco PLC ..................................... 12,625 123,340
Thistle Hotels PLC ............................ 92,000 336,473
Thomson Travel Group PLC* ..................... 150,000 468,437
Tomkins PLC ................................... 50,000 271,585
Unilever PLC .................................. 19,628 209,129
Vodafone Group PLC ............................ 100,000 1,270,040
WPP Group PLC ................................. 140,000 918,253
Yule Catto & Co. PLC .......................... 162,079 1,009,610
Zeneca Group PLC .............................. 10,336 443,958
-----------
TOTAL UNITED KINGDOM (16.5%)
36,823,619
-----------
TOTAL COMMON STOCKS AND OTHER
INVESTMENTS (89.4%)
(Cost $193,205,460) ......................... 200,050,861
-----------
PREFERRED STOCKS:
AUSTRALIA (0.1%)
Village Roadshow Ltd. ......................... 160,000 238,081
-----------
AUSTRIA (0.5%)
Bank Austria AG ............................... 13,300 1,080,091
-----------
FINLAND (0.3%)
Nokia Oyj ADR ................................. 8,000 588,777
-----------
GERMANY (0.3%)
ProSieben Media AG* ........................... 15,500 806,155
-----------
TOTAL PREFERRED STOCKS (1.2%)
(Cost $2,239,182) ........................... 2,713,104
-----------
PRINCIPAL
AMOUNT
---------
LONG-TERM DEBT SECURITIES:
UNITED KINGDOM (0.0%)
National Grid Co. PLC
4.25% Conv., 02/17/08 ....................... $60,000 114,354
-----------
TOTAL LONG-TERM DEBT SECURITIES (0.0%)
(Amortized Cost $99,474)..................... 114,354
-----------
</TABLE>
43
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -----------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES
Federal Home Loan Mortgage
Corp.:
5.85%, due 07/01/98 .............. $4,400,000 $ 4,400,000
5.5%, due 07/23/98 ............... 3,000,000 2,989,953
Federal National Mortgage
Association:
5.56%, due 07/07/98 .............. 4,000,000 3,996,293
5.51%, due 07/21/98 .............. 5,000,000 4,984,695
------------
TOTAL U.S. GOVERNMENT AGENCIES (7.3%) 16,370,941
------------
TOTAL SHORT-TERM DEBT SECURITIES (7.3%)
(Amortized Cost $16,370,941) ..... 16,370,941
------------
TOTAL INVESTMENTS (97.9%)
(Cost/Amortized Cost $211,915,057) 219,249,260
OTHER ASSETS
LESS LIABILITIES (2.1%) .......... 4,604,224
------------
NET ASSETS (100.0%) ................ $223,853,484
============
</TABLE>
- -----------------------------------------------------------------------
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Equity Investments
<TABLE>
<S> <C>
Basic Materials ............................................ 5.0%
Business Services .......................................... 9.7
Capital Goods .............................................. 8.4
Consumer Cyclicals ......................................... 17.9
Consumer Non-Cyclicals ..................................... 16.5
Credit Sensitive ........................................... 27.1
Diversified ................................................ 1.6
Energy ..................................................... 3.2
Technology ................................................. 10.6
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing.
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may only be resold to qualified institutional
buyers. At June 30, 1998, these securities amounted to $8,064,923 or 3.6%
of net assets.
Glossary:
ADR--American Depository Receipt
GDR--Global Depository Receipt
See Notes to Financial Statements.
44
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE AGGRESSIVE STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS AND OTHER
INVESTMENTS:
BASIC MATERIALS
CHEMICALS--SPECIALTY (2.5%)
Crompton & Knowles Corp.++ ............. 5,000,000 $ 125,937,500
-------------
STEEL (0.2%)
Ispat International NV (New
York Registered Shares)* ............. 577,000 10,818,750
-------------
TOTAL BASIC MATERIALS (2.7%) ......... 136,756,250
-------------
BUSINESS SERVICES
ENVIRONMENTAL CONTROL (1.4%)
U.S. Filter Corp.* ..................... 2,500,000 70,156,250
-------------
PRINTING, PUBLISHING &
BROADCASTING (5.4%)
Comcast Corp. (Class A) SPL ............ 5,000,000 202,968,750
King World Productions, Inc.* .......... 1,000,000 25,500,000
USA Networks, Inc.* .................... 1,700,000 42,712,500
-------------
271,181,250
-------------
TRUCKING, SHIPPING (1.1%)
Teekay Shipping Corp.++ ................ 2,137,000 53,558,563
-------------
TOTAL BUSINESS SERVICES (7.9%) 394,896,063
-------------
CONSUMER CYCLICALS
AIRLINES (7.9%)
Continental Airlines, Inc.
(Class B)*++ ......................... 3,800,000 231,325,000
Delta Air Lines, Inc. .................. 800,000 103,400,000
Northwest Airlines Corp.
(Class A)* ........................... 1,600,000 61,700,000
-------------
396,425,000
-------------
APPAREL, TEXTILE (9.8%)
Jones Apparel Group, Inc.* ............. 4,000,000 146,250,000
Mohawk Industries, Inc.*++ ............. 3,700,000 117,243,750
Polo Ralph Lauren Corp.*++ ............. 2,300,000 64,400,000
Tommy Hilfiger Corp.*++ ................ 1,751,200 109,450,000
UNIFI, Inc. ............................ 1,600,000 54,800,000
-------------
492,143,750
-------------
AUTO RELATED (9.9%)
Circuit City Stores, Inc.-CarMax
Group*++ ............................. 6,300,000 64,181,250
Dollar Thrifty Automotive
Group, Inc.*++ ....................... 1,500,000 19,875,000
Hertz Corp. (Class A) .................. 1,600,000 70,900,000
Republic Industries, Inc.* ............. 12,000,000 300,000,000
United Rentals, Inc.* .................. 966,900 40,609,800
-------------
495,566,050
-------------
FOOD SERVICES, LODGING (2.6%)
CapStar Hotel Co.*++ ................... 2,400,000 67,200,000
Extended Stay America, Inc.* ........... 1,500,000 16,875,000
Florida Panthers Holdings, Inc.*++ 2,500,000 49,218,750
-------------
133,293,750
-------------
HOUSEHOLD FURNITURE,
APPLIANCES (1.4%)
Industrie Natuzzi Spa (ADR) ............ 2,400,000 62,400,000
Steelcase, Inc. (Class A) .............. 275,200 7,155,200
-------------
69,555,200
-------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
LEISURE RELATED (1.9%)
Premier Parks Inc.* .................... 1,400,000 $ 93,275,000
-------------
RETAIL--GENERAL (11.5%)
Abercrombie & Fitch Co.
(Class A)*++ ......................... 1,800,000 79,200,000
Borders Group, Inc.* ................... 1,800,000 66,600,000
Circuit City Stores-Circuit City
Group ................................ 1,225,000 57,421,875
Gucci Group N.V. (New York
Registered Shares) ................... 600,000 31,800,000
PETsMART, Inc.* ........................ 3,000,000 30,000,000
Proffitt's, Inc.* ...................... 1,900,000 76,712,500
Ross Stores, Inc. ...................... 1,160,000 49,880,000
Tiffany & Co.++ ........................ 2,500,000 120,000,000
Venator Group, Inc.* ................... 3,500,000 66,937,500
-------------
578,551,875
-------------
TOTAL CONSUMER CYCLICALS (45.0%) 2,258,810,625
-------------
CONSUMER NONCYCLICALS
DRUGS (4.0%)
Centocor, Inc.*++ ...................... 3,300,000 119,625,000
Genzyme Corp. (General
Division)* ........................... 87,300 2,231,606
MedImmune, Inc.*++ ..................... 1,300,000 81,087,500
-------------
202,944,106
-------------
HOSPITAL SUPPLIES &
SERVICES (0.6%)
Patriot American Hospitality, Inc. 1,200,000 28,725,000
-------------
TOTAL CONSUMER NONCYCLICALS (4.6%) 231,669,106
-------------
CREDIT SENSITIVE
BANKS (1.0%)
GreenPoint Financial Corp. ............. 1,300,000 48,912,500
-------------
FINANCIAL SERVICES (2.8%)
Edwards (A.G.), Inc. ................... 1,100,000 46,956,250
Newcourt Credit Group, Inc. ............ 1,000,000 49,187,500
Paine Webber Group, Inc. ............... 1,000,000 43,000,000
-------------
139,143,750
-------------
INSURANCE (7.0%)
Ace Ltd.* .............................. 1,200,000 46,800,000
AFLAC, Inc. ............................ 1,100,000 33,343,750
CNA Financial Corp.* ................... 5,800,000 270,062,500
-------------
350,206,250
-------------
REAL ESTATE (4.9%)
Boston Properties, Inc. ................ 1,500,000 51,750,000
Crescent Real Estate Equities
Co. .................................. 1,100,000 36,987,500
Equity Office Properties Trust ......... 1,200,000 34,050,000
Security Capital Group, Inc.
(Class B)*++ ......................... 1,800,000 47,925,000
Vornado Realty Trust ................... 1,900,000 75,406,250
-------------
246,118,750
-------------
UTILITY--TELEPHONE (1.4%)
Telephone & Data Systems, Inc.++ 1,834,500 72,233,438
-------------
TOTAL CREDIT SENSITIVE (17.1%) 856,614,688
-------------
</TABLE>
45
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE AGGRESSIVE STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------
<S> <C> <C>
ENERGY
OIL--SUPPLIES &
CONSTRUCTION (3.5%)
Diamond Offshore Drilling, Inc. ..... 4,219,100 $ 168,764,000
Rowan Cos., Inc.* ................... 359,900 6,995,556
--------------
175,759,556
--------------
RAILROADS (1.5%)
Kansas City Southern Industries,
Inc. .............................. 1,500,000 74,437,500
--------------
TOTAL ENERGY (5.0%) ............... 250,197,056
--------------
TECHNOLOGY
ELECTRONICS (9.3%)
Altera Corp.* ....................... 1,400,000 41,387,500
Citrix Systems, Inc.* ............... 226,500 15,486,937
Keane, Inc.* ........................ 671,000 37,576,000
Network Associates, Inc.* ........... 2,400,000 114,900,000
PairGain Technologies, Inc.* ........ 2,500,000 43,593,750
Parametric Technology Corp.* ........ 1,264,300 34,294,138
Sanmina Corp.* ...................... 935,000 40,555,625
Seagate Technology, Inc.* ........... 861,700 20,519,231
Sterling Commerce, Inc.* ............ 800,000 38,800,000
Synopsys, Inc.* ..................... 1,100,000 50,325,000
Xilinx, Inc.* ....................... 800,000 27,200,000
--------------
464,638,181
--------------
OFFICE EQUIPMENT SERVICES (1.4%)
Comverse Technology, Inc.*++ ........ 1,400,000 72,625,000
--------------
TELECOMMUNICATIONS (2.9%)
American Satellite
Network--Warrants (expire
07/01/99)* ........................ 49,450 0
Millicom International Cellular
SA*++ ............................. 2,400,000 105,000,000
WinStar Communications, Inc.* ....... 1,000,000 42,937,500
--------------
147,937,500
--------------
TOTAL TECHNOLOGY (13.6%) .......... 685,200,681
--------------
TOTAL COMMON STOCKS AND OTHER
INVESTMENTS (95.9%)
(Cost $4,188,530,710) ............. 4,814,144,469
--------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
BANKERS' ACCEPTANCE (0.2%)
First Union National Bank
5.52%, due 07/30/98 .............. $10,000,000 $ 9,955,694
--------------
COMMERCIAL PAPER (4.3%)
Barton Capital Corp.
5.63%, due 08/25/98 .............. 7,075,000 7,014,686
Four Winds Funding Corp.
6.3%, due 07/01/98 ............... 50,000,000 50,000,000
Household Finance Corp.
6.25%, due 07/01/98 .............. 50,000,000 50,000,000
Salomon Smith Barney
Holdings, Inc.
5.59%, due 08/12/98 .............. 20,000,000 19,870,500
Sara Lee Corp.
5.7%, due 07/06/98 ............... 50,000,000 49,960,415
Shell Oil Co.
5.51%, due 07/15/98 .............. 15,000,000 14,967,917
UBS Finance Delaware, Inc.
5.56%, due 08/10/98 .............. 25,000,000 24,846,390
--------------
216,659,908
--------------
TOTAL SHORT-TERM DEBT SECURITIES (4.5%)
(Amortized Cost $226,615,602) 226,615,602
--------------
TOTAL INVESTMENTS (100.4%)
(Cost/Amortized
Cost $4,415,146,312).............. 5,040,760,071
OTHER ASSETS
LESS LIABILITIES (-0.4%) ......... (18,344,773)
--------------
NET ASSETS (100.0%) ................ $5,022,415,298
==============
</TABLE>
- ----------
* Non-income producing.
++ Affiliated company as defined under the Investment Company Act of 1940
(See Note 6).
Glossary:
ADR--American Depository Receipt
See Notes to Financial Statements.
46
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS
CHEMICALS--SPECIALTY (1.9%)
Crompton & Knowles Corp. ............ 140,200 $ 3,531,287
Cytec Industries, Inc.* ............. 41,100 1,818,675
------------
5,349,962
------------
METALS & MINING (2.4%)
Bethlehem Steel Corp.* .............. 228,400 2,840,725
Gibraltar Steel Corp.* .............. 77,000 1,578,500
Kaiser Aluminum Corp.* .............. 227,100 2,171,644
------------
6,590,869
------------
STEEL (0.7%)
WHX Corp.* .......................... 148,000 1,905,500
------------
TOTAL BASIC MATERIALS (5.0%) ...... 13,846,331
------------
BUSINESS SERVICES
ENVIRONMENTAL CONTROL (1.2%)
Superior Services, Inc.* ............ 104,400 3,138,550
------------
PRINTING, PUBLISHING &
BROADCASTING (5.7%)
Mail-Well, Inc.* .................... 81,300 1,763,194
Sinclair Broadcast Group, Inc.* ..... 233,500 6,713,125
Young Broadcasting, Inc.
(Class A)* ........................ 111,600 7,254,000
------------
15,730,319
------------
PROFESSIONAL SERVICES (13.9%)
Caribiner International, Inc.* ...... 90,700 1,587,250
Carematrix Corp.* ................... 138,100 3,720,069
Consolidation Capital Corp.* ........ 133,400 2,999,416
Cornell Corrections, Inc.* .......... 100,100 2,102,100
Data Processing Resources
Corp.* ............................ 137,700 4,277,306
Equity Corp. International* ......... 86,400 2,073,600
Ha-Lo Industries, Inc.* ............. 200,700 6,246,787
ITT Educational Services, Inc.* ..... 59,000 1,902,750
Metamor Worldwide, Inc.* ............ 129,200 4,546,225
Preview Travel, Inc.* ............... 54,300 1,866,562
Sylvan Learning Systems, Inc.* ...... 42,950 1,406,613
TeleTech Holdings, Inc.* ............ 123,200 1,509,200
True North Communications Inc. 146,800 4,293,900
------------
38,531,778
------------
TRUCKING, SHIPPING (2.6%)
C.H. Robinson Worldwide, Inc. ....... 104,400 2,596,950
Knightsbridge Tankers Ltd. .......... 90,200 2,412,850
Marine Transport Corp.* ............. 25,020 101,644
OMI Corp.* .......................... 253,400 2,027,200
------------
7,138,644
------------
TOTAL BUSINESS SERVICES (23.4%) 64,539,291
------------
CAPITAL GOODS
AEROSPACE (1.1%)
DONCASTERS PLC (ADR)* ............... 109,500 3,045,469
------------
BUILDING MATERIALS & FOREST
PRODUCTS (1.2%)
Buckeye Technologies, Inc.* ......... 81,300 1,915,631
Hughes Supply, Inc. ................. 35,950 1,316,669
------------
3,232,300
------------
TOTAL CAPITAL GOODS (2.3%) ........ 6,277,769
------------
CONSUMER CYCLICALS
AIRLINES (2.9%)
Alaska Air Group, Inc.* ............. 44,900 2,449,856
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Atlantic Coast Airlines
Holdings* ......................... 138,600 $ 4,158,000
Mesa Air Group, Inc.* ............... 168,100 1,365,812
------------
7,973,668
------------
APPAREL, TEXTILE (5.4%)
Mohawk Industries, Inc.* ............ 213,200 6,755,775
Nautica Enterprises, Inc.* .......... 119,800 3,212,137
Tommy Hilfiger Corp.* ............... 29,100 1,818,750
Wolverine World Wide, Inc. .......... 145,400 3,153,363
------------
14,940,025
------------
AUTOS & TRUCKS (0.4%)
Miller Industries, Inc.* ............ 125,600 973,400
------------
AUTO RELATED (3.4%)
Avis Rent A Car, Inc.* .............. 83,800 2,074,050
Budget Group, Inc. (Class A)* ....... 177,500 5,668,906
Dollar Thrifty Automotive
Group, Inc.* ...................... 135,200 1,791,400
------------
9,534,356
------------
FOOD SERVICES, LODGING (2.2%)
American General Hospitality
Corp. ............................. 86,400 1,836,000
CapStar Hotel Co.* .................. 71,000 1,988,000
Innkeepers USA Trust ................ 183,100 2,311,637
------------
6,135,637
------------
HOUSEHOLD FURNITURE,
APPLIANCES (1.9%)
Furniture Brands International,
Inc.* ............................. 102,200 2,867,987
Industrie Natuzzi Spa (ADR) ......... 92,800 2,412,800
------------
5,280,787
------------
LEISURE RELATED (4.1%)
Bally Total Fitness Holding
Corp.* ............................ 112,100 4,035,600
Premier Parks Inc.* ................. 56,500 3,764,313
SFX Entertainment, Inc.
(Class A)* ........................ 75,600 3,468,150
------------
11,268,063
------------
RETAIL--GENERAL (5.5%)
Brylane, Inc.* ...................... 74,000 3,404,000
Central Garden & Pet Co.* ........... 52,900 1,646,513
Hines Horticulture, Inc.* ........... 49,600 545,600
Pacific Sunwear of California,
Inc.* ............................. 124,475 4,356,625
PETsMART, Inc.* ..................... 208,300 2,083,000
Men's Wearhouse, Inc.* .............. 100,100 3,303,300
------------
15,339,038
------------
TOTAL CONSUMER CYCLICALS (25.8%) 71,444,974
------------
CONSUMER NONCYCLICALS
CONTAINERS (0.9%)
Ivex Packaging Corp.* ............... 105,600 2,455,200
------------
DRUGS (4.2%)
Creative BioMolecules, Inc.* ........ 258,800 1,245,475
Geltex Pharmaceuticals, Inc.* ....... 102,800 1,914,650
Jones Medical Industries, Inc. ...... 96,700 3,203,188
Medicis Pharmaceutical Corp.
(Class A)* ........................ 87,900 3,208,350
MedImmune, Inc.* .................... 35,200 2,195,600
------------
11,767,263
------------
</TABLE>
47
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
HOSPITAL SUPPLIES & SERVICES (3.1%)
Mid Atlantic Medical Services,
Inc.* ................................. 184,800 $ 2,125,224
National Surgery Centers, Inc.* ......... 98,850 2,872,828
NovaCare, Inc.* ......................... 173,600 2,039,800
PAREXEL International Corp.* ............ 40,200 1,462,275
------------
8,500,127
------------
TOTAL CONSUMER NONCYCLICALS (8.2%) 22,722,590
------------
CREDIT SENSITIVE
BANKS (0.5%)
Friedman, Billings, Ramsey
Group, Inc.* .......................... 87,700 1,266,169
------------
FINANCIAL SERVICES (2.4%)
Affiliated Managers Group, Inc.* 33,500 1,243,688
FIRSTPLUS Financial Group,
Inc.* ................................. 50,000 1,800,000
Healthcare Financial Partners,
Inc.* ................................. 34,200 2,096,887
Medaphis Corp.* ......................... 270,400 1,622,400
------------
6,762,975
------------
INSURANCE (0.6%)
Annuity and Life Re (Holdings),
Ltd.* ................................. 73,100 1,617,337
------------
REAL ESTATE (1.8%)
Glenborough Realty Trust, Inc. .......... 109,100 2,877,513
Macerich Co. ............................ 75,300 2,207,231
------------
5,084,744
------------
TOTAL CREDIT SENSITIVE (5.3%) 14,731,225
------------
ENERGY
OIL--SUPPLIES & CONSTRUCTION (1.0%)
Oceaneering International, Inc.* ........ 75,500 1,340,125
Parker Drilling Co.* .................... 188,900 1,334,106
------------
2,674,231
------------
RAILROADS (0.6%)
Genesee & Wyoming, Inc.
(Class A)* ............................ 88,500 1,681,500
------------
TOTAL ENERGY (1.6%) ................... 4,355,731
------------
TECHNOLOGY
ELECTRONICS (6.7%)
Amkor Technologies, Inc.* ............... 118,900 1,110,972
CKS Group, Inc.* ........................ 74,400 1,339,200
Cypress Semiconductor Corp.* ............ 154,800 1,286,775
Flextronics International Ltd.* ......... 77,000 3,349,500
IDT Corp.* .............................. 75,700 2,275,731
Interplay Entertainment Corp.* .......... 145,000 833,750
PairGain Technologies, Inc.* ............ 151,800 2,647,012
Photronics, Inc.* ....................... 56,900 1,255,356
Semtech Corp.* .......................... 76,600 1,354,863
Sykes Enterprises, Inc.* ................ 65,400 1,312,088
Xylan Corp.* ............................ 60,300 1,797,694
------------
18,562,941
------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
OFFICE EQUIPMENT (2.8%)
Discreet Logic, Inc.* ................... 151,400 $ 1,760,025
Platinum Technology, Inc.* .............. 105,200 3,004,775
Sterling Software, Inc.* ................ 100,900 2,982,856
------------
7,747,656
------------
OFFICE EQUIPMENT SERVICES (4.2%)
Comverse Technology, Inc.* .............. 128,300 6,655,563
Oak Technology, Inc.* ................... 212,100 967,706
Peregrine Systems, Inc.* ................ 9,900 282,150
Platinum Software Corp.* ................ 115,900 2,825,063
Systems & Computer Technology
Corp.* ................................ 31,200 842,400
------------
11,572,882
------------
TELECOMMUNICATIONS (5.7%)
FORE Systems, Inc.* ..................... 41,900 1,110,350
Global Imaging Systems, Inc.* ........... 159,500 2,233,000
GST Telecommunications, Inc.* ........... 72,200 1,042,387
ICG Communications, Inc.* ............... 73,100 2,672,719
MetroNet Communications Corp.
(Class B)* ............................ 92,400 2,610,300
Millicom International Cellular
SA* ................................... 45,400 1,986,250
SkyTel Communications, Inc.* ............ 85,500 2,001,234
WinStar Communications, Inc.* ........... 50,900 2,185,519
------------
15,841,759
------------
TOTAL TECHNOLOGY (19.4%) .............. 53,725,238
------------
TOTAL COMMON STOCKS (91.0%)
(Cost $244,029,539) ................... 251,643,149
------------
PRINCIPAL
AMOUNT
--------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES
Federal Home Loan
Mortgage Corp.
5.85%, due 07/01/98 ................... $12,900,000 12,900,000
Federal National Mortgage
Association:
5.56%, due 07/07/98 ................... 5,000,000 4,995,367
5.51%, due 07/21/98 ................... 10,000,000 9,969,389
5.48%, due 07/29/98 ................... 6,000,000 5,974,520
------------
TOTAL U.S. GOVERNMENT AGENCIES (12.2%) 33,839,276
------------
TOTAL SHORT-TERM DEBT SECURITIES (12.2%)
(Amortized Cost $33,839,276) .......... 33,839,276
------------
TOTAL INVESTMENTS (103.2%)
(Cost/Amortized Cost $277,868,815) . 285,482,425
OTHER ASSETS
LESS LIABILITIES (-3.2%) .............. (8,847,044)
------------
NET ASSETS (100.0%) ..................... $276,635,381
============
</TABLE>
- ----------
* Non-income producing.
Glossary:
ADR--American Depository Receipt
See Notes to Financial Statements.
48
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS AND OTHER
INVESTMENTS:
BASIC MATERIALS
CHEMICALS (0.3%)
Akzo Nobel N.V. ..................... 600 $ 133,438
Bayer AG ............................ 4,000 206,487
Ciba Specialty Chemicals AG ......... 700 89,942
Georgia Gulf Corp. .................. 12,000 273,750
Hitachi Chemical Co. Ltd. ........... 15,000 91,329
Nippon Chemi-Con Corp. .............. 6,000 25,018
Rhodia SA* .......................... 640 17,843
Toagosei Co. Ltd. ................... 15,000 26,944
Yule Catto & Co. PLC ................ 5,000 31,146
-----------
895,897
-----------
CHEMICALS--SPECIALTY (0.0%)
NGK Insulators ...................... 10,000 86,928
-----------
METALS & MINING (0.1%)
Bethlehem Steel Corp.* .............. 15,000 186,562
Toho Titanium ....................... 1,000 7,791
-----------
194,353
-----------
PAPER (0.1%)
Jefferson Smurfit Corp.* ............ 8,000 125,750
KNP BT (Kon) N.V. ................... 6,000 154,921
Mayr-Melnhof Karton AG .............. 883 57,728
Stone Container Corp.* .............. 5,800 90,625
UPM-Kymmene Oyj ..................... 2,810 77,393
-----------
506,417
-----------
STEEL (0.0%)
Koninklijke Hoogovens N.V. .......... 2,000 86,559
NatSteel Ltd. ....................... 25,000 24,267
Pohang Iron & Steel Co. Ltd.
(ADR) ............................. 2,000 24,000
-----------
134,826
-----------
TOTAL BASIC MATERIALS (0.5%) ...... 1,818,421
-----------
BUSINESS SERVICES
ENVIRONMENTAL CONTROL (0.3%)
Waste Management, Inc. .............. 24,200 847,000
-----------
PRINTING, PUBLISHING &
BROADCASTING (1.4%)
CBS Corp. ........................... 29,500 936,625
Comcast Corp. (Class A) SPL ......... 7,500 304,453
Donnelley (R.R.) & Sons Co. ......... 3,100 141,825
Gannett Co. ......................... 8,700 618,244
Grupo Televisa S.A. (GDR)* .......... 2,400 90,300
Liberty Media Group (Class A)* 37,150 1,441,884
National Bank of Canada ............. 3,000 58,612
New Straits Times Press BHD ......... 8,000 2,969
Reed International PLC .............. 6,600 59,740
Seat Spa* ........................... 160,000 108,056
Tele-Communications, Inc.
(Class A)* ........................ 18,400 707,250
Tele-Communications
International, Inc.* .............. 1,100 22,103
Television Broadcasts Ltd. .......... 1,000 2,646
Tokyo Broadcasting System, Inc. 2,000 22,363
United News & Media PLC ............. 3,666 51,304
Viacom, Inc. (Class B)* ............. 5,000 291,250
-----------
4,859,624
-----------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
PROFESSIONAL SERVICES (0.0%)
Meitec Corp. ........................ 500 $ 17,314
Vedior N.V. ......................... 691 19,534
-----------
36,848
-----------
TRUCKING, SHIPPING (0.2%)
Bergesen Dy AS (A Shares) ........... 5,380 102,476
Frontline Ltd.* ..................... 65,270 42,576
Frontline Ltd.--Warrants (expire
05/11/01)* ........................ 3,804 0
Knightsbridge Tankers Ltd. .......... 6,800 181,900
Marine Transport Corp.* ............. 5,310 21,572
OMI Corp.* .......................... 53,100 424,800
Yamato Transport Co. Ltd. ........... 1,000 11,218
-----------
784,542
-----------
TOTAL BUSINESS SERVICES (1.9%) 6,528,014
-----------
CAPITAL GOODS
AEROSPACE (0.1%)
British Aerospace ................... 21,428 164,253
Senior Engineering Group PLC ........ 16,000 52,638
-----------
216,891
-----------
BUILDING & CONSTRUCTION (0.1%)
Beazer Group PLC .................... 21,000 64,880
Bouygues ............................ 600 108,938
Daito Trust Construction Co.
Ltd. .............................. 1,100 8,332
Groupe GTM .......................... 1,116 115,890
Makita Corp. ........................ 2,000 23,070
National House Industrial Co.
Ltd. .............................. 7,000 53,679
Sho-Bond Corp. ...................... 1,200 21,902
Societe Technip ..................... 1,075 131,364
Toda Corp. .......................... 3,000 12,011
-----------
540,066
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (0.3%)
BPB PLC ............................. 11,300 68,502
Fujikura Ltd. ....................... 3,000 13,375
Holderbank Financiere Glaris
AG ................................ 120 152,801
Martin Marietta Materials, Inc. ..... 12,200 549,000
Matsushita Electric Works Ltd. ...... 11,000 88,876
Nichiha Corp. ....................... 1,400 8,272
Rugby Group PLC ..................... 58,160 108,297
Unidare PLC* ........................ 20,000 72,607
-----------
1,061,730
-----------
ELECTRICAL EQUIPMENT (0.8%)
Daikin Industries Ltd. .............. 14,000 90,290
General Electric Co. ................ 26,000 2,366,000
Johnson Electric Holdings Ltd. ...... 28,800 106,681
Legrand SA .......................... 425 112,443
Sumitomo Electric Industries ........ 7,000 70,848
-----------
2,746,262
-----------
MACHINERY (0.9%)
AlliedSignal, Inc. .................. 14,300 634,563
Coltec Industries, Inc.* ............ 2,400 47,700
Fujitec Co. Ltd. .................... 9,000 54,538
IHC Caland N.V. ..................... 1,200 67,575
Ishikawajima Harima Heavy
Industries Co. Ltd. ............... 2,000 3,650
</TABLE>
49
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Keyence Corp. ........................ 100 $ 10,893
KSB AG* .............................. 300 74,854
Legris Industries SA ................. 1,990 93,124
Mitsubishi Heavy Industries Ltd. 2,000 7,560
Mori Seiki Co. Ltd. .................. 1,000 12,257
Nitta Corp. .......................... 1,000 6,420
Nitto Kohki Co. Ltd. ................. 600 6,488
Schindler Holding AG
Participating Certificate .......... 102 155,453
Schindler Holding AG
Registered ......................... 50 77,522
Siebe PLC ............................ 6,000 119,940
SMC Corp. ............................ 300 22,832
Stork N.V. ........................... 2,000 63,739
TI Group PLC ......................... 14,014 106,486
United Technologies Corp. ............ 15,700 1,452,250
Valmet Oyj ........................... 3,600 62,117
Vestas Wind Systems A/S* ............. 350 13,830
-----------
3,093,791
-----------
TOTAL CAPITAL GOODS (2.2%) ......... 7,658,740
-----------
CONSUMER CYCLICALS
AIRLINES (0.0%)
Virgin Express Holdings PLC
(ADR)* ............................. 11,500 148,781
-----------
APPAREL, TEXTILE (0.2%)
Carli Gry International A/S .......... 325 26,251
Cone Mills Corp.* .................... 17,000 146,625
Onward Kashiyama Co. Ltd. ............ 8,000 100,130
Tommy Hilfiger Corp.* ................ 9,000 562,500
-----------
835,506
-----------
AUTO RELATED (0.1%)
Continental AG ....................... 5,500 171,389
Dana Corp. ........................... 5,000 267,500
Minebea Co. Ltd. ..................... 2,000 19,925
Sumitomo Rubber Industries,
Inc. ............................... 13,000 70,149
-----------
528,963
-----------
AUTOS & TRUCKS (0.3%)
Bajaj Auto Ltd. (GDR) ................ 750 9,637
Harley-Davidson, Inc. ................ 26,100 1,011,375
UMW Holdings BHD ..................... 5,000 2,241
Volkswagen AG ........................ 100 96,202
-----------
1,119,455
-----------
FOOD SERVICES, LODGING (0.1%)
Accor SA ............................. 200 55,957
Choice Hotels Scandinavia
ASA*+ .............................. 13,500 40,509
Compass Group PLC .................... 17,000 195,608
John Q Hammons Hotels, Inc.
(Class A)* ......................... 14,800 104,525
-----------
396,599
-----------
HOUSEHOLD FURNITURE,
APPLIANCES (0.2%)
Hunter Douglas N.V. .................. 2,150 116,842
Industrie Natuzzi Spa (ADR) .......... 500 13,000
Moulinex* ............................ 2,000 51,889
Sony Corp. ........................... 1,200 103,449
Steelcase, Inc. (Class A) ............ 15,000 390,000
-----------
675,180
-----------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
LEISURE RELATED (1.2%)
Amer Group Ltd. (Series A)* .......... 1,000 $ 19,334
Berjaya Sports Toto Ltd. BHD ......... 16,000 23,709
Canal Plus ........................... 300 56,056
Carnival Corp. (Class A) ............. 25,600 1,014,400
Cendant Corp.* ....................... 7,100 148,213
Cyrk, Inc.* .......................... 10,600 116,600
Disney (Walt) Co. .................... 6,500 682,906
EMI Group PLC ........................ 1,000 8,751
Granada Group PLC .................... 9,900 182,194
Ladbroke Group PLC ................... 25,000 137,358
Mirage Resorts, Inc.* ................ 36,600 780,038
Nelvana Ltd.* ........................ 1,000 21,712
Nintendo Co. Ltd. .................... 200 18,540
Nippon Broadcasting System ........... 1,000 42,202
Royal Caribbean Cruises Ltd. ......... 9,700 771,150
Thomson Travel Group PLC* ............ 14,000 43,721
Toei Co. Ltd. ........................ 1,000 3,152
-----------
4,070,036
-----------
PHOTO & OPTICAL (0.1%)
Fuji Photo Film Co. .................. 4,000 139,374
Gretag Imaging Group* ................ 1,200 115,194
Noritsu Koki Co. Ltd. ................ 1,100 24,599
-----------
279,167
-----------
RETAIL--GENERAL (2.2%)
Abercrombie & Fitch Co.
(Class A)* ......................... 4,505 198,220
Aldeasa SA ........................... 2,300 82,191
BAA PLC .............................. 15,000 162,074
Boots Co. PLC ........................ 8,400 139,299
Dayton Hudson Corp. .................. 30,700 1,488,950
Dickson Concepts International
Ltd. ............................... 18,000 25,090
Genesis Direct, Inc.* ................ 5,000 55,625
Home Depot, Inc. ..................... 10,700 888,769
K-Mart Corp.* ........................ 15,000 288,750
Kingfisher PLC ....................... 8,641 139,255
Kohl's Corp.* ........................ 20,800 1,079,000
Limited, Inc. ........................ 15,000 496,875
Lindex AB ............................ 1,600 58,267
Paris Miki, Inc. ..................... 1,100 14,450
Proffitt's, Inc.* .................... 19,400 783,275
Sato Corp. ........................... 1,200 19,608
Smith (W.H.) Group PLC ............... 1,800 15,992
Smith (W.H.) Group PLC
(B Shares)* ........................ 2,000 1,787
Staples, Inc.* ....................... 35,800 1,035,962
Tandy Corp. .......................... 10,000 530,625
Vendex International N.V. ............ 700 26,922
-----------
7,530,986
-----------
TOTAL CONSUMER CYCLICALS (4.4%) 15,584,673
-----------
CONSUMER NONCYCLICALS
BEVERAGES (0.7%)
Coca-Cola Co. ........................ 21,800 1,863,900
Coca-Cola Enterprises, Inc. .......... 8,300 325,775
Diageo PLC ........................... 5,184 61,467
Scottish & Newcastle PLC ............. 5,000 70,808
Whitbread PLC ........................ 5,000 80,996
-----------
2,402,946
-----------
</TABLE>
50
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
CONTAINERS (0.2%)
Owens-Illinois, Inc.* .............. 5,000 $ 223,750
Schmalbach Lubeca AG ............... 880 217,133
Sealed Air Corp.* .................. 1,800 66,150
-----------
507,033
-----------
DRUGS (2.1%)
Astra AB (A Shares) ................ 3,000 61,301
Bristol-Myers Squibb Co. ........... 11,000 1,264,313
Centocor, Inc.* .................... 26,200 949,750
Daiichi Pharmaceutical Co. ......... 8,000 105,612
Merck KGAA ......................... 2,100 93,967
Merck & Co., Inc. .................. 10,400 1,391,000
Novartis AG ........................ 50 83,262
Orion-Yhtyma Oyj (B Shares)* ....... 4,500 138,713
Pfizer, Inc. ....................... 20,300 2,206,356
Sankyo Co. Ltd. .................... 2,000 45,592
Sanofi SA .......................... 700 82,299
Santen Pharmaceutical Co. Ltd. ..... 3,000 32,874
Schering Plough Corp. .............. 8,900 815,463
Yamanouchi Pharmaceutical Co.
Ltd. ............................. 1,000 20,848
-----------
7,291,350
-----------
FOODS (0.8%)
Barry Callebaut AG* ................ 510 110,028
Campbell Soup Co. .................. 18,600 988,125
Huhtamaki Oy Series I .............. 1,300 74,454
Nestle SA .......................... 131 280,548
Nutreco Holding N.V. ............... 500 17,509
Orkla ASA .......................... 3,720 86,630
Parmalat Finanziaria Spa ........... 59,650 121,694
Rite Aid Corp. ..................... 12,000 450,750
Tyson Foods, Inc. .................. 25,900 561,706
-----------
2,691,444
-----------
HOSPITAL SUPPLIES & SERVICES (0.8%)
Columbia/HCA Healthcare Corp. 26,000 757,250
Medtronic, Inc. .................... 22,600 1,440,750
PT Tempo Scan Pacific .............. 23,000 351
United HealthCare Corp. ............ 10,000 635,000
-----------
2,833,351
-----------
RETAIL--FOOD (0.1%)
Delhaize-Le Lion SA ................ 980 68,458
Familymart Co. ..................... 2,400 91,416
Food Lion, Inc. (Class A) .......... 15,000 159,375
Santa Isabel S.A. (ADR) ............ 333 3,663
Seven-Eleven Japan Co. Ltd. ........ 1,000 59,587
Woolworths Ltd. .................... 40,000 130,200
-----------
512,699
-----------
SOAPS & TOILETRIES (1.0%)
Avon Products, Inc. ................ 16,980 1,315,950
Estee Lauder Companies
(Class A) ........................ 8,500 592,344
Gillette Co. ....................... 25,000 1,417,187
Kao Corp. .......................... 1,000 15,438
-----------
3,340,919
-----------
TOBACCO (0.7%)
Austria Tabakwerke AG .............. 1,000 55,689
Imperial Tobacco Group PLC ......... 1,700 12,548
Japan Tobacco, Inc. ................ 20 135,478
Philip Morris Cos., Inc. ........... 51,300 2,019,938
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Seita .............................. 2,500 $ 113,270
Swedish Match AB ................... 4,154 13,799
Tabacalera SA-A .................... 6,000 122,856
-----------
2,473,578
-----------
TOTAL CONSUMER NONCYCLICALS (6.4%) 22,053,320
-----------
CREDIT SENSITIVE
BANKS (1.9%)
Ahmanson (H.F.) & Co. .............. 2,500 177,500
Allied Irish Bank .................. 20,000 289,412
AMMB Holdings BHD .................. 8,000 4,202
Banca Nazionale del Lavoro
(BNL)* ........................... 700 18,516
Banco Bilbao Vizcaya SA ............ 4,000 205,282
Banco Central
Hispanoamericano SA .............. 1,200 37,718
Banco Santander SA ................. 5,940 152,035
Bangkok Bank Public Co. Ltd. ....... 2,000 2,464
Bank of Tokyo-Mitsubishi Ltd. ...... 2,000 21,195
BankAmerica Corp. .................. 5,900 509,981
Banque Nationale de Paris .......... 1,500 122,530
Barclays PLC ....................... 2,000 57,715
BPI-SGPS SA ........................ 1,000 32,284
Chase Manhattan Corp. .............. 27,600 2,083,800
Corporacion Bancaria de
Espana SA ........................ 4,800 107,675
Credito Italiano Spa ............... 30,000 157,104
Dao Heng Bank Group Ltd. ........... 3,000 4,259
Den Norske Bank ASA ................ 4,000 20,979
Erste Bank Der
Oesterreichischen
Sparkassen AG .................... 750 45,489
Forenings Sparbanken AB
(A Shares) ....................... 1,000 30,087
Istituto Mobiliare Italiano ........ 9,400 148,127
Long-Term Credit Bank of Japan 22,000 12,855
National Westminster Bank PLC 400 7,154
NationsBank Corp. .................. 16,500 1,262,250
Paribas* ........................... 9 963
Philippine Commercial
International Bank ............... 1,000 3,645
PT Bank Dagang Nasional
Indonesia Tbk .................... 136,000 692
Seventy-Seven Bank Co. Ltd. ........ 11,000 92,050
Skandinaviska Enskilda Banken
(Series A) ....................... 4,430 75,805
Societe Generale ................... 800 166,284
State Bank of India (GDR)+ ......... 2,700 31,995
State Street Corp. ................. 4,000 278,000
Suncorp-Metway Ltd. ................ 6,571 15,970
Thai Farmers Bank Public Co.--
Warrants (expire 09/15/02)* ...... 375 22
Toho Bank .......................... 1,000 4,018
Wing Hang Bank Ltd. ................ 18,000 24,045
Yamaguchi Bank ..................... 7,000 89,886
Zions Bancorp. ..................... 6,200 329,375
-----------
6,623,363
-----------
FINANCIAL SERVICES (1.6%)
Aiful Corp. ........................ 700 34,187
Associates First Capital Corp.
(Class A) ........................ 14,800 1,137,750
Credit Saison Co. .................. 3,000 59,515
MBNA Corp. ......................... 52,800 1,742,400
</TABLE>
51
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------------
<S> <C> <C>
MCL Land Ltd. ............................. 50,000 $ 17,905
Merrill Lynch & Co., Inc. ................. 8,100 747,225
Morgan Stanley Dean Witter
& Co. ................................... 16,300 1,489,412
Newcourt Credit Group, Inc. ............... 5,000 245,937
Nichiei Co. Ltd. .......................... 300 20,430
Peregrine Investment Holdings
Ltd. .................................... 52,000 0
Sanyo Shinpan Finance Co. Ltd. ............ 200 7,070
Worms Et Compagnie ........................ 200 12,766
-----------
5,514,597
-----------
INSURANCE (2.0%)
ASR Verzekeringsgroep N.V. ................ 1,100 93,375
Catalana Occidente SA ..................... 2,800 88,556
CNA Financial Corp.* ...................... 4,200 195,563
Commercial Union PLC ...................... 5,795 108,198
Corporacion Mapfre ........................ 1,600 56,133
Fortis Amev N.V. .......................... 3,000 175,724
ING Groep N.V. ............................ 4,000 262,037
Irish Life PLC ............................ 18,000 169,735
Kingsway Financial Services* .............. 2,000 18,688
MGIC Investment Corp. ..................... 5,000 285,313
PennCorp Financial Group, Inc. ............ 15,300 313,650
Providian Financial Corp. ................. 11,000 864,188
QBE Insurance Group Ltd. .................. 6,000 21,204
Royal & Sun Alliance Insurance
Group PLC ............................... 9,651 99,846
SunAmerica, Inc. .......................... 14,600 838,587
Travelers Group, Inc. ..................... 44,300 2,685,687
Trygg-Hansa AB (B Shares)* ................ 3,800 116,234
United Assurance Group PLC ................ 8,100 76,834
Willis Corroon Group PLC
(ADR) ................................... 21,200 266,325
Zurich Versicherungs ...................... 246 157,108
-----------
6,892,985
-----------
REAL ESTATE (0.1%)
Asticus AB* ............................... 4,000 44,127
City Developments Ltd. .................... 1,000 2,794
Daibiru Corp. ............................. 1,000 6,449
Glenborough Realty Trust, Inc. ............ 10,000 263,750
Mandamus AB* .............................. 50 313
Sumitomo Realty &
Development Co. Ltd. .................... 1,000 4,415
Unibail SA ................................ 950 122,844
-----------
444,692
-----------
UTILITY--ELECTRIC (0.4%)
AES Corp.* ................................ 12,500 657,031
Cia Paranaense de Energia-Copel
(ADR) ................................... 7,000 64,750
Electricidade de Portugal SA .............. 500 11,628
Hong Kong Electric Holdings
Ltd. .................................... 20,000 61,952
Manila Electric Co. ....................... 1,860 4,906
National Grid Group PLC ................... 2,000 13,494
Powergen PLC .............................. 11,400 157,635
Veba AG ................................... 3,500 238,703
Viag AG ................................... 100 67,646
-----------
1,277,745
-----------
UTILITY--GAS (0.0%)
Anglian Water PLC ......................... 5,000 70,140
Scottish Power PLC ........................ 10,000 87,676
-----------
157,816
-----------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------------
<S> <C> <C>
UTILITY--TELEPHONE (0.2%)
British Telecommunications PLC 10,000 $ 123,580
Cable & Wireless PLC ...................... 12,300 149,539
Telecom Italia Spa ........................ 10,000 73,642
Telefonica de Espana ...................... 6,600 305,145
Telekom Malaysia BHD ...................... 4,000 6,747
-----------
658,653
-----------
TOTAL CREDIT SENSITIVE (6.2%) ........... 21,569,851
-----------
ENERGY
COAL & GAS PIPELINES (0.0%)
BG PLC .................................... 18,529 107,220
OMV AG .................................... 300 40,195
-----------
147,415
-----------
OIL--DOMESTIC (0.4%)
Apache Corp. .............................. 7,000 220,500
Tom Brown, Inc.* .......................... 7,500 141,094
USX-Marathon Group ........................ 26,500 909,281
-----------
1,270,875
-----------
OIL--INTERNATIONAL (0.2%)
British Petroleum Co. PLC ................. 11,100 162,014
Gulf Indonesia Resources Ltd.* ............ 3,200 36,800
Orogen Minerals Ltd. ...................... 5,160 6,878
Repsol SA ................................. 1,410 77,695
Shell Transport & Trading Co.
PLC ..................................... 20,100 141,653
Total SA--B ............................... 2,881 374,447
-----------
799,487
-----------
OIL--SUPPLIES & CONSTRUCTION (0.9%)
BJ Services Co.* .......................... 16,400 476,625
Canadian Fracmaster Ltd.+ ................. 5,900 37,287
Canadian Fracmaster Ltd.
Installment Receipt ..................... 13,500 46
Dresser Industries, Inc. .................. 31,300 1,379,156
Fugro N.V. ................................ 2,000 79,673
Noble Drilling Corp.* ..................... 39,000 938,438
Parker Drilling Co.* ...................... 3,900 27,544
-----------
2,938,769
-----------
TOTAL ENERGY (1.5%) ..................... 5,156,546
-----------
TECHNOLOGY
ELECTRONICS (1.9%)
Altera Corp.* ............................. 22,200 656,287
Cisco Systems, Inc.* ...................... 38,000 3,498,375
Disco Corp. ............................... 1,000 27,774
Fujimi, Inc. .............................. 500 18,323
Intel Corp. ............................... 7,300 541,112
Leitch Technology Corp.* .................. 900 15,137
Micronics Japan Co. Ltd. .................. 1,000 14,067
Murata Manufacturing Co., Ltd. ............ 1,000 32,463
Nikon Corp. ............................... 1,000 7,200
Rohm Co. Ltd. ............................. 1,000 102,799
Sankyo Engineering Co. .................... 1,000 3,888
SMH AG .................................... 540 90,137
Solectron Corp.* .......................... 24,300 1,022,119
Sterling Commerce, Inc.* .................. 5,000 242,500
Texas Instruments, Inc. ................... 3,500 204,094
Tokyo Cathode Laboratory Co. 1,000 7,863
Varitronix International Ltd. ............. 35,000 70,018
Yamaichi Electronics Co. Ltd. ............. 1,000 20,488
Yokogawa Electric Corp. ................... 2,000 10,677
-----------
6,585,321
-----------
</TABLE>
52
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------------
<S> <C> <C>
OFFICE EQUIPMENT (1.8%)
Barco N.V. ................................. 469 $ 131,048
Bay Networks, Inc.* ........................ 7,100 228,975
Ceridian Corp.* ............................ 18,000 1,057,500
Compaq Computer Corp. ...................... 45,100 1,279,713
Dell Computer Corp.* ....................... 19,700 1,828,406
Policy Management Systems
Corp.* ................................... 40,100 1,573,925
------------
6,099,567
------------
OFFICE EQUIPMENT SERVICES (0.4%)
Canon Chemicals, Inc.* ..................... 2,000 21,065
Computer Sciences Corp. .................... 4,000 256,000
Data Communication System Co. 1,000 18,035
First Data Corp. ........................... 30,300 1,009,369
Fuji Soft ABC, Inc. ........................ 400 13,620
INES Corp. ................................. 1,000 6,853
Mettler-Toledo International,
Inc.* .................................... 5,700 114,356
Nippon System Development .................. 600 14,283
------------
1,453,581
------------
TELECOMMUNICATIONS (1.0%)
Asia Satellite
Telecommunications
Holdings Ltd. ............................ 18,000 29,737
Clearnet Communications, Inc.
(Class A)* ............................... 7,500 82,500
DDI Corp. .................................. 25 87,109
Energis PLC* ............................... 10,000 152,304
Global TeleSystems Group, Inc.* 700 34,125
Helsinki Telephone Corp. ................... 2,300 106,976
Keppel Telecommunications &
Transportation Ltd. ...................... 4,000 1,894
Nextel Communications, Inc.
(Class A)* ............................... 9,800 243,775
PT Indosat ................................. 45,000 52,474
PT Telekomunikasi Indonesia ................ 33,000 9,341
SK Telecom Co. Ltd. (ADR) .................. 4,000 22,250
Tele-Communications TCI
Ventures Group (Class A)* ................ 24,000 481,500
Tellabs, Inc.* ............................. 25,400 1,819,275
Videsh Sanchar Nigam Ltd.
(GDR)*+ .................................. 1,700 17,595
Videsh Sanchar Nigam Ltd.
(GDR)* ................................... 2,000 18,700
Vodafone Group PLC ......................... 12,000 152,405
WorldCom, Inc.* ............................ 4,525 219,180
------------
3,531,140
------------
TOTAL TECHNOLOGY (5.1%) .................. 17,669,609
------------
DIVERSIFIED
MISCELLANEOUS (0.9%)
BTR PLC .................................... 16,250 46,134
BTR PLC (B Shares)* ........................ 20,000 11,523
Citic Pacific Ltd. ......................... 7,000 12,378
First Pacific Co. .......................... 42,734 17,925
Hagemeyer N.V. ............................. 2,000 86,559
Hutchison Whampoa .......................... 4,000 21,115
Montedison Spa ............................. 70,000 86,867
Smith (Howard) Ltd. ........................ 4,000 23,560
Swire Pacific Ltd. (Class A) ............... 7,000 26,426
Tomkins PLC ................................ 9,000 48,885
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------------
<S> <C> <C>
Tyco International Ltd. .................... 33,000 $ 2,079,000
U.S. Industries, Inc. ...................... 17,800 440,550
Vivendi .................................... 943 201,309
------------
TOTAL DIVERSIFIED (0.9%) ................. 3,102,231
------------
TOTAL COMMON STOCKS AND OTHER
INVESTMENTS (29.1%)
(Cost $76,577,087) ....................... 101,141,405
------------
PREFERRED STOCKS:
BASIC MATERIALS (0.1%)
CHEMICALS
Henkel KGAA ................................ 1,694 168,602
------------
BUSINESS SERVICES (0.0%)
PRINTING, PUBLISHING & BROADCASTING
ProSieben Media AG* ........................ 1,400 72,814
------------
CONSUMER CYCLICALS (0.0%)
RETAIL--GENERAL
Hornbach Holding AG ........................ 920 84,425
------------
CREDIT SENSITIVE (0.0%)
BANKS
Bank Austria AG ............................ 1,000 81,210
------------
TECHNOLOGY (0.1%)
TELECOMMUNICATIONS
Nokia Oyj (A Shares) ....................... 3,000 220,791
------------
TOTAL PREFERRED STOCKS (0.2%)
(Cost $326,771) .......................... 627,842
------------
PRINCIPAL
AMOUNT
------
LONG-TERM DEBT SECURITIES:
CONSUMER CYCLICALS (1.6%)
AUTO RELATED
Enterprise Rent-A-Car
6.8%, 02/15/08+ .......................... $5,500,000 5,511,495
------------
CONSUMER NONCYCLICALS (1.9%)
MEDIA & CABLE
Time Warner Entertainment Co.
8.375%, 03/15/23 ......................... 5,625,000 6,588,619
------------
CREDIT SENSITIVE
BANKS (2.3%)
Chase Manhattan Corp.
8.625%, 05/01/02 ......................... 5,500,000 5,957,270
St. George Bank Ltd.
7.15%, 10/15/05+ ......................... 2,000,000 2,075,740
Sumitomo Bank International
0.75% Conv., 05/31/01. .................... Yen 11,000,000 88,182
------------
8,121,192
------------
FINANCIAL SERVICES (1.3%)
Lehman Bros, Inc.
6.5%, 04/15/08 ........................... $4,450,000 4,458,713
------------
MORTGAGE RELATED (16.2%)
Federal National Mortgage
Association:
6.0%, 11/01/10 ........................... 13,034,982 12,888,273
6.5%, 01/01/11 ........................... 3,039,763 3,056,847
7.0%, 05/01/26 ........................... 7,767,787 7,876,963
7.0%, 09/01/27 ........................... 8,571,729 8,692,205
7.0%, 05/01/28 ........................... 9,380,522 9,512,365
</TABLE>
53
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------
<S> <C> <C>
Government National Mortgage
Association:
7.5%, 12/15/25 ................... $ 467,515 $ 480,227
7.5%, 01/15/27 ................... 466,361 479,041
7.5%, 04/15/27 ................... 470,671 483,468
7.5%, 05/15/27 ................... 639,957 657,357
7.5%, 06/15/27 ................... 469,045 481,799
7.0%, 07/15/27 ................... 2,122,770 2,155,949
7.5%, 09/15/27 ................... 458,871 471,347
7.5%, 11/15/27 ................... 467,618 480,332
7.0%, 02/15/28 ................... 6,918,797 7,026,938
6.5%, 03/15/28 ................... 1,584,523 1,580,561
------------
56,323,672
------------
U.S. GOVERNMENT (26.8%)
U.S. Treasury:
6.375% Note, 05/15/99 ............ 17,400,000 17,519,625
6.0% Note, 08/15/00 .............. 16,800,000 16,957,500
6.25% Note, 04/30/01 ............. 15,600,000 15,887,633
6.5% Note, 08/31/01 .............. 7,100,000 7,290,812
6.5% Note, 05/31/02 .............. 10,710,000 11,064,769
6.125% Bond, 11/15/27 ............ 22,550,000 24,163,746
------------
92,884,085
------------
UTILITY--ELECTRIC (2.3%)
Consolidated Edison, Inc.
6.45%, 12/01/07 .................. 4,350,000 4,411,987
Texas Utilities (Series C)
6.375%, 01/01/08+ ................ 3,600,000 3,532,709
------------
7,944,696
------------
TOTAL CREDIT SENSITIVE (48.9%) 169,732,358
------------
TECHNOLOGY (1.7%)
OFFICE EQUIPMENT SERVICES
Computer Associates
International, Inc.
6.375%, 04/15/05+ ................ 6,000,000 5,962,800
------------
TOTAL LONG-TERM DEBT SECURITIES (54.1%)
(Amortized Cost $184,920,543) . 187,795,272
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES
Federal Home Loan
Mortgage Corp.:
5.85%, due 07/01/98 .............. $ 10,800,000 $10,800,000
5.50%, due 07/23/98 .............. 7,000,000 6,976,558
Federal National Mortgage
Association:
5.60%, due 07/06/98 .............. 10,000,000 9,992,222
5.56%, due 07/07/98 .............. 10,000,000 9,990,733
5.51%, due 07/21/98 .............. 12,000,000 11,963,267
5.48%, due 07/29/98 .............. 6,000,000 5,974,520
-------------
TOTAL U.S. GOVERNMENT
AGENCIES (16.1%) .............. 55,697,300
-------------
TOTAL SHORT-TERM DEBT SECURITIES (16.1%)
(Amortized Cost $55,697,300)...... 55,697,300
-------------
TOTAL INVESTMENTS (99.5%)
(Cost/Amortized Cost $317,521,701) 345,261,819
OTHER ASSETS
LESS LIABILITIES (0.5%) .......... 1,749,452
-------------
NET ASSETS (100.0%) ................ $347,011,271
==============
</TABLE>
- ---------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY GLOBAL REGION
As a Percentage of Total Equity Investments
<TABLE>
<S> <C>
Australia ................................................. 0.7%
Canada .................................................... 0.1
France .................................................... 0.6
Germany ................................................... 0.4
Japan ..................................................... 0.8
Netherlands ............................................... 0.4
Scandinavia ............................................... 0.4
Southeast Asia ............................................ 0.2
Switzerland ............................................... 0.4
United Kingdom ............................................ 1.1
United States** ........................................... 94.0
Other European Countries .................................. 0.9
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing.
** Includes Short-Term Debt Securities of 16.1%.
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may only be resold to qualified institutional
buyers. At June 30, 1998, these securities amounted to $17,210,130 or
5.0% of net assets.
Glossary:
ADR--American Depository Receipt
GDR--Global Depository Receipt
See Notes to Financial Statements.
54
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS AND OTHER
INVESTMENTS:
BASIC MATERIALS
CHEMICALS (0.5%)
Akzo Nobel N.V.* .................... 5,000 $ 1,111,985
Bayer AG ............................ 40,500 2,090,685
Ciba Specialty Chemicals AG ......... 8,000 1,027,908
Georgia Gulf Corp. .................. 136,000 3,102,500
Hitachi Chemical Co. Ltd. ........... 159,000 968,085
Nippon Chemi-Con Corp. .............. 62,000 258,520
Rhodia SA* .......................... 4,790 133,542
Toagosei Co. Ltd. ................... 158,000 283,812
Yule Catto & Co. PLC ................ 70,000 436,039
------------
9,413,076
------------
CHEMICALS--SPECIALTY (0.0%)
NGK Insulators ...................... 92,000 799,740
------------
METALS & MINING (0.1%)
Bethlehem Steel Corp.* .............. 135,000 1,679,062
Nord Resources Corp.* ............... 27,939 54,132
Randgold Resources Ltd.
(GDR)* ............................ 30,300 163,014
Toho Titanium ....................... 11,000 85,702
------------
1,981,910
------------
PAPER (0.2%)
Jefferson Smurfit Corp.* ............ 39,600 622,463
KNP BT (Kon) N.V. ................... 53,000 1,368,465
Mayr-Melnhof Karton AG .............. 6,756 441,690
Nippon Paper Industries Co. ......... 6,000 25,018
Stone Container Corp.* .............. 57,900 904,687
UPM-Kymmene Oyj ..................... 25,320 697,362
------------
4,059,685
------------
STEEL (0.1%)
Koninklijke Hoogovens N.V. .......... 20,000 865,588
NatSteel Ltd. ....................... 220,000 213,554
Pohang Iron & Steel Co. Ltd.
(ADR) ............................. 15,000 180,000
------------
1,259,142
------------
TOTAL BASIC MATERIALS (0.9%) ...... 17,513,553
------------
BUSINESS SERVICES
ENVIRONMENTAL CONTROL (0.4%)
Waste Management, Inc. .............. 194,800 6,818,000
------------
PRINTING, PUBLISHING &
BROADCASTING (2.7%)
Cablevision Systems Corp.
(Class A)* ........................ 67,000 5,594,500
CBS Corp. ........................... 312,500 9,921,875
Comcast Corp. (Class A) SPL ......... 75,000 3,044,531
Donnelley (R.R.) & Sons Co. ......... 23,600 1,079,700
Gannett Co. ......................... 70,600 5,017,013
Grupo Televisa S.A. (GDR)* .......... 22,000 827,750
Liberty Media Group (Class A)* . 287,450 11,156,653
New Straits Times Press BHD ......... 65,000 24,119
Nippon Television Network
Corp. ............................. 200 58,000
Reed International PLC .............. 64,000 579,292
Seat Spa* ........................... 1,500,000 1,013,029
Tele-Communications, Inc.
(Class A)* ........................ 217,900 8,375,531
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Tele-Communications
International, Inc.* .............. 22,300 $ 448,091
Television Broadcasts Ltd. .......... 10,000 26,458
Tokyo Broadcasting System, Inc. . 14,000 156,543
United News & Media PLC ............. 36,630 512,624
Viacom, Inc. (Class B)* ............. 45,000 2,621,250
------------
50,456,959
------------
PROFESSIONAL SERVICES (0.0%)
Meitec .............................. 3,800 131,583
Vedior N.V. ......................... 7,105 200,922
------------
332,505
------------
TRUCKING, SHIPPING (0.3%)
Bergesen Dy AS (A Shares) ........... 47,300 900,952
Frontline Ltd.* ..................... 456,890 298,036
Frontline Ltd.--Warrants (expire
05/11/01)* ........................ 26,628 0
Knightsbridge Tankers Ltd. .......... 64,500 1,725,375
Marine Transport Corp.* ............. 33,500 136,094
OMI Corp.* .......................... 335,000 2,680,000
Yamato Transport Co. Ltd. ........... 8,000 89,742
------------
5,830,199
------------
TOTAL BUSINESS SERVICES (3.4%)..... 63,437,663
------------
CAPITAL GOODS
AEROSPACE (0.1%)
British Aerospace ................... 202,840 1,554,836
Senior Engineering Group PLC ........ 120,000 394,789
------------
1,949,625
------------
BUILDING & CONSTRUCTION (0.3%)
Beazer Group PLC .................... 187,000 577,739
Bouygues ............................ 10,708 1,944,173
Daito Trust Construction Co.
Ltd. .............................. 11,800 89,381
Groupe GTM .......................... 9,953 1,033,565
Makita Corp. ........................ 18,000 207,632
National House Industrial Co.
Ltd. .............................. 53,000 406,428
Sho-Bond Corp. ...................... 9,500 173,388
Societe Technip ..................... 10,350 1,264,762
Toda Corp. .......................... 22,000 88,082
------------
5,785,150
------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.5%)
BPB PLC ............................. 103,100 625,005
Fujikura Ltd. ....................... 34,000 151,580
Holderbank Financiere Glaris
AG ................................ 1,385 1,763,575
Martin Marietta Materials, Inc. ..... 120,000 5,400,000
Matsushita Electric Works Ltd. ...... 104,000 840,283
Nichiha Corp. ....................... 9,700 57,310
Rugby Group PLC ..................... 447,460 833,196
Unidare PLC* ........................ 51,500 186,964
------------
9,857,913
------------
ELECTRICAL EQUIPMENT (1.2%)
Daikin Industries Ltd. .............. 140,000 902,900
General Electric Co. ................ 209,900 19,100,900
Johnson Electric Holdings Ltd. ...... 258,000 955,679
Legrand SA .......................... 3,800 1,005,374
</TABLE>
55
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------------
<S> <C> <C>
Mabuchi Motor Co. ........................ 300 $ 19,045
Sumitomo Electric Industries ............. 56,000 566,787
------------
22,550,685
------------
MACHINERY (1.5%)
AlliedSignal, Inc. ....................... 138,400 6,141,500
Coltec Industries, Inc.* ................. 36,000 715,500
Fujitec Co. Ltd. ......................... 96,000 581,734
IHC Caland N.V. .......................... 5,000 281,562
Ishikawajima Harima Heavy
Industries Co. Ltd. .................... 10,000 18,251
Keyence Corp. ............................ 1,300 141,610
KSB AG* .................................. 2,600 648,739
Legris Industries SA ..................... 17,300 809,574
Mitsubishi Heavy Industries Ltd. 16,000 60,482
Mori Seiki Co. Ltd. ...................... 8,000 98,052
Nitta Corp. .............................. 8,000 51,364
Nitto Kohki Co. Ltd. ..................... 3,700 40,011
Schindler Holding AG
Participating Certificate .............. 915 1,394,504
Schindler Holding AG
Registered ............................. 450 697,697
Siebe PLC ................................ 50,000 999,499
SMC Corp. ................................ 3,000 228,322
Stork N.V. ............................... 18,000 573,649
TI Group PLC ............................. 123,795 940,660
United Technologies Corp. ................ 132,900 12,293,250
Valmet Oyj ............................... 31,000 534,897
Vestas Wind Systems A/S* ................. 3,220 127,235
------------
27,378,092
------------
TOTAL CAPITAL GOODS (3.6%) ............. 67,521,465
------------
CONSUMER CYCLICALS
AIRLINES (0.0%)
Virgin Express Holdings PLC
(ADR)* ................................. 10,400 134,550
------------
APPAREL, TEXTILE (0.3%)
Carli Gry International A/S .............. 300 24,232
Onward Kashiyama Co. Ltd. ................ 79,000 988,783
Tommy Hilfiger Corp.* .................... 77,500 4,843,750
------------
5,856,765
------------
AUTO RELATED (0.3%)
Continental AG ........................... 55,000 1,713,889
Dana Corp. ............................... 50,000 2,675,000
Minebea Co. Ltd. ......................... 16,000 159,400
Sumitomo Rubber Industries,
Inc. ................................... 129,000 696,090
------------
5,244,379
------------
AUTOS & TRUCKS (0.5%)
Bajaj Auto Ltd. (GDR) .................... 7,500 96,375
Harley-Davidson, Inc. .................... 217,700 8,435,875
Honda Motor Co. Ltd. ..................... 4,000 142,548
UMW Holdings BHD ......................... 188,000 84,255
Volkswagen AG ............................ 600 577,211
------------
9,336,264
------------
FOOD SERVICES, LODGING (0.2%)
Accor SA ................................. 1,400 391,699
Choice Hotels Scandinavia ASA* 108,000 324,070
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------------
<S> <C> <C>
Compass Group PLC ........................ 171,400 $ 1,972,188
John Q Hammons Hotels, Inc.
(Class A)* ............................. 191,800 1,354,588
------------
4,042,545
------------
HOUSEHOLD FURNITURE, APPLIANCES (0.1%)
Hunter Douglas N.V. ...................... 20,000 1,086,903
Moulinex* ................................ 17,000 441,058
Sony Corp. ............................... 13,200 1,137,931
------------
2,665,892
------------
LEISURE RELATED (1.9%)
Amer Group Ltd. (Series A)* .............. 7,000 135,339
Berjaya Sports Toto Ltd. BHD ............. 140,000 207,457
Canal Plus ............................... 3,150 588,590
Carnival Corp. (Class A) ................. 215,400 8,535,225
Cendant Corp.* ........................... 75,300 1,571,888
Cyrk, Inc.* .............................. 220,600 2,426,600
Disney (Walt) Co. ........................ 47,100 4,948,444
EMI Group PLC ............................ 12,000 105,010
Granada Group PLC ........................ 88,900 1,636,069
Hoyts Cinemas Group+ ..................... 30,000 39,060
Ladbroke Group PLC ....................... 279,118 1,533,564
Mirage Resorts, Inc.* .................... 300,500 6,404,406
Nelvana Ltd.* ............................ 8,000 173,966
Nintendo Co. Ltd. ........................ 1,200 111,239
Nippon Broadcasting System ............... 5,000 211,009
Royal Caribbean Cruises Ltd. ............. 74,100 5,890,950
SHIMANO, INC. ............................ 1,000 25,393
Thomson Travel Group PLC* ................ 110,000 343,520
Toei Co. Ltd. ............................ 8,000 25,220
------------
34,912,949
------------
PHOTO & OPTICAL (0.1%)
Fuji Photo Film Co. ...................... 31,000 1,080,147
Gretag Imaging Group* .................... 10,100 969,552
Noritsu Koki Co. Ltd. .................... 10,200 228,106
------------
2,277,805
------------
RETAIL--GENERAL (3.6%)
Abercrombie & Fitch Co.
(Class A)* ............................. 51,808 2,279,552
Aldeasa SA ............................... 19,800 707,558
BAA PLC .................................. 140,000 1,512,692
Boots Co. PLC ............................ 74,700 1,238,763
Dayton Hudson Corp. ...................... 245,100 11,887,350
Dickson Concepts International
Ltd. ................................... 161,000 224,419
Genesis Direct, Inc.* .................... 70,000 778,750
Home Depot, Inc. ......................... 77,800 6,462,262
K-Mart Corp.* ............................ 185,000 3,561,250
Kingfisher PLC ........................... 76,163 1,227,410
Kohl's Corp.* ............................ 169,500 8,792,812
Kokuyo Co. Ltd. .......................... 1,000 16,953
Limited, Inc. ............................ 172,500 5,714,062
Lindex AB ................................ 18,000 655,510
Paris Miki, Inc. ......................... 4,500 59,115
Proffitt's, Inc.* ........................ 160,100 6,464,038
Sato Corp. ............................... 10,000 163,396
Smith (W.H.) Group PLC ................... 22,500 199,900
Smith (W.H.) Group PLC
(B Shares)* ............................ 25,000 22,336
</TABLE>
56
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Staples, Inc.* ..................... 292,800 $ 8,472,900
Tandy Corp. ........................ 115,000 6,102,188
Vendex International N.V. .......... 7,200 276,909
------------
66,820,125
------------
TOTAL CONSUMER CYCLICALS (7.0%) 131,291,274
------------
CONSUMER NONCYCLICALS
BEVERAGES (1.1%)
Coca-Cola Co. ...................... 175,000 14,962,500
Coca-Cola Enterprises, Inc. ........ 65,700 2,578,725
Diageo PLC ......................... 50,112 594,180
Scottish & Newcastle PLC ........... 100,000 1,416,166
Whitbread PLC ...................... 92,500 1,498,414
------------
21,049,985
------------
CONTAINERS (0.2%)
Owens-Illinois, Inc.* .............. 40,000 1,790,000
Schmalbach Lubeca AG ............... 8,300 2,047,962
Sealed Air Corp.* .................. 12,900 474,075
------------
4,312,037
------------
DRUGS (3.2%)
Astra AB (A Shares) ................ 25,000 510,844
Bristol-Myers Squibb Co. ........... 86,200 9,907,613
Centocor, Inc.* .................... 215,800 7,822,750
Daiichi Pharmaceutical Co. ......... 79,000 1,042,923
Merck KGAA ......................... 18,700 836,756
Merck & Co., Inc. .................. 83,700 11,194,875
Novartis AG ........................ 300 499,571
Orion-Yhtyma Oyj (B Shares)* ....... 37,800 1,165,188
Pfizer, Inc. ....................... 165,500 17,987,781
Sankyo Co. Ltd. .................... 17,000 387,534
Sanofi SA .......................... 7,000 822,985
Santen Pharmaceutical Co. Ltd. ..... 22,000 241,076
Schering Plough Corp. .............. 72,600 6,651,975
Smithkline Beecham PLC ............. 10,000 122,161
Taisho Pharmaceutical Co. .......... 1,000 18,684
Yamanouchi Pharmaceutical Co.
Ltd. ............................. 12,000 250,180
------------
59,462,896
------------
FOODS (1.2%)
Barry Callebaut AG* ................ 4,100 884,542
Campbell Soup Co. .................. 142,300 7,559,687
Huhtamaki Oy Series I .............. 11,550 661,499
Nestle SA .......................... 1,150 2,462,822
Nutreco Holding N.V. ............... 3,900 136,566
Orkla ASA .......................... 33,200 773,151
Parmalat Finanziaria Spa ........... 503,700 1,027,612
Rite Aid Corp. ..................... 120,000 4,507,500
Tyson Foods, Inc. .................. 214,600 4,654,138
------------
22,667,517
------------
HOSPITAL SUPPLIES & SERVICES (1.3%)
Columbia/HCA Healthcare Corp. 270,500 7,878,313
Medtronic, Inc. .................... 184,300 11,749,125
PT Tempo Scan Pacific .............. 206,000 3,142
United HealthCare Corp. ............ 81,700 5,187,950
------------
24,818,530
------------
RETAIL--FOOD (0.3%)
Delhaize-Le Lion SA ................ 8,800 614,723
Familymart Co. ..................... 63,100 2,403,463
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Food Lion, Inc. (Class A) .......... 125,000 $ 1,328,125
Santa Isabel S.A. (ADR) ............ 997 10,967
Seven-Eleven Japan Co. Ltd. ........ 3,200 190,680
Woolworths Ltd. .................... 460,000 1,497,303
------------
6,045,261
------------
SOAPS & TOILETRIES (1.4%)
Avon Products, Inc. ................ 134,400 10,416,000
Estee Lauder Companies
(Class A) ........................ 67,900 4,731,781
Gillette Co. ....................... 200,800 11,382,850
Kao Corp. .......................... 11,000 169,817
------------
26,700,448
------------
TOBACCO (1.1%)
Imperial Tobacco Group PLC ......... 11,600 85,625
Japan Tobacco, Inc. ................ 150 1,016,087
Philip Morris Cos., Inc. ........... 413,300 16,273,687
Seita .............................. 27,700 1,255,031
Swedish Match AB ................... 50,492 167,738
Tabacalera SA-A .................... 60,000 1,228,562
------------
20,026,730
------------
TOTAL CONSUMER NONCYCLICALS (9.8%)
185,083,404
------------
CREDIT SENSITIVE
BANKS (3.0%)
Allied Irish Bank .................. 225,000 3,255,887
AMMB Holdings BHD .................. 60,000 31,516
Banca Nazionale del Lavoro
(BNL)* ........................... 5,500 145,482
Banco Bilbao Vizcaya SA ............ 54,900 2,817,496
Banco Central
Hispanoamericano SA .............. 6,900 216,876
Banco Santander SA ................. 58,200 1,489,632
Bangkok Bank Public Co. Ltd. ....... 20,000 24,645
BankAmerica Corp. .................. 45,800 3,958,837
Bank of Tokyo-Mitsubishi Ltd. ...... 15,000 158,960
Banque Nationale de Paris .......... 13,700 1,119,107
Barclays PLC ....................... 18,000 519,439
BPI-SGPS SA ........................ 12,000 387,413
Chase Manhattan Corp. .............. 220,400 16,640,200
Corporacion Bancaria de
Espana SA ........................ 48,000 1,076,752
Credito Italiano Spa ............... 500,000 2,618,398
Dao Heng Bank Group Ltd. ........... 30,000 42,592
Erste Bank Der
Oesterreichischen
Sparkassen AG .................... 3,740 226,836
Forenings Sparbanken AB
(A Shares) ....................... 6,900 207,597
Istituto Mobiliare Italiano ........ 84,700 1,334,722
Long-Term Credit Bank of Japan 230,000 134,396
National Bank of Canada ............ 28,000 547,042
National Westminster Bank PLC 6,000 107,315
NationsBank Corp. .................. 130,000 9,945,000
Paribas* ........................... 93 9,950
Philippine Commercial
International Bank ............... 5,000 18,225
PT Bank Dagang Nasional
Indonesia Tbk .................... 1,230,000 6,254
Seventy-Seven Bank Co. Ltd. ........ 123,000 1,029,289
Shizuoka Bank Ltd. ................. 1,000 10,749
</TABLE>
57
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Skandinaviska Enskilda Banken
(Series A) ....................... 44,200 $ 756,337
Societe Generale ................... 9,028 1,876,510
State Bank of India (GDR) .......... 27,000 319,950
State Street Corp. ................. 43,900 3,051,050
Sumitomo Bank Ltd. ................. 8,000 77,911
Suncorp-Metway Ltd. ................ 32,858 79,858
Thai Farmers Bank Public Co.--
Warrants (expire 09/15/02)* ...... 2,875 170
Toho Bank .......................... 10,000 40,182
United Overseas Bank Ltd. .......... 4,000 12,430
Wing Hang Bank Ltd. ................ 161,000 215,068
Yamaguchi Bank ..................... 70,000 898,860
Zions Bancorp. ..................... 44,400 2,358,750
-----------
57,767,683
-----------
FINANCIAL SERVICES (2.3%)
Aiful Corp. ........................ 5,800 283,264
Associates First Capital Corp.
(Class A) ........................ 111,200 8,548,500
Credit Saison Co. .................. 24,400 484,057
MBNA Corp. ......................... 438,250 14,462,250
Merrill Lynch & Co., Inc. .......... 65,800 6,070,050
Morgan Stanley Dean Witter
& Co. ............................ 130,000 11,878,750
Newcourt Credit Group, Inc. ........ 45,000 2,213,438
Nichiei Co. Ltd. ................... 3,200 217,919
Peregrine Investment Holdings
Ltd. ............................. 472,000 0
Sanyo Shinpan Finance Co. Ltd. ..... 1,100 38,883
Takefuji Corp. ..................... 800 36,936
Worms Et Compagnie ................. 2,500 159,570
-----------
44,393,617
-----------
INSURANCE (3.6%)
ASR Verzekeringsgroep N.V. ......... 10,000 848,866
Catalana Occidente SA .............. 2,060 65,152
CNA Financial Corp.* ............... 42,300 1,969,594
Commercial Union PLC ............... 52,033 971,484
Corporacion Mapfre ................. 18,000 631,497
Fortis Amev N.V. ................... 37,281 2,183,724
ING Groep N.V. ..................... 50,000 3,275,463
Irish Life PLC ..................... 100,000 942,973
Kingsway Financial Services* ....... 20,000 186,878
Life Re Corp. ...................... 105,500 8,651,000
MGIC Investment Corp. .............. 47,000 2,681,937
PennCorp Financial Group, Inc. ..... 121,700 2,494,850
Providian Financial Corp. .......... 102,000 8,013,375
QBE Insurance Group Ltd. ........... 40,000 141,360
Royal & Sun Alliance Insurance
Group PLC ........................ 100,936 1,044,253
SunAmerica, Inc. ................... 115,700 6,645,519
Travelers Group, Inc. .............. 354,000 21,461,250
Trygg-Hansa AB (B Shares)* ......... 3,600 110,116
United Assurance Group PLC ......... 71,600 679,172
Willis Corroon Group PLC
(ADR) ............................ 249,000 3,128,063
Zurich Versicherungs ............... 2,130 1,360,322
-----------
67,486,848
-----------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
REAL ESTATE (0.2%)
Asticus AB* ........................ 20,000 $ 220,635
City Developments Ltd. ............. 8,000 22,350
Daibiru Corp. ...................... 4,000 25,797
Glenborough Realty Trust, Inc. ..... 70,000 1,846,250
Mandamus AB* ....................... 345 2,162
Sumitomo Realty &
Development Co. Ltd. ............. 14,000 61,809
Unibail SA ......................... 7,880 1,018,960
-----------
3,197,963
-----------
UTILITY--ELECTRIC (0.6%)
AES Corp.* ......................... 103,400 5,434,962
Cia Paranaense de Energia-Copel
(ADR) ............................ 54,000 499,500
Electricidade de Portugal SA ....... 5,000 116,280
Hong Kong Electric Holdings
Ltd. ............................. 179,000 554,466
Manila Electric Co. ................ 16,620 43,842
National Grid Group PLC ............ 20,000 134,937
Powergen PLC ....................... 108,000 1,493,387
Veba AG ............................ 35,000 2,387,025
Viag AG ............................ 800 541,170
-----------
11,205,569
-----------
UTILITY--GAS (0.2%)
Anglian Water PLC .................. 128,600 1,804,008
Scottish Power PLC ................. 220,000 1,928,858
-----------
3,732,866
-----------
UTILITY--TELEPHONE (0.5%)
British Telecommunications PLC 186,600 2,306,012
Cable & Wireless PLC ............... 109,200 1,327,615
Telecom Italia Spa ................. 250,000 1,841,039
Telefonica de Espana ............... 57,000 2,635,344
Telekom Malaysia BHD ............... 38,500 64,936
Telephone & Data Systems, Inc. ..... 20,000 787,500
-----------
8,962,446
-----------
TOTAL CREDIT SENSITIVE (10.4%) 196,746,992
-----------
ENERGY
COAL & GAS PIPELINES (0.0%)
BG PLC ............................. 164,117 949,675
OMV AG ............................. 1,400 187,579
-----------
1,137,254
-----------
OIL--DOMESTIC (0.9%)
Apache Corp. ....................... 80,000 2,520,000
Louis Dreyfus Natural Gas
Corp.* ........................... 245,400 4,647,262
Tom Brown, Inc.* ................... 121,000 2,276,313
USX-Marathon Group ................. 215,700 7,401,206
-----------
16,844,781
-----------
OIL--INTERNATIONAL (0.4%)
British Petroleum Co. PLC .......... 98,700 1,440,611
Gulf Indonesia Resources Ltd.* ..... 17,900 205,850
Repsol SA .......................... 13,950 768,683
Shell Transport & Trading Co.
PLC .............................. 178,950 1,261,137
Total SA--B ........................ 26,234 3,409,661
-----------
7,085,942
-----------
</TABLE>
58
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
OIL--SUPPLIES & CONSTRUCTION (1.3%)
BJ Services Co.* .................... 118,100 $ 3,432,281
Canadian Fracmaster Ltd.+ ........... 47,100 297,666
Canadian Fracmaster Ltd.
Installment Receipt ............... 133,800 455
Dresser Industries, Inc. ............ 259,800 11,447,437
Fugro N.V. .......................... 10,000 398,367
Noble Drilling Corp.* ............... 347,100 8,352,094
Parker Drilling Co.* ................ 50,700 358,069
------------
24,286,369
------------
TOTAL ENERGY (2.6%) ............... 49,354,346
------------
TECHNOLOGY
ELECTRONICS (2.8%)
Altera Corp.* ....................... 201,280 5,950,333
Cisco Systems, Inc.* ................ 300,500 27,664,781
Disco Corp. ......................... 4,000 111,095
Fujimi, Inc. ........................ 3,800 139,258
Intel Corp. ......................... 59,900 4,440,088
Leitch Technology Corp.* ............ 9,500 159,781
Micronics Japan Co. Ltd. ............ 7,000 98,471
Murata Manufacturing Co., Ltd. ...... 8,000 259,703
Nikon Corp. ......................... 8,000 57,596
Rohm Co. Ltd. ....................... 2,000 205,598
Sankyo Engineering Co. .............. 6,000 23,330
SMH AG .............................. 4,850 809,560
Solectron Corp.* .................... 181,600 7,638,550
Sterling Commerce, Inc.* ............ 40,000 1,940,000
TDK Corp. ........................... 1,000 73,943
Texas Instruments, Inc. ............. 40,000 2,332,500
Tokyo Cathode Laboratory Co. . 5,400 42,461
Varitronix International Ltd. ....... 335,000 670,173
Yokogawa Electric Corp. ............. 12,000 64,060
------------
52,681,281
------------
OFFICE EQUIPMENT (2.3%)
Barco N.V. .......................... 4,314 1,205,416
Bay Networks, Inc.* ................. 84,900 2,738,025
Canon, Inc. ......................... 2,000 45,448
Ceridian Corp.* ..................... 186,300 10,945,125
Compaq Computer Corp. ............... 361,300 10,251,888
Dell Computer Corp.* ................ 155,500 14,432,344
Policy Management Systems
Corp.* ............................ 97,800 3,838,650
------------
43,456,896
------------
OFFICE EQUIPMENT SERVICES (0.7%)
Canon Chemicals, Inc.* .............. 6,000 63,194
Computer Sciences Corp. ............. 47,500 3,040,000
Data Communication System Co. 2,000 36,070
First Data Corp. .................... 257,200 8,567,975
Fuji Soft ABC, Inc. ................. 4,000 136,200
INES Corp. .......................... 6,000 41,120
Mettler-Toledo International,
Inc.* ............................. 45,900 920,869
Nippon System Development ........... 4,200 99,985
------------
12,905,413
------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS (1.7%)
Asia Satellite
Telecommunications
Holdings Ltd. ..................... 120,000 $ 198,245
Clearnet Communications, Inc.
(Class A)* ........................ 60,000 660,000
DDI Corp. ........................... 208 724,744
Energis PLC* ........................ 100,000 1,523,046
Global TeleSystems Group, Inc.* 8,000 390,000
Helsinki Telephone Corp. ............ 18,300 851,155
Keppel Telecommunications &
Transportation Ltd. ............... 24,000 11,364
Nextel Communications, Inc.
(Class A)* ........................ 77,900 1,937,763
PT Indosat .......................... 419,000 488,597
PT Telekomunikasi Indonesia ......... 309,000 87,463
SK Telecom Co. Ltd. (ADR) ........... 34,001 189,129
Tele-Communications TCI
Ventures Group (Class A)* ......... 220,000 4,413,750
Tellabs, Inc.* ...................... 201,700 14,446,762
Videsh Sanchar Nigam Ltd.
(GDR)* ............................ 14,000 130,900
Videsh Sanchar Nigam Ltd.
(GDR)*+ ........................... 14,400 149,040
Vodafone Group PLC .................. 100,000 1,270,040
WorldCom, Inc.* ..................... 111,036 5,378,306
------------
32,850,304
------------
TOTAL TECHNOLOGY (7.5%) ........... 141,893,894
------------
DIVERSIFIED
MISCELLANEOUS (1.4%)
BTR PLC ............................. 146,250 415,205
BTR PLC (B Shares)* ................. 180,000 103,707
Citic Pacific Ltd. .................. 60,000 106,092
First Pacific Co. ................... 397,685 166,814
Hagemeyer N.V. ...................... 8,000 346,235
Hutchison Whampoa ................... 34,000 179,479
Montedison Spa ...................... 1,113,000 1,381,189
Smith (Howard) Ltd. ................. 35,000 206,150
Swire Pacific Ltd. (Class A) ........ 57,000 215,185
Tomkins PLC ......................... 160,000 869,072
Tyco International Ltd. ............. 261,000 16,443,000
U.S. Industries, Inc. ............... 146,500 3,625,875
Vivendi ............................. 8,259 1,763,104
------------
TOTAL DIVERSIFIED (1.4%) .......... 25,821,107
------------
TOTAL COMMON STOCKS AND OTHER
INVESTMENTS (46.6%)
(Cost $651,341,854)................ 878,663,698
------------
PREFERRED STOCKS:
BASIC MATERIALS (0.1%)
CHEMICALS
Henkel KGAA ......................... 15,180 1,510,845
------------
BUSINESS SERVICES
PRINTING, PUBLISHING &
BROADCASTING (0.0%)
ProSieben Media AG* ................. 11,500 598,115
------------
TRUCKING, SHIPPING (0.1%)
CNF Trust I
5.0% Conv. Series A ............... 19,300 1,225,550
------------
TOTAL BUSINESS SERVICES (0.1%)..... 1,823,665
------------
</TABLE>
59
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------
<S> <C> <C>
CAPITAL GOODS (0.2%)
AEROSPACE
Loral Space & Communications
6.0% Conv. ........................ 42,900 $ 3,276,487
------------
CONSUMER CYCLICALS
AIRLINES (0.2%)
Continental Airlines
Finance Trust
8.5% Conv. ........................ 24,600 3,127,275
------------
LEISURE RELATED (0.1%)
Royal Caribbean Cruises Ltd.
7.25% Series A .................... 19,800 2,494,800
------------
RETAIL--GENERAL (0.0%)
Hornbach Holding AG ................. 8,010 735,046
------------
TOTAL CONSUMER CYCLICALS (0.3%) 6,357,121
------------
CONSUMER NONCYCLICALS (0.1%)
CONTAINERS
Owens-Illinois, Inc.
4.75% Conv. ....................... 20,000 1,042,500
------------
CREDIT SENSITIVE
BANKS (0.0%)
Bank Austria AG ..................... 6,000 487,259
------------
INSURANCE (0.1%)
Life Re Capital Trust II
6.0% Conv. ........................ 21,000 1,601,250
------------
UTILITY--ELECTRIC (0.1%)
AES Trust I
5.375% Conv. Series A ............. 32,700 2,550,600
------------
TOTAL CREDIT SENSITIVE (0.2%) ..... 4,639,109
------------
TECHNOLOGY
ELECTRONICS (0.1%)
L&H Capital Trust I
4.75% Conv.+ ...................... 22,300 1,416,050
------------
TELECOMMUNICATIONS (0.6%)
ICG Communications, Inc.
6.75% Conv. ....................... 14,200 1,182,150
Intermedia
Communications, Inc.:
7.0% Conv.+ ....................... 28,900 1,589,500
7.0% Conv. Series D ............... 21,000 1,155,000
IXC Communications, Inc.
6.75% Conv.+ ...................... 28,800 1,382,400
Nextel Strypes Trust
7.25% Conv. ....................... 66,000 1,468,500
Nokia Oyj (A Shares) ................ 28,200 2,075,439
Skytel Communications, Inc.
$2.25 Conv. ....................... 14,300 500,500
WinStar Communications, Inc.
7.0% Conv.+ ....................... 36,100 1,980,988
------------
11,334,477
------------
TOTAL TECHNOLOGY (0.7%) ........... 12,750,527
------------
TOTAL PREFERRED STOCKS (1.7%)
(Cost $24,532,495) ................ 31,400,254
------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -----------------------------------------------------------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES
PRINTING, PUBLISHING &
BROADCASTING (0.1%)
Clear Channel
Communications, Inc.
2.625% Conv., 04/01/03 ............ $ 745,000 $ 800,875
P-Com, Inc.:
4.25% Conv., 11/01/02+ ............ 1,355,000 980,681
4.25% Conv., 11/01/02 .............. 400,000 289,500
-----------
2,071,056
-----------
PROFESSIONAL SERVICES (0.1%)
Career Horizons, Inc.
7.0% Conv., 11/01/02 .............. 550,000 1,517,313
Personnel Group of America:
5.75% Conv., 07/01/04 ............. 330,000 420,337
5.75% Conv., 07/01/04+ ............ 370,000 471,288
-----------
2,408,938
-----------
TOTAL BUSINESS SERVICES (0.2%) 4,479,994
-----------
CAPITAL GOODS (0.1%)
AEROSPACE
Orbital Sciences Corp.:
5.0% Conv., 10/01/02+ ............. 690,000 1,035,000
5.0% Conv., 10/01/02 ............... 40,000 60,000
-----------
1,095,000
-----------
CONSUMER CYCLICALS
LEISURE RELATED (0.8%)
Royal Caribbean Cruises Ltd.
7.5%, 10/15/27 .................... 14,150,000 14,798,636
-----------
RETAIL--GENERAL (0.1%)
Home Depot, Inc.
3.25% Conv. Sub. Note,
10/01/01 .......................... 955,000 1,776,300
Office Depot, Inc.
Zero Coupon, 11/01/08 ............. 895,000 688,031
-----------
2,464,331
-----------
TOTAL CONSUMER CYCLICALS (0.9%) 17,262,967
-----------
CONSUMER NONCYCLICALS
DRUGS (0.4%)
Centocor, Inc.
4.75% Conv., 02/15/05+ ............ 770,000 757,488
MedImmune, Inc.:
7.0% Conv., 07/01/03 .............. 810,000 2,608,200
7.0% Conv. Sub. Note,
07/01/03+ ......................... 500,000 1,610,000
Quintiles Transnational Corp.:
4.25% Conv., 05/31/00 ............. 695,000 902,631
4.25% Conv., 05/31/00+ ............ 580,000 753,275
-----------
6,631,594
-----------
HOSPITAL SUPPLIES & SERVICES (0.1%)
Alternative Living Services Ltd.
5.25% Conv., 12/15/02 ............. 585,000 654,469
FPA Medical Management, Inc.
6.5% Conv., 12/15/01 (a)+ ......... 1,130,000 135,600
</TABLE>
60
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------
<S> <C> <C>
RES-Care, Inc.
6.0% Conv., 12/01/04+ ....................... $ 1,095,000 $ 1,253,775
Sunrise Assisted Living, Inc.
5.5% Conv., 06/15/02 ........................ 500,000 555,000
-----------
2,598,844
-----------
MEDIA & CABLE (1.8%)
Time Warner Entertainment Co.
8.375%, 03/15/23 ............................ 23,580,000 27,619,490
Turner Broadcasting System, Inc.
8.375%, 07/01/13 ............................ 5,530,000 6,338,375
-----------
33,957,865
-----------
TOTAL CONSUMER NONCYCLICALS (2.3%) 43,188,303
-----------
CREDIT SENSITIVE
BANKS (1.4%)
ABN Amro Bank NV
7.125%, 06/18/07 ............................ 25,375,000 26,657,452
Sumitomo Bank International
0.75% Conv., 05/31/01 Yen 101,000,000 809,669
-----------
27,467,121
-----------
FINANCIAL SERVICES (1.1%)
Lehman Bros, Inc.
6.5%, 04/15/08 .............................. $ 18,530,000 18,566,282
RAC Financial Group, Inc.:
7.25% Conv., 08/15/03 ....................... 245,000 579,578
7.25% Conv. Sub. Note,
08/15/03+ ................................... 625,000 1,478,516
-----------
20,624,376
-----------
MORTGAGE RELATED (12.3%)
Federal Home Loan
Mortgage Corp.:
7.0%, 09/01/11 .............................. 22,780,440 23,186,228
7.0%, 01/01/12 .............................. 4,876,233 4,963,093
Federal National Mortgage
Association:
6.5%, 06/01/11 .............................. 37,221,791 37,477,505
6.5%, 09/01/11 .............................. 15,354,062 15,459,544
7.0%, 05/01/26 .............................. 24,772,942 25,128,929
7.0%, 09/01/27 .............................. 8,286,005 8,402,507
7.0%, 01/01/28 .............................. 37,871,731 38,404,018
Government National Mortgage
Association:
7.5%, 12/15/25 .............................. 7,012,737 7,203,414
7.5%, 01/15/27 .............................. 6,995,422 7,185,627
7.5%, 04/15/27 .............................. 6,665,654 6,846,894
7.5%, 06/15/27 .............................. 7,035,685 7,231,347
7.0%, 07/15/27 .............................. 10,613,848 10,779,742
7.5%, 09/15/27 .............................. 917,742 942,695
7.0%, 02/15/28 .............................. 26,681,278 27,098,306
6.5%, 03/15/28 .............................. 12,190,360 12,159,884
-----------
232,469,733
-----------
UTILITY--ELECTRIC (1.4%)
Consolidated Edison, Inc.
6.25%, 02/01/08 ............................. 25,780,000 25,758,087
National Grid Group PLC
4.25% Conv., 02/17/08 ....................... 4,000 7,624
-----------
25,765,711
-----------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT (20.2%)
U.S. Treasury:
6.375% Note, 05/15/99 ....................... $ 52,000,000 $52,357,500
6.0% Note, 08/15/00 ......................... 48,620,000 49,075,812
6.25% Note, 04/30/01 ........................ 43,000,000 43,792,834
6.5% Note, 08/31/01 ......................... 82,740,000 84,963,638
6.5% Note, 05/31/02 ......................... 43,460,000 44,899,612
5.75% Note, 08/15/03 ........................ 21,700,000 21,930,563
6.875% Note, 05/15/06 ....................... 450,000 487,406
6.125% Bond, 11/15/27 ....................... 77,995,000 83,576,556
-----------
381,083,921
-----------
TOTAL CREDIT SENSITIVE (36.4%) 687,410,862
-----------
ENERGY
GAS (0.4%)
RAS Laffan Liquid Natural Gas
8.294%, 03/15/14+ ........................... 7,730,000 7,717,717
-----------
OIL--SUPPLIES & CONSTRUCTION (0.2%)
Diamond Offshore Drilling, Inc.
3.75% Conv. Sub. Note,
02/15/07 .................................... 1,480,000 1,713,100
Nabors Industries, Inc.
5.0% Conv., 05/15/06 ........................ 705,000 863,625
Seacor Holdings, Inc.:
5.375% Conv., 11/15/06+ ...................... 135,000 151,200
5.375% Conv., 11/15/06 ....................... 150,000 168,000
-----------
2,895,925
-----------
TOTAL ENERGY (0.6%) ......................... 10,613,642
-----------
TECHNOLOGY
ELECTRONICS (0.9%)
Amkor Technologies, Inc.
5.75% Conv., 05/01/03 ....................... 1,820,000 1,669,850
HNC Software, Inc.
4.75% Conv., 03/01/03 ....................... 950,000 1,080,625
Level One Communications, Inc.:
4.0% Conv., 09/01/04 ......................... 520,000 573,950
4.0% Conv., 09/01/04+ ........................ 790,000 871,963
Network Associates, Inc.
Zero Coupon, 02/13/18+ ...................... 3,200,000 1,500,000
Photronics, Inc.
6.0% Conv., 06/01/04 ........................ 1,840,000 1,987,200
Sanmina Corp.
5.5% Conv., 08/15/02+ ....................... 1,265,000 3,893,037
SCI Systems, Inc.
5.0% Conv., 05/01/06+ ....................... 1,590,000 2,563,875
Solectron Corp.
6.0% Conv., 03/01/06+ ....................... 1,445,000 1,954,362
Wind River Systems, Inc.
5.0% Conv., 08/01/02+ ....................... 300,000 298,500
-----------
16,393,362
-----------
TELECOMMUNICATIONS (0.1%)
Comverse Technology, Inc.:
5.75% Conv., 10/01/06 ........................ 375,000 474,375
5.75% Conv. Sub. Note,
10/01/06+ ................................... 1,605,000 2,030,325
-----------
2,504,700
-----------
TOTAL TECHNOLOGY (1.0%) ..................... 18,898,062
-----------
TOTAL LONG-TERM DEBT SECURITIES (41.5%)
(Amortized Cost $761,102,206)................ 782,948,830
-----------
</TABLE>
61
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
BANKERS' ACCEPTANCES
Chase Manhattan Corp.
5.28%, due 08/28/98 ..................... $ 4,175,070 $ 4,139,828
Suntrust Banks, Inc.:
5.51%, due 07/17/98 ...................... 3,517,131 3,508,533
5.52%, due 07/27/98 ...................... 20,099,501 20,019,662
--------------
TOTAL BANKERS' ACCEPTANCES (1.5%) 27,668,023
--------------
COMMERCIAL PAPER
Bankers Trust New York Corp.
5.52%, due 08/06/98 ..................... 2,194,163 2,182,117
Barton Capital Corp.
1.05%, due 07/01/98 ..................... 28,531,000 28,526,840
Dresdner Bank AG
6.0%, due 07/01/98 ...................... 26,400,000 26,400,000
Salomon Smith Barney
Holdings, Inc.
5.59%, due 08/12/98 ..................... 17,000,000 16,889,925
UBS Finance Delaware, Inc.
5.55%, due 08/10/98 ..................... 25,000,000 24,846,666
--------------
TOTAL COMMERCIAL PAPER (5.2%) 98,845,548
--------------
U.S. GOVERNMENT AGENCIES
Federal Home Loan Mortgage
Corp.:
5.85%, due 07/01/98 ...................... 19,000,000 19,000,000
Federal National Mortgage
Association:
5.6%, due 07/06/98 ...................... 15,000,000 14,988,333
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
5.51%, due 07/21/98 ..................... $ 7,680,000 $ 7,656,491
5.48%, due 07/29/98 ..................... 11,000,000 10,953,286
--------------
TOTAL U.S. GOVERNMENT
AGENCIES (2.8%) ...................... 52,598,110
--------------
TOTAL SHORT-TERM DEBT SECURITIES (9.5%)
(Cost $179,111,681) ...................... 179,111,681
--------------
TOTAL INVESTMENTS (99.3%)
(Cost/Amortized Cost $1,616,088,236)
1,872,124,463
OTHER ASSETS
LESS LIABILITIES (0.7%) ................. 13,742,248
--------------
NET ASSETS (100.0%) ....................... $1,885,866,711
==============
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY GLOBAL REGION
<S> <C>
As a Percentage of Total Investments
Australia ............................................................ 0.1%
Canada ............................................................... 0.1
France ............................................................... 1.0
Germany .............................................................. 0.7
Japan ................................................................ 1.3
Latin America ........................................................ 0.1
Netherlands .......................................................... 0.7
Scandinavia .......................................................... 0.6
Southeast Asia ....................................................... 0.3
Spain ................................................................ 0.6
Switzerland .......................................................... 0.7
United Kingdom ....................................................... 2.2
United States** ...................................................... 90.6
Other European Countries ............................................. 1.0
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing.
** Includes Short-Term Debt Securities of 9.6%.
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may only be resold to qualified institutional
buyers. At June 30, 1998, these securities amounted to $36,311,306 or
1.9% of net assets.
(a) Subsequent to June 30, 1998, on July 15, 1998, this security
defaulted on its interest payment.
Glossary:
ADR--American Depository Receipt
GDR--Global Depository Receipt
See Notes to Financial Statements.
62
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS AND OTHER
INVESTMENTS:
BASIC MATERIALS
CHEMICALS (0.6%)
AGA AB (A Shares) ................... 3,400 $ 53,278
Akzo Nobel N.V. ..................... 6,000 1,334,383
Bayer AG ............................ 25,400 1,311,195
Georgia Gulf Corp. .................. 292,000 6,661,250
GP Batteries International Ltd. ..... 180,000 328,144
GP Batteries International Ltd.--
Warrants (expire 11/15/00)* ....... 5,750 2,995
Imperial Chemical Industries
PLC ............................... 15,000 240,982
Indo Gulf Fertilisers &
Chemicals Corp. Ltd. (GDR) + 50,000 41,765
Ishihara Sangyo Kaisha Ltd.* ........ 40,000 55,403
Johnson Matthey PLC ................. 25,000 224,616
L'Air Liquide ....................... 2,289 378,566
Linde AG ............................ 100 70,141
Rhodia SA* .......................... 10,300 287,157
Royal Group Technologies Ltd.*....... 10,000 288,811
Solvay Et Cie Societe Anonyme ....... 1,200 95,110
Sumitomo Chemical Co. Ltd. .......... 28,000 86,452
Toray Industries, Inc. .............. 29,000 150,628
UBE Industries Ltd. ................. 14,000 18,179
--------------
11,629,055
--------------
CHEMICALS--SPECIALTY (0.1%)
Kyowa Hakko Kogyo Co. ............... 8,000 31,741
NGK Insulators ...................... 6,000 52,157
SGL Carbon AG + ..................... 15,000 1,754,921
UCAR International, Inc.* ........... 5,000 145,938
--------------
1,984,757
--------------
METALS & MINING (0.3%)
Bethlehem Steel Corp.* .............. 330,000 4,104,375
Degussa AG .......................... 2,500 154,006
Granges AB .......................... 550 10,066
Great Central Mines Ltd. ............ 75,000 71,610
Japan Energy Corp. .................. 19,000 20,149
Randgold Resources Ltd.
(GDR)*+ ........................... 7,600 40,888
Rio Tinto Ltd. ...................... 5,800 69,043
Rio Tinto PLC ....................... 27,615 311,291
Sons of Gwalia Ltd. ................. 25,229 62,567
Toho Titanium ....................... 47,000 366,181
WMC Ltd. ............................ 40,700 122,637
--------------
5,332,813
--------------
PAPER (0.3%)
Amcor Ltd. .......................... 8,900 39,013
Enso Oyj (R Shares) ................. 30,000 324,484
Grupo Industrial Durango
(ADR)* ............................ 12,000 106,500
Jefferson Smurfit Corp.* ............ 79,300 1,246,497
Mayr-Melnhof Karton AG .............. 22,000 1,438,305
Nippon Paper Industries Co. ......... 2,000 8,339
Stone Container Corp.* .............. 123,000 1,921,875
Svenka Cellulosa (Series B) ......... 3,200 82,838
UPM-Kymmene Oyj ..................... 3,292 90,668
--------------
5,258,519
--------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
STEEL (0.0%)
Broken Hill Proprietary Co. Ltd. 50,000 $ 423,151
Kawasaki Steel Corp. ................ 54,000 97,388
Nippon Steel Corp. .................. 191,000 336,200
NKK Corp. ........................... 85,000 81,554
Sumitomo Metal Industries ........... 254,000 408,614
--------------
1,346,907
--------------
TOTAL BASIC MATERIALS (1.3%) ...... 25,552,051
--------------
BUSINESS SERVICES
ENVIRONMENTAL CONTROL (0.6%)
B.U.S. Berzelius Umwelt-Service
AG ................................ 21,600 446,731
Daiseki Co. Ltd. .................... 3,400 20,113
Matsuda Sangyo Co. Ltd. ............. 9,000 69,470
Powerscreen International PLC ....... 160,000 240,481
Rentokil Initial PLC ................ 160,000 1,151,637
Tomra Systems ASA ................... 95,000 2,850,620
Waste Management, Inc. .............. 194,200 6,797,000
--------------
11,576,052
--------------
PRINTING, PUBLISHING &
BROADCASTING (4.3%)
British Sky Broadcasting Group
PLC ............................... 50,476 362,891
Cablevision Systems Corp.
(Class A)* ........................ 92,000 7,682,000
CBS Corp. ........................... 604,250 19,184,938
Comcast Corp. (Class A) SPL ......... 155,000 6,292,031
Dai Nippon Printing Co. Ltd. ........ 19,000 303,600
Donnelley (R.R.) & Sons Co. ......... 39,800 1,820,850
Elsevier N.V. ....................... 66,445 1,003,227
Gannett Co. ......................... 78,100 5,549,981
Havas ............................... 200 16,966
Liberty Media Group (Class A)* 379,050 14,711,878
Mediaset Spa ........................ 150,000 957,734
News Corp. Ltd. (ADR) ............... 59,900 489,480
Nippon Television Network
Corp. ............................. 1,450 420,502
Pegasus Communications Corp.
(Class A)* ........................ 1,128 26,508
Reed International PLC .............. 120,000 1,086,172
Schibsted ASA ....................... 14,000 235,616
Seat Spa* ........................... 2,800,000 1,890,987
Star Publications BHD ............... 20,000 16,770
Takara Printing Co. ................. 8,000 28,740
Tele-Communications, Inc.
(Class A)* ........................ 383,000 14,721,563
Tele-Communications
International, Inc.* .............. 44,700 898,191
Tokyo Broadcasting System, Inc. 81,000 905,713
Toppan Printing Co. ................. 7,000 74,939
Viacom, Inc. (Class B)* ............. 70,000 4,077,500
--------------
82,758,777
--------------
PROFESSIONAL SERVICES (0.2%)
Adecco SA* .......................... 275 124,101
Adecco SA--Rights (expire
07/02/98)* ........................ 275 0
Alvern Norway ASA* .................. 75,000 92,955
Apcoa Parking AG .................... 3,000 216,246
Content Beheer N.V.+ ................ 50,000 1,709,045
</TABLE>
63
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Meitec .............................. 22,600 $ 782,571
Secom Co. ........................... 2,000 115,568
WPP Group PLC ....................... 200,000 1,311,790
--------------
4,352,276
--------------
TRUCKING, SHIPPING (0.7%)
Brambles Industries Ltd. ............ 80,000 1,571,827
Frontline Ltd.* ..................... 1,305,400 851,533
Frontline Ltd.--Warrants (expire
05/11/01)* ........................ 76,080 0
Irish Continental Group PLC ......... 30,000 481,723
Knightsbridge Tankers Ltd. .......... 110,700 2,961,225
Marine Transport Corp.* ............. 67,790 275,397
Mitsui O.S.K. Lines Ltd. ............ 19,000 32,347
Nippon Yusen K.K. ................... 13,000 44,077
OMI Corp.* .......................... 677,900 5,423,200
Peninsular & Oriental Steam
Navigation Co. .................... 10,466 150,838
Yamato Transport Co. Ltd. ........... 34,000 381,402
--------------
12,173,569
--------------
TOTAL BUSINESS SERVICES (5.8%)..... 110,860,674
--------------
CAPITAL GOODS
AEROSPACE (0.1%)
British Aerospace ................... 120,000 919,840
Rolls-Royce PLC ..................... 22,528 93,114
--------------
1,012,954
--------------
BUILDING & CONSTRUCTION (0.1%)
ABB AG* ............................. 200 295,573
CSR Ltd. ............................ 16,900 48,828
Daito Trust Construction Co.
Ltd. .............................. 17,200 130,284
Hochtief AG ......................... 1,500 71,943
ITC Corp. Ltd. ...................... 493,200 2,483
Japan Industrial Land
Development ....................... 19,000 31,525
Kaneshita Construction .............. 26,000 135,421
MacMahon Holdings Ltd. .............. 600,000 161,820
Mancon BHD .......................... 47,999 4,395
Metacorp BHD* ....................... 10,000 2,891
Mitsui Home Co. Ltd. ................ 20,000 89,597
Nanno Construction Co. Ltd. ......... 23,000 31,525
Nippon Denwa Shisetsu ............... 20,000 67,090
Nishimatsu Construction Co. ......... 4,000 19,622
Obayashi Corp. ...................... 12,000 50,902
Ohmoto Gumi Co. Ltd. ................ 12,000 69,254
Oriental Construction Co. ........... 4,000 19,795
PS Corp. ............................ 26,600 108,611
Sanyo Engineering &
Construction Co. .................. 9,000 34,151
Sho-Bond Corp. ...................... 48,000 876,064
Skanska AB (Series B) ............... 1,620 72,704
Suido Kiko Kaisha ................... 8,000 21,353
Toda Corp. .......................... 25,000 100,094
United Engineers Malaysia BHD 11,000 4,479
Wesco, Inc. ......................... 4,300 11,477
YTL Corp. BHD ....................... 16,500 12,404
--------------
2,474,285
--------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
BUILDING MATERIALS & FOREST
PRODUCTS (0.8%)
Blue Circle Industries PLC .......... 13,338 $ 75,399
BPB PLC ............................. 90,000 545,591
Chichibu Onoda Cement Co. ........... 11,000 19,918
Cie de St. Gobain ................... 3,150 583,902
Dahl International AB+ .............. 36,000 663,407
Fujikura Ltd. ....................... 132,000 588,487
Furukawa Electric Co. ............... 13,000 43,796
Heidelberg Zement AG ................ 1,100 104,297
Holderbank Financiere Glaris
AG ................................ 80 101,867
Lafarge SA .......................... 6,000 620,091
Martin Marietta Materials, Inc. ..... 201,200 9,054,000
Nichiha Corp. ....................... 54,900 324,362
Portland Valderrivas SA ............. 4,400 539,133
Rexam PLC ........................... 13,121 57,246
RMC Group PLC ....................... 4,518 78,393
Unidare PLC* ........................ 229,900 834,623
Wolseley PLC ........................ 10,088 59,302
--------------
14,293,814
--------------
ELECTRICAL EQUIPMENT (1.3%)
Alcatel Alsthom ..................... 6,000 1,221,331
Daikin Industries Ltd. .............. 5,000 32,246
General Electric Co. ................ 235,000 21,385,000
General Electric Co. PLC ............ 61,328 528,990
Kinden Corp. ........................ 5,000 60,597
Mabuchi Motor Co. ................... 1,400 88,876
Schneider SA ........................ 2,250 179,368
Siemens AG .......................... 14,750 898,004
Sumitomo Electric Industries ........ 31,000 313,757
--------------
24,708,169
--------------
MACHINERY (1.5%)
AlliedSignal, Inc. .................. 141,800 6,292,375
Amada Co. Ltd. ...................... 5,000 24,347
Asahi Diamond Industry Co.
Ltd. .............................. 20,000 90,175
Cie Generale de Geophysique
SA (ADR)* ......................... 84,000 2,467,500
Coltec Industries, Inc.* ............ 37,100 737,362
Construcciones y Auxiliar de
Ferrocarrites SA .................. 3,000 117,379
Ebara Corp. ......................... 5,000 44,510
Enshu* .............................. 38,000 65,791
Fanuc Ltd. .......................... 5,900 204,300
IHC Caland N.V. ..................... 14,000 788,374
Ishikawajima Harima Heavy
Industries Co. Ltd. ............... 62,000 113,158
Kalmar Industries AB+ ............... 16,050 241,444
Kawasaki Heavy Industries Ltd. ...... 112,000 226,230
Keyence Corp. ....................... 10,200 1,111,095
Mitsubishi Heavy Industries Ltd. 130,000 491,415
Mori Seiki Co. Ltd. ................. 8,000 98,052
Namura Shipbuilding ................. 8,000 18,814
Nireco .............................. 9,000 44,149
Nitta Corp. ......................... 38,600 247,829
Nitto Kohki Co. Ltd. ................ 5,180 56,015
Rofin-Sinar Technologies, Inc.* ..... 18,000 319,500
</TABLE>
64
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
SMC Corp. ............................ 21,200 $ 1,613,476
Sodick Co.* .......................... 110,000 317,415
Thai Engine Manufacturing
Public Co. Ltd.* ................... 100,000 34,953
Vestas Wind Systems A/S* ............. 6,450 254,865
United Technologies Corp. ............ 145,700 13,477,250
--------------
29,497,773
--------------
TOTAL CAPITAL GOODS (3.8%) ......... 71,986,995
--------------
CONSUMER CYCLICALS
AIRLINES (0.1%)
British Airways PLC .................. 45,000 487,350
Cathay Pacific Airways ............... 41,000 28,840
Japan Air Lines Co.* ................. 24,000 66,830
Lufthansa AG ......................... 20,000 502,356
Quantas Airways Ltd. ................. 40,000 60,264
Virgin Express Holdings PLC
(ADR)* ............................. 20,000 258,750
--------------
1,404,390
--------------
APPAREL, TEXTILE (0.4%)
Carli Gry International A/S .......... 20,000 1,615,485
King Co. ............................. 47,000 66,116
PT Great River International ......... 1,709,000 43,449
Teijin Ltd. .......................... 18,000 54,538
Tommy Hilfiger Corp.* ................ 86,000 5,375,000
--------------
7,154,588
--------------
AUTO RELATED (0.4%)
Asahi Glass Co. Ltd. ................. 5,000 27,052
Bridgestone Corp. .................... 22,000 520,560
Dana Corp. ........................... 100,000 5,350,000
Denso Corp. .......................... 30,000 497,764
Michelin (CGDE), (Class B) ........... 8,000 461,678
Minebea Co. Ltd. ..................... 88,000 876,699
Toyoda Gosei ......................... 32,000 93,493
--------------
7,827,246
--------------
AUTOS & TRUCKS (0.7%)
Daimler-Benz AG ...................... 23,950 2,350,513
Fiat Spa ............................. 74,250 325,106
Harley-Davidson, Inc. ................ 242,200 9,385,250
Honda Motor Co. Ltd. ................. 16,000 570,192
Perusahaan Otomobil Nasional ......... 9,000 5,747
Peugeot SA ........................... 700 150,475
--------------
12,787,283
--------------
FOOD SERVICES, LODGING (0.3%)
Accor SA ............................. 7,000 1,958,495
Choice Hotels Scandinavia ASA* 40,000 120,026
Compass Group PLC .................... 325,200 3,741,864
Fujita Kanko, Inc. ................... 3,000 24,455
QPQ Corp.--Warrants (expire
09/22/98)* ......................... 16,400 64
Restaurant Brands New Zealand
Ltd.+ .............................. 300,000 144,955
Sanyo Pax Co. Ltd. ................... 33,000 188,068
Thistle Hotels PLC+ .................. 130,000 475,451
--------------
6,653,378
--------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
HOUSEHOLD FURNITURE,
APPLIANCES (0.4%)
Elamex S.A. de C.V.* ................. 70,000 $ 415,625
Electrolux B ......................... 5,500 94,459
Industrie Natuzzi Spa (ADR) .......... 30,000 780,000
Philips Electronics N.V. ............. 2,680 225,387
Sony Corp. ........................... 12,000 1,034,483
Steelcase, Inc. (Class A) ............ 170,900 4,443,400
Toto Ltd. ............................ 5,000 30,407
--------------
7,023,761
--------------
LEISURE RELATED (2.2%)
Canal Plus ........................... 6,280 1,173,444
Carnival Corp. (Class A) ............. 236,000 9,351,500
Cendant Corp.* ....................... 151,000 3,152,125
Cinar Films, Inc. (Class B)* ......... 28,000 546,000
Cyrk, Inc.* .......................... 310,600 3,416,600
Disney (Walt) Co. .................... 54,400 5,715,400
EMI Group PLC ........................ 30,000 262,525
Granada Group PLC .................... 25,587 470,890
Hoyts Cinemas Group+ ................. 500,000 651,001
Imagineer Co. Ltd. ................... 11,400 57,567
KTM Motorradholding AG ............... 10,000 779,804
Mirage Resorts, Inc.* ................ 306,400 6,530,150
Nelvana Ltd.* ........................ 18,000 390,812
Nintendo Co. Ltd. .................... 8,400 778,676
Nippon Broadcasting System ........... 24,000 1,012,841
Resorts World BHD .................... 24,000 26,369
Royal Caribbean Cruises Ltd. ......... 82,400 6,550,800
Sega Enterprises Ltd. ................ 2,000 34,555
SHIMANO, INC. ........................ 12,000 304,718
Swatch Group AG ...................... 100 77,324
Tag Heuer International SA
(ADR) .............................. 50,200 470,625
Thomson Travel Group PLC* ............ 190,000 593,353
Toei Co. Ltd. ........................ 32,000 100,880
Toho Co. ............................. 400 42,130
Tokyo Dome Corp. ..................... 3,000 16,231
Tourism Holdings Ltd.* ............... 70,000 40,005
--------------
42,546,325
--------------
PHOTO & OPTICAL (0.2%)
Fuji Photo Film Co. .................. 36,000 1,254,364
Gretag Imaging Group* ................ 21,000 2,015,900
Noritsu Koki Co. Ltd. ................ 40,400 903,477
--------------
4,173,741
--------------
RETAIL--GENERAL (4.7%)
Abercrombie & Fitch Co.
(Class A)* ......................... 100,802 4,435,266
Aldeasa SA ........................... 36,600 1,307,910
BAA PLC .............................. 40,000 432,198
Boots Co. PLC ........................ 35,540 589,366
Daiei, Inc. .......................... 14,000 32,824
Dayton Hudson Corp. .................. 277,600 13,463,600
Dixons Group PLC ..................... 160,000 1,277,221
Doshisha Co. ......................... 7,000 29,743
Eiden Sakakiya Co. Ltd. .............. 21,000 81,049
Genesis Direct, Inc.* ................ 192,300 2,139,337
Great Universal Stores PLC ........... 39,213 517,339
Harvey Nichols PLC ................... 30,600 119,068
</TABLE>
65
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Hennes & Mauritz AB
(B Shares) ....................... 2,500 $ 159,521
Homac Corp. ........................ 3,100 26,836
Home Depot, Inc. ................... 82,000 6,811,125
Home Wide Corp. .................... 16,000 58,866
Isetan Co. ......................... 13,000 108,787
Japan Airport Terminal Co. Ltd. 66,000 366,614
K-Mart Corp.* ...................... 406,000 7,815,500
Karstadt AG ........................ 150 72,526
Kohl's Corp.* ...................... 184,500 9,570,937
Kokuyo Co. Ltd. .................... 11,000 186,481
Koninklijke Ahold N.V. ............. 5,367 172,363
Limited, Inc. ...................... 335,625 11,117,578
Marks & Spencer PLC ................ 90,055 820,391
Marui Co. Ltd. ..................... 7,000 104,530
Metro AG ........................... 2,280 138,431
Metro AG--Rights* .................. 2,280 0
Paris Miki, Inc. ................... 41,900 550,425
Pinault Printemps .................. 600 502,026
Proffitt's, Inc.* .................. 167,400 6,758,775
Sato Corp. ......................... 52,600 859,465
Smith (W.H.) Group PLC ............. 63,000 559,719
Smith (W.H.) Group PLC
(B Shares)* ...................... 70,000 62,542
Sriwani Holdings BHD ............... 240,000 52,623
Staples, Inc.* ..................... 331,700 9,598,569
S.T. Dupont*+ ...................... 29,100 318,548
Swank International
Manufacturing Co.* ............... 300,000 32,525
Takihyo Co. Ltd. ................... 13,000 58,145
Tandy Corp. ........................ 142,000 7,534,875
Warehouse Group Ltd. ............... 140,000 247,306
--------------
89,090,950
--------------
TOTAL CONSUMER CYCLICALS (9.4%) 178,661,662
--------------
CONSUMER NONCYCLICALS
BEVERAGES (1.2%)
Asahi Breweries Ltd. ............... 8,000 100,995
Cadbury Schweppes PLC .............. 18,792 291,075
Carlsberg `A' ...................... 900 65,493
Coca-Cola Amatil Ltd. .............. 2,000 13,392
Coca-Cola Co. ...................... 185,200 15,834,600
Coca-Cola Enterprises, Inc. ........ 72,500 2,845,625
Diageo PLC ......................... 164,160 1,946,453
Kirin Brewery Co. .................. 8,000 75,602
Louis Dreyfus Citrus ............... 38,000 1,269,285
Panamerican Beverages, Inc. ........ 18,000 565,875
Quilmes Industrial Quins (ADR) 18,000 175,500
--------------
23,183,895
--------------
CONTAINERS (0.2%)
Owens-Illinois, Inc.* .............. 67,000 2,998,250
Sealed Air Corp.* .................. 25,500 937,125
Toyo Seikan Kaisha ................. 3,000 36,791
--------------
3,972,166
--------------
DRUGS (4.0%)
Astra AB (A Shares) ................ 25,000 510,844
Bristol-Myers Squibb Co. ........... 92,900 10,677,694
Centocor, Inc.* .................... 247,000 8,953,750
Daiichi Pharmaceutical Co. ......... 5,000 66,008
Eisai Co. Ltd. ..................... 5,000 68,172
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Glaxo Wellcome PLC ................. 66,706 $ 2,004,076
Merck & Co., Inc. .................. 89,700 11,997,375
Novartis AG ........................ 500 832,619
Novo-Nordisk A/S (B Shares) ........ 5,000 689,856
Orion-Yhtyma Oyj (B Shares)* ....... 71,000 2,188,580
Pfizer, Inc. ....................... 166,000 18,042,125
Roche Holding AG
Genusssheine ..................... 150 1,474,071
Sankyo Co. Ltd. .................... 121,000 2,758,332
Sanofi SA .......................... 9,800 1,152,179
Santen Pharmaceutical Co. Ltd. ..... 110,000 1,205,382
Schering AG ........................ 1,250 147,422
Schering Plough Corp. .............. 104,300 9,556,487
Smithkline Beecham PLC ............. 100,000 1,221,610
Taisho Pharmaceutical Co. .......... 4,000 74,737
Yamanouchi Pharmaceutical Co.
Ltd. ............................. 74,000 1,542,779
Zeneca Group PLC ................... 30,000 1,288,577
--------------
76,452,675
--------------
FOODS (1.7%)
Ajinomoto Co., Inc. ................ 9,000 78,885
Barry Callebaut AG* ................ 8,500 1,833,806
Campbell Soup Co. .................. 151,000 8,021,875
Fyffes PLC ......................... 1,000,000 2,429,557
Groupe Danone ...................... 2,100 578,867
Karlshamns AB+ ..................... 53,800 728,394
Koninklijke Numico N.V. ............ 19,000 595,239
Nestle SA .......................... 930 1,991,674
Nippon Meat Packers, Inc. .......... 4,000 49,026
Nissin Food Products Co. ........... 3,000 53,780
Nutreco Holding N.V. ............... 28,600 1,001,485
Oie Sangyo Co. Ltd. ................ 6,000 21,685
Rite Aid Corp. ..................... 245,000 9,202,813
Shriram Industrial Enterprises
Ltd. (GDR)+ ...................... 28,800 43,200
Tingyi Holdings Corp.* ............. 480,000 29,427
Tyson Foods, Inc. .................. 235,900 5,116,081
Yamakazi Baking Co. ................ 4,000 35,493
--------------
31,811,287
--------------
HOSPITAL SUPPLIES & SERVICES (1.9%)
Columbia/HCA Healthcare Corp. 584,000 17,009,000
Medtronic, Inc. .................... 202,900 12,934,875
NIC Corp. .......................... 4,000 26,547
United HealthCare Corp. ............ 94,800 6,019,800
--------------
35,990,222
--------------
RETAIL--FOOD (0.3%)
Familymart Co. ..................... 30,700 1,169,355
Food Lion, Inc. (Class A) .......... 300,000 3,187,500
Jusco Co. .......................... 9,000 165,236
McBride PLC ........................ 60,000 171,844
Santa Isabel S.A. (ADR) ............ 3,324 36,564
Seven-Eleven Japan Co. Ltd. ........ 18,900 1,126,201
Tesco PLC .......................... 71,199 695,581
--------------
6,552,281
--------------
SOAPS & TOILETRIES (1.8%)
Avon Products, Inc. ................ 146,800 11,377,000
BIC ................................ 1,200 85,325
Estee Lauder Companies
(Class A) ........................ 74,500 5,191,719
</TABLE>
66
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Gillette Co. ......................... 220,400 $ 12,493,925
Kao Corp. ............................ 70,000 1,080,652
L'Oreal .............................. 2,455 1,365,219
Unilever N.V. CVA .................... 15,160 1,203,376
Unilever PLC ......................... 102,420 1,091,248
--------------
33,888,464
--------------
TOBACCO (1.2%)
Imperial Tobacco Group PLC ........... 127,000 937,442
Japan Tobacco, Inc. .................. 90 609,652
Philip Morris Cos., Inc. ............. 458,500 18,053,438
RJ Reynolds BHD ...................... 80,000 110,837
Rothmans of Pall Mall BHD ............ 6,000 41,564
Swedish Match AB ..................... 332,307 1,103,941
Tabacalera SA-A ...................... 80,000 1,638,083
--------------
22,494,957
--------------
TOTAL CONSUMER NONCYCLICALS (12.3%) 234,345,947
--------------
CREDIT SENSITIVE
BANKS (3.7%)
ABN Amro Holding N.V. ................ 26,124 611,569
Ahmanson (H.F.) & Co. ................ 60,000 4,260,000
Akita Bank ........................... 27,000 118,814
Asahi Bank Ltd. ...................... 34,000 149,618
Banca Commerciale Italiana ........... 35,000 209,387
Banca Nazionale del Lavoro
(BNL)* ............................. 10,000 264,513
Banco Bilbao Vizcaya SA .............. 19,392 995,207
Banco Central
Hispanoamericano SA ................ 20,000 628,627
Banco Latinoamericano de
Exportaciones S.A. (E Shares) 15,000 461,250
Banco Santander SA ................... 26,442 676,784
BankAmerica Corp. .................... 48,500 4,192,219
Bank Austria AG ...................... 920 74,851
Bank of Scotland ..................... 80,000 896,460
Bank of Tokyo-Mitsubishi Ltd. ........ 88,000 932,564
Banque Nationale de Paris ............ 4,450 363,506
Barclays PLC ......................... 50,000 1,442,886
Chase Manhattan Corp. ................ 240,000 18,120,000
Corporacion Bancaria de
Espana SA .......................... 80,000 1,794,588
Credit Suisse Group .................. 6,700 1,491,885
Credito Italiano Spa ................. 70,000 366,576
Dai-Ichi Kangyo Bank Ltd. ............ 110,000 646,732
Deutsche Bank AG ..................... 13,300 1,127,200
Dresdner Bank AG ..................... 2,900 156,457
Forenings Sparbanken AB
(A Shares) ......................... 5,200 156,450
Fuji Bank Ltd. ....................... 63,000 281,323
Grupo Financiero Banorte
(Class B)* ......................... 22,500 24,326
Hang Seng Bank ....................... 58,000 327,878
HSBC Holdings PLC .................... 20,000 484,970
HSBC Holdings PLC (H.K.$) ............ 20,000 489,158
Istituto Mobiliare Italiano .......... 10,000 157,582
Lloyds TSB Group PLC ................. 167,866 2,350,629
Malayan Banking BHD .................. 58,000 58,416
Mediobanca Spa ....................... 10,000 126,910
Mitsubishi Trust & Banking
Corp. .............................. 28,000 238,147
National Australia Bank Ltd. ......... 55,400 731,614
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
National Westminster Bank PLC 10,000 $ 178,858
NationsBank Corp. .................... 136,800 10,465,200
Paribas* ............................. 2,750 294,212
Sakura Bank Ltd. ..................... 82,000 212,956
Shizuoka Bank Ltd. ................... 10,000 107,488
Skandinaviska Enskilda Banken
(Series A) ......................... 86,720 1,483,926
Societe Generale ..................... 5,000 1,039,272
State Street Corp. ................... 89,800 6,241,100
Sumitomo Bank Ltd. ................... 73,000 710,936
Svenska Handelbanken
(Series A) ......................... 3,100 143,788
Toho Bank ............................ 49,000 196,891
UBS AG--Registered* .................. 850 316,290
United Overseas Bank Ltd. ............ 10,000 31,074
Zions Bancorp. ....................... 71,000 3,771,875
--------------
70,602,962
--------------
FINANCIAL SERVICES (3.5%)
Abbey National PLC ................... 14,314 254,583
Aiful Corp. .......................... 29,500 1,440,737
Amvescap PLC ......................... 90,000 879,259
Associates First Capital Corp.
(Class A) .......................... 155,400 11,946,375
CMAC Investment Corp. ................ 100,000 6,150,000
CMIC Finance & Securities
Public Co. Ltd.* ................... 200,000 0
Credit Saison Co. .................... 133,600 2,650,411
Daiwa Securities Co. Ltd. ............ 19,000 81,828
Groupe Bruxelles Lambert SA .......... 450 90,798
Hong Leong Finance Ltd. .............. 40,000 32,672
JCG Holdings Ltd. .................... 60,000 16,649
MBNA Corp. ........................... 497,600 16,420,800
Merrill Lynch & Co., Inc. ............ 72,100 6,651,225
Morgan Stanley Dean Witter
& Co. .............................. 145,500 13,295,063
Newcourt Credit Group, Inc. .......... 97,200 4,781,025
Nichiei Co. Ltd. ..................... 19,800 1,348,377
Nomura Securities Co. ................ 61,000 710,684
Sanyo Shinpan Finance Co. Ltd. ....... 4,800 169,672
Schroders PLC ........................ 5,813 150,069
Takefuji Corp. ....................... 2,660 122,811
--------------
67,193,038
--------------
INSURANCE (5.4%)
Aegon N.V. ........................... 22,000 1,915,113
Allianz AG ........................... 9,000 2,969,226
ASR Verzekeringsgroep N.V. ........... 22,900 1,943,904
Assicurazioni Generali ............... 25,288 822,605
CNA Financial Corp.* ................. 84,900 3,953,156
Commercial Union PLC ................. 21,787 406,783
Corporacion Mapfre ................... 39,400 1,382,276
Fortis AG ............................ 740 188,877
Fortis Amev N.V. ..................... 17,000 995,770
GIO Australia Holdings Ltd. .......... 200,000 513,857
ING Groep N.V. ....................... 30,000 1,965,278
Istituto Naz Delle Assicurazioni ..... 60,000 170,526
Koa Fire & Marine Insurance
Co. Ltd. ........................... 10,000 38,523
Legal & General Group PLC ............ 23,090 246,594
Life Re Corp. ........................ 232,800 19,089,600
MGIC Investment Corp. ................ 55,300 3,155,556
</TABLE>
67
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Mitsui Marine & Fire
Insurance Co. ..................... 13,000 $ 65,366
Norwich Union PLC ................... 90,000 653,808
Pacific & Orient BHD ................ 150,000 69,755
PennCorp Financial Group, Inc. ...... 131,000 2,685,500
Providian Financial Corp. ........... 237,000 18,619,313
Prudential Corp. PLC ................ 62,486 823,859
Royal & Sun Alliance Insurance
Group PLC ......................... 49,613 513,281
Schweizerische
Rueckversicherungs-Gesellschaft 640 1,619,740
SunAmerica, Inc. .................... 124,600 7,156,712
Tokio Marine & Fire Insurance
Co. ............................... 34,000 349,762
Travelers Group, Inc. ............... 409,600 24,832,000
Willis Corroon Group PLC
(ADR) ............................. 387,000 4,861,688
------------
102,008,428
------------
REAL ESTATE (0.6%)
Asticus AB* ......................... 64,440 710,884
British Land Co. PLC ................ 8,416 86,507
Castellum AB ........................ 98,000 1,154,820
Cheung Kong Holdings ................ 93,000 457,318
City Developments Ltd. .............. 50,000 139,686
Daibiru Corp. ....................... 17,000 109,638
DBS Land ............................ 17,000 14,087
Diligentia AB ....................... 800 6,920
Glenborough Realty Trust, Inc. ...... 165,000 4,351,875
Land Securities PLC ................. 9,978 154,386
Lend Lease Corp. Ltd. ............... 4,100 82,996
Mandamus AB* ........................ 260 1,630
MEPC PLC ............................ 8,200 72,168
Mitsui Fudosan ...................... 20,000 158,130
Nackebro Fastighets AB .............. 310 5,169
New World Development Co. ........... 48,000 92,927
Singapore Land Ltd. ................. 80,000 167,623
Sino Land Co. ....................... 740,000 257,873
Spieker Properties, Inc. ............ 65,800 2,549,750
Sumitomo Realty &
Development Co. Ltd. .............. 137,000 604,848
Sun Hung Kai Properties ............. 48,000 203,820
Wharf Holdings ...................... 17,000 16,785
Wharf Holdings--Warrants
(expire 12/31/99)* ................ 850 0
------------
11,399,840
------------
UTILITY--ELECTRIC (1.0%)
AES Corp.* .......................... 116,800 6,139,300
British Energy PLC .................. 120,000 1,050,100
Cia Paranaense de Energia-Copel
(ADR) ............................. 124,000 1,147,000
CLP Holdings LTD .................... 36,000 164,017
Edison SPA .......................... 15,000 120,424
Electrabel SA ....................... 1,290 365,650
Electricidade de Portugal SA ........ 52,000 1,209,315
Endesa SA ........................... 34,256 749,455
Enersis S.A. (ADR) .................. 6,000 146,625
Gas Y Electridad SA (Series 2) ...... 5,000 380,502
Hidroelectrica del Cantabrico ....... 9,000 410,825
Iberdrola SA ........................ 90,000 1,461,363
Kansai Electric Power Co., Inc. ..... 22,400 389,439
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
National Grid Group PLC ............. 160,000 $ 1,079,492
National Power PLC .................. 130,000 1,224,449
Powergen PLC (ADR) .................. 1,250 70,469
RWE AG .............................. 8,600 510,230
Tenaga Nasional BHD ................. 85,000 102,404
Tohoku Electric Power Co., Inc. ..... 11,500 169,654
Tractebel Investment
International Capital ............. 1,100 161,069
Veba AG ............................. 14,000 954,810
Viag AG ............................. 2,000 1,352,925
------------
19,359,517
------------
UTILITY--GAS (0.0%)
Centrica PLC* ....................... 100,557 169,610
Thames Water ........................ 7,439 135,537
------------
305,147
------------
UTILITY--TELEPHONE (0.4%)
British Telecommunications PLC 181,984 2,248,967
Cable & Wireless PLC ................ 53,873 654,969
Empresas Telex-Chile S.A.
(ADR)* ............................ 14,100 20,269
Hellenic Telecommunication
Organization SA ................... 20,300 520,980
Portugal Telecom SA ................. 5,670 300,635
PT Indosat (ADR) .................... 9,100 101,237
Singapore Telecommunications
Ltd. .............................. 66,000 93,756
Telecom Italia Spa .................. 50,000 368,208
Telefonica de Espana ................ 32,829 1,517,819
Telefonica del Peru S.A. (ADR) ...... 32,000 654,000
Telekom Malaysia BHD ................ 56,000 94,452
Telephone & Data Systems, Inc. ...... 40,000 1,575,000
Videsh Sanchar Nigam Ltd.
(GDR)* ............................ 59,000 551,650
------------
8,701,942
------------
TOTAL CREDIT SENSITIVE (14.6%)..... 279,570,874
------------
ENERGY
COAL & GAS PIPELINES (0.1%)
BG PLC .............................. 125,808 727,997
OMV AG .............................. 6,000 803,907
------------
1,531,904
------------
OIL--DOMESTIC (1.0%)
Apache Corp. ........................ 139,000 4,378,500
Louis Dreyfus Natural Gas
Corp.* ............................ 214,700 4,065,881
Tom Brown, Inc.* .................... 50,000 940,625
USX-Marathon Group .................. 281,600 9,662,400
------------
19,047,406
------------
OIL--INTERNATIONAL (0.4%)
British Petroleum Co. PLC ........... 149,481 2,181,804
Cosmo Oil Co. Ltd. .................. 11,000 19,838
Gulf Indonesia Resources Ltd.* ...... 52,500 603,750
Mitsubishi Oil Co.* ................. 8,000 11,254
Nippon Oil Co. Ltd. ................. 22,000 71,101
Norsk Hydro ASA ..................... 2,100 92,466
Oil Search Ltd. ..................... 300,000 453,841
Petrofina SA ........................ 290 119,015
Repsol SA ........................... 12,748 702,449
Royal Dutch Petroleum Co. ........... 50,788 2,817,531
Total SA--B ......................... 900 116,974
------------
7,190,023
------------
</TABLE>
68
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
OIL--SUPPLIES & CONSTRUCTION (1.9%)
BJ Services Co.* ................... 112,000 $ 3,255,000
Bouygues Offshore SA (ADR) ......... 32,000 676,000
Canadian Fracmaster Ltd. ........... 117,800 744,480
Canadian Fracmaster Ltd.
Installment Receipt+ ............. 347,500 1,181
Coflexip (ADR) ..................... 11,000 672,375
Dresser Industries, Inc. ........... 366,200 16,135,688
Noble Drilling Corp.* .............. 429,100 10,325,219
Parker Drilling Co.* ............... 142,000 1,002,875
Stolt Comex Seaway, S.A.* .......... 157,100 3,043,812
Stolt Comex Seaway, S.A.
(ADR)* ........................... 78,550 1,354,987
------------
37,211,617
------------
RAILROADS (0.0%)
East Japan Railway Co. ............. 55 258,693
Tobu Railway Co. Ltd. .............. 14,000 37,065
Tokyu Corp. ........................ 17,000 51,631
------------
347,389
------------
TOTAL ENERGY (3.4%) .............. 65,328,339
------------
TECHNOLOGY
ELECTRONICS (3.3%)
Altera Corp.* ...................... 219,866 6,499,797
Austria Mikro Systeme
International AG+ ................ 1,430 96,869
Cisco Systems, Inc.* ............... 327,250 30,127,453
Electrocomponents PLC .............. 8,375 65,736
Enplas Corp. ....................... 2,000 35,204
Fujimi, Inc. ....................... 21,200 776,915
Hitachi Ltd. ....................... 30,000 195,859
Intel Corp. ........................ 66,200 4,907,075
Kyocera Corp. ...................... 1,000 48,911
Micronics Japan Co. Ltd. ........... 10,000 140,672
Murata Manufacturing Co., Ltd. ..... 8,000 259,703
Nikon Corp. ........................ 51,000 367,176
Rohm Co. Ltd. ...................... 10,000 1,027,990
Sankyo Engineering Co. ............. 4,000 15,553
Solectron Corp.* ................... 216,900 9,123,356
Sterling Commerce, Inc.* ........... 75,000 3,637,500
TDK Corp. .......................... 13,000 961,261
Texas Instruments, Inc. ............ 75,000 4,373,437
Tokyo Electron ..................... 3,800 116,506
Yokogawa Electric Corp. ............ 121,000 645,939
------------
63,422,912
------------
OFFICE EQUIPMENT (3.3%)
Bay Networks, Inc.* ................ 180,400 5,817,900
Canon, Inc. ........................ 5,000 113,620
Ceridian Corp.* .................... 381,400 22,407,250
Compaq Computer Corp. .............. 375,900 10,666,163
Dell Computer Corp.* ............... 170,000 15,778,125
Fujitsu Ltd. ....................... 28,000 294,907
Oce-Van De Grinten N.V. ............ 1,840 78,367
Policy Management Systems
Corp.* ........................... 182,600 7,167,050
Ricoh Elemex Corp. ................. 10,000 70,697
------------
62,394,079
------------
OFFICE EQUIPMENT SERVICES (1.2%)
Accugraph Corp. (Class A)* ......... 15,000 12,742
Computer Sciences Corp. ............ 85,000 5,440,000
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Data Communication System Co. 21,000 $ 378,733
First Data Corp. ................... 352,600 11,745,988
Fuji Soft ABC, Inc. ................ 24,400 830,818
INES Corp. ......................... 33,000 226,158
Mettler-Toledo International,
Inc.* ............................ 95,500 1,915,969
Misys PLC .......................... 30,000 1,705,912
Nippon System Development .......... 22,000 523,734
SAP AG ............................. 1,700 1,032,160
------------
23,812,214
------------
TELECOMMUNICATIONS (2.8%)
Clearnet Communications, Inc.
(Class A)* ....................... 195,000 2,145,000
Corecomm, Inc.* .................... 3,600 94,500
DDI Corp. .......................... 145 505,230
Energis PLC* ....................... 160,000 2,436,874
E.R.G. Limited* .................... 1,050,000 579,391
Ericsson LM (ADR) .................. 49,400 1,442,923
Filtronic Comtek PLC ............... 300,000 2,004,008
Global TeleSystems Group, Inc.* 12,000 585,000
Helsinki Telephone Corp. ........... 38,100 1,772,077
Hong Kong Telecommunications 88,800 166,758
Mannesmann AG ...................... 3,500 355,337
NetCom Systems AB
(B Shares)*+ ..................... 22,000 842,547
Nextel Communications, Inc.
(Class A)* ....................... 178,300 4,435,213
SK Telecom Co. Ltd. (ADR) .......... 110,001 611,878
Spectrum Network Systems
Ltd.*+ ........................... 300,000 148,800
Tadiran Telecommunications Ltd. 30,000 446,250
Tele-Communications TCI
Ventures Group (Class A)* ........ 450,000 9,028,125
Tellabs, Inc.* ..................... 228,600 16,373,475
Videsh Sanchar Nigam Ltd.
(GDR)*+ .......................... 1,000 10,350
Vodafone Group PLC ................. 200,000 2,540,080
WorldCom, Inc.* .................... 142,789 6,916,342
------------
53,440,158
------------
TOTAL TECHNOLOGY (10.6%) ......... 203,069,363
------------
DIVERSIFIED
MISCELLANEOUS (1.4%)
BTR PLC ............................ 73,125 207,603
Crean (James) PLC--Units ........... 40,000 87,129
Damskibs AS (Class B) .............. 25 214,670
GKN PLC* ........................... 10,650 135,793
Hutchison Whampoa .................. 123,000 649,290
Industrias CH S.A. (B Shares)* ..... 80,000 262,499
Lagardere S.C.A. ................... 2,100 87,403
Montedison Spa ..................... 74,000 91,831
Pilkington PLC ..................... 17,397 32,104
Ratin A/S-B ........................ 385 81,527
Sime Darby BHD ..................... 180,000 124,041
Smiths Industries .................. 5,559 77,054
Sophus Berendsen-B ................. 385 15,969
Suez Lyonnaise des Eaux ............ 1,000 164,531
Sumitomo Corp. ..................... 22,000 105,858
Swire Pacific Ltd. (Class A) ....... 50,000 188,758
Tomkins PLC ........................ 80,000 434,536
Tyco International Ltd. ............ 290,800 18,320,400
</TABLE>
69
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
U.S. Industries, Inc. ................... 127,550 $ 3,156,862
Vivendi ................................. 10,850 2,316,222
Williams Holdings PLC ................... 10,569 67,954
--------------
TOTAL DIVERSIFIED (1.4%) .............. 26,822,034
--------------
TOTAL COMMON STOCKS AND OTHER
INVESTMENTS (62.6%)
(Cost $954,846,070).................... 1,196,197,939
--------------
PREFERRED STOCKS:
BUSINESS SERVICES
PRINTING, PUBLISHING &
BROADCASTING (0.0%)
ProSieben Media AG* ..................... 19,000 988,190
--------------
TRUCKING, SHIPPING (0.1%)
CNF Trust I
5.0% Conv. Series A ................... 15,800 1,003,300
--------------
TOTAL BUSINESS SERVICES (0.1%) 1,991,490
--------------
CAPITAL GOODS (0.1%)
AEROSPACE
Loral Space & Communications
6.0% Conv. ............................ 34,700 2,650,212
--------------
CONSUMER CYCLICALS
AIRLINES (0.1%)
Continental Airlines
Finance Trust
8.5% Conv. ............................ 19,500 2,478,938
--------------
LEISURE RELATED (0.1%)
Royal Caribbean Cruises Ltd.
7.25% Series A ........................ 16,200 2,041,200
Village Roadshow Ltd. ................... 10,000 14,880
--------------
2,056,080
--------------
TOTAL CONSUMER CYCLICALS (0.2%) 4,535,018
--------------
CONSUMER NONCYCLICALS (0.1%)
CONTAINERS
Owens-Illinois, Inc.
4.75% Conv. ........................... 18,300 953,887
--------------
CREDIT SENSITIVE
BANKS (0.0%)
Bank Austria AG ......................... 10,000 812,099
--------------
INSURANCE (0.1%)
Life Re Capital Trust II
6.0% Conv. ............................ 19,200 1,464,000
--------------
UTILITY--ELECTRIC (0.1%)
AES Trust I
5.375% Conv. Series A ................. 26,700 2,082,600
--------------
TOTAL CREDIT SENSITIVE (0.2%) ......... 4,358,699
--------------
TECHNOLOGY
ELECTRONICS (0.1%)
L&H Capital Trust I
4.75% Conv.+ .......................... 18,000 1,143,000
--------------
TELECOMMUNICATIONS (0.5%)
ICG Communications, Inc.
6.75% Conv. ........................... 11,600 965,700
Intermedia
Communications, Inc.:
7.0% Conv.+ ............................ 23,000 1,265,000
7.0% Conv. Series D .................... 17,700 973,500
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
IXC Communications, Inc.
6.75% Conv.+ .......................... 23,600 $ 1,132,800
Mobile Telecommunications
$2.25 Conv. ........................... 11,700 409,500
Nextel Strypes Trust
7.25% Conv. ........................... 54,200 1,205,950
Nokia Oyj (A Shares) .................... 38,184 2,810,233
WinStar Communications, Inc.
7.0% Conv.+ ........................... 29,500 1,596,688
--------------
10,359,371
--------------
TOTAL TECHNOLOGY (0.6%) ............... 11,502,371
--------------
TOTAL PREFERRED STOCKS (1.3%)
(Cost $19,960,038) .................... 25,991,677
--------------
PRINCIPAL
AMOUNT
--------------
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES
PRINTING, PUBLISHING &
BROADCASTING (0.1%)
Clear Channel
Communications, Inc.
2.625% Conv., 04/01/03 ............ $ 605,000 645,837
P-Com, Inc.:
4.25% Conv., 11/01/02+ ............. 1,095,000 792,506
4.25% Conv., 11/01/02 .............. 330,000 238,838
--------------
1,677,181
--------------
PROFESSIONAL SERVICES (0.1%)
Career Horizons, Inc.
7.0% Conv., 11/01/02 .............. 450,000 1,241,438
Personnel Group of America:
5.75% Conv., 07/01/04+ ............. 295,000 375,756
5.75% Conv., 07/01/04 .............. 280,000 356,650
--------------
1,973,844
--------------
TOTAL BUSINESS SERVICES (0.2%)..... 3,651,025
--------------
CAPITAL GOODS
AEROSPACE (0.4%)
Coltec Industries, Inc.
7.5%, 04/15/08+ ................... 7,540,000 7,464,600
Orbital Sciences Corp.:
5.0% Conv., 10/01/02 ............... 55,000 82,500
5.0% Conv., 10/01/02+ .............. 545,000 817,500
--------------
TOTAL CAPITAL GOODS (0.4%) ........ 8,364,600
--------------
CONSUMER CYCLICALS
AUTO RELATED (0.4%)
Federal Mogul Corp.
7.75%, 07/01/06 ................... 6,775,000 6,808,875
--------------
RETAIL--GENERAL (0.1%)
Home Depot, Inc.
3.25% Conv. Sub. Note,
10/01/01 .......................... 780,000 1,431,300
Office Depot, Inc.
Zero Coupon, 11/01/08 ............. 725,000 557,344
--------------
1,988,644
--------------
TOTAL CONSUMER CYCLICALS (0.5%) 8,797,519
--------------
</TABLE>
70
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
CONSUMER NONCYCLICALS
DRUGS (0.3%)
Centocor, Inc.
4.75% Conv., 02/15/05+ ............ $ 620,000 $ 609,925
MedImmune, Inc.:
7.0% Conv., 07/01/03 ............... 670,000 2,157,400
7.0% Conv. Sub. Note,
07/01/03+ ......................... 400,000 1,288,000
Quintiles Transnational Corp.:
4.25% Conv., 05/31/00 .............. 590,000 766,263
4.25% Conv., 05/31/00+ ............. 460,000 597,425
------------
5,419,013
------------
HOSPITAL SUPPLIES & SERVICES (0.3%)
Alternative Living Services Ltd.
5.25% Conv., 12/15/02 ............. 495,000 553,781
Beckman Coulter, Inc.
7.45%, 03/04/98+ .................. 3,850,000 3,921,995
FPA Medical Management, Inc.
6.5% Conv., 12/15/01 (a)+ ......... 925,000 111,000
RES-Care, Inc.
6.0% Conv., 12/01/04+ ............. 820,000 938,900
Sunrise Assisted Living, Inc.
5.5% Conv., 06/15/02 .............. 395,000 438,450
------------
5,964,126
------------
MEDIA & CABLE (0.7%)
Time Warner, Inc.
9.125%, 01/15/13 .................. 10,250,000 12,474,762
------------
TOTAL CONSUMER NONCYCLICALS (1.3%) 23,857,901
------------
CREDIT SENSITIVE
BANKS (0.8%)
Fuji Bank Ltd.
9.87%, 12/31/49+ .................. 7,000,000 6,151,250
Grupo Financiero Banorte
Zero Coupon, 12/05/02 ............. 20,800 2,313
St. George Bank Ltd.
7.15%, 10/15/05+ .................. 9,525,000 9,885,712
------------
16,039,275
------------
FINANCIAL SERVICES (0.7%)
Corp Andina de Fomento
7.25%, 03/01/07 ................... 11,300,000 11,338,533
RAC Financial Group, Inc.:
7.25% Conv., 08/15/03 .............. 205,000 484,953
7.25% Conv. Sub. Note,
08/15/03+ ......................... 505,000 1,194,641
------------
13,018,127
------------
MORTGAGE RELATED (6.5%)
Federal Home Loan
Mortgage Corp.:
7.0%, 09/01/11 ..................... 8,108,292 8,252,725
7.0%, 01/01/12 ..................... 3,860,351 3,929,116
Federal National Mortgage
Association:
6.5%, 01/01/11 ..................... 757,311 761,568
6.0%, 04/01/11 ..................... 10,465,454 10,347,666
6.5%, 09/01/11 ..................... 7,409,467 7,451,108
7.0%, 05/01/26 ..................... 8,817,488 8,941,418
7.0%, 08/01/26 ..................... 2,050,314 2,079,131
7.0%, 09/01/27 ..................... 3,333,450 3,380,301
7.0%, 01/01/28 ..................... 18,812,101 19,076,505
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
Government National Mortgage
Association:
7.5%, 12/15/25 ..................... $ 1,846,687 $ 1,896,899
7.5%, 01/15/27 ..................... 1,865,446 1,916,167
7.5%, 04/15/27 ..................... 1,882,683 1,933,873
7.5%, 05/15/27 ..................... 1,828,447 1,878,162
7.5%, 06/15/27 ..................... 1,876,183 1,928,359
7.0%, 07/15/27 ..................... 3,859,581 3,919,906
7.5%, 09/15/27 ..................... 1,835,483 1,885,390
7.5%, 11/15/27 ..................... 1,870,471 1,921,329
7.0%, 02/15/28 ..................... 13,348,498 13,557,135
6.5%, 03/15/28 ..................... 17,778,543 17,734,097
7.0%, 05/15/28 ..................... 11,780,513 11,964,643
------------
124,755,498
------------
UTILITY--ELECTRIC (0.4%)
National Grid Group PLC
4.25% Conv., 02/17/08 ............. 41,000 78,142
Texas Utilities (Series C)
6.375%, 01/01/08 .................. 6,900,000 6,771,025
------------
6,849,167
------------
U.S. GOVERNMENT (10.3%)
U.S. Treasury:
6.375% Note, 05/15/99 .............. 15,925,000 16,034,484
6.0% Note, 08/15/00 ................ 34,200,000 34,520,625
6.25% Note, 04/30/01 ............... 26,500,000 26,988,607
6.5% Note, 08/31/01 ................ 27,775,000 28,521,453
6.5% Note, 05/31/02 ................ 26,250,000 27,119,531
6.875% Note, 05/15/06 .............. 4,100,000 4,440,813
6.125% Bond, 11/15/27 .............. 55,610,000 59,589,618
------------
197,215,131
------------
TOTAL CREDIT SENSITIVE (18.7%)..... 357,877,198
------------
ENERGY
GAS (0.2%)
RAS Laffan Liquid Natural Gas
8.294%, 03/15/14+ ................. 3,500,000 3,494,439
------------
OIL--SUPPLIES & CONSTRUCTION (0.1%)
Diamond Offshore Drilling, Inc.
3.75% Conv. Sub. Note,
02/15/07 .......................... 1,210,000 1,400,575
Nabors Industries, Inc.
5.0% Conv., 05/15/06 .............. 575,000 704,375
Seacor Holdings, Inc.:
5.375% Conv., 11/15/06 ............ 100,000 112,000
5.375% Conv., 11/15/06+ ............ 140,000 156,800
------------
2,373,750
------------
TOTAL ENERGY (0.3%) ............... 5,868,189
------------
TECHNOLOGY
ELECTRONICS (0.7%)
Amkor Technologies, Inc.
5.75% Conv., 05/01/03 ............. 1,485,000 1,362,488
HNC Software, Inc.
4.75% Conv., 03/01/03 ............. 780,000 887,250
Level One Communications, Inc.:
4.0% Conv., 09/01/04+ .............. 670,000 739,512
4.0% Conv., 09/01/04 ............... 400,000 441,500
Network Associates, Inc.
Zero Coupon, 02/13/18+ ............ 2,620,000 1,228,125
</TABLE>
71
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------
<S> <C> <C>
Photronics, Inc.
6.0% Conv., 06/01/04 ............ $ 1,485,000 $ 1,603,800
Sanmina Corp.
5.5% Conv., 08/15/02+ ........... 1,030,000 3,169,825
SCI Systems, Inc.
5.0% Conv., 05/01/06+ ........... 1,280,000 2,064,000
Solectron Corp.
6.0% Conv., 03/01/06+ ........... 1,180,000 1,595,950
Wind River Systems, Inc.
5.0% Conv., 08/01/02+ ........... 245,000 243,775
--------------
13,336,225
--------------
TELECOMMUNICATIONS (0.1%)
Comverse Technology, Inc.:
5.75% Conv., 10/01/06 ............ 270,000 341,550
5.75% Conv. Sub. Note,
10/01/06+ ....................... 1,295,000 1,638,175
--------------
1,979,725
--------------
TOTAL TECHNOLOGY (0.8%) ......... 15,315,950
--------------
TOTAL LONG-TERM DEBT SECURITIES (22.2%)
(Amortized Cost $411,597,553)..... 423,732,382
--------------
SHORT-TERM DEBT SECURITIES:
BANKERS' ACCEPTANCES
BankBoston Corp.
5.47%, 07/01/98 ................. 6,500,000 6,500,000
First Union National Bank
5.52%, 07/30/98 ................. 10,000,000 9,955,694
Suntrust Banks, Inc.:
5.47%, 07/06/98 .................. 8,000,000 8,001,806
5.47%, 07/16/98 .................. 15,144,698 15,110,244
--------------
TOTAL BANKERS' ACCEPTANCES (2.1%) 39,567,744
--------------
COMMERCIAL PAPER
Clipper Receivables Corp.
5.61%, due 08/10/98 ............. 35,000,000 34,783,000
Dresdner Bank AG
6.0%, due 07/01/98 .............. 4,300,000 4,300,000
Mobil Credit Finance Corp.
6.15%, due 07/01/98 ............. 29,800,000 29,800,000
Old Line Funding Corp.
6.3%, due 07/01/98 .............. 15,000,000 15,000,000
Rose Funding Ltd.
5.62%, due 08/26/98 ............. 22,500,000 22,305,051
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------
<S> <C> <C>
Shefield Receivables Corp.
6.35%, due 07/01/98 ............. $14,000,000 $ 14,000,000
Variable Funding Capital Corp.
5.66%, due 07/27/98 ............. 23,425,000 23,329,583
----------------
TOTAL COMMERCIAL PAPER (7.5%) 143,517,634
----------------
U.S. GOVERNMENT AGENCIES
Federal Home Loan
Mortgage Corp.:
5.85%, due 07/01/98 .............. 18,200,000 18,200,000
5.5%, due 07/23/98 ............... 5,000,000 4,983,255
Federal National Mortgage
Association:
5.6%, due 07/06/98 ............... 15,000,000 14,988,333
5.51%, due 07/21/98 .............. 10,000,000 9,969,388
5.48%, due 07/29/98 .............. 5,000,000 4,978,766
----------------
TOTAL U.S. GOVERNMENT AGENCIES (2.8%) 53,119,742
----------------
TOTAL SHORT-TERM DEBT SECURITIES (12.4%)
(Amortized Cost $236,205,120) 236,205,120
----------------
TOTAL INVESTMENTS (98.5%)
(Cost/Amortized Cost $1,622,608,781) 1,882,127,118
OTHER ASSETS
LESS LIABILITIES (1.5%) ......... 29,502,925
----------------
NET ASSETS (100.0%) ............... $1,911,630,043
================
</TABLE>
- --------------------------------------------------------------------
DISTRIBUTION OF INVESTMENTS BY GLOBAL REGION
As a Percentage of Total Investments
Canada ..................................................... 0.2%
France ..................................................... 1.0
Germany .................................................... 0.9
Japan ...................................................... 2.8
Latin America .............................................. 0.2
Netherlands ................................................ 1.0
New Zealand & Australia .................................... 0.9
Scandinavia ................................................ 1.1
Southeast Asia ............................................. 0.3
Spain ...................................................... 0.8
Switzerland ................................................ 0.7
United Kingdom ............................................. 3.1
United States** ............................................ 85.9
Other European Countries ................................... 1.1
-----
100.0%
=====
- ----------
* Non-income producing.
** Includes Short-Term Debt Securities of 12.5%.
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may only be resold to qualified institutional
buyers. At June 30, 1998, these securities amounted to $61,530,065 or
3.2% of net assets.
(a) Subsequent to June 30, 1998, on July 15, 1998, this security
defaulted on its interest payment.
Glossary:
ADR--American Depository Receipt
GDR--Global Depository Receipt
See Notes to Financial Statements.
72
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 1998 (Unaudited)
1. Organization and Significant Accounting Policies
The Hudson River Trust (the "Trust") (successor to The Hudson River Fund,
Inc., a Maryland corporation organized in 1984) was formed as a Massachusetts
business trust on July 10, 1987 and is registered under the Investment Company
Act of 1940 (the "1940 Act"), as amended, as an open-end management investment
company. The Trust issues shares of beneficial interest currently divided among
fourteen Portfolios (the "Portfolios"): Alliance Money Market, Alliance
Intermediate Government Securities, Alliance Quality Bond, Alliance High Yield,
Alliance Growth and Income, Alliance Equity Index, Alliance Common Stock,
Alliance Global, Alliance International, Alliance Aggressive Stock, Alliance
Small Cap Growth, Alliance Conservative Investors, Alliance Balanced and
Alliance Growth Investors. Effective October 2, 1996, the Trust made available
a second class of shares, Class IB, for each of the Trust's Portfolios. In
connection with the Class IB shares offering, the existing class of shares was
redesignated Class IA. The Class IB shares are subject to distribution fees
imposed under a distribution plan (the "Distribution Plan") adopted pursuant to
Rule 12b-1 under the 1940 Act. Under the Trust's multiple class distribution
system, both classes of shares have identical voting, dividend, liquidation,
and other rights, other than the payment of distribution fees under the
Distribution Plan.
Class IA shares are offered to separate accounts of The Equitable Life
Assurance Society of the United States ("Equitable"), a wholly-owned subsidiary
of The Equitable Companies Incorporated, and to separate accounts of other
insurance companies unaffiliated with Equitable. Class IB shares are offered to
an insurance company separate account of Equitable.
The investment objectives of each Portfolio are as follows:
Alliance Money Market Portfolio -- High level of current income, preserve
its assets and maintain liquidity. The Portfolio pursues this objective by
investing in primarily high quality U.S. dollar denominated money market
instruments.
Alliance Intermediate Government Securities Portfolio -- 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 any of its agencies or instrumentalities.
Alliance Quality Bond Portfolio -- High current income consistent with
preservation of capital by investing primarily in investment grade fixed income
securities. The Portfolio reserves the right to invest in convertible debt
securities, preferred stocks and dividend-paying common stocks.
Alliance High Yield Portfolio -- High return by maximizing current income
and, to the extent consistent with that objective, capital appreciation. The
Portfolio pursues this objective by investing primarily in a diversified mix of
high yield, fixed income securities involving greater volatility of price and
risk of principal and income than high quality fixed income securities. The
medium and lower quality debt securities in which the Portfolio may invest are
known as "junk bonds."
Alliance Growth and Income Portfolio -- 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.
Alliance Equity Index Portfolio -- Total return before expenses that
approximates the total return performance of the Standard & Poor's Corporation
500 Index, including reinvestment of dividends, at a risk level consistent with
that of the Index.
Alliance Common Stock Portfolio -- Long-term growth of its capital and
increase income. The Portfolio pursues this objective by investing primarily in
common stock and other equity-type instruments.
Alliance Global Portfolio -- Long-term growth of capital. The Portfolio
pursues this objective by investing primarily in equity securities of
non-United States companies as well as United States issuers.
73
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998
Alliance International Portfolio -- 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 Aggressive Stock Portfolio -- Long-term growth of capital. The
Portfolio pursues this objective by investing primarily in common stocks and
other equity-type securities issued by quality small and intermediate sized
companies with strong growth prospects.
Alliance Small Cap Growth Portfolio -- Long-term growth of capital. The
Portfolio pursues this objective by investing primarily in common stocks and
other equity-type securities issued by smaller-sized companies with strong
growth potential.
Alliance Conservative Investors Portfolio -- High total return without, in
the investment adviser's opinion, undue risk to principal. The Portfolio
pursues this objective by investing in a diversified mix of publicly traded
equity and debt securities.
Alliance Balanced Portfolio -- High return through both appreciation of
capital and current income. The Portfolio pursues this objective by investing
in a diversified portfolio of publicly traded equity and debt securities and
short-term money market instruments.
Alliance Growth Investors Portfolio -- Highest total return consistent
with the investment adviser's determination of reasonable risk. The Portfolio
pursues this objective by investing in a diversified mix of publicly traded
equity and fixed income securities, including at times common stocks issued by
intermediate and small-sized companies and at times fixed income securities
that are medium and lower quality debt securities known as "junk bonds."
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures. Actual results
could differ from those estimates.
The following is a summary of the significant accounting policies of the
Trust:
Stocks listed on national securities exchanges and certain
over-the-counter issues traded on the NASDAQ national market system are valued
at the last sale price 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 during the day, at a bid price estimated by a broker.
Convertible preferred stocks listed on national securities exchanges are
valued as of their last sale price or, if there is no sale, at the latest
available bid price.
Convertible bonds and unlisted convertible preferred stocks are valued at
bid prices obtained from one or more of the major dealers in such securities.
Where there is a discrepancy between dealers, values may be adjusted based on
recent premium spreads to the underlying common stocks.
Mortgage backed and asset backed securities are valued at prices obtained
from a bond pricing service where available, or at a bid price obtained from
one or more of the major dealers in such securities. If a quoted price is
unavailable, an equivalent yield or yield spread quotes will be obtained from a
broker and converted to a price.
Purchased options, including options on futures, are valued at their last
bid price. Written options are valued at their last asked price.
Long-term corporate bonds 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 not available, such bonds are valued at a bid price
estimated by a broker.
74
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998
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 Depository Receipt
(ADR) or similar form in the United States, are valued at representative quoted
prices 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 and forward contracts are valued at their last sale price or, if
there is no sale, at the latest available bid price.
Other securities, including restricted securities, and assets for which
market quotations are not readily available or for which valuation cannot be
provided, are valued at "fair value" as determined in good faith by the
Valuation Committee of the Board of Trustees.
Securities transactions are recorded on the trade date net of brokerage
fees, commissions, and transfer fees.
Interest income (including amortization of premium and discount on
securities using the effective yield method) is accrued daily. Dividend income
is recorded on the ex-dividend date.
Realized gains and losses on the sale of investments are computed on the
basis of the identified cost of the related investments sold.
Expenses attributable to a single Portfolio are charged to that Portfolio.
Expenses of the Trust are charged to each Portfolio in proportion to net
assets.
The Board of Trustees has approved the lending of portfolio securities,
through its custodian bank, Chase Manhattan Bank ("Chase"), acting as lending
agent, to certain broker-dealers in exchange for negotiated lenders' fees. Any
such loan of portfolio securities will be continuously secured by collateral at
least equal to the value of the securities loaned. All loans will be
collateralized in the form of cash or U.S. Government securities. Chase invests
the cash collateral in short-term investments and retains a portion of the
interest earned. Chase will indemnify the Portfolios from any loss resulting
from a borrower's failure to return a loaned security when due. The following
table shows the value of securities loaned and collateral received at June 30,
1998, and the security loan fees received, net of rebates paid, for the six
months ended June 30, 1998. Such net fees are included in interest income in
the accompanying Statements of Operations.
<TABLE>
<CAPTION>
VALUE OF VALUE OF
SECURITIES COLLATERAL SECURITY LOAN
PORTFOLIO LOANED RECEIVED* FEES RECEIVED
- --------- ------ --------- -------------
<S> <C> <C> <C>
Alliance Intermediate Government Securities ......... $ 41,205,054 $ 42,371,576 $ 32,971
Alliance Quality Bond ............................... 45,019,107 46,370,421 70,545
Alliance Growth and Income .......................... 50,522,110 52,777,716 74,444
Alliance Equity Index ............................... 167,230,007 174,024,853 69,307
Alliance Common Stock ............................... 1,002,263,880 1,011,064,330 583,963
Alliance Global ..................................... 144,191,508 148,690,231 276,310
Alliance International .............................. 13,980,096 14,808,756 53,153
Alliance Aggressive Stock ........................... 749,371,638 757,759,100 1,307,190
Alliance Conservative Investors ..................... 94,382,999 97,923,988 97,243
Alliance Balanced ................................... 521,588,307 538,557,867 561,192
Alliance Growth Investors ........................... 383,407,812 395,157,241 496,291
</TABLE>
- ----------
* Including U.S. Government securities valued at $28,973,156, $11,541,311,
$754,800, $15,330,600, $1,745,225, $323,000, $798,000, $23,284,316,
$85,833,902 and $43,789,734 for the Alliance Intermediate Government
Securities, Alliance Quality Bond, Alliance Equity Index, Alliance Common
Stock, Alliance Global, Alliance International, Alliance Aggressive
Stock, Alliance Conservative Investors, Alliance Balanced and Alliance
Growth Investors Portfolios, respectively.
75
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998
The books and records of the Trust are kept in U.S. dollars. Foreign
currency amounts are translated into U.S. dollars at the bid price last quoted
by a composite list of major U.S. banks at the following dates:
(i) market value of investment securities, other assets and
liabilities--at the valuation date.
(ii) purchase and sales of investment securities, income and
expenses--at the date of such transactions.
The Portfolios do not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with the net realized and unrealized gain or loss
from investments.
Net currency gains or losses realized and unrealized as a result of
differences between interest or dividends and withholding taxes recorded on the
Portfolio's books and the U.S. dollar equivalent amount actually received or
paid are presented under foreign currency transactions in the realized and
unrealized gains and losses section of the Statements of Operations.
The Trust intends to comply with the requirements of the Internal Revenue
Code 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
quarterly; dividends from net realized short-term and long-term capital gains
are declared and distributed at least annually to the shareholders of the
Portfolios to which such gains are attributable. All dividends are reinvested
in additional full and fractional shares of the related Portfolios. All
dividends are distributed on a tax basis and as such, the amounts may differ
from financial statement investment income and realized capital gains.
Options Written:
All Portfolios (except for the Alliance Money Market and Alliance Equity
Index 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. 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 realized as gains on the expiration date. In writing
options, a Portfolio must assume that the option may be exercised at any time
prior to the expiration of its obligation as a writer, and that in such
circumstances the net proceeds of the sale or cost of purchase of the
underlying securities pursuant to the call or put option may be substantially
below or above the prevailing market price. A Portfolio also has the additional
risk of not being able to enter into a closing purchase transaction if a liquid
secondary market does not exist and bears the risk of unfavorable changes in
the price of the financial instruments underlying the options.
Futures and Forward Contracts:
Futures and forward contracts are agreements to buy or sell a security for
a set price in the future. A Portfolio may buy or sell futures and forward
contracts for the purpose of protecting its portfolio securities against future
changes in interest rates which might adversely affect the value of the
Portfolio's securities or the price of securities that it intends to purchase
at a later date. Initial margin deposits are made upon entering into futures
contracts and can be either in cash or U.S. Treasury securities. During the
period the futures and forward contracts are open, changes in the market price
of the contract are recognized as unrealized gains or losses by
"marking-to-market" at the end of each trading day. Variation margin payments
on futures contracts are received or made, depending upon whether unrealized
gains or losses are incurred. When the contract is closed, the Portfolio
records a realized gain or loss equal to the difference between the proceeds
from (or cost of) the closing transactions and the Portfolio's basis in the
contract. Should interest rates move unexpectedly, the Portfolio may not
achieve the anticipated benefits of the futures and forward contracts and may
incur a loss. The use of futures and forward contracts transactions involves
the risk of imperfect correlation in movements in the price of futures and
forward contracts, interest rates and the underlying hedged assets.
76
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998
Limitations on Market and Credit Risk:
Written options, futures and forward contracts 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
related to the market price. The contract amounts of these futures and forward
contracts reflect the extent of the Portfolio's exposure to off-balance sheet
risk. The Portfolio bears the market risk which arises from any changes in
security values. The credit risk for futures contracts is limited to failure of
the exchange or board of trade which acts as the counterparty to the
Portfolio's futures transactions. Forward contracts are done directly with the
counterparty and not through an exchange and can be terminated only by
agreement of both parties to the contract. There is no daily margin settlement
and the Portfolio is exposed to the risk of default by the counterparty.
Statement of Position 93-2:
For the year ended December 31, 1997, in conformity with Statement of
Position 93-2 Determination, Disclosure and Financial Statement Presentation of
Income, Capital Gain, and Return of Capital Distributions by Investment
Companies, the reclassification arising from current book/tax differences
resulted in increases (decreases) to the components of net assets as follows:
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
INTERMEDIATE ALLIANCE ALLIANCE GROWTH ALLIANCE ALLIANCE
GOVERNMENT QUALITY HIGH AND EQUITY COMMON ALLIANCE
SECURITIES BOND YIELD INCOME INDEX STOCK GLOBAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C> <C>
Undistributed (overdistributed) net
investment income ..................... $ (4,160) $ 664,479 $ 28,777 $ 48,024 $ 260,751 $ (2,631,075) $ 15,935,865
Accumulated net realized gain (loss) ... 4,160 (664,479) (28,777) (48,024) (260,751) 2,631,075 (15,935,865)
</TABLE>
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE ALLIANCE ALLIANCE
ALLIANCE AGGRESSIVE SMALL CAP CONSERVATIVE ALLIANCE GROWTH
INTERNATIONAL STOCK GROWTH INVESTORS BALANCED INVESTORS
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
--------- --------- --------- --------- --------- ---------
<S> <C> <C> <C> <C> <C> <C>
Paid-in capital .......................... $ -- $ -- $ (7,066) $ -- $ -- $ --
Undistributed (overdistributed) net
investment income ....................... 3,322,727 1,777,082 410 (146,376) 58,776 4,831,809
Accumulated net realized gain (loss) ..... (3,322,727) (1,777,082) 6,656 146,376 (58,776) (4,831,809)
</TABLE>
Net capital and net currency losses incurred after October 31 and within
the taxable year are deemed to arise on the first day of the Portfolio's next
taxable year. For the period from November 1, 1997 to December 31, 1997 certain
Portfolios incurred and elected to defer until January 1, 1998 for U.S. Federal
income tax purposes net capital and net currency losses of approximately:
<TABLE>
<CAPTION>
CAPITAL CURRENCY
PORTFOLIO LOSSES LOSSES
- --------- ------ ------
<S> <C> <C>
Alliance Equity Index ................... $ -- $ 3,600
Alliance Common Stock ................... -- 33,030
Alliance Global ......................... -- 433,526
Alliance International .................. 4,160,819 670,264
Alliance Small Cap Growth ............... 1,448,447 --
Alliance Conservative Investors ......... -- 37,085
Alliance Balanced ....................... -- 61,818
Alliance Growth Investors ............... -- 81,786
</TABLE>
77
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998
2. Management of the Trust
Alliance Capital Management L.P. ("Alliance"), a publicly traded limited
partnership, indirectly majority-owned by Equitable, is the investment adviser.
Under the terms of an Investment Advisory Agreement, Alliance receives fees
from each Portfolio at the following rates:
<TABLE>
<CAPTION>
AVERAGE DAILY NET ASSETS
---------------------------------------------------------------------
FIRST NEXT NEXT NEXT
$750 MILLION $750 MILLION $1 BILLION $2.5 BILLION THEREAFTER
-------------- -------------- ------------ -------------- -----------
<S> <C> <C> <C> <C> <C>
PORTFOLIO
- ---------
Alliance Money Market ........................... .350% .325% .300% .280% .270%
Alliance Intermediate Government Securities ..... .500% .475% .450% .430% .420%
Alliance Quality Bond ........................... .525% .500% .475% .455% .445%
Alliance High Yield ............................. .600% .575% .550% .530% .520%
Alliance Growth and Income ...................... .550% .525% .500% .480% .470%
Alliance Equity Index ........................... .325% .300% .275% .255% .245%
Alliance Common Stock ........................... .475% .425% .375% .355% .345%*
Alliance Global ................................. .675% .600% .550% .530% .520%
Alliance International .......................... .900% .825% .800% .780% .770%
Alliance Aggressive Stock ....................... .625% .575% .525% .500% .475%
Alliance Small Cap Growth ....................... .900% .850% .825% .800% .775%
Alliance Conservative Investors ................. .475% .425% .375% .350% .325%
Alliance Balanced ............................... .450% .400% .350% .325% .300%
Alliance Growth Investors ....................... .550% .500% .450% .425% .400%
</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.
3. Distribution Plan
Each Portfolio's Distribution Plan permits the Portfolio to pay a
distribution fee of up to 0.50% of the average daily net assets attributable to
its Class IB shares. The Trust, on behalf of each Portfolio, has entered into
distribution agreements ("the Class IB Distribution Agreements") pursuant to
the Distribution Plans with each of Equitable Distributors, Inc. ("EDI") and EQ
Financial Consultants, Inc. ("EQ Financial") (each a "Class IB Distributor").
Both EDI and EQ Financial are indirect, wholly-owned subsidiaries of the
Equitable. The Class IB Distribution Agreements provide that each Class IB
Distributor receives payments from each Portfolio (except the Alliance Small
Cap Growth Portfolio) at a rate equal to 0.25% of the average daily net assets
of such Portfolio attributable to Class IB shares for which such Class IB
Distributor provides services and/or assumes expenses under the Distribution
Plan. With respect to the Alliance Small Cap Growth Portfolio, this amount
shall 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 Distribution Plans provide that EDI and EQ Financial will use the
payments received under the Class IB Distribution Agreements for services
rendered (and expenses borne) in connection with activities primarily intended
to result in the sale of the Trust's Class IB shares. Since the Class IB
Distributors' compensation is not directly tied to their expenses, the amount
of compensation received under the Class IB Distribution Agreements during any
year may be more or less than actual expenses. For this reason, the
Distribution Plans are characterized by the staff of the Securities and
Exchange Commission as being of the "compensation" variety.
78
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998
4. Investment Transactions
Investment security transactions, excluding short-term debt securities,
for the six months ended June 30, 1998 were as follows:
<TABLE>
<CAPTION>
PURCHASES SALES
----------------------------------- -----------------------------------
STOCKS AND U.S. GOVERNMENT STOCKS AND U.S. GOVERNMENT
PORTFOLIO DEBT SECURITIES AND AGENCIES DEBT SECURITIES AND AGENCIES
- --------- --------------- ------------ --------------- ------------
<S> <C> <C> <C> <C>
Alliance Intermediate Government Securities ..... $ -- $240,273,947 $ -- $212,054,353
Alliance Quality Bond ........................... 46,850,622 186,037,749 35,999,852 185,554,943
Alliance High Yield ............................. 784,224,330 -- 622,752,248 --
Alliance Growth and Income ...................... 474,637,774 -- 298,445,333 --
Alliance Equity Index ........................... 288,151,779 -- 20,869,311 --
Alliance Common Stock ........................... 3,224,654,751 -- 2,532,457,740 --
Alliance Global ................................. 301,685,855 -- 283,428,204 --
Alliance International .......................... 50,749,662 -- 51,059,481 --
Alliance Aggressive Stock ....................... 2,313,813,502 -- 2,365,321,131 --
Alliance Small Cap Growth ....................... 190,002,273 -- 88,679,096 --
Alliance Conservative Investors ................. 60,434,954 64,063,884 63,003,552 55,683,210
Alliance Balanced ............................... 419,337,376 247,552,119 488,114,493 262,437,179
Alliance Growth Investors ....................... 569,598,444 218,780,429 633,438,084 164,895,887
</TABLE>
- ----------
No activity is shown for the Alliance Money Market Portfolio since it trades
exclusively in short-term debt securities.
Transactions in options written for the six months ended June 30, 1998 are
summarized as follows:
<TABLE>
<CAPTION>
ALLIANCE
COMMON STOCK
PORTFOLIO
-----------------------------
NUMBER OF PREMIUMS
CONTRACTS RECEIVED
--------- --------------
<S> <C> <C>
Options outstanding--January 1, 1998 ........................ 365,250 $ 103,560,700
Options written ............................................. 1,138,900 302,907,624
Options terminated in closing purchase transactions ......... (316,330) (79,443,730)
Options expired ............................................. (472,370) (127,402,685)
Options exercised ........................................... (412,950) (119,084,250)
--------- --------------
Options outstanding--June 30, 1998 .......................... 302,500 $ 80,537,659
========= ==============
</TABLE>
The Portfolios (except for the Alliance Money Market, Alliance
Intermediate Government Securities and Alliance Equity Index Portfolios) may
enter into forward currency contracts in order to hedge their exposure to
changes in foreign currency exchange rates on their foreign securities
holdings. A forward 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. At June 30, 1998, the Alliance Global, Alliance International,
Alliance Conservative Investors, Alliance Balanced and Alliance Growth
Investors Portfolios had outstanding forward currency contracts to buy/sell
foreign currencies as follows:
79
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998
<TABLE>
<CAPTION>
CONTRACT COST ON U.S. $ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION
ALLIANCE GLOBAL PORTFOLIO: (000'S) DATE VALUE (DEPRECIATION)
- -------------------------- ------- ---- ----- --------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
Japanese Yen, settling 07/21/98-08/10/98 ......... 12,230,000 $ 93,158,739 $ 88,720,595 $ (4,438,144)
FOREIGN CURRENCY SALE CONTRACTS
Japanese Yen, settling 07/21/98-10/29/98 ......... 16,230,000 122,831,344 118,101,438 4,729,906
------------
$ 291,762
============
</TABLE>
<TABLE>
<CAPTION>
CONTRACT COST ON U.S. $ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION
ALLIANCE INTERNATIONAL PORTFOLIO: (000'S) DATE VALUE (DEPRECIATION)
- --------------------------------- ------- ---- ----- --------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
Japanese Yen, settling 07/21/98-08/10/98 ......... 3,440,000 $26,200,904 $24,955,759 $ (1,245,145)
FOREIGN CURRENCY SALE CONTRACTS
Japanese Yen, settling 07/21/98-10/29/98 ......... 4,730,000 35,722,970 34,431,081 1,291,889
------------
$ 46,744
============
</TABLE>
<TABLE>
<CAPTION>
CONTRACT COST ON U.S. $ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO: (000'S) DATE VALUE (DEPRECIATION)
- ------------------------------------------ ------- ---- ----- --------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
Finnish Markka, settling 07/02/98 ................ 21 $ 4,000 $ 3,878 $ (122)
Japanese Yen, settling 08/10/98 .................. 270,000 2,055,655 1,959,716 (95,939)
Portuguese Escudos, settling 07/02/98 ............ 2,150 12,034 11,644 (390)
FOREIGN CURRENCY SALE CONTRACTS
Australian Dollars, settling 07/01/98 ............ 53 31,197 32,605 (1,408)
British Pounds, settling 07/01/98 ................ 7 11,077 11,166 (89)
French Franc, settling 07/31/98 .................. 28 4,629 4,720 (91)
Japanese Yen, settling 07/02/98-10/29/98 ......... 362,456 2,728,597 2,638,632 89,965
Swedish Krona, settling 07/02/98 ................. 64 7,757 7,999 (242)
---------
$ (8,316)
=========
</TABLE>
<TABLE>
<CAPTION>
CONTRACT COST ON U.S. $ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION
ALLIANCE BALANCED PORTFOLIO: (000'S) DATE VALUE (DEPRECIATION)
- ---------------------------- ------- ---- ----- --------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
Deutsche Marks, settling 07/01/98-07/02/98 ......... 137 $ 76,830 $ 75,889 $ (941)
Finnish Markka, settling 07/02/98 .................. 170 32,002 31,027 (975)
Japanese Yen, settling 07/02/98-08/10/98 ........... 2,356,697 17,940,453 17,105,103 (835,350)
Portuguese Escudos, settling 07/02/98 .............. 21,500 116,437 116,443 6
FOREIGN CURRENCY SALE CONTRACTS
Australian Dollars, settling 07/01/98 .............. 421 254,863 260,838 (5,975)
British Pounds, settling 07/01/98 .................. 74 122,538 122,833 (295)
French Franc, settling 07/31/98 .................... 215 35,009 35,699 (690)
Japanese Yen, settling 07/01/98-10/29/98 ........... 3,184,209 23,959,400 23,183,677 775,723
----------
$ (68,497)
==========
</TABLE>
80
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998
<TABLE>
<CAPTION>
CONTRACT COST ON U.S. $ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION
ALLIANCE GROWTH INVESTORS PORTFOLIO: (000'S) DATE VALUE (DEPRECIATION)
- ------------------------------------ ------- ---- ----- --------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pounds, settling 07/01/98-07/02/98 ............ 99 $ 166,159 $ 165,971 $ (188)
Deutsche Marks, settling 07/02/98 ..................... 91 51,241 50,644 (597)
Japanese Yen, settling 07/21/98-08/10/98 .............. 5,610,000 42,743,780 40,697,783 (2,045,997)
Portuguese Escudos, settling 07/02/98 ................. 5,160 28,881 27,946 (935)
FOREIGN CURRENCY SALE CONTRACTS
British Pounds, settling 07/06/98 ..................... 45 74,751 75,308 (557)
French Franc, settling 07/03/98 ....................... 463 75,621 76,564 (943)
Japanese Yen, settling 07/01/98-10/29/98 .............. 7,498,123 56,687,029 54,554,877 2,132,152
Malaysian Ringgit, settling 07/01/98-07/03/98 ......... 29 6,889 7,046 (157)
Norwegian Krone, settling 07/02/98 .................... 303 38,277 39,529 (1,252)
Swiss Franc, settling 07/12/98 ........................ 112 74,995 74,290 705
------------
$ 82,231
============
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<CAPTION>
GROSS UNREALIZED NET UNREALIZED
COST OF ----------------------------------- APPRECIATION
PORTFOLIO INVESTMENTS APPRECIATION DEPRECIATION (DEPRECIATION)
- --------- ----------- ------------ ------------ --------------
<S> <C> <C> <C> <C>
Alliance Money Market ........................... $ 675,482,450 $ 166,050 $ (1,802) $ 164,248
Alliance Intermediate Government Securities ..... 152,597,186 1,408,590 (26,299) 1,382,291
Alliance Quality Bond ........................... 234,536,761 3,399,631 (1,837,288) 1,562,343
Alliance High Yield ............................. 600,788,681 10,950,872 (20,189,737) (9,238,865)
Alliance Growth and Income ...................... 738,960,321 119,061,824 (21,959,924) 97,101,900
Alliance Equity Index ........................... 993,357,535 407,728,504 (13,004,803) 394,723,701
Alliance Common Stock ........................... 8,315,561,268 3,864,476,342 (274,804,964) 3,589,671,378
Alliance Global ................................. 1,137,502,011 426,073,523 (144,847,520) 281,226,003
Alliance International .......................... 213,277,174 46,814,207 (40,842,121) 5,972,086
Alliance Aggressive Stock ....................... 4,424,363,874 852,695,940 (236,299,743) 616,396,197
Alliance Small Cap Growth ....................... 278,634,955 26,820,991 (19,973,521) 6,847,470
Alliance Conservative Investors ................. 317,591,028 32,072,756 (4,401,965) 27,670,791
Alliance Balanced ............................... 1,619,084,409 292,881,347 (39,841,293) 253,040,054
Alliance Growth Investors ....................... 1,626,166,835 338,016,581 (82,056,298) 255,960,283
</TABLE>
During the year ended December 31, 1997, the Alliance Intermediate
Government Securities and Alliance Quality Bond Portfolios utilized available
capital loss carryforwards of $999,418 and $4,993,810, respectively.
The Alliance Intermediate Government Securities Portfolio had net capital
loss carryforwards of $8,831,948 (of which $8,349,809 expires in the year 2002
and $482,139 expires in the year 2004). To the extent the above losses are used
to offset future capital gains, it is probable that the gains so offset will
not be distributed to shareholders.
81
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998
5. Capital Share Transactions
At June 30, 1998, there was an unlimited number of shares of beneficial
interest (Shares), without par value, available for issuance by the Board of
Trustees. Shares are divided into two classes, designated Class IA and Class IB
for each Portfolio.
Transactions in Shares were as follows:
<TABLE>
<CAPTION>
ALLIANCE
ALLIANCE INTERMEDIATE
MONEY MARKET GOVERNMENT SECURITIES
PORTFOLIO PORTFOLIO
-------------------------------- ------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1998 1997 JUNE 30, 1998 1997
--------------- ---------------- --------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IA
- --------
Shares sold ............. 59,133,390 88,164,162 3,726,944 4,317,481
Shares issued in
reinvestment of
dividends and
distributions .......... 1,098,741 2,138,588 344,987 605,567
---------- ---------- --------- ---------
Total shares issued ..... 60,232,131 90,302,750 4,071,931 4,923,048
Shares redeemed ......... (59,096,740) (91,686,416) (1,906,065) (2,249,794)
----------- ----------- ---------- ----------
Net increase
(decrease) ............. 1,135,391 (1,383,666) 2,165,866 2,673,254
=========== =========== ========== ==========
<CAPTION>
ALLIANCE ALLIANCE
QUALITY BOND HIGH YIELD
PORTFOLIO PORTFOLIO
------------------------------ -------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1998 1997 JUNE 30, 1998 1997
--------------- -------------- --------------- ---------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IA
- --------
Shares sold ............. 3,673,956 5,108,456 11,651,240 15,273,062
Shares issued in
reinvestment of
dividends and
distributions .......... 615,566 1,161,537 1,817,307 3,903,981
--------- --------- ---------- ----------
Total shares issued ..... 4,289,522 6,269,993 13,468,547 19,177,043
Shares redeemed ......... (560,741) (1,749,691) (4,584,632) (4,915,625)
--------- ---------- ---------- ----------
Net increase
(decrease) ............. 3,728,781 4,520,302 8,883,915 14,261,418
========= ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
GROWTH AND INCOME EQUITY INDEX
PORTFOLIO PORTFOLIO
------------------------------ ------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1998 1997 JUNE 30, 1998 1997
--------------- -------------- --------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IA
- --------
Shares sold .......... 9,627,187 17,042,406 13,491,843 25,418,356
Shares issued in
reinvestment of
dividends and
distributions ....... 36,643 2,393,845 335,541 723,055
--------- ---------- ---------- ----------
Total shares issued... 9,663,830 19,436,251 13,827,384 26,141,411
Shares redeemed ...... (1,102,131) (1,171,007) (997,902) (3,834,705)
---------- ---------- ---------- ----------
Net increase ......... 8,561,699 18,265,244 12,829,482 22,306,706
========== ========== ========== ==========
<CAPTION>
ALLIANCE ALLIANCE
COMMON STOCK GLOBAL
PORTFOLIO PORTFOLIO
-------------------------------- -------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1998 1997 JUNE 30, 1998 1997
--------------- ---------------- --------------- ---------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IA
- --------
Shares sold .......... 23,721,723 50,744,225 4,129,115 13,465,598
Shares issued in
reinvestment of
dividends and
distributions ....... 1,980,672 35,866,900 336,101 5,883,409
---------- ---------- --------- ----------
Total shares issued... 25,702,395 86,611,125 4,465,216 19,349,007
Shares redeemed ...... (13,929,238) (18,396,632) (3,825,536) (8,663,149)
----------- ----------- ---------- ----------
Net increase ......... 11,773,157 68,214,493 639,680 10,685,858
=========== =========== ========== ==========
</TABLE>
82
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
INTERNATIONAL AGGRESSIVE STOCK
PORTFOLIO PORTFOLIO
-------------------------------- --------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1998 1997 JUNE 30, 1998 1997
--------------- ---------------- --------------- ----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IA
- --------
Shares sold .......... 26,575,247 17,702,398 17,176,957 34,847,127
Shares issued in
reinvestment of
dividends and
distributions ....... 127,334 1,469,420 62,433 11,233,155
---------- ---------- ---------- ----------
Total shares issued... 26,702,581 19,171,818 17,239,390 46,080,282
Shares redeemed ...... (26,248,625) (13,816,916) (20,180,430) (27,155,091)
----------- ----------- ----------- -----------
Net increase
(decrease) .......... 453,956 5,354,902 (2,941,040) 18,925,191
=========== =========== =========== ===========
<CAPTION>
ALLIANCE ALLIANCE
SMALL CAP GROWTH CONSERVATIVE INVESTORS
PORTFOLIO PORTFOLIO
------------------------------ -------------------------------
MAY 1, 1997*
SIX MONTHS TO SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1998 1997 JUNE 30, 1998 1997
--------------- -------------- --------------- ---------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IA
- --------
Shares sold .......... 24,307,282 12,473,113 1,702,646 2,875,061
Shares issued in
reinvestment of
dividends and
distributions ....... 1,203 185,690 494,328 1,809,193
---------- ---------- --------- ---------
Total shares issued... 24,308,485 12,658,803 2,196,974 4,684,254
Shares redeemed ...... (18,031,728) (4,992,168) (1,760,348) (3,816,982)
----------- ---------- ---------- ----------
Net increase
(decrease) .......... 6,276,757 7,666,635 436,626 867,272
=========== ========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
BALANCED GROWTH INVESTORS
PORTFOLIO PORTFOLIO
-------------------------------- -------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1998 1997 JUNE 30, 1998 1997
--------------- ---------------- --------------- ---------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IA
- --------
Shares sold ..................... 2,229,381 3,662,533 3,558,572 9,706,135
Shares issued in
reinvestment of
dividends and
distributions .................. 1,421,344 8,034,691 888,212 6,731,864
--------- --------- --------- ---------
Total shares issued ............. 3,650,725 11,697,224 4,446,784 16,437,999
Shares redeemed ................. (3,686,189) (12,097,554) (2,092,862) (4,231,449)
---------- ----------- ---------- ----------
Net increase (decrease) ......... (35,464) (400,330) 2,353,922 12,206,550
========== =========== ========== ==========
</TABLE>
<TABLE>
<CAPTION>
ALLIANCE
ALLIANCE INTERMEDIATE
MONEY MARKET GOVERNMENT SECURITIES
PORTFOLIO PORTFOLIO
------------------------------ ------------------------------
MAY 1, 1997*
SIX MONTHS YEAR ENDED SIX MONTHS TO
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1998 1997 JUNE 30, 1998 1997
--------------- -------------- --------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IB
- --------
Shares sold ............. 13,553,393 15,458,380 842,395 536,124
Shares issued in
reinvestment of
dividends and
distributions .......... 405,351 276,519 25,851 9,576
---------- ---------- ------- -------
Total shares issued ..... 13,958,744 15,734,899 868,246 545,700
Shares redeemed ......... (5,281,933) (3,884,676) (54,336) (10,301)
---------- ---------- ------- -------
Net increase ............ 8,676,811 11,850,223 813,910 535,399
========== ========== ======= =======
<CAPTION>
ALLIANCE ALLIANCE
HIGH YIELD GROWTH AND INCOME
PORTFOLIO PORTFOLIO
------------------------------ -----------------------------
MAY 1, 1997*
SIX MONTHS YEAR ENDED SIX MONTHS TO
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1998 1997 JUNE 30, 1998 1997
--------------- -------------- --------------- -------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IB
- --------------------------
Shares sold ............. 8,199,105 5,872,392 2,235,097 2,001,059
Shares issued in
reinvestment of
dividends and
distributions .......... 532,368 496,765 919 127,333
--------- --------- --------- ---------
Total shares issued ..... 8,731,473 6,369,157 2,236,016 2,128,392
Shares redeemed ......... (97,459) (51,149) (159,956) (266)
--------- --------- --------- ---------
Net increase ............ 8,634,014 6,318,008 2,076,060 2,128,126
========= ========= ========= =========
</TABLE>
- ----------
* Commencement of operations.
83
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
EQUITY INDEX COMMON STOCK
PORTFOLIO PORTFOLIO
------------------------------ ------------------------------
MAY 1, 1997*
SIX MONTHS TO SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1998 1997 JUNE 30, 1998 1997
--------------- -------------- --------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IB
- --------
Shares sold .............. 4,508 7,451 9,160,878 9,736,070
Shares issued in
reinvestment of
dividends and
distributions ........... 38 55 52,727 826,867
----- ----- --------- ---------
Total shares issued . 4,546 7,506 9,213,605 10,562,937
Shares redeemed .......... (301) (1,926) (83,863) (29,575)
----- ------ --------- ----------
Net increase ............. 4,245 5,580 9,129,742 10,533,362
===== ====== ========= ==========
<CAPTION>
ALLIANCE ALLIANCE
GLOBAL INTERNATIONAL
PORTFOLIO PORTFOLIO
------------------------------ -----------------------------
MAY 1, 1997*
SIX MONTHS YEAR ENDED SIX MONTHS TO
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1998 1997 JUNE 30, 1998 1997
--------------- -------------- --------------- -------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IB
- --------
Shares sold .............. 554,011 1,232,644 235,701 317,031
Shares issued in
reinvestment of
dividends and
distributions ........... 5,251 99,584 2,454 22,868
------- --------- ------- -------
Total shares issued . 559,262 1,332,228 238,155 339,899
Shares redeemed .......... (61,094) (103,224) (71,822) (19,496)
------- --------- ------- -------
Net increase ............. 498,168 1,229,004 166,333 320,403
======= ========= ======= =======
</TABLE>
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
AGGRESSIVE STOCK SMALL CAP GROWTH
PORTFOLIO PORTFOLIO
------------------------------ ------------------------------
MAY 1, 1997*
SIX MONTHS YEAR ENDED SIX MONTHS TO
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1998 1997 JUNE 30, 1998 1997
--------------- -------------- --------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IB
- --------
Shares sold .......... 1,241,664 1,856,882 3,078,565 3,666,066
Shares issued in
reinvestment of
dividends and
distributions ....... -- 175,796 -- 91,565
--------- --------- --------- ---------
Total shares issued... 1,241,664 2,032,678 3,078,565 3,757,631
Shares redeemed ...... (48,953) (15,597) (64,472) (5,055)
--------- --------- --------- ---------
Net increase ......... 1,192,711 2,017,081 3,014,093 3,752,576
========= ========= ========= =========
<CAPTION>
ALLIANCE ALLIANCE
CONSERVATIVE INVESTORS GROWTH INVESTORS
PORTFOLIO PORTFOLIO
------------------------------ -----------------------------
MAY 1, 1997*
SIX MONTHS TO SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1998 1997 JUNE 30, 1998 1997
--------------- -------------- --------------- -------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IB
- --------
Shares sold .......... 764,628 467,751 1,147,106 1,855,983
Shares issued in
reinvestment of
dividends and
distributions ....... 17,456 20,199 22,801 130,747
------- ------- --------- ---------
Total shares issued... 782,084 487,950 1,169,907 1,986,730
Shares redeemed ...... (31,136) (8,774) (145,441) (85,261)
------- ------- --------- ---------
Net increase ......... 750,948 479,176 1,024,466 1,901,469
======= ======= ========= =========
</TABLE>
- ----------
* Commencement of operations.
84
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Concluded)
June 30, 1998
6. Transactions with Affiliated Companies
An affiliated company is a company in which a Portfolio has ownership of
at least 5% of the voting securities. Investments in companies which were
affiliates during the six months ended June 30, 1998 are summarized as follows:
<TABLE>
<CAPTION>
MARKET VALUE MARKET VALUE REALIZED
DECEMBER 31, PURCHASES SALES JUNE 30, DIVIDEND GAIN
1997 AT COST AT COST 1998 INCOME (LOSS)
------------ --------- ------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
ALLIANCE COMMON STOCK PORTFOLIO:
- --------------------------------
Abercrombie & Fitch Co. (Class A) (a) ....... $ -- $14,953,292 $ -- $ 21,494,960 $ -- $ --
CBL & Associates Properties, Inc. ........... 24,865,250 -- 1,852,500 22,120,850 871,596 467,746
Ceridian Corp. (a) .......................... 174,774,688 -- -- 224,131,250 -- --
Chris Craft Industries, Inc. (Class B) (a) .. 64,143,286 -- 21 69,066,949 -- 107
Regency Realty Corp. ........................ 3,563,381 -- 2,388,929 -- 56,628 829,055
Teleport Communications Group, Inc.
(Class A) .................................. 220,103,625 -- 83,021,500 92,170,750 -- 36,191,290
-------------- -------------- ---------- ------------
$ 487,450,230 $ 428,984,759 $ 928,224 $ 37,488,198
============== ============== ========== ============
ALLIANCE AGGRESSIVE STOCK PORTFOLIO:
- ------------------------------------
Abercrombie & Fitch Co. (Class A) (a) ....... $ -- $76,324,173 $ 200,596 $ 79,200,000 $ -- $ (3,143)
AK Steel Holding Corp. ...................... 7,421,675 -- 9,033,170 -- -- (1,901,088)
Capstar Hotel Co.(a) ........................ -- 81,149,255 -- 67,200,000 -- --
Centocor, Inc. .............................. 167,463,625 48,800,244 95,873,011 119,625,000 -- 27,437,394
Circuit City Stores, Inc.
CarMax Group(a) ............................ 56,346,300 787,822 947,745 64,181,250 -- (408,137)
Comverse Technology, Inc. ................... 72,520,500 -- 19,704,848 72,625,000 -- (96,614)
Continental Airlines, Inc. (Class B) (a) .... 213,588,375 -- 14,869,617 231,325,000 -- 20,150,706
Crompton & Knowles Corp. (a) ................ 137,800,000 -- 3,234,000 125,937,500 260,000 2,514,308
Dollar Thrifty Automotive Group, Inc.(a). ... -- 34,775,410 -- 19,875,000 -- --
Florida Panthers Holdings, Inc. (a) ......... 29,071,425 16,434,900 -- 49,218,750 -- --
MedImmune, Inc. ............................. 57,443,925 -- 767,822 81,087,500 -- 1,245,585
Millicom International Cellular SA .......... 89,487,300 4,830,519 1,151,761 105,000,000 -- 3,053,727
Mohawk Industries, Inc.(a) .................. 69,103,125 16,101,676 497,452 117,243,750 -- 975,189
Polo Ralph Lauren Corp.(a) .................. -- 66,464,900 -- 64,400,000 -- --
Security Capital Group, Inc. (Class B) ...... 38,509,250 17,676,525 620,958 47,925,000 -- (127,232)
Suburban Lodges of America .................. 12,034,500 -- 17,254,100 -- -- (3,412,315)
Teekay Shipping Corp.(a) .................... -- 55,123,836 -- 53,558,563 -- --
Telephone & Data Systems, Inc. .............. 133,322,406 -- 39,868,179 72,233,438 546,854 6,243,799
Tiffany & Co. (a) ........................... 56,376,506 40,762,198 -- 120,000,000 352,160 --
Tommy Hilfiger Corp. ........................ 68,124,937 12,081,367 20,934,612 109,450,000 -- 4,531,018
Ultramar Diamond Shamrock Corp. ............. 34,750,125 17,549,721 51,505,007 -- 437,305 202,047
-------------- -------------- ---------- ------------
$1,243,363,974 $1,600,085,751 $1,596,319 $ 60,405,244
============== ============== ========== ============
</TABLE>
- ----------
(a) Holdings represented less than 5% of outstanding shares at June 30,
1998, although ownership was above 5% for a period of time during
the period.
85
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS
June 30, 1998
SELECTED DATA FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD(C)
ALLIANCE MONEY MARKET PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
---------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, ----------------------------------------------------------------
1998 1997 1996 1995 1994 1993*
---------------- ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period (a) ............................ $ 10.18 $ 10.17 $ 10.16 $ 10.14 $ 10.12 $ 10.11
-------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ................. 0.27 0.54 0.54 0.57 0.41 0.30
Net realized and unrealized
gain (loss) on investments............ -- -- (0.01) -- -- --
--------- -------- -------- -------- -------- --------
Total from investment
operations ........................... 0.27 0.54 0.53 0.57 0.41 0.30
--------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net
investment income .................... (0.25) (0.53) (0.52) (0.55) (0.39) (0.29)
Dividends in excess of net
investment income .................... -- -- -- -- -- --
Distributions from realized
gains ................................ -- (0.00) -- -- -- --
--------- -------- -------- -------- -------- --------
Total dividends and
distributions ........................ (0.25) (0.53) (0.52) (0.55) (0.39) (0.29)
--------- -------- -------- -------- -------- --------
Net asset value, end of period ......... $ 10.20 $ 10.18 $ 10.17 $ 10.16 $ 10.14 $ 10.12
========= ======== ======== ======== ======== ========
Total return (d) ....................... 2.62% 5.42% 5.33% 5.74% 4.02% 3.00%
========= ======== ======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) . $462,290 $449,960 $463,422 $386,691 $325,391 $248,460
Ratio of expenses to average
net assets ............................ 0.39%(b) 0.39% 0.43% 0.44% 0.42% 0.42%
Ratio of net investment income
to average net assets ................. 5.20%(b) 5.28% 5.17% 5.53% 4.01% 2.91%
<CAPTION>
CLASS IB
--------------------------------------------------
SIX MONTHS OCTOBER 2,
ENDED YEAR ENDED 1996 TO
JUNE 30, DECEMBER 31, DECEMBER 31,
1998 1997 1996
------------------ -------------- ----------------
(UNAUDITED)
<S> <C> <C> <C>
Net asset value, beginning of
period (a) ............................ $ 10.17 $ 10.16 $ 10.16
--------- ------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ................. 0.25 0.52 0.11
Net realized and unrealized
gain (loss) on investments............ -- -- 0.01
---------- -------- --------
Total from investment
operations ........................... 0.25 0.52 0.12
---------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net
investment income .................... (0.23) (0.51) (0.02)
Dividends in excess of net
investment income .................... -- -- (0.10)
Distributions from realized
gains ................................ -- (0.00) --
---------- -------- ---------
Total dividends and
distributions ........................ (0.23) (0.51) (0.12)
---------- -------- ---------
Net asset value, end of period ......... $ 10.19 $ 10.17 $ 10.16
========== ======== =========
Total return (d) ....................... 2.50% 5.16% 1.29%
========== ======== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) . $ 212,287 $123,675 $ 3,184
Ratio of expenses to average
net assets ............................ 0.64%(b) 0.63% 0.67%(b)
Ratio of net investment income
to average net assets ................. 4.95%(b) 5.02% 4.94%(b)
</TABLE>
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO(E):
<TABLE>
<CAPTION>
CLASS IA
------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, -------------------------------------------------------------
1998 1997 1996 1995 1994 1993*
---------------- ------------ ----------- ----------- ----------- ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period (a)..... $ 9.44 $ 9.29 $ 9.47 $ 8.87 $ 10.08 $ 10.53
--------- ------- ------ ------ ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................... 0.26 0.53 0.54 0.58 0.65 0.59
Net realized and unrealized gain
(loss) on investments ..................... 0.05 0.13 (0.19) 0.57 ( 1.08) 0.51
--------- ------- ------- ------ ------- -------
Total from investment operations ........... 0.31 0.66 0.35 1.15 ( 0.43) 1.10
--------- ------- ------- ------ ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment
income .................................... (0.24) (0.51) (0.53) (0.55) (0.78) (0.68)
Distributions from realized gains .......... -- -- -- -- -- (0.87)
--------- -------- ------- ------- ------- --------
Total dividends and distributions .......... (0.24) (0.51) (0.53) (0.55) (0.78) (1.55)
--------- -------- ------- ------- ------- --------
Net asset value, end of period .............. $ 9.51 $ 9.44 $ 9.29 $ 9.47 $ 8.87 $ 10.08
========= ======== ======= ======= ======= ========
Total return (d) ............................ 3.32% 7.29% 3.78% 13.33% (4.37)% 10.58%
========= ======== ======= ======= ======= ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........... $ 136,460 $115,114 $88,384 $71,780 $48,518 $158,511
Ratio of expenses to average net assets...... 0.55%(b) 0.55% 0.56% 0.57% 0.56% 0.53%
Ratio of net investment income to
average net assets ......................... 5.42%(b) 5.61% 5.73% 6.15% 6.75% 5.43%
Portfolio turnover rate ..................... 172% 285% 318% 255% 133% 254%
<CAPTION>
CLASS IB
---------------------------------
SIX MONTHS MAY 1, 1997
ENDED TO
JUNE 30, DECEMBER 31,
1998 1997
---------------- ----------------
(UNAUDITED)
<S> <C> <C>
Net asset value, beginning of period (a)..... $ 9.43 $ 9.27
--------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................... 0.24 0.32
Net realized and unrealized gain
(loss) on investments ..................... 0.06 0.22
--------- ---------
Total from investment operations ........... 0.30 0.54
--------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment
income .................................... (0.23) (0.38)
Distributions from realized gains .......... -- --
--------- ---------
Total dividends and distributions .......... (0.23) (0.38)
--------- ---------
Net asset value, end of period .............. $ 9.50 $ 9.43
========= =========
Total return (d) ............................ 3.19% 5.83%
========= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........... $ 12,815 $ 5,052
Ratio of expenses to average net assets...... 0.80%(b) 0.81%(b)
Ratio of net investment income to
average net assets ......................... 5.17%(b) 5.15%(b)
Portfolio turnover rate ..................... 172% 285%
</TABLE>
86
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1998
ALLIANCE QUALITY BOND PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
--------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
SIX MONTHS ---------------------------------------------------
ENDED
JUNE 30,
1998 1997 1996 1995 1994
---------------- ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period (a) ........... $ 9.74 $ 9.49 $ 9.61 $ 8.72 $ 9.82
--------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 0.28 0.60 0.57 0.57 0.66
Net realized and unrealized gain (loss) on
investments and foreign currency transactions..... 0.11 0.24 (0.07) 0.88 (1.16)
--------- ------- -------- ------- -------
Total from investment operations .................. 0.39 0.84 0.50 1.45 (0.50)
--------- ------- -------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .............. (0.26) (0.59) (0.60) (0.56) (0.55)
Dividends in excess of net investment income ...... -- -- (0.02) -- --
Distributions in excess of realized gains ......... -- -- -- -- --
Tax return of capital distributions ............... -- -- -- -- (0.05)
--------- -------- -------- -------- -------
Total dividends and distributions ................. (0.26) (0.59) (0.62) (0.56) (0.60)
--------- -------- -------- -------- -------
Net asset value, end of period ..................... $ 9.87 $ 9.74 $ 9.49 $ 9.61 $ 8.72
========= ======== ======== ======== =======
Total return (d) ................................... 4.01% 9.14% 5.36% 17.02% (5.10)%
========= ======== ======== ======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $ 242,677 $203,233 $155,023 $157,443 $127,575
Ratio of expenses to average net assets ............ 0.58%(b) 0.57% 0.59% 0.59% 0.59%
Ratio of net investment income to average net
assets ............................................ 5.69%(b) 6.19% 6.06% 6.13% 7.17%
Portfolio turnover rate ............................ 109% 374% 431% 411% 222%
<CAPTION>
CLASS IA
------------------
OCTOBER 1, 1993
TO
DECEMBER 31, 1993
------------------
<S> <C>
Net asset value, beginning of period (a) ........... $ 10.00
---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 0.11
Net realized and unrealized gain (loss) on
investments and foreign currency transactions..... (0.16)
---------
Total from investment operations .................. (0.05)
---------
LESS DISTRIBUTIONS:
Dividends from net investment income .............. (0.12)
Dividends in excess of net investment income ...... --
Distributions in excess of realized gains ......... (0.01)
Tax return of capital distributions ............... --
---------
Total dividends and distributions ................. (0.13)
---------
Net asset value, end of period ..................... $ 9.82
=========
Total return (d) ................................... (0.51)%
=========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $ 104,832
Ratio of expenses to average net assets ............ 0.69%(b)
Ratio of net investment income to average net
assets ............................................ 4.62%(b)
Portfolio turnover rate ............................ 77%
</TABLE>
ALLIANCE HIGH YIELD PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
---------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
SIX MONTHS --------------------------------------------------------------
ENDED
JUNE 30,
1998 1997 1996 1995 1994 1993*
------------------ ------------ ------------ ------------ ----------- -----------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period (a) ............................ $ 10.41 $ 10.02 $ 9.64 $ 8.91 $ 10.08 $ 9.15
---------- ------- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.53 1.04 1.02 0.98 0.89 0.94
Net realized and unrealized gain
(loss) on investments ................ (0.02) 0.75 1.07 0.73 (1.17) 1.10
---------- ------- ------- ------- ------- -------
Total from investment operations ...... 0.51 1.79 2.09 1.71 (0.28) 2.04
---------- ------- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment
income ............................... (0.48) (0.97) (0.98) (0.94) (0.88) (0.92)
Dividends in excess of net
investment income .................... -- -- (0.03) (0.04) (0.01) --
Distributions from realized gains ..... -- (0.43) (0.70) -- -- (0.19)
Distributions in excess of realized
gains ................................ -- -- -- -- -- --
---------- -------- -------- -------- ------- -------
Total dividends and distributions ..... (0.48) (1.40) (1.71) (0.98) (0.89) (1.11)
---------- -------- -------- -------- ------- -------
Net asset value, end of period ......... $ 10.44 $ 10.41 $ 10.02 $ 9.64 $ 8.91 $ 10.08
========== ======== ======== ======== ======= =======
Total return (d) ....................... 4.91% 18.48% 22.89% 19.92% (2.79)% 23.15%
========== ======== ======== ======== ======= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...... $ 449,308 $355,473 $199,360 $118,129 $73,895 $67,169
Ratio of expenses to average net
assets ................................ 0.63% (b) 0.62% 0.59% 0.60% 0.61% 0.63%
Ratio of net investment income to
average net assets .................... 9.97%(b) 9.82% 9.93% 10.34% 9.23% 9.52%
Portfolio turnover rate ................ 132% 390% 485% 350% 248% 280%
<CAPTION>
CLASS IB
----------------------------------------------------
SIX MONTHS OCTOBER 2,
ENDED YEAR ENDED 1996 TO
JUNE 30, DECEMBER 31, DECEMBER 31,
1998 1997 1996
------------------ -------------- ------------------
(UNAUDITED)
<S> <C> <C> <C>
Net asset value, beginning of
period (a) ............................ $ 10.39 $ 10.01 $ 10.25
---------- ------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................. 0.51 1.05 0.19
Net realized and unrealized gain
(loss) on investments ................ (0.01) 0.71 0.15
---------- ------- ----------
Total from investment operations ...... 0.50 1.76 0.34
---------- ------- ----------
LESS DISTRIBUTIONS:
Dividends from net investment
income ............................... (0.47) (0.95) (0.03)
Dividends in excess of net
investment income .................... -- -- (0.25)
Distributions from realized gains ..... -- (0.43) (0.01)
Distributions in excess of realized
gains ................................ -- -- (0.29)
---------- ------- ----------
Total dividends and distributions ..... (0.47) (1.38) (0.58)
---------- ------- ----------
Net asset value, end of period ......... $ 10.42 $ 10.39 $ 10.01
========== ======= ==========
Total return (d) ....................... 4.78% 18.19% 3.32%
========== ======= ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...... $ 156,508 $66,338 $ 685
Ratio of expenses to average net
assets ................................ 0.88%(b) 0.88% 0.82%(b)
Ratio of net investment income to
average net assets .................... 9.67%(b) 9.76% 8.71%(b)
Portfolio turnover rate ................ 132% 390% 485%
</TABLE>
87
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1998
ALLIANCE GROWTH AND INCOME PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
-------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
SIX MONTHS --------------------------------------------------
ENDED
JUNE 30,
1998 1997 1996 1995 1994
---------------- ------------ ------------ ----------- ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period (a) $ 15.38 $ 13.01 $ 11.70 $ 9.70 $ 9.95
--------- -------- -------- ------- -------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income .................... 0.02 0.15 0.24 0.33 0.31
Net realized and unrealized gain
(loss) on investments ................... 1.92 3.30 2.05 1.97 (0.36)
--------- -------- -------- ------- -------
Total from investment operations.......... 1.94 3.45 2.29 2.30 (0.05)
--------- -------- -------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment
income .................................. (0.02) (0.15) (0.23) (0.30) (0.20)
Dividends in excess of net
investment income ....................... -- -- -- -- --
Distributions from realized gains ........ -- (0.93) (0.75) -- --
Tax return of capital distributions....... -- -- -- -- --
--------- -------- -------- ------- -------
Total dividends and distributions ........ (0.02) (1.08) (0.98) (0.30) (0.20)
--------- -------- -------- ------- -------
Net asset value, end of period ............ $ 17.30 $ 15.38 $ 13.01 $ 11.70 $ 9.70
========= ======== ======== ======= =======
Total return (d) .......................... 12.65% 26.90% 20.09% 24.07% (0.58)%
========= ======== ======== ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ......... $ 772,856 $555,059 $232,080 $98,053 $31,522
Ratio of expenses to average net
assets ................................... 0.58%(b) 0.58% 0.58% 0.60% 0.78%
Ratio of net investment income to
average net assets ....................... 0.21%(b) 0.99% 1.94% 3.11% 3.13%
Portfolio turnover rate ................... 43% 79% 88% 65% 52%
<CAPTION>
CLASS IA CLASS IB
---------------- -----------------------------------
OCTOBER 1, SIX MONTHS MAY 1,
1993 TO ENDED 1997 TO
DECEMBER 31, JUNE 30, DECEMBER 31,
1993 1998 1997
---------------- ------------------ ----------------
(UNAUDITED)
<S> <C> <C> <C>
Net asset value, beginning of period (a) $ 10.00 $ 15.36 $ 13.42
--------- ---------- ---------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income .................... 0.03 -- 0.05
Net realized and unrealized gain
(loss) on investments ................... (0.06) 1.93 2.91
--------- ---------- ---------
Total from investment operations.......... (0.03) 1.93 2.96
--------- ---------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment
income .................................. (0.02) (0.01) (0.09)
Dividends in excess of net
investment income ....................... (0.00) -- --
Distributions from realized gains ........ -- -- (0.93)
Tax return of capital distributions....... (0.00) -- --
--------- ---------- ---------
Total dividends and distributions ........ (0.02) (0.01) (1.02)
--------- ---------- ---------
Net asset value, end of period ............ $ 9.95 $ 17.28 $ 15.36
========= ========== =========
Total return (d) .......................... (0.25)% 12.51% 22.41%
========= ========== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ......... $ 1,456 $ 72,649 $ 32,697
Ratio of expenses to average net
assets ................................... 2.70%(b) 0.83%(b) 0.83%(b)
Ratio of net investment income to
average net assets ....................... 1.12%(b) (0.03)%(b) 0.43%(b)
Portfolio turnover rate ................... 48% 43% 79%
</TABLE>
ALLIANCE EQUITY INDEX PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
--------------------------------------------------------
YEAR ENDED DECEMBER 31,
SIX MONTHS --------------------------------------
ENDED
JUNE 30,
1998 1997 1996 1995
----------------- ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of period (a) .......... $ 19.74 $ 15.16 $ 13.13 $ 9.87
-------- -------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................ 0.13 0.26 0.27 0.26
Net realized and unrealized gain (loss) on
investments and foreign currency transactions.... 3.31 4.64 2.65 3.32
-------- -------- -------- --------
Total from investment operations ................. 3.44 4.90 2.92 3.58
-------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ............. (0.13) (0.25) (0.25) (0.22)
Distributions from realized gains ................ -- (0.07) (0.64) (0.09)
Distributions in excess of realized gains ........ -- -- -- (0.01)
-------- -------- -------- --------
Total dividends and distributions ................ (0.13) (0.32) (0.89) (0.32)
-------- -------- -------- --------
Net asset value, end of period .................... $ 23.05 $ 19.74 $ 15.16 $ 13.13
======== ======== ======== ========
Total return (d) .................................. 17.43% 32.58% 22.39% 36.48%
======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................. $1,397,215 $943,631 $386,249 $165,785
Ratio of expenses to average net assets ........... 0.36%(b) 0.37% 0.39% 0.48%
Ratio of net investment income to average net
assets ........................................... 1.24%(b) 1.46% 1.91% 2.16%
Portfolio turnover rate ........................... 2% 3% 15% 9%
<CAPTION>
CLASS IA CLASS IB
-------------- -------------------------------
MARCH 1, SIX MONTHS MAY 1,
1994 TO ENDED 1997 TO
DECEMBER 31, JUNE 30, DECEMBER 31,
1994 1998 1997
-------------- --------------- ---------------
(UNAUDITED)
<S> <C> <C> <C>
Net asset value, beginning of period (a) .......... $ 10.00 $ 19.73 $ 16.35
-------- -------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................ 0.20 0.11 0.14
Net realized and unrealized gain (loss) on
investments and foreign currency transactions.... (0.09) 3.30 3.48
-------- -------- --------
Total from investment operations ................. 0.11 3.41 3.62
-------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income ............. (0.20) (0.10) (0.17)
Distributions from realized gains ................ (0.03) -- (0.07)
Distributions in excess of realized gains ........ (0.01) -- --
-------- -------- --------
Total dividends and distributions ................ (0.24) (0.10) (0.24)
-------- -------- --------
Net asset value, end of period .................... $ 9.87 $ 23.04 $ 19.73
======== ======== ========
Total return (d) .................................. 1.08% 17.28% 22.28%
======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................. $ 36,748 $ 226 $ 110
Ratio of expenses to average net assets ........... 0.49%(b) 0.61%(b) 0.62%(b)
Ratio of net investment income to average net
assets ........................................... 2.42%(b) 1.00%(b) 1.10%(b)
Portfolio turnover rate ........................... 7% 2% 3%
</TABLE>
88
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1998
ALLIANCE COMMON STOCK PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
---------------------------------------------------------------
YEAR ENDED DECEMBER 31,
SIX MONTHS --------------------------------------------
ENDED
JUNE 30,
1998 1997 1996 1995
------------------ -------------- -------------- --------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of period (a) $ 21.61 $ 18.23 $ 16.48 $ 13.36
--------- ---------- ---------- ----------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ...................... 0.12 0.14 0.15 0.20
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions ..................... 3.88 5.12 3.73 4.12
--------- ---------- ---------- ----------
Total from investment operations ........... 4.00 5.26 3.88 4.32
--------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Dividends from net investment
income .................................... (0.11) (0.11) (0.15) (0.20)
Dividends in excess of net
investment income ......................... -- -- -- (0.02)
Distributions from realized gains .......... -- (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 .......... (0.11) (1.88) (2.13) (1.20)
--------- ---------- ---------- ----------
Net asset value, end of period .............. $ 25.50 $ 21.61 $ 18.23 $ 16.48
========= ========== ========== ==========
Total return (d) ............................ 18.53% 29.40% 24.28% 32.45%
========= ========== ========== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........... $11,311,407 $9,331,994 $6,625,390 $4,879,677
Ratio of expenses to average net
assets ..................................... 0.38%(b) 0.39% 0.38% 0.38%
Ratio of net investment income to
average net assets ......................... 1.01%(b) 0.69% 0.85% 1.27%
Portfolio turnover rate ..................... 26% 52% 55% 61%
<CAPTION>
CLASS IA CLASS IB
------------------------------ ----------------------------------------------
SIX MONTHS OCTOBER 2,
YEAR ENDED DECEMBER 31, ENDED YEAR ENDED 1996 TO
------------------------------ JUNE 30, DECEMBER 31, DECEMBER 31,
1994 1993* 1998 1997 1996
--------------- -------------- --------------- -------------- ---------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period (a) $ 14.65 $ 13.49 $ 21.58 $ 18.22 $ 17.90
--------- ---------- ------- -------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ...................... 0.20 0.23 0.09 0.10 0.02
Net realized and unrealized gain
(loss) on investments and foreign
currency transactions ..................... (0.51) 3.10 3.87 5.11 1.52
--------- ---------- ------- -------- --------
Total from investment operations ........... (0.31) 3.33 3.96 5.21 1.54
--------- ---------- ------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment
income .................................... (0.19) (0.23) (0.08) (0.08) (0.00)
Dividends in excess of net
investment income ......................... (0.01) (0.00) -- -- (0.03)
Distributions from realized gains .......... (0.77) (1.94) -- (1.77) (0.16)
Distributions in excess of realized
gains ..................................... -- -- -- -- (1.03)
Tax return of capital distributions ........ (0.01) -- -- -- --
--------- ---------- ------- -------- --------
Total dividends and distributions .......... (0.98) (2.17) (0.08) (1.85) (1.22)
--------- ---------- ------- -------- --------
Net asset value, end of period .............. $ 13.36 $ 14.65 $ 25.46 $ 21.58 $ 18.22
========= ========== ======= ======== ========
Total return (d) ............................ (2.14)% 24.84% 18.38% 29.07% 8.49%
========= ========== ======= ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........... $3,466,245 $3,125,128 $502,433 $228,780 $ 1,244
Ratio of expenses to average net
assets ..................................... 0.38% 0.38% 0.63%(b) 0.64% 0.63%(b)
Ratio of net investment income to
average net assets ......................... 1.40% 1.55% 0.76%(b) 0.46% 0.61%(b)
Portfolio turnover rate ..................... 52% 82% 26% 52% 55%
</TABLE>
ALLIANCE GLOBAL PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
----------------------------------------------------------
YEAR ENDED DECEMBER 31,
SIX MONTHS ----------------------------------------
ENDED
JUNE 30,
1998 1997 1996 1995
----------------- -------------- ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of period (a) $ 17.29 $ 16.92 $ 15.74 $ 13.87
-------- ---------- -------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ...................... 0.10 0.17 0.21 0.26
Net realized and unrealized gain
on investments and foreign
currency transactions ..................... 2.66 1.75 2.05 2.32
-------- ---------- -------- --------
Total from investment operations ........... 2.76 1.92 2.26 2.58
-------- ---------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment
income .................................... (0.10) (0.36) (0.21) (0.25)
Dividends in excess of net
investment income ......................... -- -- (0.08) --
Distributions from realized gains .......... -- (1.19) (0.79) (0.42)
Distributions in excess of realized
gains ..................................... -- -- -- (0.03)
Tax return of capital distributions ........ -- -- (0.00) (0.01)
-------- ---------- -------- --------
Total dividends and distributions .......... (0.10) (1.55) (1.08) (0.71)
-------- ---------- -------- --------
Net asset value, end of period .............. $ 19.95 $ 17.29 $ 16.92 $ 15.74
======== ========== ======== ========
Total return (d) ............................ 15.91% 11.66% 14.60% 18.81%
======== ========== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........... $1,401,576 $1,203,867 $997,041 $686,140
Ratio of expenses to average net
assets ..................................... 0.71%(b) 0.69% 0.60% 0.61%
Ratio of net investment income to
average net assets ......................... 1.07%(b) 0.97% 1.28% 1.76%
Portfolio turnover rate ..................... 22% 57% 59% 67%
<CAPTION>
CLASS IA CLASS IB
------------------------- ----------------------------------------------
SIX MONTHS OCTOBER 2,
YEAR ENDED DECEMBER 31, ENDED YEAR ENDED 1996 TO
------------------------- JUNE 30, DECEMBER 31, DECEMBER 31,
1994 1993* 1998 1997 1996
------------ ------------ --------------- -------------- ---------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period (a) $ 13.62 $ 11.41 $ 17.27 $ 16.91 $ 16.57
-------- -------- -------- ------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ...................... 0.20 0.08 0.08 0.12 0.02
Net realized and unrealized gain
on investments and foreign
currency transactions ..................... 0.52 3.58 2.65 1.76 0.81
-------- -------- -------- ------- --------
Total from investment operations ........... 0.72 3.66 2.73 1.88 0.83
-------- -------- -------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net investment
income .................................... (0.17) (0.15) (0.07) (0.33) --
Dividends in excess of net
investment income ......................... -- -- -- -- (0.11)
Distributions from realized gains .......... (0.28) (1.30) -- (1.19) (0.10)
Distributions in excess of realized
gains ..................................... (0.00) (0.00) -- -- (0.28)
Tax return of capital distributions ........ (0.02) -- -- -- (0.00)
-------- -------- -------- ------- --------
Total dividends and distributions .......... (0.47) (1.45) (0.07) (1.52) (0.49)
-------- -------- -------- ------- --------
Net asset value, end of period .............. $ 13.87 $ 13.62 $ 19.93 $ 17.27 $ 16.91
======== ======== ======== ======= ========
Total return (d) ............................ 5.23% 32.09% 15.77% 11.38% 4.98%
======== ======== ======== ======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........... $421,698 $141,257 $ 34,760 $21,520 $ 290
Ratio of expenses to average net
assets ..................................... 0.69% 0.84% 0.96%(b) 0.97% 0.86%(b)
Ratio of net investment income to
average net assets ......................... 1.41% 0.62% 0.84%(b) 0.67% 0.48%(b)
Portfolio turnover rate ..................... 71% 150% 22% 57% 59%
</TABLE>
89
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1998
ALLIANCE INTERNATIONAL PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
------------------------------------------------------------
SIX MONTHS APRIL 3,
ENDED YEAR ENDED DECEMBER 31, 1995 TO
JUNE 30, -------------------------- DECEMBER 31,
1998 1997 1996 1995
---------------- ------------- ------------ ----------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of period (a) ........... $ 10.27 $ 11.50 $ 10.87 $ 10.00
--------- ------- -------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 0.08 0.10 0.13 0.14
Net realized and unrealized gain (loss) on
investments and foreign currency transactions..... 1.20 (0.45) 0.94 0.98
--------- ------- -------- ---------
Total from investment operations .................. 1.28 (0.35) 1.07 1.12
--------- ------- -------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income .............. (0.08) (0.32) (0.10) (0.07)
Dividends in excess of net investment income ...... -- -- (0.09) (0.13)
Distributions from realized gains ................. -- (0.56) (0.25) (0.05)
--------- ------- -------- ---------
Total dividends and distributions ................. (0.08) (0.88) (0.44) (0.25)
--------- ------- -------- ---------
Net asset value, end of period ..................... $ 11.47 $ 10.27 $ 11.50 $ 10.87
========= ======= ======== =========
Total return (d) ................................... 12.50% (2.98)% 9.82% 11.29%
========= ======= ======== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $ 218,271 $190,611 $151,907 $ 28,684
Ratio of expenses to average net assets ............ 1.08%(b) 1.08% 1.06% 1.03%(b)
Ratio of net investment income to average net
assets ............................................ 1.39%(b) 0.83% 1.10% 1.71%(b)
Portfolio turnover rate ............................ 26% 59% 48% 56%
<CAPTION>
CLASS IB
-----------------------------------
SIX MONTHS MAY 1,
ENDED 1997 TO
JUNE 30, DECEMBER 31,
1998 1997
------------------ ----------------
(UNAUDITED)
<S> <C> <C>
Net asset value, beginning of period (a) ........... $10.26 $ 11.39
------ ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 0.07 0.02
Net realized and unrealized gain (loss) on
investments and foreign currency transactions..... 1.20 (0.31)
------ ---------
Total from investment operations .................. 1.27 (0.29)
------ ---------
LESS DISTRIBUTIONS:
Dividends from net investment income .............. (0.06) (0.28)
Dividends in excess of net investment income ...... -- --
Distributions from realized gains ................. -- (0.56)
------ ---------
Total dividends and distributions ................. (0.06) (0.84)
------ ---------
Net asset value, end of period ..................... $11.47 $ 10.26
====== =========
Total return (d) ................................... 12.36% (2.54)%
====== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $5,582 $ 3,286
Ratio of expenses to average net assets ............ 1.32% (b) 1.38%(b)
Ratio of net investment income to average net
assets ............................................ 1.20% (b) 0.20%(b)
Portfolio turnover rate ............................ 26% 59%
</TABLE>
90
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1998
ALLIANCE AGGRESSIVE STOCK PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
---------------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, ---------------------------------------------------------------------------
1998 1997 1996 1995 1994 1993*
----------------- -------------- -------------- -------------- --------------- --------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period (a) ............... $ 36.22 $ 35.85 $ 35.68 $ 30.63 $ 31.89 $ 29.81
-------- ---------- ---------- ---------- --------- ----------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income
(loss) ..................... 0.02 0.04 0.09 0.10 0.04 0.09
Net realized and
unrealized gain (loss)
on investments ............. 3.32 3.71 7.52 9.54 (1.26) 4.91
-------- ---------- ---------- ---------- --------- ----------
Total from investment
operations ................. 3.34 3.75 7.61 9.64 (1.22) 5.00
-------- ---------- ---------- ---------- --------- ----------
LESS DISTRIBUTIONS:
Dividends from net
investment income .......... (0.02) (0.05) (0.09) (0.10) (0.04) (0.09)
Dividends in excess of
net investment
income ..................... -- -- (0.00) -- -- --
Distributions from
realized gains.............. -- (3.33) (7.33) (4.49) -- (2.75)
Distributions in excess
of realized gains .......... -- -- (0.02) -- -- (0.07)
Tax return of capital
distributions .............. -- -- -- -- (0.00) (0.01)
-------- ---------- ---------- ---------- --------- ----------
Total dividends and
distributions .............. (0.02) (3.38) (7.44) (4.59) (0.04) (2.92)
-------- ---------- ---------- ---------- --------- ----------
Net asset value, end of
period ...................... $ 39.54 $ 36.22 $ 35.85 $ 35.68 $ 30.63 $ 31.89
======== ========== ========== ========== ========= ==========
Total return (d) ............. 9.23% 10.94% 22.20% 31.63% (3.81)% 16.77%
======== ========== ========== ========== ========= ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ..................... $4,895,216 $4,589,771 $3,865,256 $2,700,515 $1,832,164 $1,557,332
Ratio of expenses to
average net assets .......... 0.56%(b) 0.54% 0.48% 0.49% 0.49% 0.49%
Ratio of net investment
income (loss) to average
net assets .................. 0.13%(b) 0.11% 0.24% 0.28% 0.12 % 0.28%
Portfolio turnover rate ...... 49% 123% 108% 127% 92% 89%
<CAPTION>
CLASS IB
---------------------------------------------------
SIX MONTHS OCTOBER 2,
ENDED YEAR ENDED 1996 TO
JUNE 30, DECEMBER 31, DECEMBER 31,
1998 1997 1996
----------------- -------------- ------------------
(UNAUDITED)
<S> <C> <C> <C>
Net asset value, beginning
of period (a) ............... $ 36.13 $ 35.83 $ 37.28
---------- ------- ----------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income
(loss) ..................... (0.02) (0.11) (0.01)
Net realized and
unrealized gain (loss)
on investments ............. 3.31 3.77 0.85
---------- ------- ----------
Total from investment
operations ................. 3.29 3.66 0.84
---------- ------- ----------
LESS DISTRIBUTIONS:
Dividends from net
investment income .......... -- (0.03) --
Dividends in excess of
net investment
income ..................... -- -- (0.02)
Distributions from
realized gains.............. -- (3.33) (0.23)
Distributions in excess
of realized gains .......... -- -- (2.04)
Tax return of capital
distributions .............. -- -- --
---------- ------- ----------
Total dividends and
distributions .............. -- (3.36) (2.29)
---------- ------- ----------
Net asset value, end of
period ...................... $ 39.42 $ 36.13 $ 35.83
========== ======= ==========
Total return (d) ............. 9.10% 10.66% 2.32%
========== ======= ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ..................... $ 127,199 $73,486 $ 613
Ratio of expenses to
average net assets .......... 0.81% (b) 0.81% 0.73%(b)
Ratio of net investment
income (loss) to average
net assets .................. (0.12)%(b) (0.28)% (0.10)%(b)
Portfolio turnover rate ...... 49% 123% 108%
</TABLE>
91
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1998
ALLIANCE SMALL CAP GROWTH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA CLASS IB
------------------------------ ----------------------------
SIX MONTHS MAY 1, SIX MONTHS MAY 1,
ENDED 1997 TO ENDED 1997 TO
JUNE 30, DECEMBER 31, JUNE 30, DECEMBER 31,
1998 1997 1998 1997
--------------- -------------- ---------- ------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of period (a) ..................... $ 12.35 $ 10.00 $ 12.34 $ 10.00
------- -------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................................ -- 0.01 (0.01) (0.01)
Net realized and unrealized gain on investments ............. 1.02 2.65 1.01 2.65
------- -------- ---------- ----------
Total from investment operations ............................ 1.02 2.66 1.00 2.64
------- -------- ---------- ----------
LESS DISTRIBUTIONS:
Dividends from net investment income ........................ (0.00) (0.01) -- (0.00)
Distributions from realized gains ........................... -- (0.30) -- (0.30)
------- -------- ---------- ----------
Total dividends and distributions ........................... (0.00) (0.31) -- (0.30)
------- -------- ---------- ----------
Net asset value, end of period ............................... $ 13.37 $ 12.35 $ 13.34 $ 12.34
======= ======== ========== ==========
Total return (d) ............................................. 8.21% 26.74% 8.13% 26.57%
======= ======== ========== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............................ $186,354 $ 94,676 $ 90,282 $ 46,324
Ratio of expenses to average net assets ...................... 0.97%(b) 0.95%(b) 1.20%(b) 1.15%(b)
Ratio of net investment income (loss) to average net assets .. 0.06%(b) 0.10%(b) (0.19)%(b) (0.12)%(b)
Portfolio turnover rate ...................................... 44% 96% 44% 96%
</TABLE>
92
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1998
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
----------------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
SIX MONTHS ----------------------------------------------------------------
ENDED
JUNE 30,
1998 1997 1996 1995 1994 1993*
----------------- ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period (a) ................ $ 11.89 $ 11.29 $ 11.52 $ 10.15 $ 11.12 $ 10.94
--------- -------- -------- -------- ------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ........ 0.25 0.49 0.50 0.60 0.55 0.52
Net realized and
unrealized gain (loss)
on investments and
foreign currency
transactions ................ 0.69 0.97 0.07 1.43 (1.00) 0.65
--------- -------- -------- -------- ------- --------
Total from investment
operations .................. 0.94 1.46 0.57 2.03 (0.45) 1.17
--------- -------- -------- -------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net
investment income ........... (0.24) (0.49) (0.51) (0.59) (0.52) (0.50)
Dividends in excess of net
investment income ........... -- -- -- -- -- (0.00)
Distributions from
realized gains .............. -- (0.37) (0.27) (0.07) -- (0.49)
Distributions in excess of
realized gains .............. -- -- (0.02) -- -- --
--------- -------- -------- -------- ------- --------
Total dividends and
distributions ............... (0.24) (0.86) (0.80) (0.66) (0.52) (0.99)
--------- -------- -------- -------- ------- --------
Net asset value, end of
period ....................... $ 12.59 $ 11.89 $ 11.29 $ 11.52 $ 10.15 $ 11.12
========= ======== ======== ======== ======= ========
Total return (d) .............. 7.93% 13.25% 5.21% 20.40% (4.10)% 10.76%
========= ======== ======== ======== ======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ...................... $ 331,530 $307,847 $282,402 $252,101 $173,691 $114,418
Ratio of expenses to
average net assets ........... 0.53%(b) 0.57% 0.61% 0.59% 0.59% 0.60%
Ratio of net investment
income to average net
assets ....................... 4.08%(b) 4.17% 4.48% 5.48% 5.22% 4.49%
Portfolio turnover rate ....... 43% 206% 181% 287% 228% 178%
<CAPTION>
CLASS IB
---------------------------------
SIX MONTHS MAY 1,
ENDED 1997 TO
JUNE 30, DECEMBER 31,
1998 1997
----------------- ---------------
(UNAUDITED)
<S> <C> <C>
Net asset value, beginning
of period (a) ................ $ 11.88 $ 11.29
--------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ........ 0.24 0.31
Net realized and
unrealized gain (loss)
on investments and
foreign currency
transactions ................ 0.69 1.01
--------- --------
Total from investment
operations .................. 0.93 1.32
--------- --------
LESS DISTRIBUTIONS:
Dividends from net
investment income ........... (0.22) (0.36)
Dividends in excess of net
investment income ........... -- --
Distributions from
realized gains .............. -- (0.37)
Distributions in excess of
realized gains .............. -- --
--------- --------
Total dividends and
distributions ............... (0.22) (0.73)
--------- --------
Net asset value, end of
period ....................... $ 12.59 $ 11.88
========= ========
Total return (d) .............. 7.81% 11.84%
========= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ...................... $ 15,481 $ 5,694
Ratio of expenses to
average net assets ........... 0.78%(b) 0.80%(b)
Ratio of net investment
income to average net
assets ....................... 3.85%(b) 3.82%(b)
Portfolio turnover rate ....... 43% 206%
</TABLE>
93
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1998
ALLIANCE BALANCED PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
--------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, --------------
1998 1997
------------------ --------------
(UNAUDITED)
<S> <C> <C>
Net asset value, beginning of period (a) ........ $ 17.58 $ 16.64
-------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.29 0.58
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions .................................. 1.65 1.86
-------- ----------
Total from investment operations ............... 1.94 2.44
-------- ----------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... (0.28) (0.59)
Dividends in excess of net investment
income ........................................ -- --
Distributions from realized gains .............. -- (0.91)
Distributions in excess of realized gains ...... -- --
Tax return of capital distributions ............ -- --
-------- ----------
Total dividends and distributions .............. (0.28) (1.50)
-------- ----------
Net asset value, end of period .................. $ 19.24 $ 17.58
======== ==========
Total return (d) ................................ 11.04% 15.06%
======== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $1,885,867 $1,724,089
Ratio of expenses to average net assets ......... 0.45%(b) 0.45%
Ratio of net investment income to average net
assets ......................................... 3.09%(b) 3.30%
Portfolio turnover rate ......................... 40% 146%
<CAPTION>
CLASS IA
-----------------------------------------------------------
YEAR ENDED DECEMBER 31,
-----------------------------------------------------------
1996 1995 1994 1993*
---------- ---------- --------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period (a) ........ $ 16.76 $ 14.87 $ 16.67 $ 16.19
---------- ---------- --------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income .......................... 0.53 0.54 0.45 0.50
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions .................................. 1.31 2.36 (1.78) 1.46
---------- ---------- --------- ----------
Total from investment operations ............... 1.84 2.90 (1.33) 1.96
---------- ---------- --------- ----------
LESS DISTRIBUTIONS:
Dividends from net investment income ........... (0.53) (0.54) (0.44) (0.50)
Dividends in excess of net investment
income ........................................ -- -- (0.03) --
Distributions from realized gains .............. (1.40) (0.47) -- (0.95)
Distributions in excess of realized gains ...... (0.03) -- -- (0.03)
Tax return of capital distributions ............ -- -- (0.00) --
---------- ---------- --------- ----------
Total dividends and distributions .............. (1.96) (1.01) (0.47) (1.48)
---------- ---------- --------- ----------
Net asset value, end of period .................. $ 16.64 $ 16.76 $ 14.87 $ 16.67
========== ========== ========= ==========
Total return (d) ................................ 11.68% 19.75% (8.02)% 12.28%
========== ========== ========= ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............... $1,637,856 $1,523,142 $1,329,820 $1,364,640
Ratio of expenses to average net assets ......... 0.41% 0.40% 0.39% 0.39%
Ratio of net investment income to average net
assets ......................................... 3.15% 3.33% 2.87% 2.99%
Portfolio turnover rate ......................... 177% 186% 115% 99%
</TABLE>
94
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1998
ALLIANCE GROWTH INVESTORS PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
---------------------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, --------------------------------------------------------------------
1998 1997 1996 1995 1994 1993*
------------------ -------------- -------------- ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period (a) ............... $ 18.55 $ 17.20 $ 17.68 $ 14.66 $ 15.61 $ 14.69
-------- ---------- ---------- -------- ------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income........ 0.21 0.41 0.40 0.57 0.50 0.43
Net realized and
unrealized gain (loss)
on investments and
foreign currency
transactions ............... 1.95 2.43 1.66 3.24 (0.98) 1.79
-------- ---------- ---------- -------- ------- --------
Total from investment
operations ................. 2.16 2.84 2.06 3.81 (0.48) 2.22
-------- ---------- ---------- -------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net
investment income .......... (0.20) (0.46) (0.40) (0.54) (0.46) (0.42)
Dividends in excess of
net investment
income ..................... -- -- (0.03) (0.01) (0.01) --
Distributions from
realized gains.............. -- (1.03) (2.10) (0.24) -- (0.88)
Distributions in excess
of realized gains .......... -- -- (0.01) -- -- --
-------- ---------- ---------- -------- ------- --------
Total dividends and
distributions .............. (0.20) (1.49) (2.54) (0.79) (0.47) (1.30)
-------- ---------- ---------- -------- ------- --------
Net asset value, end of
period ...................... $ 20.51 $ 18.55 $ 17.20 $ 17.68 $ 14.66 $ 15.61
======== ========== ========== ======== ======= ========
Total return (d) ............. 11.70% 16.87% 12.61% 26.37% (3.15)% 15.26%
======== ========== ========== ======== ======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ..................... $1,851,126 $1,630,389 $1,301,643 $896,134 $492,478 $278,467
Ratio of expenses to
average net assets .......... 0.55%(b) 0.57% 0.57% 0.56% 0.59% 0.62%
Ratio of net investment
income to average net
assets ...................... 2.15%(b) 2.18% 2.31% 3.43% 3.32% 2.71%
Portfolio turnover rate ...... 50% 121% 190% 107% 131% 118%
<CAPTION>
CLASS IB
----------------------------------------------
SIX MONTHS OCTOBER 2,
ENDED YEAR ENDED 1996 TO
JUNE 30, DECEMBER 31, DECEMBER 31,
1998 1997 1996
--------------- -------------- ---------------
(UNAUDITED)
<S> <C> <C> <C>
Net asset value, beginning
of period (a) ............... $ 18.52 $ 17.19 $ 16.78
-------- ------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income........ 0.19 0.36 0.07
Net realized and
unrealized gain (loss)
on investments and
foreign currency
transactions ............... 1.95 2.43 0.71
-------- ------- --------
Total from investment
operations ................. 2.14 2.79 0.78
-------- ------- --------
LESS DISTRIBUTIONS:
Dividends from net
investment income .......... (0.17) (0.43) (0.02)
Dividends in excess of
net investment
income ..................... -- -- (0.09)
Distributions from
realized gains.............. -- (1.03) (0.02)
Distributions in excess
of realized gains .......... -- -- (0.24)
-------- ------- --------
Total dividends and
distributions .............. (0.17) (1.46) (0.37)
-------- ------- --------
Net asset value, end of
period ...................... $ 20.49 $ 18.52 $ 17.19
======== ======= ========
Total return (d) ............. 11.56% 16.58% 4.64%
======== ======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ..................... $ 60,504 $35,730 $ 472
Ratio of expenses to
average net assets .......... 0.80%(b) 0.82% 0.84%(b)
Ratio of net investment
income to average net
assets ...................... 1.92%(b) 1.88% 1.69%(b)
Portfolio turnover rate ...... 50% 121% 190%
</TABLE>
95
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Concluded)
June 30, 1998
* Prior to July 22, 1993, Equitable Capital Management Corporation
("Equitable Capital") served as the investment adviser to the Trust. On
July 22, 1993, Alliance Capital Management L.P. ("Alliance") acquired the
business and substantially all of the assets of Equitable Capital and
became the investment adviser to the Trust.
(a) Date as of which funds were first allocated to the Portfolios are as
follows:
Class IA:
Alliance Common Stock Portfolio--June 16, 1975
Alliance Money Market Portfolio--July 13, 1981
Alliance Balanced Portfolio--January 27, 1986
Alliance Aggressive Stock Portfolio--January 27, 1986
Alliance High Yield Portfolio--January 2, 1987
Alliance Global Portfolio--August 27, 1987
Alliance Conservative Investors Portfolio--October 2, 1989
Alliance Growth Investors Portfolio--October 2, 1989
Alliance Intermediate Government Securities Portfolio--April 1, 1991
Alliance Quality Bond Portfolio--October 1, 1993
Alliance Growth and Income Portfolio--October 1, 1993
Alliance Equity Index Portfolio--March 1, 1994
Alliance International Portfolio--April 3, 1995
Alliance Small Cap Growth Portfolio--May 1, 1997
Class IB:
Alliance Money Market, Alliance High Yield, Alliance Common Stock,
Alliance Global, Alliance Aggressive Stock and Alliance Growth Investors
Portfolios--October 2, 1996.
Alliance Intermediate Government Securities, Alliance Growth and Income,
Alliance Equity Index, Alliance International, Alliance Small Cap Growth
and Alliance Conservative Investors Portfolios--May 1, 1997.
(b) Annualized.
(c) Net investment income and capital changes per share are based upon monthly
average shares outstanding.
(d) Total return is calculated assuming an initial investment made at the net
asset value at the beginning of the period, reinvestment of all dividends
and distributions at net asset value during the period, and redemption on
the last day of the period. Total return calculated for a period of less
than one year is not annualized.
(e) On February 22, 1994, shares of the Alliance Intermediate Government
Securities Portfolio of the Trust were substituted for shares of the
Trust's Alliance Short-Term World Income Portfolio.
96
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
MERRILL LYNCH MERRILL LYNCH MFS
BASIC VALUE WORLD EMERGING GROWTH
EQUITY STRATEGY COMPANIES
PORTFOLIO PORTFOLIO PORTFOLIO
----------------- --------------- ----------------
<S> <C> <C> <C>
ASSETS:
Investments at value (Note 1) .......................................... $ 124,946,475 $29,030,939 $258,814,689
Cash ................................................................... 805 -- 21,831
Foreign cash ........................................................... -- 34,292 --
Receivable for securities sold ......................................... -- 102,671 1,499,294
Unrealized appreciation of forward currency contracts (Note 1) ......... -- 61,306 --
Short-term investments held as collateral for loaned securities ........ 20,123,100 3,083,740 62,970,340
Receivable from Separate Accounts for Trust shares sold ................ 1,448,521 223,739 2,869,236
Receivable for forward commitments ..................................... -- -- --
Daily variation margin receivable on futures contracts ................. -- -- --
Dividends, interest and other receivables .............................. 122,092 170,593 29,589
Deferred organizational costs (Note 1) ................................. 24,155 24,155 24,155
------------- ----------- ------------
Total assets ......................................................... 146,665,148 32,731,435 326,229,134
------------- ----------- ------------
LIABILITIES:
Payable to custodian ................................................... 11,521 18,272 30,981
Payable for securities purchased ....................................... 513,674 983,253 3,363,972
Unrealized depreciation of forward currency contracts (Note 1) ......... -- 20,995 --
Payable for deposits received for loaned securities .................... 20,123,100 3,083,740 62,970,340
Market value of swap agreements (Note 1) ............................... -- -- --
Interest payable on swap agreements .................................... -- -- --
Variation margin payable on futures contracts (Note 1) ................. -- -- --
Distribution fees payable .............................................. 46,404 10,947 91,490
Investment management fees payable ..................................... 111,231 46,619 218,448
Trustees' fees payable ................................................. 4,267 2,264 9,183
Payable to Separate Accounts for Trust shares redeemed ................. 68,872 3,981 42,020
Forward commitments at value (Note 1) .................................. -- -- --
Daily variation margin payable on futures contracts .................... -- -- --
Overdraft payable ...................................................... -- 2,118 --
Accrued expenses (Note 1) .............................................. 80,108 32,980 164,380
------------- ----------- ------------
Total liabilities .................................................... 20,959,177 4,205,169 66,890,814
------------- ----------- ------------
NET ASSETS ............................................................. $ 125,705,971 $28,526,266 $259,338,320
============= =========== ============
Investments at cost .................................................... $ 122,970,165 $27,266,550 $228,746,215
============= =========== ============
Foreign cash at cost ................................................... -- $ 34,387 --
============= =========== ============
Investments at value include repurchase agreements of .................. -- -- --
============= =========== ============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ....................................................... $ 118,117,343 $27,214,851 $230,283,557
Accumulated undistributed (overdistributed) net investment income ..... 594,019 230,265 (219,173)
Accumulated undistributed (distributions in excess of) net realized
gain (loss) .......................................................... 5,018,299 (722,009) (794,482)
Unrealized appreciation (depreciation) on investments and foreign
currency denominated assets and liabilities .......................... 1,976,310 1,803,159 30,068,418
------------- ----------- ------------
NET ASSETS ............................................................. $ 125,705,971 $28,526,266 $259,338,320
============= =========== ============
CLASS IB SHARES:
Net Assets ............................................................. $ 125,705,971 $28,526,266 $259,338,320
============= =========== ============
Shares outstanding (Unlimited amount authorized: no par value) ......... 9,527,575 2,543,919 17,889,192
============= =========== ============
Net asset value, offering and redemption price per share (Note 1) ...... $ 13.19 $ 11.21 $ 14.50
============= =========== ============
</TABLE>
See Notes to Financial Statements.
1
<PAGE>
<TABLE>
<CAPTION>
EQ/PUTNAM EQ/PUTNAM EQ/PUTNAM
MFS EQ/PUTNAM GROWTH & INCOME INTERNATIONAL INVESTORS T. ROWE PRICE
RESEARCH BALANCED VALUE EQUITY GROWTH EQUITY INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------ ---------------- ----------------- --------------- -------------- -----------------
<S> <C> <C> <C> <C> <C>
$ 253,810,827 $ 52,515,477 $ 320,504,482 $103,502,691 $ 96,965,844 $ 199,205,389
115,540 11,633 523 41,504 30,706 406
24 -- -- -- -- --
986,692 193,507 6,041,956 2,001,474 125,341 18,573
-- 27,661 -- 61,261 -- --
46,364,830 9,412,753 42,154,551 3,601,700 16,147,100 34,638,064
2,337,897 436,861 2,930,300 1,127,642 872,700 2,114,618
-- 336,257 -- -- -- --
-- -- -- -- -- --
237,559 291,831 583,248 310,472 51,353 402,502
24,155 24,155 24,155 24,155 24,155 24,155
-------------- ------------ ------------- ------------ ------------ -------------
303,877,524 63,250,135 372,239,215 110,670,899 114,217,199 236,403,707
-------------- ------------ ------------- ------------ ------------ -------------
30,961 21,429 54,277 69,287 9,989 23,967
1,042,235 1,292,422 7,866,346 3,060,906 2,371,736 1,595,578
-- 26,305 -- 210,429 -- --
46,364,830 9,412,753 42,154,551 3,601,700 16,147,100 34,638,064
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
92,413 19,135 120,336 38,464 32,898 77,269
225,831 53,693 287,593 143,064 82,286 193,328
10,013 2,935 12,348 5,353 3,967 8,948
25,708 147,314 34,910 -- -- 31,544
-- 333,024 -- -- -- --
-- -- -- -- -- --
-- -- -- 7,291 -- --
176,565 46,530 223,767 86,714 66,316 156,565
-------------- ------------ ------------- ------------ ------------ -------------
47,968,556 11,355,540 50,754,128 7,223,208 18,714,292 36,725,263
-------------- ------------ ------------- ------------ ------------ -------------
$ 255,908,968 $ 51,894,595 $ 321,485,087 $103,447,691 $ 95,502,907 $ 199,678,444
============== ============ ============= ============ ============ =============
$ 227,225,440 $ 50,673,751 $ 309,656,871 $ 91,780,724 $ 82,129,018 $ 190,671,176
============== ============ ============= ============ ============ =============
$ 25 -- -- -- -- --
============== ============ ============= ============ ============ =============
-- $ 3,135,000 $ 15,574,000 $ 11,534,000 $ 4,828,000 --
============== ============ ============= ============ ============ =============
$ 226,876,390 $ 48,377,547 $ 305,105,103 $ 91,230,852 $ 80,624,195 $ 186,803,782
395,630 544,256 1,476,911 716,102 62,688 1,688,760
2,051,879 1,128,207 4,055,462 (63,476) (20,801) 2,651,458
26,585,069 1,844,585 10,847,611 11,564,213 14,836,825 8,534,444
-------------- ------------ ------------- ------------ ------------ -------------
$ 255,908,968 $ 51,894,595 $ 321,485,087 $103,447,691 $ 95,502,907 $ 199,678,444
============== ============ ============= ============ ============ =============
$ 255,908,968 $ 51,894,595 $ 321,485,087 $103,447,691 $ 95,502,907 $ 199,678,444
============== ============ ============= ============ ============ =============
18,694,573 4,284,557 25,774,857 7,916,516 6,319,027 15,546,264
============== ============ ============= ============ ============ =============
$ 13.69 $ 12.11 $ 12.47 $ 13.07 $ 15.11 $ 12.84
============== ============ ============= ============ ============ =============
</TABLE>
2
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
MORGAN STANLEY
T. ROWE PRICE WARBURG PINCUS EMERGING
INTERNATIONAL SMALL COMPANY MARKETS
STOCK VALUE EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ---------------- ---------------
<S> <C> <C> <C>
ASSETS:
Investments at value (Note 1) ............................................ $111,253,099 $ 182,701,251 $ 28,472,295
Cash ..................................................................... 10,114,321 877 5,050,598
Foreign cash ............................................................. -- -- 151,635
Receivable for securities sold ........................................... 8,428 793,477 19,622
Unrealized appreciation of forward currency contracts (Note 1) ........... 15,132 -- 141,362
Short-term investments held as collateral for loaned securities .......... 2,102,778 17,272,300 95,420
Receivable from Separate Accounts for Trust shares sold .................. 1,001,644 1,398,763 721,996
Receivable for forward commitments ....................................... -- -- --
Daily variation margin receivable on futures contracts ................... -- -- --
Dividends, interest and other receivables ................................ 287,319 92,382 124,406
Deferred organizational costs (Note 1) ................................... 24,155 24,155 26,071
------------ ------------- ------------
Total assets ........................................................... 124,806,876 202,283,205 34,803,405
------------ ------------- ------------
LIABILITIES:
Payable to custodian ..................................................... 74,107 16,204 35,777
Payable for securities purchased ......................................... 6,867,385 3,411,099 257,177
Unrealized depreciation of forward currency contracts (Note 1) ........... 2,103 -- 20,899
Payable for deposits received for loaned securities ...................... 2,102,778 17,272,300 95,420
Market value of swap agreement (Note 1) .................................. -- -- 128,364
Interest payable on swap agreement ....................................... -- -- 3,936
Variation margin payable on futures contracts (Note 1) ................... -- -- --
Distribution fees payable ................................................ 44,520 70,599 13,407
Investment management fees payable ....................................... 186,838 249,760 68,211
Trustees' fees payable ................................................... 7,785 10,476 1,610
Payable to Separate Accounts for Trust shares redeemed ................... 349,991 88,702 159,328
Forward commitments at value ............................................. -- -- --
Daily variation margin payable on futures contracts ...................... -- -- --
Overdraft payable ........................................................ -- -- --
Accrued expenses (Note 1) ................................................ 118,456 163,188 36,953
------------ ------------- ------------
Total liabilities ...................................................... 9,753,963 21,282,328 821,082
------------ ------------- ------------
NET ASSETS ............................................................... $115,052,913 $ 181,000,877 $ 33,982,323
============ ============= ============
Investments at cost ...................................................... $104,517,554 $ 176,034,160 $ 36,451,778
============ ============= ============
Foreign cash at cost ..................................................... -- -- $ 160,962
============ ============= ============
Investments at value include repurchase agreements of .................... -- $ 17,191,000 --
============ ============= ============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ......................................................... $109,157,685 $ 172,596,769 $ 43,964,975
Accumulated undistributed (overdistributed) net investment income ....... 641,355 251,185 172,266
Accumulated undistributed (distributions in excess of) net realized
gain (loss) ............................................................ (1,448,982) 1,485,832 (2,154,731)
Unrealized appreciation (depreciation) on investments and foreign
currency denominated assets and liabilities ............................ 6,702,855 6,667,091 (8,000,187)
------------ ------------- ------------
NET ASSETS ............................................................... $115,052,913 $ 181,000,877 $ 33,982,323
============ ============= ============
CLASS IB SHARES:
Net Assets ............................................................... $115,052,913 $ 181,000,877 $ 33,982,323
============ ============= ============
Shares outstanding (Unlimited amount authorized: no par value) ........... 10,366,644 14,319,215 5,252,820
============ ============= ============
Net asset value, offering and redemption price per share (Note 1) ........ $ 11.10 $ 12.64 $ 6.47
============ ============= ============
</TABLE>
See Notes to Financial Statements.
3
<PAGE>
<TABLE>
<CAPTION>
BT
BT BT SMALL LAZARD LAZARD
EQUITY 500 INTERNATIONAL COMPANY JPM LARGE CAP SMALL CAP
INDEX EQUITY INDEX INDEX CORE BOND VALUE VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------- --------------- -------------- ---------------- ---------------- --------------
<S> <C> <C> <C> <C> <C>
$ 81,375,070 $27,674,735 $19,877,827 $ 31,539,126 $ 29,820,236 $ 28,607,687
-- 5,468 -- 1,632 4,723 3,249
-- 708,668 -- -- -- --
5,584 -- 4,269 -- 18,407 1,721
-- 2,626 -- 29,458 -- --
213,144 -- 1,289,180 963,280 1,867,744 1,992,400
1,928,182 802,169 -- 474,794 527,747 250,575
-- -- -- 2,160,264 -- --
-- -- -- 5,094 -- --
66,376 49,686 20,775 333,234 32,554 16,634
28,233 28,233 28,233 28,233 28,233 28,233
------------- ----------- ----------- ------------ ------------ ------------
83,616,589 29,271,585 21,220,284 35,535,115 32,299,644 30,900,499
------------- ----------- ----------- ------------ ------------ ------------
18,347 1,533 28,697 4,258 8,148 8,550
72,311 38,186 -- 3,187,329 2,288,281 2,005,042
-- 402 -- -- -- --
213,144 -- 1,289,180 963,280 1,867,744 1,992,400
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
26,020 10,350 7,345 9,688 8,395 8,732
27,861 77,703 10,833 60,264 31,581 36,109
797 655 435 317 203 283
-- -- -- -- -- --
-- -- -- 2,158,220 -- --
3,924 9,467 24,256 -- -- --
32,795 -- 2,909 -- -- --
36,106 35,199 30,628 23,927 22,384 21,709
------------- ----------- ----------- ------------ ------------ ------------
431,305 173,495 1,394,283 6,407,283 4,226,736 4,072,825
------------- ----------- ----------- ------------ ------------ ------------
$ 83,185,284 $29,098,090 $19,826,001 $ 29,127,832 $ 28,072,908 $ 26,827,674
============= =========== =========== ============ ============ ============
$ 77,909,613 $25,347,100 $19,690,251 $ 31,430,508 $ 29,319,422 $ 29,704,193
============= =========== =========== ============ ============ ============
-- $ 707,583 -- -- -- --
============= =========== =========== ============ ============ ============
-- -- -- -- -- --
============= =========== =========== ============ ============ ============
$ 79,549,184 $26,542,400 $19,554,811 $ 28,573,514 $ 27,392,581 $ 27,765,632
257,064 218,313 79,073 350,881 84,698 30,798
(74,550) (20,379) (80,206) 47,124 94,815 127,750
3,453,586 2,357,756 272,323 156,313 500,814 (1,096,506)
------------- ----------- ----------- ------------ ------------ ------------
$ 83,185,284 $29,098,090 $19,826,001 $ 29,127,832 $ 28,072,908 $ 26,827,674
============= =========== =========== ============ ============ ============
$ 83,185,284 $29,098,090 $19,826,001 $ 29,127,832 $ 28,072,908 $ 26,827,674
============= =========== =========== ============ ============ ============
7,252,754 2,513,612 1,897,706 2,803,825 2,497,950 2,669,741
============= =========== =========== ============ ============ ============
$ 11.47 $ 11.58 $ 10.45 $ 10.39 $ 11.24 $ 10.05
============= =========== =========== ============ ============ ============
</TABLE>
4
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
For the six months ended June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
MERRILL LYNCH MERRILL LYNCH MFS
BASIC VALUE WORLD EMERGING GROWTH
EQUITY STRATEGY COMPANIES
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- ----------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends ................................................... $ 505,016 $ 168,982 $ 113,390
Interest .................................................... 426,836 201,662 341,632
Securities lending--Net ..................................... 12,387 4,407 46,060
---------- ---------- -----------
Total income ............................................... 944,239 375,051 501,082
---------- ---------- -----------
Expenses (Notes 1, 2, 3, 4 and 5):
Investment management fee ................................... 234,316 80,501 465,196
Administrative fees ......................................... 37,263 23,915 62,710
Custody fees ................................................ 14,479 25,010 39,226
Distribution fees--Class IB ................................. 106,507 28,750 211,453
Printing and mailing expenses ............................... 28,172 8,427 56,636
Professional fees ........................................... 16,200 3,592 32,229
Interest expense on swap agreements ......................... -- -- --
Trustees' fees (Note 7) ..................................... 3,708 1,351 7,141
Amortization of deferred organizational expense ............. 3,146 3,146 3,146
Miscellaneous ............................................... 2,139 1,133 3,980
---------- ---------- -----------
Gross expenses ............................................. 445,930 175,825 881,717
---------- ---------- -----------
Waivers and reimbursements: (Note 6)
Waiver of investment management fee ......................... (83,234) (37,253) (161,975)
Reimbursement from investment manager ....................... -- -- --
---------- ---------- -----------
Total waivers and reimbursements ........................... (83,234) (37,253) (161,975)
---------- ---------- -----------
Net expenses ............................................... 362,696 138,572 719,742
---------- ---------- -----------
NET INVESTMENT INCOME ......................................... 581,543 236,479 (218,660)
---------- ---------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Realized Gain (Loss):
On securities ............................................... 5,041,501 (371,792) 71,420
On swap agreements .......................................... -- -- --
On options written .......................................... -- -- --
On foreign currency transactions ............................ -- 65,446 (896)
On futures contracts ........................................ -- -- --
---------- ---------- -----------
Realized gain (loss)--net .................................... 5,041,501 (306,346) 70,524
---------- ---------- -----------
Change in Unrealized Appreciation (Depreciation):
On securities ............................................... 2,023,740 1,834,237 29,828,432
On swap agreements .......................................... -- -- --
On options written .......................................... -- -- --
On foreign currency translations ............................ -- 55,463 106
On forward commitments ...................................... -- -- --
On futures contracts ........................................ -- -- --
---------- ---------- -----------
Unrealized appreciation (depreciation)--net .................. 2,023,740 1,889,700 29,828,538
---------- ---------- -----------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ...................... 7,065,241 1,583,354 29,899,062
---------- ---------- -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ......... $7,646,784 $1,819,833 $29,680,402
========== ========== ===========
*Foreign taxes withheld on dividends .......................... -- $ 18,874 $ 1,912
========== ========== ===========
*Foreign taxes withheld on interest ........................... -- -- --
========== ========== ===========
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
<TABLE>
<CAPTION>
EQ/PUTNAM EQ/PUTNAM EQ/PUTNAM
MFS EQ/PUTNAM GROWTH & INCOME INTERNATIONAL INVESTORS T. ROWE PRICE
RESEARCH BALANCED VALUE EQUITY GROWTH EQUITY INCOME
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- --------------- ------------- ----------------- --------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
$ 871,981 $ 260,218 $ 2,082,361 $ 939,533 $ 241,458 $1,951,320
271,685 459,969 363,787 169,151 80,645 369,212
25,232 7,266 22,984 3,830 4,557 17,435
----------- ---------- ----------- ----------- ----------- ----------
1,168,898 727,453 2,469,132 1,112,514 326,660 2,337,967
----------- ---------- ----------- ----------- ----------- ----------
487,331 103,243 641,629 267,637 170,703 421,000
63,406 28,069 77,362 39,785 32,293 57,595
38,607 28,486 64,592 88,792 14,875 25,356
221,514 46,929 291,649 95,585 77,592 191,364
63,020 12,934 83,045 26,687 21,685 55,205
35,960 7,539 47,629 15,822 12,295 31,396
-- -- -- -- -- --
7,922 1,919 10,432 3,699 2,963 6,866
3,146 3,146 3,146 3,146 3,146 3,146
4,121 1,399 5,245 4,892 1,770 3,668
----------- ---------- ----------- ----------- ----------- ----------
925,027 233,664 1,224,729 546,045 337,322 795,596
----------- ---------- ----------- ----------- ----------- ----------
(171,298) (64,148) (232,550) (86,668) (72,938) (144,388)
-- -- -- -- -- --
----------- ---------- ----------- ----------- ----------- ----------
(171,298) (64,148) (232,550) (86,668) (72,938) (144,388)
----------- ---------- ----------- ----------- ----------- ----------
753,729 169,516 992,179 459,377 264,384 651,208
----------- ---------- ----------- ----------- ----------- ----------
415,169 557,937 1,476,953 653,137 62,276 1,686,759
----------- ---------- ----------- ----------- ----------- ----------
2,919,156 1,042,877 4,468,625 73,508 209,843 2,565,296
-- -- -- -- -- --
-- 30 -- -- -- --
(4,053) (21,592) -- 42,277 -- (4,963)
-- -- -- -- -- --
----------- ---------- ----------- ----------- ----------- ----------
2,915,103 1,021,315 4,468,625 115,785 209,843 2,560,333
----------- ---------- ----------- ----------- ----------- ----------
25,009,634 1,000,590 8,032,698 11,898,514 12,298,433 3,087,768
-- -- -- -- -- --
-- -- -- -- -- --
54 2,813 -- (112,231) -- 661
-- -- -- -- -- --
-- -- -- -- -- --
----------- ---------- ----------- ----------- ----------- ----------
25,009,688 1,003,403 8,032,698 11,786,283 12,298,433 3,088,429
----------- ---------- ----------- ----------- ----------- ----------
27,924,791 2,024,718 12,501,323 11,902,068 12,508,276 5,648,762
----------- ---------- ----------- ----------- ----------- ----------
$28,339,960 $2,582,655 $13,978,276 $12,555,205 $12,570,552 $7,335,521
=========== ========== =========== =========== =========== ==========
$ 7,297 $ 117 -- $ 136,634 -- $ 6,091
=========== ========== =========== =========== =========== ==========
-- $ 148 -- -- -- --
=========== ========== =========== =========== =========== ==========
</TABLE>
6
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
For the six months ended June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
MORGAN STANLEY
T. ROWE PRICE WARBURG PINCUS EMERGING
INTERNATIONAL SMALL COMPANY MARKETS
STOCK VALUE EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ---------------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends ................................................... $ 1,059,252 $ 584,386 $ 289,115
Interest .................................................... 155,012 414,206 95,353
Securities lending---Net .................................... 2,642 11,437 81
------------ ---------- ------------
Total income ............................................... 1,216,906 1,010,029 384,549
------------ ---------- ------------
Expenses (Notes 1, 2, 3, 4 and 5):
Investment management fee ................................... 346,500 492,859 161,061
Administrative fees ......................................... 52,770 55,240 26,925
Custody fees ................................................ 73,796 18,800 74,592
Distribution fees--Class IB ................................. 115,460 189,561 35,013
Printing and mailing expenses ............................... 32,093 55,759 10,543
Professional fees ........................................... 19,173 26,660 6,629
Interest expense on swap agreements ......................... -- -- --
Trustees' fees (Note 7) ..................................... 4,366 7,215 1,349
Amortization of deferred organizational expense ............. 3,146 3,146 3,136
Miscellaneous ............................................... 5,667 4,000 5,536
------------ ---------- ------------
Gross expenses ............................................. 652,971 853,240 324,784
------------ ---------- ------------
Waivers and reimbursements: (Note 6)
Waiver of investment management fee ......................... (97,797) (94,424) (79,211)
Reimbursement from investment manager ....................... -- -- --
------------ ---------- ------------
Total waivers and reimbursements ........................... (97,797) (94,424) (79,211)
------------ ---------- ------------
Net expenses ............................................... 555,174 758,816 245,573
------------ ---------- ------------
NET INVESTMENT INCOME ......................................... 661,732 251,213 138,976
------------ ---------- ------------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Realized Gain (Loss):
On securities ............................................... (1,182,851) 2,951,790 (1,614,444)
On swap agreements .......................................... -- -- (94,066)
On options written .......................................... -- -- --
On foreign currency transactions ............................ (40,792) -- (65,599)
On futures contracts ........................................ -- -- --
------------ ---------- ------------
Realized gain (loss)--net .................................... (1,223,643) 2,951,790 (1,774,109)
------------ ---------- ------------
Change in Unrealized Appreciation (Depreciation):
On securities ............................................... 10,348,857 6,227,608 (5,069,360)
On swap agreements .......................................... -- -- (55,767)
On options written .......................................... -- -- --
On foreign currency translations ............................ (29,182) -- 108,814
On forward commitments ...................................... -- -- --
On futures contracts ........................................ -- -- --
------------ ---------- ------------
Unrealized appreciation (depreciation)--net .................. 10,319,675 6,227,608 (5,016,313)
------------ ---------- ------------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ...................... 9,096,032 9,179,398 (6,790,422)
------------ ---------- ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ......... $ 9,757,764 $9,430,611 $ (6,651,446)
============ ========== ============
*Foreign taxes withheld on dividends .......................... $ 146,573 -- $ 18,330
============ ========== ============
*Foreign taxes withheld on interest ........................... -- -- --
============ ========== ============
</TABLE>
See Notes to Financial Statements.
7
<PAGE>
<TABLE>
<CAPTION>
BT
BT BT SMALL LAZARD LAZARD
EQUITY 500 INTERNATIONAL COMPANY JPM LARGE CAP SMALL CAP
INDEX EQUITY INDEX INDEX CORE BOND VALUE VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------- --------------- ------------- ----------- ----------- ---------------
<S> <C> <C> <C> <C> <C>
$ 228,713 $ 230,946 $ 82,554 $ 8,327 $ 92,310 $ 48,237
123,180 67,267 36,728 397,948 41,382 57,541
-- 27 760 487 156 287
---------- ---------- ---------- --------- --------- ------------
351,893 298,240 120,042 406,762 133,848 106,065
---------- ---------- ---------- --------- --------- ------------
43,104 34,968 17,070 31,433 30,036 50,178
26,555 31,341 32,255 18,854 19,197 17,351
21,946 19,526 39,203 4,898 9,143 9,859
43,105 24,977 17,070 17,463 13,653 15,681
8,451 7,556 5,007 3,661 2,345 3,263
4,963 4,442 2,944 2,153 1,380 1,919
-- -- -- -- -- --
1,103 990 654 469 297 419
3,108 3,108 3,108 3,108 3,108 3,108
480 497 296 262 185 268
---------- ---------- ---------- --------- --------- ------------
152,815 127,405 117,607 82,301 79,344 102,046
---------- ---------- ---------- --------- --------- ------------
(43,104) (34,968) (17,070) (26,420) (30,036) (26,779)
(14,882) (12,510) (59,568) -- (158) --
---------- ---------- ---------- --------- --------- ------------
(57,986) (47,478) (76,638) (26,420) (30,194) (26,779)
---------- ---------- ---------- --------- --------- ------------
94,829 79,927 40,969 55,881 49,150 75,267
---------- ---------- ---------- --------- --------- ------------
257,064 218,313 79,073 350,881 84,698 30,798
---------- ---------- ---------- --------- --------- ------------
3,318 37,976 (103,279) 47,978 94,815 127,750
-- -- -- -- -- --
-- -- -- -- -- --
-- (157,750) -- (854) -- --
(77,868) 99,395 23,073 -- -- --
---------- ---------- ---------- --------- --------- ------------
(74,550) (20,379) (80,206) 47,124 94,815 127,750
---------- ---------- ---------- --------- --------- ------------
3,465,456 2,327,635 187,576 108,618 500,814 (1,096,506)
-- -- -- -- -- --
-- -- -- -- -- --
(11,870) 16,038 -- 28,984 -- --
-- -- -- 2,044 -- --
-- 14,083 84,747 16,667 -- --
---------- ---------- ---------- --------- --------- ------------
3,453,586 2,357,756 272,323 156,313 500,814 (1,096,506)
---------- ---------- ---------- --------- --------- ------------
3,379,036 2,337,377 192,117 203,437 595,629 (968,756)
---------- ---------- ---------- --------- --------- ------------
$3,636,100 $2,555,690 $ 271,190 $ 554,318 $ 680,327 $ (937,958)
========== ========== ========== ========= ========= ============
-- -- -- -- -- --
========== ========== ========== ========= ========= ============
-- -- -- -- -- --
========== ========== ========== ========= ========= ============
</TABLE>
8
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MERRILL LYNCH BASIC VALUE EQUITY
PORTFOLIO
------------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
---------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ........................................... $ 581,543 $ 255,492
Realized gain (loss)--net ....................................... 5,041,501 209,710
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated assets
and liabilities ................................................ 2,023,740 (47,430)
------------- ------------
Net increase (decrease) in net assets from operations ........... 7,646,784 417,772
------------- ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IB:
Dividends from net investment income ........................... -- (247,223)
Dividends in excess of net investment income ................... -- --
Distributions from realized gains .............................. -- (209,710)
Distributions in excess of realized gains ...................... -- (23,202)
------------- ------------
Total Class IB dividends and distributions ...................... -- (480,135)
------------- ------------
Decrease in net assets from dividends and distributions ......... -- (480,135)
------------- ------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IB:
Shares sold .................................................... 90,921,608 53,828,437
Shares issued in reinvestment of dividends and
distributions ................................................. -- 480,135
Shares redeemed ................................................ (22,357,465) (4,751,165)
------------- ------------
Net increase in net assets derived from share
transactions ................................................... 68,564,143 49,557,407
------------- ------------
INCREASE IN NET ASSETS ........................................... 76,210,927 49,495,044
NET ASSETS, BEGINNING OF PERIOD .................................. 49,495,044 --
------------- ------------
NET ASSETS, END OF PERIOD ........................................ $ 125,705,971 $ 49,495,044
============= ============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ...................... $ 594,019 $ 12,476
============= ============
SHARE TRANSACTIONS:
Class IB:
Shares sold .................................................... 6,960,785 4,633,508
Shares issued in reinvestment of dividends and
distributions ................................................. -- 42,265
Shares redeemed ................................................ (1,706,815) (402,168)
------------- ------------
Net increase .................................................... 5,253,970 4,273,605
------------- ------------
<CAPTION>
MERRILL LYNCH WORLD STRATEGY
PORTFOLIO
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ........................................... $ 236,479 $ 133,437
Realized gain (loss)--net ....................................... (306,346) (294,596)
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated assets
and liabilities ................................................ 1,889,700 (86,541)
------------ ------------
Net increase (decrease) in net assets from operations ........... 1,819,833 (247,700)
------------ ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IB:
Dividends from net investment income ........................... -- (75,981)
Dividends in excess of net investment income ................... -- (6,214)
Distributions from realized gains .............................. -- --
Distributions in excess of realized gains ...................... -- (187,184)
------------ ------------
Total Class IB dividends and distributions ...................... -- (269,379)
------------ ------------
Decrease in net assets from dividends and distributions ......... -- (269,379)
------------ ------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IB:
Shares sold .................................................... 13,687,936 24,010,398
Shares issued in reinvestment of dividends and
distributions ................................................. -- 269,379
Shares redeemed ................................................ (5,191,953) (5,552,248)
------------ ------------
Net increase in net assets derived from share
transactions ................................................... 8,495,983 18,727,529
------------ ------------
INCREASE IN NET ASSETS ........................................... 10,315,816 18,210,450
NET ASSETS, BEGINNING OF PERIOD .................................. 18,210,450 --
------------ ------------
NET ASSETS, END OF PERIOD ........................................ $ 28,526,266 $ 18,210,450
============ ============
Net Assets include accumulated undistributed
(overdistributed) net investment income of ...................... $ 230,265 $ (6,214)
============ ============
SHARE TRANSACTIONS:
Class IB:
Shares sold .................................................... 1,252,941 2,241,153
Shares issued in reinvestment of dividends and
distributions ................................................. -- 26,332
Shares redeemed ................................................ (474,939) (501,568)
------------ ------------
Net increase .................................................... 778,002 1,765,917
------------ ------------
</TABLE>
- ---------
* Commencement of Operations
See Notes to Financial Statements.
9
<PAGE>
<TABLE>
<CAPTION>
MFS EMERGING GROWTH COMPANIES
PORTFOLIO MFS RESEARCH PORTFOLIO
- ------------------------------------- ------------------------------------
SIX MONTHS SIX MONTHS
ENDED MAY 1, 1997* ENDED MAY 1, 1997*
JUNE 30, 1998 TO JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997 (UNAUDITED) DECEMBER 31, 1997
- ----------------- ------------------- ---------------- -------------------
<S> <C> <C> <C>
$ (218,660) $ 189,683 $ 415,169 $ 219,276
70,524 1,472,642 2,915,103 104,995
29,828,538 239,880 25,009,688 1,575,381
--------------- ------------- ------------- ------------
29,680,402 1,902,205 28,339,960 1,899,652
--------------- ------------- ------------- ------------
-- (191,439) -- (225,007)
-- (513) -- (19,539)
-- (1,475,542) -- (107,634)
-- (865,006) -- (863,224)
--------------- ------------- ------------- ------------
-- (2,532,500) -- (1,215,404)
--------------- ------------- ------------- ------------
-- (2,532,500) -- (1,215,404)
--------------- ------------- ------------- ------------
249,793,199 146,747,168 123,691,318 120,065,201
-- 2,532,500 -- 1,215,404
(121,952,524) (46,832,130) (12,876,774) (5,210,389)
--------------- ------------- ------------- ------------
127,840,675 102,447,538 110,814,544 116,070,216
--------------- ------------- ------------- ------------
157,521,077 101,817,243 139,154,504 116,754,464
101,817,243 -- 116,754,464 --
--------------- ------------- ------------- ------------
$ 259,338,320 $ 101,817,243 $ 255,908,968 $116,754,464
=============== ============= ============= ============
$ (219,173) $ (513) $ 395,630 $ (19,539)
=============== ============= ============= ============
18,203,550 12,281,631 9,520,957 10,512,264
-- 219,454 -- 108,421
(8,855,119) (3,960,324) (997,315) (449,754)
--------------- ------------- ------------- ------------
9,348,431 8,540,761 8,523,642 10,170,931
--------------- ------------- ------------- ------------
[TABLE RESTUBBED FROM ABOVE]
<CAPTION>
EQ/PUTNAM GROWTH & INCOME VALUE
EQ/PUTNAM BALANCED PORTFOLIO PORTFOLIO
------------------------------------ -----------------------------------
SIX MONTHS SIX MONTHS
ENDED MAY 1, 1997* ENDED MAY 1, 1997*
JUNE 30, 1998 TO JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997 (UNAUDITED) DECEMBER 31, 1997
---------------- ------------------- ---------------- ------------------
<S> <C> <C> <C>
$ 557,937 $ 296,083 $ 1,476,953 $ 691,408
1,021,315 281,700 4,468,625 157,072
1,003,403 841,182 8,032,698 2,814,913
-------------- ------------ ------------ ------------
2,582,655 1,418,965 13,978,276 3,663,393
-------------- ------------ ------------ ------------
-- (279,057) -- (695,650)
-- (13,681) -- (1,258)
-- (196,041) -- (157,079)
-- -- -- (413,163)
-------------- ------------ ------------ ------------
-- (488,779) -- (1,267,150)
-------------- ------------ ------------ ------------
-- (488,779) -- (1,267,150)
-------------- ------------ ------------ ------------
35,441,097 32,089,702 163,020,205 150,166,887
-- 488,779 -- 1,267,150
(11,982,745) (7,655,079) (5,773,116) (3,570,558)
-------------- ------------ ------------ ------------
23,458,352 24,923,402 157,247,089 147,863,479
-------------- ------------ ------------ ------------
26,041,007 25,853,588 171,225,365 150,259,722
25,853,588 -- 150,259,722 --
-------------- ------------ ------------ ------------
$ 51,894,595 $ 25,853,588 $321,485,087 $150,259,722
============== ============ ============ ============
$ 544,256 $ (13,681) $ 1,476,911 $ (42)
============== ============ ============ ============
3,005,962 2,939,085 13,200,793 13,247,726
-- 43,995 -- 111,940
(1,026,804) (677,681) (471,649) (313,953)
-------------- ------------ ------------ ------------
1,979,158 2,305,399 12,729,144 13,045,713
-------------- ------------ ------------ ------------
</TABLE>
10
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQ/PUTNAM INTERNATIONAL EQUITY
PORTFOLIO
------------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
---------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ......................................... $ 653,137 $ 136,844
Realized gain (loss)--net ..................................... 115,785 91,742
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated assets
and liabilities .............................................. 11,786,283 (222,070)
------------ -----------
Net increase (decrease) in net assets from operations ......... 12,555,205 6,516
------------ -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IB:
Dividends from net investment income ......................... -- (99,488)
Dividends in excess of net investment income ................. -- --
Distributions from realized gains ............................ -- (70,340)
Distributions in excess of realized gains .................... -- (179,261)
------------ -----------
Total Class IB dividends and distributions .................... -- (349,089)
------------ -----------
Decrease in net assets from dividends and distributions ....... -- (349,089)
------------ -----------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IB:
Shares sold .................................................. 34,298,820 58,043,736
Shares issued in reinvestment of dividends and
distributions ............................................... -- 349,089
Shares redeemed .............................................. (1,084,480) (372,106)
------------ -----------
Net increase in net assets derived from share
transactions ................................................. 33,214,340 58,020,719
------------ -----------
INCREASE IN NET ASSETS ......................................... 45,769,545 57,678,146
NET ASSETS, BEGINNING OF PERIOD ................................ 57,678,146 --
------------ -----------
NET ASSETS, END OF PERIOD ...................................... $103,447,691 $57,678,146
============ ===========
Net Assets include accumulated undistributed
(overdistributed) net investment income of .................... $ 716,102 $ 62,965
============ ===========
SHARE TRANSACTIONS:
Class IB:
Shares sold .................................................. 2,710,099 5,297,238
Shares issued in reinvestment of dividends and
distributions ............................................... -- 32,263
Shares redeemed .............................................. (89,602) (33,482)
------------ -----------
Net increase .................................................. 2,620,497 5,296,019
------------ -----------
<CAPTION>
EQ/PUTNAM INVESTORS GROWTH
PORTFOLIO
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ......................................... $ 62,276 $ 71,785
Realized gain (loss)--net ..................................... 209,843 115,368
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated assets
and liabilities .............................................. 12,298,433 2,538,392
----------- -----------
Net increase (decrease) in net assets from operations ......... 12,570,552 2,725,545
----------- -----------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IB:
Dividends from net investment income ......................... -- (75,580)
Dividends in excess of net investment income ................. -- --
Distributions from realized gains ............................ -- (115,368)
Distributions in excess of realized gains .................... -- (230,644)
----------- -----------
Total Class IB dividends and distributions .................... -- (421,592)
----------- -----------
Decrease in net assets from dividends and distributions ....... -- (421,592)
----------- -----------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IB:
Shares sold .................................................. 43,671,477 37,267,750
Shares issued in reinvestment of dividends and
distributions ............................................... -- 421,592
Shares redeemed .............................................. (433,728) (298,689)
----------- -----------
Net increase in net assets derived from share
transactions ................................................. 43,237,749 37,390,653
----------- -----------
INCREASE IN NET ASSETS ......................................... 55,808,301 39,694,606
NET ASSETS, BEGINNING OF PERIOD ................................ 39,694,606 --
----------- -----------
NET ASSETS, END OF PERIOD ...................................... $95,502,907 $39,694,606
=========== ===========
Net Assets include accumulated undistributed
(overdistributed) net investment income of .................... $ 62,688 $ 412
=========== ===========
SHARE TRANSACTIONS:
Class IB:
Shares sold .................................................. 3,131,820 3,210,087
Shares issued in reinvestment of dividends and
distributions ............................................... -- 35,192
Shares redeemed .............................................. (32,871) (25,201)
----------- -----------
Net increase .................................................. 3,098,949 3,220,078
----------- -----------
</TABLE>
- ---------
* Commencement of Operations
See Notes to Financial Statements.
11
<PAGE>
<TABLE>
<CAPTION>
T. ROWE PRICE EQUITY T. ROWE PRICE INTERNATIONAL
INCOME PORTFOLIO STOCK PORTFOLIO
- ------------------------------------ ------------------------------------
SIX MONTHS SIX MONTHS
ENDED MAY 1, 1997* ENDED MAY 1, 1997*
JUNE 30, 1998 TO JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997 (UNAUDITED) DECEMBER 31, 1997
- ---------------- ------------------- ---------------- -------------------
<S> <C> <C> <C>
$ 1,686,759 $ 755,994 $ 661,732 $ 128,093
2,560,333 350,530 (1,223,643) (368,231)
3,088,429 5,446,015 10,319,675 (3,616,820)
------------- -------------- ------------- --------------
7,335,521 6,552,539 9,757,764 (3,856,958)
------------- -------------- ------------- --------------
-- (742,913) -- --
-- -- -- (9,785)
-- (274,692) -- --
-- -- -- --
------------- -------------- ------------- --------------
-- (1,017,605) -- (9,785)
------------- -------------- ------------- --------------
-- (1,017,605) -- (9,785)
------------- -------------- ------------- --------------
107,395,262 104,824,753 73,329,038 100,986,940
-- 1,017,605 -- 9,785
(14,999,649) (11,529,982) (42,605,858) (22,558,013)
------------- -------------- ------------- --------------
92,395,613 94,312,376 30,723,180 78,438,712
------------- -------------- ------------- --------------
99,731,134 99,847,310 40,480,944 74,571,969
99,947,310 100,000 74,571,969 --
------------- -------------- ------------- --------------
$ 199,678,444 $ 99,947,310 $ 115,052,913 $ 74,571,969
============= ============== ============= ==============
$ 1,688,760 $ 2,001 $ 641,355 $ (20,377)
============= ============== ============= ==============
8,463,906 9,163,385 6,726,254 9,802,776
-- 85,226 -- 997
(1,190,445) (985,808) (3,930,922) (2,232,461)
------------- -------------- ------------- --------------
7,273,461 8,262,803 2,795,332 7,571,312
------------- -------------- ------------- --------------
<CAPTION>
WARBURG PINCUS SMALL COMPANY MORGAN STANLEY EMERGING MARKETS
VALUE PORTFOLIO EQUITY PORTFOLIO
------------------------------------ -----------------------------------
SIX MONTHS SIX MONTHS
ENDED MAY 1, 1997* ENDED AUGUST 20, 1997*
JUNE 30, 1998 TO JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997 (UNAUDITED) DECEMBER 31, 1997
---------------- ------------------- ---------------- ------------------
<S> <C> <C> <C>
$ 251,213 $ 99,305 $ 138,976 $ 112,895
2,951,790 (937,026) (1,774,109) (403,302)
6,227,608 439,483 (5,016,313) (2,983,874)
------------- ------------- -------------- --------------
9,430,611 (398,238) (6,651,446) (3,274,281)
------------- ------------- -------------- --------------
-- (103,540) -- (59,226)
-- (204) -- --
-- (528,932) -- --
-- -- -- --
------------- ------------- -------------- --------------
-- (632,676) -- (59,226)
------------- ------------- -------------- --------------
-- (632,676) -- (59,226)
------------- ------------- -------------- --------------
79,704,940 170,997,522 46,166,392 35,354,533
-- 632,676 -- 59,226
(29,014,348) (49,719,610) (26,965,254) (10,647,621)
------------- ------------- -------------- --------------
50,690,592 121,910,588 19,201,138 24,766,138
------------- ------------- -------------- --------------
60,121,203 120,879,674 12,549,692 21,432,631
120,879,674 -- 21,432,631 --
------------- ------------- -------------- --------------
$ 181,000,877 $ 120,879,674 $ 33,982,323 $ 21,432,631
============= ============= ============== ==============
$ 251,185 $ (28) $ 172,266 $ 33,290
============= ============= ============== ==============
6,491,870 14,177,457 6,087,833 3,928,086
-- 54,682 -- 7,554
(2,377,442) (4,027,352) (3,528,823) (1,241,830)
------------- ------------- -------------- --------------
4,114,428 10,204,787 2,559,010 2,693,810
------------- ------------- -------------- --------------
</TABLE>
12
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
BT EQUITY 500
INDEX PORTFOLIO
-------------------------------------
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED) DECEMBER 31, 1997**
--------------- ---------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ....................................... $ 257,064 --
Realized gain (loss)--net ................................... (74,550) --
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated assets
and liabilities ............................................ 3,453,586 --
------------ --
Net increase (decrease) in net assets from operations ....... 3,636,100 --
------------ --
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IB:
Dividends from net investment income ....................... -- --
Dividends in excess of net investment income ............... -- --
Distributions from realized gains .......................... -- --
Distributions in excess of realized gains .................. -- --
------------ --
Total Class IB dividends and distributions .................. -- --
------------ --
Decrease in net assets from dividends and distributions ..... -- --
------------ --
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IB:
Shares sold ................................................ 80,617,733 $1,000
Shares issued in reinvestment of dividends and
distributions ............................................. -- --
Shares redeemed ............................................ (1,069,549) --
------------ ------
Net increase in net assets derived from share
transactions ............................................... 79,548,184 1,000
------------ ------
INCREASE IN NET ASSETS ....................................... 83,184,284 1,000
NET ASSETS, BEGINNING OF PERIOD .............................. 1,000 --
------------ ------
NET ASSETS, END OF PERIOD .................................... $ 83,185,284 $1,000
============ ======
Net Assets include accumulated undistributed
(overdistributed) net investment income of .................. $ 257,064 --
============ ======
SHARE TRANSACTIONS:
Class IB:
Shares sold ................................................ 7,349,061 100
Shares issued in reinvestment of dividends and
distributions ............................................. -- --
Shares redeemed ............................................ (96,407) --
------------ ------
Net increase ................................................ 7,252,654 100
------------ ------
<CAPTION>
BT INTERNATIONAL EQUITY
INDEX PORTFOLIO
------------------------------------
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED) DECEMBER 31, 1997**
--------------- --------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ....................................... $ 218,313 --
Realized gain (loss)--net ................................... (20,379) --
Change in unrealized appreciation (depreciation) of
investments and foreign currency denominated assets
and liabilities ............................................ 2,357,756 --
------------ --
Net increase (decrease) in net assets from operations ....... 2,555,690 --
------------ --
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IB:
Dividends from net investment income ....................... -- --
Dividends in excess of net investment income ............... -- --
Distributions from realized gains .......................... -- --
Distributions in excess of realized gains .................. -- --
------------ --
Total Class IB dividends and distributions .................. -- --
------------ --
Decrease in net assets from dividends and distributions ..... -- --
------------ --
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IB:
Shares sold ................................................ 27,603,710 $1,000
Shares issued in reinvestment of dividends and
distributions ............................................. -- --
Shares redeemed ............................................ (1,062,310) --
------------ ------
Net increase in net assets derived from share
transactions ............................................... 26,541,400 1,000
------------ ------
INCREASE IN NET ASSETS ....................................... 29,097,090 1,000
NET ASSETS, BEGINNING OF PERIOD .............................. 1,000 --
------------ ------
NET ASSETS, END OF PERIOD .................................... $ 29,098,090 $1,000
============ ======
Net Assets include accumulated undistributed
(overdistributed) net investment income of .................. $ 218,313 --
============ ======
SHARE TRANSACTIONS:
Class IB:
Shares sold ................................................ 2,607,974 100
Shares issued in reinvestment of dividends and
distributions ............................................. -- --
Shares redeemed ............................................ (94,462) --
------------ ------
Net increase ................................................ 2,513,512 100
------------ ------
</TABLE>
- ---------
** The Portfolios that received initial capital on December 31, 1997
commenced operations on January 1, 1998.
See Notes to Financial Statements.
13
<PAGE>
<TABLE>
<CAPTION>
BT SMALL COMPANY JPM CORE
INDEX PORTFOLIO BOND PORTFOLIO
- ------------------------------------- -------------------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, 1998 JUNE 30, 1998
(UNAUDITED) DECEMBER 31, 1997** (UNAUDITED) DECEMBER 31, 1997**
- --------------- --------------------- --------------- ---------------------
<S> <C> <C> <C>
$ 79,073 -- $ 350,881 --
(80,206) -- 47,124 --
272,323 -- 156,313 --
----------- -- ----------- --
271,190 -- 554,318 --
----------- -- ----------- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
----------- -- ----------- --
-- -- -- --
----------- -- ----------- --
-- -- -- --
----------- -- ----------- --
19,985,058 $1,000 29,455,031 $1,000
-- -- -- --
(431,247) -- (882,517) --
----------- ------ ----------- ------
19,553,811 1,000 28,572,514 1,000
----------- ------ ----------- ------
19,825,001 1,000 29,126,832 1,000
1,000 -- 1,000 --
----------- ------ ----------- ------
$19,826,001 $1,000 $29,127,832 $1,000
=========== ====== =========== ======
$ 79,073 -- $ 350,881 --
=========== ====== =========== ======
1,938,457 100 2,890,133 100
-- -- -- --
------
(40,851) -- (86,408) --
----------- ------ ----------- ------
1,897,606 100 2,803,725 100
----------- ------ ----------- ------
<CAPTION>
LAZARD LARGE CAP LAZARD SMALL CAP
VALUE PORTFOLIO VALUE PORTFOLIO
------------------------------------- ------------------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, 1998 JUNE 30, 1998
(UNAUDITED) DECEMBER 31, 1997** (UNAUDITED) DECEMBER 31, 1997**
--------------- --------------------- --------------- --------------------
<S> <C> <C> <C>
$ 84,698 -- $ 30,798 --
94,815 -- 127,750 --
500,814 -- (1,096,506) --
----------- -- ------------ --
680,327 -- (937,958) --
----------- -- ------------ --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
----------- -- ------------ --
-- -- -- --
----------- -- ------------ --
-- -- -- --
----------- -- ------------ --
27,561,876 $1,000 27,890,692 $1,000
-- -- -- --
(170,295) -- (126,060)
----------- ------ ------------
27,391,581 1,000 27,764,632 1,000
----------- ------ ------------ ------
28,071,908 1,000 26,826,674 1,000
1,000 -- 1,000 --
----------- ------ ------------ ------
$28,072,908 $1,000 $ 26,827,674 $1,000
=========== ====== ============ ======
$ 84,698 -- $ 30,798 --
=========== ====== ============ ======
2,513,051 100 2,681,806 100
-- -- -- --
----------- ------ ------------ ------
(15,201) -- (12,165) --
----------- ------ ------------ ------
2,497,850 100 2,669,641 100
----------- ------ ------------ ------
</TABLE>
14
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (14.5%)
CHEMICALS (5.5%)
E.I. Du Pont de Nemours & Co. 25,000 $ 1,865,625
Great Lakes Chemical Corp. ............................................. 65,000 2,563,437
Hercules, Inc. ......................................................... 60,000 2,467,500
------------
6,896,562
------------
METALS & MINING (4.0%)
Asarco, Inc. ........................................................... 80,000 1,780,000
Newmont Mining Corp. ................................................... 75,000 1,771,875
Potash Corp. of Saskatchewan,
Inc. ................................................................. 20,000 1,511,250
------------
5,063,125
------------
PAPER (3.8%)
International Paper Co. ................................................ 27,000 1,161,000
Kimberly-Clark Corp. ................................................... 45,000 2,064,375
Stone Container Corp.* ................................................. 100,000 1,562,500
------------
4,787,875
------------
STEEL (1.2%)
WHX Corp.* ............................................................. 120,000 1,545,000
------------
TOTAL BASIC MATERIALS ................................................ 18,292,562
------------
BUSINESS SERVICES (2.0%)
PRINTING, PUBLISHING,
BROADCASTING (2.0%)
Dow Jones & Co., Inc. .................................................. 45,000 2,508,750
------------
CAPITAL GOODS (4.9%)
BUILDING MATERIALS & FOREST
PRODUCTS (1.5%)
Louisiana-Pacific Corp. ................................................ 100,000 1,825,000
------------
ELECTRICAL EQUIPMENT (0.9%)
Mentor Graphics Corp.* ................................................. 110,000 1,161,875
------------
MACHINERY (2.5%)
Caterpillar, Inc. ...................................................... 30,000 1,586,250
Deere & Co. ............................................................ 30,000 1,586,250
------------
3,172,500
------------
TOTAL CAPITAL GOODS .................................................. 6,159,375
------------
CONSUMER CYCLICALS (9.5%)
AUTOS & TRUCKS (1.6%)
General Motors Corp. ................................................... 30,000 2,004,375
------------
LEISURE RELATED (1.0%)
Harrah's Entertainment, Inc.* .......................................... 55,000 1,278,750
------------
PHOTO & OPTICAL (1.8%)
Eastman Kodak Co. ...................................................... 30,000 2,191,875
------------
RETAIL--GENERAL (5.1%)
Dillards, Inc., Class A ................................................ 50,000 2,071,875
K-Mart Corp.* .......................................................... 85,000 1,636,250
Sears Roebuck & Co. .................................................... 20,000 1,221,250
Woolworth Corp.* ....................................................... 80,000 1,530,000
------------
6,459,375
------------
TOTAL CONSUMER CYCLICALS ............................................. 11,934,375
------------
CONSUMER NON-CYCLICALS (12.1%)
BEVERAGES (2.5%)
Seagram Co., Ltd. ...................................................... 75,000 3,070,313
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
DRUGS (4.4%)
Bristol-Myers Squibb Co. ............................................... 10,000 $ 1,149,375
Pharmaceutical Product
Development, Inc.* ................................................... 75,600 1,663,200
Pharmacia & Upjohn, Inc. ............................................... 60,000 2,767,500
------------
5,580,075
------------
FOODS (2.1%)
General Mills, Inc. .................................................... 38,600 2,639,275
------------
HOSPITAL SUPPLIES &
SERVICES (1.4%)
Columbia HCA Healthcare Corp. 60,000 1,747,500
------------
TOBACCO (1.7%)
Philip Morris Cos., Inc. ............................................... 55,000 2,165,625
------------
TOTAL CONSUMER NON-CYCLICALS 15,202,788
------------
CREDIT SENSITIVE (13.2%)
BANKS (4.5%)
Bankers Trust New York Corp. ........................................... 15,000 1,740,937
Hibernia Corp., Class A ................................................ 90,000 1,816,875
National City Corp. .................................................... 30,000 2,130,000
------------
5,687,812
------------
FINANCIAL SERVICES (1.8%)
Associates First Capital Corp.,
Class A .............................................................. 30,000 2,306,250
------------
INSURANCE (4.1%)
Aetna, Inc. ............................................................ 40,000 3,045,000
TIG Holdings, Inc. ..................................................... 90,000 2,070,000
------------
5,115,000
------------
UTILITY--ELECTRIC (1.1%)
Cinergy Corp. .......................................................... 37,500 1,312,500
------------
UTILITY--TELEPHONE (1.7%)
AT&T Corp. ............................................................. 37,000 2,113,625
------------
TOTAL CREDIT SENSITIVE ............................................... 16,535,187
------------
DIVERSIFIED (1.5%)
MISCELLANEOUS (1.5%)
ITT Industries, Inc. ................................................... 50,000 1,868,750
------------
ENERGY (11.7%)
OIL--DOMESTIC (6.8%)
Atlantic Richfield Co. ................................................. 22,500 1,757,812
Royal Dutch Petroleum Co.
(NY Shares) .......................................................... 35,000 1,918,438
Sonat, Inc. ............................................................ 60,000 2,317,500
Unocal Corp. ........................................................... 70,000 2,502,500
------------
8,496,250
------------
OIL--INTERNATIONAL (0.9%)
Diamond Offshore Drilling, Inc. ........................................ 30,000 1,200,000
------------
OIL--SUPPLIES & CONSTRUCTION (1.6%)
Dresser Industries, Inc. ............................................... 45,000 1,982,813
------------
RAILROADS (2.4%)
Union Pacific Corp. .................................................... 70,000 3,088,750
------------
TOTAL ENERGY ......................................................... 14,767,813
------------
</TABLE>
15
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- ---------------
<S> <C> <C>
TECHNOLOGY (14.5%)
ELECTRONICS (6.6%)
3Com Corp.* .......................... 75,000 $ 2,301,562
Exabyte Corp.* ....................... 130,000 1,084,688
Integrated Device Technology,
Inc.* .............................. 150,000 1,073,438
Novell, Inc.* ........................ 250,000 3,187,500
Seagate Technology, Inc.* ............ 30,000 714,375
------------
8,361,563
------------
OFFICE EQUIPMENT (5.3%)
Hewlett Packard Co. .................. 30,000 1,796,250
International Business Machines
Corp. .............................. 8,000 918,500
Scitex Corp., Ltd.* .................. 200,000 2,612,500
Silicon Graphics, Inc.* .............. 110,000 1,333,750
------------
6,661,000
------------
TELECOMMUNICATIONS (2.6%)
Glenayre Technologies, Inc.* ......... 80,000 860,000
Motorola, Inc. ....................... 45,000 2,365,312
------------
3,225,312
------------
TOTAL TECHNOLOGY ................... 18,247,875
------------
TOTAL COMMON STOCKS (83.9%)
(Cost $103,541,165) ................ 105,517,475
------------
PRINCIPAL
AMOUNT
--------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (15.5%)
Federal Home Loan Mortgage
Corporation (Discount Note),
7/1/98 (Amortized Cost
$19,429,000) ....................... $19,429,000 19,429,000
------------
TOTAL INVESTMENTS (99.4%)
(Cost/Amortized Cost
$122,970,165) ...................... 124,946,475
OTHER ASSETS
LESS LIABILITIES (0.6%) ............ 759,496
------------
NET ASSETS (100%) .................... $125,705,971
============
</TABLE>
- ----------
* Non-income producing
16
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ....... $89,439,250
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ....... 29,713,926
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 6,956,519
Aggregate gross unrealized depreciation .......... (4,980,209)
------------
Net unrealized appreciation ...................... $ 1,976,310
============
Federal income tax cost of investments ........... $122,970,165
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$19,580,785, which was secured by collateral valued at $20,123,100, of which
$809,400 was in the form of U.S. Government Securities.
For the six months ended June 30, 1998 the Portfolio incurred approximately
$4,804 as brokerage commissions with Donaldson, Lufkin & Jenrette Securities
Corp., and $1,676 with Merrill Lynch & Co., both affiliated broker/dealers.
See Notes to Financial Statements.
17
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
CANADA (1.1%)
Imax Corp.* ........................ 3,300 $ 75,281
Magna International, Inc.,
Class A .......................... 3,200 219,600
----------
TOTAL CANADA ..................... 294,881
----------
JAPAN (5.9%)
Amway Japan Ltd. ................... 700 7,423
Bank of Tokyo-Mitsubushi Ltd. ...... 21,000 222,544
Ito-Yokado Co., Ltd. ............... 4,000 188,429
Matsushita Electric Industries Co. 14,000 225,220
Matsushita Electric Works Ltd. ..... 4,000 32,319
Rohm Co. ........................... 2,000 205,598
Sanwa Bank Ltd. .................... 22,000 196,956
Sony Corp. ......................... 3,000 258,621
Tokio Marine & Fire Insurance
Co. .............................. 21,000 216,029
Tokyo Electron Ltd. ................ 4,000 122,637
----------
TOTAL JAPAN ...................... 1,675,776
----------
LATIN AMERICA (3.0%)
ARGENTINA (0.8%)
YPF S.A., Class D (ADR) ............ 7,200 216,450
----------
MEXICO (2.2%)
Grupo Carso (ADR) .................. 20,900 171,877
Panamerican Beverages, Inc.,
Class A .......................... 7,100 223,206
Telmex, Class L (ADR) .............. 5,100 245,119
----------
640,202
----------
TOTAL LATIN AMERICA .............. 856,652
----------
OTHER EUROPEAN COUNTRIES (15.0%)
FRANCE (4.9%)
Alstom* ............................ 7,900 259,958
Elf Acquitaine S.A. ................ 2,300 323,274
STMicroelectronics N.V.
(N.Y. Shares)* ................... 3,200 223,600
Scor ............................... 4,900 310,732
Thomson CSF ........................ 7,000 266,226
----------
1,383,790
----------
GERMANY (3.4%)
Bayerische Vereinsbank AG .......... 3,500 297,893
Daimler-Benz AG .................... 3,200 314,056
Mannesmann AG ...................... 3,600 365,489
----------
977,438
----------
IRELAND (0.2%)
Bank of Ireland .................... 2,800 57,422
----------
ITALY (1.6%)
Arnoldo Mondadori Editore .......... 23,100 273,011
Danieli & Co. ...................... 41,100 190,830
----------
463,841
----------
NETHERLANDS (1.0%)
Royal Dutch Petroleum Co.
(NY Shares) ...................... 5,300 290,506
----------
SPAIN (2.1%)
Dinamia Capital Privado* ........... 7,400 127,877
Metrovacesa S.A. ................... 3,600 105,876
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Metrovacesa S.A.
(Bonus Shares)* .................. 180 $ 254
Repsol S.A. (ADR) .................. 4,500 247,500
Uralita S.A. ....................... 8,200 116,837
----------
598,344
----------
SWITZERLAND (1.8%)
Schindler Holding AG ............... 140 213,367
UBS AG (Registered) ................ 680 253,031
Valora Holding AG .................. 200 52,781
----------
519,179
----------
TOTAL OTHER EUROPEAN
COUNTRIES ..................... 4,290,520
----------
SCANDINAVIA (9.2%)
FINLAND (3.7%)
Amer-Yhtymae OYJ, Class A* ......... 8,700 168,206
Finnlines OYJ ...................... 4,000 248,060
Orion-Yhtymae OYJ, Class B ......... 4,620 142,412
Sampo Insurance Co., plc,
Class A .......................... 3,000 142,269
Sponda OYJ* ........................ 15,210 106,809
Upm-Kymmene OYJ .................... 9,300 256,140
----------
1,063,896
----------
NORWAY (0.1%)
Color Line ASA* .................... 11,200 35,068
----------
SWEDEN (5.4%)
Autoliv, Inc. ...................... 5,200 166,228
Bure Investment AB ................. 8,000 127,366
Castellum AB ....................... 9,200 108,412
Custos AB, Class A ................. 3,000 76,345
Custos AB, Class B ................. 3,000 75,592
ForeningsSparbanken AB ............. 7,000 210,605
Haldex AB .......................... 5,800 104,701
Nordbanken Holding AB .............. 34,200 250,809
Perstorp AB, Class B ............... 11,200 209,201
Spectra-Physics AB, Class A ........ 5,300 84,712
Tornet Fastighets AB ............... 7,000 112,323
----------
1,526,294
----------
TOTAL SCANDINAVIA ................ 2,625,258
----------
SOUTHEAST ASIA (0.8%)
INDONESIA (0.5%)
Indostat (ADR) ..................... 13,300 147,963
----------
SINGAPORE (0.3%)
Oversea-Chinese Banking Corp.,
Ltd. (Foreign) ................... 20,000 68,067
----------
TOTAL SOUTHEAST ASIA ............. 216,030
----------
UNITED KINGDOM (4.4%)
British Aerospace plc .............. 30,000 229,960
Devro plc .......................... 13,200 110,661
Diageo plc ......................... 20,272 240,366
Imperial Chemical Industries plc 13,500 216,884
LucasVarity plc .................... 53,100 211,052
Thomson Travel Group plc* .......... 81,000 252,956
----------
TOTAL UNITED KINGDOM ............. 1,261,879
----------
</TABLE>
18
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
UNITED STATES (29.6%)
Allmerica Financial Corp. ............. 3,000 $ 195,000
Avis Rent A Car, Inc.* ................ 3,700 91,575
BMC Software, Inc.* ................... 3,720 193,207
Bank of New York Co., Inc. ............ 4,150 251,853
BankAmerica Corp. ..................... 1,400 121,012
Beckman Coulter, Inc. ................. 1,700 99,025
Black & Decker Corp. .................. 2,820 172,020
Bristol-Myers Squibb Co. .............. 1,500 172,406
Burlington Northern Santa Fe
Corp. ............................... 1,220 119,789
Capstar Broadcasting Corp.,
Class A* ............................ 6,100 153,262
Carnival Corp., Class A ............... 4,800 190,200
Chancellor Media Corp.* ............... 2,010 99,809
Cisco Systems, Inc.* .................. 2,130 196,093
Columbia HCA Healthcare Corp. 3,200 93,200
Compaq Computer Corp. ................. 4,700 133,362
Computer Associates
International, Inc. ................. 1,990 110,569
Dial Corp. ............................ 6,130 158,997
El Paso Natural Gas Co. ............... 5,100 195,075
Enron Corp. ........................... 2,250 121,641
Federal-Mogul Corp. ................... 2,700 182,250
First Union Corp. ..................... 2,950 171,837
Gartner Group, Inc., Class A* ......... 3,025 105,875
GenCorp, Inc. ......................... 3,200 80,800
General Electric Co. .................. 1,300 118,300
Gillette Co. .......................... 1,800 102,037
Great Lakes Chemical Corp. ............ 4,000 157,750
Healthsouth Corp.* .................... 6,200 165,462
Heller Financial, Inc.* ............... 4,000 120,000
Hertz Corp., Class A .................. 2,500 110,781
Ingersol-Rand Co. ..................... 3,450 152,016
Intel Corp. ........................... 1,500 111,188
International Business Machines
Corp. ............................... 850 97,591
Keebler Foods Co.* .................... 2,800 77,000
Lowe's Cos., Inc. ..................... 3,500 141,969
Makino Milling Machine Co.,
Ltd. ................................ 34,000 239,634
Orbital Sciences Corp.* ............... 750 28,031
Owens Illinois, Inc.* ................. 3,200 143,200
Premier Parks, Inc.* .................. 4,050 269,831
Providian Financial Corp. ............. 1,750 137,484
Rite Aid Corp. ........................ 4,750 178,422
Royal Caribbean Cruises Ltd. .......... 1,600 127,200
Safeway, Inc.* ........................ 4,000 162,750
Schlumberger Ltd. ..................... 1,240 84,708
Seagram Co., Ltd. ..................... 2,500 102,344
Sears Roebuck & Co. ................... 2,750 167,922
SmarTalk Teleservices, Inc.* .......... 1,800 26,213
Starwood Hotels & Resorts ............. 1,720 83,098
Tele-Communications TCI
Ventures Group, Class A* ............ 7,010 140,638
Telecommunications, Inc.,
Class A* ............................ 2,770 106,472
Texas Instruments, Inc. ............... 1,700 99,131
Travelers Group, Inc. ................. 3,100 187,938
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Tyco International Ltd. ............... 2,100 $ 132,300
U.S. Airways Group, Inc.* ............. 2,200 174,350
U.S.A. Waste Services, Inc.* .......... 3,680 181,700
Unocal Corp. .......................... 3,730 133,348
Unum Corp. ............................ 1,425 79,088
Wal-Mart Stores, Inc. ................. 3,400 206,550
Warner Lambert Co. .................... 2,700 187,313
World Color Press, Inc.* .............. 4,000 140,000
Worldcom, Inc.* ....................... 3,700 179,219
----------
TOTAL UNITED STATES ................. 8,461,835
----------
TOTAL COMMON STOCKS (69.0%)
(Cost $18,218,311) .................. 19,682,831
----------
PREFERRED STOCKS:
OTHER EUROPEAN COUNTRIES (1.1%)
GERMANY (1.1%)
Henkel KGaA (Cost $192,980) ........... 3,200 318,492
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
-----------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
OTHER EUROPEAN COUNTRIES (4.7%)
GERMANY (4.7%)
Republic of Germany
Series 86
6.00%, 6/20/16 DEM 375,000 230,156
Series 95
6.50%, 10/14/05 .............. 175,000 107,794
Series 97
6.00%, 7/4/07 ................ 1,285,000 775,418
Series 98
5.63%, 1/4/28 ................ 370,000 213,635
-------
TOTAL OTHER EUROPEAN
COUNTRIES ................. 1,327,003
---------
SCANDINAVIA (3.3%)
SWEDEN (3.3%)
Kingdom of Sweden
Series 1037
8.00%, 8/15/07 SEK 2,900,000 444,318
Series 1039
5.50%, 4/12/02 ............... 3,800,000 492,744
---------
TOTAL SCANDINAVIA ............ 937,062
---------
UNITED KINGDOM (2.9%)
United Kingdom Treasury Bill
8.00%, 12/7/00 GBP 90,000 154,031
United Kingdom Treasury Note
7.25%, 12/7/07 ............... 360,000 662,239
---------
TOTAL UNITED KINGDOM ......... 816,270
---------
UNITED STATES (12.4%)
U.S. Treasury Note
6.00%, 8/15/99 $ 950,000 954,751
6.50%, 5/31/02 1,070,000 1,105,779
6.63%, 5/15/07 ............... 360,000 387,000
6.63%, 2/15/27 ............... 975,000 1,101,751
---------
TOTAL UNITED STATES .......... 3,549,281
---------
TOTAL LONG-TERM DEBT SECURITIES (23.3%)
(Cost $6,455,259) ............. 6,629,616
---------
</TABLE>
19
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- --------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (8.4%)
Federal Home Loan Mortgage
Corporation (Discount Note),
7/1/98 (Amortized Cost
$2,400,000) ....................... $2,400,000 $ 2,400,000
-----------
TOTAL INVESTMENTS (101.8%)
(Cost/Amortized Cost
$27,266,550) ...................... 29,030,939
OTHER ASSETS
LESS LIABILITIES (--1.8%) ......... (504,673)
-----------
NET ASSETS (100%) ................... $28,526,266
===========
</TABLE>
- --------------------------------------------------------------------------------
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Equity Investments
<TABLE>
<S> <C>
Basic Materials ................. 5.8%
Business Services ............... 6.0
Capital Goods ................... 12.5
Consumer Cyclicals .............. 18.5
Consumer Non-Cyclicals .......... 10.9
Credit Sensitive ................ 24.4
Diversified ..................... 3.1
Energy .......................... 7.1
Technology ...................... 11.7
-----
100.0%
=====
</TABLE>
- ---------------------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
GBP--British Pound
DEM--German Mark
SEK--Swedish Krona
20
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1998 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------ ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
Australian Dollar, expiring 7/27/98 ........... 320 $ 197,472 $ 198,483 $ 1,011
British Pound, expiring 7/7/98 ................ 35 58,376 58,418 42
Finnish Markka, expiring 7/1/98 ............... 891 162,380 162,519 139
French Franc, expiring 7/16/98 ................ 300 50,353 49,658 (695)
German Mark, expiring 7/1/98 .................. 73 40,570 40,689 119
Japanese Yen, expiring 7/3/98 ................. 7,695 55,646 55,514 (132)
Swedish Krona, expiring 7/1/98-7/2/98 ......... 654 82,136 82,045 (91)
FOREIGN CURRENCY SALE CONTRACTS
Australian Dollar, expiring 7/27/98 ........... 320 201,662 198,483 3,179
British Pound, expiring 7/22/98 ............... 930 1,548,915 1,551,189 (2,274)
Canadian Dollar, expiring 7/23/98 ............. 675 459,346 458,950 396
Finnish Markka, expiring 9/18/98 .............. 4,500 828,195 824,375 3,820
French Franc, expiring 7/16/98 ................ 6,700 1,115,571 1,109,020 6,551
German Mark, expiring 7/16/98 ................. 3,900 2,177,578 2,164,659 12,919
Italian Lira, expiring 8/24/98 ................ 770,000 435,792 433,734 2,058
Japanese Yen, expiring 7/1/98-9/22/98 ......... 235,196 1,728,710 1,717,415 11,295
Norwegian Krone, expiring 7/1/98 .............. 377 49,002 49,213 (211)
Spanish Peseta, expiring 8/24/98 .............. 70,000 459,701 457,380 2,321
Swedish Krona, expiring 9/18/98 ............... 16,200 2,021,005 2,037,549 (16,544)
Swiss Franc, expiring 7/16/98 ................. 1,000 677,263 660,855 16,408
---------
$ 40,311
=========
</TABLE>
Investment security transactions for the six months ended
June 30, 1998 were as follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $17,055,113
U.S. Government securities ............................. 2,450,367
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 8,301,445
U.S. Government securities ............................. 1,224,586
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 2,460,724
Aggregate gross unrealized depreciation .......... (696,335)
-----------
Net unrealized appreciation ...................... $ 1,764,389
===========
Federal income tax cost of investments ........... $27,266,550
===========
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$3,002,462, which was secured by collateral valued at $3,083,740, of which
$904,720 was in the form of U.S. Government Securities.
For the six months ended June 30, 1998 the Portfolio incurred approximately
$563 as brokerage commissions with Donaldson, Lufkin & Jenrette Securities
Corp., and $2,361 with Merrill Lynch & Co., Inc., both affiliated
broker/dealers.
See Notes to Financial Statements.
21
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (0.0%)
CHEMICALS (0.0%)
Waters Corp.* ........................ 400 $ 23,575
------------
BUSINESS SERVICES (20.7%)
ENVIRONMENTAL CONTROL (0.2%)
American Disposal Services,
Inc.* .............................. 600 28,125
U.S.A. Waste Services, Inc.* ......... 12,100 597,437
------------
625,562
------------
PRINTING, PUBLISHING,
BROADCASTING (7.5%)
American Tower Corp., Class A* 26,100 650,869
CBS Corp. ............................ 51,500 1,635,125
Clear Channel Communications,
Inc.* .............................. 20,350 2,220,694
Cox Radio Inc., Class A* ............. 14,400 622,800
Hearst-Argyle Television, Inc.* ...... 4,500 180,000
Heftel Broadcasting Corp.,
Class A* ........................... 8,000 358,000
Intermedia Communications of
Florida, Inc.* ..................... 86,400 3,623,400
Jacor Communications, Inc.* .......... 31,500 1,858,500
Learning Tree International,
Inc.* .............................. 39,700 798,963
Siebel Systems, Inc.* ................ 8,200 264,450
Time Warner, Inc. .................... 31,500 2,691,281
Univision Communications, Inc.,
Class A* ........................... 15,700 584,825
Viacom, Inc., Class B* ............... 64,900 3,780,425
Workflow Management, Inc.* ........... 8,165 65,830
------------
19,335,162
------------
PROFESSIONAL SERVICES (12.9%)
Accustaff, Inc.* ..................... 106,100 3,315,625
Aztec Technology Partners, Inc.* 1 8
BISYS Group, Inc.* ................... 12,800 524,800
Cendant Corp.* ....................... 516,552 10,783,023
Central Parking Corp. ................ 1,700 79,050
Coach USA, Inc.* ..................... 9,600 438,000
Computer Learning Centers,
Inc.* .............................. 15,700 390,537
Compuware Corp.* ..................... 179,600 9,182,050
DA Consulting Group, Inc.* ........... 1,800 25,875
Interim Services, Inc.* .............. 800 25,700
Metamor Worldwide, Inc.* ............. 7,800 274,462
NOVA Corp.* .......................... 7,200 257,400
Orthodontic Centers of America,
Inc.* .............................. 22,100 462,719
Pacificare Health Systems, Inc.,
Class B* ........................... 14,700 1,299,113
Policy Management Systems
Corp.* ............................. 68,840 2,701,970
Professional Detailing, Inc.* ........ 600 14,925
Renaissance Worldwide, Inc.* ......... 37,500 815,625
SEMA Group plc ....................... 104,720 1,232,926
Taylor Nelson Sofres plc ............. 182,400 374,669
Wellpoint Health Networks, Inc.* 14,500 1,073,000
Whittman-Hart, Inc.* ................. 600 29,025
------------
33,300,502
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
TRUCKING, SHIPPING (0.1%)
Newport News Shipbuilding, Inc. 9,800 $ 262,150
------------
TOTAL BUSINESS SERVICES ............ 53,523,376
------------
CAPITAL GOODS (1.8%)
AEROSPACE (0.7%)
Gulfstream Aerospace Corp.* .......... 22,300 1,036,950
Saab AB, Class B* .................... 81,425 857,428
------------
1,894,378
------------
BUILDING MATERIALS & FOREST
PRODUCTS (1.1%)
Lowe's Cos., Inc. .................... 67,900 2,754,194
------------
ELECTRICAL EQUIPMENT (0.0%)
Elsag Bailey Process Automation
N.V.* .............................. 3,900 93,844
------------
MACHINERY (0.0%)
SI Handling Systems, Inc. ............ 900 11,812
------------
TOTAL CAPITAL GOODS ................ 4,754,228
------------
CONSUMER CYCLICALS (12.0%)
APPAREL & TEXTILES (0.2%)
Linens 'N Things, Inc.* .............. 13,300 406,481
------------
AUTO RELATED (1.3%)
Federal-Mogul Corp. .................. 1,200 81,000
Republic Industries, Inc.* ........... 132,600 3,315,000
------------
3,396,000
------------
AUTOS & TRUCKS (0.0%)
Hayes Lemmerz International,
Inc.* .............................. 300 11,925
------------
FOOD SERVICES, LODGING (1.0%)
Applebee's International, Inc. ....... 9,200 205,850
Buffets, Inc.* ....................... 40,000 627,500
Outback Steakhouse, Inc.* ............ 700 27,300
Promus Hotel Corp.* .................. 44,378 1,708,534
Sedexho Marriott Services, Inc.* ..... 900 26,100
Showbiz Pizza Time, Inc.* ............ 700 28,219
------------
2,623,503
------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.1%)
Gemstar International Group
Ltd.* .............................. 7,300 273,294
------------
LEISURE RELATED (0.4%)
Harrah's Entertainment, Inc.* ........ 24,900 578,925
Navigant International, Inc.* ........ 6,124 52,054
Premier Parks, Inc.* ................. 6,600 439,725
------------
1,070,704
------------
RETAIL--GENERAL (9.0%)
Borders Group, Inc.* ................. 700 25,900
Consolidated Stores Corp.* ........... 6,200 224,750
CVS Corp. ............................ 53,000 2,063,688
Dollar General Corp. ................. 3,000 118,688
Duane Reade, Inc.* ................... 800 24,000
Fred Meyer, Inc.* .................... 87,700 3,727,250
Home Depot, Inc. ..................... 68,400 5,681,475
Kohls Corp.* ......................... 8,400 435,750
Office Depot, Inc.* .................. 158,100 4,990,031
Proffitt's, Inc.* .................... 5,400 218,025
Rite Aid Corp. ....................... 107,800 4,049,237
</TABLE>
22
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
School Specialty, Inc.* .............. 6,805 $ 111,432
Staples, Inc.* ....................... 58,750 1,700,078
The Learning Co., Inc.* .............. 900 26,662
Viking Office Products, Inc.* ........ 800 25,100
------------
23,422,066
------------
TOTAL CONSUMER CYCLICALS ........... 31,203,973
------------
CONSUMER NON-CYCLICALS (6.1%)
CONTAINERS (0.2%)
Rubbermaid, Inc. ..................... 14,100 467,944
------------
DRUGS (1.0%)
Cardinal Health, Inc. ................ 7,500 703,125
ICON plc (ADR)* ...................... 100 2,525
King Pharmaceuticals, Inc.* .......... 6,200 86,800
McKesson Corp. ....................... 23,100 1,876,875
------------
2,669,325
------------
HOSPITAL SUPPLIES & SERVICES (4.4%)
Boston Scientific Corp.* ............. 15,300 1,095,862
Columbia HCA Healthcare Corp. 9,000 262,125
Guidant Corp. ........................ 7,600 541,975
Health Management Associates,
Inc., Class A* ..................... 4,300 143,781
Healthsouth Corp.* ................... 76,600 2,044,262
Integrated Health Services, Inc. ..... 13,000 487,500
Medtronic, Inc. ...................... 10,000 637,500
PSS World Medical, Inc.* ............. 4,900 71,663
Province Healthcare Co.* ............. 300 8,306
STERIS Corp.* ........................ 17,100 1,087,453
Total Renal Care Holdings, Inc.* 45,248 1,561,056
U.S. Surgical Corp. .................. 79,100 3,608,938
------------
11,550,421
------------
RETAIL--FOOD (0.5%)
General Nutrition Cos., Inc.* ........ 14,000 435,750
Safeway, Inc.* ....................... 18,000 732,375
Suiza Foods Corp.* ................... 400 23,875
------------
1,192,000
------------
SOAPS & TOILETRIES (0.0%)
Carson, Inc., Class A* ............... 1,000 7,875
------------
TOTAL CONSUMER NON-CYCLICALS 15,887,565
------------
CREDIT SENSITIVE (8.1%)
BANKS (0.1%)
U.S. Trust Corp. ..................... 2,400 183,000
------------
FINANCIAL SERVICES (2.5%)
Associates First Capital Corp.,
Class A ............................ 8,400 645,750
Conseco, Inc. ........................ 2,600 121,550
Consolidation Capital Corp.* ......... 25,500 573,352
First Data Corp. ..................... 57,800 1,925,462
Franklin Resources, Inc. ............. 37,700 2,035,800
Morgan Stanley Dean Witter
& Co. .............................. 13,900 1,270,112
------------
6,572,026
------------
INSURANCE (3.4%)
Ace Ltd. ............................. 5,000 195,000
Annuity & Life RE Holdings
Ltd.* .............................. 10,500 232,313
Life Re Corp. ........................ 3,200 262,400
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Skandia Forsakrings AB ............... 14,000 $ 200,075
United Healthcare Corp. .............. 124,400 7,899,400
------------
8,789,188
------------
UTILITY--TELEPHONE (2.1%)
MCI Communications Corp. ............. 93,000 5,405,625
------------
TOTAL CREDIT SENSITIVE ............. 20,949,839
------------
DIVERSIFIED (5.0%)
MISCELLANEOUS (5.0%)
Tyco International Ltd. .............. 206,537 13,011,821
------------
TECHNOLOGY (38.3%)
ELECTRONICS (19.6%)
ARM Holdings plc* .................... 500 9,895
ARM Holdings plc (ADR)* .............. 8,500 520,625
Affiliated Computer Services,
Inc., Class A* ..................... 17,200 662,200
Altera Corp.* ........................ 43,400 1,283,012
Aspen Technologies, Inc.* ............ 500 25,250
Autodesk, Inc. ....................... 7,750 299,344
BMC Software, Inc.* .................. 201,700 10,475,794
CBT Group plc (ADR)* ................. 500 26,750
Cable Design Technologies* ........... 6,800 140,250
Cadence Design Systems, Inc.* ........ 192,490 6,015,312
Computer Associates
International, Inc. ................ 207,900 11,551,444
HBO & Co. ............................ 95,000 3,348,750
Intel Corp. .......................... 1,700 126,012
Keane, Inc.* ......................... 500 28,000
Micro Warehouse, Inc.* ............... 59,400 920,700
Microsoft Corp.* ..................... 111,700 12,105,487
SAP AG+ .............................. 100 22,575
SAP AG (ADR) ......................... 200 45,199
Sun Microsystems, Inc.* .............. 9,800 425,688
Synopsys, Inc.* ...................... 29,400 1,345,050
Technology Solutions Co.* ............ 42,600 1,349,888
Xilinx, Inc.* ........................ 6,600 224,400
------------
50,951,625
------------
OFFICE EQUIPMENT (10.2%)
Ceridian Corp.* ...................... 11,800 693,250
Cisco Systems, Inc.* ................. 145,550 13,399,697
Compaq Computer Corp. ................ 11,700 331,987
Corporate Express, Inc.* ............. 70,900 899,544
DST Systems, Inc.* ................... 17,900 1,002,400
Danka Business Systems plc
(ADR) .............................. 57,100 674,494
Mobius Management Systems,
Inc.* .............................. 15,400 231,000
Oracle Corp.* ........................ 374,612 9,201,407
------------
26,433,779
------------
OFFICE EQUIPMENT SERVICES (1.9%)
Computer Sciences Corp. .............. 72,600 4,646,400
International Integration, Inc.* ..... 600 10,350
Sungard Data Systems, Inc.* .......... 2,700 103,613
U.S. Office Products Co.* ............ 4,111 80,169
------------
4,840,532
------------
TELECOMMUNICATIONS (6.6%)
AirTouch Communications, Inc.* 17,500 1,022,656
Amdocs Ltd.* ......................... 3,700 55,963
Aspect Telecommunications
Corp.* ............................. 1,000 27,375
</TABLE>
23
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------- ---------------
<S> <C> <C>
Century Telephone Enterprises,
Inc. ............................ 31,900 $ 1,463,412
DoubleClick, Inc.* ................ 200 9,938
Fiserv, Inc.* ..................... 600 25,481
Global TeleSystems Group, Inc.* 59,200 2,886,000
L-3 Communications Holdings,
Inc.* ........................... 800 26,150
Loral Space & Communications* 21,600 610,200
Lucent Technologies, Inc. ......... 30,700 2,553,856
Sprint Corp. ...................... 20,100 1,417,050
Tel-Save Holdings, Inc.* .......... 45,900 677,025
Tellabs, Inc.* .................... 17,200 1,231,950
Worldcom, Inc.* ................... 104,430 5,058,328
------------
17,065,384
------------
TOTAL TECHNOLOGY ................ 99,291,320
------------
TOTAL COMMON STOCKS (92.0%)
(Cost $212,636,859) ............. 238,645,697
------------
PREFERRED STOCKS:
TECHNOLOGY (3.8%)
ELECTRONICS (3.8%)
SAP AG (Non Voting)
(Cost $5,812,152) ............... 14,510 9,871,788
------------
PRINCIPAL
AMOUNT
--------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (4.0%)
Federal National Mortgage
Association (Discount Note),
7/6/98 .......................... $3,700,000 3,697,204
Student Loan Marketing
Association (Discount Note),
7/1/98 .......................... 6,600,000 6,600,000
------------
TOTAL SHORT-TERM DEBT SECURITIES (4.0%)
(Amortized Cost $10,297,204) ..... 10,297,204
------------
TOTAL INVESTMENTS (99.8%)
(Cost/Amortized Cost
$228,746,215) ................... 258,814,689
OTHER ASSETS
LESS LIABILITIES (0.2%) ......... 523,631
------------
NET ASSETS (100%) ................. $259,338,320
============
</TABLE>
- ----------
* Non-income producing
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may only be resold to qualified
institutional buyers. At June 30, 1998 these securities amounted to
$22,575 or 0.01% of net assets.
Glossary:
ADR--American Depositary Receipt
24
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $169,183,791
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 45,907,796
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 38,644,342
Aggregate gross unrealized depreciation .......... (8,575,868)
------------
Net unrealized appreciation ...................... $ 30,068,474
============
Federal income tax cost of investments ........... $228,746,215
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$61,497,015, which was secured by collateral valued at $62,970,340, of which
$1,108,250 was in the form of U.S. Government Securities.
For the six months ended June 30, 1998 the Portfolio incurred approximately $12
as brokerage commissions with Donaldson, Lufkin & Jenrette Securities Corp., an
affiliated broker/dealer.
See Notes to Financial Statements.
25
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (4.5%)
CHEMICALS (1.2%)
Air Products & Chemicals, Inc. ......................................... 42,000 $ 1,680,000
Akzo Nobel N.V. ........................................................ 3,600 800,630
E.I. Du Pont de Nemours & Co. 8,200 611,925
------------
3,092,555
------------
CHEMICALS--SPECIALTY (1.5%)
Cambrex Corp. .......................................................... 18,000 472,500
Cytec Industries, Inc.* ................................................ 25,600 1,132,800
Minerals Technologies, Inc. ............................................ 17,000 864,875
Sigma-Aldrich Corp. .................................................... 36,400 1,278,550
------------
3,748,725
------------
PAPER (1.8%)
Kimberly Clark Corp. ................................................... 65,200 2,991,050
Stone Container Corp.* ................................................. 111,900 1,748,437
------------
4,739,487
------------
TOTAL BASIC MATERIALS ................................................ 11,580,767
------------
BUSINESS SERVICES (4.5%)
ENVIRONMENTAL CONTROL (0.6%)
Browning-Ferris Industries, Inc. ....................................... 32,800 1,139,800
Waste Management, Inc. ................................................. 10,900 381,500
------------
1,521,300
------------
PRINTING, PUBLISHING,
BROADCASTING (1.2%)
CBS Corp. .............................................................. 45,600 1,447,800
Intermedia Communications of
Florida, Inc.* ....................................................... 31,800 1,333,612
Jacor Communications, Inc.* ............................................ 4,200 247,800
------------
3,029,212
------------
PROFESSIONAL SERVICES (2.3%)
AccuStaff, Inc.* ....................................................... 24,600 768,750
Cendant Corp.* ......................................................... 91,800 1,916,325
Compuware Corp.* ....................................................... 64,600 3,302,675
------------
5,987,750
------------
TRUCKING, SHIPPING (0.4%)
Newport News Shipbuilding, Inc. 38,400 1,027,200
------------
TOTAL BUSINESS SERVICES .............................................. 11,565,462
------------
CAPITAL GOODS (5.9%)
AEROSPACE (2.8%)
Lockheed Martin Corp. .................................................. 17,900 1,895,162
United Technologies Corp. .............................................. 56,700 5,244,750
------------
7,139,912
------------
ELECTRICAL EQUIPMENT (1.9%)
Cooper Industries, Inc. ................................................ 6,100 335,119
General Electric Co. ................................................... 33,900 3,084,900
Teradyne, Inc.* ........................................................ 49,000 1,310,750
------------
4,730,769
------------
MACHINERY (1.2%)
American Standard Cos., Inc.* .......................................... 29,600 1,322,750
Black & Decker Corp. ................................................... 30,300 1,848,300
------------
3,171,050
------------
TOTAL CAPITAL GOODS .................................................. 15,041,731
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
CONSUMER CYCLICALS (7.8%)
AIRLINES (0.6%)
AMR Corp.* ............................................................. 10,100 $ 840,825
U.S. Airways Group, Inc.* .............................................. 9,400 744,950
------------
1,585,775
------------
APPAREL & TEXTILES (0.6%)
Nordstrom, Inc. ........................................................ 20,800 1,606,800
------------
AUTO RELATED (0.5%)
Eaton Corp. ............................................................ 6,200 482,050
Lear Corp.* ............................................................ 16,700 856,919
------------
1,338,969
------------
AUTOS & TRUCKS (0.1%)
Ford Motor Co. ......................................................... 3,000 177,000
------------
FOOD SERVICES, LODGING (1.2%)
CKE Restaurants, Inc. .................................................. 27,300 1,126,125
Jarvis Hotels plc ...................................................... 84,600 243,006
McDonald's Corp. ....................................................... 20,100 1,386,900
Promus Hotel Corp.* .................................................... 9,500 365,750
------------
3,121,781
------------
HOUSEHOLD FURNITURE, APPLIANCES (0.1%)
Sony Corp. ............................................................. 1,800 155,172
------------
RETAIL--GENERAL (4.7%)
CVS Corp. .............................................................. 59,200 2,305,100
Fred Meyer, Inc.* ...................................................... 27,800 1,181,500
Home Depot, Inc. ....................................................... 31,100 2,583,244
Office Depot, Inc.* .................................................... 43,600 1,376,125
Rite Aid Corp. ......................................................... 120,000 4,507,500
------------
11,953,469
------------
TOTAL CONSUMER CYCLICALS ............................................. 19,938,966
------------
CONSUMER NON-CYCLICALS (16.0%)
BEVERAGES (0.2%)
Brahma (ADR) ........................................................... 37,300 466,250
------------
DRUGS (4.8%)
American Home Products Corp. ........................................... 73,500 3,803,625
Bristol-Myers Squibb Co. ............................................... 60,000 6,896,250
Cardinal Health, Inc. .................................................. 16,900 1,584,375
------------
12,284,250
------------
FOODS (1.5%)
Archer Daniels Midland Co. ............................................. 60,000 1,162,500
Corn Products International,
Inc.* ................................................................ 31,300 1,060,287
McCormick & Co., Inc.
(Non-Voting) ......................................................... 39,100 1,396,603
Nabisco Holdings Corp. ................................................. 7,900 284,894
------------
3,904,284
------------
HOSPITAL SUPPLIES & SERVICES (2.4%)
Boston Scientific Corp.* ............................................... 21,900 1,568,587
Columbia HCA Healthcare Corp. 71,500 2,082,438
Healthsouth Corp.* ..................................................... 96,858 2,584,898
------------
6,235,923
------------
RETAIL--FOOD (1.3%)
Safeway, Inc.* ......................................................... 81,000 3,295,688
------------
</TABLE>
26
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
SOAPS & TOILETRIES (5.8%)
Clorox Co. ............................................................. 19,900 $ 1,897,962
Colgate Palmolive Co. .................................................. 47,900 4,215,200
Dial Corp. ............................................................. 40,700 1,055,656
Gillette Co. ........................................................... 67,000 3,798,063
Procter & Gamble Co. ................................................... 28,800 2,622,600
Revlon, Inc., Class A* ................................................. 23,700 1,217,588
------------
14,807,069
------------
TOTAL CONSUMER NON-CYCLICALS 40,993,464
------------
CREDIT SENSITIVE (24.0%)
BANKS (5.6%)
BankBoston Corp. ....................................................... 31,400 1,746,625
Chase Manhattan Corp. .................................................. 40,000 3,020,000
Comerica, Inc. ......................................................... 36,050 2,388,312
First Union Corp. ...................................................... 39,662 2,310,312
Fleet Financial Group, Inc. ............................................ 29,200 2,438,200
PNC Bank Corp. ......................................................... 27,400 1,474,462
Union Planters Corp. ................................................... 18,000 1,058,625
------------
14,436,536
------------
FINANCIAL SERVICES (6.5%)
Associates First Capital Corp.,
Class A .............................................................. 14,657 1,126,757
CIT Group, Inc., Class A ............................................... 12,000 450,000
Conseco, Inc. .......................................................... 72,200 3,375,350
Fannie Mae ............................................................. 40,200 2,442,150
Green Tree Financial Corp. ............................................. 4,500 192,656
Hutchison Whampoa Ltd. ................................................. 167,000 881,557
ING Groep N.V. ......................................................... 38,700 2,535,209
Merrill Lynch & Co. .................................................... 8,700 802,575
Morgan Stanley Dean Witter &
Co. .................................................................. 29,700 2,713,837
National City Corp. .................................................... 28,100 1,995,100
------------
16,515,191
------------
INSURANCE (10.2%)
Ace Ltd. ............................................................... 30,100 1,173,900
Allstate Corp. ......................................................... 21,450 1,964,016
Chubb Corp. ............................................................ 20,700 1,663,762
CIGNA Corp. ............................................................ 33,900 2,339,100
EXEL Ltd. .............................................................. 7,300 568,031
FPIC Insurance Group, Inc.* ............................................ 3,100 104,238
Hartford Financial Services
Group, Inc. .......................................................... 24,300 2,779,313
Life Re Corp. .......................................................... 6,100 500,200
Lincoln National Corp. ................................................. 35,300 3,225,537
Mid Ocean Ltd. ......................................................... 400 31,400
Nationwide Financial Services,
Inc. Class A ......................................................... 14,700 749,700
Reliastar Financial Corp. .............................................. 32,662 1,567,776
Skandia Forsakrings AB ................................................. 183,200 2,618,127
Travelers Group, Inc. .................................................. 18,600 1,127,625
United Healthcare Corp. ................................................ 87,700 5,568,950
------------
25,981,675
------------
UTILITY--ELECTRIC (0.4%)
CalEnergy Co., Inc.* ................................................... 38,300 1,151,394
------------
UTILITY--TELEPHONE (1.3%)
MCI Communications Corp. ............................................... 25,800 1,499,625
Sprint Corp. ........................................................... 24,500 1,727,250
------------
3,226,875
------------
TOTAL CREDIT SENSITIVE ............................................... 61,311,671
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
DIVERSIFIED (2.7%)
MISCELLANEOUS (2.7%)
Tyco International Ltd. ................................................ 109,686 $ 6,910,218
------------
ENERGY (7.5%)
COAL & GAS PIPELINES (0.9%)
Columbia Energy Group .................................................. 16,050 892,782
K N Energy, Inc. ....................................................... 27,100 1,468,481
------------
2,361,263
------------
OIL--DOMESTIC (3.7%)
Chevron Corp. .......................................................... 19,800 1,644,637
Mobil Corp. ............................................................ 15,400 1,180,025
Texaco, Inc. ........................................................... 61,600 3,676,750
USX-Marathon Group, Inc. ............................................... 85,100 2,919,994
------------
9,421,406
------------
OIL--INTERNATIONAL (1.9%)
British Petroleum Co. plc (ADR) 42,887 3,784,778
Diamond Offshore Drilling, Inc. ........................................ 25,200 1,008,000
------------
4,792,778
------------
OIL--SUPPLIES & CONSTRUCTION (0.7%)
Cooper Cameron Corp.* .................................................. 18,100 923,100
EVI Weatherford, Inc.* ................................................. 26,055 967,292
------------
1,890,392
------------
RAILROADS (0.3%)
Wisconsin Central Transport
Corp.* ............................................................... 34,300 750,312
------------
TOTAL ENERGY ......................................................... 19,216,151
------------
TECHNOLOGY (17.9%)
ELECTRONICS (11.3%)
Adobe Systems, Inc. .................................................... 3,300 140,044
Analog Devices, Inc.* .................................................. 30,400 746,700
BMC Software, Inc.* .................................................... 73,300 3,807,019
Cadence Design Systems, Inc.* .......................................... 92,900 2,903,125
Computer Associates
International, Inc. .................................................. 34,450 1,914,128
Electronic Arts, Inc.* ................................................. 37,800 2,041,200
HBO & Co. .............................................................. 116,400 4,103,100
Microsoft Corp.* ....................................................... 90,000 9,753,750
Sun Microsystems, Inc.* ................................................ 60,100 2,610,594
Synopsys, Inc.* ........................................................ 20,000 915,000
------------
28,934,660
------------
OFFICE EQUIPMENT (3.6%)
Cisco Systems, Inc.* ................................................... 38,800 3,572,025
EMC Corp.* ............................................................. 28,600 1,281,637
Oracle Corp.* .......................................................... 128,500 3,156,281
Xerox Corp. ............................................................ 11,700 1,189,013
------------
9,198,956
------------
TELECOMMUNICATIONS (3.0%)
Alcatel Alsthom (ADR) .................................................. 85,600 3,482,850
Aspect Telecommunications
Corp.* ............................................................... 31,500 862,312
Worldcom, Inc.* ........................................................ 65,650 3,179,922
------------
7,525,084
------------
TOTAL TECHNOLOGY ..................................................... 45,658,700
------------
TOTAL COMMON STOCKS (90.8%)
(Cost $205,795,603) 232,217,130
------------
PREFERRED STOCKS
BASIC MATERIALS (0.2%)
CHEMICALS (0.2%)
Henkel KGaA (Cost $443,265) ............................................ 6,100 607,125
------------
</TABLE>
27
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
--------------- ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (8.2%)
Federal Home Loan Bank
(Discount Note), 7/8/98 ........ $ 7,800,000 $ 7,791,734
Federal National Mortgage
Association (Discount Note),
7/6/98 ......................... 5,100,000 5,096,062
Federal National Mortgage
Association (Discount Note),
7/2/98 ......................... 8,100,000 8,098,776
------------
TOTAL SHORT-TERM DEBT SECURITIES (8.2%)
(Cost $20,986,572) .............. 20,986,572
------------
TOTAL INVESTMENTS (99.2%)
(Cost/Amortized Cost
$227,225,440) .................. 253,810,827
OTHER ASSETS
LESS LIABILITIES (0.8%) ........ 2,098,141
------------
NET ASSETS (100%) ................ $255,908,968
============
</TABLE>
- ----------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
28
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $145,808,912
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 53,310,556
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 31,309,415
Aggregate gross unrealized depreciation .......... (4,724,028)
------------
Net unrealized appreciation ...................... $ 26,585,387
============
Federal income tax cost of investments ........... $227,225,440
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$45,103,788, which was secured by collateral valued
at $46,364,830.
For the six months ended June 30, 1998 the Portfolio incurred approximately $30
as brokerage commissions with Donaldson, Lufkin & Jenrette Securities Corp.,
and $432 with Equitable Distributors, Inc., both affiliated broker/dealers.
See Notes to Financial Statements.
29
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (3.4%)
CHEMICALS (1.7%)
E.I. Du Pont de Nemours & Co. 7,804 $ 582,374
Eastman Chemical Co. ............... 4,453 277,199
-----------
859,573
-----------
PAPER (1.7%)
Chesapeake Corp. ................... 2,072 80,679
Kimberly Clark Corp. ............... 5,800 266,075
Temple-Inland, Inc. ................ 3,500 188,562
Weyerhaeuser Co. ................... 7,885 364,188
-----------
899,504
-----------
TOTAL BASIC MATERIALS ............ 1,759,077
-----------
BUSINESS SERVICES (3.5%)
PRINTING, PUBLISHING,
BROADCASTING (1.8%)
Comcast Corp., Class A Special ..... 8,200 332,869
McGraw Hill Cos., Inc. ............. 3,800 309,937
Time Warner, Inc. .................. 3,300 281,944
-----------
924,750
-----------
PROFESSIONAL SERVICES (0.5%)
Pitney Bowes, Inc. ................. 5,734 275,949
-----------
TRUCKING, SHIPPING (1.2%)
FDX Corp.* ......................... 5,300 332,575
Ryder System, Inc. ................. 8,600 271,437
-----------
604,012
-----------
TOTAL BUSINESS SERVICES .......... 1,804,711
-----------
CAPITAL GOODS (2.5%)
AEROSPACE (0.5%)
Lockheed Martin Corp. .............. 2,306 244,148
-----------
ELECTRICAL EQUIPMENT (1.1%)
Cooper Industries, Inc. ............ 4,100 225,244
Emerson Electric Co. ............... 5,852 353,314
-----------
578,558
-----------
MACHINERY (0.9%)
Caterpillar, Inc. .................. 3,000 158,625
Deere & Co. ........................ 5,900 311,963
-----------
470,588
-----------
TOTAL CAPITAL GOODS .............. 1,293,294
-----------
CONSUMER CYCLICALS (6.0%)
AIRLINES (1.3%)
Delta Airlines, Inc. ............... 2,562 331,139
UAL Corp.* ......................... 4,200 327,600
-----------
658,739
-----------
AUTO RELATED (1.9%)
Dana Corp. ......................... 4,800 256,800
Eaton Corp. ........................ 3,900 303,225
Goodyear Tire & Rubber Co. ......... 4,100 264,194
TRW Inc. ........................... 3,132 171,085
-----------
995,304
-----------
AUTOS & TRUCKS (0.8%)
Ford Motor Co. ..................... 7,100 418,900
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- ------------------
<S> <C> <C>
RETAIL--GENERAL (2.0%)
Hasbro, Inc. ....................... 6,000 $ 235,875
May Department Stores Co. .......... 5,000 327,500
Sears Roebuck & Co. ................ 4,200 256,462
Toys-R-Us, Inc.* ................... 10,087 237,675
-----------
1,057,512
-----------
TOTAL CONSUMER CYCLICALS ......... 3,130,455
-----------
CONSUMER NON-CYCLICALS (11.0%)
BEVERAGES (1.1%)
Anheuser-Busch Cos., Inc. .......... 5,727 270,243
Whitman Corp. ...................... 12,700 291,306
-----------
561,549
-----------
CONTAINERS (0.4%)
Owens-Illinois, Inc.* .............. 4,500 201,375
-----------
DRUGS (3.9%)
American Home Products Corp. ....... 10,454 540,995
Bristol-Myers Squibb Co. ........... 4,348 499,748
Merck & Co., Inc. .................. 4,100 548,375
Pharmacia & Upjohn, Inc. ........... 9,700 447,412
-----------
2,036,530
-----------
FOODS (2.4%)
ConAgra, Inc. ...................... 9,100 288,356
General Mills, Inc. ................ 4,000 273,500
H.J. Heinz Co. ..................... 5,400 303,075
Nabisco Holdings Corp. ............. 3,900 140,644
Sara Lee Corp. ..................... 4,300 240,531
-----------
1,246,106
-----------
HOSPITAL SUPPLIES &
SERVICES (1.8%)
Baxter International, Inc. ......... 8,294 446,321
Columbia HCA Healthcare Corp. 7,400 215,525
Wellpoint Health Networks, Inc.* 4,100 303,400
-----------
965,246
-----------
SOAPS & TOILETRIES (0.5%)
Colgate Palmolive Co. .............. 3,000 264,000
-----------
TOBACCO (0.9%)
Philip Morris Cos., Inc. ........... 11,500 452,813
-----------
TOTAL CONSUMER NON-CYCLICALS...... 5,727,619
-----------
CREDIT SENSITIVE (23.3%)
BANKS (9.6%)
BankAmerica Corp. .................. 3,500 302,531
BankBoston Corp. ................... 5,348 297,483
Bankers Trust New York Corp. ....... 1,400 162,488
Charter One Financial, Inc. ........ 4,700 158,331
Citicorp ........................... 3,900 582,075
Crestar Financial Corp. ............ 1,520 82,935
First Chicago NBD Corp. ............ 5,083 450,481
First Union Corp. .................. 6,800 396,100
Firstar Corp. ...................... 2,281 86,678
Fleet Financial Group, Inc. ........ 3,685 307,698
J.P. Morgan & Co. .................. 2,600 304,525
KeyCorp ............................ 7,074 252,011
Nationsbank Corp. .................. 6,800 520,200
Norwest Corp. ...................... 10,600 396,175
PNC Bank Corp. ..................... 5,400 290,587
Synovus Financial Corp. ............ 5,616 133,380
Washington Mutual, Inc. ............ 5,850 254,109
-----------
4,977,787
-----------
</TABLE>
30
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
FINANCIAL SERVICES (1.2%)
Fannie Mae .......................... 5,160 $ 313,470
Morgan Stanley Dean Witter &
Co. ............................... 3,200 292,400
----------
605,870
----------
INSURANCE (2.8%)
Allstate Corp. ...................... 3,800 347,938
American General Corp. .............. 6,025 428,905
CIGNA Corp. ......................... 4,200 289,800
Hartford Financial Services
Group, Inc. ....................... 3,257 372,519
ReliaStar Financial Corp. ........... 400 19,200
----------
1,458,362
----------
REAL ESTATE (1.0%)
Duke Realty Investment, Inc. ........ 3,551 84,114
Equity Residential Property Trust 3,567 169,210
Starwood Hotels & Resorts ........... 5,200 251,225
----------
504,549
----------
UTILITY--ELECTRIC (2.9%)
Duke Energy Corp. ................... 5,868 347,679
Entergy Corp. ....................... 4,600 132,250
OGE Energy Corp. .................... 7,400 199,800
PP&L Resources, Inc. ................ 5,500 124,781
Potomac Electric Power Co. .......... 5,600 140,350
Southern Co. ........................ 10,722 296,865
Texas Utilities Co. ................. 7,100 295,538
----------
1,537,263
----------
UTILITY--GAS (1.1%)
Enron Corp. ......................... 5,300 286,531
Sempra Energy* ...................... 9,601 266,422
----------
552,953
----------
UTILITY--TELEPHONE (4.7%)
Ameritech Corp. ..................... 10,800 484,650
AT&T Corp. .......................... 6,200 354,175
Bellsouth Corp. ..................... 5,418 363,683
Cincinnati Bell, Inc. ............... 3,900 111,638
GTE Corp. ........................... 6,700 372,687
SBC Communications, Inc. ............ 8,008 320,320
Sprint Corp. ........................ 3,915 276,008
U.S. WEST, Inc. ..................... 3,600 169,200
----------
2,452,361
----------
TOTAL CREDIT SENSITIVE ............ 12,089,145
----------
DIVERSIFIED (0.6%)
MISCELLANEOUS (0.6%)
Minnesota Mining &
Manufacturing Co. ................. 3,458 284,204
----------
ENERGY (6.6%)
OIL--DOMESTIC (1.6%)
Amoco Corp. ......................... 9,110 379,204
Kerr-McGee Corp. .................... 3,700 214,137
Sonat, Inc. ......................... 5,900 227,888
----------
821,229
----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
OIL--INTERNATIONAL (4.3%)
British Petroleum Co. plc (ADR) 5,033 $ 444,162
Elf Acquitaine S.A. (ADR) ........... 4,549 322,979
Exxon Corp. ......................... 8,513 607,083
Mobil Corp. ......................... 6,600 505,725
Total S.A. (ADR) .................... 5,429 354,921
----------
2,234,870
----------
RAILROADS (0.7%)
Burlington Northern Santa Fe
Corp. ............................. 3,800 373,113
----------
TOTAL ENERGY ...................... 3,429,212
----------
TECHNOLOGY (3.7%)
ELECTRONICS (1.1%)
Computer Associates
International, Inc. ............... 3,900 216,694
Texas Instruments, Inc. ............. 6,500 379,031
----------
595,725
----------
OFFICE EQUIPMENT (2.0%)
Hewlett Packard Co. ................. 4,400 263,450
International Business Machines
Corp. ............................. 3,700 424,806
Xerox Corp. ......................... 3,260 331,298
----------
1,019,554
----------
OFFICE EQUIPMENT SERVICES (0.6%)
Electronic Data Systems Corp. ....... 7,800 312,000
----------
TOTAL TECHNOLOGY .................. 1,927,279
----------
TOTAL COMMON STOCKS (60.6%)
(Cost $29,715,140) ................ 31,444,996
----------
PREFERRED STOCKS:
CREDIT SENSITIVE (0.2%)
FINANCIAL SERVICES (0.2%)
K-Mart Financing .................... 739 51,730
Webster Capital Corp., Series A ..... 40 40,520
----------
TOTAL PREFERRED STOCKS (0.2%)
(Cost $83,191) .................... 92,250
----------
CONVERTIBLE PREFERRED
STOCKS:
BASIC MATERIALS (0.1%)
METALS & MINING (0.1%)
Freeport-McMoran Copper &
Gold, Inc. (Cost $68,677) ......... 2,648 51,636
----------
PRINCIPAL
AMOUNT
------
LONG-TERM DEBT
SECURITIES:
BASIC MATERIALS (0.1%)
CHEMICALS (0.1%)
Solutia, Inc. 6.72%, 10/15/37 ....... $55,000 55,816
----------
BUSINESS SERVICES (0.7%)
ENVIRONMENTAL CONTROL (0.2%)
U.S. Filter Corp.
6.50%, 5/15/03+ Section .......... 75,000 74,791
Waste Management
Technologies, Inc.
7.70%, 10/1/02 .................... 50,000 52,401
----------
127,192
----------
</TABLE>
31
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
---------------------- -----------------
<S> <C> <C>
PRINTING, PUBLISHING,
BROADCASTING (0.5%)
News America Holdings, Inc.
7.75%, 12/1/45 .................. $ 105,000 $ 113,060
Viacom, Inc.
7.75%, 6/1/05 ................... 115,000 123,193
-----------
236,253
-----------
TOTAL BUSINESS SERVICES ......... 363,445
-----------
CAPITAL GOODS (0.1%)
ELECTRICAL EQUIPMENT (0.1%)
Raytheon Co.
6.45%, 8/15/02 .................. 35,000 35,560
-----------
CONSUMER CYCLICALS (0.6%)
AIRLINES (0.2%)
Continental Airlines, Inc.
Class 4C
6.80%, 7/2/07 ................... 50,000 50,478
Series 981C
6.541%, 9/15/09 ................. 40,000 40,013
-----------
90,491
-----------
LEISURE RELATED (0.3%)
Time Warner, Inc.
8.375%, 7/15/33 ................. 135,000 161,586
-----------
RETAIL--GENERAL (0.1%)
Neiman Marcus Group, Inc.
7.125%, 6/1/28 .................. 70,000 72,027
-----------
TOTAL CONSUMER CYCLICALS ........ 324,104
-----------
CONSUMER NON-CYCLICALS (0.3%)
HOSPITAL SUPPLIES &
SERVICES (0.1%)
Beckman Instruments, Inc.
7.10%, 3/4/03+ Section .......... 50,000 50,345
Manor Care, Inc.
7.50%, 6/15/06 .................. 10,000 10,797
-----------
61,142
-----------
TOBACCO (0.2%)
Philip Morris Cos., Inc.
7.25%, 1/15/03 .................. 60,000 62,083
7.125%, 10/1/04 ................. 10,000 10,381
-----------
72,464
-----------
TOTAL CONSUMER NON-CYCLICALS..... 133,606
-----------
CREDIT SENSITIVE (30.3%)
BANKS (0.9%)
Bancomext Trust
8.00%, 8/5/03 ................... 99,000 95,560
Den Danske Bank
6.55%, 9/15/03+ Section ........ 40,000 40,844
FCB/NC Capital Trust I
8.05%, 3/1/28+ Section ......... 40,000 42,103
Long Island Savings Bank
7.00%, 6/13/02 .................. 60,000 61,695
Merita Bank Ltd.
6.50%, 1/15/06 .................. 65,000 65,729
Nationsbank Corp.
6.50%, 8/15/03 .................. 65,000 66,292
Peoples Bank of Bridgeport
(Conn.)
7.20%, 12/1/06 .................. 70,000 72,624
-----------
444,847
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
---------------------- -----------------
<S> <C> <C>
COLLATERALIZED MORTGAGE
OBLIGATIONS (1.5%)
Commercial Mortgage
Acceptance Corp.
Series 97-ML1, Class A2
6.53%, 12/15/30 ................. $ 20,000 $ 20,459
Series 97-ML1, Class A3
6.57%, 12/15/30 ................. 76,000 77,971
Series 97-ML1, Class D
7.06%, 12/15/10 ................. 15,000 15,295
Chase Mortgage Finance Corp.,
Series 98-S2, Class A14
6.75%, 7/25/28 .................. 30,000 30,197
First Union-Lehman Brothers
Series 97-C2, Class A3
6.65%, 11/18/29 ................. 30,000 30,752
Series 97-C2, Class D
7.12%, 11/18/12 (Pass Through) 30,000 30,356
Series 98-C2, Class D
6.778%, 3/18/13 ................. 95,000 93,159
General Motors Acceptance
Corp.
Series 98-C1, Class A1
6.44%, 11/15/07 ................. 69,631 70,632
Series 98-C1, Class A2
6.70%, 3/15/08 .................. 30,000 30,956
Series 98-C1, Class E
7.153%, 3/15/11 ................. 50,000 51,281
Goldman Sachs Mortgage
Securities Corp.
Series 98, GL2, Class A2
6.562%, 4/13/31 ................. 60,000 61,256
Series 98, GL2, Class D
7.191%, 4/13/31 ................. 25,000 25,414
Green Tree Financial Corp.
Series 98-2, Class A5
6.24%, 3/18/28 .................. 50,000 50,297
Series 98-A, Class A1C
6.18%, 6/15/19 .................. 46,775 46,819
Lehman Manufactured Housing
Trust, Series 98-1
0.82%, 7/15/28 .................. 250,000 11,992
Merrill Lynch Mortgage
Investors, Inc., Series 98-C2,
Class D
7.11%, 2/15/30 .................. 25,000 25,387
Morgan Stanley Capital Corp.,
Series 96-WF1, Class A2
7.226%, 1/16/06 ................. 20,000 20,813
Residential Funding Mortgage
Co., Series 98-SB
6.75%, 11/15/08 ................. 75,000 74,954
-----------
767,990
-----------
FINANCIAL SERVICES (1.7%)
AFC Capital Trust I, Series B
8.207%, 2/3/27 .................. 25,000 28,808
Amvescap plc
6.60%, 5/15/05+ Section ........ 70,000 70,767
Avalon Properties, Inc.
6.625%, 12/15/07 ................ 30,000 30,023
</TABLE>
32
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
----------------------- -----------------
<S> <C> <C>
Commercial Credit Corp.
7.75%, 3/1/05 ..................... $ 25,000 $ 27,187
ERP Operating LP
6.63%, 4/13/05 .................... 60,000 60,413
Ford Motor Credit Co.
6.00%, 1/14/03 .................... 85,000 84,778
Lehman Brothers Holdings, Inc.
6.50%, 10/1/02 .................... 85,000 86,029
Merrill Lynch & Co., Inc., Series B
6.13%, 4/7/03 ..................... 40,000 40,158
North Fork Capital Trust
8.00%, 12/15/27 ................... 10,000 10,565
Paine Webber Group, Inc.
6.55%, 4/15/08 .................... 60,000 59,601
Series C
6.52%, 4/6/05 ...................... 60,000 60,225
Provident Cos., Inc.
7.405%, 3/15/38 ................... 75,000 79,573
Salomon, Inc.
6.75%, 2/15/03 .................... 45,000 46,140
The Money Store, Inc.
8.05%, 4/15/02 .................... 35,000 37,222
Trenwick Group, Inc.
6.70%, 4/1/03+ Section ........... 50,000 50,133
Wilmington Trust Corp.
6.625%, 5/1/08 .................... 90,000 91,447
-----------
863,069
-----------
FOREIGN GOVERNMENT (1.9%)
Central Bank of the Philippines,
Series B, FL,
6.50%, 12/1/17 .................... 50,000 41,063
Government of Brazil, Series C,
FL,
8.00%, 4/15/14 .................... 41,768 30,804
Government of Russia
12.75%, 6/24/28+ Section ......... 50,000 44,500
PO
0.00%, 12/15/20 TBA ............... 60,000 28,350
Province of Quebec
7.50%, 7/15/02 TBA ................ 50,000 52,582
Republic of Argentina FL,
5.75%, 3/31/23 .................... 120,000 89,145
Republic of Germany
8.00%, 1/21/02 .................... DEM 70,000 43,484
Series 98
5.625%, 1/4/28 .................... 230,000 132,800
Republic of Korea
8.875%, 4/15/08 ................... $ 50,000 45,461
Republic of Peru PDI
4.00%, 3/7/17 ..................... 91,000 56,088
Republic of South Africa
13.00%, 8/31/10 ................... ZAR 387,000 57,710
United Kingdom Treasury Note
7.25%, 12/7/07 .................... GBP 210,000 386,306
-----------
1,008,293
-----------
GENERAL OBLIGATIONS (0.1%)
New Jersey Economic
Development Authority, Series A
7.425%, 2/15/29 .................... $ 65,000 73,464
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
----------------------- -----------------
<S> <C> <C>
INSURANCE (0.6%)
American General Finance Corp.
8.125%, 3/15/46+ Section .......... $ 70,000 $ 82,493
5.70%, 2/7/01 ...................... 50,000 49,712
Cincinnati Financial Corp.
6.90%, 5/15/28 .................... 70,000 71,537
Hartford Life, Inc.
7.65%, 6/15/27 .................... 15,000 16,551
Southern Investments Capital
Trust
6.80%, 12/1/06 .................... 50,000 51,905
Travelers Property & Casualty,
Inc.
6.75%, 4/15/01 .................... 50,000 51,045
-----------
323,243
-----------
REAL ESTATE (0.2%)
Avalon Properties, Inc.
6.875%, 12/15/07 .................. 25,000 25,041
Chelsea GCA Realty Properties
7.25%, 10/21/07 ................... 50,000 50,407
Omega Healthcare Investors, Inc.
6.95%, 8/1/07 ..................... 50,000 49,995
-----------
125,443
-----------
U.S. GOVERNMENT (16.3%)
U.S. Treasury Note
5.50%, 2/29/00 ..................... 240,000 240,000
5.50%, 3/31/00 ..................... 395,000 395,001
5.50%, 5/31/00 ..................... 845,000 845,265
6.25%, 8/31/02 ..................... 895,000 918,495
5.875%, 9/30/02 .................... 10,000 10,128
5.625%, 12/31/02 ................... 570,000 572,494
5.50%, 1/31/03 ..................... 165,000 164,897
5.50%, 3/31/03 ..................... 2,280,000 2,279,289
5.75%, 4/30/03 ..................... 15,000 15,150
5.50%, 5/31/03 ..................... 860,000 860,269
7.00%, 7/15/06 ..................... 790,000 863,322
6.125%, 8/15/07 .................... 615,000 640,369
6.125%, 11/15/27 ................... 610,000 653,844
-----------
8,458,523
-----------
U.S. GOVERNMENT AGENCIES (5.9%)
Federal National Mortgage
Association
5.50%, 3/1/13 ...................... 199,687 193,860
9.00%, 8/1/26 ...................... 268,486 283,756
7.00%, 7/15/28 TBA ................. 30,000 30,422
Government National Mortgage
Association
7.375%, 6/20/22 ARM ................ 21,655 22,311
7.375%, 4/20/23 .................... 19,715 20,304
7.375%, 6/20/23 ARM ................ 26,438 27,228
7.125%, 7/20/23 ARM ................ 21,253 21,787
7.375%, 5/20/24 ARM ................ 18,465 19,007
7.00%, 7/20/24 ARM ................. 39,351 40,319
7.125%, 9/20/24 ARM ................ 39,110 40,073
8.00%, 7/15/25 ..................... 140,700 146,084
7.00%, 9/15/25 ..................... 73,836 75,173
7.00%, 12/15/25 .................... 65,361 66,544
6.50%, 3/15/26 ..................... 288,508 288,396
</TABLE>
33
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
---------------------- -----------------
<S> <C> <C>
8.00%, 10/15/26 ......................................................... $ 164,881 $ 171,062
7.50%, 12/15/26 ......................................................... 89,927 92,540
7.00%, 7/15/27 .......................................................... 52,664 53,582
7.50%, 8/15/27 .......................................................... 182,429 187,713
7.00%, 9/15/27 .......................................................... 24,479 24,906
7.50%, 10/15/27 ......................................................... 31,635 32,551
7.00%, 11/15/27 ......................................................... 650,039 661,368
7.00%, 2/15/28 .......................................................... 24,916 25,347
7.00%, 5/15/28 .......................................................... 148,367 150,929
6.50%, 7/15/28 TBA ...................................................... 335,000 333,221
7.50%, 7/15/28 TBA ...................................................... 25,000 25,617
-----------
3,034,100
-----------
UTILITY--ELECTRIC (0.9%)
Arizona Public Service Co.
6.75%, 11/15/06 ........................................................ 50,000 51,065
Baltimore Gas & Electric Co.
6.90%, 2/1/05 .......................................................... 50,000 52,144
CMS Energy Corp.
7.00%, 1/15/05 ......................................................... 25,000 24,407
CalEnergy Co., Inc.
7.63%, 10/15/07 ........................................................ 60,000 60,252
Connecticut Light & Power Co.,
Series C
7.75%, 6/1/02 .......................................................... 20,000 20,531
Illinova Corp.
7.125%, 2/1/04 ......................................................... 70,000 72,245
Public Service Electric & Gas Co.
8.875%, 6/1/03 .......................................................... 50,000 55,345
Texas Utilities Co.
7.46%, 1/1/15 .......................................................... 40,000 42,050
Transamerica Energy
0.00%, 6/15/02 (d) ..................................................... 115,000 94,300
-----------
472,339
-----------
UTILITY--GAS (0.3%)
Express Pipeline, Inc.
7.39%, 12/31/17+ Section .............................................. 20,000 20,166
KN Energy, Inc.
6.45%, 3/1/03 .......................................................... 55,000 55,279
Louis Dreyfus Natural Gas Corp.
6.875%, 12/1/07 ........................................................ 85,000 85,745
-----------
161,190
-----------
TOTAL CREDIT SENSITIVE .................................................. 15,732,501
-----------
ENERGY (1.2%)
COAL & GAS PIPELINES (0.3%)
Columbia Gas Systems, Inc.
6.61%, 11/28/02 ........................................................ 65,000 66,576
Union Pacific Resources Group
6.75%, 5/15/08 ......................................................... 70,000 69,892
-----------
136,468
-----------
OIL--DOMESTIC (0.2%)
Coastal Corp.
6.95%, 6/2/28 .......................................................... 75,000 74,156
Saga Petroleum ADS
7.25%, 9/23/27 ......................................................... 15,000 15,173
-----------
Seagull Energy Corp.
7.50%, 9/15/27 ......................................................... 20,000 20,699
-----------
110,028
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
---------------------- -----------------
<S> <C> <C>
OIL--INTERNATIONAL (0.1%)
Pioneer Natural Resource Co.
7.20%, 1/15/28 ......................................................... $ 70,000 $ 68,099
-----------
RAILROADS (0.6%)
Burlington Northern Santa Fe
Corp.
6.875%, 12/1/27 ........................................................ 80,000 82,195
CSX Corp.
7.95%, 5/1/27 .......................................................... 110,000 127,796
Norfolk Southern Corp.
7.80%, 5/15/27 ......................................................... 70,000 80,411
Wisconsin Central Transport
Corp.
6.625%, 4/15/08 ........................................................ 15,000 14,971
-----------
305,373
-----------
TOTAL ENERGY ............................................................ 619,968
-----------
TECHNOLOGY (1.0%)
OFFICE EQUIPMENT (0.1%)
Dell Computer Corp.
7.10%, 4/15/28 ......................................................... 65,000 66,392
-----------
OFFICE EQUIPMENT (0.0%)
Western Digital Corp.
(Zero Coupon)
2/18/18+ Section ...................................................... 50,000 13,125
-----------
TELECOMMUNICATIONS (0.9%)
AT&T Capital Corp.
6.60%, 5/15/05 ......................................................... 55,000 55,391
AirTouch Communications, Inc.
7.00%, 10/1/03 ......................................................... 60,000 62,324
Colt Telecom Group plc
8.875%, 11/30/07 ....................................................... 50,000 30,496
LCI International, Inc.
7.25%, 6/15/07 ......................................................... 110,000 110,381
TCI Communications, Inc.
8.65%, 9/15/04 ......................................................... 110,000 123,567
Worldcom, Inc.
7.75%, 4/1/07 .......................................................... 60,000 64,919
-----------
447,078
-----------
TOTAL TECHNOLOGY ........................................................ 526,595
-----------
TOTAL LONG-TERM DEBT SECURITIES (34.3%)
(Cost $17,671,743) ...................................................... 17,791,595
-----------
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (6.0%)
Chase Securities, Inc. 5.80%,
dated 6/30/98, due 7/1/98, to be
repurchased at $3,135,505,
collateralized by $1,973,000 of
U.S. Treasury Bonds, 13.25%
due 5/15/14, valued at
$3,206,443 (Cost $3,135,000) ........................................... 3,135,000 3,135,000
-----------
TOTAL INVESTMENTS (101.2%)
(Cost $50,673,751) ..................................................... 52,515,477
OTHER ASSETS
LESS LIABILITIES (-1.2%) ............................................... (620,882)
-----------
NET ASSETS (100%) ........................................................ $51,894,595
===========
</TABLE>
34
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
- ----------
* Non-income producing
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may only be resold to qualified
institutional buyers. At June 30, 1998 these securities amounted to
$489,267 or 0.94% of net assets.
Section Illiquid security: is not actively traded.
(d) Debt security initially issued in zero coupon form which converts to
coupon form at a specific rate and date.
Glossary:
ADR--American Depositary Receipt
ARM--Adjustable Rate Mortgage
FL--Floating Rate
PDI--Past Due Interest Bond
PO--Principal Only
TBA--Security is subject to delayed delivery
DEM--German Mark
GBP--British Pound
ZAR--South African Rand
35
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1998 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ---------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
Australian Dollar, expiring 9/26/98 .......... 4 $ 2,741 $ 2,731 $ (10)
German Mark, expiring 9/16/98 ................ 461 259,181 256,589 (2,592)
Mexican Peso, expiring 8/5/98 ................ 174 19,636 18,996 (640)
South African Rand, expiring 9/16/98 ......... 139 26,266 22,775 (3,491)
South Korean Won, expiring 3/11/99 ........... 78,465 46,385 57,148 10,763
FOREIGN CURRENCY SALE CONTRACTS
British Pound, expiring 8/5/98 ............... 232 375,747 385,229 (9,482)
German Mark, expiring 9/16/98 ................ 824 467,727 458,851 8,876
South Korean Won, expiring 3/11/99 ........... 78,465 47,058 57,148 (10,090)
South African Rand, expiring 9/16/98 ......... 497 89,205 81,183 8,022
---------
$ 1,356
=========
</TABLE>
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities .. $32,433,076
U.S. Government securities ...................... 17,195,733
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .. 14,987,202
U.S. Government securities ...................... 10,569,531
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 2,629,006
Aggregate gross unrealized depreciation ......... (787,280)
-----------
Net unrealized appreciation ..................... $ 1,841,726
===========
Federal income tax cost of investments .......... $50,673,751
===========
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$9,221,240, which was secured by collateral valued at $9,412,753, of which
$8,581,253 was in the form of U.S. Government Securities.
See Notes to Financial Statements.
36
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (4.7%)
CHEMICALS (2.6%)
E.I. Du Pont de Nemours & Co. 57,911 $ 4,321,608
Eastman Chemical Co. ................................................... 37,851 2,356,225
Witco Corp. ............................................................ 64,025 1,872,731
------------
8,550,564
------------
PAPER (2.1%)
Boise Cascade Corp. .................................................... 72,395 2,370,936
International Paper Co. ................................................ 38,875 1,671,625
Kimberly Clark Corp. ................................................... 58,400 2,679,100
------------
6,721,661
------------
TOTAL BASIC MATERIALS ................................................ 15,272,225
------------
BUSINESS SERVICES (5.1%)
PRINTING, PUBLISHING,
BROADCASTING (3.7%)
McGraw Hill Cos., Inc. ................................................. 30,828 2,514,409
MediaOne Group, Inc.* .................................................. 82,480 3,623,965
Times Mirror Co., Class A .............................................. 48,675 3,060,441
Viacom, Inc., Class B* ................................................. 43,965 2,560,961
------------
11,759,776
------------
PROFESSIONAL SERVICES (1.4%)
NCR Corp.* ............................................................. 60,413 1,963,423
Pitney Bowes, Inc. ..................................................... 54,220 2,609,337
------------
4,572,760
------------
TOTAL BUSINESS SERVICES .............................................. 16,332,536
------------
CAPITAL GOODS (4.6%)
AEROSPACE (0.8%)
Boeing Co. ............................................................. 59,310 2,643,002
------------
ELECTRICAL EQUIPMENT (1.8%)
Cooper Industries, Inc. ................................................ 56,436 3,100,453
Emerson Electric Co. ................................................... 42,495 2,565,635
------------
5,666,088
------------
MACHINERY (2.0%)
Caterpillar, Inc. ...................................................... 14,585 771,182
Deere & Co. ............................................................ 48,475 2,563,116
Ingersoll-Rand Co. ..................................................... 68,590 3,022,247
------------
6,356,545
------------
TOTAL CAPITAL GOODS .................................................. 14,665,635
------------
CONSUMER CYCLICALS (10.4%)
AIRLINES (0.6%)
UAL Corp.* ............................................................. 23,600 1,840,800
------------
AUTO RELATED (3.7%)
Dana Corp. ............................................................. 60,272 3,224,552
Eaton Corp. ............................................................ 29,237 2,273,177
Goodyear Tire & Rubber Co. ............................................. 60,263 3,883,197
Lear Corp.* ............................................................ 48,020 2,464,026
------------
11,844,952
------------
AUTOS & TRUCKS (1.0%)
Ford Motor Co. ......................................................... 55,775 3,290,725
------------
PHOTO & OPTICAL (1.0%)
Eastman Kodak Co. ...................................................... 44,838 3,275,976
------------
RETAIL--GENERAL (4.1%)
Hasbro, Inc. ........................................................... 69,100 2,716,494
J.C. Penny Co. ......................................................... 41,465 2,998,438
K-Mart Corp.* .......................................................... 156,240 3,007,620
Sears Roebuck & Co. .................................................... 37,540 2,292,286
Toys-R-Us, Inc.* ....................................................... 87,165 2,053,825
------------
13,068,663
------------
TOTAL CONSUMER CYCLICALS ............................................. 33,321,116
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
CONSUMER NON-CYCLICALS (21.0%)
BEVERAGES (2.1%)
PepsiCo, Inc. .......................................................... 75,735 $ 3,119,335
Whitman Corp. .......................................................... 154,242 3,537,926
------------
6,657,261
------------
CONTAINERS (1.3%)
Owens Illinois, Inc.* .................................................. 94,825 4,243,419
------------
DRUGS (8.5%)
American Home Products Corp. ........................................... 105,310 5,449,793
Bristol-Myers Squibb Co. ............................................... 52,530 6,037,667
Johnson & Johnson ...................................................... 40,775 3,007,156
Merck & Co., Inc. ...................................................... 44,830 5,996,012
Pharmacia & Upjohn, Inc. ............................................... 150,349 6,934,848
------------
27,425,476
------------
FOODS (3.8%)
General Mills, Inc. .................................................... 35,855 2,451,586
H.J. Heinz Co. ......................................................... 68,720 3,856,910
Quaker Oats Co. ........................................................ 59,980 3,295,151
Sara Lee Corp. ......................................................... 47,086 2,633,873
------------
12,237,520
------------
HOSPITAL SUPPLIES & SERVICES (1.3%)
Baxter International, Inc. ............................................. 77,204 4,154,540
------------
RETAIL--FOOD (1.1%)
McDonald's Corp. ....................................................... 52,100 3,594,900
------------
SOAPS & TOILETRIES (1.7%)
Clorox Co. ............................................................. 25,695 2,450,661
Colgate Palmolive Co. .................................................. 34,115 3,002,120
------------
5,452,781
------------
TOBACCO (1.2%)
Philip Morris Cos., Inc. ............................................... 97,985 3,858,159
------------
TOTAL CONSUMER NON-CYCLICALS 67,624,056
------------
CREDIT SENSITIVE (29.2%)
BANKS (12.8%)
BankBoston Corp. ....................................................... 59,450 3,306,906
Bankers Trust New York Corp. ........................................... 21,919 2,543,974
Chase Manhattan Corp. .................................................. 5,100 385,050
Citicorp ............................................................... 36,500 5,447,625
Crestar Financial Corp. ................................................ 30,600 1,669,612
First Chicago NBD Corp. ................................................ 40,755 3,611,912
Firstar Corp. .......................................................... 27,055 1,028,090
Fleet Financial Group, Inc. ............................................ 22,795 1,903,383
H.F. Ahmanson & Co. .................................................... 3,005 213,355
Hibernia Corp., Class A ................................................ 32,815 662,453
J.P. Morgan & Co. ...................................................... 23,488 2,751,032
KeyCorp ................................................................ 65,010 2,315,981
Mercantile Bancorp, Inc. ............................................... 27,308 1,375,641
National City Corp. .................................................... 36,935 2,622,385
PNC Bank Corp. ......................................................... 58,052 3,123,923
Summit Bancorp ......................................................... 23,485 1,115,537
Union Planters Corp. ................................................... 26,524 1,559,943
Washington Mutual, Inc. ................................................ 47,785 2,075,661
Wells Fargo & Co. ...................................................... 9,680 3,571,920
------------
41,284,383
------------
FINANCIAL SERVICES (3.1%)
American Express Co. ................................................... 19,700 2,245,800
Fannie Mae ............................................................. 44,985 2,732,839
Merrill Lynch & Co. .................................................... 26,340 2,429,865
Travelers Group, Inc. .................................................. 42,355 2,567,772
------------
9,976,276
------------
INSURANCE (4.2%)
Allstate Corp. ......................................................... 32,745 2,998,214
American General Corp. ................................................. 50,989 3,629,780
</TABLE>
37
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- ---------------
<S> <C> <C>
Aon Corp. ......................... 51,481 $ 3,616,540
CIGNA Corp. ....................... 49,183 3,393,627
------------
13,638,161
------------
REAL ESTATE (0.7%)
Starwood Hotels & Resorts ......... 47,752 2,307,026
------------
UTILITY--ELECTRIC (2.1%)
Duke Energy Corp. ................. 43,150 2,556,637
Texas Utilities Co. ............... 97,195 4,045,742
------------
6,602,379
------------
UTILITY--TELEPHONE (6.3%)
AT&T Corp. ........................ 72,008 4,113,457
Ameritech Corp. ................... 67,725 3,039,159
GTE Corp. ......................... 52,850 2,939,781
SBC Communications, Inc. .......... 94,700 3,788,000
Sprint Corp. ...................... 45,352 3,197,316
U.S. West Communications
Group ........................... 65,643 3,085,221
------------
20,162,934
------------
TOTAL CREDIT SENSITIVE .......... 93,971,159
------------
DIVERSIFIED (0.9%)
MISCELLANEOUS (0.9%)
Minnesota Mining &
Manufacturing Co. ............... 34,965 2,873,686
------------
ENERGY (10.1%)
COAL & GAS PIPELINES (0.7%)
Sonat, Inc. ....................... 54,250 2,095,406
------------
OIL--DOMESTIC (4.5%)
Amoco Corp. ....................... 77,462 3,224,356
Atlantic Richfield Co. ............ 36,872 2,880,625
Coastal Corp. ..................... 37,006 2,583,481
Kerr-McGee Corp. .................. 57,870 3,349,226
Tosco Corp. ....................... 77,660 2,281,262
------------
14,318,950
------------
OIL--INTERNATIONAL (4.4%)
British Petroleum Co. plc (ADR) 46,306 4,086,505
Elf Acquitaine S.A. (ADR) ......... 45,761 3,249,031
Exxon Corp. ....................... 54,796 3,907,640
Mobil Corp. ....................... 38,564 2,954,967
------------
14,198,143
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- ---------------
<S> <C> <C>
OIL--SUPPLIES & CONSTRUCTION (0.5%)
Cooper Cameron Corp.* ............. 33,695 $ 1,718,445
------------
TOTAL ENERGY .................... 32,330,944
------------
TECHNOLOGY (8.9%)
ELECTRONICS (3.8%)
Computer Associates
International, Inc. ............. 41,945 2,330,569
Seagate Technology, Inc.* ......... 100,640 2,396,490
Texas Instruments, Inc. ........... 127,130 7,413,268
------------
12,140,327
------------
OFFICE EQUIPMENT (5.1%)
Hewlett Packard Co. ............... 54,153 3,242,411
International Business Machines
Corp. ........................... 46,685 5,360,022
Xerox Corp. ....................... 76,717 7,796,365
------------
16,398,798
------------
TOTAL TECHNOLOGY ................ 28,539,125
------------
TOTAL COMMON STOCKS (94.9%)
(Cost $294,082,871) ............. 304,930,482
------------
PRINCIPAL
AMOUNT
SHORT-TERM DEBT
SECURITIES:
REPURCHASE AGREEMENT (4.8%)
Chase Securities, Inc. 5.80%,
dated 6/30/98, due 7/1/98, to be
repurchased at $15,576,509,
collateralized by $9,799,000 of
U.S. Treasury Bonds, 13.25%
due 5/15/14, valued at
$ 15,924,906
(Cost $15,574,000) .............. $15,574,000 15,574,000
------------
TOTAL INVESTMENTS (99.7%)
(Cost $309,656,871) ............. 320,504,482
OTHER ASSETS
LESS LIABILITIES (0.3%) ......... 980,605
------------
NET ASSET VALUE (100%) ............ $321,485,087
============
</TABLE>
- ----------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
38
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ... $246,645,493
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ... 91,531,908
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 19,347,909
Aggregate gross unrealized depreciation .......... (8,500,298)
------------
Net unrealized appreciation ...................... $ 10,847,611
============
Federal income tax cost of investments ........... $309,656,871
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$41,160,590, which was secured by collateral valued at $42,154,551.
See Notes to Financial Statements.
39
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
COMMON STOCKS:
AUSTRALIA & NEW ZEALAND (0.3%)
AUSTRALIA (0.3%)
QBE Insurance Group Ltd. ............... 97,742 $ 345,421
----------
CANADA (6.1%)
BCE, Inc. .............................. 42,300 1,787,951
BCE Mobile Communications,
Inc.* Section ....................... 16,300 423,686
Bank of Nova Scotia .................... 60,716 1,501,859
Bombardier, Inc., Class B .............. 35,400 962,251
National Bank of Canada ................ 39,354 768,868
Northern Telecom Ltd. .................. 15,284 866,224
----------
TOTAL CANADA ......................... 6,310,839
----------
JAPAN (7.9%)
Canon, Inc. ............................ 35,000 795,340
Circle K Japan Co., Ltd. ............... 700 24,390
Fuji Photo Film Co. .................... 13,000 452,965
Fujitsu Ltd. ........................... 30,000 315,972
Honda Motor Co., Ltd. .................. 9,000 320,733
Mabuchi Motor Co., Ltd. ................ 6,900 438,032
Matsushita-Kotobuki Electronics
Industries Ltd. ...................... 12,000 299,524
Mitsumi Electric Co., Ltd. ............. 19,000 335,810
Nikko Securities Co., Ltd. ............. 353,000 1,464,255
Nippon Television Network
Corp. ................................ 1,550 449,502
Promise Co., Ltd. ...................... 11,800 486,062
Ricoh Co., Ltd. ........................ 46,000 484,822
Shiseido Co., Ltd. ..................... 23,000 261,492
Sony Corp. ............................. 23,100 1,991,379
----------
TOTAL JAPAN .......................... 8,120,278
----------
LATIN AMERICA (0.5%)
MEXICO (0.5%)
Coca-Cola Femsa S.A. (ADR) ............. 28,300 491,712
----------
OTHER EUROPEAN COUNTRIES (47.3%)
FRANCE (13.8%)
Alcatel Alsthom ........................ 4,694 955,488
Assurances Generales France ............ 9,504 537,630
Banque Nationale de Paris .............. 23,554 1,924,047
Bouygues S.A. .......................... 4,569 829,560
Cie Generale des Eaux .................. 9,885 2,110,217
Credit Commercial de France ............ 7,277 612,483
Elf Acquitaine S.A. .................... 6,627 931,451
Michelin, Class B (Registered) ......... 20,673 1,193,035
STMicroelectronics N.V. (N.Y.
Shares)* ............................. 14,870 1,039,041
Scor ................................... 22,250 1,410,975
Societe Generale Paris ................. 7,905 1,643,090
Television Francaise ................... 5,477 848,607
Total S.A., Class B .................... 2,172 282,297
----------
14,317,921
----------
GERMANY (7.9%)
Bayer AG ............................... 12,577 649,248
Bayerische Motoren Werek
(BMW) AG ............................. 1,191 1,202,961
Bayerische Vereinsbank AG .............. 9,320 793,246
Deutsche Bank AG ....................... 15,481 1,312,044
Deutsche Lufthansa AG
(Registered) ......................... 38,266 961,159
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Deutsche Telekom AG .................... 25,480 $ 688,038
Mannesmann AG .......................... 15,390 1,562,467
Veba AG ................................ 14,007 955,287
----------
8,124,450
----------
GREECE (0.2%)
Hellenic Telecommunication
Organization S.A. .................... 8,666 222,397
----------
IRELAND (4.0%)
Allied Irish Banks plc* ................ 97,222 1,401,966
Bank of Ireland ........................ 70,240 1,436,803
CRH plc ................................ 89,591 1,272,223
----------
4,110,992
----------
ITALY (1.8%)
Telecom Italia S.p.A. .................. 248,094 1,827,003
----------
NETHERLANDS (7.6%)
ABN-Amro Holdings N.V. ................. 43,356 1,014,974
Akzo Nobel N.V. ........................ 6,919 1,538,765
Gucci Group N.V. ....................... 300 15,900
ING Groep N.V. ......................... 40,227 2,635,241
Koninklijke KPN N.V. ................... 5,033 193,815
Philips Electronics N.V. ............... 20,642 1,735,987
TNT Post Group N.V.* ................... 5,033 128,715
Vedior N.V. ............................ 9,703 274,398
Vendex International N.V. Section ..... 9,833 378,174
----------
7,915,969
----------
POLAND (0.1%)
Bank Handlowy (GDS)+ Section .......... 5,571 105,013
----------
PORTUGAL (0.9%)
Cimpor-Cimentos de Portugal
S.A. ................................. 7,900 277,681
Electricidade de Portugal S.A. ......... 30,114 700,333
----------
978,014
----------
SPAIN (1.2%)
Telefonica S.A. ........................ 25,968 1,200,624
----------
SWITZERLAND (9.8%)
Edipresse S.A. (Bearer) ................ 804 221,197
Fischer (Georg) AG (Bearer) ............ 1,485 578,050
Julius Baer Holding AG
(Bearer) Section .................... 428 1,339,882
Liechtenstein Global Trust AG .......... 427 467,652
Nestle S.A. (Registered) ............... 1,119 2,396,433
Novartis AG (Registered) ............... 889 1,480,396
SAirGroup (Registered) ................. 670 220,578
UBS AG (Registered)* ................... 6,930 2,578,690
Zurich Versicherungs-
Gesellschaft (Registered) ............ 1,288 822,579
----------
10,105,457
----------
TOTAL OTHER EUROPEAN
COUNTRIES ......................... 48,907,840
----------
SCANDINAVIA (7.7%)
DENMARK (0.4%)
Unidanmark A/S, Class A
(Registered) ......................... 4,319 388,465
----------
FINLAND (2.3%)
Huhtamaki, Class I ..................... 4,500 257,727
Nokia OYJ, Class A ..................... 26,332 1,937,960
Sampo Insurance Co., plc,
Class A .............................. 3,100 147,012
----------
2,342,699
----------
</TABLE>
40
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- ---------------
<S> <C> <C>
SWEDEN (5.0%)
Ericsson LM, Class B ..................... 34,582 $ 1,010,105
ForeningsSparbanken AB ................... 20,067 603,746
Nordbanken Holding AB .................... 87,139 639,041
Pharmacia & Upjohn, Inc. ................. 38,540 1,773,120
Svenska Handelsbanken, Class A 15,415 714,999
Volvo AB, Class B ........................ 16,211 482,652
------------
5,223,663
------------
TOTAL SCANDINAVIA ...................... 7,954,827
------------
SOUTHEAST ASIA (3.7%)
HONG KONG (1.1%)
China Telecom Ltd. ....................... 343,000 595,425
Dao Heng Bank Group Ltd. Section ........ 41,000 58,209
Guoco Group Ltd. Section ................ 94,000 98,877
Smartone Telecommunications .............. 112,000 273,206
Smartone Telecommunications*+ Section . 48,000 117,088
------------
1,142,805
------------
KOREA (1.0%)
Korea Electric Power ..................... 94,700 1,010,455
------------
SINGAPORE (1.6%)
Development Bank of Singapore
Ltd. (Foreign) ......................... 59,000 326,517
Overseas Union Bank Ltd.
(Foreign) .............................. 177,000 387,629
Overseas-Chinese Banking Corp.
(Foreign) .............................. 179,000 609,204
United Overseas Bank Ltd.
(Foreign) .............................. 123,000 382,214
------------
1,705,564
------------
TOTAL SOUTHEAST ASIA ................... 3,858,824
------------
UNITED KINGDOM (14.7%)
Avis Europe plc .......................... 112,264 508,699
B.A.T. Industries plc .................... 178,998 1,793,567
BTR plc .................................. 1 2
Bass plc ................................. 55,665 1,043,951
British Airways plc ...................... 94,316 1,021,442
British Petroleum Co. plc ................ 19,600 286,079
Dixons Group plc ......................... 54,780 437,289
Glaxo Wellcome plc ....................... 25,964 780,047
Granada Group plc ........................ 52,100 958,821
National Westminster Bank plc ............ 64,724 1,157,639
Orange plc* .............................. 70,400 746,560
Premier Farnell plc ...................... 6,500 32,999
Rio Tinto plc (Registered) 49,726 560,539
Securicor plc ............................ 158,503 1,291,741
Siebe plc ................................ 46,848 936,491
SmithKline Beecham plc ................... 111,200 1,358,430
Smiths Industries plc .................... 68,297 946,668
Tomkins plc .............................. 36,870 200,267
Vodafone Group plc ....................... 92,894 1,179,791
------------
TOTAL UNITED KINGDOM ................... 15,241,022
------------
TOTAL COMMON STOCKS (88.2%)
(Cost $79,509,221) ..................... 91,230,763
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- ---------------
<S> <C> <C>
PREFERRED STOCKS AND RIGHTS:
LATIN AMERICA (0.7%)
BRAZIL (0.7%)
Telecomunicacoes de Sao Paulo
S.A. ................................... 1,950,000 $ 465,350
Telecomunicacoes de Sao Paulo
S.A.* (Rights)(expiring 7/1/98) 91,645 --
Telesp Celular S.A., Class B* ............ 3,250,000 272,578
------------
TOTAL PREFERRED STOCKS
AND RIGHTS (0.7%)
(Cost $737,503) ........................ 737,928
------------
PRINCIPAL
AMOUNT
----------
SHORT-TERM DEBT SECURITIES:
UNITED STATES (11.2%)
REPURCHASE AGREEMENT (11.2%)
Chase Securities, Inc. 5.80%,
dated 6/30/98, due 7/1/98, to be
repurchased at $11,535,858,
collateralized by $7,257,000 of
U.S. Treasury Bonds, 13.25%
due 5/15/14, valued at
$11,793,759 ............................ $11,534,000 11,534,000
------------
TOTAL INVESTMENTS (100.1%)
(Cost $91,780,724) ..................... 103,502,691
OTHER ASSETS
LESS LIABILITIES (--0.1%) .............. (55,000)
------------
NET ASSETS (100%) ........................ $103,447,691
==============
</TABLE>
<TABLE>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Equity Investments
Basic Materials ......................... 2.3%
Business Services ....................... 1.9
Capital Goods ........................... 8.9
Consumer Cyclicals ...................... 14.8
Consumer Non-Cyclicals .................. 13.1
Credit Sensitive ........................
Banks ................................. 23.4
Financial Services .................... 5.8
Insurance ............................. 3.5
Utility--Electric ..................... 1.9
Utility--Telephone .................... 4.6
----
Total Credit Sensitive .................. 39.2
Diversified ............................. 2.4
Energy .................................. 2.7
Technology .............................. 14.7
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may only be resold to qualified
institutional buyers. At June 30, 1998 these securities amounted to
$222,101 or 0.21% of net assets.
Section Illiquid security: is not actively traded.
Glossary:
ADR--American Depositary Receipt
GDS--Global Depositary Share
41
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1998 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 10/28/98 ................. 1,670 $2,716,631 $2,769,762 $ 53,131
Canadian Dollar, expiring 7/3/98 ................. 101 68,740 68,658 (82)
French Franc, expiring 7/31/98 ................... 1,344 222,520 222,271 (249)
German Mark, expiring 7/2/98 ..................... 169 93,016 93,563 547
Irish Punt, expiring 7/2/98 ...................... 12 16,275 16,227 (48)
Italian Lira, expiring 7/2/98-7/3/98 ............. 583,543 328,267 328,414 147
Japanese Yen, expiring 7/2/98-7/3/98 ............. 10,617 76,043 76,593 550
Netherlands Guilder, expiring 7/2/98 ............. 179 87,608 88,069 461
Portuguese Escudos, expiring 7/2/98 .............. 82,560 445,512 447,141 1,629
Spanish Peseta, expiring 7/1/98 .................. 11,159 72,736 72,769 33
Swedish Krona, expiring 7/1/98-7/2/98 ............ 4,088 512,536 512,432 (104)
Swiss Franc, expiring 7/1/98-7/2/98 .............. 601 393,574 396,345 2,771
FOREIGN CURRENCY SALE CONTRACTS
British Pound, expiring 7/1/98-10/28/98 .......... 2,226 3,685,940 3,698,243 (12,303)
French Franc, expiring 7/31/98 ................... 39 6,445 6,432 13
Hong Kong Dollar, expiring 7/2/98-7/3/98 ......... 85 10,989 10,990 (1)
Japanese Yen, expiring 7/1/98-9/14/98 ............ 978,495 6,941,695 7,137,666 (195,971)
Singapore Dollar, expiring 7/2/98-7/6/98 ......... 349 206,976 206,571 405
Swiss Franc, expiring 7/3/98 ..................... 59 38,660 38,757 (97)
-----------
$(149,168)
===========
</TABLE>
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities .. $ 64,259,747
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .. 34,310,616
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 13,814,222
Aggregate gross unrealized depreciation ......... (2,092,255)
------------
Net unrealized appreciation ..................... $ 11,721,967
============
Federal income tax cost of investments .......... $ 91,780,724
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$3,500,180, which was secured by collateral valued at $3,601,700.
See Notes to Financial Statements.
42
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
BUSINESS SERVICES (9.3%)
ENVIRONMENTAL CONTROL (0.8%)
U.S.A. Waste Services, Inc.* ........................................... 15,700 $ 775,188
----------
PRINTING, PUBLISHING,
BROADCASTING (4.4%)
CBS Corp. .............................................................. 44,600 1,416,050
Gannett Co. ............................................................ 25,400 1,804,987
Time Warner, Inc. ...................................................... 10,900 931,269
----------
4,152,306
----------
PROFESSIONAL SERVICES (4.1%)
Cendant Corp.* ......................................................... 50,600 1,056,275
Compuware Corp.* ....................................................... 14,900 761,763
Interpublic Group, Inc. ................................................ 14,100 855,694
Pitney Bowes, Inc. ..................................................... 16,700 803,687
Quintiles Transnational Corp.* ......................................... 9,500 467,281
----------
3,944,700
----------
TOTAL BUSINESS SERVICES .............................................. 8,872,194
----------
CAPITAL GOODS (5.0%)
BUILDING MATERIALS & FOREST
PRODUCTS (0.9%)
Masco Corp. ............................................................ 15,000 907,500
----------
ELECTRICAL EQUIPMENT (2.9%)
General Electric Co. ................................................... 30,200 2,748,200
----------
MACHINERY (1.2%)
Ingersoll-Rand Co. ..................................................... 26,100 1,150,031
----------
TOTAL CAPITAL GOODS .................................................. 4,805,731
----------
CONSUMER CYCLICALS (17.1%)
AIRLINES (0.9%)
AMR Corp.* ............................................................. 9,600 799,200
----------
APPAREL & TEXTILES (0.6%)
Jones Apparel Group, Inc.* ............................................. 16,000 585,000
----------
FOOD SERVICES, LODGING (0.5%)
Marriott International, Inc. ........................................... 15,600 505,050
----------
LEISURE RELATED (1.3%)
Carnival Corp., Class A ................................................ 30,000 1,188,750
----------
RETAIL--GENERAL (13.8%)
CVS Corp. .............................................................. 51,300 1,997,494
Costco Co., Inc.* ...................................................... 28,400 1,790,975
Dayton Hudson Corp. .................................................... 28,700 1,391,950
Estee Lauder Cos., Class A ............................................. 11,400 794,438
Fred Meyer, Inc.* ...................................................... 8,100 344,250
Home Depot, Inc. ....................................................... 13,100 1,088,119
Office Depot, Inc.* 13,300 419,781
Safeway, Inc.* ......................................................... 24,200 984,637
TJX Cos., Inc. ......................................................... 41,800 1,008,425
Wal-Mart Stores, Inc. .................................................. 37,900 2,302,425
Walgreen Co. ........................................................... 26,300 1,086,519
----------
13,209,013
----------
TOTAL CONSUMER CYCLICALS ............................................. 16,287,013
----------
CONSUMER NON-CYCLICALS (17.8%)
BEVERAGES (1.2%)
Coca-Cola Enterprises, Inc. ............................................ 28,100 1,102,925
----------
CONTAINERS (0.5%)
Owens-lllinois, Inc.* .................................................. 10,800 483,300
----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
DRUGS (11.3%)
Bristol-Myers Squibb Co. ............................................... 15,800 $1,816,013
Cardinal Health, Inc. .................................................. 8,900 834,375
Eli Lilly & Co. ........................................................ 17,100 1,129,669
Merck & Co., Inc. ...................................................... 7,800 1,043,250
Pfizer, Inc. ........................................................... 16,700 1,815,081
Schering-Plough Corp. .................................................. 18,800 1,722,550
Warner Lambert Co. ..................................................... 34,800 2,414,250
----------
10,775,188
----------
FOODS (0.7%)
Sara Lee Corp. ......................................................... 11,600 648,875
----------
HOSPITAL SUPPLIES & SERVICES (1.1%)
Healthsouth Corp.* ..................................................... 30,000 800,625
McKesson Corp. ......................................................... 3,500 284,375
----------
1,085,000
----------
SOAPS & TOILETRIES (3.0%)
Clorox Co. ............................................................. 5,700 543,637
Colgate Palmolive Co. .................................................. 10,900 959,200
Procter & Gamble Co. ................................................... 15,100 1,375,044
----------
2,877,881
----------
TOTAL CONSUMER NON-CYCLICALS.......................................... 16,973,169
----------
CREDIT SENSITIVE (22.3%)
BANKS (7.1%)
BankAmerica Corp. ...................................................... 25,100 2,169,581
Chase Manhattan Corp. .................................................. 10,100 762,550
Comerica, Inc. ......................................................... 13,850 917,562
Fifth Third Bancorp .................................................... 11,500 724,500
J.P. Morgan & Co. ...................................................... 3,500 409,938
MBNA Corp. ............................................................. 32,800 1,082,400
Norwest Corp. .......................................................... 12,000 448,500
Southtrust Corp. ....................................................... 6,850 297,975
----------
6,813,006
----------
FINANCIAL SERVICES (6.4%)
American Express Co. ................................................... 18,000 2,052,000
Associates First Capital Corp.,
Class A .............................................................. 6,100 468,937
Conseco, Inc. .......................................................... 16,600 776,050
Morgan Stanley Dean Witter &
Co. .................................................................. 15,000 1,370,625
SunAmerica, Inc. ....................................................... 26,100 1,499,119
----------
6,166,731
----------
INSURANCE (4.5%)
American International Group,
Inc. ................................................................. 11,100 1,620,600
Travelers Group, Inc. .................................................. 43,800 2,655,375
----------
4,275,975
----------
MORTGAGE RELATED (1.2%)
Federal Home Loan Mortgage
Corp. ................................................................ 24,200 1,138,913
----------
UTILITY--TELEPHONE (3.1%)
Northern Telecom Ltd. .................................................. 10,200 578,850
Sprint Corp. ........................................................... 20,100 1,417,050
Worldcom, Inc.* ........................................................ 19,100 925,156
----------
2,921,056
----------
TOTAL CREDIT SENSITIVE ............................................... 21,315,681
----------
</TABLE>
43
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- -------------
<S> <C> <C>
DIVERSIFIED (3.3%)
MISCELLANEOUS (3.3%)
Tyco International Ltd. .............. 50,200 $3,162,600
----------
ENERGY (1.8%)
OIL--DOMESTIC (1.0%)
Exxon Corp. .......................... 12,700 905,669
----------
OIL--SUPPLIES & CONSTRUCTION (0.8%)
Cooper Cameron Corp.* ................ 6,800 346,800
Western Atlas, Inc. .................. 5,200 441,350
----------
788,150
----------
TOTAL ENERGY ....................... 1,693,819
----------
TECHNOLOGY (19.9%)
ELECTRONICS (9.4%)
BMC Software, Inc.* .................. 30,400 1,578,900
Cisco Systems, Inc.* ................. 13,600 1,252,050
Computer Associates
International, Inc. ................ 23,500 1,305,719
HBO & Co. ............................ 38,000 1,339,500
Microsoft Corp.* ..................... 25,900 2,806,912
Peoplesoft, Inc.* .................... 14,900 700,300
----------
8,983,381
----------
OFFICE EQUIPMENT (1.8%)
Dell Computer Corp.* ................. 6,200 575,437
EMC Corp.* ........................... 25,600 1,147,200
----------
1,722,637
----------
OFFICE EQUIPMENT SERVICES (1.3%)
America Online, Inc. ................. 6,600 699,600
Parametric Technology Corp.* ......... 19,800 537,075
----------
1,236,675
----------
TELECOMMUNICATIONS (7.4%)
AT&T Corp. ........................... 21,700 1,239,612
AirTouch Communications, Inc.* 14,100 823,969
Lucent Technologies, Inc. ............ 25,200 2,096,325
Tele-Communications TCI
Ventures Group, Class A* ........... 41,900 840,619
Telecommunications, Inc.,
Class A* ........................... 28,700 1,103,156
Tellabs, Inc.* ....................... 13,700 981,263
----------
7,084,944
----------
TOTAL TECHNOLOGY ................... 19,027,637
----------
TOTAL COMMON STOCKS (96.5%)
(Cost $77,301,019) .................. 92,137,844
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (5.0%)
Chase Securities, Inc. 5.80%,
dated 6/30/98, due 7/1/98, to be
repurchased at $4,828,778,
collateralized by $3,038,000 of
U.S. Treasury Bonds, 13.25%
due 5/15/14, valued at
$4,937,225 (Cost $4,828,000) ......... $4,828,000 $ 4,828,000
-----------
TOTAL INVESTMENTS (101.5%)
(Cost $82,129,019) ................... 96,965,844
OTHER ASSETS
LESS LIABILITIES (-1.5%) ............. (1,462,937)
-----------
NET ASSETS (100%) ...................... $95,502,907
===========
</TABLE>
- ---------------------
* Non-income producing
44
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $54,890,641
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 13,427,249
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 15,884,435
Aggregate gross unrealized depreciation ......... (1,047,610)
------------
Net unrealized appreciation ..................... $ 14,836,825
============
Federal income tax cost of investments .......... $ 82,129,019
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$15,718,854, which was secured by collateral valued at $16,147,100.
See Notes to Financial Statements.
45
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (11.2%)
CHEMICALS (5.6%)
Dow Chemical Co. ..................... 28,400 $ 2,745,925
E.I. Du Pont de Nemours & Co. 26,400 1,970,100
Eastman Chemical Co. ................. 7,100 441,975
Great Lakes Chemical Corp. ........... 33,600 1,325,100
Hercules, Inc. ....................... 36,300 1,492,837
Imperial Chemical Industries plc
(ADR) .............................. 13,800 890,100
Lonrho plc* .......................... 28,350 133,039
Nalco Chemical Co. ................... 28,400 997,550
Octel Corp.* ......................... 7,375 146,578
Witco Corp. .......................... 38,100 1,114,425
------------
11,257,629
------------
CHEMICALS--SPECIALTY (1.2%)
International Flavors &
Fragrances, Inc. ................... 41,500 1,802,656
Lubrizol Corp. ....................... 19,100 577,775
------------
2,380,431
------------
METALS & MINING (1.5%)
Inco Ltd. ............................ 31,800 433,275
Newmont Mining Corp. ................. 37,400 883,575
Phelps Dodge Corp. ................... 14,400 823,500
Reynolds Metals Co. .................. 13,600 760,750
------------
2,901,100
------------
PAPER (2.6%)
Consolidated Papers, Inc. ............ 37,800 1,030,050
Georgia-Pacific Corp. (Timber
Group) ............................. 7,400 170,663
International Paper Co. .............. 23,100 993,300
Kimberly-Clark Corp. ................. 36,100 1,656,088
Union Camp Corp. ..................... 27,300 1,354,762
------------
5,204,863
------------
STEEL (0.3%)
USX-U.S. Steel Group, Inc. ........... 20,400 673,200
------------
TOTAL BASIC MATERIALS .............. 22,417,223
------------
BUSINESS SERVICES (5.1%)
ENVIRONMENTAL CONTROL (1.4%)
Browning-Ferris Industries, Inc. ..... 35,400 1,230,150
Waste Management, Inc. ............... 44,600 1,561,000
------------
2,791,150
------------
PRINTING, PUBLISHING,
BROADCASTING (3.2%)
Donnelley (R.R.) & Sons Co. .......... 32,200 1,473,150
Dow Jones & Co., Inc. ................ 23,300 1,298,975
Dun & Bradstreet Corp.* .............. 29,900 1,080,137
Knight Ridder, Inc. .................. 31,300 1,723,456
Readers Digest Association, Inc.,
Class A (Non Voting) ............... 30,100 816,463
------------
6,392,181
------------
TRUCKING, SHIPPING (0.5%)
Alexander & Baldwin, Inc. ............ 14,500 422,313
Gatx Corp. ........................... 14,000 614,250
------------
1,036,563
------------
TOTAL BUSINESS SERVICES ............ 10,219,894
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
CAPITAL GOODS (5.7%)
AEROSPACE (0.5%)
Allied Signal, Inc. .................. 24,100 $ 1,069,438
------------
BUILDING MATERIALS & FOREST
PRODUCTS (1.5%)
Armstrong World Industries, Inc. 14,600 983,675
Georgia-Pacific Corp. ................ 9,800 577,587
PPG Industries, Inc. ................. 20,000 1,391,250
------------
2,952,512
------------
ELECTRICAL EQUIPMENT (2.6%)
AMP, Inc. ............................ 37,200 1,278,750
Cooper Industries, Inc. .............. 18,400 1,010,850
General Electric Co. ................. 21,300 1,938,300
Hubbell, Inc., Class B ............... 21,100 878,287
------------
5,106,187
------------
MACHINERY (1.1%)
Pall Corp. ........................... 47,500 973,750
Tomkins plc .......................... 241,500 1,311,755
------------
2,285,505
------------
TOTAL CAPITAL GOODS ................ 11,413,642
------------
CONSUMER CYCLICALS (6.3%)
APPAREL & TEXTILES (0.1%)
Unifi, Inc. .......................... 4,200 143,850
------------
AUTO RELATED (1.5%)
Genuine Parts Co. .................... 43,900 1,517,294
TRW Inc. ............................. 26,600 1,453,025
------------
2,970,319
------------
AUTOS & TRUCKS (0.8%)
General Motors Corp. ................. 23,600 1,576,775
------------
FOOD SERVICES, LODGING (0.4%)
Hilton Hotels Corp. .................. 27,500 783,750
------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.7%)
Whirlpool Corp. ...................... 21,300 1,464,375
------------
PHOTO & OPTICAL (1.5%)
Bausch & Lomb, Inc. .................. 22,500 1,127,812
Eastman Kodak Co. .................... 26,800 1,958,075
------------
3,085,887
------------
RETAIL--GENERAL (1.3%)
J.C. Penny Co. ....................... 21,300 1,540,256
May Department Stores Co. ............ 15,500 1,015,250
------------
2,555,506
------------
TOTAL CONSUMER CYCLICALS ........... 12,580,462
------------
CONSUMER NON-CYCLICALS (14.3%)
BEVERAGES (1.6%)
Anheuser-Busch Cos., Inc. ............ 44,000 2,076,250
Brown-Forman Corp., Class B .......... 18,700 1,201,475
------------
3,277,725
------------
CONTAINERS (0.3%)
Tupperware Corp. ..................... 23,500 660,938
------------
DRUGS (3.6%)
Abbott Laboratories .................. 31,300 1,279,388
American Home Products Corp. ......... 56,300 2,913,525
</TABLE>
46
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Amgen, Inc.* ....................... 8,100 $ 529,537
Pharmacia & Upjohn, Inc. ........... 52,100 2,403,112
------------
7,125,562
------------
FOODS (3.9%)
General Mills, Inc. ................ 30,000 2,051,250
H.J. Heinz Co. ..................... 23,900 1,341,387
Kellogg Co. ........................ 21,600 811,350
McCormick & Co., Inc.
(Non-Voting) ..................... 42,500 1,518,047
Quaker Oats Co. .................... 29,400 1,615,163
Sara Lee Corp. ..................... 7,200 402,750
------------
7,739,947
------------
HOSPITAL SUPPLIES & SERVICES (1.8%)
Baxter International, Inc. ......... 12,000 645,750
Johnson & Johnson .................. 6,900 508,875
Smith & Nephew plc ................. 215,900 539,029
U.S. Surgical Corp. ................ 43,700 1,993,812
------------
3,687,466
------------
TOBACCO (3.1%)
Fortune Brands, Inc. ............... 34,300 1,318,406
Philip Morris Cos., Inc. ........... 60,500 2,382,188
RJR Nabisco Holdings Corp. ......... 42,300 1,004,625
UST, Inc. .......................... 51,900 1,401,300
------------
6,106,519
------------
TOTAL CONSUMER NON-CYCLICALS 28,598,157
------------
CREDIT SENSITIVE (33.2%)
BANKS (9.0%)
Banc One Corp. ..................... 29,450 1,643,678
BankBoston Corp. ................... 19,600 1,090,250
Bankers Trust New York Corp. ....... 12,500 1,450,781
Chase Manhattan Corp. .............. 21,600 1,630,800
First Union Corp. .................. 24,660 1,436,445
Fleet Financial Group, Inc. ........ 16,900 1,411,150
J.P. Morgan & Co. .................. 18,500 2,166,813
Mellon Bank Corp. .................. 51,000 3,550,875
Mercantile Bankshares Corp. ........ 18,150 631,847
National City Corp. ................ 14,400 1,022,400
PNC Bank Corp. ..................... 12,500 672,656
Wells Fargo & Co. .................. 3,300 1,217,700
------------
17,925,395
------------
FINANCIAL SERVICES (2.1%)
Fannie Mae ......................... 30,100 1,828,575
H&R Block, Inc. .................... 28,500 1,200,562
Transamerica Corp. ................. 10,200 1,174,275
------------
4,203,412
------------
INSURANCE (5.1%)
American General Corp. ............. 26,300 1,872,231
Exel Ltd. .......................... 17,600 1,369,500
Hilb, Rogal & Hamilton Co. ......... 1,000 15,625
Lincoln National Corp. ............. 11,100 1,014,262
Safeco Corp. ....................... 36,900 1,676,644
St. Paul Cos. ...................... 55,966 2,354,070
Travelers Group, Inc. .............. 21,400 1,297,375
Willis Corroon Group plc (ADR) 45,100 566,569
------------
10,166,276
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
REAL ESTATE (3.0%)
Cresent Real Estate Equities Co. 31,200 $ 1,049,100
Rouse Co. .......................... 10,700 336,381
Security Capital Pacific Trust ..... 17,200 387,000
Simon Debartolo Group, Inc. ........ 48,900 1,589,250
Starwood Hotels & Resorts .......... 44,697 2,159,424
Weingarten Realty Investments ...... 11,500 480,844
------------
6,001,999
------------
UTILITY--ELECTRIC (7.0%)
Baltimore Gas & Electric Co. ....... 21,700 674,056
Central & South West Corp. ......... 19,600 526,750
DQE, Inc. .......................... 26,600 957,600
Dominion Resources, Inc. ........... 25,200 1,026,900
Duke Energy Corp. .................. 27,800 1,647,150
Entergy Corp. ...................... 25,200 724,500
FirstEnergy Corp. .................. 44,570 1,370,528
GPU, Inc. .......................... 17,300 654,156
Houston Industries, Inc. ........... 38,300 1,182,513
Pacificorp ......................... 36,000 814,500
Peco Energy Co. .................... 29,200 852,275
Southern Co. ....................... 52,800 1,461,900
TECO Energy, Inc. .................. 24,400 654,225
Unicom Corp. ....................... 39,200 1,374,450
------------
13,921,503
------------
UTILITY--TELEPHONE (7.0%)
AT&T Corp. ......................... 33,900 1,936,537
Alltel Corp. ....................... 61,100 2,841,150
Bell Atlantic Corp. ................ 36,200 1,651,625
Bellsouth Corp. .................... 21,100 1,416,338
GTE Corp. .......................... 37,400 2,080,375
SBC Communications, Inc. ........... 55,000 2,200,000
Southern New England
Telecommunications Corp. ......... 16,100 1,054,550
U.S. West Communications
Group ............................ 18,700 878,900
------------
14,059,475
------------
TOTAL CREDIT SENSITIVE ........... 66,278,060
------------
DIVERSIFIED (1.5%)
MISCELLANEOUS (1.5%)
Lonrho Africa plc .................. 18,950 22,786
Minnesota Mining &
Manufacturing Co. ................ 19,700 1,619,094
Olin Corp. ......................... 29,900 1,246,456
------------
TOTAL DIVERSIFIED ................ 2,888,336
------------
ENERGY (14.0%)
OIL--DOMESTIC (8.8%)
Amoco Corp. ........................ 64,400 2,680,650
Atlantic Richfield Co. ............. 32,900 2,570,312
Chevron Corp. ...................... 29,500 2,450,344
Exxon Corp. ........................ 42,000 2,995,125
Mobil Corp. ........................ 25,900 1,984,588
Occidental Petroleum Corp. ......... 34,700 936,900
Phillips Petroleum Co. ............. 18,400 886,650
Texaco, Inc. ....................... 39,200 2,339,750
Unocal Corp. ....................... 19,600 700,700
------------
17,545,019
------------
</TABLE>
47
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- ---------------
<S> <C> <C>
OIL--INTERNATIONAL (2.1%)
Amerada Hess Corp. ............... 27,300 $ 1,482,731
British Petroleum Co. plc (ADR) 14,800 1,306,100
Royal Dutch Petroleum Co.
(NY Shares) .................... 25,000 1,370,313
------------
4,159,144
------------
OIL--SUPPLIES & CONSTRUCTION (0.5%)
USX-Marathon Group, Inc. ......... 27,100 929,869
------------
RAILROADS (2.6%)
Burlington Northern Santa Fe
Corp. .......................... 10,900 1,070,244
Norfolk Southern Corp. ........... 75,000 2,235,937
Union Pacific Corp. .............. 44,800 1,976,800
------------
5,282,981
------------
TOTAL ENERGY ................... 27,917,013
------------
TECHNOLOGY (1.4%)
OFFICE EQUIPMENT (0.4%)
Hewlett Packard Co. .............. 14,100 844,237
------------
TELECOMMUNICATIONS (1.0%)
BCE, Inc. ........................ 26,300 1,114,339
Frontier Corp. ................... 27,700 872,550
------------
1,986,889
------------
TOTAL TECHNOLOGY ............... 2,831,126
------------
TOTAL COMMON STOCKS (92.7%)
(Cost $176,609,700) ............ 185,143,913
------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------ ---------------
<S> <C> <C>
SHORT-TERM DEBT
SECURITIES:
COMMERCIAL PAPER (7.1%)
Abbey National North America
plc
5.55%, 7/2/98 .................... $ 250,000 $ 249,961
Bellsouth Corp.
5.71%, 7/8/98 .................... 202,000 201,776
H.J. Heinz Co.
5.55%, 7/31/98 ................... 1,154,000 1,148,692
Metlife Funding, Inc.
5.52%, 7/8/98 .................... 6,590,000 6,582,939
Preferred Receivables Funding
5.54%, 7/1/98+ Section .......... 5,250,000 5,250,000
Proctor & Gamble Corp.
5.53%, 7/31/98 ................... 631,000 628,108
------------
TOTAL SHORT-TERM DEBT SECURITIES (7.1%)
(Amortized Cost $14,061,476) ..... 14,061,476
------------
TOTAL INVESTMENTS (99.8%)
(Cost/Amortized Cost $190,671,176) 199,205,389
OTHER ASSETS
LESS LIABILITIES (0.2%) .......... 473,055
------------
NET ASSETS (100%) .................. $199,678,444
============
</TABLE>
- ----------
* Non-income producing
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may only be resold to qualified
institutional buyers. At June 30, 1998 these securities amounted to
$5,250,000 or 2.63% of net assets.
Section Illiquid security: is not actively traded.
Glossary:
ADR--American Depositary Receipt
48
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $101,427,225
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 12,942,471
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 14,279,790
Aggregate gross unrealized depreciation .......... (5,745,577)
------------
Net unrealized appreciation ...................... $ 8,534,213
============
Federal income tax cost of investments ........... $190,671,176
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$33,914,899, which was secured by collateral valued at $34,638,064.
For the six months ended June 30, 1998 the Portfolio incurred approximately
$1,912 as brokerage commissions with Donaldson, Lufkin & Jenrette Securities
Corp., an affiliated broker/dealer.
See Notes to Financial Statements.
49
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS AND WARRANTS:
AUSTRALIA & NEW ZEALAND (2.2%)
AUSTRALIA (2.0%)
AMP Ltd.* .......................... 11,000 $ 128,898
Australian Gas & Light Co., Ltd. 26,346 164,979
Brambles Industries Ltd. ........... 6,000 117,887
Broken Hill Proprietary Ltd. ....... 20,569 174,076
Colonial Ltd.* ..................... 32,000 96,819
Commonwealth Bank of
Australia ........................ 22,597 263,952
Fosters Brewing Corp. .............. 22,000 51,832
GIO Australia Holdings, Ltd. ....... 15,000 38,539
Goodman Fielder, Ltd. .............. 52,000 75,764
John Fairfax Holdings Ltd. ......... 45,000 78,316
Lend Lease Corp. ................... 7,108 143,888
National Australia Bank Ltd. ....... 7,126 94,106
News Corp., Ltd. ................... 29,034 237,255
Publishing & Broadcasting Ltd. ..... 22,000 94,798
Sydney Harbour Casino
Holdings* ........................ 71,200 41,496
Tabcorp Holdings Ltd. .............. 23,000 117,645
Telstra Corp., Ltd. ................ 47,305 121,423
Westpac Banking Corp. .............. 30,000 183,210
Woodside Petroleum Ltd. ............ 16,000 79,955
------------
2,304,838
------------
NEW ZEALAND (0.2%)
Fletcher Challenge Building ........ 16,251 20,264
Fletcher Challenge Energy .......... 14,255 34,068
Telecom Corp. of New Zealand
Ltd. ............................. 28,000 115,507
Telecom Corp. of New Zealand
Ltd. ............................. 8,000 17,124
------------
186,963
------------
TOTAL AUSTRALIA & NEW
ZEALAND ....................... 2,491,801
------------
CANADA (0.2%)
Alcan Aluminum Ltd. ................ 4,800 132,106
Royal Bank of Canada ............... 1,800 108,253
------------
TOTAL CANADA ..................... 240,359
------------
JAPAN (15.7%)
Advantest Corp. .................... 1,500 80,724
Alps Electric Co., Ltd. ............ 13,000 154,740
Amada Co., Ltd. .................... 17,000 82,780
Canon, Inc. ........................ 52,000 1,181,648
Citizen Watch Co., Ltd. ............ 10,000 82,600
DDI Corp. .......................... 55 191,639
Daifuku Co., Ltd. .................. 2,000 7,459
Daiichi Pharma Co., Ltd. ........... 22,000 290,434
Dainippon Screen Manufacturing
Co., Ltd. ........................ 15,000 61,463
Daiwa House Industry Co., Ltd. ..... 23,000 203,253
Denso Corp. ........................ 47,000 779,830
East Japan Railway Co. ............. 73 343,356
Fanuc .............................. 5,700 197,374
Fujitsu Ltd. ....................... 9,000 94,792
Hitachi Ltd. ....................... 51,000 332,961
Hitachi Zosen Corp. ................ 25,000 40,398
Honda Motor Co., Ltd. .............. 3,000 106,911
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Inax ............................... 5,000 $ 17,205
Ito-Yokado Co., Ltd. ............... 14,000 659,501
Kao Corp. .......................... 20,000 308,758
Kokuyo ............................. 14,000 237,339
Komatsu Ltd. ....................... 18,000 87,520
Komori Corp. ....................... 9,000 171,079
Kuraray Co., Ltd. .................. 31,000 263,663
Kyocera Corp. ...................... 13,000 635,839
Makita Corp. ....................... 15,000 173,027
Marui Co., Ltd. .................... 34,000 507,719
Matsushita Electric Industries Co. 53,000 852,619
Mitsubishi Corp. ................... 28,000 173,712
Mitsubishi Heavy Industries Ltd. 158,000 597,259
Mitsui Fudosan Co., Ltd. ........... 77,000 608,801
Murata Manufacturing Co., Ltd. ..... 15,000 486,943
NEC Corp. .......................... 85,000 792,851
Nippon Telegraph & Telephone
Corp. ............................ 41 340,139
Nomura Securities Co. .............. 47,000 547,576
Pioneer Electric Corp. ............. 8,000 152,936
Sangetsu Co., Ltd. ................. 2,000 25,826
Sankyo Co. ......................... 36,000 820,661
Sega Enterprises ................... 2,500 43,194
Sekisui Chemical Co. ............... 33,000 169,023
Sekisui House Ltd. ................. 20,000 155,100
Seven-Eleven Japan Co., Ltd. ....... 4,000 238,349
Sharp Corp. ........................ 8,000 64,868
Shin-Etsu Chemical Co. ............. 29,000 502,092
Shiseido Co., Ltd. ................. 13,000 147,800
Sony Corp. ......................... 13,000 1,120,690
Sumitomo Corp. ..................... 57,000 274,268
Sumitomo Electric Industries ....... 77,000 779,332
Sumitomo Forestry Co. .............. 8,000 44,957
TDK Corp. .......................... 13,000 961,261
Tokio Marine & Fire Insurance
Co. .............................. 11,000 113,158
Tokyo Electron Ltd. ................ 5,000 153,297
Tokyo Steel Manufacturing .......... 7,800 40,176
Toppan Printing Co., Ltd. .......... 30,000 321,166
Uny Co., Ltd. ...................... 15,000 243,471
Yurtec Corp. ....................... 3,000 17,919
------------
TOTAL JAPAN ...................... 18,083,456
------------
LATIN AMERICA (4.2%)
ARGENTINA (0.8%)
Banco Frances Rio Plata (ADR) 2,220 50,921
Banco Galicia Y Bueno (ADR) ........ 2,561 46,738
Perez Companc S.A. ................. 22,347 112,198
Telefonica de Argentina (ADR) ...... 5,810 188,462
YPF S.A., Class D (ADR) ............ 16,031 481,932
------------
880,251
------------
BRAZIL (1.7%)
CEMIG (ADR) ........................ 3,224 99,785
Eletrobras ......................... 3,593,000 105,626
Empresa S.A. ....................... 20,000 51
Pao de Acucar (ADR) ................ 2,000 45,250
Telebras S.A. (ADR) ................ 15,000 1,637,813
Unibanco S.A. (GDR) ................ 3,675 108,412
------------
1,996,937
------------
</TABLE>
50
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
CHILE (0.1%)
CCU S.A. (ADS) ..................... 649 $ 13,710
Chilectra S.A. (ADR)+ Section ..... 2,211 47,395
Enersis S.A. (ADR) ................. 1,645 40,200
Santa Isabel S.A. (ADR) ............ 200 2,200
------------
103,505
------------
MEXICO (1.5%)
Cemex S.A. ......................... 10,300 45,368
Cemex S.A. (ADR) ................... 16,000 119,296
Cifra S.A., Class B (ADR) .......... 2,360 34,562
Fomento Economico Mexicano
S.A. de C.V. ..................... 3,400 105,890
Gruma S.A. (ADS)*+ Section ........ 3,467 30,557
Gruma S.A., Class B* ............... 15,250 33,585
Grupo Financeiro Banamex,
Class B* ......................... 22,000 42,823
Grupo Industrial Maseca S.A.,
Class B .......................... 26,000 18,219
Grupo Modelo S.A., Class C ......... 13,000 107,725
Grupo Televisa S.A. (GDR)* ......... 4,500 169,313
Kimberly Clark de Mexico,
Class A .......................... 31,000 109,477
Panamerican Beverages, Inc.,
Class A .......................... 7,000 220,062
TV Azteca S.A. (ADS) ............... 5,800 62,712
Telmex, Class L (ADR) .............. 12,000 576,750
------------
1,676,339
------------
PANAMA (0.0%)
Banco Latinoamericano de
Exportaciones S.A. ............... 387 11,900
------------
PERU (0.0%)
Credicorp Ltd. ..................... 1,012 14,864
Telefonica de Peru S.A. (ADS) ...... 1,330 27,182
------------
42,046
------------
VENEZUELA (0.1%)
CANTV (ADR) ........................ 2,841 71,025
------------
TOTAL LATIN AMERICA .............. 4,782,003
------------
OTHER EUROPEAN COUNTRIES (46.2%)
BELGIUM (2.2%)
Credit Communal Holdings/Dexia 715 107,577
Generale de Banque S.A. ............ 750 556,656
Kredietbank N.V. ................... 19,840 1,775,046
UCB S.A. ........................... 26 134,855
------------
2,574,134
------------
CZECH REPUBLIC (0.0%)
SPT Telecom A/S* ................... 1,900 26,301
------------
FRANCE (10.3%)
Accor S.A. ......................... 590 165,073
Alcatel Alsthom .................... 3,700 753,154
Canal Plus ......................... 1,090 203,671
Carrefour S.A. ..................... 601 380,128
Cie Generale des Eaux .............. 7,540 1,609,614
Compagnie de Saint Gobain .......... 3,060 567,219
Credit Commercial de France ........ 3,989 335,742
Dexia France ....................... 1,464 197,056
Elf Acquitaine S.A. ................ 3,440 483,506
Groupe Danone ...................... 1,970 543,033
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Groupe GTM ......................... 440 $ 45,692
L'Oreal ............................ 410 228,000
Lafarge S.A. ....................... 1,931 199,566
Lapeyre S.A. ....................... 1,920 178,745
Legrand S.A. ....................... 930 246,052
Pathe S.A. ......................... 390 76,420
Pinault-Printemps-Redoute S.A. ..... 1,650 1,380,570
Primagaz Cie Gaz ................... 150 13,171
STMicroelectronics N.V.* ........... 1,200 85,027
Sanofi S.A. ........................ 5,218 613,476
Schneider S.A. ..................... 8,149 649,629
Societe Generale Paris ............. 2,145 445,848
Sodexho Alliance S.A. .............. 3,642 688,352
Television Francaise ............... 3,230 500,456
Total S.A., Class B ................ 9,330 1,212,630
------------
11,801,830
------------
GERMANY (6.9%)
Allianz AG (Registered) ............ 1,890 623,538
Bayer AG ........................... 9,382 484,316
Bayer Hypothecken Und
Wechselbank AG ................... 7,520 477,010
Bayerische Vereinsbank AG .......... 6,043 514,333
Bilfinger & Berger BAU AG .......... 1,640 55,743
Buderus AG ......................... 110 54,893
Commerzbank AG ..................... 2,240 85,700
Deutsche Bank AG ................... 8,502 720,560
Deutsche Telekom AG ................ 16,750 452,301
Dresdner Bank AG ................... 7,518 405,601
Dresdner Bank AG* (Warrants)
(expiring 4/30/02) ............... 4,238 110,679
Gehe AG ............................ 12,770 686,826
Hoechst AG ......................... 3,180 158,868
Hornbach Baumarkt AG ............... 260 12,758
Mannesmann AG* ..................... 8,570 870,068
Rhoen-Kilnikum AG .................. 1,420 137,788
SAP AG ............................. 1,560 947,158
Siemens AG ......................... 3,249 197,804
Veba AG ............................ 10,940 746,116
Volkswagen AG ...................... 199 191,442
------------
7,933,502
------------
ITALY (5.2%)
Assicurazioni Generali S.p.A. ...... 13,440 437,196
Banca Commerciale Italiana ......... 23,000 137,597
Banca di Roma ...................... 278,000 578,890
Credito Italiano S.p.A. ............ 140,205 734,225
ENI S.p.A. (Registered) ............ 104,683 686,359
Industrie Natuzzi S.p.A. (ADR) ..... 4,000 104,000
Istituto Mobiliare Italiano S.p.A. 24,000 378,197
Istituto Nazionale delle
Assicurazioni .................... 73,000 207,474
Italgas S.p.A. ..................... 15,000 61,119
La Rinascente S.p.A. ............... 3,000 29,884
Mediolanum S.p.A. .................. 11,000 349,157
Telecom Italia Mobile S.p.A. ....... 163,000 997,164
Telecom Italia S.p.A. .............. 169,665 1,249,440
------------
5,950,702
------------
NETHERLANDS (11.4%)
ABN-Amro Holdings N.V. ............. 25,310 592,513
ASM Lithography Holding N.V.* 11,890 352,028
Akzo Nobel N.V. .................... 580 128,990
Baan Co., N.V.* .................... 3,970 141,928
CSM ................................ 9,640 463,202
</TABLE>
51
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
Elsevier N.V. ..................... 60,137 $ 907,985
Fortis Amev N.V. .................. 10,850 635,536
Gucci Group N.V. .................. 2,781 147,393
ING Groep N.V. .................... 30,870 2,022,271
ING Groep N.V.* (Warrants)
(expiring 1/5/08) ............... 3,244 59,829
Koninklijke Ahold N.V. ............ 9,678 310,812
Koninklijke KPN N.V. .............. 2,640 101,663
Koninklijke Numico N.V. ........... 5,650 177,005
Otra N.V. ......................... 730 11,022
Philips Electronics N.V. .......... 6,360 534,874
Polygram N.V. ..................... 10,200 520,710
Royal Dutch Petroleum Co. ......... 46,770 2,594,627
TNT Post Group N.V.* .............. 2,640 67,516
Unilever N.V. ..................... 15,240 1,209,726
Wolters Kluwer N.V. ............... 15,270 2,096,781
------------
13,076,411
------------
PORTUGAL (0.5%)
Jeronimo Martins & Filho .......... 11,970 575,291
------------
RUSSIA (0.0%)
Gazprom (ADS) ..................... 3,131 33,424
LUKoil Holding (ADR) .............. 110 3,677
------------
37,101
------------
SPAIN (2.9%)
Argentaria Corp. Banc* ............ 12,520 280,853
Banco Bilbao Vizcaya S.A. ......... 4,000 205,282
Banco Popular Espanol S.A. ........ 3,373 287,700
Banco de Santander S.A. ........... 26,796 685,845
Endesa S.A. ....................... 17,766 388,686
Gas Natural SDG S.A. .............. 3,510 253,608
Iberdrola S.A. .................... 17,130 278,146
Repsol S.A. ....................... 3,970 218,758
Telefonica S.A. ................... 15,153 700,585
------------
3,299,463
------------
SWITZERLAND (6.8%)
ABB AG (Bearer) ................... 320 472,917
Adecco S.A. (Bearer) .............. 1,450 654,351
CS Holdings ....................... 2,950 656,875
Nestle S.A. (Registered) .......... 1,040 2,227,248
Novartis AG (Registered) .......... 880 1,465,409
Roche Holdings AG ................. 110 1,080,986
UBS AG (Registered)* .............. 3,459 1,287,183
------------
7,844,969
------------
TOTAL OTHER EUROPEAN
COUNTRIES .................... 53,119,704
------------
SCANDINAVIA (5.4%)
DENMARK (0.2%)
Den Danske Bank AS ................ 1,630 195,714
Tele Danmark A/S, Class B ......... 240 23,053
Unidanmark A/S, Class A
(Registered) .................... 930 83,647
------------
302,414
------------
NORWAY (1.6%)
Bergesen ASA, Class A ............. 810 15,429
Norsk Hydro ASA ................... 16,330 719,031
Orkla ASA, Class A ................ 45,720 1,064,712
Saga Petroleum ASA, Class B ....... 1,250 17,694
------------
1,816,866
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
SWEDEN (3.6%)
ABB AB, Class A ................... 18,290 $ 259,091
Astra AB, Class B ................. 54,163 1,079,594
Atlas Copco AB, Class B ........... 10,500 286,292
Electrolux AB, Class B ............ 31,050 533,264
Esselte AB, Class B ............... 1,890 43,832
Granges AB ........................ 1,115 20,407
Hennes & Mauritz AB, Class B ...... 14,790 943,727
Nordbanken Holding AB ............. 74,989 549,938
Sandvik AB, Class A ............... 2,330 64,406
Sandvik AB, Class B ............... 11,110 305,013
Scribona AB, Class B .............. 940 11,313
------------
4,096,877
------------
TOTAL SCANDINAVIA ............... 6,216,157
------------
SOUTHEAST ASIA (1.4%)
CHINA (0.2%)
Huaneng Power International,
Inc. (ADR)* ..................... 16,000 215,000
------------
HONG KONG (1.1%)
CLP Holdings Ltd. ................. 48,000 218,689
Hang Seng Bank Ltd. ............... 15,000 84,796
Henderson Land Development
Co., Ltd. ....................... 45,000 148,393
Hong Kong & China Gas Co.,
Ltd. ............................ 94,000 106,763
Hong Kong Telecommunications
Ltd. ............................ 84,800 159,246
Hutchison Whampoa Ltd. ............ 100,000 527,878
------------
1,245,765
------------
KOREA (0.0%)
Samsung Electronics ............... 303 9,379
------------
SINGAPORE (0.1%)
Singapore Press Holdings Ltd. ..... 11,588 77,505
Singapore Telecommunications
Ltd. ............................ 37,000 52,560
------------
130,065
------------
THAILAND (0.0%)
Thai Farmers Bank PCL
(Foreign) ....................... 64,000 56,493
------------
TOTAL SOUTHEAST ASIA ............ 1,656,702
------------
SOUTHERN CENTRAL ASIA (0.1%)
INDIA (0.1%)
Mahanagar Telephone Nigam
Ltd. (GDR)* ..................... 6,000 58,200
------------
UNITED KINGDOM (19.0%)
ASDA Group plc .................... 131,000 450,121
Abbey National plc ................ 38,000 675,852
BG plc ............................ 41,529 240,311
British Petroleum Co. plc ......... 32,000 467,067
Cable & Wireless plc .............. 80,000 972,612
Cadbury Schweppes plc ............. 55,000 851,912
Caradon plc ....................... 78,100 239,987
Centrica plc* ..................... 13,000 21,927
Compass Group plc* ................ 53,000 609,836
Diageo plc ........................ 152,592 1,809,291
Electrocomponents plc ............. 28,000 219,773
GKN plc* .......................... 10,000 127,505
</TABLE>
52
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------- ---------------
<S> <C> <C>
Glaxo Wellcome plc ................. 60,000 $ 1,802,605
Heywood Williams Group plc ......... 4,000 17,502
John Laing plc, Class A ............ 9,000 59,594
Kingfisher plc ..................... 85,000 1,369,823
Ladbroke Group plc ................. 50,000 274,716
National Westminster Bank plc ...... 159,000 2,843,838
Rank Group plc ..................... 64,000 351,637
Reed International plc ............. 142,000 1,285,304
Rio Tinto plc (Registered) ......... 38,000 428,357
Rolls-Royce plc .................... 17,000 70,265
Safeway plc ........................ 69,000 452,279
Shell Transport & Trading Co.,
plc (Registered) ................. 214,000 1,508,150
Smith (David S) Holdings plc ....... 38,000 122,478
SmithKline Beecham plc ............. 192,800 2,355,264
Tesco plc .......................... 60,000 586,172
Tomkins plc ........................ 168,000 912,525
United News & Media plc ............ 56,000 783,701
------------
TOTAL UNITED KINGDOM ............. 21,910,404
------------
TOTAL COMMON STOCKS AND
WARRANTS (94.4%)
(Cost $101,962,534) .............. 108,558,786
------------
PREFERRED STOCKS AND RIGHTS:
AUSTRALIA & NEW ZEALAND (0.1%)
AUSTRALIA (0.1%)
Colonial Ltd. (Rights) (expiring
7/2/98)* ......................... 15,000 3,441
News Corp., Ltd. ................... 24,176 171,476
------------
TOTAL AUSTRALIA & NEW
ZEALAND ....................... 174,917
------------
LATIN AMERICA (1.1%)
BRAZIL (1.1%)
Banco Bradesco S.A. ................ 13,277,000 111,354
Banco Itau S.A. .................... 158,000 89,482
Brahma ............................. 150,000 92,798
Brasmotor S.A. ..................... 134,000 12,280
CEMIG .............................. 5,147,177 159,326
Cia Cimento Portland Itau .......... 70,000 12,829
Petrobras S.A. ..................... 1,666,654 309,827
Telecomunicacoes do Rio de
Janeiro S.A. ..................... 290,536 22,106
Telecomunicacoes do Rio de
Janeiro S.A. (Rights) (expiring
7/3/98)*# ........................ 2,620 --
Telecomunicacoes de Sao Paulo
S.A. ............................. 1,158,706 276,514
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------- ---------------
<S> <C> <C>
Telecomunicacoes de Sao Paulo
S.A. (Rights) (expiring
7/2/98)*# ........................ 42,848 $ --
Telemig Celular S.A., Class C* ..... 284,930 8,623
Telemig, Class B* .................. 284,930 20,202
Telerj Celular S.A., Class B ....... 290,536 17,082
Telesp Celular S.A., Class B ....... 911,706 76,465
USIMINAS S.A. ...................... 11,450 57,619
------------
TOTAL LATIN AMERICA .............. 1,266,507
------------
OTHER EUROPEAN COUNTRIES (0.6%)
GERMANY (0.6%)
Fielmann AG ........................ 420 14,578
Fresenius AG ....................... 470 87,563
Hornbach Holding AG ................ 770 70,660
SAP AG (Non Voting) ................ 826 561,964
------------
TOTAL OTHER EUROPEAN
COUNTRIES ..................... 734,765
------------
SCANDINAVIA (0.5%)
FINLAND (0.5%)
Nokia OYJ, Class A ................. 7,040 518,124
------------
TOTAL PREFERRED STOCKS AND
RIGHTS (2.3%)
(Cost $2,555,020) ................ 2,694,313
------------
TOTAL INVESTMENTS (96.7%)
(Cost $104,517,554) .............. 111,253,099
------------
OTHER ASSETS
LESS LIABILITIES (3.3%) .......... 3,799,814
------------
NET ASSETS (100%) .................. $115,052,913
============
</TABLE>
<TABLE>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Equity Investments
Basic Materials ........................... 1.7%
Business Services ......................... 6.0
Capital Goods ............................. 8.2
Consumer Cyclicals ........................ 12.7
Consumer Non-Cyclicals .................... 22.4
Banks ................................... 15.3
Financial Services ...................... 3.3
Insurance ............................... 2.2
Real Estate ............................. 0.8
Utility--Electric ....................... 2.1
Utility--Gas ............................ 0.1
Utility--Telephone ...................... 8.4
Credit Sensitive .......................... 32.2
Diversified ............................... 1.8
Energy .................................... 10.7
Technology ................................ 4.3
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933, as amended. These securities may only be resold to qualified
institutional buyers. At June 30, 1998 these securities amounted to
$77,952 or 0.07% of net assets.
Section Illiquid security: is not actively traded.
Securities (totaling $0 or 0.00% of net assets) valued at fair value.
#
Glossary:
ADR--American Depositary Receipt
ADS--American Depositary Share
GDR--Global Depositary Receipt
53
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1998 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 7/6/98 ................. 874 $1,456,981 $1,459,279 $ 2,298
Belgian Franc, expiring 7/14/98 ................ 3,855 103,627 103,599 (28)
Danish Krone, expiring 7/2/98 .................. 458 66,604 66,623 19
Finnish Markka, expiring 7/2/98 ................ 567 103,340 103,367 27
French Franc, expiring 7/2/98--7/31/98 ......... 9,017 1,492,661 1,491,047 (1,614)
German Mark, expiring 7/2/98 ................... 1,034 573,220 573,538 318
Italian Lira, expiring 7/6/98 .................. 732,787 412,234 412,408 174
Japanese Yen, expiring 7/2/98 .................. 77,627 548,924 560,002 11,078
Netherlands Guilder, expiring 7/2/98 ........... 1,791 880,151 880,965 814
Norwegian Krone, expiring 7/2/98 ............... 548 71,493 71,446 (47)
Portuguese Escudos, expiring 7/3/98 ............ 16,902 91,528 91,543 15
Spanish Peseta, expiring 7/2/98 ................ 43,356 283,098 282,729 (369)
Swedish Krona, expiring 7/2/98 ................. 1,646 206,338 206,330 (8)
Swiss Franc, expiring 7/2/98 ................... 899 592,518 592,870 352
---------
$13,029
=========
</TABLE>
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $47,194,065
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 11,199,810
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 13,385,325
Aggregate gross unrealized depreciation .......... (6,649,780)
------------
Net unrealized appreciation ...................... $ 6,735,545
============
Federal income tax cost of investments ........... $104,517,554
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$2,010,917, which was secured by collateral valued at $2,102,778, of which
$1,288,200 was in the form of U.S. Government Securities.
For the six months ended June 30, 1998 the Portfolio incurred approximately $90
as brokerage commissions with Equitable Distributors, Inc., $142 with Fleming
Martin Holdings Ltd., $1,977 with Jardine Fleming Securities Ltd., $168 with
Ord Minnett Group Ltd. and $1,637 with Robert Fleming Securities Ltd., all
affiliated broker/dealers.
See Notes to Financial Statements.
54
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (5.2%)
METALS & MINING (0.1%)
Metal Management, Inc.* ............ 24,100 $ 257,569
------------
STEEL (5.1%)
Citation Corp.* .................... 102,900 2,058,000
Inland Steel Industries, Inc. ...... 126,500 3,565,719
Roanoke Electric Steel Corp. ....... 64,050 1,200,937
Universal Stainless & Alloy
Products, Inc.* .................. 261,600 2,403,450
------------
9,228,106
------------
TOTAL BASIC MATERIALS ............ 9,485,675
------------
BUSINESS SERVICES (8.9%)
PRINTING, PUBLISHING,
BROADCASTING (3.2%)
Granite Broadcasting Corp.* ........ 167,500 1,989,062
John H. Harland Co. ................ 226,500 3,836,344
------------
5,825,406
------------
PROFESSIONAL SERVICES (1.5%)
Standex International Corp. ........ 90,800 2,689,950
------------
TRUCKING, SHIPPING (4.2%)
Landstar System, Inc.* ............. 146,900 5,132,319
M.S. Carriers* ..................... 79,700 2,161,863
Matlack Systems, Inc.* ............. 32,500 253,906
------------
7,548,088
------------
TOTAL BUSINESS SERVICES .......... 16,063,444
------------
CAPITAL GOODS (15.1%)
BUILDING & CONSTRUCTION (9.6%)
Avondale Industries, Inc.* ......... 158,900 4,384,647
Cavalier Homes, Inc. ............... 423,100 5,473,856
HomeUSA, Inc.* ..................... 288,000 2,880,000
Walter Industries, Inc.* ........... 247,100 4,679,457
------------
17,417,960
------------
BUILDING MATERIALS & FOREST
PRODUCTS (2.1%)
Triangle Pacific Corp.* ............ 69,100 3,800,500
------------
ELECTRICAL EQUIPMENT (1.2%)
General Cable Corp. ................ 73,950 2,135,306
------------
MACHINERY (2.2%)
Allied Products Corp. .............. 100,725 2,134,111
Gradall Industries, Inc.* .......... 89,250 1,305,281
Stewart & Stevenson Services,
Inc. ............................. 32,000 576,000
------------
4,015,392
------------
TOTAL CAPITAL GOODS .............. 27,369,158
------------
CONSUMER CYCLICALS (16.1%)
FOOD SERVICES, LODGING (1.9%)
Ryan's Family Steak Houses,
Inc.* ............................ 332,000 3,403,000
------------
HOUSEHOLD FURNITURE, APPLIANCES (6.0%)
Home Products International,
Inc.* ............................ 350,100 4,069,912
La-Z-Boy, Inc. ..................... 79,100 4,469,150
Zag Industries Ltd.* ............... 165,700 2,322,390
------------
10,861,452
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
LEISURE RELATED (1.7%)
SCP Pool Corp.* .................... 125,600 $ 3,077,200
------------
RETAIL--GENERAL (6.5%)
Ann Taylor Stores Corp.* ........... 81,600 1,728,900
Callaway Golf Co. .................. 148,600 2,925,563
Filene's Basement Corp.* ........... 502,600 2,740,743
Fingerhut Cos., Inc. ............... 134,050 4,423,650
------------
11,818,856
------------
TOTAL CONSUMER CYCLICALS ......... 29,160,508
------------
CONSUMER NON-CYCLICALS (2.7%)
FOODS (1.0%)
Vlasic Foods International, Inc.* 90,000 1,811,250
------------
RETAIL--FOOD (1.7%)
Pilgrims Pride Corp. ............... 157,100 3,142,000
------------
TOTAL CONSUMER NON-CYCLICALS...... 4,953,250
------------
CREDIT SENSITIVE (34.3%)
BANKS (7.9%)
Century Bancorp, Inc., Class A ..... 106,600 2,225,275
Quaker City Bancorp, Inc.* ......... 157,087 3,613,001
Riggs National Corp.
(Washington D.C.) ................ 158,900 4,618,031
Texas Regional Bancshares, Inc.,
Class A .......................... 114,125 3,737,594
------------
14,193,901
------------
FINANCIAL SERVICES (3.4%)
Long Beach Financial Corp.* ........ 308,100 3,389,100
White River Corp.* ................. 30,900 2,796,450
------------
6,185,550
------------
INSURANCE (14.9%)
Commerce Group, Inc. ............... 109,300 4,235,375
Delphi Financial Group, Inc.,
Class A* ......................... 60,494 3,406,568
HCC Insurance Holdings, Inc. ....... 102,700 2,259,400
Nac Re Corp. ....................... 60,750 3,242,531
National Western Life Insurance
Co., Class A* .................... 43,600 5,275,600
Pico Holdings, Inc.* ............... 166,350 717,385
TIG Holdings, Inc. ................. 117,300 2,697,900
Terra Nova Bermuda Holdings
Ltd., Class A .................... 163,100 5,117,263
------------
26,952,022
------------
REAL ESTATE (8.1%)
Equity Inns, Inc. .................. 219,400 2,893,337
U.S. Restaurant Properties
Master L.P. ...................... 121,100 3,277,269
Weeks Corp. ........................ 163,100 5,158,037
Western Water Co.* ................. 353,650 3,359,675
------------
14,688,318
------------
TOTAL CREDIT SENSITIVE ........... 62,019,791
------------
ENERGY (4.9%)
COAL & GAS PIPELINES (1.2%)
KCS Energy, Inc. ................... 197,000 2,253,188
------------
OIL--DOMESTIC (2.3%)
Forest Oil Corp.* .................. 285,800 4,090,513
------------
OIL--INTERNATIONAL (0.2%)
Vintage Petroleum, Inc. ............ 24,300 458,662
------------
</TABLE>
55
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------- ---------------
<S> <C> <C>
OIL--SUPPLIES & CONSTRUCTION (1.2%)
Tokheim Corp.* ..................... 102,200 $ 2,095,100
------------
TOTAL ENERGY ..................... 8,897,463
------------
TECHNOLOGY (4.2%)
ELECTRONICS (2.7%)
UNOVA, Inc.* ....................... 230,500 4,955,750
------------
OFFICE EQUIPMENT (1.1%)
Avant! Corp.* ...................... 79,400 1,965,150
------------
OFFICE EQUIPMENT SERVICES (0.4%)
EA Industries, Inc.* ............... 209,000 640,062
------------
TOTAL TECHNOLOGY ................. 7,560,962
------------
TOTAL COMMON STOCKS (91.4%)
(Cost $158,843,160) .............. 165,510,251
------------
PRINCIPAL
AMOUNT
---------
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (9.5%)
State Street Bank & Trust 5.75%,
dated 6/30/98, due 7/1/98, to be
repurchased at $17,193,746,
collateralized by $12,630,000 of
U.S. Treasury Bonds, 8.875%
due 8/15/17, valued at
$ 17,636,262
(Cost $17,191,000) ............... $17,191,000 17,191,000
------------
TOTAL INVESTMENTS (100.9%)
(Cost $176,034,160)............... 182,701,251
OTHER ASSETS
LESS LIABILITIES (-0.9%) ......... (1,700,374)
------------
NET ASSETS (100%) .................. $181,000,877
============
</TABLE>
- ----------
* Non-income producing
56
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities .. $115,573,389
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .. 68,431,303
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 14,787,923
Aggregate gross unrealized depreciation ......... (8,120,832)
------------
Net unrealized appreciation ..................... $ 6,667,091
============
Federal income tax cost of investments .......... $176,034,160
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$16,638,146, which was secured by collateral valued at $17,272,300.
For the six months ended June 30, 1998 the Portfolio incurred approximately
$4,146 as brokerage commissions with S. G. Warburg & Co., Inc., an affiliated
broker/dealer.
See Notes to Financial Statements.
57
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
AFRICA AND THE MIDDLE EAST (19.8%)
EGYPT (1.5%)
Al-Ahram Beverages Co. (GDR) 1,960 $ 61,642
Commercial International Bank ...... 6,484 71,469
Eastern Tobacco .................... 3,900 69,946
Egypt Gas Co. ...................... 500 47,913
Egyptian Financial & Industrial
Co. .............................. 1,920 41,088
Helwan Portland Cement ............. 2,485 37,531
Industrial Engineering
Enterprises ...................... 2,890 47,019
Madinet Nasar Housing &
Development ...................... 995 47,617
Paints & Chemical Industries Co.
(GDR) ............................ 5,300 46,905
Suez Cement Co. .................... 2,500 46,171
-----------
517,301
-----------
ISRAEL (4.1%)
Bank Hapoalim Ltd.* ................ 56,800 171,816
First International Bank of Israel,
Class 5 .......................... 27,000 211,173
Koor Industries Ltd. (ADR) ......... 20,700 483,862
Orbotech Ltd.* ..................... 4,130 150,229
Super-Sol Ltd. ..................... 63,000 207,568
Super-Sol Ltd. (ADR) ............... 11,300 186,450
-----------
1,411,098
-----------
SOUTH AFRICA (7.3%)
Amalgamated Banks of South
Africa Group Ltd. ................ 13,200 82,510
Barlow Rand Ltd. ................... 14,700 77,607
Bidvest Group Ltd. ................. 15,640 119,561
Coronation Holdings Ltd.,
Class N .......................... 2,200 33,079
Education Investment Corp., Ltd. 63,800 115,868
Ellerine Holdings Ltd. ............. 26,380 144,395
Forbes Group Ltd. .................. 18,490 36,704
Illovo Sugar Ltd. .................. 42,300 52,882
Liberty Life Association of
Africa Ltd. ...................... 13,220 258,180
Morgan Stanley Africa
Investment Fund, Inc. ............ 1,700 20,187
NBS Boland Group Ltd. .............. 31,300 40,716
New Africa Investments Ltd.* ....... 68,100 85,136
New Africa Investments Ltd.,
Class N* ......................... 60,500 64,903
Orion Selections Holdings Ltd. ..... 82,000 138,531
Orion Selections Ltd. .............. 91,000 112,996
Persetel Holdings Ltd. ............. 20,700 185,344
Primedia Ltd., Class N* ............ 10,770 70,778
Protea Furnishers Ltd. ............. 86,474 61,358
Rembrandt Group Ltd. ............... 23,854 149,106
Sasol Ltd. ......................... 26,500 153,782
Sasol Ltd. (ADR) ................... 25,000 148,438
South African Breweries Ltd. ....... 12,330 254,130
Woolworths Holdings Ltd. ........... 89,540 66,558
-----------
2,472,749
-----------
TURKEY (6.1%)
Akbank A.S. ........................ 2,500,000 80,736
Arcelik A.S. ....................... 2,720,000 127,676
Ege Biracilik ...................... 1,229,000 145,376
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Erciyas Biracilik ve Malt Sanayii
A.S. ............................. 288,000 $ 43,800
Eregli Demir ve Celik
Fabrikalari* ..................... 2,448,000 381,495
Petrol Ofisi A.S. .................. 460,000 117,461
Vestel Elektronik Sanayi Ve
Ticaret A.S.* .................... 1,652,000 220,225
Yapi Ve Kredi Bankasi A.S. ......... 37,005,170 944,931
-----------
2,061,700
-----------
ZIMBABWE (0.8%)
Delta Corp., Ltd. .................. 150,000 98,279
Meikles Africa Ltd. ................ 134,625 164,915
-----------
263,194
-----------
TOTAL AFRICA AND THE MIDDLE
EAST .......................... 6,726,042
-----------
LATIN AMERICA (20.5%)
ARGENTINA (4.2%)
Nortel Inversora (ADR) ............. 1,430 35,571
Telecom Argentina (ADR) ............ 16,577 494,202
Telefonica de Argentina (ADR) ...... 22,886 742,365
YPF S.A., Class D (ADR) ............ 5,225 157,076
-----------
1,429,214
-----------
BRAZIL (6.6%)
Brahma (ADR) ....................... 22,770 284,625
CEMIG (ADR) ........................ 2,295 71,036
Cia Vale do Rio Doce (ADR) ......... 420 8,534
Coteminas .......................... 359,200 97,832
Coteminas (ADR)+ ................... 1,155 15,743
Lightpar ........................... 7,000 2
Pao de Acucar (ADR) ................ 5,000 113,125
Telebras S.A. ...................... 968,100 77,009
Telebras S.A. (ADR) ................ 12,276 1,340,386
Unibanco (GDR) ..................... 7,655 225,823
-----------
2,234,115
-----------
CHILE (0.4%)
CCU S.A. (ADR) ..................... 2,050 43,306
Endesa Empresa S.A. (ADR) .......... 2,110 30,067
Enersis S.A. (ADR) ................. 2,745 67,081
Santa Isabel S.A. (ADR) ............ 931 10,241
-----------
150,695
-----------
MEXICO (9.3%)
Cemex S.A., Class B ................ 760 3,352
Cemex S.A. CPO ..................... 87,771 329,001
Cemex S.A., Class B (ADR) .......... 4,079 35,951
Fomento Economico Mexicano
S.A. ............................. 17,538 546,203
Fomento Economico Mexicano
S.A. (ADR)* ...................... 6,537 205,915
Grupo Financeiro Banamex,
Class B* ......................... 71,905 139,963
Grupo Financerio Bancomer,
Class B .......................... 85,025 31,682
Grupo Financiero Bancomer,
Class B (ADR)*+ .................. 2,830 20,885
Grupo Televisa S.A. (GDR)* ......... 12,463 468,920
Kimberly Clark de Mexico,
Class A .......................... 72,501 256,038
TV Azteca S.A. (ADS) ............... 3,930 42,493
Telmex, Class L (ADR) .............. 22,300 1,071,794
-----------
3,152,197
-----------
TOTAL LATIN AMERICA .............. 6,966,221
-----------
</TABLE>
58
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
OTHER EUROPEAN COUNTRIES (11.1%)
GREECE (1.8%)
Hellenic Petroleum S.A.* ............ 6,000 $ 49,057
Hellenic Telecommunication
Organization S.A. ................. 16,154 414,572
National Bank of Greece S.A. ........ 730 93,649
STET Hellas
Telecommunications S.A.* .......... 1,660 68,890
-----------
626,168
-----------
HUNGARY (2.8%)
Gedeon Richter (Registered)
(GDS)* ............................ 1,978 158,240
Gedeon Richter Rt. .................. 59 4,748
MOL Magyar Olaj-es Gazipari
Rt. (GDR) (Registered) ............ 19,193 517,251
Matav Rt. (ADR) ..................... 6,920 203,708
OTP Bank Rt. (GDR) .................. 1,325 64,329
-----------
948,276
-----------
POLAND (2.3%)
Agros Holdings S.A., Class C* ....... 3,520 51,483
Bank Slaski S.A. .................... 678 45,498
Bank of Handlowy W Warszawie
S.A. .............................. 4,450 84,865
Big BG Bank (GDS)+ .................. 3,000 60,008
Big Bank Gdanski S.A. (GDR) ......... 5,095 99,098
Debica S.A.* ........................ 2,950 59,220
Elektrim S.A.* ...................... 23,930 291,662
Exbud S.A. (GDR)* ................... 6,875 82,807
-----------
774,641
-----------
RUSSIA (4.2%)
AO Tatneft (ADR) .................... 180 1,395
LUKoil Holding (ADR) ................ 11,690 388,692
Moscow Energy (Registered) .......... 4,000 200
Mosenergo (ADR) ..................... 3,900 19,407
Rostelecom .......................... 113,200 254,700
Rostelecom (ADR)* ................... 17,700 236,738
Surgutneftgaz (ADR) ................. 71,080 284,320
Unified Energy System (GDR)* ........ 8,950 126,546
Vimpel-Communications (ADR)* 2,874 128,611
-----------
1,440,609
-----------
TOTAL OTHER EUROPEAN
COUNTRIES ...................... 3,789,694
-----------
SOUTHEAST ASIA (14.7%)
CHINA (0.9%)
Huaneng Power International,
Inc. (ADR)* ....................... 10,105 135,786
Yanzhou Coal Mining Co., Ltd.
(ADR)* ............................ 15,240 148,590
Zhenhai Refining and Chemical
Co., Ltd. ......................... 280,000 36,138
-----------
320,514
-----------
HONG KONG (1.3%)
CLP Holdings Ltd. ................... 36,000 164,017
China Resources Enterprises Ltd. 7,200 7,434
NG Fung Hong Ltd. ................... 206,600 142,657
Shanghai Industrial Holdings Ltd. 7,000 16,488
South China Morning Post
Holdings Ltd. ..................... 66,000 31,731
Sun Hung Kai Properties Ltd. ........ 21,310 90,488
-----------
452,815
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
INDONESIA (0.8%)
Gudang Garam* ....................... 136,300 $ 80,394
Gulf Indonesia Resources Ltd.* ...... 3,350 38,525
Indah Kiat Pulp & Paper Co. ......... 30,300 5,803
London Sumatra Indonesia* ........... 2,200 171
Telekomunikasi (ADR) ................ 19,100 111,019
Telekomunikasi, Class B ............. 92,000 26,041
-----------
261,953
-----------
KOREA (3.7%)
Pohang Iron & Steel Co., Ltd. ....... 17,330 568,091
Samsung Electronics ................. 12,570 389,093
Samsung Electronics (GDR)+ .......... 34,238 289,311
-----------
1,246,495
-----------
MALAYSIA (2.2%)
AMMB Holdings Bhd. .................. 7,400 3,887
Carlberg Brewery Malaysia Bhd. 37,000 112,331
Genting Bhd. ........................ 44,800 80,959
Golden Hope Plantations Bhd. ........ 35,000 32,046
IOI Corp., Bhd. ..................... 11,000 5,486
Kuala Lumpur Kepong Bhd. ............ 6,000 9,686
Magnum Corp.* ....................... 15,000 5,566
Malayan Banking Bhd. ................ 48,800 49,150
Malaysian International Shipping
Bhd. (Foreign) .................... 5,000 7,289
Nestle (Malaysia) Bhd. .............. 4,000 18,119
New Straits Times Press Bhd. ........ 57,100 21,188
Petronas Gas Bhd. ................... 37,000 68,647
RHB Capital Bhd. .................... 23,000 9,366
Rashid Hussain Bhd. ................. 5,000 2,458
Resorts World Bhd. .................. 5,000 5,494
Technology Resources Industries
Bhd. .............................. 9,000 6,180
Telekom Malaysia Bhd. ............... 72,000 121,438
Tenaga Nasional Bhd. ................ 152,000 183,121
-----------
742,411
-----------
PHILIPPINES (1.6%)
Ayala Corp. ......................... 255,600 65,892
Ayala Land, Inc., Class B ........... 23,412 6,737
Manila Electronics Co., Class B ..... 42,790 112,876
Philippines Long Distance
Telephone Co. ..................... 490 11,163
Philippines Long Distance
Telephone Co. (ADR) ............... 10,000 226,250
SM Prime Holdings, Inc. ............. 303,670 48,063
San Miguel Corp., Class B ........... 55,070 72,634
-----------
543,615
-----------
TAIWAN (3.2%)
Asustek Computer, Inc. (GDR)* 41,128 308,970
ROC Taiwan Fund ..................... 84,600 571,050
Siliconware Percision Industries
Co. (GDR)* ........................ 24,096 194,575
-----------
1,074,595
-----------
THAILAND (1.0%)
Advance Agro PCL (Foreign)* ......... 700 606
Advanced Information Service
PCL (Foreign) ..................... 25,800 110,047
BEC World PCL (Foreign) ............. 26,000 99,194
Bangkok Bank PCL (Foreign) .......... 75,650 93,218
Bangkok Expressway PCL
(Foreign)* ........................ 1,400 539
Bank of Ayudhya Ltd. (Foreign)
(Registered) ...................... 300 39
</TABLE>
59
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------- --------------
<S> <C> <C>
Siam Cement Co., Ltd.
(Foreign)* .......................... 300 $ 213
Siam Commercial Bank PCL
(Foreign) ........................... 85,000 27,192
Siam Commercial Bank PCL
(Warrants) (expiring 12/31/02)* 10,500 --
Thailand Petrochemical PCL
(Foreign) ........................... 700 47
United Communications Industry
PCL (Foreign) ....................... 33,200 15,735
-----------
346,830
-----------
TOTAL SOUTHEAST ASIA ................ 4,989,228
-----------
SOUTHERN CENTRAL ASIA (7.7%)
INDIA (6.0%)
Bajaj Auto Ltd. (GDR) ................. 12,000 154,200
Bharat Heavy Electricals Ltd. ......... 81,000 469,857
ITC Ltd. (GDR) ........................ 27,235 477,974
Indian Petrochemicals Corp., Ltd.
(GDS) ............................... 16,870 51,032
Larsen & Toubro Ltd. (GDR) ............ 30,000 280,500
Mahindra & Mahindra (GDR)
(Registered) ........................ 34,320 148,434
Morgan Stanley India Investment
Fund, Inc.* ......................... 11,200 72,100
Reliance Industries (GDR) ............. 11,580 74,981
State Bank of India (GDR) ............. 17,260 205,394
Tata Engineering & Locomotive
Co. (GDS) (Registered)* ............. 30,000 97,500
-----------
2,031,972
-----------
PAKISTAN (1.7%)
Fauji Fertilizer Co., Ltd. ............ 125,300 135,206
Hub Power Co. ......................... 281,000 77,099
Pakistan Telecommunications
Corp. (GDR)+ ........................ 2,700 93,992
Pakistan Telecommunications
Corp. (GDR) ......................... 4,570 166,805
Pakistan Telecommunications
Corp., Class A ...................... 297,000 104,357
Sui Northern Gas Pipelines* ........... 3,500 661
-----------
578,120
-----------
TOTAL SOUTHERN CENTRAL ASIA ......... 2,610,092
-----------
TOTAL COMMON STOCKS (73.8%)
(Cost $32,796,789) .................. 25,081,277
-----------
PREFERRED STOCKS AND RIGHTS:
LATIN AMERICA (9.7%)
BRAZIL (9.7%)
Banco Bradesco S.A. ................... 32,372,411 271,508
Brahma ................................ 89,000 55,406
CEMIG ................................. 18,437,114 570,705
CRT, Class A .......................... 1,062,624 1,158,591
Cia Vale do Rio Doce .................. 7,586 150,861
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------- --------------
<S> <C> <C>
Electro Paulo Metropolitana ........... 11,900 $ 881
Empresa Bandeirante de Energia
S.A.* ............................... 11,900 183
Empresa Metropolitana de
Aguas e Energia S.A.* 11,900 9
Empresa Paulista de Tranmissao
de Energia Electrica S.A. ........... 11,900 41
Lojas Arapua S.A.* .................... 1,248,000 788
Lojas Renner S.A. ..................... 629,000 18,491
Petrobras S.A. ........................ 983,000 182,737
Telebras S.A. ......................... 5,748,000 625,220
Telecomunicacoes de Sao Paulo
S.A. ................................ 116,000 27,281
Telecomunicacoes de Sao Paulo
S.A. (Rights) (expiring
7/2/98)*# ........................... 5,451 92
Telerj Celular S.A., Class B* ......... 369,000 21,696
Telesp Celular S.A., Class B* ......... 2,362,000 198,101
-----------
TOTAL LATIN AMERICA ................. 3,282,591
-----------
OTHER EUROPEAN COUNTRIES (0.3%)
POLAND (0.3%)
Bank Rozwoju Eksport S.A. ............. 3,918 106,180
Bank Rozwoju Eksport S.A.
(Rights) (expiring 7/8/98)* ......... 7,836 2,247
-----------
TOTAL OTHER EUROPEAN
COUNTRIES ........................ 108,427
-----------
TOTAL PREFERRED STOCKS AND
RIGHTS (10.0%)
(Cost $3,654,989).................... 3,391,018
-----------
TOTAL INVESTMENTS (83.8%)
(Cost $36,451,778) .................. 28,472,295
OTHER ASSETS
LESS LIABILITIES (16.2%) ............ 5,510,028
-----------
NET ASSETS (100%) ..................... $33,982,323
===========
</TABLE>
<TABLE>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Equity Investments
Basic Materials ......................... 6.0%
Business Services ....................... 2.8
Capital Goods ........................... 4.9
Consumer Cyclicals ...................... 4.2
Consumer Non-Cyclicals .................. 9.9
Credit Sensitive
Banks ................................. 11.5
Financial Services .................... 0.9
Insurance ............................. 0.9
Real Estate ........................... 0.5
Utility--Electric ..................... 5.1
Utility--Gas .......................... 0.2
Utility--Telephone .................... 21.6
Investment Companies .................. 2.5
----
Total Credit Sensitive .................. 43.2
Diversified ............................. 6.0
Energy .................................. 6.4
Technology .............................. 16.6
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing
+ Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may only be resold to qualified institutional
buyers. At June 30, 1998 these securities amounted to $479,939 or 1.41%
of net assets.
# Securities (totaling $92 or 0.00% of net assets) valued at fair value.
Glossary:
ADR--American Depositary Receipt
ADS--American Depositary Share
CPO--Certificate of Participation
GDR--Global Depositary Receipt
GDS--Global Depositary Share
60
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Swap Agreements:
The Portfolio had the following Total Return Swap Agreement open at June
30, 1998:
<TABLE>
<CAPTION>
NOTIONAL UNREALIZED
AMOUNT DESCRIPTION (DEPRECIATION)
- ---------- ----------------------------------------------------------------------------------------------- ---------------
<S> <C> <C>
$250,000 Agreement with Goldman Sachs International terminating November 30, 1998 the Portfolio to pay $(128,364)
12 month USD-LIBOR minus 4.00% and to receive the THB SET Index converted into USD at the
mid-market rate on October 30, 1998 Section
</TABLE>
Section Illiquid security: is not actively traded.
Glossary:
LIBOR--London Interbank Offer Rate
THB--Thai Baht
USD--U.S. Dollar
At June 30, 1998 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------ ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
South African Rand, expiring 6/21/99 ................. 72 $ 11,000 $ 10,970 $ (30)
FOREIGN CURRENCY SALE CONTRACTS
Indonesian Rupiah, expiring 7/1/98-7/2/98 ............ 145,708 9,480 9,878 (398)
Malaysian Ringgit, expiring 8/11/98 .................. 1,174 312,000 277,429 34,571
South African Rand, expiring 9/18/98-6/21/99 ......... 7,609 1,316,000 1,209,209 106,791
South Korean Won, expiring 12/29/98-1/4/99 ........... 282,912 184,000 204,471 (20,471)
---------
$ 120,463
=========
</TABLE>
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $25,174,206
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 7,648,620
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 546,719
Aggregate gross unrealized depreciation ......... (8,526,202)
------------
Net unrealized (depreciation) ................... $ (7,979,483)
============
Federal income tax cost of investments .......... $ 36,451,778
============
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$87,699, which was secured by collateral valued at
$95,420.
For the six months ended June 30, 1998 the Portfolio incurred approximately
$8,953 as brokerage commissions with Goldman Sachs International, and $35,873
with Merrill Lynch And Co., Inc., both affiliated broker/dealers.
See Notes to Financial Statements.
61
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (3.6%)
CHEMICALS (1.9%)
Dow Chemical Co. ..................... 2,000 $ 193,375
E.I. Du Pont de Nemours & Co. 9,400 701,475
Ecolab, Inc. ......................... 600 18,600
FMC Corp.* ........................... 100 6,819
Great Lakes Chemical Corp. ........... 800 31,550
Hercules, Inc. ....................... 600 24,675
Monsanto Co. ......................... 5,300 296,138
NACCO Industries, Inc, Class A 100 12,925
PPG Industries, Inc. ................. 1,700 118,256
Perkin-Elmer Corp. ................... 600 37,313
Rohm & Haas Co. ...................... 700 72,756
Sealed Air Corp.* .................... 1,007 37,007
Union Carbide Corp. Holding Co. 1,300 69,388
-----------
1,620,277
-----------
CHEMICALS--SPECIALTY (0.3%)
Eastman Chemical Co. ................. 500 31,125
Engelhard Corp. ...................... 800 16,200
Morton International, Inc. ........... 1,500 37,500
Nalco Chemical Co. ................... 200 7,025
Praxair, Inc. ........................ 1,500 70,219
Sigma Aldrich Corp. .................. 1,000 35,125
W.R. Grace & Co.* .................... 700 11,944
-----------
209,138
-----------
METALS & MINING (0.8%)
Asarco, Inc. ......................... 400 8,900
Barrick Gold Corp. ................... 3,500 67,156
Cyprus Amax Minerals Co. ............. 400 5,300
Freeport McMoran Copper &
Gold, Inc., Class B ................ 800 12,150
Homestake Mining Co. ................. 1,700 17,638
Inco Ltd. ............................ 800 10,900
Minnesota Mining &
Manufacturing Co. .................. 3,700 304,094
Newmont Mining Corp. ................. 1,700 40,163
Owens Illinois, Inc.* ................ 1,500 67,125
Phelps Dodge Corp. ................... 700 40,031
Placer Dome, Inc. .................... 1,900 22,325
Reynolds Metals Co. .................. 1,400 78,313
Worthington Industries, Inc. ......... 700 10,544
-----------
684,639
-----------
PAPER (0.5%)
Fort James Corp. ..................... 2,100 93,450
Georgia-Pacific Corp. ................ 900 53,044
Ikon Office Solutions, Inc. .......... 1,300 18,931
International Paper Co. .............. 2,900 124,700
Louisiana-Pacific Corp. .............. 300 5,475
Mead Corp. ........................... 1,200 38,100
Temple-Inland, Inc. .................. 700 37,713
Union Camp Corp. ..................... 400 19,850
Westvaco Corp. ....................... 400 11,300
Willamette Industries, Inc. .......... 600 19,200
-----------
421,763
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
STEEL (0.1%)
Nucor Corp. .......................... 800 $ 36,800
Timken Co. ........................... 600 18,488
USX-U.S. Steel Group, Inc. ........... 900 29,700
-----------
84,988
-----------
TOTAL BASIC MATERIALS .............. 3,020,805
-----------
BUSINESS SERVICES (2.2%)
ENVIRONMENTAL CONTROL (0.2%)
Browning-Ferris Industries, Inc. ..... 1,900 66,025
Pall Corp. ........................... 600 12,300
Pioneer Hi-Bred International,
Inc. ............................... 2,300 95,163
-----------
173,488
-----------
PRINTING, PUBLISHING,
BROADCASTING (1.4%)
Donnelley (R.R.) & Sons Co. .......... 1,000 45,750
Dow Jones & Co., Inc. ................ 600 33,450
Harcourt General, Inc. ............... 300 17,850
Interpublic Group, Inc. .............. 1,000 60,688
King World Productions, Inc.* ........ 200 5,100
Knight Ridder, Inc. .................. 800 44,050
McGraw Hill Cos., Inc. ............... 1,200 97,875
MediaOne Group, Inc.* ................ 1,200 52,725
New York Times Co., Class A .......... 1,000 79,250
Omnicom Group, Inc. .................. 1,700 84,788
Polaroid Corp. ....................... 400 14,225
Time Warner, Inc. .................... 4,500 384,469
Times Mirror Co., Class A ............ 400 25,150
Tribune Co. .......................... 1,400 96,338
Viacom, Inc., Class B* ............... 2,800 163,100
-----------
1,204,808
-----------
PROFESSIONAL SERVICES (0.3%)
Dun & Bradstreet Corp. ............... 1,100 39,738
Pitney Bowes, Inc. ................... 2,600 125,125
Service Corp. International .......... 2,500 107,188
-----------
272,051
-----------
TRUCKING, SHIPPING (0.3%)
FDX Corp.* ........................... 1,480 92,870
Laidlaw, Inc. ........................ 1,900 23,156
Waste Management, Inc. ............... 3,700 129,500
-----------
245,526
-----------
TOTAL BUSINESS SERVICES ............ 1,895,873
-----------
CAPITAL GOODS (6.4%)
AEROSPACE (1.3%)
B.F. Goodrich Co. .................... 900 44,663
Boeing Co. ........................... 8,400 374,325
General Dynamics Corp. ............... 1,400 65,100
Lockheed Martin Corp. ................ 1,500 158,813
Northrop Grumman Corp. ............... 600 61,875
Parker-Hannifin Corp. ................ 900 34,313
Raytheon Co., Class B ................ 3,100 183,288
United Technologies Corp. ............ 2,100 194,250
-----------
1,116,627
-----------
BUILDING & CONSTRUCTION (0.5%)
Alcan Aluminum Ltd. .................. 2,500 69,063
Allegheny Teledyne, Inc. ............. 1,200 27,450
</TABLE>
62
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Aluminum Company of America 300 $ 19,781
Armstrong World Industries, Inc. 400 26,950
Eaton Corp. ............................ 800 62,200
Fleetwood Enterprises, Inc. ............ 100 4,000
Fluor Corp. ............................ 800 40,800
Masco Corp. ............................ 1,600 96,800
Pulte Corp. ............................ 200 5,975
Snap-On, Inc. .......................... 300 10,875
The Stanley Works ...................... 500 20,781
-----------
384,675
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (0.5%)
Bethlehem Steel Corp.* ................. 1,500 18,656
Black & Decker Corp. ................... 900 54,900
Boise Cascade Corp. .................... 500 16,375
Champion International Corp. ........... 1,000 49,188
Lowe's Cos., Inc. ...................... 3,200 129,800
Owens Corning .......................... 500 20,406
Weyerhaeuser Co. ....................... 2,000 92,375
-----------
381,700
-----------
ELECTRICAL EQUIPMENT (3.2%)
Cooper Industries, Inc. ................ 1,200 65,925
General Electric Co. ................... 27,500 2,502,500
General Signal Corp. ................... 400 14,400
Honeywell, Inc. ........................ 1,200 100,275
-----------
2,683,100
-----------
MACHINERY (0.9%)
Case Corp. ............................. 800 38,600
Caterpillar, Inc. ...................... 3,300 174,488
Cummins Engine, Inc. ................... 400 20,500
Deere & Co. ............................ 2,300 121,613
Dover Corp. ............................ 1,700 58,225
Harnischfeger Industries, Inc. ......... 500 14,156
Illinois Tool Works, Inc. .............. 2,000 133,375
Ingersoll-Rand Co. ..................... 1,700 74,906
McDermott International, Inc. .......... 700 24,106
Thermo Electron Corp.* ................. 1,500 51,281
W.W. Grainger, Inc. .................... 600 29,888
-----------
741,138
-----------
TOTAL CAPITAL GOODS .................. 5,307,240
-----------
CONSUMER CYCLICALS (9.8%)
AIRLINES (0.4%)
AMR Corp.* ............................. 1,400 116,550
Delta Airlines, Inc. ................... 600 77,550
Southwest Airlines Co. ................. 2,200 65,175
U.S. Air Group, Inc.* .................. 800 63,400
-----------
322,675
-----------
APPAREL & TEXTILES (0.0%)
Fruit of the Loom, Inc.* ............... 600 19,913
-----------
AUTO RELATED (0.9%)
Allied Signal, Inc. .................... 5,100 226,313
Autozone, Inc.* ........................ 1,600 51,100
Cooper Tire & Rubber Co. ............... 200 4,125
Echlin, Inc. ........................... 700 34,344
Genuine Parts Co. ...................... 1,000 34,563
Goodyear Tire & Rubber Co. ............. 1,500 96,656
Johnson Controls, Inc. ................. 500 28,594
Paccar Inc. ............................ 800 41,800
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Ryder System Inc. ...................... 300 $ 9,469
TRW Inc. ............................... 1,200 65,550
Tenneco, Inc. .......................... 1,700 64,706
Textron, Inc. .......................... 1,600 114,700
-----------
771,920
-----------
AUTOS & TRUCKS (1.6%)
Chrysler Corp. ......................... 5,500 310,063
Dana Corp. ............................. 1,100 58,850
Ford Motor Co. ......................... 9,600 566,400
General Motors Corp. ................... 5,500 367,469
Navistar International Corp.* .......... 700 20,213
-----------
1,322,995
-----------
FOOD SERVICES, LODGING (0.2%)
Darden Restaurants, Inc. ............... 1,200 19,050
Hilton Hotels Corp. .................... 2,400 68,400
Mirage Resorts, Inc.* .................. 1,900 40,494
Marriot International, Inc. ............ 1,800 58,275
-----------
186,219
-----------
HOUSEHOLD FURNITURE,
APPLIANCES (0.6%)
Maytag Corp. ........................... 1,000 49,375
Unilever N.V. (NY Shares) .............. 5,300 418,369
Whirlpool Corp. ........................ 500 34,375
-----------
502,119
-----------
LEISURE RELATED (1.1%)
American Greetings Corp.,
Class A .............................. 400 20,375
Brunswick Corp. ........................ 400 9,900
Cendant Corp.* ......................... 7,500 156,563
Fortune Brands, Inc. ................... 1,800 69,188
Walt Disney (The) Co. .................. 5,900 619,869
-----------
875,895
-----------
PHOTO & OPTICAL (0.3%)
Bausch & Lomb, Inc. .................... 500 25,063
Eastman Kodak Co. ...................... 2,700 197,269
-----------
222,332
-----------
RETAIL--GENERAL (4.7%)
Consolidated Stores Corp.* ............. 1,200 43,500
Costco Co., Inc.* ...................... 2,000 126,125
Dayton Hudson Corp. .................... 3,600 174,600
Dillards, Inc., Class A ................ 1,200 49,725
Federated Department Stores,
Inc.* ................................ 1,600 86,100
GAP, Inc. .............................. 3,500 215,688
Hasbro, Inc. ........................... 900 35,381
Home Depot, Inc. ....................... 6,100 506,681
J.C. Penny Co. ......................... 2,000 144,625
K-Mart Corp.* .......................... 4,400 84,700
Limited, Inc. .......................... 2,200 72,875
Liz Claiborne, Inc. .................... 700 36,575
Loews Corp. ............................ 1,100 95,838
Mattel, Inc. ........................... 2,600 110,013
May Department Stores Co. .............. 1,800 117,900
Mercantile Stores Co. .................. 400 31,575
Newell Co. ............................. 1,100 54,794
Nike, Inc., Class B .................... 1,800 87,638
Nordstrom, Inc. ........................ 700 54,075
Reebok International Ltd.* ............. 200 5,538
</TABLE>
63
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Sears Roebuck & Co. .................................................... 3,100 $ 189,294
Sherwin-Williams Co. ................................................... 1,300 43,063
TJX Cos., Inc. ......................................................... 3,000 72,375
Toys-R-Us, Inc.* ....................................................... 2,800 65,975
VF Corp. ............................................................... 1,200 61,800
Venator Group, Inc.* ................................................... 700 13,388
Wal-Mart Stores, Inc. .................................................. 18,900 1,148,165
Walgreen Co. ........................................................... 4,500 185,906
-----------
3,913,912
-----------
TOTAL CONSUMER CYCLICALS ............................................. 8,137,980
-----------
CONSUMER NON-CYCLICALS (21.4%)
BEVERAGES (3.2%)
Adolph Coors Co., Class B .............................................. 200 6,800
Anheuser-Busch Cos., Inc. .............................................. 4,200 198,188
Coca Cola Co. .......................................................... 20,900 1,786,950
PepsiCo, Inc. .......................................................... 12,900 531,319
Seagram Co., Ltd. ...................................................... 3,200 131,000
-----------
2,654,257
-----------
CONTAINERS (0.2%)
BB&T Corp. ............................................................. 1,100 74,388
Crown Cork & Seal Co., Inc. ............................................ 800 38,000
Rubbermaid, Inc. ....................................................... 1,600 53,100
-----------
165,488
-----------
DRUGS (6.9%)
Abbott Laboratories .................................................... 13,500 551,813
Allergan, Inc. ......................................................... 700 32,463
Alza Corp.* ............................................................ 900 38,925
American Home Products Corp. ........................................... 11,000 569,250
Amgen, Inc.* ........................................................... 2,300 150,363
Bristol-Myers Squibb Co. ............................................... 8,300 953,981
CVS Corp. .............................................................. 3,000 116,813
Centrex Corp. .......................................................... 500 18,875
Merck & Co., Inc. ...................................................... 10,100 1,350,875
Pfizer, Inc. ........................................................... 11,000 1,195,563
Pharmacia & Upjohn, Inc. ............................................... 4,600 212,175
Rite Aid Corp. ......................................................... 2,500 93,906
Warner Lambert Co. ..................................................... 6,800 471,750
-----------
5,756,752
-----------
FOODS (2.6%)
Albertson's, Inc. ...................................................... 2,300 119,169
American Stores Co. .................................................... 2,800 67,725
Archer Daniels Midland Co. ............................................. 5,400 104,625
Bestfoods .............................................................. 2,600 150,963
Campbell Soup Co. ...................................................... 3,700 196,563
ConAgra, Inc. .......................................................... 3,700 117,244
General Mills, Inc. .................................................... 1,600 109,400
Giant Food, Inc., Class A .............................................. 600 25,838
H.J. Heinz Co. ......................................................... 2,900 162,763
Hershey Foods Corp. .................................................... 800 55,200
Kellogg Co. ............................................................ 3,200 120,200
McDonald's Corp. ....................................................... 6,000 414,000
Quaker Oats Co. ........................................................ 1,400 76,913
Ralston-Ralston Purina Group ........................................... 1,000 116,813
Sara Lee Corp. ......................................................... 3,800 212,563
Supervalu, Inc. ........................................................ 200 8,875
Wm. Wrigley Jr. Co. .................................................... 900 88,200
-----------
2,147,054
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
HOSPITAL SUPPLIES & SERVICES (4.4%)
Air Products & Chemicals, Inc. ......................................... 1,900 $ 76,000
Bard (C.R.), Inc. ...................................................... 200 7,613
Baxter International, Inc. ............................................. 2,600 139,913
Becton Dickinson & Co. ................................................. 1,200 93,150
Biomet, Inc. ........................................................... 1,100 36,369
Boston Scientific Corp.* ............................................... 1,700 121,763
Cardinal Health, Inc. .................................................. 1,000 93,750
Cognizant Corp. ........................................................ 1,600 100,800
Columbia HCA Healthcare Corp. 5,000 145,625
Eli Lilly & Co. ........................................................ 9,300 614,381
Guidant Corp. .......................................................... 1,400 99,838
HBO & Co. .............................................................. 3,900 137,475
Healthsouth Corp.* ..................................................... 2,300 61,381
Humana, Inc.* .......................................................... 1,700 53,019
Johnson & Johnson ...................................................... 11,600 855,500
Mallinckrodt, Inc. ..................................................... 300 8,906
Medtronic, Inc. ........................................................ 4,200 267,750
Schering-Plough Corp. .................................................. 6,400 586,400
St. Jude Medical, Inc.* ................................................ 393 14,467
Tenet Healthcare Corp.* ................................................ 3,000 93,750
U.S. Surgical Corp. .................................................... 800 36,500
-----------
3,644,350
-----------
RETAIL--FOOD (0.4%)
Kroger Co.* ............................................................ 2,200 94,325
Sysco Corp. ............................................................ 3,200 82,000
Tricon Global Restaurants, Inc. ........................................ 1,100 34,856
Wendy's International, Inc. ............................................ 1,500 35,250
Winn-Dixie Stores, Inc. ................................................ 1,100 56,306
-----------
302,737
-----------
SOAPS & TOILETRIES (2.7%)
Avon Products, Inc. .................................................... 1,300 100,750
Clorox Co. ............................................................. 1,000 95,375
Colgate Palmolive Co. .................................................. 2,700 237,600
Gillette Co. ........................................................... 9,300 527,194
International Flavors &
Fragrances, Inc. ..................................................... 1,200 52,125
Kimberly Clark Corp. ................................................... 5,000 229,365
Procter & Gamble Co. ................................................... 11,300 1,029,006
-----------
2,271,415
-----------
TOBACCO (1.0%)
Philip Morris Cos., Inc. ............................................... 20,500 807,188
UST, Inc. .............................................................. 1,900 51,300
-----------
858,488
-----------
TOTAL CONSUMER NON-CYCLICALS 17,800,541
-----------
CREDIT SENSITIVE (24.6%)
BANKS (7.7%)
Banc One Corp. ......................................................... 6,270 349,944
Bank of New York Co., Inc. ............................................. 3,400 206,338
BankAmerica Corp. ...................................................... 5,700 492,694
BankBoston Corp. ....................................................... 2,400 133,500
Chase Manhattan Corp. .................................................. 7,100 536,050
Citicorp ............................................................... 3,700 552,225
Comerica, Inc. ......................................................... 1,550 102,688
Fifth Third Bancorp .................................................... 2,300 144,900
First Chicago NBD Corp. ................................................ 2,600 230,425
First Union Corp. ...................................................... 8,020 467,165
Huntington Bancshares .................................................. 1,200 40,200
</TABLE>
64
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
J.P. Morgan & Co. ................... 1,700 $ 199,113
KeyCorp ............................. 4,100 146,063
MBNA Corp. .......................... 4,500 148,500
Mellon Bank Corp. ................... 2,400 167,100
Mercantile Bancorp, Inc. ............ 900 45,338
National City Corp. ................. 3,000 213,000
Nationsbank Corp. ................... 7,956 608,634
Northern Trust Corp. ................ 1,100 83,875
Norwest Corp. ....................... 6,800 254,150
PNC Bank Corp. ...................... 2,800 150,675
Republic New York Corp. ............. 700 44,056
State Street Corp. .................. 1,200 83,400
Summit Bancorp ...................... 1,800 85,500
SunTrust Banks, Inc. ................ 2,000 162,625
Synovus Financial Corp. ............. 1,850 43,938
U.S. Bancorp ........................ 6,700 288,100
Wachovia Corp. ...................... 1,900 160,550
Wells Fargo & Co. ................... 700 258,300
-----------
6,399,046
-----------
FINANCIAL SERVICES (5.6%)
American Express Co. ................ 3,800 433,200
Associates First Capital Corp.,
Class A ........................... 3,012 231,548
Automatic Data Processing, Inc. ..... 2,700 196,763
Bear Stearns Co., Inc. .............. 200 11,375
Beneficial Corp. .................... 500 76,594
Capital One Financial Corp. ......... 300 37,256
Charles Schwab Corp. ................ 2,200 71,500
Countrywide Credit Industries,
Inc. .............................. 1,100 55,825
Deluxe Corp. ........................ 800 28,650
Equifax, Inc. ....................... 900 32,681
Fannie Mae .......................... 8,600 522,450
Federal Home Loan Mortgage
Corp. ............................. 5,800 272,963
First Data Corp. .................... 4,000 133,250
Fleet Financial Group, Inc. ......... 2,600 217,100
Franklin Resources, Inc. ............ 2,300 124,200
Golden West Financial Corp. ......... 300 31,894
Green Tree Financial Corp. .......... 1,200 51,375
H&R Block, Inc. ..................... 1,200 50,550
H.F. Ahmanson & Co. ................. 1,000 71,000
Hartford Financial Services
Group, Inc. ....................... 1,200 137,250
Household International, Inc. ....... 2,800 139,300
Lehman Brothers Holdings, Inc. ...... 1,100 85,319
MGIC Investment Corp. ............... 1,200 68,475
Merrill Lynch & Co. ................. 2,800 258,300
Morgan Stanley Dean Witter &
Co. ............................... 5,000 456,875
Providian Financial Corp. ........... 900 70,706
SLM Holding Corp. ................... 800 39,200
Transamerica Corp. .................. 400 46,050
Travelers Group, Inc. ............... 9,600 582,000
Washington Mutual, Inc. ............. 3,650 158,547
-----------
4,692,196
-----------
INSURANCE (3.5%)
Aetna, Inc. ......................... 1,400 106,575
Allstate Corp. ...................... 3,400 311,313
American General Corp. .............. 2,000 142,375
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
American International Group,
Inc. .............................. 5,800 $ 846,800
Aon Corp. ........................... 1,200 84,300
CIGNA Corp. ......................... 1,600 110,400
Chubb Corp. ......................... 1,600 128,600
Cincinnati Financial Corp. .......... 1,200 46,050
Conseco, Inc. ....................... 1,700 79,475
General Re Corp. .................... 600 152,100
Jefferson-Pilot Corp. ............... 650 37,659
Lincoln National Corp. .............. 700 63,963
MBIA, Inc. .......................... 900 67,388
Marsh & McClennan Cos. .............. 2,400 145,050
Progressive Corp. ................... 500 70,500
Safeco Corp. ........................ 1,500 68,156
St. Paul Cos. ....................... 2,324 97,753
SunAmerica, Inc. .................... 1,700 97,644
Torchmark Corp. ..................... 1,500 68,625
United Healthcare Corp. ............. 1,600 101,600
Unum Corp. .......................... 1,200 66,600
-----------
2,892,926
-----------
UTILITY--ELECTRIC (1.9%)
Ameren Corp. ........................ 900 35,775
American Electric Power Co. ......... 1,400 63,525
Baltimore Gas & Electric Co. ........ 700 21,744
Carolina Power & Light .............. 900 39,038
Central & South West Corp. .......... 2,400 64,500
Cinergy Corp. ....................... 800 28,000
Consolidated Edison, Inc. ........... 2,400 110,550
DTE Energy Co. ...................... 1,200 48,450
Dominion Resources, Inc. ............ 2,100 85,575
Duke Energy Corp. ................... 2,800 165,900
Edison International ................ 2,700 79,819
Entergy Corp. ....................... 2,700 77,625
FPL Group, Inc. ..................... 1,300 81,900
FirstEnergy Corp. ................... 1,600 49,200
GPU, Inc. ........................... 1,400 52,938
Northern States Power Co. ........... 600 17,175
PG&E Corp. .......................... 3,700 116,781
PP&L Resources, Inc. ................ 2,100 47,644
Pacificorp .......................... 1,700 38,463
Peco Energy Co. ..................... 2,300 67,131
Public Service Enterprise Group ..... 2,400 82,650
Southern Co. ........................ 6,100 168,894
Unicom Corp. ........................ 2,000 70,125
-----------
1,613,402
-----------
UTILITY--GAS (0.2%)
Apache Corp. ........................ 500 15,750
Consolidated Natural Gas Co. ........ 1,100 64,763
Sempra Energy* ...................... 1,753 48,657
-----------
129,170
-----------
UTILITY--TELEPHONE (5.7%)
AT&T Corp. .......................... 13,600 776,900
Alltel Corp. ........................ 2,100 97,650
Ameritech Corp. ..................... 9,700 435,288
Bell Atlantic Corp. ................. 12,800 584,000
Bellsouth Corp. ..................... 8,300 557,138
GTE Corp. ........................... 7,900 439,438
MCI Communications Corp. ............ 6,000 348,750
SBC Communications, Inc. ............ 15,400 616,000
Sprint Corp. ........................ 3,100 218,550
</TABLE>
65
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
U.S. West Media Group* ............ 4,500 $ 197,719
U.S. West, Inc. ................... 800 37,600
Worldcom, Inc.* ................... 8,600 416,553
-----------
4,725,586
-----------
TOTAL CREDIT SENSITIVE .......... 20,452,326
-----------
DIVERSIFIED (0.4%)
MISCELLANEOUS (0.4%)
Tyco International Ltd. ........... 5,100 321,300
-----------
ENERGY (7.9%)
COAL & GAS PIPELINES (0.5%)
Columbia Energy Group ............. 750 41,719
Eastern Enterprises ............... 100 4,288
Enron Corp. ....................... 2,900 156,781
Sonat, Inc. ....................... 800 30,900
Williams Cos., Inc. ............... 4,000 135,000
-----------
368,688
-----------
OIL--DOMESTIC (2.3%)
Atlantic Richfield Co. ............ 2,600 203,125
Burlington Resources, Inc. ........ 1,700 73,206
Coastal Corp. ..................... 1,100 76,794
Exxon Corp. ....................... 20,600 1,469,038
Halliburton Co. ................... 2,000 89,125
Sun Co., Inc. ..................... 900 34,931
-----------
1,946,219
-----------
OIL--INTERNATIONAL (2.9%)
Amerada Hess Corp. ................ 900 48,881
Amoco Corp. ....................... 7,900 328,838
Ashland, Inc. ..................... 800 41,300
Chevron Corp. ..................... 5,400 448,538
Houston Industries, Inc. .......... 2,900 89,538
Kerr-McGee Corp. .................. 500 28,938
Mobil Corp. ....................... 6,800 521,050
Occidental Petroleum Corp. ........ 2,800 75,600
Oryx Energy Co.* .................. 400 8,850
Pennzoil Co. ...................... 500 25,313
Phillips Petroleum Co. ............ 2,500 120,469
Texaco, Inc. ...................... 4,900 292,469
Texas Utilities Co. ............... 2,500 104,063
USX-Marathon Group, Inc. .......... 2,200 75,488
Union Pacific Resources Group,
Inc. ............................ 2,700 47,419
Unocal Corp. ...................... 2,400 85,800
Western Atlas, Inc. ............... 500 42,438
-----------
2,384,992
-----------
OIL--SUPPLIES & CONSTRUCTION (1.7%)
Anadarko Petroleum Corp. .......... 400 26,875
Baker Hughes, Inc. ................ 1,700 58,756
Dresser Industries, Inc. .......... 1,700 74,906
Helmerich & Payne, Inc. ........... 200 4,450
Rowan Co., Inc.* .................. 600 11,663
Royal Dutch Petroleum Co.
(NY Shares) ..................... 18,000 986,625
Schlumberger Ltd. ................. 4,100 280,081
-----------
1,443,356
-----------
RAILROADS (0.5%)
Burlington Northern Santa Fe
Corp. ........................... 1,200 117,825
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
CSX Corp. ......................... 2,100 $ 95,550
Norfolk Southern Corp. ............ 3,100 92,419
Union Pacific Corp. ............... 2,300 101,478
-----------
407,272
-----------
TOTAL ENERGY .................... 6,550,527
-----------
TECHNOLOGY (14.9%)
ELECTRONICS (6.0%)
AMP, Inc. ......................... 2,200 75,625
Adobe Systems, Inc. ............... 700 29,706
Applied Material, Inc.* ........... 2,900 85,550
Circuit City Stores-Circuit City
Group ........................... 1,000 46,875
Computer Associates
International, Inc. ............. 4,800 266,700
Emerson Electric Co. .............. 4,000 241,500
Gateway 2000, Inc.* ............... 1,400 70,875
Harris Corp. ...................... 1,000 44,688
ITT Industries, Inc. .............. 600 22,425
Intel Corp. ....................... 14,300 1,059,988
KLA Tencor Corp.* ................. 600 16,613
LSI Logic Corp.* .................. 1,000 23,063
Micron Technology, Inc.* .......... 1,600 39,700
Microsoft Corp.* .................. 20,900 2,265,038
National Semiconductor Corp.* ..... 1,200 15,825
Novell, Inc.* ..................... 3,500 44,625
Raychem Corp. ..................... 700 20,694
Rockwell International Corp. ...... 1,900 91,319
Seagate Technology, Inc.* ......... 2,300 54,769
Silicon Graphics, Inc.* ........... 1,200 14,550
Sun Microsystems, Inc.* ........... 3,400 147,688
Tandy Corp. ....................... 1,000 53,063
Tektronix, Inc. ................... 400 14,150
Texas Instruments, Inc. ........... 3,200 186,600
Thomas & Betts Corp. .............. 200 9,850
-----------
4,941,479
-----------
OFFICE EQUIPMENT (3.9%)
Apple Computer, Inc.* ............. 1,100 31,556
Autodesk, Inc. .................... 500 19,313
Avery Dennison Corp. .............. 1,000 53,750
Cabletron Systems* ................ 1,800 24,188
Compaq Computer Corp. ............. 13,840 392,696
Data General Corp.* ............... 200 2,988
Dell Computer Corp.* .............. 5,300 491,906
EMC Corp.* ........................ 4,400 197,175
Hewlett Packard Co. ............... 8,700 520,913
International Business Machines
Corp. ........................... 7,900 907,019
Oracle Corp.* ..................... 8,600 211,238
Parametric Technology Corp.* ...... 2,500 67,813
Unisys Corp.* ..................... 1,900 53,675
Xerox Corp. ....................... 2,900 294,713
-----------
3,268,943
-----------
OFFICE EQUIPMENT SERVICES (0.1%)
Ceridian Corp.* ................... 500 29,375
Computer Sciences Corp. ........... 1,200 76,800
-----------
106,175
-----------
TELECOMMUNICATIONS (4.9%)
3Com Corp.* ....................... 3,300 101,269
Advanced Micro Devices, Inc.* ..... 900 15,356
</TABLE>
66
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- --------------
<S> <C> <C>
AirTouch Communications, Inc.* 5,100 $ 298,031
Andrew Corp.* ........................ 1,000 18,063
Ascend Communications, Inc.* ......... 1,800 89,213
Bay Networks, Inc.* .................. 1,700 54,825
CBS Corp. ............................ 6,800 215,900
Cisco Systems, Inc.* ................. 8,700 800,944
Comcast Corp., Class A ............... 3,300 133,959
Corning, Inc. ........................ 2,000 69,500
DSC Communications Corp.* ............ 1,200 36,000
Frontier Corp. ....................... 1,800 56,700
Gannett Co. .......................... 2,800 198,975
General Instrument Corp.* ............ 2,000 54,375
Lucent Technologies, Inc. ............ 11,100 923,381
Motorola, Inc. ....................... 4,900 257,556
Nextel Communications, Inc.,
Class A* ........................... 1,900 47,263
Northern Telecom Ltd. ................ 4,300 244,025
Scientific-Atlanta, Inc. ............. 800 20,300
Telecommunications, Inc.,
Class A* ........................... 4,500 172,969
Tellabs, Inc.* ....................... 1,700 121,752
U.S. West Communications
Group .............................. 3,500 164,500
-----------
4,094,856
-----------
TOTAL TECHNOLOGY ................... 12,411,453
-----------
TOTAL COMMON STOCKS (91.2%)
(Cost $72,432,635) ................. 75,898,045
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- -------------
<S> <C> <C>
SHORT-TERM DEBT
SECURITIES:
U.S. GOVERNMENT (6.6%)
U.S. Treasury Bill
8/20/98- ........................ $ 395,000 $ 392,272
9/3/98 .......................... 541,000 536,249
10/15/98 ........................ 459,000 452,310
10/22/98 ........................ 2,950,000 2,903,806
11/12/98 ........................ 1,215,000 1,192,388
-----------
TOTAL SHORT-TERM DEBT SECURITIES (6.6%)
(Cost/Amortized Cost
$5,476,979) ..................... 5,477,025
-----------
TOTAL INVESTMENTS (97.8%)
(Cost/Amortized Cost
$77,909,614) .................... 81,375,070
OTHER ASSETS
LESS LIABILITIES (2.2%) ......... 1,810,214
-----------
NET ASSETS (100%) ................. $83,185,284
===========
</TABLE>
- ----------
* Non-income producing
- - Security segregated as collateral for financial futures contracts.
67
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
FUTURES CONTRACTS: At June 30, 1998, the Portfolio had futures contracts open:
<TABLE>
<CAPTION>
NUMBER
OF AGGREGATE EXPIRATION UNREALIZED
PURCHASES: CONTRACTS FACE VALUE DATE (DEPRECIATION)
- ----------------------- ----------- ------------ ------------ ---------------
<S> <C> <C> <C> <C>
S&P 500 Index ......... 20 $5,715,000 Sept '98 $ (11,870)
</TABLE>
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities .. $72,525,541
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .. 68,181
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 4,779,070
Aggregate gross unrealized depreciation .......... (1,313,614)
------------
Net unrealized appreciation ...................... $ 3,465,456
============
Federal income tax cost of investments ........... $ 77,909,614
============
</TABLE>
At June 30, 1998, the Portfolio had loaned securities with a total value of
$208,446, which were secured by collateral valued at $213,144.
See Notes to Financial Statements.
68
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS AND RIGHTS:
AUSTRALIA & NEW ZEALAND (2.1%)
AUSTRALIA (1.9%)
Amcor Ltd. .......................... 2,508 $ 10,994
Australian Gas & Light Co., Ltd. 2,314 14,490
Boral Ltd. .......................... 7,027 13,201
Brambles Industries Ltd. ............ 916 17,997
Broken Hill Proprietary Ltd. ........ 8,099 68,542
CSR Ltd. ............................ 4,280 12,366
Coca-Cola Amatil Ltd. ............... 3,490 23,369
Coles Meyer Ltd. .................... 4,628 18,077
Fosters Brewing Corp. ............... 9,579 22,568
General Property Trust .............. 5,806 9,395
Lend Lease Corp. .................... 1,167 23,624
National Australia Bank Ltd. ........ 5,374 70,969
News Corp., Ltd. .................... 7,582 61,957
Pioneer International Ltd. .......... 5,222 12,465
Rio Tinto Ltd. ...................... 1,721 20,487
Santos Ltd. ......................... 4,030 12,493
Southcorp Ltd. ...................... 4,187 12,175
Telstra Corp., Ltd. ................. 21,739 55,800
WMC Ltd. ............................ 4,403 13,267
Westfield Trust ..................... 7,792 14,976
Westpac Banking Corp. ............... 7,939 48,484
-----------
557,696
-----------
NEW ZEALAND (0.2%)
Brierley Investments Ltd. ........... 14,287 7,126
Carter Holt Harvey Ltd. ............. 7,285 6,359
Lion Nathan Ltd. .................... 2,964 6,591
Telecom Corp. of New Zealand
Ltd. .............................. 7,099 29,285
-----------
49,361
-----------
TOTAL AUSTRALIA & NEW ZEALAND 607,057
-----------
JAPAN (19.1%)
Acom Co., Ltd. ...................... 1,000 47,540
Ajinomoto Co. ....................... 3,000 26,295
Amada Co., Ltd. ..................... 3,000 14,608
Aoyamma Trading Co., Ltd. ........... 200 4,934
Asahi Breweries Ltd. ................ 2,000 25,249
Asahi Chemical Industry Co.,
Ltd. .............................. 8,000 28,856
Asahi Glass Co., Ltd. ............... 6,000 32,463
Bank of Tokyo-Mitsubushi Ltd. ....... 18,000 190,752
Bridgestone Corp. ................... 4,000 94,647
Canon, Inc. ......................... 4,000 90,896
Casio Computer Co., Ltd. ............ 2,000 18,598
Citizen Watch Co., Ltd. ............. 1,000 8,260
Dai Nippon Printing Co., Ltd. ....... 3,000 47,937
Daiichi Pharma Co., Ltd. ............ 1,000 13,202
Dainippon Ink and Chemicals,
Inc. .............................. 4,000 12,264
Daiwa House Industry Co., Ltd. ...... 2,000 17,674
Daiwa Securities Co., Ltd. .......... 5,000 21,534
Denso Corp. ......................... 4,000 66,368
East Japan Railway Co. .............. 17 79,960
Ebara Corp. ......................... 2,000 17,804
Eisai Co., Ltd. ..................... 1,000 13,634
Fanuc ............................... 1,000 34,627
Fuji Photo Film Co. ................. 2,000 69,687
Fujitsu Ltd. ........................ 7,000 73,727
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Hankyu Corp. ........................ 5,000 $ 20,524
Hitachi Ltd. ........................ 14,000 91,401
Honda Motor Co., Ltd. ............... 4,000 142,548
House Foods Corp. ................... 1,000 12,848
Hoya Corp. .......................... 1,000 28,351
Ito-Yokado Co., Ltd. ................ 2,000 94,214
Itochu Corporation .................. 9,000 19,478
JUSCO Co., Ltd. ..................... 2,000 36,719
Japan Airlines Co., Ltd.* ........... 9,000 25,061
Japan Energy Corp. .................. 7,000 7,423
Joyo Bank Ltd. ...................... 3,000 11,081
Kajima Corp. ........................ 4,000 10,965
Kansai Electric Power Co., Inc. ..... 3,700 64,327
Kao Corp. ........................... 3,000 46,314
Kawasaki Heavy Industries Ltd. ...... 6,000 12,119
Kawasaki Steel Corp. ................ 17,000 30,659
Kinden Corp. ........................ 2,000 24,239
Kinki Nippon Railway Co., Ltd. ...... 7,000 32,824
Kirin Brewery Co., Ltd. ............. 4,000 37,801
Kokuyo .............................. 1,000 16,953
Komatsu Ltd. ........................ 5,000 24,311
Kubuto Corp. ........................ 9,000 20,776
Kuraray Co., Ltd. ................... 2,000 17,011
Kyocera Corp. ....................... 1,000 48,911
Marui Co., Ltd. ..................... 2,000 29,866
Matsushita Electric Industries
Co. ............................... 8,000 128,697
Minebea Co., Ltd. ................... 2,000 19,925
Mitsubishi Chemical Corp. ........... 8,000 14,486
Mitsubishi Corp. .................... 6,000 37,224
Mitsubishi Electric Corp. ........... 9,000 20,711
Mitsubishi Estate Co., Ltd. ......... 5,000 44,005
Mitsubishi Heavy Industries Ltd. 13,000 49,142
Mitsubishi Materials Corp. .......... 4,000 8,166
Mitsubishi Trust & Banking
Corp. ............................. 5,000 42,526
Mitsui & Co., Ltd. .................. 7,000 37,873
Mitsui Fudosan Co., Ltd. ............ 4,000 31,626
Mitsui Marine & Fire Insurance
Co., Ltd. ......................... 3,000 15,084
Murata Manufacturing Co., Ltd. ...... 1,000 32,463
NEC Corp. ........................... 7,000 65,294
NGK Insulators Ltd. ................. 2,000 17,386
Nikon Corp. ......................... 1,000 7,200
Nippon Express Co., Ltd. ............ 6,000 32,203
Nippon Meat Packers, Inc. ........... 1,000 12,257
Nippon Oil Co. ...................... 5,000 16,159
Nippon Paper Industries Co. ......... 6,000 25,018
Nippon Steel Corp. .................. 28,000 49,286
Nippon Telegraph & Telephone
Corp. ............................. 49 406,507
Nippon Yusen Labushiki Kaisha ....... 7,000 23,734
Nissan Motor Co., Ltd. .............. 9,000 28,373
Nissin Food Products Co., Ltd. ...... 1,000 17,927
Nitto Denko Corp. ................... 1,000 15,041
Nomura Securities Co. ............... 8,000 93,204
Obayashi Corp. ...................... 3,000 12,725
Odakyu Electric Railway ............. 3,000 9,198
Oji Paper Co., Ltd. ................. 4,000 17,429
Omron Corp. ......................... 1,000 15,294
Onward Kashiyama Co., Ltd. .......... 1,000 12,516
Osaka Gas Co., Ltd. ................. 12,000 30,818
</TABLE>
69
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Rohm Co. ............................ 1,000 $ 102,799
SHIMANO, Inc. ....................... 1,000 25,393
Sankyo Co. .......................... 2,000 45,592
Sanyo Electric Co., Ltd. ............ 9,000 27,269
Secom Co. ........................... 1,000 57,784
Sekisui Chemical Co. ................ 4,000 20,488
Sekisui House Ltd. .................. 4,000 31,020
Sharp Corp. ......................... 5,000 40,542
Shimizu Corp. ....................... 4,000 11,542
Shin-Etsu Chemical Co. .............. 2,000 34,627
Shiseido Co., Ltd. .................. 2,000 22,738
Sony Corp. .......................... 1,600 137,931
Sumitomo Chemical Co., Ltd. ......... 9,000 27,788
Sumitomo Corp. ...................... 5,000 24,059
Sumitomo Electric Industries ........ 3,000 30,364
Sumitomo Metal Industries ........... 17,000 27,348
Sumitomo Metal Mining Co. ........... 3,000 12,184
Taisei Corp. ........................ 7,000 15,149
Taisho Pharmaceutical ............... 2,000 37,368
Takeda Chemical Industries .......... 4,000 106,478
Teijin Ltd. ......................... 6,000 18,179
The 77 Bank Ltd. .................... 3,000 25,105
The Asahi Bank Ltd. ................. 11,000 48,406
The Chiba Bank Ltd. ................. 2,000 6,925
The Daiei, Inc. ..................... 3,000 7,034
The Fuji Bank Ltd. .................. 13,000 58,051
The Gunma Bank Ltd. ................. 2,000 13,548
The Industrial Bank of Japan
Ltd. .............................. 10,000 62,762
The Sakura Bank Ltd. ................ 15,000 38,955
The Shizuoka Bank Ltd. .............. 4,000 42,995
The Sumitomo Bank Ltd. .............. 13,000 126,605
The Sumitomo Marine & Fire
Insurance Co., Ltd. ............... 4,000 22,392
The Tokai Bank Ltd. ................. 8,000 44,092
Toho Co., Ltd. ...................... 100 10,532
Tohoku Electric Power Co., Inc. ..... 1,800 26,555
Tokio Marine & Fire Insurance
Co. ............................... 6,000 61,723
Tokyo Electric Power ................ 5,500 107,921
Tokyo Electron Ltd. ................. 1,000 30,659
Tokyo Gas Co., Ltd. ................. 9,000 20,062
Tokyu Corp. ......................... 4,000 12,148
Toppan Printing Co., Ltd. ........... 3,000 32,117
Toray Industries, Inc. .............. 6,000 31,164
Tostem Corp. ........................ 1,000 12,971
Toto Ltd. ........................... 2,000 12,163
Toyo Seikan Kaisha Ltd. ............. 1,000 12,264
Toyota Automatic Loom Works
Ltd. .............................. 2,000 35,348
Toyota Motor Corp. .................. 14,000 362,574
Uny Co., Ltd. ....................... 1,000 16,231
Wacaol Corp. ........................ 1,000 10,172
Yamanouchi Pharmaceutical Co.,
Ltd. .............................. 2,000 41,697
Yamato Transport Co., Ltd. .......... 2,000 22,435
Yamazaki Banking Co., Ltd. .......... 1,000 8,873
----------
TOTAL JAPAN ........................ 5,568,858
----------
OTHER EUROPEAN COUNTRIES (40.9%)
AUSTRIA (0.3%)
Bank Austria AG ..................... 250 20,340
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Bank Austria AG (Rights)* ........... 250 $ --
Bank Austria AG Vorzug .............. 150 12,181
EA-Generali AG ...................... 30 8,814
Flughafen Wein AG ................... 150 7,195
OMV AG .............................. 100 13,398
Oesterreichische
Elektrizitaetseirtschafts AG ...... 120 14,367
VA Technologies AG .................. 70 8,712
Wienerberger Baustoffindustrie
AG ................................ 50 12,099
----------
97,106
----------
BELGIUM (1.6%)
Barco N.V. .......................... 28 7,824
Colruyt S.A. ........................ 8 6,276
D'Ieteren S.A. ...................... 28 13,071
Delhaize Le Lion S.A. ............... 127 8,872
Electrabel S.A. ..................... 222 62,926
Fortis AG ........................... 178 45,433
Generale de Banque S.A. ............. 61 45,275
Groupe Bruxelles Lambert S.A. ....... 99 19,976
Kredietbank N.V. .................... 1,111 99,399
Petrofina S.A. ...................... 88 36,115
Royale Belge ........................ 60 22,810
Solvay S.A., Class A ................ 334 26,472
Tractebel ........................... 318 46,564
UCB S.A. ............................ 6 31,119
----------
472,132
----------
FRANCE (8.2%)
Accor S.A. .......................... 145 40,569
Alcatel Alsthom ..................... 638 129,868
Banque Nationale de Paris ........... 860 70,251
Bouygues ............................ 123 22,332
Canal Plus .......................... 138 25,786
Cap Gemini Sogeti ................... 270 42,414
Carrefour S.A. ...................... 152 96,139
Cie Generale des Eaux ............... 521 111,221
Coflexip S.A. ....................... 44 5,384
Compagnie de Saint Gobain ........... 348 64,507
Dassault Systemes S.A.* ............. 195 9,190
Elf Acquitaine S.A. ................. 1,067 149,971
Eridania Beghin ..................... 116 25,607
Etablissements Economiques du
Casino Guichard-Perrachon
S.A. .............................. 335 26,745
France Telecom S.A. ................. 3,080 212,379
Groupe Danone ....................... 292 80,490
Havas S.A. .......................... 244 20,698
L'Air Liquide ....................... 338 55,850
L'Oreal ............................. 264 146,810
LVMH (Moet Hennessy Louis
Vuitton) .......................... 353 70,629
Lafarge S.A. ........................ 409 42,270
Legardere S.C.A. .................... 367 15,275
Legrand S.A. ........................ 123 32,542
Michelin, Class B (Registered) ...... 560 32,317
PSA Peugeot Citroen ................. 210 45,143
Paribas ............................. 621 66,439
Pechiney S.A., Class A .............. 415 16,710
Pernod Ricard ....................... 275 19,053
Pinault-Printemps-Redoute S.A. ...... 94 78,651
</TABLE>
70
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Promodes .............................. 81 $ 44,870
Rhone-Poulenc, Class A ................ 1,484 83,678
Sanofi S.A. ........................... 412 48,439
Schneider S.A. ........................ 596 47,512
Sidel S.A. ............................ 114 8,294
Simco ................................. 82 6,725
Societe BIC S.A. ...................... 119 8,461
Societe Eurafrance S.A. ............... 12 7,540
Societe Generale Paris ................ 380 78,985
Sodexho Alliance S.A. ................. 144 27,217
Suez Lyonnaise des Eaux ............... 503 82,759
Thomson CSF ........................... 567 21,564
Total S.A., Class B ................... 919 119,443
Usinor Sacilor ........................ 1,205 18,611
Valero S.A. ........................... 312 31,883
-----------
2,391,221
-----------
GERMANY (10.0%)
AMB Aachener & Muenchener
Beteilgungs-AG ...................... 150 17,541
Adidas-Salomon AG ..................... 200 34,599
Allianz AG (New)* ..................... 17 5,561
Allianz AG (Registered) ............... 950 313,418
Axa Colonia Konzern AG ................ 50 6,196
BASF AG ............................... 2,450 116,149
Bayer AG .............................. 2,850 147,122
Bayer Hypothecken Und
Wechselbank AG ...................... 1,100 69,775
Bayerische Vereinsbank AG ............. 1,200 102,135
Beiersdorf AG ......................... 250 15,927
Bresdner Bank AG ...................... 1,850 99,809
Continental AG ........................ 350 10,907
Daimler-Benz AG ....................... 2,230 218,858
Degussa AG ............................ 250 15,401
Deutsche Bank AG ...................... 2,000 169,504
Deutsche Lufthansa AG
(Registered) ........................ 1,500 37,677
Deutsche Telekom AG ................... 8,350 225,475
Heidelberger Zement AG ................ 200 18,963
Hochtief AG ........................... 250 11,991
Karstadt AG ........................... 50 24,175
Linde AG .............................. 50 35,071
M.A.N. AG ............................. 50 19,462
Mannesmann AG ......................... 1,500 152,287
Merck KGaA ............................ 650 29,085
Metro AG .............................. 850 51,608
Muenchener Rueckversicherungs-
Gesellschaft AG ..................... 300 148,877
Preussag AG ........................... 50 17,854
RWE AG ................................ 1,350 80,094
SAP AG ................................ 250 151,788
SGL Carbon AG ......................... 50 5,850
Schering AG ........................... 250 29,484
Siemens AG ............................ 2,250 136,984
Thyssen AG ............................ 150 38,009
Veba AG ............................... 1,950 132,991
Viag AG ............................... 100 67,646
Volkswagen AG ......................... 107 102,939
Volkswagen AG ......................... 50 34,100
-----------
2,895,312
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
IRELAND (0.5%)
Allied Irish Banks plc ................ 3,530 $ 50,904
CRH plc ............................... 2,116 30,048
Independent Newspapers plc ............ 1,605 8,628
Irish Life plc ........................ 1,908 17,583
Jefferson Smurfit Group plc ........... 3,797 11,293
Kerry Group plc, Class A .............. 679 9,386
Ryanair Holdings plc* ................. 885 6,179
-----------
134,021
-----------
ITALY (4.1%)
Assicurazioni Generali S.p.A. ......... 4,223 137,372
Banca Commerciale Italiana ............ 8,808 52,694
Banco Intasa S.p.A. ................... 6,417 35,916
Benetton Group S.p.A.* ................ 7,940 16,489
Credito Italiano S.p.A. ............... 13,042 68,298
ENI S.p.A. (Registered) ............... 28,696 188,147
Edison S.P.A. ......................... 3,006 24,133
Fiat S.p.A. ........................... 14,943 65,428
Istituto Bancario Sao Paulo di
Torino .............................. 3,474 50,149
Istituto Mobiliare Italiano S.p.A. 2,683 42,279
Istituto Nazionale delle
Assicurazioni ....................... 17,008 48,339
Italgas S.p.A. ........................ 1,739 7,086
Mediaset S.p.A. ....................... 6,322 40,365
Mediobanca S.p.A. ..................... 1,207 15,318
Montedison S.p.A. ..................... 19,184 23,807
Parmalat Finanziaria S.p.A. ........... 3,526 7,193
Pirelli S.p.A. ........................ 10,775 33,656
Riunione Adriatica di Sicurta
S.p.A. .............................. 2,189 28,520
Telecom Italia Mobile S.p.A. .......... 27,111 165,853
Telecom Italia Mobile S.p.A. .......... 8,433 28,476
Telecom Italia S.p.A. ................. 13,893 102,310
Telecom Italia S.p.A. (RNC) ........... 4,077 19,744
-----------
1,201,572
-----------
NETHERLANDS (5.3%)
ABN-Amro Holdings N.V. ................ 5,369 125,689
ASR Verzekeringsgroep N.V. ............ 116 9,847
Akzo Nobel N.V. ....................... 270 60,047
Elsevier N.V. ......................... 2,610 39,407
Getronics N.V. ........................ 305 15,825
Hienekin N.V. ......................... 1,247 49,002
IHC Caland N.V. ....................... 64 3,604
ING Groep N.V. ........................ 3,528 231,117
KLM Royal Dutch Airlines N.V. 139 5,647
Koninklijke Ahold N.V. ................ 2,145 68,887
Koninklijke KNP BT .................... 186 4,803
Koninklijke PTT Nederland N.V. 1,832 70,548
Oce N.V. .............................. 160 6,815
Oce N.V. .............................. 141 6,005
Philips Electronics N.V. .............. 1,392 117,067
Royal Dutch Petroleum Co. ............. 8,089 448,748
TNT Post Group N.V.* .................. 1,832 46,852
Unilever N.V. ......................... 2,425 192,492
Wolters Kluwer N.V. ................... 257 35,290
-----------
1,537,692
-----------
</TABLE>
71
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
PORTUGAL (0.6%)
BPI-SGPS S.A. (Registered) ......... 300 $ 9,685
Banco Comercial Portugues
(Registered) ..................... 1,000 28,407
Banco Espirito Santo ............... 662 19,888
Brisa-Auto Estradas de Portugal
S.A. ............................. 200 8,557
Cimentos de Portugal S.A. .......... 500 17,575
Electricidade de Portugal S.A. ..... 1,300 30,233
Jeronimo Martins & Filho ........... 500 24,031
Portugal Telecom S.A. .............. 800 42,418
Sonae Investimentos-Sociedade
Gestora de ....................... 100 5,464
-----------
186,258
-----------
SPAIN (3.0%)
Acerinox S.A. ...................... 56 7,457
Argentaria Corp. Banc .............. 2,156 48,364
Autopistas Concesionaria Espana 1,369 21,199
Banco Bilbao Vizcaya S.A. .......... 2,500 128,301
Banco Central Hispanoamer S.A. 1,177 36,995
Banco Santander S.A. ............... 4,580 117,225
Dragados & Construcciones S.A. 306 9,798
Endesa S.A. ........................ 4,205 91,997
Fomento de Construcciones y
Contratas S.A. ................... 253 13,050
Gas Natural SDG S.A. ............... 593 42,846
Iberdrola S.A. ..................... 3,514 57,058
Repsol S.A. ........................ 1,154 63,589
Sociedad General de Aguas de
Barcelona S.A. ................... 177 9,869
Tabacalera S.A., Class A ........... 705 14,436
Telefonica de Espana S.A. .......... 3,949 182,578
Union Electrica Fenosa S.A. ........ 620 7,985
Vallehermoso S.A. .................. 254 9,342
Zardoya Otis S.A. .................. 376 11,171
-----------
873,260
-----------
SWITZERLAND (7.3%)
ABB AG (Bearer) .................... 40 59,115
Adecco S.A. (Bearer) ............... 80 36,102
Adecco S.A. (Rights)* .............. 80 --
Alusuisse Lonza Group AG ........... 30 38,081
CS Holdings ........................ 1,030 229,349
Holderbank Financiere Glarus
AG, Class B ...................... 20 25,467
Kuoni Reisen AG (Registered) ....... 1 4,968
Nestle S.A. (Registered) ........... 150 321,238
Novartis AG (Bearer) ............... 20 33,331
Novartis AG (Registered) ........... 230 383,005
Roche Holding AG ................... 6 88,969
Roche Holdings AG .................. 27 265,333
SGS Societe Generale de
Surveillance Holding S.A. ........ 5 8,481
SAirGroup (Registered) ............. 50 16,461
Sulzer AG .......................... 20 15,795
Swiss Reinsurance Co.
(Registered) ..................... 55 139,196
The Swatch Group AG ................ 10 7,732
The Swatch Group AG ................ 100 16,692
UBS AG (Registered)* ............... 702 261,046
Union Bank of Switzerland .......... 100 36,023
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Zurich Versicherungs-
Gesellschaft (Registered) ........ 180 $ 114,957
Holderbank Financiere Glarus
AG (Registered) .................. 50 12,585
-----------
2,113,926
-----------
TOTAL OTHER EUROPEAN
COUNTRIES ..................... 11,902,500
-----------
SCANDINAVIA (5.3%)
DENMARK (0.8%)
Carlsberg A.S., Class B ............ 100 7,277
Carlsberg, Class A ................. 200 14,554
D/S 1912, Class B .................. 5 42,934
D/S Svendborg, Class B ............. 3 36,676
Danisco ............................ 202 13,582
Den Danske Bank AS ................. 200 24,014
ISS International Service System
A/S, Class B ..................... 143 8,325
Novo-Nordisk A/S, Class B .......... 278 38,356
Tele Danmark A/S, Class B .......... 489 46,971
Unidanmark A/S, Class A
(Registered) ..................... 200 17,989
-----------
250,678
-----------
FINLAND (1.0%)
Kemira Oyj ......................... 1,000 10,342
Kesco Oyj .......................... 700 11,044
Merita Plc, Class A ................ 4,000 26,411
Metra Oyj, Class B ................. 200 6,566
Nokia Oyj, Class A ................. 1,800 132,475
Nokia Oyj, Class K ................. 600 44,213
Outokumpu Oyj ...................... 500 6,384
Sampo Insurance Co., plc,
Class A .......................... 300 14,227
Upm-Kymmene OYJ .................... 1,200 33,050
-----------
284,712
-----------
NORWAY (0.5%)
Christiania Bank OG Kreditkasse 2,900 12,145
Den Norske Bank .................... 2,600 13,636
Kvaerner plc ....................... 200 6,784
Merkantildata ASA .................. 550 6,960
NCL Holdings ASA* .................. 1,200 5,933
Norsk Hydro ASA .................... 950 41,830
Orkla ASA, Class A ................. 800 18,630
Petroleum Geo-Services* ............ 400 12,472
Schibsted ASA ...................... 450 7,573
Storebrand ASA* .................... 950 8,428
Tomra Systems ASA .................. 200 6,001
-----------
140,392
-----------
SWEDEN (3.0%)
ABB AB, Class A .................... 3,100 43,914
ABB AB, Class B .................... 400 5,566
AGA AB, Class A .................... 400 6,268
Astra AB, Class A .................. 5,200 106,255
Astra AB, Class B .................. 1,400 27,905
Atlas Copco AB ..................... 600 16,360
Electrolux AB, Class B ............. 1,500 25,762
Ericsson LM, Class B ............... 7,600 221,988
ForeningsSparbanken AB,
Class A .......................... 1,600 48,138
Hennes & Mauritz AB, Class B ....... 900 57,428
</TABLE>
72
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Mandamus AB* ....................... 45 $ 282
Netcom Systems AB, Class B* ........ 200 7,660
Sandvik AB, Class A ................ 1,000 27,642
Securitas AB, Class B .............. 400 19,581
Skandia Forsakrings AB ............. 2,700 38,586
Skandinaviska Enskilds Banken ...... 2,500 42,779
Skanska AB, B Shares ............... 500 22,440
Stora Kopparbergs Bergslags
Aktiebolag, Class A .............. 1,200 18,879
Svenska Cellulosa, AB, Class B ..... 1,200 31,064
Svenska Handelsbanken, Class A 800 37,107
Volvo AB, Class B .................. 1,300 38,705
Volvo AB, Class A .................. 700 20,359
-----------
864,668
-----------
TOTAL SCANDINAVIA ................. 1,540,450
-----------
SOUTHEAST ASIA (2.4%)
HONG KONG (1.5%)
Bank of East Asia Ltd. ............. 4,744 5,143
CLP Holdings Ltd. .................. 10,000 45,560
Cathay Pacific Airways ............. 13,000 9,144
Cheung Kong Ltd. ................... 9,000 44,257
Hang Seng Bank Ltd. ................ 8,000 45,225
Hong Kong & China Gas Co.,
Ltd. ............................. 15,000 17,037
Hong Kong Telecommunications
Ltd. ............................. 46,800 87,886
Hutchison Whampoa Ltd. ............. 16,000 84,461
Johnson Electric Holdings Ltd. ..... 2,000 7,408
New World Development Co. .......... 8,108 15,697
Sun Hung Kai Properties Ltd. ....... 9,084 38,573
Swire Pacific Ltd., Class A ........ 6,000 22,651
Television Broadcasts Ltd. ......... 2,000 5,292
Wharf Holdings ..................... 13,000 12,835
-----------
441,169
-----------
MALAYSIA (0.4%)
Golden Hope Plantations Bhd. ....... 8,000 7,325
Kuala Lumpur Kepong Bhd. ........... 5,000 8,072
Malayan Banking Bhd. ............... 10,000 10,072
Malaysian International Shipping
Bhd. (Foreign) ................... 6,000 8,746
Nestle (Malaysia) Bhd. ............. 2,000 9,060
Oriental Holdings Bhd. ............. 4,000 6,650
RHB Capital Bhd. ................... 16,000 6,515
Resorts World Bhd. ................. 6,000 6,592
Rothmans of Pall Mall Bhd. ......... 2,000 13,855
Sime Darby Bhd. .................... 12,000 8,269
Telekom Malaysia Bhd. .............. 12,000 20,240
Tenaga Nasional Bhd. ............... 13,000 15,662
YTL Corp. Bhd. ..................... 9,000 6,766
-----------
127,824
-----------
SINGAPORE (0.5%)
City Developments .................. 4,000 11,175
Creative Technology Ltd.* .......... 1,000 12,134
Development Bank of Singapore
(Foreign) ........................ 2,600 14,389
Keppel Corp. Ltd. .................. 6,000 9,020
Oversea-Chinese Banking Corp.,
Ltd. (Foreign) ................... 6,000 20,420
Singapore Airlines Ltd. ............ 4,000 18,704
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Singapore Press Holdings Ltd. ...... 2,276 $ 15,223
Singapore Telecommunications
Ltd. ............................. 23,000 32,672
United Overseas Bank Ltd.
(Foreign) ........................ 3,000 9,322
-----------
143,059
-----------
TOTAL SOUTHEAST ASIA .............. 712,052
-----------
UNITED KINGDOM (20.4%)
Abbey National plc ................. 5,651 100,506
Anglian Water plc .................. 902 12,653
Arjo Wiggins Appleton plc .......... 2,323 7,798
Associated British Foods plc ....... 4,023 37,993
B.A.T. Industries plc .............. 12,302 123,267
BBA Group plc ...................... 1,507 11,350
BG plc ............................. 15,118 87,481
BOC Group plc ...................... 2,268 30,926
BPB plc ............................ 1,635 9,912
BTR plc ............................ 14,468 41,075
Barclays plc ....................... 5,947 171,617
Bass plc ........................... 3,288 61,664
Blue Circle Industries plc ......... 3,834 21,673
Boots Co. plc ...................... 3,766 62,452
British Aerospace plc .............. 7,550 57,873
British Airport Authority plc ...... 4,220 45,597
British Airways plc ................ 4,472 48,432
British Land Co. plc ............... 2,528 25,985
British Petroleum Co. plc .......... 22,281 325,210
British Sky Broadcasting plc ....... 6,984 50,211
British Steel ...................... 8,995 19,791
British Telecom plc ................ 24,598 303,983
Bunzl plc .......................... 2,883 13,529
Burmah Castrol plc ................. 714 12,759
Cable & Wireless plc ............... 8,518 103,559
Cadbury Schweppes plc .............. 4,177 64,699
Carlton Communications plc ......... 1,857 16,591
Centrica plc* ...................... 17,532 29,571
Commercial Union plc ............... 5,103 95,276
Compass Group plc .................. 3,264 37,557
Diageo plc ......................... 13,125 155,624
EMI Group plc ...................... 3,870 33,866
Electrocomponents plc .............. 1,842 14,458
GKN plc ............................ 3,082 39,297
General Electric Co., plc .......... 10,913 94,131
Glaxo Wellcome plc ................. 13,242 397,835
Granada Group plc .................. 3,571 65,719
Great Universal Stores plc ......... 3,376 44,540
Guardian Royal Exchange plc ........ 1,514 8,875
HSBC Holdings plc .................. 3,324 84,432
HSBC Holdings plc .................. 6,599 160,016
Halifax plc ........................ 9,930 129,017
Hanson plc ......................... 3,355 20,408
Imperial Chemical Industries plc 3,072 49,353
Jarvis plc ......................... 904 10,492
Kingfisher plc ..................... 2,909 46,880
Ladbroke Group plc ................. 3,642 20,010
Land Securities plc ................ 2,423 37,490
Lasmo plc .......................... 1,694 6,790
Legal & General Group plc .......... 5,340 57,030
Lloyds TSB Group plc ............... 20,721 290,156
LucasVarity plc .................... 6,785 26,968
MEPC plc ........................... 2,224 19,573
</TABLE>
73
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ --------------
<S> <C> <C>
Marks & Spencer plc ................ 11,221 $ 102,222
Misys plc .......................... 489 27,806
National Grid Group plc ............ 6,041 40,758
National Power plc ................. 5,191 48,893
Pearson plc ........................ 1,836 33,666
Penninsular & Oriental Steam
Navigation Co. ................... 2,555 36,823
Pilkington plc ..................... 342 631
Prudential Corp. plc ............... 7,754 102,234
RMC Group plc ...................... 1,309 22,713
Railtrack Group plc ................ 2,153 52,818
Rank Group plc ..................... 2,528 13,890
Reed International plc ............. 4,863 44,017
Rentokil Initial plc ............... 10,787 77,642
Reuters Group plc .................. 6,011 68,763
Rexam plc .......................... 1,923 8,390
Rio Tinto plc (Registered) ......... 4,389 49,475
Rolls-Royce plc .................... 6,428 26,569
Royal & Sun Alliance Insurance
Group ............................ 6,480 67,040
Royal Bank of Scotland plc ......... 2,916 50,645
Safeway plc ........................ 3,918 25,682
Sainsbury J plc .................... 7,814 69,684
Schroeders plc ..................... 1,341 34,622
Scottish & Newcastle plc ........... 2,584 36,594
Scottish Power plc ................. 5,155 45,197
Siebe plc .......................... 1,980 39,580
Smithkline Beecham plc ............. 21,343 260,728
Smiths Industries plc .............. 1,439 19,946
Stagecoach Holdings plc* ........... 898 19,121
TI Group plc ....................... 1,303 9,901
Tate Lyle ORD plc .................. 2,148 17,048
Tesco plc .......................... 8,899 86,939
Thames Water plc ................... 1,158 21,098
The Berkeley Group plc ............. 1,015 10,577
Unilever plc ....................... 12,783 136,198
United Utilities plc ............... 2,047 29,792
Vodafone Group plc ................. 11,367 144,365
Williams plc ....................... 3,846 24,728
Wolseley plc ....................... 3,086 18,141
Zeneca Group plc ................... 3,636 156,176
-----------
TOTAL UNITED KINGDOM .............. 5,925,062
-----------
TOTAL COMMON STOCKS AND RIGHTS (90.2%)
(Cost $23,988,860)................. 26,255,979
-----------
PREFERRED STOCKS:
OTHER EUROPEAN COUNTRIES (0.7%)
AUSTRALIA (0.2%)
News Corp., Ltd. ................... 7,509 53,260
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ --------------
<S> <C> <C>
GERMANY (0.5%)
RWE AG ............................. 700 $ 30,119
SAP AG (Non Voting) ................ 150 102,052
-----------
132,171
-----------
TOTAL PREFERRED STOCKS (0.7%)
(Cost $125,069) ................... 185,431
-----------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT SECURITIES:
U.S GOVERNMENT (4.2%)
U.S. Treasury Bill
08/20/98- ......................... $ 10,000 9,932
10/15/98 ......................... 518,000 510,404
10/22/98 .......................... 495,000 487,278
11/12/98 .......................... 230,000 225,711
-----------
TOTAL SHORT-TERM DEBT SECURITIES (4.2%)
(Cost/Amortized Cost $1,233,171) 1,233,325
-----------
TOTAL INVESTMENTS (95.1%)
(Cost/Amortized Cost $25,347,100) 27,674,735
-----------
OTHER ASSETS
LESS LIABILITIES (4.9%) .......... 1,423,355
-----------
NET ASSETS (100%) .................. $29,098,090
===========
</TABLE>
<TABLE>
<S> <C> <C>
MARKET SECTOR DIVERSIFICATION (Unaudited)
As a Percentage of Total Equity Investments
Basic Materials ................ 3.9%
Business Services .............. 4.3
Capital Goods .................. 5.6
Consumer Cyclicals ............. 12.2
Consumer Non-Cyclicals ......... 19.0
Credit Sensitive
Banks ......................... 15.6
Financial Services ............ 3.4
Insurance ..................... 5.4
Real Estate ................... 1.6
Utility--Electric ............. 2.2
Utility--Gas .................. 1.1
Utility--Telephone ............ 2.7
Investment Company ............ 0.3
----
Total Credit Sensitive ......... 32.3
Diversified .................... 1.6
Energy ......................... 7.8
Technology ..................... 13.3
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing
- - Security segregated as collateral for financial futures contracts.
74
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1998, the Portfolio had futures contracts open:(Note 1)
<TABLE>
<CAPTION>
NUMBER UNREALIZED
OF AGGREGATE EXPIRATION APPRECIATION
PURCHASES: CONTRACTS FACE VALUE DATE (DEPRECIATION)
- ---------------------------------------- ----------- ------------ ------------ ---------------
<S> <C> <C> <C> <C>
Australia All Ordinaries Index ......... 2 $ 82,107 Sept `98 $ 2,466
German Index ........................... 1 327,198 Sept `98 (2,800)
Hang Seng Index ........................ 2 111,233 July `98 723
IBEX Plus Index ........................ 2 131,904 July `98 449
Milan MIB 30 Index ..................... 1 192,584 Sept `98 (743)
CAC 40 Index ........................... 2 281,209 Sept `98 3,120
Nikkei 300 Index ....................... 13 228,350 Sept `98 11,718
Tokyo Price Index ...................... 1 88,335 Sept `98 1,299
Financial Times 100 Index .............. 3 293,020 Sept `98 (2,149)
--------
$ 14,083
========
</TABLE>
At June 30, 1998 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION/
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ----------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
German Mark, expiring 7/27/98 ........... 706 $392,697 $392,295 $ (402)
Japanese Yen, expiring 7/27/98 .......... 20,925 149,098 151,582 2,484
British Pound, expiring 7/27/98 ......... 95 158,268 158,410 142
------
$2,224
======
</TABLE>
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities .. $24,246,832
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .. 169,601
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 2,957,066
Aggregate gross unrealized depreciation ......... (629,431)
-----------
Net unrealized appreciation ..................... $ 2,327,635
===========
Federal income tax cost of investments .......... $25,347,100
===========
</TABLE>
See Notes to Financial Statements.
75
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (3.5%)
CHEMICALS (0.9%)
A. Schulman, Inc. ................... 800 $ 15,650
Calgon Carbon Corp. ................. 600 5,963
Cambrex Corp. ....................... 700 18,375
ChemFirst, Inc. ..................... 500 12,625
Dionex Corp.* ....................... 600 15,825
Geon Co. ............................ 600 13,763
Georgia Gulf Corp. .................. 400 9,125
Mycogen Corp.* ...................... 300 7,209
NOVA Corp.* ......................... 500 17,875
Spartech Corp. ...................... 300 6,431
Stepan Co. .......................... 200 5,963
Waters Corp.* ....................... 500 29,469
Wellman, Inc. ....................... 600 13,613
-----------
171,886
-----------
CHEMICALS--SPECIALTY (0.7%)
Airgas, Inc.* ....................... 100 1,438
Albemarle Corp. ..................... 300 6,619
Ferro Corp. ......................... 600 15,188
General Chemical Group, Inc. ........ 200 5,550
H.B. Fuller Co. ..................... 300 16,631
LeaRonal, Inc. ...................... 200 4,775
Lilly Industries, Inc., Class A ..... 600 12,975
M.A. Hanna Co. ...................... 1,000 18,313
MacDermid, Inc. ..................... 300 8,475
Minerals Technologies, Inc. ......... 400 20,350
NCH Corp. ........................... 100 6,406
NL Industries, Inc. ................. 400 8,000
OM Group, Inc. ...................... 400 16,500
Terra Industries, Inc. .............. 400 3,600
The Carbide/Graphite Group,
Inc.* ............................. 200 5,563
-----------
150,383
-----------
METALS & MINING (0.7%)
ASARCO, Inc. ........................ 100 2,225
Battle Mountain Gold Co. ............ 300 1,781
Century Aluminum Co. ................ 400 5,900
Cleveland-Cliffs, Inc. .............. 400 21,450
Commercial Metals Co. ............... 200 6,150
Commonwealth Industries, Inc. ....... 300 3,000
Getchell Gold Corp.* ................ 500 7,500
Helca Mining Co.* ................... 1,000 5,313
Intermet Corp. ...................... 200 3,625
Lawson Products, Inc. ............... 300 7,725
MAXXAM, Inc.* ....................... 100 5,675
MDU Resources Group, Inc. ........... 500 17,844
Mueller Industries, Inc.* ........... 600 22,275
Ryerson Tull, Inc., Class A* ........ 200 4,100
Stillwater Mining Co.* .............. 300 8,138
Titanium Metals Corp. ............... 200 4,413
Wolverine Tube, Inc.* ............... 300 11,400
-----------
138,514
-----------
PAPER (0.6%)
Buckeye Technologies, Inc.* ......... 400 9,425
Caraustar Industries, Inc. .......... 300 8,663
Chesapeake Corp. .................... 600 23,363
Gibson Greetings, Inc.* ............. 400 10,000
Longview Fibre, Co. ................. 1,100 15,675
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
P.H. Glatfelter Co. ................. 200 $ 3,163
Rock-Tenn Co., Class A .............. 800 10,050
Schweitzer-Mauduit
International, Inc. ............... 400 11,600
Unisource Worldwide, Inc. ........... 100 1,081
Wausau-Mosinee Paper Corp. .......... 1,000 22,875
-----------
115,895
-----------
STEEL (0.6%)
AK Steel Holding Corp. .............. 1,100 19,663
Armco, Inc.* ........................ 2,200 14,025
Bethlehem Steel Corp.* .............. 210 2,612
Birmingham Steel Corp. .............. 600 7,425
Carpenter Technology Corp. .......... 300 15,075
Citation Corp.* ..................... 200 4,000
Gibraltar Steel Corp.* .............. 100 2,050
J & L Specialty Steel, Inc. ......... 400 2,375
Lone Star Technologies, Inc.* ....... 400 6,100
LTV Corp. ........................... 100 956
Maverick Tube Corp.* ................ 200 2,325
National Steel Corp., Class B ....... 400 4,750
Oregon Steel Mills, Inc. ............ 300 5,588
Quanex Corp. ........................ 100 3,031
Reliance Steel & Aluminum, Co. 100 3,863
Rouge Industries, Inc., Class A ..... 300 3,825
Shaw Group, Inc.* ................... 200 5,200
Shiloh Industries, Inc.* ............ 200 4,050
Steel Dynamics, Inc.* ............... 700 9,713
Valmont Industries .................. 200 3,994
-----------
120,620
-----------
TOTAL BASIC MATERIALS ............. 697,298
-----------
BUSINESS SERVICES (9.0%)
ENVIRONMENTAL CONTROL (1.4%)
AgriBioTech, Inc.* .................. 100 2,769
Air & Water Technologies Corp.,
Class A* .......................... 400 1,250
Allied Waste Industries, Inc.* ...... 1,800 43,200
CCC Information Services
Group, Inc.* ...................... 300 4,950
CLARCOR, Inc. ....................... 750 15,750
CSG Systems International, Inc.* 500 23,438
Catalytica, Inc.* ................... 100 1,963
Dames & Moore Group ................. 600 7,725
Donaldson Co., Inc. ................. 800 18,900
Eastern Environmental Services,
Inc.* ............................. 200 6,800
Ionics, Inc.* ....................... 400 14,750
Laidlaw Environmental Services,
Inc.* ............................. 3,340 12,108
Mine Saftey Appliances Co. .......... 100 7,500
Mississippi Chemical Corp. .......... 300 4,931
ONEOK, Inc. ......................... 500 19,938
Philadelphia Suburban Corp. ......... 400 8,750
Rollins, Inc. ....................... 400 8,200
Roper Industries, Inc. .............. 500 13,063
Superior Services, Inc.* ............ 300 9,019
Tejon Ranch Co. ..................... 300 7,950
Tetra Tech, Inc.* ................... 400 9,700
U.S. Filter Corp.* .................. 938 26,309
-----------
268,963
-----------
</TABLE>
76
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
PRINTING, PUBLISHING, BROADCASTING (3.0%)
Ackerley Group, Inc. ................. 200 $ 4,200
American Media, Inc., Class A* ....... 800 5,300
Analysts International Corp. ......... 600 17,025
BET Holdings, Inc.* .................. 200 12,588
Banta Corp. .......................... 600 18,525
Big Flower Holdings, Inc.* ........... 500 15,000
Bowne & Co., Inc. .................... 600 27,000
Cablevision Systems Corp.,
Class A* ........................... 500 41,750
Catalina Marketing Corp.* ............ 400 20,775
Century Communications Corp.,
Class A* ........................... 700 13,125
CKS Group, Inc.* ..................... 200 3,600
Consolidated Graphics, Inc.* ......... 100 5,900
Cox Radio Inc., Class A* ............. 100 4,325
Emmis Broadcasting Corp.,
Class A* ........................... 200 9,563
HA-LO Industries, Inc.* .............. 200 6,225
Heftel Broadcasting Corp.,
Class A* ........................... 400 17,900
Hollinger International, Inc. ........ 100 1,700
Houghton Mifflin Co. ................. 600 19,050
Jacor Communications, Inc.* .......... 800 47,200
John Wiley & Sons, Inc., Class A 300 18,258
Jones Intercable, Inc., Class A* ..... 300 7,500
Journal Register Co.* ................ 900 15,075
Lamar Advertising Co.* ............... 400 14,350
Lee Enterprises, Inc. ................ 100 3,063
Mail-Well, Inc.* ..................... 1,000 21,688
McClatchy Co., Class A ............... 400 13,850
Media General, Inc., Class A ......... 200 9,750
Merrill Corp. ........................ 200 4,413
Outdoor Systems, Inc.* ............... 900 25,200
Playboy Enterprises, Inc.,
Class B* ........................... 300 5,325
Pulitzer Publishing Co. .............. 100 8,925
SFX Entertainment, Class A* .......... 100 4,588
Saga Communications, Inc.,
Class A* ........................... 375 5,250
Scholastic Corp.* .................... 200 7,975
Spelling Entertainment Group,
Inc.* .............................. 500 4,688
Standard Register Co. ................ 200 7,075
TCI Satellite Entertainment, Inc.,
Class A* ........................... 800 4,700
True North Communications, Inc. 500 14,625
United International Holdings,
Inc., Class A* ..................... 900 14,400
United Television, Inc. .............. 100 11,450
United Video Satellite Group,
Inc., Class A* ..................... 100 3,963
USA Networks, Inc.* .................. 226 5,658
Westwood One, Inc. ................... 500 12,609
World Color Press, Inc.* ............. 800 28,000
Young Broadcasting, Inc.,
Class A* ........................... 200 13,000
Zebra Technologies Corp.,
Class A* ........................... 400 17,100
-----------
593,229
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
PROFESSIONAL SERVICES (3.3%)
ABM Industries, Inc. ................. 300 $ 8,363
ACNielson Corp.* ..................... 900 22,725
ADVO, Inc.* .......................... 500 14,094
Abacus Direct Corp.* ................. 100 5,194
Alexander & Baldwin, Inc. ............ 100 2,913
Alternative Resources Corp.* ......... 200 2,475
American Business Information,
Inc., Class B* ..................... 300 4,800
APAC TeleServices, Inc.* ............. 300 1,753
Applied Graphics Technologies,
Inc.* .............................. 160 7,320
Aztec Technology Partners, Inc. ...... 1 8
Berlitz International, Inc.* ......... 200 5,400
Billing Concepts Corp.* .............. 500 7,750
Borg-Warner Security Corp.* .......... 200 4,525
Brightpoint, Inc.* ................... 800 11,600
CDI Corp.* ........................... 200 5,350
CORT Business Service Corp.* ......... 300 9,450
Caribiner International, Inc.* ....... 200 3,500
Century Business Services, Inc.* ..... 600 12,000
Cerner Corp.* ........................ 600 16,988
Circle International Group, Inc. ..... 300 8,400
Coach USA, Inc.* ..................... 300 13,688
Computer Learning Centers,
Inc.* .............................. 300 7,463
Computer Management Sciences,
Inc.* .............................. 100 2,375
Concentra Managed Care, Inc.* ........ 700 18,200
Coventry Health Care, Inc.* .......... 900 13,388
Crawford & Co., Class B .............. 800 15,000
Data Processing Resources
Corp.* ............................. 200 6,213
DeVry, Inc.* ......................... 1,200 26,325
EG&G, Inc. ........................... 800 24,000
E.W. Blanch Holdings, Inc. ........... 200 7,350
Education Management Corp.* .......... 200 6,575
Equity Corporation
International* ..................... 200 4,800
Fisher Scientific International,
Inc. ............................... 600 8,663
Franklin Covey Co.* .................. 400 7,700
HealthPlan Services Corp. ............ 300 5,250
ITT Educational Services, Inc.* ...... 200 6,450
InaCom Corp.* ........................ 200 6,350
Informix Corp.* ...................... 200 1,581
Interim Services, Inc.* .............. 800 25,700
Kelly Services, Inc., Class A ........ 500 17,688
LabOne, Inc. ......................... 100 1,663
Landauer, Inc. ....................... 200 5,975
Lason, Inc.* ......................... 100 5,450
Learning Tree International,
Inc.* .............................. 200 4,025
May & Speh, Inc.* .................... 300 5,963
Metamor Worldwide, Inc.* ............. 400 14,075
Metzler Group, Inc.* ................. 150 5,494
National Data Corp. .................. 100 4,375
Navigant International, Inc.* ........ 1 9
NCO Group, Inc.* ..................... 200 4,400
NFO Worldwide, Inc.* ................. 400 7,125
Norrell Corp. ........................ 300 5,981
</TABLE>
77
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Ogden Corp. .......................... 1,000 $ 27,688
Olsten Corp. ......................... 800 8,950
Pegasystems, Inc.* ................... 200 5,425
Personnel Group of America,
Inc.* .............................. 600 12,000
Pharmaceutical Product
Development, Inc.* ................. 300 6,600
Pinkertons, Inc.* .................... 200 4,150
Pre-paid Legal Services, Inc.* ....... 400 12,625
Renaissance Worldwide, Inc.* ......... 400 8,700
Romac International, Inc.* ........... 640 19,440
SITEL Corp.* ......................... 900 5,963
Seitel, Inc.* ........................ 400 6,475
Snyder Communications, Inc.* ......... 200 8,800
StaffMark, Inc.* ..................... 300 10,988
Strayer Education, Inc. .............. 200 7,250
Superior Consultant Holdings
Corp.* ............................. 100 4,313
Sybase, Inc.* ........................ 100 697
Sylvan Learning Systems, Inc.* ....... 600 19,650
US Office Products Co.* .............. 423 8,239
Valassis Communications, Inc.* ....... 100 3,856
Veritas DGC, Inc.* ................... 400 19,975
Vincam Group, Inc.* .................. 100 1,963
Volt Information Sciences, Inc.* ..... 200 5,425
Wackenhut Corrections Corp.* ......... 200 4,675
Whittman-Hart, Inc.* ................. 100 4,833
-----------
662,582
-----------
TRUCKING, SHIPPING (1.3%)
AMERCO* .............................. 300 8,831
Air Express International Corp. ...... 400 10,700
Airborne Freight Corp. ............... 800 27,950
AirNet Systems, Inc.* ................ 200 3,225
American Freightways Corp.* .......... 400 4,000
Arnold Industries, Inc. .............. 300 4,425
C.H. Robinson Worldwide, Inc. ........ 100 2,488
Consolidated Freightways Corp.* 500 6,969
Eagle USA Airfreight, Inc.* .......... 100 3,469
Expeditors International of
Washington, Inc. ................... 400 17,600
Fritz Cos., Inc.* .................... 200 2,675
Heartland Express, Inc.* ............. 400 8,100
Hvide Marine, Inc., Class A* ......... 200 2,713
Iron Mountain, Inc.* ................. 200 8,950
J.B. Hunt Transport Services, Inc. 600 21,375
Kirby Corp.* ......................... 575 14,519
Knight Transportation, Inc.* ......... 150 2,869
Landstar Systems, Inc.* .............. 200 6,988
M.S. Carriers, Inc.* ................. 200 5,425
Marine Transport Corp.* .............. 140 569
OMI Corp.* ........................... 400 3,225
Overseas Shipholding Group, Inc. 900 18,338
Pittston BAX Group ................... 500 7,781
Roadway Express, Inc. ................ 200 3,775
Swift Transportation Co., Inc.* ...... 400 7,925
United Rentals, Inc.* ................ 100 4,200
USFreightways Corp. .................. 400 13,138
Werner Enterprises, Inc. ............. 500 9,531
Wisconsin Central Transport
Corp.* ............................. 100 2,188
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
XTRA Corp. ........................... 200 $ 12,100
Yellow Corp.* ........................ 400 7,420
-----------
253,461
-----------
TOTAL BUSINESS SERVICES ............ 1,778,235
-----------
CAPITAL GOODS (8.4%)
AEROSPACE (0.7%)
AAR Corp. ............................ 650 19,216
BE Aerospace, Inc.* .................. 500 14,563
Curtiss-Wright Corp. ................. 200 7,838
Cymer, Inc.* ......................... 600 9,675
Ducommun, Inc.* ...................... 150 3,000
GenCorp, Inc. ........................ 500 12,625
Hexcel Corp.* ........................ 400 9,050
Kaman Corp., Class A ................. 600 11,419
Moog, Inc., Class A* ................. 200 7,638
Orbital Sciences Corp.* .............. 600 22,425
REMEC, Inc.* ......................... 400 4,550
Scott Technologies, Inc.,
Class A* ........................... 400 5,845
-----------
127,844
-----------
BUILDING & CONSTRUCTION (1.6%)
A.O. Smith Corp. ..................... 200 10,338
American Homestar Corp.* ............. 200 4,788
Butler Manufacturing Co. ............. 200 6,813
Champion Enterprises, Inc.* .......... 700 20,475
Coachman Industries, Inc. ............ 400 10,450
Dal-Tile International, Inc.* ........ 800 7,850
Del Webb Corp. ....................... 200 5,188
Elcor Corp. .......................... 300 7,575
Fairfield Communities, Inc.* ......... 900 17,269
Fleetwood Enterprises, Inc. .......... 300 12,000
Halter Marine Group, Inc.* ........... 100 1,506
Jacobs Engineering Group, Inc.* 700 22,488
Kaufman & Broad Home Corp. ........... 700 22,225
Kennametal, Inc. ..................... 400 16,700
Morrison Knudsen Corp.* .............. 500 7,031
Newport News Shipbuilding, Inc. 700 18,725
Palm Harbor Homes, Inc.* ............. 400 17,050
Pulte Corp. .......................... 400 11,950
Republic Group, Inc. ................. 300 6,300
Service Experts, Inc.* ............... 200 6,900
Standard Pacific Corp. ............... 500 10,313
Synthetic Industries, Inc.* .......... 200 2,913
TJ International, Inc. ............... 300 9,038
Thomas Industries, Inc. .............. 300 7,331
Toll Brothers, Inc.* ................. 500 14,344
U.S. Industries, Inc. ................ 100 4,125
U.S. Home Corp.* ..................... 320 7,920
Walter Industries, Inc.* ............. 800 15,150
Watts Industries, Inc., Class A ...... 400 8,350
Wilmar Industries, Inc.* ............. 300 7,650
Winnebago Industries, Inc. ........... 400 5,095
-----------
325,850
-----------
BUILDING MATERIALS & FOREST PRODUCTS (1.4%)
Advanced Lighting Technologies,
Inc.* .............................. 200 4,650
Apogee Enterprises, Inc. ............. 700 10,719
Cadiz Land Co., Inc.* ................ 100 1,156
CalMat Co. ........................... 500 11,000
</TABLE>
78
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Centex Construction Products,
Inc. .............................. 300 $ 11,550
Deltic Timber Corp. ................. 200 5,013
Fedders Corp. ....................... 1,200 8,025
Florida Rock Industries, Inc. ....... 300 8,756
Griffon Corp.* ...................... 500 6,406
Holophane Corp.* .................... 200 5,100
HomeBase, Inc.* ..................... 1,000 7,938
Hughes Supply, Inc. ................. 200 7,325
Juno Lighting, Inc. ................. 500 11,813
Kaydon Corp. ........................ 600 21,188
Lone Star Industries, Inc. .......... 200 15,413
Medusa Corp. ........................ 200 12,550
Modine Manufacturing Co. ............ 300 10,388
Park Electrochemical Corp. .......... 300 6,338
Regal-Beloit Corp. .................. 600 17,100
RMI Titanium Co.* ................... 300 6,825
Scotts Co. .......................... 300 11,175
Southdown, Inc. ..................... 500 35,688
Sturm Ruger & Co., Inc. ............. 200 3,350
Texas Industries, Inc. .............. 400 21,200
Toro Co. ............................ 200 6,850
Universal Forest Products, Inc. ..... 300 4,908
------------
272,424
------------
ELECTRICAL EQUIPMENT (2.6%)
ADTRAN, Inc.* ....................... 300 7,838
AMETEK, Inc. ........................ 500 14,656
Applied Power, Inc. Class A ......... 500 17,188
Arctic Cat, Inc. .................... 500 4,938
Barnes Group, Inc. .................. 300 8,119
Comfort Systems USA, Inc.* .......... 400 9,350
CommScope, Inc.* .................... 100 1,619
Credence Systems Corp.* ............. 400 7,600
Cypress Semiconductor Corp.* ........ 300 2,494
Dallas Semiconductor Corp. .......... 100 3,100
Electro Rent Corp.* ................. 400 8,975
Encore Wire Corp.* .................. 300 4,838
Esterline Technologies Corp.* ....... 400 8,225
Flowserve Corp. ..................... 800 19,700
Franklin Electric Co., Inc. ......... 100 6,800
Harman International Industries,
Inc. .............................. 500 19,250
Hussmann International, Inc. ........ 100 1,856
Integrated Process Equipment
Corp.* ............................ 300 3,375
Kuhlman Corp. ....................... 500 19,781
Kulicke & Soffa Industries, Inc.* 500 8,500
Lam Research Corp.* ................. 100 1,913
Level One Communications,
Inc.* ............................. 450 10,575
MMC Networks, Inc.* ................. 100 3,188
Marquette Medical Systems, Inc.* 200 5,131
Marshall Industries* ................ 500 13,625
Mentor Graphics Corp.* .............. 800 8,450
Methode Electronics, Inc.,
Class A ........................... 400 6,200
Mettler-Toledo International,
Inc.* ............................. 100 2,006
Micrel, Inc.* ....................... 300 9,750
Nevada Power Co. .................... 1,100 28,325
Oak Technology, Inc.* ............... 600 2,738
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
PairGain Technologies, Inc.* ........ 100 $ 1,744
Photronics, Inc.* ................... 500 11,031
Pioneer-Standard Electronics ........ 400 3,850
Plexus Corp.* ....................... 400 7,950
PMC-Sierra, Inc.* ................... 500 23,438
Powerwave Technologies, Inc.* ....... 200 3,350
Public Service Co. of New
Mexico, Inc. ...................... 800 18,150
Qlogic Corp.* ....................... 100 3,569
ROHN Industries, Inc. ............... 1,000 4,688
RPC, Inc. ........................... 400 5,000
Rambus, Inc.* ....................... 200 12,225
Rayovac Corp.* ...................... 300 6,806
Recoton Corp.* ...................... 100 3,350
SDL, Inc.* .......................... 200 4,775
SIPEX Corp.* ........................ 100 2,150
Sanmina Corp.* ...................... 600 26,025
Sawtek, Inc.* ....................... 200 2,950
Scotsman Industries, Inc. ........... 200 5,550
Semtech Corp.* ...................... 200 3,538
Sensormatics Electronics Corp.* ..... 100 1,400
Silicon Valley Group, Inc.* ......... 700 11,244
Siliconix, Inc.* .................... 100 2,450
Sunrise Medical, Inc.* .............. 500 7,500
TNP Enterprises, Inc. ............... 200 6,175
Tecumseh Products Co., Class A 100 5,281
ThermoLase Corp.* ................... 300 2,175
Ultratech Stepper, Inc.* ............ 200 3,950
Unitrode Corp.* ..................... 900 10,350
VLSI Technology, Inc.* .............. 300 5,034
Veeco Instruments, Inc.* ............ 200 4,975
Vicor Corp.* ........................ 600 8,325
Vishay Intertechnology, Inc.* ....... 100 1,794
Watkins-Johnson Co. ................. 200 5,200
Watsco, Inc. ........................ 500 17,594
X-Rite, Inc. ........................ 100 1,364
------------
515,053
------------
MACHINERY (2.1%)
Albany International Corp.,
Class A ........................... 402 9,611
Allied Products Corp. ............... 200 4,238
Anchor Gaming* ...................... 200 15,525
Applied Industrial Technologies,
Inc. .............................. 200 4,113
Baldor Electric Co. ................. 400 9,750
Chart Industries, Inc. .............. 100 2,388
Cincinnati Milacron, Inc. ........... 700 17,019
Cognex Corp.* ....................... 600 11,100
Columbus McKinnon Corp. ............. 200 5,200
Commercial Intertech Corp. .......... 400 7,250
DT Industries, Inc. ................. 200 4,850
Gardner Denver, Inc.* ............... 200 5,525
Gleason Corp. ....................... 300 8,438
Global Industrial Technologies,
Inc.* ............................. 200 2,875
Graco, Inc. ......................... 650 22,669
IDEX Corp. .......................... 600 20,700
Imation Corp.* ...................... 900 14,906
JLG Industries, Inc. ................ 900 18,225
Lincoln Electric Holdings ........... 1,200 26,550
Lindsay Manufacturing Co. ........... 150 4,069
</TABLE>
79
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
MagneTek, Inc.* ...................... 400 $ 6,300
Manitowoc Co., Inc. .................. 400 16,125
MascoTech, Inc. ...................... 600 14,400
NACCO Industries, Inc, Class A 100 12,925
National-Oilwell, Inc.* .............. 1,000 26,813
Nordson Corp. ........................ 500 23,500
OmniQuip International, Inc. ......... 200 3,700
PRI Automation, Inc.* ................ 200 3,413
Robbins & Myers, Inc. ................ 200 5,813
Sequa Corp., Class A* ................ 200 13,350
Specialty Equipment Co.'s, Inc.* ..... 300 6,788
Stewart & Stevenson Services,
Inc. ............................... 500 9,000
Tennant Co. .......................... 100 4,425
Terex Corp.* ......................... 400 11,400
Uniphase Corp.* ...................... 600 37,669
UNOVA, Inc.* ......................... 100 2,150
Zoltec Cos., Inc.* ................... 100 2,008
-----------
414,780
-----------
TOTAL CAPITAL GOODS ................ 1,655,951
-----------
CONSUMER CYCLICALS (11.0%)
AIRLINES (0.5%)
ASA Holdings, Inc. ................... 400 19,850
AirTran Holdings, Inc.* .............. 900 6,778
Alaska Air Group, Inc.* .............. 300 16,369
America West Holdings Corp.,
Class B* ........................... 600 17,138
Atlas Air, Inc.* ..................... 300 10,144
Aviall, Inc.* ........................ 300 4,106
Aviation Sales Co.* .................. 100 3,963
Mesaba Holdings, Inc.* ............... 300 6,900
Midwest Express Holdings, Inc.* 150 5,428
SkyWest, Inc. ........................ 100 2,800
Trans World Airlines, Inc.* .......... 800 8,295
-----------
101,771
-----------
APPAREL & TEXTILES (2.3%)
Brown Group, Inc. .................... 500 9,938
Buckle, Inc.* ........................ 150 4,425
Burlington Coat Factory
Warehouse Corp. .................... 600 13,500
Burlington Industries, Inc.* ......... 1,200 16,875
Charming Shoppes, Inc.* .............. 1,600 7,600
Collins & Aikman Corp.* .............. 1,300 9,669
Donna Karan International, Inc.* 400 5,875
Dress Barn, Inc.* .................... 300 7,463
Enesco Group, Inc. ................... 500 15,375
Fabri-Centers of America, Class
A* ................................. 200 5,475
Finish Line, Inc., Class A* .......... 200 5,625
Footstar, Inc.* ...................... 500 24,000
G&K Services, Inc., Class A .......... 400 17,450
Gadzooks, Inc.* ...................... 200 5,513
Genesco, Inc.* ....................... 600 9,788
Goody's Family Clothing, Inc.* ....... 100 5,488
Guess ?, Inc.* ....................... 400 1,975
Guilford Mills, Inc. ................. 500 10,000
Gymboree Corp.* ...................... 400 6,063
Hancock Fabrics, Inc. ................ 600 7,500
Hartmarx Corp.* ...................... 300 2,269
Interface, Inc. ...................... 1,200 24,225
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
International Speedway Corp.,
Class A ............................ 100 $ 2,844
Just For Feet, Inc.* ................. 500 14,250
Kellwood Co. ......................... 600 21,450
Men's Wearhouse, Inc.* ............... 300 9,900
Michaels Stores, Inc.* ............... 500 17,641
Mohawk Industries, Inc.* ............. 500 15,844
Nautica Enterprises, Inc.* ........... 700 18,769
OshKosh B'Gosh, Inc. ................. 200 8,900
Oxford Industries, Inc. .............. 100 3,494
Pacific Sunwear of California,
Inc.* .............................. 450 15,750
Phillips-Van Heusen Corp. ............ 600 8,850
Polymer Group, Inc.* ................. 500 5,813
Quiksilver, Inc. ..................... 200 3,988
Russell Corp. ........................ 400 12,075
St. John Knits, Inc. ................. 400 15,450
Stage Stores, Inc.* .................. 500 22,625
Stein Mart, Inc.* .................... 600 8,100
Stride Rite Corp. .................... 1,100 16,569
Syms Corp.* .......................... 300 4,275
Timberland Co., Class A* ............. 100 7,194
Wet Seal, Inc., Class A* ............. 100 3,195
-----------
453,067
-----------
AUTO RELATED (1.7%)
Action Performance Cos., Inc.* ....... 300 9,656
Aftermarket Technology Corp.* ........ 300 5,625
Arvin Industries, Inc. ............... 400 14,525
Avis Rent A Car, Inc.* ............... 300 7,425
Detroit Diesel Corp.* ................ 200 4,313
Discount Auto Parts, Inc.* ........... 300 7,800
Excel Industries, Inc. ............... 200 2,863
Exide Corp. .......................... 400 6,725
Federal-Mogul Corp. .................. 600 40,500
Hayes Lemmerz International,
Inc.* .............................. 500 19,875
Littelfuse, Inc.* .................... 200 5,050
LoJack Corp.* ........................ 300 3,731
McGrath Rentcorp ..................... 300 6,338
Miller Industries, Inc.* ............. 500 3,875
OEA, Inc. ............................ 100 1,600
O'Reilly Automotive, Inc.* ........... 400 14,400
Penske Motorsports, Inc.* ............ 100 2,919
Polaris Industries, Inc. ............. 600 22,575
Precision Castparts Corp. ............ 100 5,338
Rental Service Corp.* ................ 200 6,725
Renters Choice, Inc.* ................ 200 5,675
Rollins Truck Leasing Corp. .......... 1,350 16,706
SPX Corp.* ........................... 200 12,875
Standard Motor Products, Inc.* ....... 200 4,450
Standard Products Co. ................ 500 14,063
Superior Industries International 500 14,094
TCA Cable TV, Inc. ................... 400 24,000
Titan International, Inc. ............ 500 8,500
Tower Automotive, Inc.* .............. 300 12,863
U.S. Rentals, Inc.* .................. 300 11,831
United Auto Group, Inc.* ............. 300 6,563
Westinghouse Air Brake Co. ........... 300 7,913
Wynn's International, Inc. ........... 300 5,770
-----------
337,161
-----------
</TABLE>
80
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
AUTOS & TRUCKS (0.1%)
Wabash National Corp. ................ 500 $ 12,875
----------
FOOD SERVICES, LODGING (1.6%)
Apple South, Inc. .................... 500 6,531
Applebee's International, Inc. ....... 600 13,425
Bob Evans Farms, Inc. ................ 600 12,713
Brinker International, Inc.* ......... 1,300 25,025
Bristol Hotel Co.* ................... 600 14,700
Buffets, Inc.* ....................... 900 14,119
CKE Restaurants, Inc. ................ 840 34,650
CapStar Hotel Co.* ................... 600 16,800
Cheesecake Factory, Inc.* ............ 150 3,394
Consolidated Products, Inc.* ......... 400 8,450
Foodmaker, Inc.* ..................... 900 15,188
Host Marriott Services Corp.* ........ 400 5,825
IHOP Corp.* .......................... 200 8,275
Landry's Seafood Restaurants,
Inc.* .............................. 400 7,238
Lone Star Steakhouse & Saloon,
Inc.* .............................. 800 11,050
Marcus Corp. ......................... 400 7,150
Papa John's International, Inc.* ..... 400 15,775
Primadonna Resorts, Inc.* ............ 200 2,869
Prime Hospitality Corp.* ............. 600 10,463
Red Roof Inns, Inc.* ................. 500 8,469
Ruby Tuesday, Inc. ................... 700 10,850
Ryan's Family Steak Houses,
Inc.* .............................. 1,100 11,275
Sbarro, Inc. ......................... 300 8,138
Showbiz Pizza Time, Inc.* ............ 300 12,094
Sonic Corp.* ......................... 300 6,713
Station Casinos, Inc.* ............... 500 7,344
Suburban Lodges of America,
Inc.* .............................. 300 4,538
Vail Resorts, Inc.* .................. 400 10,645
----------
313,706
----------
HOUSEHOLD FURNITURE, APPLIANCES (1.5%)
Aaron Rents, Inc. .................... 300 6,000
Bassett Furniture Industries, Inc. 300 8,456
Central Garden & Pet Co.* ............ 500 15,563
Cost Plus, Inc.* ..................... 200 5,950
Department 56, Inc.* ................. 400 14,200
Ethan Allen Interiors Inc. ........... 600 29,963
Furniture Brands International,
Inc.* .............................. 1,100 30,869
Garden Ridge Corp.* .................. 300 5,813
Heilig-Meyers Co. .................... 1,300 16,006
Kimball International Inc.,
Class B ............................ 800 14,500
La-Z-Boy, Inc. ....................... 300 16,950
Lands' End, Inc.* .................... 200 6,325
Libbey, Inc. ......................... 200 7,663
Linens `n Things, Inc.* .............. 500 15,281
Mikasa, Inc. ......................... 300 3,825
O'Sullivan Industries Holdings,
Inc.* .............................. 400 5,600
Pier 1 Imports, Inc. ................. 1,100 26,263
Pillowtex Corp. ...................... 100 4,013
SLI, Inc.* ........................... 350 9,144
Southeby's Holdings, Inc. Class A 800 17,900
Spiegel, Inc., Class A* .............. 500 3,594
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Spring Industries, Inc., Class A ..... 300 $ 13,838
Windmere-Durable Holdings,
Inc.* .............................. 500 17,901
----------
295,617
----------
LEISURE RELATED (0.8%)
AMC Entertainment, Inc.* ............. 200 3,613
Alternative Living Services, Inc.* 400 10,800
Ascent Entertainment Group,
Inc.* .............................. 800 8,900
Authentic Fitness Corp. .............. 200 3,163
Aztar Corp.* ......................... 800 5,450
Bally Total Fitness Holding
Corp.* ............................. 200 7,200
Coleman Co., Inc.* ................... 300 3,469
Family Golf Centers, Inc.* ........... 300 7,594
Florida Panthers Holdings, Inc.* ..... 600 11,813
GC Cos., Inc.* ....................... 200 10,375
GTECH Holdings Corp.* ................ 100 3,369
Grand Casinos, Inc.* ................. 800 13,400
Hollywood Park, Inc.* ................ 600 7,575
Midway Games, Inc.* .................. 459 7,172
North Face, Inc.* .................... 200 4,800
Premier Parks, Inc.* ................. 300 19,988
Regis Corp. .......................... 400 11,825
Rio Hotel & Casino, Inc.* ............ 200 3,775
Signature Resorts, Inc.* ............. 300 4,950
Speedway Motorsports, Inc.* .......... 300 7,669
West Marine, Inc.* ................... 300 5,395
----------
162,295
----------
PHOTO & OPTICAL (0.3%)
BMC Industries, Inc. ................. 300 2,625
CPI Corp. ............................ 300 7,144
Cole National Corp.* ................. 400 16,000
Metromedia International Group,
Inc.* .............................. 700 8,356
Oakley, Inc.* ........................ 700 9,363
Panavision, Inc.* .................... 24 623
Sola International, Inc.* ............ 400 13,075
Sunglass Hut International, Inc.* 1,100 12,169
Wesley Jessen Visioncare, Inc.* ...... 100 2,308
----------
71,663
----------
RETAIL--GENERAL (2.2%)
Amazon.com, Inc.* .................... 200 19,950
Ames Department Stores, Inc.* ........ 600 15,788
AnnTaylor Stores Corp.* .............. 600 12,713
BJ's Wholesale Club, Inc.* ........... 600 24,375
Barnett, Inc.* ....................... 500 10,125
Best Buy Co., Inc.* .................. 1,200 43,350
Brylane, Inc.* ....................... 100 4,600
Casey's General Stores, Inc. ......... 1,200 19,875
CellStar Corp.* ...................... 400 5,175
Claire's Stores, Inc. ................ 800 16,400
Corporate Express, Inc.* ............. 100 1,269
DELIA*S, Inc.* ....................... 200 3,125
Eagle Hardware & Garden, Inc.* 300 6,938
Fingerhut Cos., Inc. ................. 700 23,100
Fossil, Inc.* ........................ 300 7,463
Guitar Center, Inc.* ................. 200 6,025
Handleman Co.* ....................... 700 8,050
Hollywood Entertainment Corp.* 400 5,425
</TABLE>
81
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Longs Drug Stores Corp. ............. 400 $ 11,550
Micro Warehouse, Inc.* .............. 600 9,300
Mills Corp. ......................... 600 14,400
Nu Skin Enterprises, Inc.,
Class A* .......................... 200 3,900
Oneida Ltd. ......................... 200 6,125
PETSMART, Inc.* ..................... 100 1,000
Proffitt's, Inc.* ................... 1,275 51,478
Samsonite Corp.* .................... 146 1,579
ShopKo Stores, Inc.* ................ 400 13,600
Southland Corp.* .................... 200 550
Sports Authority, Inc.* ............. 500 7,469
Talbots, Inc. ....................... 400 10,475
Trans World Entertainment
Corp.* ............................ 100 4,313
United Stationers, Inc.* ............ 200 12,950
Value City Department Stores,
Inc.* ............................. 300 6,300
WD-40 Co. ........................... 200 5,425
Williams-Sonoma, Inc.* .............. 800 25,450
Zale Corp.* ......................... 700 22,264
----------
441,874
----------
TOTAL CONSUMER CYCLICALS .......... 2,190,029
----------
CONSUMER NON-CYCLICALS (10.3%)
BEVERAGES (0.2%)
Adolph Coors Co., Class B ........... 600 20,400
Canandaigua Wine Co., Class A* 400 19,675
Robert Mondavi Corp., Class A* 200 5,675
----------
45,750
----------
CONTAINERS (0.5%)
Ball Corp. .......................... 600 24,113
CUNO, Inc.* ......................... 500 10,813
First Brands Corp. .................. 600 15,375
Gaylord Container Corp.,
Class A* .......................... 800 6,150
Greif Brothers Corp., Class A ....... 400 14,950
Interpool, Inc. ..................... 500 7,219
Shorewood Packaging Corp.* .......... 150 2,381
Silgan Holdings, Inc.* .............. 400 11,200
ZERO Corp. .......................... 200 5,675
Zila, Inc.* ......................... 900 6,520
----------
104,396
----------
DRUGS (2.4%)
AXYS Pharmaceuticals, Inc.* ......... 300 2,138
Agouron Pharmaceutical, Inc.* ....... 500 15,156
Algos Pharmaceuticals Corp.* ........ 200 5,400
Alkermes, Inc.* ..................... 400 7,150
AmeriSource Health Corp.,
Class A* .......................... 500 32,844
Andrx Corp.* ........................ 200 7,350
Block Drug Co., Inc., Class A ....... 100 3,800
Carter-Wallace, Inc. ................ 600 10,838
Cephalon, Inc.* ..................... 400 3,150
Columbia Laboratories, Inc.* ........ 500 2,875
Dura Pharmaceuticals, Inc.* ......... 100 2,238
Fuisz Technologies Ltd.* ............ 300 3,319
GelTex Pharmaceuticals, Inc.* ....... 200 3,725
Genovese Drug Stores, Inc. .......... 300 5,888
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Gensia Sicor, Inc. .................. 1,700 $ 6,800
Gilead Sciences, Inc.* .............. 600 19,238
Guilford Pharmaceuticals, Inc.* ..... 400 7,050
ICN Pharmaceuticals, Inc. ........... 1,150 52,541
ICOS Corp.* ......................... 800 15,300
IDEC Pharmaceuticals Corp.* ......... 400 9,425
Incyte Pharmaceuticals, Inc.* ....... 400 13,650
Interneuron Pharmaceuticals,
Inc.* ............................. 200 725
Isis Pharmaceuticals, Inc.* ......... 700 9,581
Jones Medical Industries, Inc. ...... 400 13,250
Ligand Pharmaceuticals, Inc.,
Class B* .......................... 700 9,013
Lipsome Co., Inc.* .................. 700 3,784
Medicis Pharmaceutical Corp.,
Class A* .......................... 400 14,600
MedImmune, Inc.* .................... 400 24,950
Millennium Pharmaceuticals,
Inc.* ............................. 800 11,300
NBTY, Inc.* ......................... 900 16,538
NCS HealthCare, Inc., Class A* ...... 300 8,550
NeXstar Pharmaceuticals, Inc.* ...... 600 5,981
PathoGenesis Corp.* ................. 500 14,500
Perrigo Co.* ........................ 1,400 14,088
PharMerica, Inc.* ................... 1,200 14,475
Rexall Sundown, Inc.* ............... 500 17,625
Roberts Pharmaceutical Corp.* ....... 100 2,300
SEQUUS Pharmaceuticals, Inc.* 800 9,100
Sepracor, Inc.* ..................... 500 20,750
Twinlab Corp.* ...................... 400 17,475
US Bioscience, Inc.* ................ 400 3,275
Vertex Pharmaceuticals, Inc.* ....... 400 9,000
Vitalink Pharmacy Services, Inc.* 300 6,619
VIVUS, Inc.* ........................ 800 4,820
----------
482,174
----------
FOODS (1.4%)
American Italian Pasta Co.,
Class A* .......................... 100 3,725
DEKALB Genetics Corp.,
Class B ........................... 500 47,313
Delta & Pine Land Co. ............... 700 31,150
Dreyer's Grand Ice Cream, Inc. ...... 300 6,038
Earthgrains Co. ..................... 300 16,763
International Multifoods Corp. ...... 400 11,000
J.M. Smucker Co., Class A ........... 400 9,925
Lance, Inc. ......................... 300 6,713
Michael Foods, Inc. ................. 200 5,875
Morrison Health Care, Inc. .......... 400 7,600
Performance Food Group Co.* ......... 200 3,975
Pilgrims Pride Corp. ................ 100 2,000
Rainforest Cafe, Inc.* .............. 300 4,163
Ralcorp Holdings, Inc.* ............. 900 16,988
Richfood Holdings, Inc. ............. 900 18,619
Smithfield Foods, Inc.* ............. 600 18,300
Suiza Foods Corp.* .................. 400 23,875
U.S. Foodservice, Inc.* ............. 600 21,033
Universal Foods Corp. ............... 1,000 22,188
----------
277,243
----------
</TABLE>
82
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
HOSPITAL SUPPLIES & SERVICES (4.9%)
ABR Information Services, Inc.* 500 $ 11,875
ADAC Laboratories* ................... 400 9,000
ALARIS Medical, Inc.* ................ 1,200 8,325
ATL Ultrasound, Inc. ................. 300 13,688
Access Health, Inc.* ................. 400 10,200
Acuson Corp.* ........................ 400 7,275
Advanced Tissue Sciences, Inc.* ...... 500 2,219
Affymetrix, Inc.* .................... 400 9,625
American HomePatient, Inc.* .......... 300 5,738
American Oncology Resources,
Inc.* .............................. 600 7,331
Apria Healthcare Group, Inc.* ........ 700 4,681
Arrow International, Inc. ............ 200 5,488
Arterial Vascular Engineering,
Inc.* .............................. 1,100 39,325
Atria Communities, Inc.* ............. 200 3,450
BRC Holdings, Inc.* .................. 200 3,838
Ballard Medical Products ............. 800 14,400
Bindley Western Industries, Inc. ..... 400 13,200
Bio-Technology General Corp.* ........ 1,100 7,803
Biomatrix, Inc.* ..................... 200 8,200
Chemed Corp. ......................... 200 6,813
CONMED Corp.* ........................ 300 6,900
COR Therapeutics, Inc.* .............. 400 5,550
Closure Medical Corp.* ............... 200 4,975
Coherent, Inc.* ...................... 600 10,294
Cooper Cos., Inc.* ................... 200 7,288
Covance, Inc.* ....................... 900 20,250
Curative Health Services, Inc. ....... 300 8,550
Cytyc Corp.* ......................... 200 3,263
Datascope Corp.* ..................... 400 10,625
Envoy Corp.* ......................... 500 23,688
Express Scripts, Inc., Class A* ...... 200 16,125
Genesis Health Ventures, Inc.* ....... 400 10,000
Haemonetics Corp.* ................... 600 9,600
Hanger Orthopedic Group, Inc.* 100 2,038
Henry Schein, Inc.* .................. 300 13,838
Hologic, Inc.* ....................... 200 3,638
Human Genome Sciences, Inc.* ......... 300 10,706
IDEXX Laboratories, Inc. ............. 500 12,438
IDX Systems Corp.* ................... 300 13,819
IVAX Corp.* .......................... 100 925
Inhale Therapeutic Systems, Inc.* 400 9,900
Integrated Health Services, Inc. ..... 800 30,000
Ivacare Corp. ........................ 400 10,250
Life Technologies, Inc. .............. 300 9,413
Magellan Health Services, Inc.* ...... 500 12,688
Mariner Health Group, Inc.* .......... 400 6,650
Medaphis Corp.* ...................... 1,100 6,600
MedQuist, Inc.* ...................... 400 11,550
Mentor Corp. ......................... 600 14,550
Mid Atlantic Medical Services,
Inc.* .............................. 1,100 12,650
MiniMed, Inc.* ....................... 100 5,238
National Surgery Centers, Inc.* ...... 300 8,719
Neurex Corp.* ........................ 300 9,113
Neurogen Corp.* ...................... 300 5,325
NovaCare Corp.* ...................... 900 10,575
Organogenesis, Inc.* ................. 600 11,850
Orthodontic Centers of America,
Inc.* .............................. 800 16,750
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Owens & Minor, Inc. .................. 400 $ 4,000
Oxford Health Plans, Inc.* ........... 100 1,531
PAREXEL International Corp.* ......... 500 18,188
PSS World Medical, Inc.* ............. 1,100 16,088
Paragon Health Network, Inc.* ........ 1,100 17,738
Patterson Dental Co.* ................ 450 16,481
Pediatrix Medical Group, Inc.* ....... 200 7,438
PhyCor, Inc.* ........................ 200 3,313
PhyMatrix, Inc.* ..................... 300 2,644
Physician Computer Network,
Inc.*# ............................. 700 280
Physician Reliance Network,
Inc.* .............................. 400 4,575
Physio-Control International
Corp.* ............................. 200 5,263
Protein Design Labs, Inc.* ........... 400 9,638
Quest Diagnostics, Inc.* ............. 700 15,313
Regeneron Pharmaceuticals, Inc.* 600 5,531
Renal Care Group, Inc.* .............. 400 17,625
Res-Care, Inc.* ...................... 300 5,531
Respironics, Inc.* ................... 400 6,225
Rural/Metro Corp.* ................... 200 2,600
Sabratek Corp.* ...................... 200 4,550
Safe Skin Corp.* ..................... 600 24,675
SangStat Medical Corp.* .............. 200 6,275
Scios, Inc.* ......................... 600 5,325
Serologicals Corp.* .................. 300 9,675
Sierra Health Services, Inc.* ........ 800 20,150
Sun Healthcare Group, Inc.* .......... 1,000 14,625
Sunrise Assisted Living, Inc.* ....... 100 3,438
Synetic, Inc.* ....................... 300 17,100
Techne Corp.* ........................ 400 7,625
Theragenics Corp.* ................... 600 15,638
Thermo Cardiosystems, Inc.* .......... 200 4,550
ThermoTrex Corp.* .................... 300 5,138
Total Renal Care Holdings, Inc.* 1,167 40,262
Transition Systems, Inc.* ............ 300 3,188
Transkaryotic Therapies, Inc.* ....... 500 12,875
VISX, Inc.* .......................... 200 11,900
VWR Scientific Products Corp.* ....... 200 4,925
Vencor, Inc.* ........................ 100 725
Venta Medical Systems, Inc. .......... 100 2,800
Veterinary Centers of America,
Inc.* .............................. 300 5,644
Vical, Inc.* ......................... 300 5,081
West Co., Inc. ....................... 100 2,826
-----------
967,797
-----------
RETAIL--FOOD (0.6%)
Advantica Restaurant Group,
Inc.* .............................. 100 975
Dave & Busters, Inc.* ................ 100 2,488
Dominick's Supermarkets, Inc.* ....... 200 8,913
Fleming Cos., Inc. ................... 800 14,050
Great Atlantic & Pacific Tea Co.,
Inc. ............................... 500 16,531
Ingles Markets, Inc., Class A ........ 300 4,350
Luby's Cafeterias, Inc. .............. 600 10,538
Petco Animal Supplies, Inc.* ......... 600 11,963
Ruddick Corp. ........................ 300 5,438
Smart & Final, Inc. .................. 300 5,138
</TABLE>
83
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
United Natural Foods, Inc.* .......... 100 $ 2,850
Whole Foods Market, Inc.* ............ 400 24,195
-----------
107,429
-----------
SOAPS & TOILETRIES (0.2%)
Alberto-Culver Co., Class B .......... 300 8,700
Church & Dwight Co., Inc. ............ 300 9,713
Del Laboratories, Inc. ............... 200 4,350
Nature's Sunshine Products, Inc. ..... 400 9,025
Playtex Products, Inc.* .............. 500 7,964
-----------
39,752
-----------
TOBACCO (0.1%)
Consolidated Cigar Holdings, Inc. 100 1,225
DIMON, Inc. .......................... 500 5,625
General Cigar Holdings, Inc.* ........ 300 2,963
-----------
9,813
-----------
TOTAL CONSUMER NON-CYCLICALS 2,034,354
-----------
CREDIT SENSITIVE (25.3%)
BANKS (7.6%)
Anchor Bancorp Wisconsin, Inc. ....... 200 7,813
Area Bancshares Corp. ................ 100 3,400
Arthur J. Gallagher & Co. ............ 400 17,900
Associated Banc-Corp. ................ 1,250 47,031
BISYS Group, Inc.* ................... 400 16,400
BSB Bancorp, Inc. .................... 200 6,050
BT Financial Corp. ................... 200 5,300
BancorpSouth, Inc. ................... 1,000 21,000
Bank of Granite Corp. ................ 250 7,875
Banknorth Group, Inc. ................ 500 18,500
Bay View Capital Corp. ............... 200 6,350
Brenton Banks, Inc. .................. 440 8,993
CBT Corp. ............................ 200 6,500
CNB Bancshares, Inc. ................. 300 14,400
CVB Financial Corp. .................. 300 7,275
Capital City Bank Group, Inc. ........ 150 4,706
CashAmerica International, Inc. ...... 400 6,100
Chemical Financial Corp. ............. 200 8,538
Chittenden Corp. ..................... 400 14,000
Citizens Bancshares, Inc. ............ 200 6,600
Colonial BancGroup, Inc. ............. 500 16,125
Commerce Bancorp, Inc. ............... 305 17,843
Commercial Federal Corp. ............. 700 22,138
Commonwealth Bancorp, Inc. ........... 100 2,294
Community Bank System, Inc. .......... 100 3,131
Community First Bankshares,
Inc. ............................... 600 15,713
Community Trust Bancorp, Inc. ........ 200 6,650
Cullen/Frost Bankers, Inc. ........... 400 21,700
Dime Community Bancshares,
Inc. ............................... 300 8,325
Downey Financial Corp. ............... 525 17,161
F&M Bancorporation, Inc. ............. 200 8,350
F&M National Corp. ................... 700 20,300
Fifth Third Bancorp .................. 402 25,326
Firstbank of Illinois Co. ............ 400 16,800
FirstBank Puerto Rico ................ 700 18,200
First Citizens BankShares, Inc.,
Class A ............................ 300 30,019
First Commerce Bankshares, Inc.,
Class B ............................ 300 8,794
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
First Commonwealth Financial
Corp. .............................. 800 $ 22,600
First Federal Capital Corp. .......... 400 7,175
FirstFed Financial Corp.* ............ 200 10,400
First Financial Bancorp .............. 600 15,525
First Financial Bankshares, Inc. ..... 100 4,100
First Financial Corp. ................ 200 10,075
First Financial Holdings, Inc. ....... 500 11,875
First Hawaiian, Inc. ................. 100 3,638
First Midwest Bancorp, Inc. .......... 400 17,588
First Republic Bank .................. 200 7,225
First Source Bancorp, Inc. ........... 782 7,576
First Source Corp. ................... 220 7,865
First United Bankshares, Inc. ........ 100 4,888
First Western Bancorp, Inc. .......... 400 11,775
Flagstar Bancorp, Inc. ............... 100 2,437
Fulton Financial Corp. ............... 875 22,203
GBC Bancorp .......................... 300 7,950
HUBCO, Inc. .......................... 600 21,487
Hancock Holding Corp. ................ 100 5,300
Harbor Florida Bancorp, Inc. ......... 400 4,775
Harleysville National Corp. .......... 200 8,500
Heritage Financial Service, Inc. ..... 100 3,438
IBS Financial Corp. .................. 300 5,700
Imperial Bancorp* .................... 750 22,500
Independence Community Bank
Corp.* ............................. 100 1,700
InterWest Bancorp, Inc. .............. 200 8,675
Keystone Financial, Inc. ............. 1,000 37,000
Long Island Bancorp, Inc. ............ 400 24,300
MAF Bancorp, Inc. .................... 300 10,913
Magna Group, Inc. .................... 500 28,250
MainStreet Financial Corp. ........... 300 8,850
Mid Am, Inc. ......................... 700 17,675
MidAmerica Bancorp ................... 200 6,475
Mississippi Valley Bancshares,
Inc. ............................... 100 3,950
NTB Bancorp, Inc. .................... 266 6,750
National Bancorp of Alaska, Inc. 400 12,350
National City Bancshares, Inc. ....... 300 12,075
National Penn Bancshares, Inc. ....... 200 6,800
Ocean Financial Corp. ................ 400 7,650
Old National Bancorp ................. 420 20,055
Omega Financial Corp. ................ 300 10,838
One Valley Bancorp, Inc. ............. 400 14,550
PFF Bancorp, Inc. .................... 400 7,450
Park National Corp. .................. 200 20,188
Peoples First Corp. .................. 400 14,000
Peoples Heritage Financial
Group, Inc. ........................ 1,400 33,075
Provident Bankshares Corp. ........... 610 17,995
Republic Bancorp, Inc. ............... 300 5,663
Riggs National Corp.
(Washington D.C.) .................. 400 11,688
Roslyn Bancorp, Inc. ................. 600 13,388
S & T Bancorp, Inc. .................. 180 9,945
Santa Barbara Bancorp ................ 200 5,750
Signal Corp. ......................... 250 7,281
Silicon Valley Bancshares* ........... 300 10,678
Southwest Bancorporation of
Texas, Inc.* ....................... 400 7,525
</TABLE>
84
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Sovereign Bancorp, Inc. ............... 3,100 $ 50,666
St. Francis Capital Corp. ............. 200 7,750
St. Paul Bancorp, Inc. ................ 300 6,778
Sterling Bancshares, Inc., Texas ...... 450 7,088
Susquehanna Bancshares, Inc. .......... 300 11,213
TR Financial Corp. .................... 600 25,125
Texas Regional Bancshares, Inc.,
Class A ............................. 300 9,825
Triangle Bancorp, Inc. ................ 200 6,275
Triangle Pacific Corp.* ............... 400 22,000
TrustCo Bank Corp. (New York) 900 23,625
Trust Co. of New Jersey ............... 100 2,700
Trustmark Corp. ....................... 1,100 24,131
USBANCORP, Inc.* ...................... 100 7,731
UST Corp. ............................. 600 15,900
U.S. Trust Corp. ...................... 400 30,500
United Bankshares, Inc. ............... 700 23,888
Webster Financial Corp. ............... 600 19,950
WesBanco, Inc. ........................ 100 2,688
West Coast Bancorp (Oregon) ........... 200 4,925
Westamerica Bancorporation ............ 600 19,275
Westernbank Puerto Rico ............... 1,300 21,938
Whitney Holding Corp. ................. 500 25,370
-----------
1,513,018
-----------
FINANCIAL SERVICES (3.1%)
Aames Financial Corp. ................. 400 5,500
Affiliated Managers Group, Inc.* 200 7,425
ALBANK Financial Corp. ................ 300 21,169
AMCORE Financial, Inc. ................ 200 4,800
AMRESCO Inc.* ......................... 700 20,388
AmeriCredit Corp.* .................... 500 17,844
Arcadia Financial Ltd.* ............... 1,000 7,563
Astoria Financial Corp. ............... 400 21,400
Bank United Corp., Class A ............ 600 28,725
BOK Financial Corp. ................... 100 4,725
Citizens Banking Corp. ................ 500 16,813
Credit Acceptance Corp.* .............. 600 5,100
Dain Rauscher Corp. ................... 400 21,900
Delta Financial Corp.* ................ 200 3,675
Doral Financial Corp. ................. 500 8,750
EVEREN Capital Corp. .................. 200 5,600
Eaton Vance Corp. ..................... 400 18,525
Enhance Financial Services
Group, Inc. ......................... 600 20,250
FIRSTPLUS Financial Group,
Inc.* ............................... 500 18,000
FNB Corp. ............................. 105 3,504
First Colorado Bancorp, Inc. .......... 100 2,775
First Sierra Financial, Inc.* ......... 100 3,050
Hambrecht & Quist Group* .............. 400 14,525
Headlands Mortgage Co.* ............... 100 1,875
HealthCare Financial Partners,
Inc.* ............................... 100 6,131
IMC Mortgage Co.* ..................... 400 4,225
Imperial Credit Industries, Inc.* ..... 700 16,450
Indymac Mortgage Holdings, Inc. 1,000 22,750
Investors Financial Services
Corp. ............................... 100 5,300
Jeffries Group, Inc. .................. 400 16,400
John Nuveen Co., Class A .............. 200 7,938
Legg Mason, Inc. ...................... 500 28,781
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Life USA Holding, Inc. ................ 400 $ 5,175
McDonald & Co. Investments,
Inc. ................................ 400 13,125
Metris Cos., Inc. ..................... 100 6,375
Morgan Keegan, Inc. ................... 500 12,938
Oakwood Homes Corp. ................... 900 27,000
Ocwen Financial Corp.* ................ 500 13,438
Oriental Financial Group, Inc. ........ 100 3,688
Paymentech, Inc.* ..................... 100 2,056
Pioneer Group, Inc. ................... 600 15,788
Queens County Bancorp, Inc. ........... 100 4,363
Raymond James Financial, Inc. ......... 750 22,453
Reliance Bancorp, Inc. ................ 200 7,663
Resource Bankshares Mortgage
Group, Inc. ......................... 400 7,450
SPS Transaction Services, Inc.* ....... 200 6,275
Southern Pacific Funding Corp.* ....... 200 3,138
Trans Financial, Inc. ................. 400 22,950
Triad Guaranty, Inc.* ................. 300 10,200
UMB Financial Corp. ................... 200 9,900
United Cos. Financial Corp. ........... 600 9,375
Vermont Financial Services Corp. 100 2,744
WSFS Financial Corp. .................. 200 4,100
Westcorp .............................. 400 5,500
White River Corp.* .................... 100 9,045
-----------
616,595
-----------
INSURANCE (3.8%)
ALLIED Group, Inc. .................... 600 28,088
Alfa Corp. ............................ 400 8,300
American Annuity Group, Inc. .......... 300 7,219
Amerin Corp.* ......................... 300 8,756
AmerUs Life Holdings, Inc.,
Class A ............................. 300 9,713
Argonaut Group, Inc. .................. 500 15,813
CMAC Investments Corp. ................ 400 24,600
CNA Surety Corp.* ..................... 400 5,900
Capital Re Corp. ...................... 200 14,325
Capitol Transamerica Corp. ............ 200 4,113
Chartwell Re Corp. .................... 200 5,888
Citizens Corp. ........................ 200 6,263
Commerce Group, Inc. .................. 400 15,500
Delphi Financial Group, Inc.,
Class A ............................. 204 11,488
Executive Risk, Inc. .................. 200 14,750
FBL Financial Group, Inc.,
Class A ............................. 1,000 25,625
Fidelity National Financial, Inc. ..... 500 19,906
Financial Security Assurance
Holdings Ltd. ....................... 500 29,375
First American Financial Corp. ........ 250 22,500
Foremost Corp. of America ............. 600 14,475
Fremont General Corp. ................. 500 27,094
Frontier Insurance Group, Inc. ........ 770 17,373
Fund American Enterprises
Holdings, Inc. ...................... 100 14,800
Guarantee Life Cos., Inc. ............. 300 6,563
HCC Insurance Holdings, Inc. .......... 900 19,800
HSB Group, Inc. ....................... 600 32,100
Harleysville Group, Inc. .............. 300 6,225
Hartford Life, Inc., Class A .......... 500 28,469
Highlands Insurance Group, Inc.* 100 1,850
</TABLE>
85
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Hilb, Rogal & Hamilton Co. ........... 500 $ 7,813
John Alden Financial Corp. ........... 600 13,200
LandAmerica Financial Group,
Inc. ............................... 200 11,450
Liberty Corp. ........................ 92 4,629
Life Re Corp. ........................ 200 16,400
MMI Cos., Inc. ....................... 400 9,250
Markel Corp.* ........................ 100 17,800
Meadowbrook Insurance Group,
Inc. ............................... 100 2,719
Medical Assurance, Inc. .............. 200 5,550
NAC Re Corp. ......................... 200 10,675
Nationwide Financial Services,
Inc., Class A ...................... 100 5,100
Nymagic, Inc. ........................ 200 5,475
Ocwen Asset Investment Corp. ......... 200 3,313
Orion Capital Corp. .................. 500 27,938
PXRE Corp. ........................... 200 6,000
PennCorp Financial Group, Inc. ....... 700 14,350
Philadelphia Consolidated
Holdings Corp.* .................... 300 6,300
Poe & Brown, Inc. .................... 100 3,719
Presidential Life Corp. .............. 400 8,550
RLI Corp. ............................ 125 5,086
Reinsurance Group of America,
Inc. ............................... 400 23,650
Risk Capital Holdings, Inc.* ......... 400 9,975
SCPIE Holdings, Inc. ................. 300 10,163
Selective Insurance Group, Inc. ...... 700 15,684
Trenwick Group, Inc. ................. 100 3,884
Trigon Healthcare, Inc.* ............. 600 21,713
United Fire & Casualty Co. ........... 200 7,838
Vesta Insurance Group, Inc. .......... 200 4,263
W.R. Berkley Corp. ................... 500 20,026
-----------
749,384
-----------
INVESTMENT COMPANY (0.1%)
Excel Legacy Corp.* .................. 200 875
Phoenix Investment Partners,
Ltd. ............................... 800 6,950
SEI Corp. ............................ 200 12,400
-----------
20,225
-----------
REAL ESTATE (7.2%)
AMLI Residential Properties
Trust .............................. 500 10,719
American General Hospitality
Corp. .............................. 600 12,750
American Health Properties, Inc. 900 22,500
Apartment Investment &
Management Co., Class A ............ 965 38,118
Arden Realty, Inc. ................... 800 20,700
Avalon Bay Communities, Inc. ......... 884 33,598
Avatar Holdings, Inc.* ............... 300 8,363
BRE Properties, Class A .............. 1000 26,063
Bedford Property Investors, Inc. ..... 200 3,650
Berkshire Realty Co. ................. 100 1,169
Boykin Lodging Trust, Inc. ........... 400 8,675
Bradley Real Estate, Inc. ............ 400 8,450
Burnham Pacific Properties, Inc. ..... 400 5,675
CB Richard Ellis Services, Inc.* ..... 400 13,375
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
CBL & Associates Properties,
Inc. ............................... 700 $ 16,975
CCA Prison Realty Trust .............. 200 6,125
CRIIMI MAE, Inc. ..................... 1,200 16,650
Camden Property Trust ................ 700 20,825
Capstead Mortgage Corp. .............. 1,200 10,050
Capstone Capital Corp. ............... 300 6,900
CenterPoint Properties Corp. ......... 400 13,225
Chateau Communities, Inc. ............ 300 8,625
Chelsea GCA Realty, Inc. ............. 300 12,000
Choice Hotels International,
Inc.* .............................. 800 10,850
Colonial Properties Trust ............ 700 21,700
Commercial Net Lease Realty .......... 500 8,094
Consolidation Capital Corp.* ......... 100 2,248
Cornerstone Properties, Inc. ......... 1,900 33,488
Cornerstone Realty Income
Trust, Inc. ........................ 600 6,863
Cousins Properties, Inc. ............. 600 17,925
D.R. Horton, Inc. .................... 600 12,525
Developers Diversified Realty
Corp. .............................. 400 15,675
Dynex Capital, Inc. .................. 800 8,900
EastGroup Properties, Inc. ........... 600 12,038
Equity Inns, Inc. .................... 900 11,869
Essex Property Trust, Inc. ........... 300 9,300
Excel Realty Trust, Inc. ............. 600 17,288
Federal Realty Investment Trust ...... 900 21,656
FelCcor Suite Hotels, Inc. ........... 500 15,688
First Industrial Realty Trust, Inc. 800 25,450
First Union Real Estate
Investments ........................ 500 4,625
Forest City Enterprises, Inc.,
Class A ............................ 200 11,838
Franchise Finance Corp. of
America ............................ 700 18,156
Gables Residential Trust ............. 800 21,700
General Growth Properties ............ 800 29,900
Glenborough Realty Trust, Inc. ....... 700 18,463
Glimcher Realty Trust ................ 100 1,944
Great Lakes REIT, Inc. ............... 200 3,488
Grubb & Ellis Co.* ................... 300 4,275
Health Care Property Investors,
Inc. ............................... 400 14,425
Health Care REIT, Inc. ............... 600 15,300
Healthcare Realty Trust, Inc. ........ 700 19,075
Highwoods Properties, Inc. ........... 900 29,081
Horizon Group Properties, Inc. ....... 25 165
Hospitality Properties Trust ......... 400 12,850
IRT Property Co. ..................... 600 6,600
Innkeepers USA Trust ................. 600 7,575
Insignia Financial Group, Inc.,
Class A* ........................... 500 12,250
Irvine Apartment Communities,
Inc. ............................... 300 8,681
JDN Realty Corp. ..................... 800 25,500
JP Realty, Inc. ...................... 400 9,425
Kilroy Realty Corp. .................. 200 5,000
Kimco Realty Corp. ................... 400 16,400
Kimco Realty Corp., Series D ......... 144 3,906
Koger Equity Inc. .................... 200 4,038
LNR Property Corp. ................... 400 10,250
</TABLE>
86
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
LTC Properties, Inc. ................ 800 $ 14,900
LaSalle Partners, Inc.* ............. 200 8,900
Lennar Corp. ........................ 700 20,650
Liberty Property Trust .............. 1,100 28,119
MGI Properties, Inc. ................ 300 7,856
Mack-Cali Realty Corp. .............. 800 27,500
Manufactured Home
Communities, Inc. ................. 400 9,650
Meridian Industrial Trust, Inc. ..... 500 11,500
Merry Land & Investment Co.,
Inc. .............................. 600 12,638
Mid-America Apartment
Communities, Inc. ................. 300 7,894
NVR, Inc.* .......................... 200 8,213
National Health Investors, Inc. ..... 200 6,625
Nationwide Health Properties,
Inc. .............................. 700 16,713
OMEGA Healthcare Investors .......... 300 10,538
Patriot American Hospitality, Inc. 152 3,639
Post Properties, Inc. ............... 800 30,800
Prentiss Properties Trust ........... 400 9,725
Price Enterprises, Inc. ............. 400 7,350
Prime Retail, Inc. .................. 500 5,969
RFS Hotel Investors, Inc. ........... 400 7,600
Realty Income Corp. ................. 700 18,463
Reckson Associates Realty ........... 700 16,538
Reckson Service Industries, Inc.* 56 186
Redwood Trust, Inc. ................. 400 7,025
Regency Realty Corp. ................ 200 5,025
Ryland Group, Inc. .................. 300 7,875
Security Capital Atlantic ........... 600 13,388
Security Capital Group, Inc.,
Class B* .......................... 100 2,663
Shurgard Storage Centers,
Class A ........................... 600 16,650
Smith (Charles E.) Residential
Realty ............................ 400 12,800
Sovran Self Storage, Inc. ........... 200 5,650
Storage Trust Realty ................ 500 17,500
Storage USA, Inc. ................... 300 7,013
Summit Properties, Inc. ............. 400 7,575
Sun Communities, Inc. ............... 600 19,875
Sunstone Hotel Investors ............ 600 7,988
Taubman Center, Inc. ................ 600 8,550
The Macerich Co. .................... 500 14,656
Thornburg Mortgage Asset Corp. 500 6,094
Town & Country Trust ................ 400 6,625
TriNet Corp. Realty Trust ........... 400 13,600
United Dominion Realty Trust,
Inc. .............................. 100 1,388
Urban Shopping Centers, Inc. ........ 500 15,750
Washington Real Estate
Investment Trust .................. 1,300 22,588
Weeks Corp. ......................... 600 18,975
Weingarten Realty Investors ......... 100 4,181
Westfield America, Inc. ............. 100 1,833
-----------
1,428,880
-----------
UTILITY--ELECTRIC (2.0%)
Black Hills Corp. ................... 550 12,650
CILCORP, Inc. ....................... 200 9,600
Calpine Corp.* ...................... 300 6,056
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Central Hudson Gas & Electric ....... 200 $ 9,175
Central Maine Power Co. ............. 600 11,700
Cleco Corp. ......................... 500 14,875
Commonwealth Energy System .......... 400 15,100
Conectiv, Inc. ...................... 2,000 41,000
Eastern Utilities Associates ........ 500 13,125
El Paso Electric Co.* ............... 1,400 12,863
Hawaiian Electronics Industries,
Inc. .............................. 600 23,813
Interstate Energy Corp. ............. 1,470 47,775
Minnesota Power. Inc. ............... 700 27,825
Northwestern Corp. .................. 100 2,500
Orange & Rockland Utilities,
Inc. .............................. 500 26,844
Otter Tail Power Co. ................ 300 11,119
Rochester Gas & Electric ............ 500 15,969
SIGCORP, Inc. ....................... 200 6,413
Sierra Pacific Resources ............ 700 25,419
UniSource Energy Corp. .............. 800 12,600
United Illuminating Co. ............. 200 10,125
United Water Resources, Inc. ........ 500 9,000
WPS Resources Corp. ................. 800 26,245
-----------
391,791
-----------
UTILITY--GAS (1.3%)
AGL Resources, Inc. ................. 900 17,888
Atmos Energy Corp. .................. 400 12,200
Bay State Gas Co. ................... 200 7,663
Connecticut Energy Corp. ............ 200 5,575
Energen Corp. ....................... 400 8,050
Indiana Energy, Inc. ................ 300 8,963
Kelley Oil & Gas Corp.* ............. 1,600 3,700
Laclede Gas Co. ..................... 100 2,450
Madison Gas & Electric Co. .......... 400 9,150
NUI Corp. ........................... 100 2,544
New Jersey Resources Corp. .......... 700 24,981
North Carolina Natural Gas
Corp. ............................. 300 7,613
Northwest Natural Gas Co. ........... 500 13,984
Piedmont Natural Gas Co. ............ 600 20,175
Public Service Co. of North
Carolina, Inc. .................... 100 2,175
SEMCO Energy, Inc. .................. 420 7,376
Southern Union Co. .................. 300 9,675
Southwest Gas Corp. ................. 1,000 24,438
UGI Corp. ........................... 800 19,900
Washington Gas Light Co. ............ 700 18,725
Washington Water Power Co. .......... 1,200 26,920
-----------
254,145
-----------
UTILITY--TELEPHONE (0.2%)
Aliant Communications, Inc. ......... 800 21,950
Western Wireless Corp., Class A* 1,500 29,906
-----------
51,856
-----------
TOTAL CREDIT SENSITIVE ............ 5,025,894
-----------
DIVERSIFIED (1.0%)
DIVERSIFIED (0.0%)
Federal Signal Corp. ................ 100 2,431
-----------
MISCELLANEOUS (1.0%)
AMCOL International Corp. ........... 600 7,238
AptarGroup, Inc. .................... 400 24,875
</TABLE>
87
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Blount International, Inc.,
Class A .............................................................. 500 $ 14,250
Brush Wellman, Inc. .................................................... 400 8,225
Carlisle Cos., Inc. .................................................... 400 17,225
Central Parking Corp. .................................................. 100 4,550
DBT Online, Inc.* ...................................................... 200 5,400
Dexter Corp. ........................................................... 600 19,087
Foamex International, Inc. ............................................. 300 5,231
Furon Co. .............................................................. 300 5,437
Jostens, Inc. .......................................................... 600 14,475
Justin Industries, inc. ................................................ 400 6,450
Matthews International Corp.,
Class A .............................................................. 200 4,913
Myers Industries, Inc. ................................................. 500 12,000
National Golf Properties, Inc. ......................................... 200 6,013
SPS Technologies, Inc.* ................................................ 100 5,850
Standex International Corp. ............................................ 200 5,925
Tredegar Industries, Inc. .............................................. 200 16,975
Triarc Cos.* ........................................................... 200 4,383
-----------
188,502
-----------
TOTAL DIVERSIFIED .................................................... 190,933
-----------
ENERGY (2.8%)
COAL & GAS PIPELINES (0.5%)
Aquila Gas Pipeline Corp. .............................................. 200 2,450
Arch Coal, Inc. ........................................................ 600 14,925
Eastern Enterprises .................................................... 300 12,863
Equitable Resources, Inc. .............................................. 700 21,350
Nuevo Energy Co.* ...................................................... 500 16,063
TransMontaigne Oil Co.* ................................................ 600 8,925
Western Gas Resources, Inc. ............................................ 500 7,313
Ziegler Coal Holding Co. ............................................... 400 6,845
-----------
90,734
-----------
OIL--DOMESTIC (0.7%)
Atwood Oceanics, Inc.* ................................................. 100 3,981
Barrett Resources Corp.* ............................................... 500 18,719
Berry Petroleum, Class A ............................................... 500 6,500
Cabot Oil & Gas Corp., Class A 400 8,000
Chesapeake Energy Corp. ................................................ 990 3,960
Cliffs Drilling Co.* ................................................... 200 6,563
Cross Timbers Oil Co. .................................................. 1,000 19,063
EEX Corp.* ............................................................. 100 938
Houston Exploration Co.* ............................................... 200 4,588
KCS Energy, Inc. ....................................................... 300 3,431
Key Energy Group, Inc.* ................................................ 500 6,563
Lomak Petroleum, Inc. .................................................. 400 4,175
Louis Dreyfus Natural Gas
Corp.* ............................................................... 200 3,788
Meridian Resource Corp.* ............................................... 500 3,531
Plains Resources, Inc.* ................................................ 500 8,969
St. Mary Land and Exploration
Co. .................................................................. 200 4,825
Stone Energy Corp.* .................................................... 200 7,113
Tom Brown, Inc. ........................................................ 700 13,169
Vintage Petroleum, Inc. ................................................ 700 13,208
-----------
141,084
-----------
OIL--INTERNATIONAL (0.3%)
Benton Oil & Gas Co.* .................................................. 700 7,438
Newfield Exploration Co.* .............................................. 600 14,925
Pride International, Inc.* ............................................. 900 15,244
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Rutherford-Moran Oil Corp.* ............................................ 200 $ 4,025
Santa Fe Energy Resources, Inc. 100 1,075
Seacor Holdings, Inc.* ................................................. 300 18,394
-----------
61,101
-----------
OIL--SUPPLIES & CONSTRUCTION (1.3%)
Belco Oil & Gas Corp.* ................................................. 300 2,588
CARBO Ceramics Inc. .................................................... 200 6,825
Comstock Resources, Inc.* .............................................. 600 4,463
Daniel Industries, Inc. ................................................ 300 5,700
Devon Energy Corp. ..................................................... 400 13,975
Forecenergy, Inc.* ..................................................... 200 3,563
Forest Oil Corp.* ...................................................... 500 7,156
Global Industries Ltd.* ................................................ 800 13,500
Hanover Compressor Co.* ................................................ 100 2,706
Harken Energy Corp.* ................................................... 2,300 11,069
Holly Corp. ............................................................ 200 5,150
Input/Output, Inc.* .................................................... 1,100 19,594
Marine Drilling Co., Inc.* ............................................. 800 12,800
Newpark Resources, Inc.* ............................................... 1,100 12,238
Oceaneering International, Inc.* ....................................... 400 7,100
Offshore Logistics, Inc.* .............................................. 700 12,425
Parker Drilling Co.* ................................................... 1,500 10,594
Patterson Energy, Inc.* ................................................ 300 2,934
Pool Energy Services Co.* .............................................. 400 5,900
Quaker State Corp. ..................................................... 1,000 16,375
Snyder Oil Corp. ....................................................... 700 13,956
Swift Energy Co.* ...................................................... 200 3,188
Tesoro Petroleum Corp.* ................................................ 300 4,763
Trico Marine Services, Inc.* ........................................... 300 4,106
Tuboscope, Inc.* ....................................................... 800 15,800
Varco International, Inc.* ............................................. 600 11,888
WICOR, Inc. ............................................................ 1,000 23,120
-----------
253,476
-----------
RAILROADS (0.0%)
MotivePower Industries, Inc.* .......................................... 400 9,800
-----------
TOTAL ENERGY ......................................................... 556,195
-----------
TECHNOLOGY (12.9%)
ELECTRONICS (4.9%)
ACX Technologies, Inc.* ................................................ 500 10,875
AFC Cable Systems, Inc.* ............................................... 100 3,550
ATL Products, Inc., Class A* ........................................... 200 5,213
ATMI, Inc. ............................................................. 200 3,000
Acclaim Entertainment, Inc.* ........................................... 800 4,750
Actel Corp.* ........................................................... 300 3,225
Acxiom Corp.* .......................................................... 500 12,469
Advent Software, Inc.* ................................................. 100 4,200
Affiliated Computer Services,
Inc.* ................................................................ 900 34,650
American Management Systems,
Inc.* ................................................................ 600 17,963
Amphenol Corp., Class A* ............................................... 300 11,700
Analogic Corp. ......................................................... 200 8,950
Anixter International, Inc.* ........................................... 800 15,250
Apex PC Solutions, Inc.* ............................................... 100 2,788
Applied Micro Circuits Corp.* .......................................... 100 2,588
Arbor Software Corp.* .................................................. 200 6,288
Artesyn Technologies, Inc.* ............................................ 600 9,600
Aspen Technologies, Inc.* .............................................. 400 20,200
Avant! Corp.* .......................................................... 600 14,850
Avid Technology, Inc.* ................................................. 500 16,750
</TABLE>
88
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
BARRA, Inc.* ........................ 200 $ 4,900
BEA Systems, Inc.* .................. 300 6,881
BancTec, Inc. ....................... 500 11,563
Belden, Inc. ........................ 300 9,188
Berg Electronics Corp.* ............. 400 7,825
Boole & Babbage, Inc.* .............. 750 17,906
Broderbund Software, Inc.* .......... 300 6,844
Budget Group, Inc.* ................. 400 12,775
Burr-Brown Corp.* ................... 750 15,750
C & D Technology, Inc. .............. 100 5,800
CDW Computer Centers, Inc.* ......... 100 5,000
CHS Electronics, Inc.* .............. 800 14,300
CIBER Inc.* ......................... 400 15,200
C-Cube Microsystems, Inc.* .......... 800 14,850
Cable Design Technologies* .......... 700 14,438
Checkfree Holdings Corp.* ........... 900 26,494
Checkpoint Systems Inc.* ............ 700 9,888
Cirrus Logic, Inc.* ................. 1,500 16,688
Citrix Systems, Inc.* ............... 650 44,444
Clarify, Inc.* ...................... 500 6,750
Cohu, Inc. .......................... 100 2,431
CompuCom Systems, Inc.* ............. 400 2,600
Computer Horizons Corp.* ............ 500 18,531
Computer Task Group, Inc. ........... 500 16,750
CTS Corp. ........................... 300 8,850
Cubic Corp. ......................... 100 2,388
Data General Corp.* ................. 1,300 19,419
Data Transmission Network
Corp.* ............................ 200 8,000
DII Group, Inc.* .................... 600 10,238
Documentum, Inc.* ................... 300 14,400
Electro Scientific Industries, Inc.* 200 6,313
Essex International, Inc.* .......... 200 4,725
Etec Systems, Inc.* ................. 500 17,594
FactSet Research Systems, Inc.* ..... 100 3,250
Fluke Corp. ......................... 100 3,288
FSI International, Inc.* ............ 400 3,875
General Cable Corp. ................. 550 15,881
GenRad, Inc.* ....................... 600 11,850
Gentex Corp.* ....................... 1,400 25,375
Gerber Scientific, Inc. ............. 400 9,100
Hadco Corp.* ........................ 200 4,663
Harbinger Corp.* .................... 600 14,513
Helix Technology Corp. .............. 400 6,000
HNC Software, Inc.* ................. 300 12,244
Hyperion Software Corp.* ............ 400 11,400
Industri-Matematik International
Corp.* ............................ 400 4,375
Information Resources, Inc.* ........ 600 11,100
Innovex, Inc. ....................... 300 3,919
Inprise Corp.* ...................... 1,000 7,375
Integrated Device Technology,
Inc.* ............................. 1,600 11,450
Integrated Systems, Inc.* ........... 300 4,613
Intergraph Corp.* ................... 700 5,994
International Rectifier Corp.* ...... 1,200 10,200
Intersolv, Inc.* .................... 400 6,425
InterVoice, Inc.* ................... 400 7,100
Itron, Inc.* ........................ 300 3,825
JDA Software Group, Inc.* ........... 300 13,125
Jabil Circuit, Inc.* ................ 200 6,613
Jack Henry & Associates, Inc. ....... 200 6,875
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Kent Electronics Corp.* ............. 600 $ 10,988
MTS Systems Corp. ................... 400 6,425
National Instruments Corp.* ......... 200 7,150
Nichols Research Corp.* ............. 100 2,731
Optical Cable Corp.* ................ 200 2,000
P-Com, Inc.* ........................ 600 5,494
Paxar Corp.* ........................ 1,000 11,500
PMT Services, Inc.* ................. 1,000 25,438
Read-Rite Corp.* .................... 700 6,344
Rogers Corp.* ....................... 100 3,300
S3, Inc.* ........................... 800 4,050
SABRE Group Holdings, Inc.* ......... 300 11,400
SpeedFam International, Inc.* ....... 200 3,688
System Software Associates, Inc.* 600 4,275
Technology Solutions Co.* ........... 500 15,844
Transaction Systems Architects,
Inc.* ............................. 100 3,850
Trimble Navigation Ltd.* ............ 600 9,713
Wyman-Gordon Co.* ................... 300 5,976
-----------
973,176
-----------
OFFICE EQUIPMENT (2.5%)
12 Technologies, Inc. ............... 200 7,025
American Business Products, Inc. 400 8,200
Aspect Development, Inc.* ........... 100 7,563
Bell & Howell Co.* .................. 300 7,744
Day Runner, Inc.* ................... 200 5,038
DecisionOne Holdings Corp.* ......... 400 8,000
Evans & Sutherland Computer
Corp.* ............................ 200 5,038
FileNET Corp.* ...................... 600 17,325
GT Interactive Software Corp.* ...... 600 4,519
Global DirectMail Corp. ............. 400 5,050
HMT Technology Corp.* ............... 800 6,700
Hutchinson Technology, Inc.* ........ 400 10,900
John H. Harland Co. ................. 400 6,775
Knoll, Inc.* ........................ 300 8,850
Kronos, Inc.* ....................... 100 3,625
MICROS Systems, Inc.* ............... 400 13,238
Mastech Corp.* ...................... 200 5,625
Micron Electronics, Inc.* ........... 100 1,206
National Computer Systems, Inc. 500 12,000
Network Appliance, Inc.* ............ 400 15,575
New England Business Services,
Inc. .............................. 400 12,900
Pixar, Inc.* ........................ 100 6,038
Platinum Technology* ................ 1,300 37,131
Policy Management Systems
Corp.* ............................ 600 23,550
Rational Software Corp.* ............ 1,600 24,400
SMART Modular Technologies* ......... 500 7,313
Sandisk Corp.* ...................... 300 4,144
Tech-Sym Corp.* ..................... 200 5,563
Technitrol, Inc. .................... 300 11,981
Telxon Corp. ........................ 200 6,475
Triumph Group, Inc.* ................ 300 12,600
VERITAS Software Corp.* ............. 600 24,825
Vanstar Corp.* ...................... 1,100 16,019
Vantive Corp.* ...................... 200 4,100
Viasoft, Inc.* ...................... 500 8,094
Visio Corp.* ........................ 500 23,875
WH Brady Co. ........................ 200 5,563
</TABLE>
89
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
Wind River Systems* ................. 300 $ 10,763
Xircom, Inc.* ....................... 600 9,338
Xylan Corp.* ........................ 600 17,883
Yahoo! Inc.* ........................ 400 63,000
-----------
495,551
-----------
OFFICE EQUIPMENT SERVICES (1.9%)
BA Merchant Services, Inc.,
Class A* .......................... 200 4,038
ChoicePoint, Inc.* .................. 100 5,063
Complete Business Solutions,
Inc.* ............................. 100 3,594
Fair Issac & Co., Inc. .............. 100 3,800
General Magic, Inc.* ................ 100 1,231
Information Management
Resources, Inc.* .................. 200 6,763
Komag, Inc.* ........................ 100 534
Learning Co., Inc.* ................. 700 20,738
Legato Systems, Inc.* ............... 700 27,300
Lycos, Inc.* ........................ 300 22,613
Macromedia, Inc.* ................... 700 13,081
Manugistics Group, Inc.* ............ 300 7,425
Mercury Interactive Corp.* .......... 400 17,850
Progress Software Corp.* ............ 200 8,200
Project Software &
Development, Inc.* ................ 200 4,013
PSINet, Inc.* ....................... 900 11,700
Radiant Systems, Inc.* .............. 100 1,450
Remedy Corp.* ....................... 400 6,800
Safeguard Scientifics, Inc.* ........ 600 25,013
Sapient Corp.* ...................... 200 10,550
Security Dynamics Technologies,
Inc.* ............................. 100 1,850
Sequent Computer System* ............ 1,000 12,063
Shiva Corp.* ........................ 700 5,863
Siebel Systems, Inc.* ............... 1,064 34,314
Software AG Systems, Inc.* .......... 200 5,850
Stratus Computer, Inc.* ............. 600 15,188
Structural Dynamics Research* ....... 900 20,813
Sykes Enterprises, Inc.* ............ 300 6,019
Symantec Corp.* ..................... 1,000 26,125
Systems & Computer Tech
Corp.* ............................ 600 16,200
USCS International, Inc.* ........... 400 8,275
Wang Laboratories, Inc.* ............ 600 15,258
-----------
369,574
-----------
TELECOMMUNICATIONS (3.6%)
ANTEC Corp.* ........................ 600 13,913
Aerial Communications, Inc.* ........ 100 625
Allen Telecom, Inc.* ................ 200 2,325
Alliant Techsystems, Inc.* .......... 200 12,650
Alpine Group, Inc.* ................. 400 8,300
American Mobile Satellite Corp.* 400 3,900
American Tower Corp., Class A* 400 9,975
Aspect Telecommunications
Corp.* ............................ 700 19,163
Associated Group, Inc., Class A* 300 12,300
AXENT Technologies, Inc.* ........... 200 6,125
Black Box Corp.* .................... 400 13,275
CFW Communications Co. .............. 100 2,325
CNET, Inc.* ......................... 100 6,825
</TABLE>
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
-------------------- -----------------
<S> <C> <C>
COMSAT Corp. ........................ 800 $ 22,650
California Microwave, Inc.* ......... 300 5,250
CellNet Data Systems, Inc.* ......... 900 8,719
Cellular Communications
International, Inc.* .............. 300 14,963
Centennial Cellular Corp.,
Class A* .......................... 300 11,194
Coherent Communications
Systems Corp.* .................... 200 9,363
Commonwealth Telephone
Enterprises, Inc.* ................ 200 5,275
CommNet Cellular, Inc.* ............. 600 8,813
Comverse Technology, Inc.* .......... 830 43,056
Cylink Corp.* ....................... 300 3,600
Dialogic Corp.* ..................... 100 2,975
Diamond Multimedia Systems,
Inc. .............................. 500 3,422
Digital Microwave Corp.* ............ 500 3,625
DSP Communications, Inc.* ........... 800 11,000
E*TRADE Group, Inc.* ................ 600 13,763
General Communications, Inc.,
Class A* .......................... 500 3,031
GeoTel Communications Corp.* ........ 300 12,225
Glenayre Technologies, Inc.* ........ 1,000 10,750
ICG Communications, Inc.* ........... 100 3,656
IXC Communications, Inc.* ........... 300 14,550
Inter-Tel, Inc. ..................... 600 9,600
InterDigital Communications
Corp.* ............................ 900 4,838
Intermedia Communications,
Inc.* ............................. 600 25,163
International Network Services* ..... 300 12,300
KEMET Corp.* ........................ 600 7,894
LHS Group Inc.* ..................... 200 13,175
MasTec, Inc.* ....................... 300 7,163
McLeodUSA, Inc. ..................... 600 23,325
Metro Information Services, Inc.* 200 7,825
MRV Communications, Inc.* ........... 400 8,300
Natural MicroSystems Corp.* ......... 200 3,200
Network Equipment
Technologies, Inc.* ............... 300 4,706
North Pittsburgh Systems, Inc. ...... 300 4,781
NTL, Inc.* .......................... 400 21,400
Oak Industries, Inc.* ............... 300 10,613
Omnipoint Corp. ..................... 500 11,469
Open Market, Inc.* .................. 200 3,775
Pacific Gateway Exchange, Inc.* ..... 100 4,006
PageMart Wireless, Inc.,
Class A* .......................... 400 3,625
Paging Network, Inc.* ............... 1,700 23,800
PictureTel Corp.* ................... 600 5,550
Plantronics, Inc.* .................. 400 20,600
Powertel, Inc.* ..................... 400 7,400
Premiere Technologies, Inc.* ........ 400 3,319
Premisys Communications, Inc.* ...... 600 14,925
Primus Telecommunications
Group, Inc.* ...................... 200 3,788
RCN Corp.* .......................... 800 15,500
Skytel Communications, Inc.* ........ 900 21,066
SmarTalk TeleServices, Inc. ......... 300 4,369
Superior TeleCom, Inc. .............. 125 5,203
Tekelec* ............................ 200 8,950
</TABLE>
90
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER OF VALUE
SHARES (NOTE 1)
---------- --------------
<S> <C> <C>
Tel-Save Holdings, Inc.* ........... 700 $ 10,325
U.S. Satellite Broadcasting Co.,
Inc.* ............................ 800 9,350
Vanguard Cellular Systems, Inc.,
Class A* ......................... 900 16,988
West TeleServices Corp.* ........... 300 3,638
Westell Technologies, Inc.* ........ 300 2,775
WinStar Communications, Inc.* ...... 600 25,756
World Access, Inc.* ................ 400 12,000
-----------
726,041
-----------
TOTAL TECHNOLOGY ................. 2,564,342
-----------
TOTAL COMMON STOCKS (84.2%)
(Cost $16,510,398) ............... 16,693,231
-----------
PREFERRED STOCKS:
CONSUMER NON-CYCLICALS (0.0%)
HOSPITAL SUPPLIES & SERVICES (0.0%)
Mediq, Inc., Class A* (Cost $0)..... 23 152
-----------
RIGHTS:
CREDIT SENSITIVE (0.0%)
FINANCIAL SERVICES (0.0%)
Coast Federal Litigation
Contingent Payment Rights*
(Cost $0) ........................ 300 4,538
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------ --------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (16.1%)
U.S. Treasury Bill
8/20/98- ......................... $ 150,000 $ 148,974
9/3/98 ........................... 1,483,000 1,470,002
10/15/98 ......................... 743,000 732,105
10/22/98 ......................... 503,000 495,153
11/12/98 ......................... 340,000 333,672
-----------
TOTAL SHORT-TERM DEBT SECURITIES (16.1%)
(Cost/Amortized Cost $3,179,853) 3,179,906
-----------
TOTAL INVESTMENTS (100.3%)
(Cost/Amortized Cost $19,690,251) 19,877,827
OTHER ASSETS
LESS LIABILITIES (-0.3%) ......... (51,826)
-----------
NET ASSETS (100%) .................. $19,826,001
===========
</TABLE>
- ----------
* Non-income producing
# Securities (totaling $280 or 0.00% of net assets) valued at fair value.
- - Security segregated as collateral for financial futures contracts.
91
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
FUTURES CONTRACTS: At June 30, 1998, the Portfolio had futures contracts open:
<TABLE>
<CAPTION>
NUMBER
OF AGGREGATE EXPIRATION UNREALIZED
PURCHASES: CONTRACTS FACE VALUE DATE APPRECIATION
- ----------------------- ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C>
S&P 500 Index ......... 11 $3,143,250 Sept `98 $84,747
</TABLE>
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $20,602,200
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 3,310,341
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 1,360,289
Aggregate gross unrealized depreciation .......... (1,172,713)
------------
Net unrealized appreciation ...................... $ 187,576
============
Federal income tax cost of investments ........... $ 19,690,251
============
</TABLE>
At June 30, 1998, the Portfolio had loaned securities with a total value of
$1,250,362 which was secured by collateral valued at $1,289,180
See Notes to Financial Statements.
92
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------------------ -----------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES (1.3%)
ENVIRONMENTAL CONTROL (1.3%)
Lamso USA, Inc.
6.75%, 12/15/07 .................. $ 250,000 $ 252,660
7.50%, 6/30/06 ................... 100,000 106,791
-----------
TOTAL BUSINESS SERVICES .......... 359,451
-----------
CAPITAL GOODS (0.9%)
AEROSPACE (0.9%)
Boeing Co.
6.625%, 2/15/38+ ................. 150,000 154,280
Lockheed Martin Corp.
7.25%, 5/15/06 ................... 100,000 106,337
-----------
TOTAL CAPITAL GOODS .............. 260,617
-----------
CONSUMER CYCLICALS (1.6%)
LEISURE RELATED (1.0%)
Time Warner Entertainment
8.375%, 3/15/23 .................. 250,000 293,521
-----------
RETAIL--GENERAL (0.6%)
Nordstrom Inc.
6.95%, 3/15/28 ................... 175,000 178,658
-----------
TOTAL CONSUMER CYCLICALS ......... 472,179
-----------
CONSUMER NON-CYCLICALS (0.1%)
TOBACCO (0.1%)
Philip Morris Cos., Inc.
6.15%, 3/15/10 ................... 30,000 30,060
-----------
CREDIT SENSITIVE (77.8%)
BANKS (0.4%)
Amsouth Bank of Alabama
6.45%, 2/1/18 .................... 100,000 103,266
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS (6.0%)
Advanta Mortgage Loan Trust,
Series 98-2, Class A17,
6.05%, 9/25/18 ................... 500,000 496,563
Ford Credit Auto Loan Master
Trust,
Series 95-1,
6.50%, 8/15/02 ................... 500,000 507,148
Series 96-1,
5.50%, 2/15/03 ................... 300,000 297,581
Morgan Stanley Capital Inc.,
Series 98-HF1,
6.19%, 1/15/07 ................... 98,388 100,509
Series 98-WF1,
6.25%, 7/15/07 ................... 98,927 99,298
Ocwen Residential MBS Corp.,
Series 98-R1,
4.00%, 10/25/40+ ................. 245,683 242,957
-----------
1,744,056
-----------
FINANCIAL SERVICES (7.4%)
Associates Corp. of North
America
6.00%, 4/15/03 ................... 200,000 199,947
ERP Operating LP
6.63%, 4/13/15 ................... 500,000 503,440
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------------------ -----------------
<S> <C> <C>
First USA, Inc., Series 98-2,
6.80%, 2/18/11 ................... $ 300,000 $ 300,938
Fleet Financial Group, Inc.
6.875%, 1/15/28 .................. 100,000 101,873
Ford Motor Credit
6.625%, 6/30/03 .................. 150,000 152,891
General Electric Capital Corp.
5.50%, 11/1/01 ................... 100,000 98,661
Household Finance Co., Series E,
6.125%, 2/27/03 .................. 250,000 247,813
Household Finance N.V.
6.125%, 3/1/03 ................... 250,000 249,626
John Deere Capital Corp.
5.85%, 1/15/01 ................... 100,000 99,968
Keystone Financial Midatlantic
6.50%, 5/31/08 ................... 200,000 202,107
-----------
2,157,264
-----------
FOREIGN GOVERNMENT (7.3%)
French Treasury Bill BTAN
4.75%, 3/12/02 ................... FRF 6,650,000 1,115,902
German Unity Fund
8.50%, 2/20/01 ................... DEM 1,650,000 1,012,831
-----------
2,128,733
-----------
MORTGAGE RELATED (2.1%)
Deutche Mortgage and Asset
Receiving Corp.,
6.22%, 9/15/07 ................... $ 98,751 100,850
First Union-Lehman Brothers,
Series 98-C2, Class A1,
6.28%, 6/18/07 ................... 498,080 502,107
-----------
602,957
-----------
REAL ESTATE (0.1%)
Weeks Realty LP 6.875%, 3/15/05 37,000 37,147
-----------
U.S. GOVERNMENT (22.8%)
U.S. Treasury Note
5.50%, 1/31/03 ................... 325,000 324,797
5.75%, 4/30/03 ................... 1,300,000 1,313,001
5.75%, 8/15/03 ................... 2,130,000 2,153,298
6.875%, 5/15/06- ................. 1,410,000 1,527,648
5.50%, 2/15/08 ................... 285,000 285,000
5.625%, 5/15/08 .................. 200,000 202,813
6.75%, 8/15/26 ................... 723,000 828,061
-----------
6,634,618
-----------
U.S. GOVERNMENT AGENCIES (24.9%)
Federal Home Mortgage Corp.
Gold
7.00%, 5/1/28 .................... 2,376,916 2,415,525
Federal National Mortgage
Association
6.50%, 2/1/13 .................... 318,591 320,779
6.50%, 5/1/13 .................... 230,720 232,305
6.50%, 6/1/13 .................... 440,691 443,719
6.50%, 5/1/28 .................... 504,600 503,019
6.50%, 5/1/28 .................... 145,924 145,467
6.50%, 6/1/28 .................... 505,000 503,418
6.50%, 6/1/28 .................... 559,634 557,881
6.50%, 7/1/28 .................... 495,000 491,597
Government National Mortgage
Association
8.00%, 8/15/27 ................... 487,519 505,650
7.50%, 2/15/28 ................... 108,901 111,998
</TABLE>
93
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------- ---------------
<S> <C> <C>
7.50%, 5/15/28 ................... $ 501,274 $ 515,530
7.00%, 6/15/28 ................... 495,000 503,355
-----------
7,250,243
-----------
UTILITY--ELECTRIC (2.5%)
Detroit Edison, Series E
6.75%, 3/17/03 ................... 100,000 102,870
Kincaid Generation LLC
7.33%, 6/15/20+ .................. 300,000 314,273
National Rural Utilities
6.20%, 2/1/08 .................... 100,000 100,597
Texas Utilities Electric Co.
6.25%, 10/1/04 ................... 200,000 202,134
-----------
719,874
-----------
UTILITY--GAS (2.2%)
Energen Corp.
7.125%, 2/15/28 .................. 150,000 148,502
Ferrellgas LP, Series A, 6.99%,
8/1/05# .......................... 500,000 500,000
-----------
648,502
-----------
UTILITY--TELEPHONE (2.1%)
Century Telephone Enterprises,
Series E,
6.15%, 1/15/05 ................... 100,000 98,704
Pacific Bell
6.125%, 2/15/08 .................. 250,000 250,310
Pacific Telecommunications,
Series B,
6.625%, 10/20/05 ................. 150,000 154,852
U.S. West Capital Funding, Inc.
6.25%, 7/15/05 ................... 125,000 124,727
-----------
628,593
-----------
TOTAL CREDIT SENSITIVE ........... 22,655,253
-----------
ENERGY (2.1%)
COAL & GAS PIPELINES (0.3%)
Laidlaw, Inc.
6.50%, 5/1/05 .................... 100,000 101,748
-----------
OIL--INTERNATIONAL (0.9%)
Peco Energy Capital Trust III,
Series D,
7.38%, 4/6/28 .................... 150,000 151,974
Tailsman Energy, Inc.
7.25%, 10/15/27 .................. 100,000 104,827
-----------
256,801
-----------
RAILROADS (0.9%)
Union Pacific Corp.
6.625%, 2/1/08 ................... 250,000 252,165
-----------
TOTAL ENERGY ..................... 610,714
-----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
-------------- ---------------
<S> <C> <C>
TECHNOLOGY (3.3%)
ELECTRONICS (1.7%)
Computer Associates
International, Inc.
6.375%, 5/15/05+ ................. $ 500,000 $ 502,885
-----------
TELECOMMUNICATIONS (1.6%)
Aerial Communications, Inc.
Zero Coupon, 2/1/08+ ............. 435,000 208,011
Cable & Wireless
Communications
6.375%, 3/6/03 ................... 150,000 150,126
TCA Cable TV, Inc.
6.53%, 2/1/28 .................... 100,000 104,163
-----------
462,300
-----------
TOTAL TECHNOLOGY ................. 965,185
-----------
TOTAL LONG-TERM DEBT SECURITIES (87.1%)
(Cost $25,229,329) ............... 25,353,459
-----------
NUMBER
OF
SHARES
-----------
PREFERRED STOCKS:
CREDIT SENSITIVE (1.3%)
FINANCIAL SERVICES (1.3%)
Equity Residential Properties
Trust
(Cost $397,850) .................. 14,600 382,338
-----------
PRINCIPAL
AMOUNT
-----------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (10.7%)
Banque et Caisse Espargne
5.52%, 7/20/98 ................... $ 700,000 697,968
Diago Capital plc
5.49%, 7/7/98 .................... 700,000 699,361
Koch Industries, Inc.
6.30%, 7/1/98 .................... 1,725,000 1,725,000
-----------
3,122,329
-----------
U.S. GOVERNMENT AGENCIES (9.2%)
Federal Farm Credit Discount
Note
5.55%, 7/1/98 .................... 2,681,000 2,681,000
-----------
TOTAL SHORT-TERM DEBT SECURITIES (19.9%)
(Cost $5,803,329) ................ 5,803,329
-----------
TOTAL INVESTMENTS (108.3%)
(Cost/Amortized Cost
$31,430,508)................... 31,539,126
OTHER ASSETS
LESS LIABILITIES (-8.3%) ......... (2,411,294)
-----------
NET ASSETS (100%) .................. $29,127,832
============
</TABLE>
- ----------
+ Security exempt from registration under rule 144A of the Securities Act of
1933, as amended. These securities may only be resold to qualified
institutional buyers. At June 30, 1998, these securities amounted to
$1,422,406 or 4.88% of net assets.
# Securities (totaling $500,000 or 1.72% of net assets) valued at fair value.
- - Security segregated as collateral for financial futures contracts.
Glossary:
DEM--German Mark
FRF--French Franc
94
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1998, the Portfolio had futures contracts open:
<TABLE>
<CAPTION>
NUMBER
OF AGGREGATE EXPIRATION UNREALIZED
PURCHASES: CONTRACTS FACE VALUE DATE APPRECIATION
- -------------------------- ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C>
U.S. 5 Year Note ......... 2 $ 219,375 Sept '98 $ 144
U.S. Long Bond ........... 17 2,101,094 Sept '98 16,523
-------
$16,667
=======
</TABLE>
At June 30, 1998 the Portfolio had outstanding forward currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S. $
AMOUNT ORIGINATION CURRENT UNREALIZED
(000'S) DATE VALUE APPRECIATION
---------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY SALE CONTRACTS
German Mark, expiring 7/30/98 .......... 1,900 $1,069,528 $1,055,673 $13,855
French Franc, expiring 7/31/98 ......... 6,833 1,147,638 1,132,035 15,603
-------
$29,458
=======
</TABLE>
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $14,526,320
U.S. Government securities ............................. 45,888,040
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 1,065,634
U.S. Government securities ............................. 32,074,388
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation ......... $ 152,094
Aggregate gross unrealized depreciation ......... (43,476)
-----------
Net unrealized appreciation ..................... $ 108,618
===========
Federal income tax cost of investments .......... $31,430,508
===========
</TABLE>
At June 30, 1998 the Portfolio had loaned securities with a total value of
$944,561, which was secured by collateral valued at $963,280.
See Notes to FinSancial Statements.
95
<PAGE>
EQ ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (2.8%)
CHEMICALS (1.8%)
E.I. Du Pont de Nemours & Co. 6,600 $ 492,525
------------
PAPER (1.0%)
Kimberly Clark Corp. ................................................... 6,200 284,425
------------
TOTAL BASIC MATERIALS ................................................ 776,950
------------
BUSINESS SERVICES (5.3%)
PRINTING, PUBLISHING,
BROADCASTING (2.9%)
Gannett Co. ............................................................ 6,200 440,588
New York Times Co., Class A ............................................ 4,600 364,550
------------
805,138
------------
PROFESSIONAL SERVICES (1.4%)
Cendant Corp.* ......................................................... 19,400 404,975
------------
TRUCKING, SHIPPING (1.0%)
FDX Corp.* ............................................................. 4,600 288,650
------------
TOTAL BUSINESS SERVICES .............................................. 1,498,763
------------
CAPITAL GOODS (10.5%)
AEROSPACE (4.4%)
Allied Signal, Inc. .................................................... 8,500 377,188
Gulfstream Aerospace Corp.* ............................................ 6,100 283,650
United Technologies Corp. .............................................. 6,100 564,250
------------
1,225,088
------------
ELECTRICAL EQUIPMENT (3.5%)
Advanced Micro Devices, Inc.* .......................................... 13,200 225,225
Honeywell, Inc. ........................................................ 6,400 534,800
LSI Logic Corp.* ....................................................... 9,900 228,319
------------
988,344
------------
MACHINERY (2.6%)
Deere & Co. ............................................................ 7,700 407,138
Ingersoll-Rand Co. ..................................................... 7,300 321,656
------------
728,794
------------
TOTAL CAPITAL GOODS .................................................. 2,942,226
------------
CONSUMER CYCLICALS (10.8%)
AIRLINES (1.0%)
UAL Corp.* ............................................................. 3,600 280,800
------------
AUTO RELATED (2.0%)
Republic Industries, Inc.* ............................................. 11,000 275,000
TRW Inc. ............................................................... 5,200 284,050
------------
559,050
------------
AUTOS & TRUCKS (1.3%)
General Motors Corp. ................................................... 5,500 367,469
------------
FOOD SERVICES, LODGING (0.9%)
ConAgra, Inc. .......................................................... 8,400 266,175
------------
LEISURE RELATED (0.2%)
Brunswick Corp. ........................................................ 1,800 44,550
------------
RETAIL--GENERAL (5.4%)
Federated Department Stores,
Inc.* ................................................................ 6,200 333,638
Office Depot, Inc.* .................................................... 1,800 56,813
Sears, Roebuck & Co. ................................................... 7,400 451,863
Toys-R-Us, Inc.* ....................................................... 12,500 294,531
Wal-Mart Stores, Inc. .................................................. 6,400 388,800
------------
1,525,645
------------
TOTAL CONSUMER CYCLICALS ............................................. 3,043,689
------------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------------- -------------------
<S> <C> <C>
CONSUMER NON-CYCLICALS (18.1%)
BEVERAGES (5.5%)
Cadbury Schweppes plc (ADR) ............................................ 4,000 $ 246,500
Diago plc (ADR) ........................................................ 8,991 433,254
Heineken N.V. (ADR) .................................................... 12,812 503,228
PepsiCo, Inc. .......................................................... 8,400 345,975
------------
1,528,957
------------
DRUGS (6.0%)
American Home Products Corp. ........................................... 11,600 600,300
Amgen, Inc.* ........................................................... 5,300 346,488
Astra AB, Class A (ADR) ................................................ 10,700 219,350
Bristol-Myers Squibb Co. ............................................... 4,550 522,966
------------
1,689,104
------------
HOSPITAL SUPPLIES & SERVICES (3.1%)
Cognizant Corp. ........................................................ 6,200 390,600
Johnson & Johnson ...................................................... 6,600 486,750
------------
877,350
------------
RETAIL--FOOD (1.5%)
McDonald's Corp. ....................................................... 6,000 414,000
------------
TOBACCO (2.0%)
Philip Morris Cos., Inc. ............................................... 14,300 563,063
------------
TOTAL CONSUMER NON-CYCLICALS 5,072,474
------------
CREDIT SENSITIVE (24.5%)
BANKS (4.7%)
BankAmerica Corp. ...................................................... 5,500 475,406
Chase Manhattan Corp. .................................................. 5,900 445,450
First Union Corp. ...................................................... 4,300 250,475
KeyCorp ................................................................ 4,000 142,500
------------
1,313,831
------------
FINANCIAL SERVICES (3.3%)
Bankers Trust New York Corp. ........................................... 2,700 313,369
Fleet Financial Group, Inc. ............................................ 3,400 283,900
Mellon Bank Corp. ...................................................... 4,600 320,275
------------
917,544
------------
INSURANCE (7.6%)
Aetna, Inc. ............................................................ 5,000 380,625
Allstate Corp. ......................................................... 3,600 329,625
Hartford Financial Services
Group, Inc. .......................................................... 5,000 571,875
Travelers Group, Inc. .................................................. 9,800 594,125
Washington Mutual, Inc. ................................................ 6,100 264,969
------------
2,141,219
------------
UTILITY--ELECTRIC (4.4%)
Consolidated Edison, Inc. .............................................. 5,800 267,163
Duke Energy Corp. ...................................................... 4,400 260,700
Edison International ................................................... 15,700 464,131
Pacificorp ............................................................. 10,400 235,300
------------
1,227,294
------------
UTILITY--TELEPHONE (4.5%)
AT&T Corp. ............................................................. 8,500 485,563
Bell Atlantic Corp. .................................................... 17,100 780,188
------------
1,265,751
------------
TOTAL CREDIT SENSITIVE ............................................... 6,865,639
------------
</TABLE>
96
<PAGE>
EQ ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
----------- -------------
<S> <C> <C>
ENERGY (8.2%)
OIL--DOMESTIC (3.1%)
Chevron Corp. ....................... 4,000 $ 332,250
Mobil Corp. ......................... 7,100 544,038
----------
876,288
----------
OIL--INTERNATIONAL (4.3%)
Atlantic Richfield Co. .............. 3,100 242,188
Diamond Offshore Drilling, Inc. ..... 6,500 260,000
Elf Aquitaine S.A. (ADR) ............ 6,500 461,500
Noble Affiliates, Inc. .............. 6,200 235,600
----------
1,199,288
----------
OIL--SUPPLIES & CONSTRUCTION (0.8%)
Dresser Industries, Inc. ............ 5,300 233,531
----------
TOTAL ENERGY ...................... 2,309,107
----------
TECHNOLOGY (13.1%)
ELECTRONICS (2.6%)
3Com Corp.* ......................... 8,100 248,569
Texas Instruments, Inc. ............. 8,400 489,825
----------
738,394
----------
OFFICE EQUIPMENT (4.3%)
Circuit City Stores-Circuit City
Group ............................. 4,100 192,188
Compaq Computer Corp. ............... 7,400 209,975
Hewlett Packard Co. ................. 6,900 413,138
International Business Machines
Corp. ............................. 3,500 401,844
----------
1,217,145
----------
OFFICE EQUIPMENT SERVICES (4.0%)
Electronic Data Systems Corp. ....... 8,100 324,000
First Data Corp. .................... 14,000 466,375
NCR Corp.* .......................... 10,100 328,250
----------
1,118,625
----------
TELECOMMUNICATIONS (2.2%)
Ameritech Corp. ..................... 9,400 421,825
Motorola, Inc. ...................... 3,700 194,473
----------
616,298
----------
TOTAL TECHNOLOGY .................. 3,690,462
----------
TOTAL COMMON STOCKS (93.3%)
(Cost $25,698,496) ................ 26,199,310
----------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL VALUE
AMOUNT (NOTE 1)
------------- ---------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (12.9%)
U.S. Treasury Bill 10/15/98
(Amortized Cost $3,620,926) ......... $3,675,000 $ 3,620,926
-----------
TOTAL INVESTMENTS (106.2%)
(Cost/Amortized Cost
$29,319,422)......................... 29,820,236
OTHER ASSETS
LESS LIABILITIES (-6.2%) ............ (1,747,328)
-----------
NET ASSETS (100%) ..................... $28,072,908
===========
</TABLE>
- ---------------------
* Non-income producing
97
<PAGE>
EQ ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities .. $27,452,231
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .. 1,847,464
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 1,002,792
Aggregate gross unrealized depreciation .......... (501,978)
-----------
Net unrealized appreciation ...................... $ 500,814
===========
Federal income tax cost of investments ........... $29,319,422
===========
</TABLE>
At June 30, 1998, the Portfolio had loaned securities with a total value of
$1,816,596, which was secured by collateral valued at $1,867,744.
See Notes to Financial Statements.
98
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS (5.3%)
CHEMICALS (0.7%)
Ferro Corp. .......................... 7,700 $ 194,906
-----------
CHEMICALS--SPECIALTY (0.7%)
A. Schulman, Inc. .................... 10,000 195,625
-----------
METALS & MINING (1.9%)
Reliance Steel & Aluminum ............ 6,000 231,750
Wyman-Gordon Co.* .................... 13,400 267,163
-----------
498,913
-----------
PAPER (2.0%)
Albany International Corp.,
Class A ............................ 10,138 242,666
Unisource Worldwide, Inc. ............ 11,800 127,588
Wausau-Mosinee Paper Corp. ........... 7,700 176,138
-----------
546,392
-----------
TOTAL BASIC MATERIALS .............. 1,435,836
-----------
BUSINESS SERVICES (8.0%)
PRINTING, PUBLISHING,
BROADCASTING (4.0%)
Banta Corp. .......................... 10,700 330,363
Bowne & Co. .......................... 6,400 288,000
Gibson Greetings, Inc.* .............. 9,300 232,500
World Color Press, Inc.* ............. 6,000 210,000
-----------
1,060,863
-----------
PROFESSIONAL SERVICES (0.6%)
CDI Corp.* ........................... 6,400 171,200
-----------
TRUCKING, SHIPPING (3.4%)
CNF Transportation, Inc. ............. 7,700 327,250
Circle International Group, Inc. ..... 11,600 324,800
Pittston Bax Group ................... 14,200 220,988
Rollins Truck Leasing Corp. .......... 3,150 38,981
-----------
912,019
-----------
TOTAL BUSINESS SERVICES ............ 2,144,082
-----------
CAPITAL GOODS (22.9%)
BUILDING & CONSTRUCTION (3.9%)
Crane Co. ............................ 6,400 310,800
JLG Industries, Inc. ................. 17,800 360,450
Kaufman & Broad Home Corp. ........... 11,700 371,475
-----------
1,042,725
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (3.6%)
Apogee Enterprises, Inc. ............. 20,400 312,375
Eagle Hardware & Garden, Inc.* 14,300 330,688
Hughes Supply, Inc. .................. 5,400 197,775
Martin Marietta Materials, Inc. ...... 700 31,500
Rock-Tenn Co., Class A ............... 7,800 97,988
-----------
970,326
-----------
ELECTRICAL EQUIPMENT (10.0%)
Anixter International, Inc.* ......... 19,000 362,188
Belden, Inc. ......................... 5,500 168,438
Credence Systems Corp.* .............. 12,400 235,600
Harman International Industries,
Inc. ............................... 8,300 319,550
Lam Research Corp.* .................. 10,200 195,075
Magnetek, Inc.* ...................... 13,700 215,775
Pittston Brink's Group ............... 8,300 306,063
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
-------------------- ------------------
<S> <C> <C>
Scotsman Industries .................. 7,600 $ 210,900
Silicon Valley Group, Inc.* .......... 10,600 170,263
United Dominion Industries Ltd. 7,200 240,300
VLSI Technology, Inc.* ............... 15,200 255,075
-----------
2,679,227
-----------
MACHINERY (5.4%)
Aeroquip-Vickers, Inc. ............... 3,300 192,638
Briggs & Stratton Corp. .............. 7,900 295,756
International Rectifier Corp.* ....... 4,300 36,550
Omniquip International, Inc. ......... 8,600 159,100
Regal Beloit ......................... 8,700 247,950
Roper Industries, Inc. ............... 10,100 263,863
Watts Industries, Inc., Class A ...... 11,600 242,150
-----------
1,438,007
-----------
TOTAL CAPITAL GOODS ................ 6,130,285
-----------
CONSUMER CYCLICALS (14.6%)
APPAREL & TEXTILES (1.6%)
Mohawk Industries, Inc.* ............. 1,400 44,363
Oakley, Inc.* ........................ 15,400 205,975
The Wet Seal, Inc., Class A* ......... 5,700 182,400
-----------
432,738
-----------
AUTO RELATED (5.0%)
Borg-Warner Automotive, Inc. ......... 6,000 288,375
Budget Group, Inc.* .................. 5,500 175,656
Dura Automotive Systems, Inc.* 3,500 112,438
Mark IV Industries, Inc. ............. 14,900 322,213
Tower Automotive* .................... 10,300 441,613
-----------
1,340,295
-----------
FOOD SERVICES, LODGING (1.0%)
Prime Hospitality Corp.* ............. 15,300 266,794
-----------
HOUSEHOLD FURNITURE, APPLIANCES (2.3%)
Basset Furniture Industries Corp. 10,800 304,425
Furniture Brands International,
Inc.* .............................. 11,400 319,913
-----------
624,338
-----------
LEISURE RELATED (1.5%)
Polaris Industries, Inc. ............. 10,400 391,300
-----------
PHOTO & OPTICAL (0.3%)
BMC Industries, Inc. ................. 10,300 90,125
-----------
RETAIL--GENERAL (2.9%)
Ann Taylor Stores Corp.* ............. 9,500 201,281
Cole National Corp.* ................. 6,500 260,000
Footstar, Inc.* ...................... 4,600 220,800
Stride Rite Corp. .................... 6,700 100,919
-----------
783,000
-----------
TOTAL CONSUMER CYCLICALS ........... 3,928,590
-----------
CONSUMER NON-CYCLICALS (12.4%)
CONTAINERS (1.6%)
First Brands Corp. ................... 16,300 417,688
-----------
DRUGS (1.2%)
Perrigo Co.* ......................... 32,100 323,006
-----------
FOODS (0.5%)
Lance, Inc. .......................... 900 20,138
Vlasic Foods International, Inc.* 5,000 100,625
-----------
120,763
-----------
</TABLE>
99
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1998 (Unaudited)
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ --------------
<S> <C> <C>
HOSPITAL SUPPLIES & SERVICES (7.4%)
Apria Healthcare Group* ............. 13,700 $ 91,619
Integrated Health Services, Inc. .... 9,500 356,250
Magellan Health Services, Inc.* ..... 12,500 317,188
Sierra Health Services* ............. 16,950 426,928
Sun Healthcare Group, Inc.* ......... 16,600 242,775
Sunrise Medical, Inc.* .............. 14,900 223,500
West Co., Inc. ...................... 11,400 322,763
-----------
1,981,023
-----------
RETAIL--FOODS (1.7%)
Lone Star Steakhouse & Saloon,
Inc.* ............................. 12,500 172,656
Ryan's Family Steak Houses,
Inc.* ............................. 28,600 293,150
-----------
465,806
-----------
TOBACCO (0.0%)
Swisher International Group,
Inc., Class A* .................... 1,500 12,000
-----------
TOTAL CONSUMER NON-CYCLICALS 3,320,286
-----------
CREDIT SENSITIVE (17.6%)
BANKS (1.5%)
Astoria Financial Corp. ............. 4,100 219,350
Hubco, Inc. ......................... 5,300 189,806
-----------
409,156
-----------
FINANCIAL SERVICES (0.8%)
Amresco, Inc.* ...................... 7,500 218,438
-----------
INSURANCE (7.2%)
CMAC Investments Corp. .............. 2,500 153,750
Delphi Financial Group, Class A* 2,826 159,139
E.W. Blanch Holdings, Inc. .......... 8,500 312,375
Enhance Financial Services
Group, Inc. ....................... 1,700 57,375
Frontier Insurance Group, Inc. ...... 10,150 229,009
HCC Insurance Holdings, Inc. ........ 12,200 268,400
Horace Mann Educators Corp. ......... 7,900 272,550
NAC Re Corp. ........................ 5,500 293,563
Reliance Group Holdings, Inc. ....... 9,600 168,000
-----------
1,914,161
-----------
MORTGAGE RELATED (2.1%)
Amerin Corp.* ....................... 8,800 256,850
Toll Brothers, Inc.* ................ 10,700 306,956
-----------
563,806
-----------
REAL ESTATE (3.5%)
Chateau Properties, Inc. ............ 8,000 230,000
Glenborough Realty Trust, Inc. ...... 9,200 242,650
Kilroy Realty Corp. ................. 9,000 225,000
Mack-Cali Realty Corp. .............. 6,600 226,875
-----------
924,525
-----------
UTILITY--ELECTRIC (1.3%)
Calpine Corp.* ...................... 17,500 353,281
-----------
</TABLE>
<TABLE>
<CAPTION>
NUMBER VALUE
OF SHARES (NOTE 1)
------------ --------------
<S> <C> <C>
UTILITY--GAS (1.2%)
Sierra Pacific Resources ............ 9,200 $ 334,075
-----------
TOTAL CREDIT SENSITIVE ............ 4,717,442
-----------
DIVERSIFIED (1.6%)
MISCELLANEOUS (1.6%)
ACX Technologies, Inc.* ............. 10,500 228,375
Walter Industries, Inc.* ............ 10,700 202,631
-----------
TOTAL DIVERSIFIED ................. 431,006
-----------
ENERGY (4.8%)
OIL--DOMESTIC (2.5%)
Barrett Resources Corp.* ............ 9,200 344,425
Devon Energy Corp. .................. 9,500 331,906
-----------
676,331
-----------
OIL--INTERNATIONAL (2.3%)
Helmerich & Payne, Inc. ............. 11,600 258,100
Vintage Petroleum, Inc. ............. 19,000 358,625
-----------
616,725
-----------
TOTAL ENERGY ...................... 1,293,056
-----------
TECHNOLOGY (9.2%)
OFFICE EQUIPMENT (1.4%)
Komag, Inc.* ........................ 25,200 134,663
Wang Laboratories, Inc.* ............ 9,800 249,288
-----------
383,951
-----------
OFFICE EQUIPMENT SERVICES (3.3%)
Bell & Howell Co.* .................. 12,500 322,656
Data General Corp.* ................. 14,500 216,594
Stratus Computer, Inc.* ............. 7,700 194,906
Tuboscope, Inc.* .................... 7,300 144,175
-----------
878,331
-----------
TELECOMMUNICATIONS (4.5%)
Allen Telecommunications, Inc.* 22,800 265,050
Electronics for Imaging, Inc.* ...... 8,200 173,225
Kemet Corp.* ........................ 13,700 180,241
Oak Industries, Inc.* ............... 8,300 293,613
Vanguard Cellular Systems,
Class A* .......................... 15,300 288,777
-----------
1,200,906
-----------
TOTAL TECHNOLOGY .................. 2,463,188
-----------
TOTAL COMMON STOCKS (96.4%)
(Cost $26,960,156) ............. 25,863,771
-----------
PRINCIPAL
AMOUNT
---------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (10.2%)
U.S. Treasury Bill 10/15/98
(Amortized Cost $2,744,037) ....... $2,785,000 2,743,916
-----------
TOTAL INVESTMENTS (106.6%)
(Cost/Amortized Cost
$29,704,193)....................... 28,607,687
OTHER ASSETS
LESS LIABILITIES (-6.6%) .......... (1,780,013)
-----------
NET ASSETS (100%) ................... $26,827,674
===========
</TABLE>
- ----------
* Non-income producing
100
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1998 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1998 were as
follows:
<TABLE>
<S> <C>
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $27,649,728
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 816,623
</TABLE>
As of June 30, 1998, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
<TABLE>
<S> <C>
Aggregate gross unrealized appreciation .......... $ 869,792
Aggregate gross unrealized depreciation .......... (1,966,298)
------------
Net unrealized (depreciation) .................... $ (1,096,506)
============
Federal income tax cost of investments ........... $ 29,704,193
============
</TABLE>
At June 30, 1998, the Portfolio had loaned securities with a total value of
$1,927,628, which was secured by collateral valued at $1,992,400.
For the six months ended June 30, 1998 the Portfolio incurred approximately
$150 as brokerage commissions with Donaldson, Lufkin & Jenrette Securities
Corp., an affiliated broker/dealer.
See Notes to Financial Statements.
101
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 1998 (Unaudited)
Note 1 Organization and Significant Accounting Policies
EQ Advisors Trust (the "Trust") was organized as a Delaware business trust
on October 31, 1996 and is registered under the Investment Company Act of 1940,
as amended (the "1940 Act"), as an open-end management investment company with
fifteen diversified series portfolios and three non-diversified series
portfolios (each a "Portfolio"). The diversified Portfolios include the Merrill
Lynch Basic Value Equity Portfolio which commenced operations on May 1, 1997,
MFS Emerging Growth Companies Portfolio which commenced operations on May 1,
1997, MFS Research Portfolio which commenced operations on May 1, 1997,
EQ/Putnam Balanced Portfolio which commenced operations on May 1, 1997,
EQ/Putnam Growth & Income Value Portfolio which commenced operations on May 1,
1997, EQ/Putnam International Equity Portfolio which commenced operations on
May 1, 1997, EQ/Putnam Investors Growth Portfolio which commenced operations on
May 1, 1997, T. Rowe Price Equity Income Portfolio which commenced operations
on May 1, 1997, T. Rowe Price International Stock Portfolio which commenced
operations on May 1, 1997, Warburg Pincus Small Company Value Portfolio which
commenced operations on May 1, 1997, BT Equity 500 Index Portfolio which
received initial capital on December 31, 1997, BT International Equity Index
Portfolio which received initial capital on December 31, 1997, BT Small Company
Index Portfolio which received initial capital on December 31, 1997, JPM Core
Bond Portfolio which received initial capital on December 31, 1997 and the
Lazard Large Cap Value Portfolio which received initial capital on December 31,
1997. The non-diversified Portfolios include the Merrill Lynch World Strategy
Portfolio which commenced operations on May 1, 1997, Morgan Stanley Emerging
Markets Equity Portfolio which commenced operations on August 20th, 1997 and
the Lazard Small Cap Value Portfolio which received initial capital on December
31, 1997. The Portfolios that received initial capital on December 31, 1997,
commenced operations on January 1, 1998.
The Trust has the right to issue two classes of shares, Class IA and Class
IB. As of and during the period ended June 30, 1998, the Trust only had Class
IB shares outstanding. The Class IB shares are subject to distribution fees
imposed under a distribution plan (the "Distribution Plan") adopted pursuant to
Rule 12b-1 under the 1940 Act. The Trust's shares are currently sold only to
insurance company separate accounts in connection with variable life insurance
contracts and variable annuity certificates and contracts issued by The
Equitable Life Assurance Society of the United States ("Equitable"), a
wholly-owned subsidiary of The Equitable Companies Incorporated.
The investment objectives and certain investment policies of each
Portfolio are as follows:
Merrill Lynch Basic Value Equity Portfolio (advised by Merrill Lynch Asset
Management, L.P.) -- Capital appreciation and, secondarily, income by investing
in securities, primarily equities, that the Adviser (as defined below) of the
Portfolio believes are undervalued and therefore represent basic investment
value.
Merrill Lynch World Strategy Portfolio (advised by Merrill Lynch Asset
Management, L.P.) -- High total investment return by investing primarily in a
portfolio of equity and fixed income securities, including convertible
securities, of United States and foreign issuers.
MFS Emerging Growth Companies Portfolio (advised by Massachusetts
Financial Services Co.) -- Long term growth of capital. Dividend and interest
income from portfolio securities, if any, is incidental to the Portfolio's
investment objective. The Portfolio invests primarily in common stocks of
emerging growth companies that the Adviser believes are early in their life
cycle but which have the potential to become major enterprises.
MFS Research Portfolio (advised by Massachusetts Financial Services Co.)
- -- Long-term growth of capital and future income, by investing a substantial
portion of its assets in common stock or securities convertible into common
stock of companies believed by the Adviser to possess better than average
prospects for long-term growth.
102
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998 (Unaudited)
EQ/Putnam Balanced Portfolio (advised by Putnam Investment Management,
Inc.) -- Balanced investment composed of a well-diversified portfolio of stocks
and bonds that will produce both capital growth and current income.
EQ/Putnam Growth & Income Value Portfolio (advised by Putnam Investment
Management, Inc.) -- Capital growth. Current income is a secondary objective.
The Portfolio invests primarily in common stocks that offer potential for
capital growth and may, consistent with the Portfolio's investment objective,
invest in common stocks that offer potential for current income.
EQ/Putnam International Equity Portfolio (advised by Putnam Investment
Management, Inc.) -- Capital appreciation. The Portfolio is designed for
investors seeking capital appreciation primarily through a diversified
portfolio of equity securities of companies organized under the laws of a
country other than the United States.
EQ/Putnam Investors Growth Portfolio (advised by Putnam Investment
Management, Inc.) -- Long-term growth of capital and any increased income that
results from this growth, by investing primarily in common stocks that the
Adviser believes afford the best opportunity for long-term capital growth.
T. Rowe Price Equity Income Portfolio (advised by T. Rowe Price
Associates, Inc.) -- Substantial dividend income and also capital appreciation
by investing primarily in dividend-paying common stocks of established
companies.
T. Rowe Price International Stock Portfolio (advised by Rowe Price-Fleming
International, Inc.) -- Long-term growth of capital through investment
primarily in common stocks of established non-United States companies.
Warburg Pincus Small Company Value Portfolio (advised by Warburg Pincus
Asset Management, Inc.) -- Long-term capital appreciation. The Portfolio
invests primarily in equity securities of small capitalization companies (i.e.
companies having market capitalizations of $1 billion or less at the time of
initial purchase) that the Adviser considers to be relatively undervalued.
Morgan Stanley Emerging Markets Equity Portfolio (advised by Morgan
Stanley Asset Management, Inc.) -- Long-term capital appreciation. In pursuing
its investment objective, the Adviser focuses on issuers in emerging market
countries in which it believes the economies are developing strongly and in
which the markets are becoming more sophisticated.
BT Equity 500 Index Portfolio (advised by Bankers Trust Co.) -- Replicate
as closely as possible (before the deduction of Portfolio expenses) the total
return of the Standard & Poor's 500 Composite Stock Price Index ("S&P 500") by
allocating the Portfolio's investment among common stocks included in the S&P
500 in approximately the same proportions as they are represented in the S&P
500, beginning with the heaviest weighted stocks that make up a larger portion
of the S&P 500's value.
BT International Equity Index Portfolio (advised by Bankers Trust Co.) --
Replicate as closely as possible (before the deduction of Portfolio expenses)
the total return of the Morgan Stanley Capital International Europe, Australia,
Far East Index ("EAFE Index") by investing in a statistically selected sample
of the securities of companies included in the EAFE Index, although not all
companies within a country will be represented in the Portfolio at the same
time.
BT Small Company Index Portfolio (advised by Bankers Trust Co.) --
Replicate as closely as possible (before the deduction of Portfolio expenses)
the total return of the Russell 2000 Small Stock Index ("Russell 2000 Index")
by investing in a statistically selected sample of the 2,000 stocks included in
the Russell 2000 Index.
103
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998 (Unaudited)
JPM Core Bond Portfolio (advised by J.P. Morgan Investment Management
Inc.) -- High total return consistent with moderate risk of capital and
maintenance of liquidity. Under normal circumstances, all of the Portfolio's
assets will, at the time of purchase, consist of investment grade securities
rated BBB or better by Standard & Poor's Rating Service or Baa or better by
Moody's Investors Service, Inc. or unrated securities of comparable quality.
Lazard Large Cap Value Portfolio (advised by Lazard Asset Management) --
Capital appreciation by investing primarily in equity securities of companies
with relatively large market capitalizations (i.e., companies having market
capitalizations of at least $1 billion at the time of initial purchase) that
appear to the Adviser to be inexpensively priced relative to the return on
total capital or equity.
Lazard Small Cap Value Portfolio (advised by Lazard Asset Management) --
Capital appreciation by investing primarily in equity securities of United
States companies with small market capitalizations (i.e., companies in the
range of companies represented in the Russell 2000 Index) that the Adviser
considers inexpensively priced relative to the return on total capital or
equity.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures. Actual results
could differ from those estimates.
The following is a summary of the significant accounting policies of the
Trust:
Stocks listed on national securities exchanges and certain
over-the-counter issues traded on the NASDAQ national market system are valued
at the last sale price on the primary exchange for such securities or, if there
is no sale, at the latest available bid price. Other unlisted stocks are valued
at their last sale price or, if no reported sale occurs during the day, at a
bid price estimated by a broker.
Convertible preferred stocks listed on national securities exchanges are
valued as of their last sale price or, if there is no sale, at the latest
available bid price.
Convertible bonds and unlisted convertible preferred stocks are valued at
bid prices obtained from one or more of the major dealers in such securities.
Where there is a discrepancy between dealers, values may be adjusted based on
recent premium spreads to the underlying common stocks.
Mortgage backed and asset backed securities are valued at prices obtained
from a bond pricing service where available, or at a bid price obtained from
one or more of the major dealers in such securities. If a quoted price is
unavailable, an equivalent yield or yield spread quote will be obtained from a
broker and converted to a price.
Options, including options on futures that are traded on exchanges, are
valued at their last sale price, and if the last sale price is not available
then the previous day's sale price is used. However, if the bid price is higher
or the asked price is lower than the previous last sale price, the higher bid
or lower asked price may be used. Options not traded on an exchange or actively
traded are valued at fair value as determined in good faith by the Board of
Trustees.
Long-term corporate bonds are valued at a price obtained from a bond
pricing service of a major dealer in bonds when such prices are available;
however, when such prices are not available, such bonds are valued at a bid
price estimated by a broker.
U.S. Treasury securities and other obligations issued or guaranteed by the
U.S. Government, its agencies or instrumentalities, are valued at
representative quoted bid prices.
Foreign securities not traded directly, or in American Depositary Receipt
(ADR) or similar form in the United States, are valued at representative quoted
bid prices from the primary exchange in the currency of the country of origin.
104
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998 (Unaudited)
Short-term debt securities that mature in 60 days or less are valued at
amortized cost, which approximates market value. Short-term debt securities
that mature in more than 60 days are valued at representative quoted prices.
Futures contracts are valued at their last sale price or, if there is no
sale, at the latest available bid price.
Forward foreign exchange contracts are valued by interpolating between the
forward and spot currency rates as quoted by a pricing service as of a
designated hour on the valuation date.
Other securities and assets for which market quotations are not readily
available or for which valuation can not be provided, are valued at fair value
as determined in good faith by the Board of Trustees.
Securities transactions are recorded on the trade date net of brokerage
fees, commissions, and transfer fees.
Interest income (including amortization of premium and discount on
long-term securities using the effective yield method) is accrued daily.
Dividend income is recorded on the ex-dividend date.
Realized gains and losses on the sale of investments are computed on the
basis of the identified cost of the investments sold.
Expenses attributable to a single Portfolio are charged to that Portfolio.
Expenses of the Trust not attributable to a single Portfolio are charged to
each Portfolio in proportion to the average net assets of each Portfolio.
Equitable pays substantially all operating expenses on behalf of the Trust for
which Equitable is then reimbursed by the Trust.
The books and records of the Trust are kept in U.S. dollars. Foreign
currency amounts are translated into U.S. dollars at the bid price last quoted
by a composite list of major U.S. banks at the following dates:
(i) market value of investment securities, other assets and
liabilities -- at the valuation date.
(ii) purchase and sales of investment securities, income and expenses
-- at the date of such transactions.
The Portfolios do not isolate that portion of the results of operations
resulting from changes in foreign exchange rates on investments from the
fluctuations arising from changes in market prices of securities held. Such
fluctuations are included with the net realized and unrealized gain or loss on
securities.
Net currency gains or losses realized and unrealized as a result of
differences between interest or dividends, withholding taxes, forward foreign
currency exchange contracts and foreign cash recorded on the Portfolio's books
and the U.S. dollar equivalent amount actually received or paid are presented
under foreign currency transactions in the realized and unrealized gains and
losses section of the Statements of Operations.
The Trust intends to comply with the requirements of the Internal Revenue
Code of 1986, as amended (the "Code") applicable to regulated investment
companies and to distribute substantially all of its net investment income and
net realized capital gains to shareholders of each Portfolio. Therefore, no
Federal income tax provision is required. Dividends from net investment income
are declared and distributed annually for all Portfolios. Dividends from net
realized short-term and long-term capital gains are declared and distributed at
least annually to the shareholders of the Portfolios to which such gains are
attributable. All dividends are reinvested in additional full and fractional
shares of the related Portfolios. All dividends are distributed on a tax basis
and, as such, the amounts may differ from financial statement investment income
and realized capital gains. Those differences are primarily due to differing
book and
105
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998 (Unaudited)
tax treatments for deferred organization costs, foreign currency transactions,
post-October losses, losses due to wash sales transactions, mark-to-market of
forward contracts, mark-to-market of passive foreign investment companies and
straddled transactions. In addition, each Portfolio will comply with the
investment diversification requirements of Subchapter L of the Code applicable
to segregated asset accounts.
Costs incurred by the Trust in connection with its organization have been
allocated equally to and capitalized by each of the initial twelve Portfolios
and are deferred and amortized on a straight line basis over a 60-month period
from the date the Portfolios commenced operations. On December 31, 1997 an
additional $188,040 in organizational costs was capitalized and allocated
evenly among the BT Equity 500 Index Portfolio, BT International Equity Index
Portfolio, BT Small Company Index Portfolio, JPM Core Bond Portfolio, Lazard
Large Cap Value Portfolio and the Lazard Small Cap Value Portfolio in
connection with their organization. Each of these Portfolios commenced
operations on January 1, 1998.
For all Portfolios, the Board of Trustees has approved the lending of
portfolio securities, through its custodian bank Chase Manhattan Bank, N.A.
("Chase") acting as lending agent, to certain approved broker-dealers in
exchange for negotiated lenders' fees. By lending investment securities, a
Portfolio attempts to increase its net investment income through the receipt of
interest on the loan. Any gain or loss in the market price of the securities
loaned that might occur and any interest earned or dividends declared during
the term of the loan would be for the account of the Portfolio. Risks of delay
in recovery of the securities or even loss of rights in the collateral may
occur should the borrower of the securities fail financially. Risks may also
arise to the extent that the value of the securities loaned increases above the
value of the collateral received. Any such loan of portfolio securities will be
continuously secured by collateral in cash or high grade debt securities at
least equal at all times to the market value of the security loaned. Chase will
indemnify each Portfolio from any loss resulting from a borrower's failure to
return a loaned security when due. Chase invests the cash collateral and
retains a portion of the interest earned. The net amount of interest earned,
after the interest rebate, is included in the Statements of Operations as
securities lending income. At June 30, 1998, the cash collateral received by
each Portfolio for securities loaned was invested by Chase in short-term
instruments in which each Portfolio has a pro rata interest equal to the amount
of cash collateral contributed.
Repurchase Agreements:
Each Portfolio, except for the Merrill Lynch Basic Value Equity Portfolio
and the Merrill Lynch World Strategy Portfolio, may enter into repurchase
agreements with qualified and Board of Trustees approved banks, broker-dealers
or other financial institutions as a means of earning a fixed rate of return on
its cash reserves for periods as short as overnight. A repurchase agreement is
a contract pursuant to which a Portfolio, against receipt of securities of at
least equal value including accrued interest, agrees to advance a specified sum
to the financial institution which agrees to reacquire the securities at a
mutually agreed upon time (usually one day) and price. Each repurchase
agreement entered into by a Portfolio will provide that the value of the
collateral underlying the repurchase agreement will always be at least equal to
the repurchase price, including any accrued interest. A Portfolio's right to
liquidate such securities in the event of a default by the seller could involve
certain costs, losses or delays and, to the extent that proceeds from any sale
upon a default of the obligation to repurchase are less than the repurchase
price, the Portfolio could suffer a loss.
Options Written:
All Portfolios (except for the MFS Research Portfolio and the Lazard Small
Cap Value Portfolio) may write (sell) covered options as a hedge to provide
protection against adverse movements in the price of securities in the
Portfolio or to enhance investment performance. Each of the Portfolios (except
for the MFS Research Portfolio, BT Equity 500 Index Portfolio, BT Small Company
Index Portfolio, Lazard
106
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998 (Unaudited)
Large Cap Value Portfolio and Lazard Small Cap Value Portfolio) may purchase
and sell exchange traded options on foreign currencies. When a Portfolio writes
an option, an amount equal to the premium received by the Portfolio is recorded
as a liability and is subsequently adjusted on a daily basis to the current
market price of the option written. Premiums received from writing options
which expire unexercised are recognized as gains on the expiration date.
Premiums received from writing options which are exercised or are canceled in
closing purchase transactions are offset against the cost of any securities
purchased or added to the proceeds or netted against the amount paid on the
transaction to determine the realized gain or loss. In writing options, a
Portfolio must assume that the option may be exercised at any time prior to the
expiration of its obligation as a writer, and that in such circumstances the
net proceeds of the sale or cost of purchase of the underlying securities and
currencies pursuant to the call or put option may be substantially below or
above the prevailing market price. A Portfolio also has the additional risk of
not being able to enter into a closing purchase transaction if a liquid
secondary market does not exist and bears the risk of unfavorable changes in
the price of the financial instruments underlying the options.
Futures Contracts, Forward Commitments and Forward Foreign Currency Exchange
Contracts:
The futures contracts used by the Portfolios are agreements to buy or sell
a financial instrument for a set price in the future. Each Portfolio (with the
exception of the MFS Research Portfolio, the Lazard Large Cap Value Portfolio
and the Lazard Small Cap Value Portfolio) may buy or sell futures contracts for
the purpose of protecting its portfolio securities against future changes in
interest rates which might adversely affect the value of the Portfolio's
securities or the price of securities that it intends to purchase at a later
date. Initial margin deposits are made upon entering into futures contracts and
can be in cash, certain money market instruments, treasury securities or other
liquid, high grade debt. During the period the futures contracts are open,
changes in the market price of the contract are recognized as unrealized gains
or losses by "marking-to-market" at the end of each trading day. Variation
margin payments on futures contracts are received or made, depending upon
whether unrealized gains or losses are incurred. When the contract is closed,
the Portfolio records a realized gain or loss equal to the difference between
the proceeds from (or cost of) the closing transactions and the Portfolio's
basis in the contract. Should interest rates move unexpectedly, the Portfolio
may not achieve the anticipated benefits of the futures contracts and may incur
a loss. The use of futures contracts transactions involves the risk of
imperfect correlation in movements in the price of futures contracts, interest
rates and the underlying hedged assets.
Each Portfolio (except the Warburg Pincus Small Company Value Portfolio)
may make contracts to purchase securities for a fixed price at a future date
beyond customary settlement time ("forward commitments") if it holds, and
maintains until the settlement date in a segregated account, cash or liquid
securities in an amount sufficient to meet the purchase price, or if it enters
into offsetting contracts for the forward sale of other securities it owns.
Forward commitments may be considered securities in themselves and involve a
risk of loss if the value of the security to be purchased declines prior to the
settlement date, which risk is in addition to the risk of decline in value of
the Portfolio's other assets. Where such purchases are made through dealers, a
Portfolio relies on the dealer to consummate the sale. The dealer's failure to
do so may result in the loss to a Portfolio of an advantageous yield or price.
Each of the Portfolios (except the BT Equity 500 Index Portfolio, BT Small
Company Index Portfolio and Lazard Small Cap Value Portfolio) may purchase
foreign currency on a spot (or cash) basis. In addition, each of the Portfolios
(except the MFS Research Portfolio, BT Equity 500 Index Portfolio, BT Small
Company Index Portfolio, Lazard Large Cap Value Portfolio and Lazard Small Cap
Value Portfolio) may enter into contracts to purchase or sell foreign
currencies at a future date ("forward contracts"). A forward foreign currency
exchange contract is a commitment to purchase or sell a foreign currency at a
future date at a negotiated forward rate. The gain or loss arising from the
difference between the original contracts and the closing of such contracts is
included in realized gains or losses from foreign
107
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998 (Unaudited)
currency transactions. The Advisers, as defined below, may engage in these
forward contracts to protect against uncertainty in the level of future
exchange rates in connection with the purchase and sale of portfolio securities
("transaction hedging") and to protect the value of specific portfolio
positions ("position hedging").
Swaps:
The Morgan Stanley Emerging Markets Equity Portfolio, JPM Core Bond
Portfolio and BT International Equity Index Portfolio may each invest in swap
contracts, which are derivatives in the form of a contract or other similar
instrument which is an agreement to exchange the return generated by one
instrument for the return generated by another instrument. The payment streams
are calculated by reference to a specified index and agreed upon notional
amount. A Portfolio will usually enter into swaps on a net basis, i.e., the two
return streams are netted out in a cash settlement on the payment date or dates
specified in the instrument, with the Portfolio receiving or paying, as the
case may be, only the net amount of the two returns. A Portfolio's obligations
under a swap agreement will be accrued daily (offset against any amounts owing
to the Portfolio) and any accrued but unpaid net amounts owed to a swap
counterparty will be covered by the maintenance of a segregated account
consisting of cash, or other liquid obligations. A Portfolio will not enter
into any swap agreement unless the counterparty meets the rating requirements
set forth in guidelines established by the Trust's Board of Trustees.
Limitations on Market and Credit Risk:
Written options, futures contracts, forward commitments, forward foreign
currency exchange contracts and swaps involve elements of both market and
credit risk in excess of the amounts reflected in the Statements of Assets and
Liabilities. The contract amounts of these covered written options, futures
contracts, forward commitments, forward foreign currency exchange contracts and
swaps reflect the extent of the Portfolio's exposure to off-balance sheet risk.
The Portfolio bears the market risk which arises from any changes in security
values. The credit risk for futures contracts is limited to failure of the
exchange or board of trade which acts as the counterparty to the Portfolio's
futures transactions. Forward commitments, forward foreign currency exchange
contracts and swaps are done directly with the counterparty and not through an
exchange and can be terminated only by agreement of both parties to the forward
commitments or forward foreign currency exchange contracts. With respect to
such transactions there is no daily margin settlement and the Portfolio is
exposed to the risk of default by the counterparty.
Note 2 Management of the Trust
The Trust has entered into an investment management agreement (the
"Management Agreement") with EQ Financial Consultants, Inc. (the "Manager"), an
indirect wholly-owned subsidiary of Equitable. The Management Agreement states
that the Manager will (i) have overall supervisory responsibility for the
general management and investment of each Portfolio's assets; (ii) select and
contract with investment advisers ("Advisers") to manage the investment
operations and composition of each and every Portfolio; (iii) monitor the
Advisers' investment programs and results; (iv) oversee compliance by the Trust
with various federal and state statutes; and (v) carry out the directives of
the Board of Trustees. For its services under the Management Agreement, the
Manager will receive an annual fee as a percentage of average daily net assets,
for each of the Portfolios, calculated daily and payable quarterly as follows:
The fee is calculated based on an annual rate of:
0.25% OF AVERAGE DAILY NET ASSETS OF THE
BT Equity 500 Index Portfolio
BT Small Company Index Portfolio
0.35% OF AVERAGE DAILY NET ASSETS OF THE
BT International Equity Index Portfolio
108
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998 (Unaudited)
0.45% OF AVERAGE DAILY NET ASSETS OF THE
JPM Core Bond Portfolio
0.55% OF AVERAGE DAILY NET ASSETS OF THE
Merrill Lynch Basic Value Equity Portfolio
MFS Emerging Growth Companies Portfolio
MFS Research Portfolio
EQ/Putnam Balanced Portfolio
EQ/Putnam Growth & Income Value Portfolio
EQ/Putnam Investors Growth Portfolio
T. Rowe Price Equity Income Portfolio
Lazard Large Cap Value Portfolio
0.65% OF AVERAGE DAILY NET ASSETS OF THE
Warburg Pincus Small Company Value Portfolio
0.70% OF AVERAGE DAILY NET ASSETS OF THE
Merrill Lynch World Strategy Portfolio
EQ/Putnam International Equity Portfolio
0.75% OF AVERAGE DAILY NET ASSETS OF THE
T. Rowe Price International Stock Portfolio
0.80% OF AVERAGE DAILY NET ASSETS OF THE
Lazard Small Cap Value Portfolio
1.15% OF AVERAGE DAILY NET ASSETS OF THE
Morgan Stanley Emerging Markets Equity Portfolio
On behalf of the Trust, the Manager has entered into investment advisory
agreements ("Advisory Agreements") with each of the Advisers. Each of the
Advisory Agreements obligates the Advisers for the respective Portfolios to:
(i) continuously furnish investment programs for the Portfolios; (ii) place all
orders for the purchase and sale of investments for the Portfolios with brokers
or dealers selected by the Manager or the respective Advisers; and (iii)
perform certain limited related administrative functions in connection
therewith. The Manager pays the expenses of providing investment advisory
services to the Portfolios, including the fees of the Advisers of each
Portfolio.
Note 3 Administrative Fees
The Trust has entered into an administrative agreement with Chase Global
Funds Services Company ("Chase Global"), a corporate affiliate of The Chase
Manhattan Bank, N.A. ("Chase"), pursuant to which Chase Global provides certain
fund accounting, compliance and administrative services to the Trust. For such
services, Chase Global receives compensation at the annual rate of 0.0525 of 1%
of the total Trust assets, plus $25,000 for each Portfolio, until the total
Trust assets reach $2.0 billion, and when the total Trust assets exceed $2.0
billion Chase Global receives: 0.0425 of 1% of the next $500 million of the
total Trust assets; 0.035 of 1% of the next $2.0 billion of the total Trust
assets; 0.025 of 1% of the next $1.0 billion of the total Trust assets; 0.015
of 1% of the next $2.5 billion of the total Trust assets; and 0.01 of 1% of the
total Trust assets in excess of $8.0 billion; except that the annual fee
payable to Chase Global with respect to any Portfolio which commences operation
after July 1, 1997 and whose assets do not exceed $200 million shall be
computed at the rate of 0.0525 of 1% of the Portfolio's total assets plus
$25,000. Certain officers of the Trust are also officers of Chase Global.
Note 4 Custody Fees
The Trust has entered into a Custody Agreement with Chase. The Custody
Agreement provides for an annual fee based on the amount of assets under
custody plus transaction charges. Chase serves as custodian of the Trust's
portfolio securities and other assets. Under the terms of the Custody Agreement
between the Trust and Chase, Chase maintains and deposits in separate accounts,
cash, securities and
109
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1998 (Unaudited)
other assets of the Portfolios. Chase is also required, upon the order of the
Trust, to deliver securities held by Chase, and to make payments for securities
purchased by the Trust. Chase has also entered into sub-custodian agreements
with a number of foreign banks and clearing agencies, pursuant to which
portfolio securities purchased outside the United States are maintained in the
custody of these entities.
Note 5 Distribution Plan
The Trust has entered into distribution agreements with the Manager and
Equitable Distributors, Inc. ("EDI"), an indirect wholly-owned subsidiary of
Equitable (collectively, the "Distributors"), pursuant to which the
Distributors will serve as the principal underwriters of the Class IA and Class
IB shares of the Trust. Class IB shares are subject to distribution fees
imposed pursuant to a distribution plan ("Distribution Plan") adopted pursuant
to Rule 12b-1 under the 1940 Act. The Distribution Plan provides that each
Distributor will be entitled to receive a maximum distribution fee at the
annual rate of 0.50% of the average net assets attributable to the Trust's
Class IB shares. The distribution agreements, however, limit payments for
services provided under the Distribution Plan to an annual rate of 0.25% of the
average net assets attributable to the Trust's Class IB shares. The Trust's
Class IA shares will not be subject to such fees.
Note 6 Expense Limitation
In the interest of limiting expenses of the Portfolios, the Manager has
entered into an expense limitation agreement with the Trust, with respect to
each Portfolio ("Expense Limitation Agreement"), pursuant to which the Manager
has agreed to waive or limit its fees and to assume other expenses so that the
total annual operating expenses (excluding the 0.25% annual fee under the
Trust's Class IB Distribution Plan) of each Portfolio are limited to:
0.30% OF AVERAGE DAILY NET ASSETS OF THE
BT Equity 500 Index Portfolio
0.35% OF AVERAGE DAILY NET ASSETS OF THE
BT Small Company Index Portfolio
0.55% OF AVERAGE DAILY NET ASSETS OF THE
BT International Equity Index Portfolio
JPM Core Bond Portfolio
0.60% OF AVERAGE DAILY NET ASSETS OF THE
Merrill Lynch Basic Value Equity Portfolio
MFS Emerging Growth Companies Portfolio
MFS Research Portfolio
EQ/Putnam Growth & Income Value Portfolio
EQ/Putnam Investors Growth Portfolio
T. Rowe Price Equity Income Portfolio
0.65% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Putnam Balanced Portfolio
Lazard Large Cap Value Portfolio
0.75% OF AVERAGE DAILY NET ASSETS OF THE
Warburg Pincus Small Company Value Portfolio
0.95% OF AVERAGE DAILY NET ASSETS OF THE
Merrill Lynch World Strategy Portfolio
EQ/Putnam International Equity Portfolio
T. Rowe Price International Stock Portfolio
Lazard Small Cap Value Portfolio
1.50% OF AVERAGE DAILY NET ASSETS OF THE
Morgan Stanley Emerging Markets Equity Portfolio
110
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Concluded)
June 30, 1998 (Unaudited)
Each Portfolio may at a later date reimburse to the Manager the management
fees waived or other expenses assumed and paid for by the Manager pursuant to
the Expense Limitation Agreement within the prior five fiscal years provided
such Portfolio has reached a sufficient asset size to permit such reimbursement
to be made without causing the total annual expense ratio of each Portfolio to
exceed the percentage limits mentioned above. Consequently, no reimbursement by
a Portfolio will be made unless: (i) the Portfolio's assets exceed $100
million; (ii) the Portfolio's total annual expense ratio is less than the
respective percentages stated above; and (iii) the payment of such
reimbursement has been approved by the Trust's Board of Trustees on a quarterly
basis. At June 30, 1998, under the Expense Limitation Agreement, the total
amount reimbursable to the Manager, which includes waivers of investment
management fees and reimbursements from the Manager, was $4,166,090.
Note 7 Trustees Deferred Compensation Plan
A deferred compensation plan for the benefit of the unaffiliated Trustees
has been adopted by the Trust. Under the deferred compensation plan, each
Trustee may defer payment of all or part of the fees payable for such Trustee's
services. Each Trustee may defer payment of such fees until their retirement as
a Trustee or until the earlier attainment of a specified age. Fees deferred
under the deferred compensation plan, together with accrued interest thereon,
will be disbursed to a participating Trustee in monthly installments over a
five to twenty year period elected by such Trustee.
111
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 11.58 $ 10.00
-------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.06 0.06
Net realized and unrealized gain (loss) on investments and foreign currency transactions 1.55 1.64
-------- -------
Total from investment operations ........................................................ 1.61 1.70
-------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.06)
Distributions from realized gains ....................................................... -- (0.05)
Distributions in excess of realized gains ............................................... -- (0.01)
-------- -------
Total dividends and distributions ....................................................... -- (0.12)
-------- -------
Net asset value, end of period ........................................................... $ 13.19 $ 11.58
======== =======
Total return (b) ......................................................................... 13.90% 16.99%
======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $125,706 $49,495
Ratio of expenses to average net assets after waivers (a) ................................ 0.85% 0.85%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.05% 1.89%
Ratio of net investment income to average net assets after waivers (a) ................... 1.37% 1.91%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 1.17% 0.87%
Portfolio turnover rate .................................................................. 40% 25%
Average commission rate paid ............................................................. $ 0.0582 $0.0566
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.03
</TABLE>
MERRILL LYNCH WORLD STRATEGY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 10.31 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.09 0.08
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.81 0.39
------- -------
Total from investment operations ........................................................ 0.90 0.47
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.05)
Distributions in excess of realized gains ............................................... -- (0.11)
------- -------
Total dividends and distributions ....................................................... -- (0.16)
------- -------
Net asset value, end of period ........................................................... $ 11.21 $ 10.31
======= =======
Total return (b) ......................................................................... 8.73% 4.70%
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $28,526 $18,210
Ratio of expenses to average net assets after waivers (a) ................................ 1.20% 1.20%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.53% 3.05%
Ratio of net investment income to average net assets after waivers (a) ................... 2.06% 1.89%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 1.73% 0.04%
Portfolio turnover rate .................................................................. 45% 58%
Average commission rate paid ............................................................. $0.0481 $0.0299
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.08
</TABLE>
112
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MFS EMERGING GROWTH COMPANIES PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 11.92 $ 10.00
-------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ............................................................ (0.01) 0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions 2.59 2.21
-------- -------
Total from investment operations ........................................................ 2.58 2.23
-------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.02)
Distributions from realized gains ....................................................... -- (0.18)
Distributions in excess of realized gains ............................................... -- (0.11)
-------- -------
Total dividends and distributions ....................................................... -- (0.31)
-------- -------
Net asset value, end of period ........................................................... $ 14.50 $ 11.92
======== =======
Total return (b) ......................................................................... 21.64% 22.42%
======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $259,338 $99,317
Ratio of expenses to average net assets after waivers (a) ................................ 0.85% 0.85%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.04% 1.82%
Ratio of net investment income to average net assets after waivers (a) ................... (0.26)% 0.61%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... (0.45)% (0.36)%
Portfolio turnover rate .................................................................. 28% 116%
Average commission rate paid ............................................................. $ 0.0518 $0.0422
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.04
</TABLE>
MFS RESEARCH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 11.48 $ 10.00
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.02 0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions 2.19 1.58
-------- --------
Total from investment operations ........................................................ 2.21 1.60
-------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.02)
Distributions from realized gains ....................................................... -- (0.01)
Distributions in excess of realized gains ............................................... -- (0.09)
-------- --------
Total dividends and distributions ....................................................... -- (0.12)
-------- --------
Net asset value, end of period ........................................................... $ 13.69 $ 11.48
======== ========
Total return (b) ......................................................................... 19.25% 16.07%
======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $255,909 $114,754
Ratio of expenses to average net assets after waivers (a) ................................ 0.85% 0.85%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.04% 1.78%
Ratio of net investment income to average net assets after waivers (a) ................... 0.47% 0.65%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 0.28% (0.28)%
Portfolio turnover rate .................................................................. 31% 51%
Average commission rate paid ............................................................. $ 0.0541 $ 0.0471
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.03
</TABLE>
113
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM BALANCED PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 11.21 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.13 0.14
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.77 1.30
------- -------
Total from investment operations ........................................................ 0.90 1.44
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.13)
Dividends in excess of net investment income ............................................ -- (0.01)
Distributions from realized gains ....................................................... -- (0.09)
------- -------
Total dividends and distributions ....................................................... -- (0.23)
------- -------
Net asset value, end of period ........................................................... $ 12.11 $ 11.21
======= =======
Total return (b) ......................................................................... 8.03% 14.38%
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $51,895 $25,854
Ratio of expenses to average net assets after waivers (a) ................................ 0.90% 0.90%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.24% 2.55%
Ratio of net investment income to average net assets after waivers (a) ................... 2.97% 3.19%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 2.63% 1.54%
Portfolio turnover rate .................................................................. 65% 117%
Average commission rate paid ............................................................. $0.0397 $0.0346
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.02 $ 0.07
</TABLE>
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 11.52 $ 10.00
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.06 0.06
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.89 1.56
-------- --------
Total from investment operations ........................................................ 0.95 1.62
-------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.06)
Distributions from realized gains ....................................................... -- (0.01)
Distributions in excess of realized gains ............................................... -- (0.03)
-------- --------
Total dividends and distributions ....................................................... -- (0.10)
-------- --------
Net asset value, end of period ........................................................... $ 12.47 $ 11.52
======== ========
Total return (b) ......................................................................... 8.25% 16.23%
======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $321,485 $150,260
Ratio of expenses to average net assets after waivers (a) ................................ 0.85% 0.85%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.05% 1.75%
Ratio of net investment income to average net assets after waivers (a) ................... 1.27% 1.67%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 1.07% 0.77%
Portfolio turnover rate .................................................................. 41% 61%
Average commission rate paid ............................................................. $ 0.0398 $ 0.0376
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.03
</TABLE>
114
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 10.89 $ 10.00
-------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.08 0.03
Net realized and unrealized gain (loss) on investments and foreign currency transactions 2.10 0.93
-------- -------
Total from investment operations ........................................................ 2.18 0.96
-------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.02)
Distributions from realized gains ....................................................... -- (0.01)
Distributions in excess of realized gains ............................................... -- (0.04)
-------- -------
Total dividends and distributions ....................................................... -- (0.07)
-------- -------
Net asset value, end of period ........................................................... $ 13.07 $ 10.89
======== =======
Total return (b) ......................................................................... 20.02% 9.58%
======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $103,448 $55,178
Ratio of expenses to average net assets after waivers (a) ................................ 1.20% 1.20%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.43% 2.53%
Ratio of net investment income to average net assets after waivers (a) ................... 1.71% 0.74%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 1.48% (0.59)%
Portfolio turnover rate .................................................................. 48% 43%
Average commission rate paid ............................................................. $ 0.0193 $0.0153
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.05
</TABLE>
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 12.33 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.01 0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions 2.77 2.45
------- -------
Total from investment operations ........................................................ 2.78 2.47
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.03)
Distributions from realized gains ....................................................... -- (0.04)
Distributions in excess of realized gains ............................................... -- (0.07)
------- -------
Total dividends and distributions ....................................................... -- (0.14)
------- -------
Net asset value, end of period ........................................................... $ 15.11 $ 12.33
======= =======
Total return (b) ......................................................................... 22.55% 24.70%
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $95,503 $39,695
Ratio of expenses to average net assets after waivers (a) ................................ 0.85% 0.85%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.08% 2.13%
Ratio of net investment income to average net assets after waivers (a) ................... 0.20% 0.58%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... (0.03)% (0.70)%
Portfolio turnover rate .................................................................. 22% 47%
Average commission rate paid ............................................................. $0.0388 $0.0338
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.05
</TABLE>
115
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
T. ROWE PRICE EQUITY INCOME PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 12.08 $ 10.00
-------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.11 0.10
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.65 2.11
-------- -------
Total from investment operations ........................................................ 0.76 2.21
-------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.09)
Distributions from realized gains ....................................................... -- (0.04)
-------- -------
Total dividends and distributions ....................................................... -- (0.13)
-------- -------
Net asset value, end of period ........................................................... $ 12.84 $ 12.08
======== =======
Total return (b) ......................................................................... 6.29% 22.11%
======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $199,678 $99,947
Ratio of expenses to average net assets after waivers (a) ................................ 0.85% 0.85%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.04% 1.74%
Ratio of net investment income to average net assets after waivers (a) ................... 2.20% 2.49%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 2.01% 1.60%
Portfolio turnover rate .................................................................. 9% 9%
Average commission rate paid ............................................................. $ 0.0304 $0.0293
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.03
</TABLE>
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 9.85 $ 10.00
-------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.06 0.02
Net realized and unrealized gain (loss) on investments and foreign currency transactions 1.19 (0.17)
-------- -------
Total from investment operations ........................................................ 1.25 (0.15)
-------- -------
LESS DISTRIBUTIONS:
Dividends in excess of net investment income ............................................ -- --
-------- -------
Total dividends and distributions ....................................................... -- --
-------- -------
Net asset value, end of period ........................................................... $ 11.10 $ 9.85
======== =======
Total return (b) ......................................................................... 12.69% (1.49)%
======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $115,053 $69,572
Ratio of expenses to average net assets after waivers (a) ................................ 1.20% 1.20%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.41% 2.56%
Ratio of net investment income to average net assets after waivers (a) ................... 1.43% 0.45%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 1.22% (0.91)%
Portfolio turnover rate .................................................................. 13% 17%
Average commission rate paid ............................................................. $ 0.0115 $0.0034
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.05
</TABLE>
116
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 11.85 $ 10.00
-------- --------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.02 0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.77 1.90
-------- --------
Total from investment operations ........................................................ 0.79 1.91
-------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.01)
Distributions in excess of realized gains ............................................... -- (0.05)
-------- --------
Total dividends and distributions ....................................................... -- (0.06)
-------- --------
Net asset value, end of period ........................................................... $ 12.64 $ 11.85
======== ========
Total return (b) ......................................................................... 6.67% 19.15%
======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $181,001 $120,880
Ratio of expenses to average net assets after waivers (a) ................................ 1.00% 1.00%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.12% 1.70%
Ratio of net investment income to average net assets after waivers (a) ................... 0.33% 0.26%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 0.21% (0.44)%
Portfolio turnover rate .................................................................. 49% 44%
Average commission rate paid ............................................................. $0.0552 $ 0.0545
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.03
</TABLE>
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED AUGUST 20, 1997*
JUNE 30, 1998 TO
(UNAUDITED) DECEMBER 31, 1997
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $ 7.96 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.02 0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions (1.51) (2.06)
------- -------
Total from investment operations ........................................................ (1.49) (2.02)
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.02)
------- -------
Total dividends and distributions ....................................................... -- (0.02)
------- -------
Net asset value, end of period ........................................................... $ 6.47 $ 7.96
======= =======
Total return (b) ......................................................................... (18.72)% (20.16)%
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $33,982 $21,433
Ratio of expenses to average net assets after waivers (a) ................................ 1.75% 1.75%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 2.32% 2.61%
Ratio of net investment income to average net assets after waivers (a) ................... 1.00% 1.96%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 0.43% 1.10%
Portfolio turnover rate .................................................................. 33% 25%
Average commission rate paid ............................................................. $0.0012 $0.0011
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01 $ 0.02
</TABLE>
117
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
BT EQUITY 500 INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
--------------
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED)
--------------
<S> <C>
Net asset value, beginning of period ..................................................... $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions 1.43
-------
Total from investment operations ........................................................ 1.47
-------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... --
-------
Total dividends and distributions ....................................................... --
-------
Net asset value, end of period ........................................................... $ 11.47
=======
Total return (b) ......................................................................... 14.70%
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $83,185
Ratio of expenses to average net assets after waivers (a) ................................ 0.55%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 0.89%
Ratio of net investment income to average net assets after waivers (a) ................... 1.49%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 1.15%
Portfolio turnover rate .................................................................. 0%
Average commission rate paid ............................................................. $0.0311
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01
</TABLE>
BT INTERNATIONAL EQUITY INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
--------------
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED)
--------------
<S> <C>
Net asset value, beginning of period ..................................................... $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.09
Net realized and unrealized gain (loss) on investments and foreign currency transactions 1.49
-------
Total from investment operations ........................................................ 1.58
-------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... --
-------
Total dividends and distributions ....................................................... --
-------
Net asset value, end of period ........................................................... $ 11.58
=======
Total return (b) ......................................................................... 15.80%
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $29,098
Ratio of expenses to average net assets after waivers (a) ................................ 0.80%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.27%
Ratio of net investment income to average net assets after waivers (a) ................... 2.18%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 1.71%
Portfolio turnover rate .................................................................. 1%
Average commission rate paid ............................................................. $0.0171
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.02
</TABLE>
118
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
BT SMALL COMPANY INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
--------------
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED)
--------------
<S> <C>
Net asset value, beginning of period ..................................................... $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.41
-------
Total from investment operations ........................................................ 0.45
-------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... --
-------
Total dividends and distributions ....................................................... --
-------
Net asset value, end of period ........................................................... $ 10.45
=======
Total return (b) ......................................................................... 4.50%
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $19,826
Ratio of expenses to average net assets after waivers (a) ................................ 0.60%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.72%
Ratio of net investment income to average net assets after waivers (a) ................... 1.16%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 0.04%
Portfolio turnover rate .................................................................. 28%
Average commission rate paid ............................................................. $0.0211
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.04
</TABLE>
JPM CORE BOND PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
--------------
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED)
--------------
<S> <C>
Net asset value, beginning of period ..................................................... $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.13
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.26
-------
Total from investment operations ........................................................ 0.39
-------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... --
-------
Total dividends and distributions ....................................................... --
-------
Net asset value, end of period ........................................................... $ 10.39
=======
Total return (b) ......................................................................... 3.90%
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $29,128
Ratio of expenses to average net assets after waivers (a) ................................ 0.80%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.18%
Ratio of net investment income to average net assets after waivers (a) ................... 5.02%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 4.64%
Portfolio turnover rate .................................................................. 309%
Average commission rate paid ............................................................. $0.0011
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01
</TABLE>
119
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Concluded)
LAZARD LARGE CAP VALUE PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
--------------
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED)
--------------
<S> <C>
Net asset value, beginning of period ..................................................... $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.03
Net realized and unrealized gain (loss) on investments and foreign currency transactions 1.21
-------
Total from investment operations ........................................................ 1.24
-------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... --
-------
Total dividends and distributions ....................................................... --
-------
Net asset value, end of period ........................................................... $ 11.24
=======
Total return (b) ......................................................................... 12.40%
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $28,073
Ratio of expenses to average net assets after waivers (a) ................................ 0.90%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.45%
Ratio of net investment income to average net assets after waivers (a) ................... 1.55%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 1.00%
Portfolio turnover rate .................................................................. 18%
Average commission rate paid ............................................................. $0.0326
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01
</TABLE>
LAZARD SMALL CAP VALUE PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
--------------
SIX MONTHS
ENDED
JUNE 30, 1998
(UNAUDITED)
--------------
<S> <C>
Net asset value, beginning of period ..................................................... $ 10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.01
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.04
-------
Total from investment operations ........................................................ 0.05
-------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... --
-------
Total dividends and distributions ....................................................... --
-------
Net asset value, end of period ........................................................... $ 10.05
=======
Total return (b) ......................................................................... 0.50%
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $26,828
Ratio of expenses to average net assets after waivers (a) ................................ 1.20%
Ratio of expenses to average net assets before waivers (Note 6) (a) ...................... 1.63%
Ratio of net investment income to average net assets after waivers (a) ................... 0.49%
Ratio of net investment income to average net assets before waivers (Note 6) (a) ......... 0.06%
Portfolio turnover rate .................................................................. 7%
Average commission rate paid ............................................................. $0.0358
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ 0.01
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1997
commenced operations on January 1, 1998.
(a) Annualized.
(b) Total return is not annualized.
120
