<PAGE>
THE HUDSON RIVER TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
ALLIANCE
INTERMEDIATE
ALLIANCE GOVERNMENT
MONEY MARKET SECURITIES
PORTFOLIO PORTFOLIO
----------------- ----------------
<S> <C> <C>
ASSETS:
Investments at value (Notes 1 and 4) ........................ $1,146,034,774 $227,443,889
Cash ........................................................ 20,072,341 153,468
Receivable for securities sold .............................. -- 13,353,423
Collateral held for securities loaned (Note 1) .............. -- 23,566,820
Receivable from Separate Accounts for Trust shares sold ..... 6,787,425 327,976
Dividends, interest and other receivables ................... 6,157,701 1,980,819
-------------- ------------
Total assets .............................................. 1,179,052,241 266,826,395
-------------- ------------
LIABILITIES:
Options written at value (Premiums received: Alliance
Common Stock Portfolio--$147,756,325)
(Notes 1 and 4) ............................................ -- --
Payable to custodian ........................................ -- --
Payable for securities purchased ............................ 19,900,639 37,722,957
Payable for collateral received on securities loaned ........ -- 23,566,820
Payable to Separate Accounts for Trust shares redeemed ...... 7,001,970 136,753
Unrealized depreciation of forward currency contracts
(Notes 1 and 4) ............................................ -- --
Distribution fees payable ................................... 84,310 9,272
Investment advisory fees payable ............................ 355,160 92,282
Trustees' fees payable ...................................... 36,054 7,479
Accrued expenses ............................................ 34,388 12,144
-------------- ------------
Total liabilities ......................................... 27,412,521 61,547,707
-------------- ------------
NET ASSETS .................................................. $1,151,639,720 $205,278,688
============== ============
Investments at cost ......................................... $1,146,367,252 $230,138,358
============== ============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ............................................ $1,125,921,125 $211,673,830
Accumulated undistributed (overdistributed) net
investment income ......................................... 26,046,025 4,912,980
Accumulated undistributed net realized gain (loss) ......... 5,048 (8,613,653)
Unrealized appreciation/depreciation on investments
and foreign currency denominated assets and
liabilities ............................................... (332,478) (2,694,469)
-------------- ------------
NET ASSETS .................................................. $1,151,639,720 $205,278,688
============== ============
CLASS IA SHARES:
Net Assets .................................................. $ 785,055,333 $163,877,441
============== ============
Shares outstanding (Note 5) ................................. 75,070,487 17,112,177
============== ============
Net asset value, offering and redemption price per share
(Note 1) ................................................... $ 10.46 $ 9.58
============== ============
CLASS IB SHARES:
Net Assets .................................................. $ 366,584,387 $ 41,401,247
============== ============
Shares outstanding (Note 5) ................................. 35,158,340 4,334,334
============== ============
Net asset value, offering and redemption price per share
(Note 1) ................................................... $ 10.43 $ 9.55
============== ============
<CAPTION>
ALLIANCE
ALLIANCE ALLIANCE GROWTH AND
QUALITY BOND HIGH YIELD INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
---------------- --------------- -------------------
<S> <C> <C> <C>
ASSETS:
Investments at value (Notes 1 and 4) ........................ $ 341,723,925 $ 574,873,989 $ 1,297,030,100
Cash ........................................................ 135,847 1,190,159 756,839
Receivable for securities sold .............................. 21,347,551 26,018,148 5,731,794
Collateral held for securities loaned (Note 1) .............. 19,826,510 -- 37,512,306
Receivable from Separate Accounts for Trust shares sold ..... 617,418 569,610 4,163,892
Dividends, interest and other receivables ................... 3,615,643 15,958,189 2,069,688
------------- ------------- ---------------
Total assets .............................................. 387,266,894 618,610,095 1,347,264,619
------------- ------------- ---------------
LIABILITIES:
Options written at value (Premiums received: Alliance
Common Stock Portfolio--$147,756,325)
(Notes 1 and 4) ............................................ -- -- --
Payable to custodian ........................................ -- -- --
Payable for securities purchased ............................ 26,543,849 15,792,590 1,427,947
Payable for collateral received on securities loaned ........ 19,826,510 -- 37,512,306
Payable to Separate Accounts for Trust shares redeemed ...... 88,439 242,712 931,081
Unrealized depreciation of forward currency contracts
(Notes 1 and 4) ............................................ -- -- --
Distribution fees payable ................................... 38 49,942 39,662
Investment advisory fees payable ............................ 159,490 341,460 611,908
Trustees' fees payable ...................................... 8,449 13,298 14,159
Accrued expenses ............................................ 15,317 47,400 61,696
------------- ------------- ---------------
Total liabilities ......................................... 46,642,092 16,487,402 40,598,759
------------- ------------- ---------------
NET ASSETS .................................................. $ 340,624,802 $ 602,122,693 $ 1,306,665,860
============= ============= ===============
Investments at cost ......................................... $ 352,847,880 $ 644,025,543 $ 1,071,289,341
============= ============= ===============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ............................................ $ 345,930,349 $ 712,716,874 $ 1,003,276,238
Accumulated undistributed (overdistributed) net
investment income ......................................... 9,373,693 32,829,013 3,024,377
Accumulated undistributed net realized gain (loss) ......... (3,555,211) (74,271,640) 74,624,486
Unrealized appreciation/depreciation on investments
and foreign currency denominated assets and
liabilities ............................................... (11,124,029) (69,151,554) 225,740,759
------------- ------------- ---------------
NET ASSETS .................................................. $ 340,624,802 $ 602,122,693 $ 1,306,665,860
============= ============= ===============
CLASS IA SHARES:
Net Assets .................................................. $ 340,458,141 $ 379,653,083 $ 1,120,581,914
============= ============= ===============
Shares outstanding (Note 5) ................................. 35,459,959 44,355,831 57,823,776
============= ============= ===============
Net asset value, offering and redemption price per share
(Note 1) ................................................... $ 9.60 $ 8.56 $ 19.38
============= ============= ===============
CLASS IB SHARES:
Net Assets .................................................. $ 166,661 $ 222,469,610 $ 186,083,946
============= ============= ===============
Shares outstanding (Note 5) ................................. 17,375 26,083,014 9,633,725
============= ============= ===============
Net asset value, offering and redemption price per share
(Note 1) ................................................... $ 9.59 $ 8.53 $ 19.32
============= ============= ===============
</TABLE>
See Notes to Financial Statements.
1
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE ALLIANCE ALLIANCE
EQUITY INDEX COMMON STOCK GLOBAL INTERNATIONAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------- -------------------- ------------------- ---------------
<S> <C> <C> <C>
$ 2,338,177,042 $ 15,332,541,658 $ 1,587,091,315 $247,505,049
-- 1,318,469 905,876 --
12,736,904 33,740,339 38,312,429 6,286,225
24,126,740 587,676,922 97,668,284 15,492,734
5,364,871 9,956,545 22,524,853 3,613,378
2,073,578 15,603,010 2,498,875 608,084
--------------- ---------------- --------------- ------------
2,382,479,135 15,980,836,943 1,749,001,632 273,505,470
--------------- ---------------- --------------- ------------
-- 229,317,092 -- --
325,547 -- -- 133,936
4,171,349 136,632,394 26,279,973 2,009,928
24,126,740 587,676,922 97,668,284 15,492,734
2,645,681 5,927,875 1,989,602 53,109
-- 11,574 48,365 1,676
1,422 264,791 14,617 2,011
608,689 4,654,496 883,847 184,303
24,144 388,459 44,015 5,578
93,255 731,637 229,107 69,437
--------------- ---------------- --------------- ------------
31,996,827 965,605,240 127,157,810 17,952,712
--------------- ---------------- --------------- ------------
$ 2,350,482,308 $ 15,015,231,703 $ 1,621,843,822 $255,552,758
=============== ================ =============== ============
$ 1,611,203,547 $ 10,951,170,531 $ 1,169,846,949 $229,497,677
=============== ================ =============== ============
$ 1,591,417,336 $ 9,130,138,512 $ 1,142,836,365 $237,340,260
11,956,857 61,487,965 1,919,411 1,152,691
18,026,193 1,523,830,325 61,155,458 (890,188)
729,081,922 4,299,774,901 415,932,588 17,949,995
--------------- ---------------- --------------- ------------
$ 2,350,482,308 $ 15,015,231,703 $ 1,621,843,822 $255,552,758
=============== ================ =============== ============
$ 2,344,017,894 $ 13,779,458,509 $ 1,553,370,599 $246,169,843
=============== ================ =============== ============
83,714,592 497,660,174 71,084,924 20,891,889
=============== ================ =============== ============
$ 28.00 $ 27.69 $ 21.85 $ 11.78
=============== ================ =============== ============
$ 6,464,414 $ 1,235,773,194 $ 68,473,223 $ 9,382,915
=============== ================ =============== ============
231,327 44,791,924 3,144,579 798,541
=============== ================ =============== ============
$ 27.94 $ 27.59 $ 21.78 $ 11.75
=============== ================ =============== ============
<CAPTION>
ALLIANCE ALLIANCE ALLIANCE ALLIANCE
AGGRESSIVE SMALL CAP CONSERVATIVE ALLIANCE GROWTH
STOCK GROWTH INVESTORS BALANCED INVESTORS
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------- --------------- ----------------- ------------------- -------------------
<C> <C> <C> <C> <C>
$ 4,557,558,940 $ 310,805,082 $ 430,122,424 $ 2,008,861,993 $ 2,313,238,487
139,645 -- 1,146,457 5,888,863 3,480,078
14,003,444 8,926,337 1,552,870 9,959,025 20,324,636
296,817,450 -- 31,783,922 99,991,868 136,068,978
280,741 240,754 643,915 460,763 2,322,426
4,203,170 43,315 2,943,121 11,045,389 7,176,774
--------------- ------------- ------------- --------------- ---------------
4,873,003,390 320,015,488 468,192,709 2,136,207,901 2,482,611,379
--------------- ------------- ------------- --------------- ---------------
-- -- -- -- --
-- -- -- -- --
-- 4,719,610 1,957,187 14,274,527 20,038,394
296,817,450 -- 31,783,922 99,991,868 136,068,978
8,700,175 18,080,758 180,561 1,619,784 532,294
-- -- 9 2,947 10,349
42,581 23,963 12,359 1,616 29,104
2,180,455 232,131 182,409 729,037 1,047,908
181,218 2,296 15,198 95,599 57,302
267,663 31,742 18,141 155,719 159,518
--------------- ------------- ------------- --------------- ---------------
308,189,542 23,090,500 34,149,786 116,871,097 157,943,847
--------------- ------------- ------------- --------------- ---------------
$ 4,564,813,848 $ 296,924,988 $ 434,042,923 $ 2,019,336,804 $ 2,324,667,532
=============== ============= ============= =============== ===============
$ 3,898,175,119 $ 284,313,105 $ 401,511,837 $ 1,757,577,394 $ 1,943,710,493
=============== ============= ============= =============== ===============
$ 3,735,799,335 $ 308,481,245 $ 381,912,704 $ 1,591,333,036 $ 1,778,298,674
6,628,659 (644,183) 7,336,076 31,355,192 18,659,368
163,002,033 (37,404,051) 16,194,268 145,379,390 159,071,290
659,383,821 26,491,977 28,599,875 251,269,186 368,638,200
--------------- ------------- ------------- --------------- ---------------
$ 4,564,813,848 $ 296,924,988 $ 434,042,923 $ 2,019,336,804 $ 2,324,667,532
=============== ============= ============= =============== ===============
$ 4,369,333,860 $ 183,363,171 $ 376,637,429 $ 2,012,050,796 $ 2,189,694,688
=============== ============= ============= =============== ===============
113,857,497 15,581,896 29,358,167 102,040,920 99,599,485
=============== ============= ============= =============== ===============
$ 38.38 $ 11.77 $ 12.83 $ 19.72 $ 21.99
=============== ============= ============= =============== ===============
$ 195,479,988 $ 113,561,817 $ 57,405,494 $ 7,286,008 $ 134,972,844
=============== ============= ============= =============== ===============
5,120,081 9,690,278 4,485,730 369,976 6,157,984
=============== ============= ============= =============== ===============
$ 38.18 $ 11.72 $ 12.80 $ 19.69 $ 21.92
=============== ============= ============= =============== ===============
</TABLE>
2
<PAGE>
THE HUDSON RIVER TRUST
STATEMENTS OF OPERATIONS
Six Months Ended June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
ALLIANCE
INTERMEDIATE
ALLIANCE GOVERNMENT
MONEY MARKET SECURITIES
PORTFOLIO PORTFOLIO
-------------- ----------------
<S> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends (including $1,574,824 from affiliated
companies for the Alliance Aggressive
Stock Portfolio) ................................... $ -- $ --
Interest ............................................. 28,579,884 5,464,494
------------ ------------
Total income ....................................... 28,579,884 5,464,494
------------ ------------
Expenses (Notes 1, 2, and 3):
Investment advisory fee .............................. 1,917,659 495,161
Custodian fees ....................................... 50,793 35,192
Distribution fees--Class IB .......................... 468,253 46,473
Printing and mailing expenses ........................ 40,168 12,094
Professional fees .................................... 12,445 2,053
Trustees' fees ....................................... 5,494 906
Miscellaneous ........................................ 8,741 1,441
------------ ------------
Total expenses ..................................... 2,503,553 593,320
------------ ------------
NET INVESTMENT INCOME (LOSS) ........................... 26,076,331 4,871,174
------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS)
(NOTES 1 AND 4):
Realized Gain (Loss):
On securities (including $(52,397,507) and
$8,532,994 from affiliated companies for the
Alliance Common Stock and Alliance
Aggressive Stock Portfolios, respectively) ......... 1,034 (2,828,157)
On options written ................................... -- --
On foreign currency transactions ..................... -- --
On futures contracts ................................. -- 50,470
------------ ------------
Realized gain (loss)--net ............................. 1,034 (2,777,687)
------------ ------------
Change in Unrealized
Appreciation/Depreciation:
On securities ........................................ (1,024,502) (4,138,835)
On options written ................................... -- --
On foreign currency transactions ..................... -- --
On futures contracts ................................. -- (1,345)
------------ ------------
Unrealized appreciation/depreciation--net ............. (1,024,502) (4,140,180)
------------ ------------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ............... (1,023,468) (6,917,867)
------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS ............................................ $ 25,052,863 $ (2,046,693)
============ ============
<CAPTION>
ALLIANCE
ALLIANCE ALLIANCE GROWTH AND
QUALITY BOND HIGH YIELD INCOME
PORTFOLIO PORTFOLIO PORTFOLIO
---------------- ---------------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends (including $1,574,824 from affiliated
companies for the Alliance Aggressive
Stock Portfolio) ................................... $ -- $ -- $ 6,163,393
Interest ............................................. 9,893,847 35,135,239 --
------------- ------------- ------------
Total income ....................................... 9,893,847 35,135,239 6,163,393
------------- ------------- ------------
Expenses (Notes 1, 2, and 3):
Investment advisory fee .............................. 866,362 1,812,944 3,011,962
Custodian fees ....................................... 23,698 39,583 45,444
Distribution fees--Class IB .......................... 214 270,722 183,476
Printing and mailing expenses ........................ 19,871 44,416 55,154
Professional fees .................................... 3,624 6,864 11,194
Trustees' fees ....................................... 1,600 3,030 4,942
Miscellaneous ........................................ 2,547 4,820 7,861
------------- ------------- ------------
Total expenses ..................................... 917,916 2,182,379 3,320,033
------------- ------------- ------------
NET INVESTMENT INCOME (LOSS) ........................... 8,975,931 32,952,860 2,843,360
------------- ------------- ------------
REALIZED AND UNREALIZED GAIN (LOSS)
(NOTES 1 AND 4):
Realized Gain (Loss):
On securities (including $(52,397,507) and
$8,532,994 from affiliated companies for the
Alliance Common Stock and Alliance
Aggressive Stock Portfolios, respectively) ......... (3,272,575) (38,644,506) 66,826,677
On options written ................................... -- -- --
On foreign currency transactions ..................... 180,242 (21,010) --
On futures contracts ................................. -- -- --
------------- ------------- ------------
Realized gain (loss)--net ............................. (3,092,333) (38,665,516) 66,826,677
------------- ------------- ------------
Change in Unrealized
Appreciation/Depreciation:
On securities ........................................ (14,016,711) (4,861,908) 83,683,092
On options written ................................... -- -- --
On foreign currency transactions ..................... -- -- --
On futures contracts ................................. -- -- --
------------- ------------- ------------
Unrealized appreciation/depreciation--net ............. (14,016,711) (4,861,908) 83,683,092
------------- ------------- ------------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ............... (17,109,044) (43,527,424) 150,509,769
------------- ------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS FROM
OPERATIONS ............................................ $ (8,133,113) $ (10,574,564) $153,353,129
============= ============= ============
</TABLE>
- ----------
* Net of foreign taxes withheld on dividends of $728, $341,496, $970,777,
$265,431, $35,521, $207,606 and $483,277 for the Alliance Equity Index,
Alliance Common Stock, Alliance Global, Alliance International, Alliance
Conservative Investors, Alliance Balanced and Alliance Growth Investors
Portfolios, respectively.
See Notes to Financial Statements.
3
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE ALLIANCE ALLIANCE
EQUITY INDEX COMMON STOCK GLOBAL INTERNATIONAL
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------- ----------------- --------------- ---------------
<S> <C> <C> <C>
$ 13,418,034 $ 58,364,149 $ 9,473,636 $ 2,440,826
1,235,414 25,683,747 1,801,886 341,288
------------ -------------- ------------ -----------
14,653,448 84,047,896 11,275,522 2,782,114
------------ -------------- ------------ -----------
3,021,132 24,494,275 4,709,673 967,297
75,608 284,979 345,093 154,005
6,313 1,272,507 71,420 10,433
86,102 785,933 80,466 5,079
18,956 144,466 15,781 2,374
8,369 63,777 6,967 1,048
13,310 101,449 11,081 1,666
------------ -------------- ------------ -----------
3,229,790 27,147,386 5,240,481 1,141,902
------------ -------------- ------------ -----------
11,423,658 56,900,510 6,035,041 1,640,212
------------ -------------- ------------ -----------
2,166,607 1,167,152,754 27,162,012 (103,753)
-- 422,030,940 -- --
966 (171,738) (1,240,592) (359,883)
2,590,408 -- -- --
------------ -------------- ------------ -----------
4,757,981 1,589,011,956 25,921,420 (463,636)
------------ -------------- ------------ -----------
213,874,010 (50,654,582) 141,950,839 13,536,370
-- 194,425,681 -- --
(123) (35,701) 23,744 (415,518)
1,603,226 -- -- --
------------ -------------- ------------ -----------
215,477,113 143,735,398 141,974,583 13,120,852
------------ -------------- ------------ -----------
220,235,094 1,732,747,354 167,896,003 12,657,216
------------ -------------- ------------ -----------
$231,658,752 $1,789,647,864 $173,931,044 $14,297,428
============ ============== ============ ===========
<CAPTION>
ALLIANCE ALLIANCE ALLIANCE ALLIANCE
AGGRESSIVE SMALL CAP CONSERVATIVE ALLIANCE GROWTH
STOCK GROWTH INVESTORS BALANCED INVESTORS
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -------------- ---------------- -------------- --------------- ---------------
<C> <C> <C> <C> <C>
$ 15,461,397 $ 463,938 $ 675,313 $ 5,186,363 $ 7,830,778
3,725,619 330,250 7,817,622 26,027,700 17,802,494
------------ -------------- ------------ ------------- ------------
19,187,016 794,188 8,492,935 31,214,063 25,633,272
------------ -------------- ------------ ------------- ------------
11,666,294 1,235,940 971,973 3,984,058 5,433,305
94,768 45,458 64,727 174,166 231,297
212,971 128,474 57,184 7,468 140,083
328,009 18,760 15,111 127,170 112,391
50,422 3,496 4,362 21,683 23,030
22,260 1,543 1,926 9,572 10,167
35,408 2,456 3,063 15,228 16,171
------------ -------------- ------------ ------------- ------------
12,410,132 1,436,127 1,118,346 4,339,345 5,966,444
------------ -------------- ------------ ------------- ------------
6,776,884 (641,939) 7,374,589 26,874,718 19,666,828
------------ -------------- ------------ ------------- ------------
166,093,055 (14,797,314) 14,432,935 131,163,328 147,273,528
-- -- -- -- --
-- -- (162,485) (936,025) (1,054,449)
-- -- -- -- --
------------ -------------- ------------ ------------- ------------
166,093,055 (14,797,314) 14,270,450 130,227,303 146,219,079
------------ -------------- ------------ ------------- ------------
332,007,921 14,460,303 (5,034,452) (31,693,354) 55,110,494
-- -- -- -- --
-- -- (9,956) (100,251) (239,591)
-- -- -- -- --
------------ -------------- ------------ ------------- ------------
332,007,921 14,460,303 (5,044,408) (31,793,605) 54,870,903
------------ -------------- ------------ ------------- ------------
498,100,976 (337,011) 9,226,042 98,433,698 201,089,982
------------ -------------- ------------ ------------- ------------
$504,877,860 $ (978,950) $ 16,600,631 $ 125,308,416 $220,756,810
============ ============== ============ ============= ============
</TABLE>
4
<PAGE>
THE HUDSON RIVER TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
ALLIANCE
MONEY MARKET PORTFOLIO
-------------------------------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 1999 1998
----------------- -------------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ..................................... $ 26,076,331 $ 38,632,711
Realized gain (loss)--net ................................. 1,034 15,569
Change in unrealized appreciation/depreciation of
investments and foreign currency denominated
assets and liabilities--net .............................. (1,024,502) 580,153
-------------- -----------------
Net increase (decrease) in net assets from operations ..... 25,052,863 39,228,433
-------------- -----------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1):
Class IA:
Dividends from net investment income ..................... -- (27,368,048)
Distributions from realized gains ........................ -- (21,660)
-------------- -----------------
Total Class IA dividends and distributions ................ -- (27,389,708)
-------------- -----------------
Class IB:
Dividends from net investment income ..................... -- (11,444,905)
Distributions from realized gains ........................ -- (9,300)
-------------- -----------------
Total Class IB dividends and distributions ................ -- (11,454,205)
-------------- -----------------
Decrease in net assets from dividends and
distributions ............................................ -- (38,843,913)
-------------- -----------------
SHARE TRANSACTIONS (NOTES 1 AND 5):
Class IA:
Shares sold .............................................. 840,003,626 1,395,774,350
Shares issued in reinvestment of dividends and
distributions ........................................... -- 27,389,708
Shares redeemed .......................................... (795,258,764) (1,150,845,557)
-------------- -----------------
Total Class IA transactions ............................... 44,744,862 272,318,501
-------------- -----------------
Class IB:
Shares sold .............................................. 185,808,956 412,735,045
Shares issued in reinvestment of dividends and
distributions ........................................... -- 11,454,205
Shares redeemed .......................................... (213,996,569) (160,498,113)
-------------- -----------------
Total Class IB transactions ............................... (28,187,613) 263,691,137
-------------- -----------------
Net increase in net assets derived from share
transactions ............................................. 16,557,249 536,009,638
-------------- -----------------
INCREASE (DECREASE) IN NET ASSETS .......................... 41,610,112 536,394,158
NET ASSETS, BEGINNING OF PERIOD ............................ 1,110,029,608 573,635,450
-------------- -----------------
NET ASSETS, END OF PERIOD* ................................. $1,151,639,720 $ 1,110,029,608
============== =================
<CAPTION>
ALLIANCE
INTERMEDIATE GOVERNMENT
SECURITIES PORTFOLIO
-------------------------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 1999 1998
--------------- ---------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income ..................................... $ 4,871,174 $ 7,810,216
Realized gain (loss)--net ................................. (2,777,687) 2,997,540
Change in unrealized appreciation/depreciation of
investments and foreign currency denominated
assets and liabilities--net .............................. (4,140,180) 108,806
------------- -------------
Net increase (decrease) in net assets from operations ..... (2,046,693) 10,916,562
------------- -------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1):
Class IA:
Dividends from net investment income ..................... -- (6,948,505)
Distributions from realized gains ........................ -- --
------------- -------------
Total Class IA dividends and distributions ................ -- (6,948,505)
------------- -------------
Class IB:
Dividends from net investment income ..................... -- (839,019)
Distributions from realized gains ........................ -- --
------------- -------------
Total Class IB dividends and distributions ................ -- (839,019)
------------- -------------
Decrease in net assets from dividends and
distributions ............................................ -- (7,787,524)
------------- -------------
SHARE TRANSACTIONS (NOTES 1 AND 5):
Class IA:
Shares sold .............................................. 32,739,798 70,532,629
Shares issued in reinvestment of dividends and
distributions ........................................... -- 6,948,505
Shares redeemed .......................................... (20,622,259) (42,186,626)
------------- -------------
Total Class IA transactions ............................... 12,117,539 35,294,508
------------- -------------
Class IB:
Shares sold .............................................. 14,051,601 26,363,094
Shares issued in reinvestment of dividends and
distributions ........................................... -- 839,019
Shares redeemed .......................................... (3,124,925) (1,510,389)
------------- -------------
Total Class IB transactions ............................... 10,926,676 25,691,724
------------- -------------
Net increase in net assets derived from share
transactions ............................................. 23,044,215 60,986,232
------------- -------------
INCREASE (DECREASE) IN NET ASSETS .......................... 20,997,522 64,115,270
NET ASSETS, BEGINNING OF PERIOD ............................ 184,281,166 120,165,896
------------- -------------
NET ASSETS, END OF PERIOD* ................................. $ 205,278,688 $ 184,281,166
============= =============
</TABLE>
- ---------
* Including accumulated undistributed (overdistributed) net investment
income of $26,046,025 and $(30,306) for the Alliance Money Market
Portfolio; $4,912,980 and $41,806 for the Alliance Intermediate
Government Securities Portfolio; $9,373,693 and $397,762 for the Alliance
Quality Bond Portfolio; $32,829,013 and $(123,847) for the Alliance High
Yield Portfolio; $3,024,377 and $181,017 for the Alliance Growth and
Income Portfolio; $11,956,857 and $533,199 for the Alliance Equity Index
Portfolio, as of June 30, 1999 and December 31, 1998, respectively.
See Notes to Financial Statements.
5
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
QUALITY BOND PORTFOLIO HIGH YIELD PORTFOLIO
- -------------------------------- ---------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1999 1998 JUNE 30, 1999 1998
- --------------- ---------------- --------------- -----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
$ 8,975,931 $ 14,192,221 $ 32,952,860 $ 59,339,850
(3,092,333) 6,621,611 (38,665,516) (25,614,101)
(14,016,711) 759,535 (4,861,908) (71,913,643)
------------- ------------- ------------- ---------------
(8,133,113) 21,573,367 (10,574,564) (38,187,894)
------------- ------------- ------------- ---------------
-- (14,217,744) -- (42,986,540)
-- (6,441,066) -- (8,030,526)
------------- ------------- ------------- ---------------
-- (20,658,810) -- (51,017,066)
------------- ------------- ------------- ---------------
-- (256) -- (16,704,168)
-- (209) -- (3,915,248)
------------- ------------- ------------- ---------------
-- (465) -- (20,619,416)
------------- ------------- ------------- ---------------
-- (20,659,275) -- (71,636,482)
------------- ------------- ------------- ---------------
46,369,904 121,204,490 45,595,125 192,696,791
-- 20,658,810 -- 51,017,066
(20,202,626) (23,592,796) (64,762,849) (118,180,171)
------------- ------------- ------------- ---------------
26,167,278 118,270,504 (19,167,724) 125,533,686
------------- ------------- ------------- ---------------
275,216 10,000 29,091,400 160,113,817
-- 465 -- 20,619,416
(113,118) -- (9,576,838) (5,903,002)
------------- ------------- ------------- ---------------
162,098 10,465 19,514,562 174,830,231
------------- ------------- ------------- ---------------
26,329,376 118,280,969 346,838 300,363,917
------------- ------------- ------------- ---------------
18,196,263 119,195,061 (10,227,726) 190,539,541
322,428,539 203,233,478 612,350,419 421,810,878
------------- ------------- ------------- ---------------
$ 340,624,802 $ 322,428,539 $ 602,122,693 $ 612,350,419
============= ============= ============= ===============
<CAPTION>
ALLIANCE
GROWTH AND INCOME ALLIANCE
PORTFOLIO EQUITY INDEX PORTFOLIO
- ----------------------------------- ------------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1999 1998 JUNE 30, 1999 1998
- ------------------ ---------------- ----------------- ------------------
(UNAUDITED) (UNAUDITED)
<C> <C> <C> <C>
$ 2,843,360 $ 2,787,302 $ 11,423,658 $ 16,011,288
66,826,677 80,187,460 4,757,981 13,814,552
83,683,092 69,192,430 215,477,113 292,227,685
-------------- ------------- -------------- --------------
153,353,129 152,167,192 231,658,752 322,053,525
-------------- ------------- -------------- --------------
-- (2,436,074) -- (15,462,444)
-- (70,415,789) -- (495,835)
-------------- ------------- -------------- --------------
-- (72,851,863) -- (15,958,279)
-------------- ------------- -------------- --------------
-- (162,340) -- (2,375)
-- (9,420,614) -- (115)
-------------- ------------- -------------- --------------
-- (9,582,954) -- (2,490)
-------------- ------------- -------------- --------------
-- (82,434,817) -- (15,960,769)
-------------- ------------- -------------- --------------
128,932,727 251,966,056 880,493,719 593,669,442
-- 72,851,863 -- 15,958,279
(18,946,143) (65,846,350) (457,573,568) (169,374,643)
-------------- ------------- -------------- --------------
109,986,584 258,971,569 422,920,151 440,253,078
-------------- ------------- -------------- --------------
45,872,313 75,779,471 6,915,642 289,964
-- 9,582,954 -- 2,490
(848,226) (3,520,202) (1,367,633) (23,916)
-------------- ------------- -------------- --------------
45,024,087 81,842,223 5,548,009 268,538
-------------- ------------- -------------- --------------
155,010,671 340,813,792 428,468,160 440,521,616
-------------- ------------- -------------- --------------
308,363,800 410,546,167 660,126,912 746,614,372
998,302,060 587,755,893 1,690,355,396 943,741,024
-------------- ------------- -------------- --------------
$1,306,665,860 $ 998,302,060 $2,350,482,308 $1,690,355,396
============== ============= ============== ==============
</TABLE>
6
<PAGE>
THE HUDSON RIVER TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Continued)
<TABLE>
<CAPTION>
ALLIANCE
COMMON STOCK PORTFOLIO
---------------------------------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 1999 1998
------------------- -------------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) .............................. $ 56,900,510 $ 79,924,991
Realized gain (loss)--net ................................. 1,589,011,956 1,293,579,317
Change in unrealized appreciation/depreciation of
investments and foreign currency denominated
assets and liabilities--net .............................. 143,735,398 1,484,721,400
--------------- ----------------
Net increase (decrease) in net assets from operations ..... 1,789,647,864 2,858,225,708
--------------- ----------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1):
Class IA:
Dividends from net investment income ..................... -- (66,892,105)
Distributions from realized gains ........................ -- (1,453,774,524)
--------------- ----------------
Total Class IA dividends and distributions ................ -- (1,520,666,629)
--------------- ----------------
Class IB:
Dividends from net investment income ..................... -- (1,845,494)
Distributions from realized gains ........................ -- (96,324,343)
--------------- ----------------
Total Class IB dividends and distributions ................ -- (98,169,837)
--------------- ----------------
Decrease in net assets from dividends and
distributions ............................................ -- (1,618,836,466)
--------------- ----------------
SHARE TRANSACTIONS (NOTES 1 AND 5):
Class IA:
Shares sold .............................................. 453,100,723 1,061,850,530
Shares issued in reinvestment of dividends and
distributions ........................................... -- 1,520,666,629
Shares redeemed .......................................... (391,851,962) (1,054,408,083)
--------------- ----------------
Total Class IA transactions ............................... 61,248,761 1,528,109,076
--------------- ----------------
Class IB:
Shares sold .............................................. 276,795,429 475,955,734
Shares issued in reinvestment of dividends and
distributions ........................................... -- 98,169,837
Shares redeemed .......................................... (8,581,169) (6,276,804)
--------------- ----------------
Total Class IB transactions ............................... 268,214,260 567,848,767
--------------- ----------------
Net increase (decrease) in net assets derived from
share transactions ....................................... 329,463,021 2,095,957,843
--------------- ----------------
INCREASE (DECREASE) IN NET ASSETS .......................... 2,119,110,885 3,335,347,085
NET ASSETS, BEGINNING OF PERIOD ............................ 12,896,120,818 9,560,773,733
--------------- ----------------
NET ASSETS, END OF PERIOD* ................................. $15,015,231,703 $ 12,896,120,818
=============== ================
<CAPTION>
ALLIANCE
GLOBAL PORTFOLIO
------------------------------------
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 1999 1998
----------------- ------------------
(UNAUDITED)
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) .............................. $ 6,035,041 $ 9,414,726
Realized gain (loss)--net ................................. 25,921,420 118,228,354
Change in unrealized appreciation/depreciation of
investments and foreign currency denominated
assets and liabilities--net .............................. 141,974,583 124,534,839
-------------- --------------
Net increase (decrease) in net assets from operations ..... 173,931,044 252,177,919
-------------- --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1):
Class IA:
Dividends from net investment income ..................... -- (15,151,207)
Distributions from realized gains ........................ -- (86,201,793)
-------------- --------------
Total Class IA dividends and distributions ................ -- (101,353,000)
-------------- --------------
Class IB:
Dividends from net investment income ..................... -- (363,521)
Distributions from realized gains ........................ -- (2,973,624)
-------------- --------------
Total Class IB dividends and distributions ................ -- (3,337,145)
-------------- --------------
Decrease in net assets from dividends and
distributions ............................................ -- (104,690,145)
-------------- --------------
SHARE TRANSACTIONS (NOTES 1 AND 5):
Class IA:
Shares sold .............................................. 229,482,687 155,109,252
Shares issued in reinvestment of dividends and
distributions ........................................... -- 101,353,000
Shares redeemed .......................................... (203,594,925) (244,390,306)
-------------- --------------
Total Class IA transactions ............................... 25,887,762 12,071,946
-------------- --------------
Class IB:
Shares sold .............................................. 16,183,436 22,632,466
Shares issued in reinvestment of dividends and
distributions ........................................... -- 3,337,145
Shares redeemed .......................................... (2,361,193) (2,713,553)
-------------- --------------
Total Class IB transactions ............................... 13,822,243 23,256,058
-------------- --------------
Net increase (decrease) in net assets derived from
share transactions ....................................... 39,710,005 35,328,004
-------------- --------------
INCREASE (DECREASE) IN NET ASSETS .......................... 213,641,049 182,815,778
NET ASSETS, BEGINNING OF PERIOD ............................ 1,408,202,773 1,225,386,995
-------------- --------------
NET ASSETS, END OF PERIOD* ................................. $1,621,843,822 $1,408,202,773
============== ==============
</TABLE>
- ---------
* Including accumulated undistributed (overdistributed) net investment
income of $61,487,965 and $4,587,455 for the Alliance Common Stock
Portfolio; $1,919,411 and $(4,115,630) for the Alliance Global Portfolio;
$1,152,691 and $(487,521) for the Alliance International Portfolio;
$6,628,659 and $(148,225) for the Alliance Aggressive Stock Portfolio;
$(644,183) and $(2,244) for the Alliance Small Cap Growth Portfolio;
$7,336,076 and $(38,513) for the Alliance Conservative Investors
Portfolio, as of June 30, 1999 and December 31, 1998, respectively.
See Notes to Financial Statements.
7
<PAGE>
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
INTERNATIONAL PORTFOLIO AGGRESSIVE STOCK PORTFOLIO
- ----------------------------------- -------------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1999 1998 JUNE 30, 1999 1998
- ----------------- ----------------- ----------------- -------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C>
$ 1,640,212 $ 1,684,286 $ 6,776,884 $ 10,694,674
(463,636) 4,970,328 166,093,055 94,437,250
13,120,852 14,979,423 332,007,921 (90,382,441)
--------------- --------------- -------------- -----------------
14,297,428 21,634,037 504,877,860 14,749,483
--------------- --------------- -------------- -----------------
-- (3,728,549) -- (19,956,153)
-- (39,070) -- (209,908,935)
--------------- --------------- -------------- -----------------
-- (3,767,619) -- (229,865,088)
--------------- --------------- -------------- -----------------
-- (100,012) -- (496,396)
-- (1,254) -- (6,821,111)
--------------- --------------- -------------- -----------------
-- (101,266) -- (7,317,507)
--------------- --------------- -------------- -----------------
-- (3,868,885) -- (237,182,595)
--------------- --------------- -------------- -----------------
331,193,286 451,931,751 424,761,303 1,200,293,864
-- 3,767,619 -- 229,865,088
(303,588,828) (459,041,931) (886,686,634) (1,458,834,640)
--------------- --------------- -------------- -----------------
27,604,458 (3,342,561) (461,925,331) (28,675,688)
--------------- --------------- -------------- -----------------
5,486,532 6,597,093 37,117,586 85,624,198
-- 101,266 -- 7,317,507
(4,145,628) (2,708,158) (15,945,302) (4,401,173)
--------------- --------------- -------------- -----------------
1,340,904 3,990,201 21,172,284 88,540,532
--------------- --------------- -------------- -----------------
28,945,362 647,640 (440,753,047) 59,864,844
--------------- --------------- -------------- -----------------
43,242,790 18,412,792 64,124,813 (162,568,268)
212,309,968 193,897,176 4,500,689,035 4,663,257,303
--------------- --------------- -------------- -----------------
$ 255,552,758 $ 212,309,968 $4,564,813,848 $ 4,500,689,035
=============== =============== ============== =================
<CAPTION>
ALLIANCE ALLIANCE
SMALL CAP GROWTH CONSERVATIVE INVESTORS
PORTFOLIO PORTFOLIO
- ----------------------------------- --------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1999 1998 JUNE 30, 1999 1998
- ----------------- ----------------- --------------- ----------------
(UNAUDITED) (UNAUDITED)
<C> <C> <C> <C>
$ (641,939) $ (12,012) $ 7,374,589 $ 13,590,507
(14,797,314) (21,147,657) 14,270,450 17,894,855
14,460,303 11,287,980 (5,044,408) 13,769,937
--------------- --------------- ------------- -------------
(978,950) (9,871,689) 16,600,631 45,255,299
--------------- --------------- ------------- -------------
-- (16,814) -- (12,787,640)
-- -- -- (18,882,918)
--------------- --------------- ------------- -------------
-- (16,814) -- (31,670,558)
--------------- --------------- ------------- -------------
-- -- -- (702,882)
-- -- -- (1,574,187)
--------------- --------------- ------------- -------------
-- -- -- (2,277,069)
--------------- --------------- ------------- -------------
-- (16,814) -- (33,947,627)
--------------- --------------- ------------- -------------
270,136,956 625,198,674 25,440,513 44,384,823
-- 16,814 -- 31,670,558
(284,972,444) (515,462,936) (19,070,839) (39,710,758)
--------------- --------------- ------------- -------------
(14,835,488) 109,752,552 6,369,674 36,344,623
--------------- --------------- ------------- -------------
14,786,739 72,962,781 23,557,066 25,242,172
-- -- -- 2,277,069
(12,661,658) (3,211,937) (578,487) (618,411)
--------------- --------------- ------------- -------------
2,125,081 69,750,844 22,978,579 26,900,830
--------------- --------------- ------------- -------------
(12,710,407) 179,503,396 29,348,253 63,245,453
--------------- --------------- ------------- -------------
(13,689,357) 169,614,893 45,948,884 74,553,125
310,614,345 140,999,452 388,094,039 313,540,914
--------------- --------------- ------------- -------------
$ 296,924,988 $ 310,614,345 $ 434,042,923 $ 388,094,039
=============== =============== ============= =============
</TABLE>
8
<PAGE>
THE HUDSON RIVER TRUST
STATEMENTS OF CHANGES IN NET ASSETS (Concluded)
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
BALANCED PORTFOLIO GROWTH INVESTORS PORTFOLIO
------------------------------------ ------------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1999 1998 JUNE 30, 1999 1998
----------------- ------------------ ----------------- ------------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income .............................. $ 26,874,718 $ 54,374,560 $ 19,666,828 $ 38,229,669
Realized gain--net ................................. 130,227,303 149,648,732 146,219,079 147,510,271
Change in unrealized appreciation/depreciation of
investments and foreign currency denominated
assets and liabilities--net ....................... (31,793,605) 99,779,596 54,870,903 137,214,556
-------------- -------------- -------------- --------------
Net increase in net assets from operations ......... 125,308,416 303,802,888 220,756,810 322,954,496
-------------- -------------- -------------- --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS (NOTE 1):
Class IA:
Dividends from net investment income .............. -- (48,802,014) -- (36,481,422)
Distributions from realized gains ................. -- (161,293,799) -- (156,501,489)
-------------- -------------- -------------- --------------
Total Class IA dividends and distributions ......... -- (210,095,813) -- (192,982,911)
-------------- -------------- -------------- --------------
Class IB:
Dividends from net investment income .............. -- (106) -- (1,186,181)
Distributions from realized gains ................. -- (872) -- (7,045,472)
-------------- -------------- -------------- --------------
Total Class IB dividends and distributions ......... -- (978) -- (8,231,653)
-------------- -------------- -------------- --------------
Decrease in net assets from dividends and
distributions ..................................... -- (210,096,791) -- (201,214,564)
-------------- -------------- -------------- --------------
SHARE TRANSACTIONS (NOTES 1 AND 5):
Class IA:
Shares sold ....................................... 40,830,726 90,787,180 79,523,483 120,550,111
Shares issued in reinvestment of dividends and
distributions .................................... -- 210,095,813 -- 192,982,911
Shares redeemed ................................... (90,299,342) (182,248,936) (62,419,270) (99,572,371)
-------------- -------------- -------------- --------------
Total Class IA transactions ........................ (49,468,616) 118,634,057 17,104,213 213,960,651
-------------- -------------- -------------- --------------
Class IB:
Shares sold ....................................... 7,503,830 10,000 33,529,829 50,028,647
Shares issued in reinvestment of dividends and
distributions .................................... -- 978 -- 8,231,653
Shares redeemed ................................... (446,487) -- (1,823,839) (4,979,079)
-------------- -------------- -------------- --------------
Total Class IB transactions ........................ 7,057,343 10,978 31,705,990 53,281,221
-------------- -------------- -------------- --------------
Net increase (decrease) in net assets derived from
share transactions ................................ (42,411,273) 118,645,035 48,810,203 267,241,872
-------------- -------------- -------------- --------------
INCREASE IN NET ASSETS .............................. 82,897,143 212,351,132 269,567,013 388,981,804
NET ASSETS, BEGINNING OF PERIOD ..................... 1,936,439,661 1,724,088,529 2,055,100,519 1,666,118,715
-------------- -------------- -------------- --------------
NET ASSETS, END OF PERIOD* .......................... $2,019,336,804 $1,936,439,661 $2,324,667,532 $2,055,100,519
============== ============== ============== ==============
</TABLE>
- ---------
* Including accumulated undistributed (overdistributed) net investment
income of $31,355,192 and $4,480,474 for the Alliance Balanced Portfolio;
$18,659,368 and $(1,007,460) for the Alliance Growth Investors Portfolio,
as of June 30, 1999 and December 31, 1998, respectively.
See Notes to Financial Statements.
9
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL VALUE ANNUAL
AMOUNT (NOTE 1) YIELD*
- ------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
SHORT-TERM DEBT SECURITIES:
BANK NOTES (2.2%)
FCC National Bank
Due 09/30/99 ................................... $25,000,000 $ 24,997,407 5.24%
------------
CERTIFICATES OF DEPOSIT
Bayerische Landesbank, New York
Due 03/21/00 ................................... 15,000,000 14,934,441 5.15
Chase Manhattan Corp.
Due 09/08/99 ................................... 45,000,000 44,974,089 5.24
Deutsche Bank
Due 02/22/00 ................................... 15,000,000 14,953,130 5.15
First National Bank Chicago
Due 06/14/00 ................................... 25,000,000 25,024,280 5.65
First Tennessee Bank
Due 07/30/99 ................................... 50,000,000 50,001,900 5.17
Morgan Guaranty Trust Co., New York
Due 10/15/99 ................................... 35,000,000 34,949,257 5.04
Nordeutsche Landesbank
Due 05/18/00 ................................... 20,000,000 19,956,474 5.30
Rabobank Nederland N.V.:
Due 02/08/00 ................................... 25,000,000 24,915,105 5.18
Due 03/28/00 ................................... 3,500,000 3,490,453 5.28
State Street Bank & Trust Co.
Due 09/13/99 ................................... 20,000,000 19,985,864 4.95
Toronto Dominion Bank:
Due 02/14/00 ................................... 20,000,000 19,934,184 5.20
Due 03/06/00 ................................... 15,000,000 14,971,919 5.33
UBS AG Stamford CT
Due 05/22/00 ................................... 26,000,000 25,945,288 5.60
Wachovia Bank and Trust Co. NA
Due 02/23/00 ................................... 25,000,000 24,922,170 5.13
------------
TOTAL CERTIFICATES OF DEPOSIT (29.4%) ......... 338,958,554
------------
COMMERCIAL PAPER
Allianz of America Financial, Inc.
Due 09/20/99+ .................................. 14,900,000 14,729,023 5.23
Associates Corp. of North America
Due 09/15/99 ................................... 25,000,000 24,730,833 5.26
BellSouth Corp.
Due 07/28/99 ................................... 50,000,000 49,808,750 5.17
Colgate Palmolive Co.
Due 07/01/99+ .................................. 22,300,000 22,300,000 4.82
Dresdner US Finance, Inc.
Due 07/30/99 ................................... 50,000,000 49,792,565 5.12
Exxon Financial Services
Due 07/15/99 ................................... 16,106,000 16,073,743 5.23
Ford Motor Credit Co.
Due 09/30/99 ................................... 50,000,000 49,342,775 5.26
General Electric Capital Corp.
Due 09/30/99 ................................... 26,000,000 25,658,243 5.29
General Motors Acceptance Corp.
Due 09/30/99 ................................... 50,000,000 49,340,250 5.25
John Hancock Capital Corp.:
Due 07/27/99 ................................... 29,300,000 29,192,076 5.19
Due 07/28/99 ................................... 20,698,000 20,618,830 5.19
</TABLE>
10
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE MONEY MARKET PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1990 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------------------------------
EFFECTIVE
PRINCIPAL VALUE ANNUAL
AMOUNT (NOTE 1) YIELD*
- --------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
Merrill Lynch & Co., Inc.
Due 07/30/99 ......................................... $50,000,000 $ 49,794,580 5.12%
Morgan Stanley Group, Inc.
Due 07/01/99 ......................................... 41,100,000 41,100,000 5.75
Norwest Financial, Inc.
Due 07/30/99 ......................................... 20,000,000 19,917,026 5.13
Sara Lee Corp.
Due 07/01/99 ......................................... 50,000,000 50,000,000 4.80
Southern Co.
Due 07/30/99 ......................................... 27,000,000 26,889,073 5.17
Teachers Insurance and Annuity Association
Due 07/30/99 ......................................... 50,000,000 49,794,580 5.22
--------------
TOTAL COMMERCIAL PAPER (51.1%) ...................... 589,082,347
--------------
VARIABLE RATE SECURITIES
Asset Backed Capital Financial
Due 07/22/99(a)+ ..................................... 25,000,000 24,994,430 5.33
Federal Home Loan Bank
Due 08/12/99(a) ...................................... 25,000,000 25,004,428 5.33
National Westminster Bank
Due 04/17/00(a) ...................................... 40,000,000 39,981,780 4.88
Royal Bank of Canada, New York
Due 08/25/99(a) ...................................... 20,000,000 20,003,928 5.44
Sigma Finance:
Due 08/23/99(a)+ ..................................... 25,000,000 25,005,050 5.47
Due 06/29/00(a)+ ..................................... 13,000,000 12,999,031 5.32
Due 06/29/00(a)+ ..................................... 10,000,000 9,999,860 5.18
Student Loan Marketing Association
Due 11/09/99(a) ...................................... 35,000,000 35,007,959 5.64
--------------
TOTAL VARIABLE RATE SECURITIES (16.8%) .............. 192,996,466
--------------
TOTAL INVESTMENTS IN SHORT-TERM DEBT SECURITIES (99.5%)
(Amortized Cost $1,146,367,252)....................... 1,146,034,774
OTHER ASSETS
LESS LIABILITIES (0.5%) .............................. 5,604,946
--------------
NET ASSETS (100.0%) ................................... $1,151,639,720
==============
</TABLE>
- ----------
* Based on amortized cost at the close of business on June 30, 1999.
+ 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, 1999, these securities amounted to $110,027,394 or
9.6% 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, 1999 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
ASSET BACKED (12.6%)
Amresco Residential Securities
Mortgage Loan Trust
5.94%, 03/25/15 .................. $ 4,500,000 $ 4,446,585
Countrywide Home Equity
Loan Trust
5.083%, 10/15/24 ................. 2,587,333 2,577,630
Delta Funding Home Equity
Loan Trust
Series 1999-2, Class A1F
6.14%, 03/15/18 .................. 7,000,000 6,991,250
Green Tree Home Improvement
Loan Trust
6.25%, 08/15/29 .................. 5,000,000 4,942,200
The Money Store Home
Equity Trust
6.725%, 06/15/24 ................. 7,000,000 6,969,410
------------
25,927,075
------------
COLLATERALIZED MORTGAGE BACKED
SECURITIES (10.4%)
Allied Capital Commercial
Mortgage Trust
6.31%, 09/25/03+ ................. 2,664,193 2,651,298
Government Lease Trust
4.0%, 05/18/11 ................... 4,500,000 3,448,125
5.5%, 05/05/29 ................... 4,500,000 3,448,125
LB Commercial Conduit
Mortgage Trust
6.78%, 4/15/09 ................... 8,000,000 7,935,040
Morgan Stanley Capital I
Series 1998-XL2, Class A2
6.17%, 10/03/08 .................. 4,000,000 3,777,640
------------
21,260,228
------------
MORTGAGE RELATED (26.8%)
Federal Home Loan Mortgage
Corp. GOLD
9.5%, 01/01/20 ................... 4,756 5,063
Federal National Mortgage
Association:
7.5%, 08/01/13 ................... 6,906,174 7,016,859
6.0%, 12/01/13 ................... 12,944,333 12,502,259
6.0%, 01/01/14 ................... 389,501 376,199
6.0%, 02/01/14 ................... 42,393 40,945
6.0%, 03/01/14 ................... 1,968,225 1,901,006
6.0%, 04/01/14 ................... 1,681,039 1,623,628
6.0%, 05/01/14 ................... 1,591,938 1,537,571
6.0%, 06/01/14 ................... 1,974,651 1,907,213
6.0%, 07/01/14 ................... 216,200 208,816
6.5%, 04/01/28 ................... 938,797 908,035
6.5%, 07/01/28 ................... 932,742 902,178
6.5%, 03/01/29 ................... 6,129,257 5,928,414
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------
<S> <C> <C>
6.5%, 04/01/29 ................... $ 806,106 $ 779,691
6.5%, 06/01/29 ................... 2,794,252 2,702,690
15 Year TBA:
6.0%, 06/01/14 ................... 4,320,000 4,170,329
7.0%, 06/01/14 ................... 5,760,000 5,781,900
30 Year TBA
7.0%, 06/01/29 ................... 5,588,000 5,528,627
Providian Master Trust
5.29%, 01/15/09 .................. 1,000,000 999,115
Prudential Home Mortgage
Securities
7.415%, 01/25/24 ................. 101,912 101,849
------------
54,922,387
------------
U.S. GOVERNMENT & AGENCIES (51.0%)
Federal Farm Credit Bank
6.29%, 08/25/04 .................. 4,700,000 4,687,507
Federal Home Loan Bank
5.77%, 02/03/04 .................. 6,430,000 6,314,922
Federal Home Loan
Mortgage Corp.:
5.0%, 01/15/04 ................... 28,000,000 26,688,732
9.5%, 05/07/29 ................... 600,000 637,313
Tennessee Valley Authority
6.5%, 08/20/01 ................... 5,400,000 5,465,281
U.S. Treasury:
4.875% Note, 03/31/01 ............ 21,200,000 20,981,386
6.125% Note, 12/31/01 ............ 18,700,000 18,922,062
11.875% Bond, 11/15/03 ........... 6,300,000 7,745,062
5.25% Note, 05/15/04 ............. 4,000,000 3,930,000
6.625% Note, 05/15/07 ............ 9,000,000 9,374,067
------------
104,746,332
------------
TOTAL LONG-TERM DEBT SECURITIES (100.8%)
(Amortized Cost $209,550,491) 206,856,022
------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES
Federal Home Loan Bank
4.6%, due 07/01/99 ............... 13,600,000 13,600,000
Federal Home Loan Mortgage
Corp.
4.81%, due 07/14/99 .............. 7,000,000 6,987,867
------------
TOTAL U.S. GOVERNMENT AGENCIES (10.0%) 20,587,867
------------
TOTAL SHORT-TERM DEBT SECURITIES (10.0%)
(Amortized Cost $20,587,867)....... 20,587,867
------------
TOTAL INVESTMENTS (110.8%)
(Amortized Cost $230,138,358)..... 227,443,889
OTHER ASSETS
LESS LIABILITIES (-10.8%) ........ (22,165,201)
------------
NET ASSETS (100.0%) ................ $205,278,688
============
</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, 1999, this security amounted to $2,651,298 or 1.3% of
net assets.
See Notes to Financial Statements.
12
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE QUALITY BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
CONSUMER CYCLICALS (0.9%)
AUTOS & TRUCKS
Ford Motor Co.
6.375%, 02/01/29 ................... $ 3,500,000 $ 3,040,951
------------
CONSUMER NONCYCLICALS
MEDIA & CABLE
Comcast Cable
Communications, Inc.
6.2%, 11/15/08 ..................... 10,000,000 9,301,200
Cox Communications, Inc.
6.8%, 08/01/28 ..................... 11,025,000 9,848,522
Time Warner, Inc.
7.25%, 10/15/17 .................... 10,000,000 9,626,700
------------
TOTAL CONSUMER NONCYCLICALS (8.4%) 28,776,422
------------
CREDIT SENSITIVE
ASSET BACKED (5.5%)
Capital Auto Receivables Asset
Trust
Series 1999-1, Class A2
5.58%, 06/15/02 .................... 8,000,000 7,927,520
Carco Auto Loan Master Trust
Series 1998-1, Class A2
4.9825%, 06/15/05 .................. 5,100,000 5,072,103
Citibank Credit Card Master
Trust I Series 1999-2, Class A
5.875%, 03/10/11 ................... 6,150,000 5,757,938
------------
18,757,561
------------
FINANCIAL SERVICES (7.3%)
Household Netherlands B.V.
6.2%, 12/01/03 ..................... 5,500,000 5,379,770
Morgan Stanley Dean Witter & Co.
5.625%, 01/20/04 ................... 11,000,000 10,602,240
Prudential Insurance Corp.
8.3%, 07/01/25 ..................... 8,000,000 8,732,160
------------
24,714,170
------------
MORTGAGE RELATED (1.4%)
Prudential Securities Secured
Financing
Series 1999-NRF1, Class A2
6.48%, 01/15/09 .................... 5,000,000 4,828,150
------------
UTILITY--ELECTRIC (2.8%)
Dominion Resources Capital
Trust I
7.83%, 12/01/27 .................... 5,925,000 5,601,139
Southern Company Capital Trust I
8.19%, 02/01/37 .................... 3,950,000 3,978,322
------------
9,579,461
------------
UTILITY--TELEPHONE (0.9%)
TPSA Finance B.V.
7.75%, 12/10/08 .................... 3,200,000 3,120,000
------------
TOTAL CREDIT SENSITIVE (17.9%) ..... 60,999,342
------------
ENERGY (2.0%)
COAL & GAS PIPELINES
Williams Companies, Inc.
6.125%, 02/01/01 ................... 6,990,000 6,971,337
------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------
<S> <C> <C>
U.S. GOVERNMENT AGENCIES
MORTGAGE RELATED
Federal Home Loan Mortgage
Corp. GOLD
7.0%, 09/01/11 ..................... $ 4,400,026 $ 4,422,225
Federal National Mortgage
Association:
7.0%, 05/01/12 ..................... 3,750,000 3,766,575
7.0%, 02/01/13 ..................... 3,524,621 3,542,402
7.0%, 05/01/26 ..................... 1,325,073 1,309,755
7.5%, 09/01/27 ..................... 3,499,999 3,539,686
7.0%, 01/01/28 ..................... 2,091,309 2,070,209
6.5%, 03/01/28 ..................... 1,233,095 1,192,689
6.5%, 09/01/28 ..................... 1,900,617 1,838,337
6.5%, 10/01/28 ..................... 969,387 937,622
8.0%, 11/01/28 ..................... 3,027,889 3,110,187
6.5%, 12/01/28 ..................... 5,225,357 5,054,132
8.0%, 12/01/28 ..................... 5,009,713 5,140,992
6.0%, 03/01/29 ..................... 14,085,621 13,244,965
7.5%, 04/01/29 ..................... 12,762,870 12,907,589
30 Year TBA
8.0%, 05/01/29 ..................... 3,250,325 3,334,697
Government National Mortgage
Association:
7.0%, 11/15/26 ..................... 8,350,316 8,251,532
7.0%, 07/15/27 ..................... 2,382,039 2,353,860
7.0%, 02/15/28 ..................... 7,566,545 7,477,033
6.5%, 03/15/28 ..................... 3,415,487 3,292,437
6.5%, 04/15/28 ..................... 2,686,258 2,589,480
6.5%, 05/15/28 ..................... 359,812 346,849
6.5%, 10/15/28 ..................... 15,931,931 15,357,952
7.0%, 12/15/28 ..................... 14,642,060 14,468,844
6.5%, 01/15/29 ..................... 9,857,794 9,502,647
------------
TOTAL U.S. GOVERNMENT AGENCIES (37.9%) 129,052,696
------------
U.S. GOVERNMENT
U.S. Treasury:
6.5% Note, 08/31/01 ................ 14,000,000 14,262,500
6.5% Note, 05/31/02 ................ 42,470,000 43,425,575
6.875% Note, 05/15/06 .............. 18,300,000 19,266,478
8.125% Bond, 08/15/19 .............. 6,450,000 7,790,374
6.125% Bond, 11/15/27 .............. 8,000,000 7,925,000
5.25% Bond, 02/15/29 ............... 6,700,000 6,013,250
------------
TOTAL U.S. GOVERNMENT (29.0%) 98,683,177
------------
TOTAL LONG-TERM DEBT SECURITIES (96.1%)
(Amortized Cost $338,647,880) ....... 327,523,925
------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (4.2%)
Federal Home Loan Bank
4.6%, due 07/01/99 ................. 14,200,000 14,200,000
------------
TOTAL SHORT-TERM DEBT SECURITIES (4.2%)
(Amortized Cost $14,200,000) ........ 14,200,000
------------
TOTAL INVESTMENTS (100.3%)
(Amortized Cost $352,847,880)....... 341,723,925
OTHER ASSETS
LESS LIABILITIES (-0.3%) ........... (1,099,123)
------------
NET ASSETS (100.0%) .................. $340,624,802
============
</TABLE>
See Notes to Financial Statements.
13
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS AND
OTHER INVESTMENTS:
BUSINESS SERVICES
PRINTING, PUBLISHING &
BROADCASTING (0.0%)
Pegasus Communications Corp.
(Class A) ............................. 3,384 $ 133,457
------------
TRUCKING, SHIPPING (0.0%)
Millenium SeaCarriers, Inc.--
Warrants (expire 07/15/05)* ........... 6,000 0
------------
TOTAL BUSINESS SERVICES (0.0%) 133,457
------------
CAPITAL GOODS (0.0%)
BUILDING & CONSTRUCTION
Capital Pacific Holdings, Inc.--
Warrants (expire 05/01/02)* ........... 11,850 5,925
------------
CONSUMER CYCLICALS
LEISURE RELATED (0.0%)
Discovery Zone--Warrants
(expire 08/01/07)*+ ................... 3,500 3
------------
RETAIL--GENERAL (0.0%)
FTD Corp.*+ ............................. 37,500 187,500
V2 Music Holdings--Warrants
(expire 04/15/08)*+ ................... 8,000 20,000
------------
207,500
------------
TOTAL CONSUMER CYCLICALS (0.0%) 207,503
------------
CONSUMER NONCYCLICALS
HOSPITAL SUPPLIES & SERVICES (0.0%)
Wright Medical Technology, Inc.--
Warrants (expire 06/30/03)* ........... 618 6
------------
SOAPS & TOILETRIES (0.0%)
Renaissance Cosmetics, Inc.--
Warrants (expire 08/15/01)* ........... 2,000 2
------------
TOTAL CONSUMER NONCYCLICALS (0.0%) 8
------------
TECHNOLOGY
ELECTRONICS (0.0%)
Interactive Systems Corp.--
Warrants (expire 08/01/03)*+ .......... 1,500 0
------------
TELECOMMUNICATIONS (0.2%)
DTI Holdings, Inc.--Warrants
(expire 03/01/08)* .................... 20,000 0
Knology Holdings, Inc.--
Warrants (expire 10/15/07)*+ .......... 15,000 37,500
Long Distance International,
Inc.--Warrants
(expire 04/13/08)* .................... 5,000 0
Optel, Inc.* ............................ 10,000 100,000
Orion Network Systems, Inc.--
Warrants (expire 01/15/07)* ........... 4,000 42,000
PathNet, Inc.--Warrants
(expire 04/15/08)* .................... 4,000 0
Primus Telecommunications--
Warrants (expire 08/01/04)* ........... 6,500 130,000
Splitrock Services, Inc.--
Warrants (expire 07/15/08)* ........... 10,000 700,000
Versatel Telecommunications--
Warrants (expire 05/15/08)* ........... 10,000 0
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
21st Century Telecom Group--
Warrants (expire 02/15/10)* ........... 4,000 $ 0
------------
1,009,500
------------
TOTAL TECHNOLOGY (0.2%) ............... 1,009,500
------------
TOTAL COMMON STOCKS AND
OTHER INVESTMENTS (0.2%)
(Cost $121,660)........................ 1,356,393
------------
PREFERRED STOCKS:
CONSUMER NONCYCLICALS (0.2%)
HOSPITAL SUPPLIES & SERVICES
Harborside Healthcare, Inc.
13.5%*(b) ............................. 2,209 1,082,410
------------
TECHNOLOGY
TELECOMMUNICATIONS (0.8%)
Nextel Communications, Inc.
(Series E)
11.125%*(b) ........................... 2,312 2,335,120
21st Century Telecom Group
13.75%*(b) ............................ 4,789 2,394,228
------------
TOTAL TECHNOLOGY (0.8%) ............... 4,729,348
------------
TOTAL PREFERRED STOCKS (1.0%)
(Cost $8,345,573)...................... 5,811,758
------------
PRINCIPAL
AMOUNT
------
LONG-TERM DEBT SECURITIES:
BASIC MATERIALS
CHEMICALS (4.6%)
Aqua Chemicals, Inc.
11.25%, 07/01/08 ...................... $5,500,000 3,850,000
Brunner Mond Group PLC
11.0%, 07/15/08 ....................... 3,000,000 1,740,000
Equistar Chemicals LP
8.75%, 02/15/09+ ...................... 7,000,000 7,074,949
Geo Specialty Chemicals
10.125%, 08/01/08 ..................... 5,000,000 4,800,000
ZSC Specialty Chemicals PLC
11.0%, 07/01/09+ ...................... 10,000,000 10,087,500
------------
27,552,449
------------
CHEMICALS--SPECIALTY (1.7%)
Lyondell Chemical Co.
9.875%, 05/01/07+ ..................... 10,000,000 10,187,500
------------
METALS & MINING (2.2%)
Bulong Operations Property Ltd.
12.5%, 12/15/08+ ...................... 5,000,000 5,068,750
Murrin Murrin Holdings
9.375%, 08/31/07 ...................... 2,500,000 2,200,000
P&L Coal Holdings Corp.
(Series B)
9.625%, 05/15/08 ...................... 6,100,000 6,054,250
------------
13,323,000
------------
PAPER (2.0%)
Doman Industries Ltd.
8.75%, 03/15/04 ....................... 4,300,000 2,709,000
12.0%, 07/01/04+ ...................... 7,000,000 6,755,000
Pen Tab Industries, Inc. (Series B)
10.875%, 02/01/07 ..................... 3,500,000 2,975,000
------------
12,439,000
------------
TOTAL BASIC MATERIALS (10.5%) ......... 63,501,949
------------
</TABLE>
14
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
BUSINESS SERVICES
PRINTING, PUBLISHING &
BROADCASTING (5.3%)
Filtronic Comtek PLC
10.0%, 12/01/05+ ................. $10,000,000 $ 9,900,000
GOSS Graphic Systems, Inc.
12.0%, 10/15/06(e) ............... 6,000,000 1,980,000
Marvel Enterprises, Inc.
12.0%, 06/15/09+ ................. 8,000,000 8,080,000
Radio One, Inc. (Series B)
7.0%, 05/15/04(c) ................ 5,000,000 5,150,000
Sullivan Graphics, Inc
12.75%, 08/01/05 ................. 5,000,000 5,150,000
Supercanal Holding SA
11.75%, 05/15/02+ ................ 1,738,812 1,738,812
----------
31,998,812
----------
PROFESSIONAL SERVICES (2.0%)
Employee Solutions, Inc.
(Series B)
10.0%, 10/15/04 .................. 3,250,000 1,945,938
Primark Corp.
9.25%, 12/15/08 .................. 6,000,000 5,775,000
T/SF Communications Corp.
(Series B)
10.375%, 11/01/07 ................ 4,000,000 4,000,000
----------
11,720,938
----------
TRUCKING, SHIPPING (2.9%)
Millenium SeaCarriers, Inc.
12.0%, 07/15/05(d) ............... 6,000,000 3,360,000
MTL, Inc. (Series B)
10.0%, 06/15/06 .................. 3,500,000 3,465,000
Pacer International, Inc.
11.75%, 06/01/07+ ................ 5,000,000 4,850,000
Stena Line AB
10.625%, 06/01/08 ................ 8,000,000 6,040,000
----------
17,715,000
----------
TOTAL BUSINESS SERVICES (10.2%) 61,434,750
----------
CAPITAL GOODS
BUILDING & CONSTRUCTION (0.7%)
MMI Products, Inc. (Series B)
11.25%, 04/15/07 ................. 4,000,000 4,100,000
----------
MACHINERY (0.8%)
Penhall International
12.0%, 08/01/06 .................. 5,000,000 5,050,000
----------
TOTAL CAPITAL GOODS (1.5%) ....... 9,150,000
----------
CONSUMER CYCLICALS
AIRLINES (0.7%)
Aircraft Service International
Group
11.0%, 08/15/05 .................. 4,000,000 4,125,000
Canadian Airlines Corp.
12.25%, 08/01/06 ................. 1,000,000 391,250
----------
4,516,250
----------
APPAREL, TEXTILE (0.4%)
NTEX, Inc.
11.5%, 06/01/06 .................. 3,000,000 2,550,000
----------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
AUTO RELATED (1.0%)
Avis Rent a Car, Inc.
11.0%, 05/01/09+ ................. $ 4,500,000 $ 4,561,875
Breed Technologies, Inc.
9.25%, 04/15/08 .................. 8,000,000 1,280,000
----------
5,841,875
----------
AUTOS & TRUCKS (0.9%)
Sonic Automotive, Inc. (Series B)
11.0%, 08/01/08 .................. 5,250,000 5,197,500
----------
HOUSEHOLD FURNITURE, APPLIANCES (0.8%)
Home Interiors & Gifts, Inc.
10.125%, 06/01/08 ................ 2,000,000 1,980,000
Sealy Mattress Co. (Series B)
9.875%, 12/15/07 ................. 2,750,000 2,705,313
----------
4,685,313
----------
LEISURE RELATED (2.1%)
Hedstrom Corp.
10.0%, 06/01/07 .................. 6,000,000 5,340,000
Jupiters Ltd.
8.5%, 03/01/06+ .................. 5,000,000 4,875,000
Silverleaf Resorts, Inc.
10.5%, 04/01/08 .................. 3,000,000 2,490,000
----------
12,705,000
----------
PHOTO & OPTICAL (0.9%)
Polaroid Corp.
11.5%, 02/15/06 .................. 5,000,000 5,300,000
----------
RETAIL--GENERAL (2.0%)
AAI.Fostergrant, Inc.
10.75%, 07/15/06 ................. 3,500,000 2,380,000
Just For Feet, Inc.
11.0%, 05/01/09+ ................. 8,500,000 5,482,500
V2 Music Holdings PLC
Zero Coupon, 04/15/08(a)(d)+ ..... 8,000,000 4,120,000
----------
11,982,500
----------
TOTAL CONSUMER CYCLICALS (8.8%) 52,778,438
----------
CONSUMER NONCYCLICALS
BEVERAGES (1.7%)
TM Group Holdings
11.0%, 05/15/08+ ................. 10,000,000 10,125,000
----------
CONTAINERS (3.2%)
Anchor Glass Corp.
11.25%, 04/01/05 ................. 4,000,000 4,060,000
Russell-Stanley Holding, Inc.
10.875%, 02/15/09+ ............... 10,000,000 9,900,000
Stone Container Corp.
9.875%, 02/01/01 ................. 5,500,000 5,534,375
----------
19,494,375
----------
FOODS (5.6%)
Imperial Holly Corp.
9.75%, 12/15/07 .................. 6,000,000 5,850,000
NE Restaurant Co., Inc.
10.75%, 07/15/08 ................. 9,000,000 8,212,500
Romacorp, Inc.
12.0%, 07/01/06 .................. 6,000,000 5,835,000
</TABLE>
15
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
Specialty Foods Corp. (Series B)
11.125%, 10/01/02 ................. $8,000,000 $7,520,000
Vlasic Foods International, Inc.
10.25%, 07/01/09 .................. 6,000,000 5,910,000
----------
33,327,500
----------
MEDIA & CABLE (1.1%)
Jones International Networks Ltd.
11.75%, 07/01/05 .................. 5,000,000 4,150,000
TVN Entertainment Corp.
14.0%, 08/01/08(d)+ ............... 5,000,000 2,737,500
----------
6,887,500
----------
RETAIL--FOOD (0.8%)
Digiorgio Corp. (Series B)
10.0%, 06/15/07 ................... 5,000,000 4,775,000
----------
TOTAL CONSUMER NONCYCLICALS (12.4%) 74,609,375
----------
CREDIT SENSITIVE
FINANCIAL SERVICES (2.2%)
Metris Companies, Inc.
10.0%, 11/01/04 ................... 8,000,000 7,840,000
Willis Corroon Corp.
9.0%, 02/01/09+ ................... 6,000,000 5,782,500
----------
13,622,500
----------
UTILITY--ELECTRIC (2.7%)
AES Corp.
9.5%, 06/01/09 .................... 6,000,000 6,165,000
Cogentrix Energy, Inc.
8.75%, 10/15/08 ................... 10,000,000 9,950,000
----------
16,115,000
----------
TOTAL CREDIT SENSITIVE (4.9%) ..... 29,737,500
----------
ENERGY
COAL & GAS PIPELINES (1.0%)
Chesapeake Energy Corp.
(Series B)
9.625%, 05/01/05 .................. 6,800,000 6,256,000
----------
GAS (0.5%)
Western Gas Resources, Inc.
10.0%, 06/15/09 ................... 3,000,000 3,060,000
----------
OIL--DOMESTIC (1.1%)
Transamerican Energy (Series B)
11.5%, 06/15/02 ................... 13,000,000 1,235,000
Trans-Resources, Inc. (Series B)
10.75%, 03/15/08 .................. 5,000,000 4,825,000
TransTexas Gas Corp. (Series D)
13.75%, 12/31/01(e)+ .............. 5,829,000 582,900
----------
6,642,900
----------
OIL--INTERNATIONAL (1.4%)
Northern Offshore ASA
10.0%, 05/15/05 ................... 6,500,000 3,575,000
Queen Sand Resources, Inc.
12.5%, 07/01/08 ................... 7,500,000 4,575,000
----------
8,150,000
----------
OIL--SUPPLIES & CONSTRUCTION (0.3%)
Celestica International, Inc.
10.5%, 12/31/06 ................... 1,623,000 1,758,926
----------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
RAILROADS (1.2%)
Vectura Group, Inc.
10.25%, 06/30/08 .................. $7,000,000 $7,000,000
----------
TOTAL ENERGY (5.5%) ............... 32,867,826
----------
TECHNOLOGY
ELECTRONICS (5.0%)
Amkor Technologies, Inc.
9.25%, 05/01/06+ .................. 6,000,000 5,850,000
CHS Electronics, Inc.
9.875%, 04/15/05 .................. 10,000,000 7,000,000
Elgar Holdings, Inc.
9.875%, 02/01/08 .................. 2,250,000 1,800,000
Geologistics Corp.
9.75%, 10/15/07 ................... 4,000,000 3,025,000
Interactive Systems, Inc.
Zero Coupon, 08/01/03(a) .......... 1,500,000 225,000
Micron Technology, Inc.
6.5%, 09/30/05+ ................... 4,000,000 3,090,000
Splitrock Services, Inc. (Series B)
11.75%, 07/15/08 .................. 10,000,000 9,350,000
----------
30,340,000
----------
OFFICE EQUIPMENT (0.9%)
Integrated Circuit Systems, Inc.
11.5%, 05/15/09+ .................. 5,500,000 5,486,250
----------
TELECOMMUNICATIONS (22.9%)
Alestra SA
12.625%, 05/15/09+ ................ 7,000,000 6,676,250
Call-Net Enterprises, Inc.
9.375%, 05/15/09 .................. 10,000,000 9,500,000
Carrier1, Inc.
13.25%, 02/15/09+ ................. 5,000,000 5,300,000
Charter Communications
Holdings LLC
8.625%, 04/01/09+ ................. 5,500,000 5,280,000
Econophone, Inc.
13.5%, 07/15/07 ................... 6,500,000 6,906,250
Exodus Communications, Inc.
11.25%, 07/01/08+ ................. 3,500,000 3,675,000
Hyperion Telecommunications,
Inc.
12.0%, 11/01/07+ .................. 7,500,000 7,575,000
ICG Services, Inc.
Zero Coupon, 05/01/08(a) .......... 7,000,000 3,710,000
Iridium LLC/Capital Corp.
(Series B)
14.0%, 07/15/05 ................... 12,000,000 2,340,000
Iridium LLC/Capital Corp.
(Series D)
10.875%, 07/15/05 ................. 5,000,000 1,050,000
KPNQWest BV
8.125%, 06/01/09+ ................. 5,000,000 4,875,000
Logix Communications
Enterprises
12.25%, 06/15/08 .................. 10,000,000 9,000,000
Long Distance International, Inc.
12.25%, 04/15/08 .................. 5,000,000 3,000,000
Nextel Communications, Inc.
9.75%, 08/15/04 ................... 3,500,000 3,561,250
</TABLE>
16
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE HIGH YIELD PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -----------------------------------------------------------------------
<S> <C> <C>
Optel, Inc. (Series B)
13.0%, 02/15/05 .................. $10,000,000 $7,800,000
Orion Network Systems, Inc.
11.25%, 01/15/07(d) .............. 4,000,000 3,580,000
Price Communications Wire, Inc.
(Series B)
9.125%, 12/15/06 ................. 5,000,000 5,075,000
Primus Telecommunications
11.75%, 08/01/04(d) .............. 6,500,000 6,597,500
Startec Global Communications,
Inc.
12.0%, 05/15/08 .................. 5,000,000 4,475,000
US Xchange LLC
15.0%, 07/01/08 .................. 6,500,000 6,760,000
Versatel Telecommunications
13.25%, 05/15/08 ................. 5,800,000 6,003,000
13.25%, 05/15/08(d) .............. 4,200,000 4,347,000
Viatel, Inc.
11.5%, 03/15/09+ ................. 10,000,000 10,300,000
WinStar Equipment Corp.
12.5%, 03/15/04 .................. 10,000,000 10,450,000
------------
137,836,250
------------
TOTAL TECHNOLOGY (28.8%) ......... 173,662,500
------------
DIVERSIFIED
MISCELLANEOUS (4.2%)
Eagle Geophysical, Inc. (Series B)
10.75%, 07/15/08 ................. 3,000,000 1,560,000
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------
<S> <C> <C>
Elgin National Industries
(Series B)
11.0%, 11/01/07 .................. $ 3,000,000 $ 2,970,000
Generac Portable Products
11.25%, 07/01/06+ ................ 7,000,000 7,700,000
Pentacon, Inc.
12.25%, 04/01/09 ................. 7,000,000 6,912,500
Precision Partners, Inc.
12.0%, 03/15/09+ ................. 6,200,000 5,921,000
------------
TOTAL DIVERSIFIED (4.2%) ......... 25,063,500
------------
TOTAL LONG-TERM DEBT SECURITIES (86.8%)
(Amortized Cost $590,658,310)..... 522,805,838
------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (7.5%)
Federal Home Loan Bank
4.53%, due 07/01/99 .............. 44,900,000 44,900,000
------------
TOTAL SHORT-TERM DEBT SECURITIES (7.5%)
(Amortized Cost $44,900,000)...... 44,900,000
------------
TOTAL INVESTMENTS (95.5%)
(Cost/Amortized Cost
$644,025,543)..................... 574,873,989
OTHER ASSETS
LESS LIABILITIES (4.5%) .......... 27,248,704
------------
NET ASSETS (100.0%) ................ $602,122,693
============
</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, 1999, these securities amounted to $183,883,289 or
30.5% of net assets.
(a) Debt security initially issued in zero coupon form which converts to
coupon form at a specified 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, 1999.
(d) Consists of more than one class of securities traded together as a
unit; generally bonds with attached stocks or warrants.
(e) Securities in default.
See Notes to Financial Statements.
17
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH & INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS
CHEMICALS (1.0%)
Dow Chemical Co. .................... 65,000 $ 8,246,875
Eastman Chemical Co. ................ 100,000 5,175,000
--------------
13,421,875
--------------
CHEMICALS--SPECIALTY (1.5%)
Lyondell Chemical Co. ............... 490,000 10,106,250
Praxair, Inc. ....................... 77,000 3,768,188
Solutia Inc. ........................ 250,000 5,328,125
--------------
19,202,563
--------------
TOTAL BASIC MATERIALS (2.5%) ...... 32,624,438
--------------
BUSINESS SERVICES
ENVIRONMENTAL CONTROL (1.1%)
Republic Services, Inc.* ............ 600,000 14,850,000
--------------
PRINTING, PUBLISHING &
BROADCASTING (3.5%)
AT&T Corp.--Liberty Media
Group--A* ......................... 149,988 5,512,059
Belo (A.H.) Corp. (Series A) ........ 396,700 7,810,031
Chancellor Media Corp.* ............. 100,000 5,512,500
Donnelley (R.R.) & Sons Co. ......... 155,000 5,744,688
Gannett Co., Inc. ................... 135,000 9,635,625
Time Warner, Inc. ................... 152,000 11,172,000
--------------
45,386,903
--------------
TOTAL BUSINESS SERVICES (4.6%)..... 60,236,903
--------------
CAPITAL GOODS
BUILDING MATERIALS & FOREST
PRODUCTS (0.8%)
Masco Corp. ......................... 353,000 10,192,875
--------------
MACHINERY (3.0%)
AlliedSignal, Inc. .................. 302,000 19,026,000
United Technologies Corp. ........... 281,400 20,172,862
--------------
39,198,862
--------------
TOTAL CAPITAL GOODS (3.8%) ........ 49,391,737
--------------
CONSUMER CYCLICALS
AIRLINES (1.1%)
Continental Airlines, Inc.
(Class B)* ........................ 269,005 10,121,315
Delta Air Lines, Inc. ............... 78,400 4,517,800
--------------
14,639,115
--------------
APPAREL, TEXTILE (1.1%)
Tommy Hilfiger Corp.* ............... 185,200 13,612,200
--------------
HOUSEHOLD FURNITURE, APPLIANCES (0.7%)
Newell Rubbermaid, Inc. ............. 201,000 9,346,500
--------------
LEISURE RELATED (0.0%)
Harley-Davidson, Inc. ............... 6,300 342,563
--------------
RETAIL--GENERAL (2.3%)
Dayton Hudson Corp. ................. 109,000 7,085,000
Saks, Inc.* ......................... 783,300 22,617,787
--------------
29,702,787
--------------
TOTAL CONSUMER CYCLICALS (5.2%) 67,643,165
--------------
CONSUMER NONCYCLICALS
BEVERAGES (2.0%)
Coca-Cola Enterprises, Inc. ......... 380,000 11,305,000
Pepsi Bottling Group, Inc. .......... 645,000 14,875,313
--------------
26,180,313
--------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------
<S> <C> <C>
DRUGS (5.5%)
Bristol-Myers Squibb Co. ............ 658,000 $ 46,347,875
Genzyme Corp. (General
Division)* ........................ 97,300 4,719,050
Schering-Plough Corp. ............... 385,000 20,405,000
--------------
71,471,925
--------------
FOODS (2.3%)
General Mills, Inc. ................. 61,000 4,902,875
H.J. Heinz Co. ...................... 99,000 4,962,375
Nabisco Group Holdings Corp. ........ 553,900 10,835,669
Tyson Foods, Inc. (Class A) ......... 408,000 9,180,000
--------------
29,880,919
--------------
HOSPITAL SUPPLIES & SERVICES (3.7%)
Columbia/HCA Healthcare
Corp. ............................. 305,000 6,957,813
Genzyme Surgical Products* .......... 17,417 76,742
Health Management Associates,
Inc. (Class A)* ................... 380,000 4,275,000
LifePoint Hospitals, Inc.* .......... 16,052 215,699
PacifiCare Health Systems, Inc.
(Class B)* ........................ 97,400 7,006,712
Tenet Healthcare Corp.* ............. 1,585,000 29,421,562
Triad Hospitals, Inc.* .............. 16,052 216,698
--------------
48,170,226
--------------
RETAIL--FOOD (1.1%)
Kroger Co.* ......................... 538,000 15,030,375
--------------
SOAPS & TOILETRIES (0.4%)
Avon Products, Inc. ................. 98,000 5,439,000
--------------
TOBACCO (2.5%)
Philip Morris Cos., Inc. ............ 669,500 26,905,531
R.J. Reynolds Tobacco Holdings,
Inc.* ............................. 184,633 5,815,950
--------------
32,721,481
--------------
TOTAL CONSUMER NONCYCLICALS (17.5%) 228,894,239
--------------
CREDIT SENSITIVE
BANKS (9.7%)
Bank of America Corp. ............... 702,000 51,465,375
Bank One Corp. ...................... 250,000 14,890,625
Chase Manhattan Corp. ............... 262,000 22,695,750
Citigroup, Inc. ..................... 568,500 27,003,750
Wells Fargo Co. ..................... 240,000 10,260,000
--------------
126,315,500
--------------
FINANCIAL SERVICES (6.0%)
Associates First Capital Corp.
(Class A) ......................... 176,000 7,799,000
C.I.T. Group, Inc. (Class A) ........ 195,100 5,633,512
Household International, Inc. ....... 827,000 39,179,125
MBNA Corp. .......................... 186,750 5,719,219
Merrill Lynch & Co., Inc. ........... 150,000 11,990,625
Newcourt Credit Group, Inc. ......... 121,700 1,574,494
PMI Group, Inc. ..................... 99,600 6,256,125
--------------
78,152,100
--------------
INSURANCE (1.3%)
Hartford Financial Services
Group, Inc. ....................... 165,000 9,621,563
Travelers Property Casualty
Corp. (Class A) ................... 205,000 8,020,625
--------------
17,642,188
--------------
</TABLE>
18
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH & INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------
<S> <C> <C>
UTILITY--ELECTRIC (3.6%)
AES Corp.* .......................... 100,100 $ 5,818,312
CMS Energy Corp. .................... 123,000 5,150,625
Consolidated Edison Inc. ............ 339,300 15,353,325
FPL Group, Inc. ..................... 130,000 7,101,250
GPU, Inc. ........................... 186,000 7,846,875
Pinnacle West Capital Corp. ......... 128,400 5,168,100
--------------
46,438,487
--------------
UTILITY--TELEPHONE (1.3%)
AT&T Corp. .......................... 308,675 17,227,923
--------------
TOTAL CREDIT SENSITIVE (21.9%)..... 285,776,198
--------------
ENERGY
OIL--DOMESTIC (4.0%)
Kerr-McGee Corp. .................... 246,200 12,356,162
Murphy Oil Corp. .................... 171,000 8,346,938
Union Pacific Resources
Group, Inc. ....................... 183,800 2,998,238
USX-Marathon Group, Inc. ............ 871,000 28,361,937
--------------
52,063,275
--------------
OIL--INTERNATIONAL (1.6%)
Shell Transport & Trading Co.
(ADR) ............................. 235,000 10,898,125
Total Fina SA (ADR)* ................ 170,000 10,954,375
--------------
21,852,500
--------------
OIL--SUPPLIES & CONSTRUCTION (3.1%)
BJ Services Co.* .................... 280,000 8,242,500
Noble Drilling Corp.* ............... 1,274,400 25,089,750
Transocean Offshore, Inc. ........... 272,800 7,161,000
--------------
40,493,250
--------------
TOTAL ENERGY (8.7%) ............... 114,409,025
--------------
TECHNOLOGY
ELECTRONICS (6.4%)
Altera Corp.* ....................... 259,600 9,556,525
Atmel Corp.* ........................ 404,500 10,592,844
Sanmina Corp.* ...................... 366,500 27,808,187
Seagate Technology, Inc.* ........... 173,000 4,433,125
Solectron Corp.* .................... 458,209 30,556,836
--------------
82,947,517
--------------
OFFICE EQUIPMENT (0.3%)
Compaq Computer Corp. ............... 186,600 4,420,088
--------------
OFFICE EQUIPMENT SERVICES (4.5%)
Computer Sciences Corp.* ............ 254,000 17,573,625
Electronic Data Systems Corp. ....... 197,200 11,154,125
First Data Corp. .................... 467,000 22,853,812
Oracle Corp.* ....................... 192,000 7,128,000
--------------
58,709,562
--------------
TELECOMMUNICATIONS (2.8%)
Lucent Technologies, Inc. ........... 132,000 8,901,750
MCI WorldCom, Inc.* ................. 158,682 13,686,323
Tellabs, Inc.* ...................... 128,000 8,648,000
Vodafone AirTouch PLC (ADR).......... 24,000 4,728,000
WinStar Communications, Inc.* ....... 9,308 453,765
--------------
36,417,838
--------------
TOTAL TECHNOLOGY (14.0%) .......... 182,495,005
--------------
DIVERSIFIED
MISCELLANEOUS (5.1%)
Honeywell, Inc. ..................... 96,000 11,124,000
Tyco International Ltd. ............. 484,200 45,877,950
U.S. Industries, Inc. ............... 367,200 6,242,400
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------
<S> <C> <C>
Viad Corp. .......................... 130,000 $ 4,021,875
--------------
TOTAL DIVERSIFIED (5.1%) .......... 67,266,225
--------------
TOTAL COMMON STOCKS (83.3%)
(Cost $906,750,178)................ 1,088,736,935
--------------
PREFERRED STOCKS:
BUSINESS SERVICES
PRINTING, PUBLISHING &
BROADCASTING (0.2%)
Chancellor Media Corp.
7.0% Conv. ........................ 21,400 3,287,575
--------------
TRUCKING, SHIPPING (0.3%)
CNF Trust I
5.0% Conv. Series A ............... 58,000 3,313,250
--------------
TOTAL BUSINESS SERVICES (0.5%)...... 6,600,825
--------------
CONSUMER CYCLICALS (0.8%)
LEISURE RELATED
Royal Caribbean Cruises Ltd.
7.25% Series A .................... 76,300 10,395,875
--------------
CONSUMER NONCYCLICALS (0.1%)
DRUGS
Alkermes, Inc.
6.5% Conv. ........................ 16,100 750,663
--------------
CREDIT SENSITIVE (0.5%)
UTILITY--ELECTRIC
AES Trust I
5.375% Conv. Series A ............. 84,700 7,008,925
--------------
ENERGY (0.8%)
RAILROADS
Union Pacific Capital Trust
6.25% Conv.+ ...................... 206,000 10,609,000
--------------
TECHNOLOGY
ELECTRONICS (0.2%)
Times Mirror Co.
4.25% Conv. ....................... 22,000 1,982,750
--------------
TELECOMMUNICATIONS (2.6%)
Adelphia Communications, Inc.
5.5% Conv., Series D .............. 21,900 4,232,175
Globalstar Telecommunications
Ltd.
8.0% Conv.+ ....................... 41,000 2,331,875
ICG Communications, Inc.
6.75% Conv. ....................... 43,800 2,315,925
IXC Communications, Inc.:
6.75% Conv. ....................... 36,200 1,366,550
6.75% Conv.+ ...................... 46,500 1,755,375
Nextel Strypes Trust
7.25% Conv. ....................... 205,900 8,647,800
Nextlink Communications
6.5% Conv. ........................ 72,100 6,615,175
WinStar Communications, Inc.
7.0% Conv. ........................ 118,900 6,762,437
--------------
34,027,312
--------------
TOTAL TECHNOLOGY (2.8%) ........... 36,010,062
--------------
TOTAL PREFERRED STOCKS (5.5%)
(Cost $62,038,841)................. 71,375,350
--------------
</TABLE>
19
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH & INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -----------------------------------------------------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES
PRINTING, PUBLISHING & BROADCASTING (0.1%)
P-Com, Inc.
4.25% Conv., 11/01/02+ ........... $ 2,560,000 $ 1,459,200
--------------
PROFESSIONAL SERVICES (0.2%)
Doubleclick, Inc.
4.75% Conv., 03/15/06+ ........... 2,315,000 2,873,494
--------------
TOTAL BUSINESS SERVICES (0.3%)..... 4,332,694
--------------
CONSUMER CYCLICALS
LEISURE RELATED (0.2%)
CUC International, Inc.
3.0% Conv., 02/15/02+ ............ 3,390,000 3,241,687
--------------
RETAIL--GENERAL (0.4%)
Amazon.Com, Inc.:
4.75% Conv., 02/01/09+ ........... 4,075,000 3,952,750
4.75% Conv., 02/01/09 ............ 750,000 727,500
--------------
4,680,250
--------------
TOTAL CONSUMER CYCLICALS (0.6%) 7,921,937
--------------
CONSUMER NONCYCLICALS
DRUGS (1.1%)
MedImmune, Inc.:
7.0% Conv., 07/01/03 ............. 1,835,000 12,633,975
7.0% Conv. Sub. Note,
07/01/03+ ..................... 20,000 137,700
Quintiles Transnational Corp.
4.25% Conv., 05/31/00+ ........... 820,000 916,350
--------------
13,688,025
--------------
HOSPITAL SUPPLIES & SERVICES (0.3%)
FPA Medical Management, Inc.
6.5% Conv., 12/15/01(a) .......... 1,770,000 177
RES-Care, Inc.:
6.0% Conv., 12/01/04+ ............ 1,420,000 1,814,050
6.0% Conv., 12/01/04 ............. 770,000 983,675
Sunrise Assisted Living, Inc.
5.5% Conv., 06/15/02 ............. 1,200,000 1,330,500
--------------
4,128,402
--------------
TOTAL CONSUMER NONCYCLICALS (1.4%) 17,816,427
--------------
ENERGY
OIL--SUPPLIES & CONSTRUCTION (0.1%)
Diamond Offshore Drilling, Inc.
3.75% Conv., 02/15/07 ............ 630,000 626,850
Nabors Industries, Inc.
5.0% Conv., 05/15/06 ............. 630,000 852,075
--------------
TOTAL ENERGY (0.1%) .............. 1,478,925
--------------
TECHNOLOGY
ELECTRONICS (3.5%)
America Online, Inc.
4.0% Conv., 11/15/02+ ............ 1,290,000 10,923,881
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -----------------------------------------------------------------
<S> <C> <C>
Amkor Technologies, Inc.
5.75% Conv., 05/01/03+ ........... $ 4,650,000 $ 4,557,000
EMC Corp.
3.25% Conv., 03/15/02+ ........... 1,485,000 7,213,387
HNC Software, Inc.
4.75% Conv., 03/01/03 ............ 1,990,000 1,945,225
Level One Communications, Inc.
4.0% Conv., 09/01/04+ ............ 3,475,000 6,780,594
LSI Logic Corp.
4.25% Conv., 03/15/04+ ........... 4,475,000 7,255,094
Mindspring Enterprises, Inc.
5.0% Conv., 04/15/06 ............. 2,035,000 1,920,531
Photronics, Inc.
6.0% Conv., 06/01/04 ............. 3,295,000 3,595,669
Wind River Systems, Inc.
5.0% Conv., 08/01/02 ............. 2,050,000 1,783,500
--------------
45,974,881
--------------
TELECOMMUNICATIONS (2.3%)
At Home Corp.
0.5246% Conv., 12/28/18+ ......... 3,450,000 2,738,438
CNET, Inc.
5.0% , 03/01/06 .................. 1,290,000 2,167,200
Comverse Technology, Inc.:
5.75% Conv., 10/01/06 ............ 1,200,000 2,983,500
5.75% Conv., 10/01/06+ ........... 3,290,000 8,179,762
Global TeleSystems Group, Inc.
5.75% Conv., 07/01/10+ ........... 6,190,000 9,826,625
Nextel Communications, Inc.
4.75% Conv., 07/01/07+ ........... 2,060,000 2,441,100
NTL, Inc.
7.0% Conv., 12/15/08 ............. 800,000 1,268,400
--------------
29,605,025
--------------
TOTAL TECHNOLOGY (5.8%) .......... 75,579,906
--------------
TOTAL LONG-TERM DEBT SECURITIES (8.2%)
(Amortized Cost $72,712,396)....... 107,129,889
--------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES
Federal Home Loan Bank
4.6%, due 07/01/99 ............... 22,800,000 22,800,000
Federal Home Loan Mortgage
Corp. 4.8%, due 07/14/99 ......... 7,000,000 6,987,926
--------------
TOTAL U.S. GOVERNMENT AGENCIES (2.3%)
29,787,926
--------------
TOTAL SHORT-TERM DEBT SECURITIES (2.3%)
(Amortized Cost $29,787,926)....... 29,787,926
--------------
TOTAL INVESTMENTS (99.3%)
(Cost/Amortized Cost
$1,071,289,341)................... 1,297,030,100
OTHER ASSETS
LESS LIABILITIES (0.7%) .......... 9,635,760
--------------
NET ASSETS (100.0%) ................ $1,306,665,860
==============
</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, 1999, these securities amounted to
$89,007,362 or 6.8% of net assets.
(a) Security in default.
Glossary:
ADR--American Depository Receipt
See Notes to Financial Statements.
20
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC MATERIALS
CHEMICALS (1.6%)
Air Products & Chemicals, Inc. ....... 44,800 $ 1,803,200
Avery Dennison Corp. ................. 22,900 1,382,588
Dow Chemical Co. ..................... 44,600 5,658,625
Dupont (E.I.) de Nemours
& Co. .............................. 232,200 15,862,162
Eastman Chemical Co. ................. 22,600 1,169,550
Ecolab, Inc. ......................... 29,500 1,286,938
FMC Corp.* ........................... 16,300 1,113,494
Hercules, Inc. ....................... 29,700 1,167,581
Monsanto Co. ......................... 126,200 4,977,012
Rohm & Haas Co. ...................... 42,878 1,838,394
Union Carbide Corp. .................. 25,400 1,238,250
--------------
37,497,794
--------------
CHEMICALS--SPECIALTY (0.3%)
Praxair, Inc. ........................ 31,800 1,556,213
Sigma-Aldrich Corp. .................. 37,500 1,291,406
Southern Co. ......................... 140,200 3,715,300
--------------
6,562,919
--------------
METALS & MINING (0.6%)
Alcan Aluminum Ltd. .................. 32,300 1,024,371
Alcan Aluminum Ltd. (Canada).......... 13,200 421,575
Alcoa, Inc. .......................... 72,800 4,504,500
Barrick Gold Corp. ................... 73,300 1,420,187
Engelhard Corp. ...................... 61,600 1,393,700
Engelhard Corp.--Rights* ............. 32,900 0
Newmont Mining Corp. ................. 53,107 1,055,501
Phelps Dodge Corp. ................... 16,900 1,046,744
Placer Dome, Inc. .................... 84,700 1,000,519
Reynolds Metals Co. .................. 18,900 1,115,100
--------------
12,982,197
--------------
PAPER (0.8%)
Champion International Corp. ......... 20,600 986,225
Fort James Corp. ..................... 41,900 1,586,963
Georgia Pacific Group ................ 36,000 1,705,500
International Paper Co. .............. 80,554 4,067,977
Kimberly Clark Corp. ................. 110,844 6,318,108
Mead Corp. ........................... 25,400 1,060,450
Temple Inland, Inc. .................. 17,200 1,173,900
Westvaco Corp. ....................... 37,600 1,090,400
Willamette Industries, Inc. .......... 25,300 1,165,381
--------------
19,154,904
--------------
STEEL (0.1%)
Allegheny Teledyne, Inc. ............. 43,600 986,450
Nucor Corp. .......................... 16,900 801,694
USX-U.S. Steel Group ................. 31,900 861,300
--------------
2,649,444
--------------
TOTAL BASIC MATERIALS (3.4%) ........ 78,847,258
--------------
BUSINESS SERVICES
ENVIRONMENTAL CONTROL (0.4%)
Browning-Ferris Industries, Inc. ..... 33,000 1,419,000
Johnson Controls, Inc. ............... 16,300 1,129,794
Thermo Electron Corp.* ............... 61,500 1,233,844
Waste Management, Inc. ............... 122,084 6,562,015
--------------
10,344,653
--------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ----------------------------------------------------------------------------
<S> <C> <C>
PRINTING, PUBLISHING &
BROADCASTING (2.9%)
CBS Corp.* ........................... 144,100 $ 6,259,344
Clear Channel Communications,
Inc.* .............................. 65,900 4,542,981
Comcast Corp. (Class A) SPL .......... 146,800 5,642,625
Deluxe Corp. ......................... 32,900 1,281,044
Donnelley (R.R.) & Sons Co. .......... 31,100 1,152,644
Dow Jones & Co., Inc. ................ 22,800 1,209,825
Dun & Bradstreet Corp. ............... 32,700 1,158,806
Gannett Co., Inc. .................... 55,900 3,989,862
Knight-Ridder, Inc. .................. 22,100 1,214,119
McGraw-Hill Companies, Inc. .......... 39,100 2,108,956
MediaOne Group, Inc.* ................ 124,100 9,229,937
New York Times Co. (Class A) ......... 35,100 1,292,119
Time Warner, Inc. .................... 251,000 18,448,500
Times Mirror Co. (Class A) ........... 20,100 1,190,925
Tribune Co. .......................... 22,600 1,969,025
Viacom, Inc. (Class B)* .............. 138,200 6,080,800
--------------
66,771,512
--------------
PROFESSIONAL SERVICES (0.3%)
Block (H&R), Inc. .................... 24,000 1,200,000
Interpublic Group Cos., Inc. ......... 26,800 2,321,580
Omnicom Group, Inc. .................. 33,400 2,672,000
Service Corp. International .......... 59,700 1,149,225
--------------
7,342,805
--------------
TRUCKING, SHIPPING (0.1%)
FDX Corp.* ........................... 57,600 3,124,800
--------------
TOTAL BUSINESS SERVICES (3.7%)....... 87,583,770
--------------
CAPITAL GOODS
AEROSPACE (1.0%)
Boeing Co. ........................... 195,174 8,624,251
General Dynamics Corp. ............... 25,100 1,719,350
Lockheed Martin Corp. ................ 81,708 3,043,623
Northrop Grumman Corp. ............... 18,900 1,253,306
Northrop Grumman Corp.--
Rights (expire 10/31/08)* .......... 9,700 0
Raytheon Co. (Class B) ............... 67,500 4,750,313
Rockwell International Corp. ......... 38,400 2,332,800
TRW, Inc. ............................ 23,200 1,273,100
--------------
22,996,743
--------------
BUILDING & CONSTRUCTION (0.1%)
Centex Corp. ......................... 33,200 1,247,075
--------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.4%)
Louisiana-Pacific Corp. .............. 51,300 1,218,375
Masco Corp. .......................... 71,400 2,061,675
PPG Industries, Inc. ................. 36,300 2,143,969
Sherwin Williams Co. ................. 34,700 962,925
Vulcan Materials Co. ................. 19,400 936,050
Weyerhaeuser Co. ..................... 38,800 2,667,500
--------------
9,990,494
--------------
ELECTRICAL EQUIPMENT (3.6%)
Emerson Electric Co. ................. 89,500 5,627,343
General Electric Co. ................. 665,700 75,224,100
General Instrument Corp.* ............ 33,400 1,419,500
</TABLE>
21
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------------------------------------------------
<S> <C> <C>
Grainger (W.W.), Inc. ............... 23,500 $ 1,264,594
Thomas & Betts Corp. ................ 26,800 1,266,300
-----------
84,801,837
-----------
MACHINERY (1.4%)
AlliedSignal, Inc. .................. 113,700 7,163,100
Caterpillar, Inc. ................... 73,200 4,392,000
Cooper Industries, Inc. ............. 23,800 1,237,600
Cummins Engine Company, Inc.......... 21,500 1,228,187
Deere & Co. ......................... 47,000 1,862,375
Dover Corp. ......................... 44,000 1,540,000
Fluor Corp. ......................... 32,100 1,300,050
Illinois Tool Works, Inc. ........... 49,300 4,042,600
Ingersoll Rand Co. .................. 32,450 2,097,081
Pall Corp. .......................... 61,200 1,357,875
Parker-Hannifin Corp. ............... 22,750 1,040,813
United Technologies Corp. ........... 94,000 6,738,625
-----------
34,000,306
-----------
TOTAL CAPITAL GOODS (6.5%) ......... 153,036,455
-----------
CONSUMER CYCLICALS
AIRLINES (0.3%)
AMR Corp.* .......................... 36,900 2,518,425
Delta Air Lines, Inc. ............... 26,700 1,538,587
Southwest Airlines Co. .............. 63,325 1,970,991
US Airways Group, Inc.* ............. 18,900 823,331
-----------
6,851,334
-----------
APPAREL, TEXTILE (0.2%)
Liz Claiborne, Inc. ................. 32,500 1,186,250
Nike, Inc. (Class B) ................ 59,200 3,748,100
VF Corp. ............................ 22,800 974,700
-----------
5,909,050
-----------
AUTO RELATED (0.4%)
Dana Corp. .......................... 32,423 1,493,484
Danaher Corp. ....................... 28,800 1,674,000
Delphi Automotive Systems
Corp. ............................. 108,052 2,005,715
Eaton Corp. ......................... 13,200 1,214,400
Genuine Parts Co. ................... 36,800 1,288,000
Goodyear Tire & Rubber Co. .......... 34,200 2,011,388
-----------
9,686,987
-----------
AUTOS & TRUCKS (1.1%)
AutoZone, Inc.* ..................... 36,700 1,105,588
Ford Motor Co. ...................... 248,000 13,996,500
General Motors Corp. ................ 134,100 8,850,600
Paccar, Inc. ........................ 19,800 1,056,825
-----------
25,009,513
-----------
FOOD SERVICES, LODGING (0.7%)
Harrah's Entertainment, Inc.* ....... 48,100 1,058,200
Marriott International, Inc.
(Class A) ......................... 50,750 1,896,781
McDonald's Corp. .................... 282,900 11,687,306
Tricon Global Restaurants, Inc.*..... 30,220 1,635,658
-----------
16,277,945
-----------
HOUSEHOLD FURNITURE, APPLIANCES (0.3%)
Black & Decker Corp. ................ 18,400 1,161,500
Maytag Corp. ........................ 17,600 1,226,500
Newell Rubbermaid, Inc. ............. 54,120 2,516,580
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------------------------------------------------
<S> <C> <C>
Stanley Works ....................... 35,200 $ 1,133,000
Whirlpool Corp. ..................... 16,100 1,191,400
-----------
7,228,980
-----------
LEISURE RELATED (1.2%)
American Greetings Corp.
(Class A) ......................... 45,600 1,373,700
Carnival Corp. (Class A) ............ 119,200 5,781,200
Cendant Corp.* ...................... 170,850 3,502,425
Disney (Walt) Co. ................... 420,800 12,965,900
Hasbro, Inc. ........................ 39,000 1,089,563
Hilton Hotels Corp. ................. 76,700 1,088,181
Mattel, Inc. ........................ 83,800 2,215,462
Mirage Resorts, Inc.* ............... 54,000 904,500
-----------
28,920,931
-----------
PHOTO & OPTICAL (0.3%)
Allergan, Inc. ...................... 13,400 1,487,400
Eastman Kodak Co. ................... 68,900 4,667,975
-----------
6,155,375
-----------
RETAIL--GENERAL (5.6%)
Best Buy Co., Inc.* ................. 41,300 2,787,750
Circuit City Stores--Circuit City
Group ............................. 19,700 1,832,100
Consolidated Stores Corp.* .......... 31,500 850,500
Costco Cos., Inc.* .................. 44,500 3,562,781
CVS Corp. ........................... 79,500 4,064,437
Dayton Hudson Corp. ................. 88,500 5,752,500
Dollar General Corp. ................ 45,562 1,321,298
Federated Department Stores,
Inc.* ............................. 41,400 2,191,613
Gap, Inc. ........................... 174,300 8,780,362
Harcourt General, Inc. .............. 23,000 1,185,938
Home Depot, Inc. .................... 300,400 19,357,025
K-Mart Corp.* ....................... 97,300 1,599,369
Kohl's Corp.* ....................... 31,800 2,454,563
Limited, Inc. ....................... 44,700 2,028,263
Lowe's Cos., Inc. ................... 75,700 4,291,244
May Department Stores Co. ........... 70,300 2,873,512
Nordstrom, Inc. ..................... 34,400 1,152,400
Office Depot, Inc.* ................. 71,400 1,575,263
Penney (J.C.), Inc. ................. 52,900 2,568,956
Sears, Roebuck & Co. ................ 76,900 3,426,856
Staples, Inc.* ...................... 95,050 2,940,609
Tandy Corp. ......................... 41,000 2,003,875
TJX Cos., Inc. ...................... 64,900 2,161,981
Toys R Us, Inc.* .................... 50,400 1,042,650
Wal-Mart Stores, Inc. ............... 906,100 43,719,325
Walgreen Co. ........................ 200,400 5,886,750
-----------
131,411,920
-----------
TOTAL CONSUMER CYCLICALS (10.1%) 237,452,035
-----------
CONSUMER NONCYCLICALS
BEVERAGES (2.5%)
Anheuser Busch Companies, Inc. 97,900 6,944,781
Brown Forman Corp. (Class B) ........ 17,700 1,153,819
Coca-Cola Co. ....................... 504,400 31,525,000
Coca-Cola Enterprises, Inc. ......... 80,200 2,385,950
Pepsico, Inc. ....................... 300,200 11,613,987
Seagram Ltd. ........................ 81,700 4,115,638
-----------
57,739,175
-----------
</TABLE>
22
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------
<S> <C> <C>
CONTAINERS (0.1%)
Crown Cork & Seal Co., Inc. ....... 30,700 $ 874,950
Owens-Illinois, Inc.* ............. 34,500 1,127,719
Sealed Air Corp.* ................. 17,510 1,135,961
--------------
3,138,630
--------------
DRUGS (7.1%)
ALZA Corp.* ....................... 29,600 1,505,900
American Home Products Corp........ 269,900 15,519,250
Amgen, Inc.* ...................... 104,300 6,349,262
Bristol-Myers Squibb Co. .......... 407,000 28,668,062
Lilly (Eli) & Co. ................. 225,200 16,129,950
Merck & Co., Inc. ................. 487,900 36,104,600
Pfizer, Inc. ...................... 264,700 29,050,825
Pharmacia & Upjohn, Inc. .......... 104,090 5,913,613
Schering-Plough Corp. ............. 301,000 15,953,000
Warner-Lambert Co. ................ 167,600 11,627,250
Watson Pharmaceuticals, Inc.* ..... 28,200 988,763
--------------
167,810,475
--------------
FOODS (1.6%)
Archer Daniels Midland Co. ........ 118,570 1,830,424
Bestfoods ......................... 58,500 2,895,750
Campbell Soup Co. ................. 91,000 4,220,125
ConAgra, Inc. ..................... 98,000 2,609,250
General Mills, Inc. ............... 30,700 2,467,512
H.J. Heinz Co. .................... 74,050 3,711,756
Hershey Foods Corp. ............... 28,700 1,704,063
Kellogg Co. ....................... 82,900 2,735,700
Nabisco Group Holdings Corp. ...... 67,600 1,322,425
Pioneer Hi Bred International,
Inc. ............................ 47,200 1,837,850
Quaker Oats Co. ................... 26,900 1,785,488
Ralston--Ralston Purina Group...... 65,700 1,999,744
Rite Aid Corp. .................... 49,700 1,223,863
Sara Lee Corp. .................... 186,600 4,233,487
Wrigley (Wm.), Jr. Co. ............ 23,200 2,088,000
--------------
36,665,437
--------------
HOSPITAL SUPPLIES & SERVICES (3.5%)
Abbott Laboratories ............... 310,800 14,141,400
Baxter International, Inc. ........ 57,300 3,473,812
Becton, Dickinson & Co. ........... 51,000 1,530,000
Biomet, Inc. ...................... 26,100 1,037,475
Boston Scientific Corp.* .......... 78,800 3,462,275
Cardinal Health, Inc. ............. 55,700 3,571,762
Columbia/HCA Healthcare
Corp. ........................... 132,200 3,015,812
Guidant Corp. ..................... 60,400 3,106,825
HCR Manor Care, Inc.* ............. 44,500 1,076,344
HEALTHSOUTH Corp.* ................ 97,600 1,457,900
IMS Health, Inc. .................. 65,000 2,031,250
Johnson and Johnson ............... 275,400 26,989,200
Medtronic, Inc. ................... 119,600 9,313,850
PE Corp.--PE Biosystems
Group ........................... 10,400 1,193,400
St. Jude Medical, Inc.* ........... 35,649 1,269,996
Tenet Healthcare Corp.* ........... 60,800 1,128,600
United HealthCare Corp. ........... 38,100 2,386,013
Wellpoint Health Networks,
Inc.* ........................... 13,300 1,128,838
--------------
81,314,752
--------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------
<S> <C> <C>
RETAIL--FOOD (0.8%)
Albertsons, Inc. .................. 84,580 $ 4,361,156
Kroger Co.* ....................... 167,000 4,665,562
Safeway, Inc.* .................... 97,600 4,831,200
Supervalu, Inc. ................... 49,000 1,258,688
Sysco Corp. ....................... 68,100 2,030,231
Winn Dixie Stores, Inc. ........... 30,800 1,137,675
--------------
18,284,512
--------------
SOAPS & TOILETRIES (2.3%)
Avon Products, Inc. ............... 51,600 2,863,800
Clorox Co. ........................ 22,500 2,403,281
Colgate Palmolive Co. ............. 58,600 5,786,750
Gillette Co. ...................... 227,100 9,311,100
International Flavors &
Fragrances, Inc. ................ 26,900 1,193,688
Procter & Gamble Co. .............. 271,800 24,258,150
Unilever NV--New York Shares....... 131,011 9,137,973
--------------
54,954,742
--------------
TOBACCO (1.0%)
Fortune Brands, Inc. .............. 34,200 1,415,025
Loews Corp. ....................... 21,000 1,661,625
Philip Morris Cos., Inc. .......... 506,900 20,371,044
UST, Inc. ......................... 39,200 1,146,600
--------------
24,594,294
--------------
TOTAL CONSUMER NONCYCLICALS (18.9%) 444,502,017
--------------
CREDIT SENSITIVE
BANKS (7.9%)
AmSouth Bancorp. .................. 36,900 855,619
Bank of America Corp. ............. 354,089 25,959,150
Bank of New York Co., Inc. ........ 155,600 5,708,575
Bank One Corp. .................... 240,537 14,326,985
BankBoston Corp. .................. 60,700 3,103,287
Chase Manhattan Corp. ............. 173,080 14,993,055
Citigroup, Inc. ................... 691,660 32,853,850
Comerica, Inc. .................... 31,100 1,848,506
Fifth Third Bancorp ............... 54,450 3,624,328
First Union Corp. ................. 202,756 9,529,532
Firstar Corp. ..................... 141,200 3,953,600
Golden West Financial Corp. ....... 11,400 1,117,200
Huntington Bancshares, Inc. ....... 41,550 1,454,250
KeyCorp. .......................... 93,100 2,990,837
Mellon Bank Corp. ................. 106,800 3,884,850
Mercantile Bancorp., Inc. ......... 31,500 1,799,438
Morgan (J.P.) & Co., Inc. ......... 35,800 5,029,900
National City Corp. ............... 66,800 4,375,400
Northern Trust Corp. .............. 22,200 2,153,400
PNC Bank Corp. .................... 61,600 3,549,700
Regions Financial Corp. ........... 44,300 1,702,781
Republic New York Corp. ........... 21,900 1,493,306
SouthTrust Corp. .................. 32,600 1,251,025
State Street Corp. ................ 32,800 2,800,300
Summit Bancorp. ................... 34,200 1,429,988
Suntrust Banks, Inc. .............. 65,600 4,555,100
U.S. Bancorp. ..................... 149,078 5,068,652
Union Planters Corp. .............. 28,100 1,255,719
Wachovia Corp. .................... 41,500 3,550,844
Washington Mutual, Inc. ........... 121,142 4,285,398
Wells Fargo Co. ................... 336,400 14,381,100
--------------
184,885,675
--------------
</TABLE>
23
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES (3.2%)
American Express Co. ............... 92,400 $ 12,023,550
Associates First Capital Corp.
(Class A) ........................ 148,700 6,589,269
Bear Stearns Co., Inc. ............. 24,648 1,152,294
Capital One Financial Corp. ........ 38,700 2,155,106
Countrywide Credit Industries,
Inc. ............................. 26,900 1,149,975
Equifax, Inc. ...................... 30,200 1,077,763
Fleet Financial Group, Inc. ........ 116,258 5,158,949
Franklin Resources, Inc. ........... 49,700 2,019,062
Household International, Inc. ...... 98,646 4,673,354
Lehman Brothers Holdings, Inc....... 21,800 1,357,050
MBIA, Inc. ......................... 19,000 1,230,250
MBNA Corp. ......................... 160,430 4,913,169
Merrill Lynch & Co., Inc. .......... 72,400 5,787,475
Morgan Stanley Dean Witter &
Co. .............................. 118,005 12,095,512
Paine Webber Group, Inc. ........... 29,900 1,397,825
Schwab (Charles) Corp. ............. 81,925 9,001,509
SLM Holding Corp. .................. 32,600 1,493,488
Synovus Financial Corp. ............ 52,650 1,046,419
Transamerica Corp. ................. 24,700 1,852,500
--------------
76,174,519
--------------
INSURANCE (3.3%)
Aetna, Inc. ........................ 28,243 2,525,983
AFLAC, Inc. ........................ 54,900 2,628,337
Allstate Corp. ..................... 167,576 6,011,789
American General Corp. ............. 51,500 3,881,812
American International Group,
Inc. ............................. 250,799 29,359,158
Aon Corp. .......................... 52,125 2,150,156
Chubb Corp. ........................ 32,200 2,237,900
CIGNA Corp. ........................ 42,200 3,755,800
Cincinnati Financial Corp. ......... 33,000 1,239,563
Conseco, Inc. ...................... 65,446 1,992,013
Hartford Financial Services
Group, Inc. ...................... 47,700 2,781,506
Jefferson-Pilot Corp. .............. 20,950 1,386,628
Lincoln National Corp.
Industries ....................... 41,200 2,155,275
Marsh & McLennan Cos., Inc. ........ 52,500 3,963,750
MGIC Investment Corp. .............. 22,400 1,089,200
Progressive Corp. .................. 14,300 2,073,500
Provident Companies, Inc. .......... 27,600 1,104,000
Providian Financial Corp. .......... 28,900 2,702,150
Safeco Corp. ....................... 27,300 1,204,613
Saint Paul Cos., Inc. .............. 46,664 1,484,499
Torchmark Corp. .................... 34,900 1,190,963
UnumProvident Corp. ................ 27,400 1,500,150
--------------
78,418,745
--------------
MORTGAGE RELATED (1.0%)
Fannie Mae ......................... 211,800 14,481,825
Freddie Mac ........................ 138,600 8,038,800
--------------
22,520,625
--------------
UTILITY--ELECTRIC (1.9%)
AES Corp.* ......................... 34,700 2,016,937
Ameren Corp. ....................... 29,800 1,143,575
American Electric Power, Inc. ...... 37,500 1,408,594
Carolina Power & Light Co. ......... 29,100 1,245,844
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------
<S> <C> <C>
Central & South West Co. ........... 43,200 $ 1,009,800
CINergy Corp. ...................... 36,813 1,178,016
CMS Energy Corp. ................... 20,700 866,813
Consolidated Edison, Inc. .......... 46,900 2,122,225
Constellation Energy Group ......... 42,200 1,250,175
Dominion Resources, Inc. ........... 38,300 1,658,869
DTE Energy Co. ..................... 27,900 1,116,000
Duke Energy Co. .................... 72,830 3,960,131
Edison International ............... 69,100 1,848,425
Entergy Corp. ...................... 48,300 1,509,375
FirstEnergy Corp. .................. 46,400 1,438,400
Florida Progress Corp. ............. 21,100 871,694
FPL Group, Inc. .................... 36,400 1,988,350
GPU, Inc. .......................... 29,200 1,231,875
New Century Energies, Inc. ......... 29,600 1,148,850
Northern States Power Co. .......... 46,100 1,115,044
Pacificorp. ........................ 65,000 1,194,375
Peco Energy Corp. .................. 45,100 1,888,562
PG&E Corp. ......................... 76,900 2,499,250
PP&L Resources, Inc. ............... 40,900 1,257,675
Public Service Enterprise Group..... 43,700 1,786,237
Reliant Energy, Inc. ............... 55,700 1,538,713
Sempra Energy ...................... 57,300 1,296,413
Texas Utilities Co. ................ 56,800 2,343,000
Unicom Corporation ................. 42,600 1,642,762
--------------
45,575,979
--------------
UTILITY--GAS (0.4%)
Columbia Gas System, Inc. .......... 23,200 1,454,350
Consolidated Natural Gas Co. ....... 20,800 1,263,600
ENRON Corp. ........................ 71,300 5,828,775
--------------
8,546,725
--------------
UTILITY--TELEPHONE (6.5%)
Alltel Corp. ....................... 55,100 3,939,650
Ameritech Corp. .................... 224,800 16,522,800
AT&T Corp. ......................... 643,848 35,934,777
Bell Atlantic Corp. ................ 317,592 20,762,577
BellSouth Corp. .................... 398,900 18,698,437
CenturyTel, Inc. ................... 29,100 1,156,725
Frontier Corp. ..................... 33,000 1,947,000
GTE Corp. .......................... 197,400 14,953,050
SBC Communications, Inc. ........... 399,900 23,194,200
Sprint Corp. (FON Group) ........... 182,800 9,654,125
US West, Inc. ...................... 102,933 6,047,314
--------------
152,810,655
--------------
TOTAL CREDIT SENSITIVE (24.2%) 568,932,923
--------------
ENERGY
COAL & GAS PIPELINES (0.4%)
Burlington Resources, Inc. ......... 36,930 1,597,222
Coastal Corp. ...................... 41,700 1,668,000
Sonat, Inc. ........................ 32,300 1,069,938
Tenneco, Inc. ...................... 36,600 873,825
Williams Cos., Inc. ................ 86,000 3,660,375
--------------
8,869,360
--------------
OIL--DOMESTIC (0.8%)
Amerada Hess Corp. ................. 19,100 1,136,450
Anadarko Petroleum Corp. ........... 33,800 1,244,263
Apache Corp. ....................... 32,800 1,279,200
Ashland, Inc. ...................... 25,500 1,023,188
Atlantic Richfield Co. ............. 64,600 5,398,137
</TABLE>
24
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------
<S> <C> <C>
Kerr-McGee Corp. ................... 26,200 $ 1,314,912
Occidental Petroleum Corp. ......... 67,200 1,419,600
Phillips Petroleum Co. ............. 51,400 2,586,062
Sunoco, Inc. ....................... 29,800 899,588
Unocal Corp. ....................... 47,800 1,894,075
USX-Marathon Group, Inc. ........... 59,300 1,930,956
--------------
20,126,431
--------------
OIL--INTERNATIONAL (4.3%)
Chevron Corp. ...................... 133,900 12,745,606
Exxon Corp. ........................ 499,000 38,485,375
Mobil Corp. ........................ 160,100 15,849,900
Royal Dutch Petroleum Co.
(New York Shares) ................ 440,100 26,516,025
Texaco, Inc. ....................... 107,400 6,712,500
--------------
100,309,406
--------------
OIL--SUPPLIES & CONSTRUCTION (0.5%)
Baker Hughes, Inc. ................. 68,100 2,281,350
Halliburton Co. .................... 86,300 3,905,075
Schlumberger Ltd. .................. 109,600 6,980,150
--------------
13,166,575
--------------
RAILROADS (0.5%)
Burlington Northern Santa Fe ....... 95,953 2,974,543
CSX Corp. .......................... 41,600 1,885,000
Kansas City Southern Industries,
Inc. ............................. 21,200 1,352,825
Norfolk Southern Corp. ............. 77,600 2,337,700
Union Pacific Corp. ................ 48,800 2,845,650
--------------
11,395,718
--------------
TOTAL ENERGY (6.5%) ............... 153,867,490
--------------
TECHNOLOGY
ELECTRONICS (6.1%)
Applied Materials, Inc.* ........... 75,500 5,577,562
BB&T Corp. ......................... 62,200 2,281,962
BMC Software, Inc.* ................ 48,300 2,608,200
Cisco Systems, Inc.* ............... 644,050 41,541,225
EMC Corp.* ......................... 205,400 11,297,000
Harris Corp. ....................... 29,300 1,148,194
Intel Corp. ........................ 682,500 40,608,750
ITT Industries, Inc. ............... 28,700 1,094,188
KLA-Tencor Corp.* .................. 20,800 1,349,400
LSI Logic Corp.* ................... 28,600 1,319,175
Micron Technology, Inc.* ........... 48,700 1,963,219
Motorola, Inc. ..................... 122,900 11,644,775
National Semiconductor Corp.* ...... 51,000 1,290,937
Network Appliance, Inc.* ........... 13,900 776,663
Parametric Technology Corp.* ....... 88,800 1,232,100
Seagate Technology, Inc.* .......... 48,000 1,230,000
Solectron Corp.* ................... 51,300 3,421,069
Texas Instruments, Inc. ............ 79,800 11,571,000
3Com Corp.* ........................ 73,400 1,958,862
--------------
143,914,281
--------------
OFFICE EQUIPMENT (5.4%)
Apple Computer, Inc.* .............. 28,200 1,306,013
Ceridian Corp.* .................... 30,700 1,003,506
Compaq Computer Corp. .............. 345,298 8,179,246
Compuware Corp.* ................... 75,200 2,392,300
Dell Computer Corp.* ............... 520,900 19,273,300
Hewlett-Packard Co. ................ 207,800 20,883,900
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------
<S> <C> <C>
International Business Machines
Corp. ............................ 377,800 $ 48,830,650
PeopleSoft, Inc.* .................. 80,500 1,388,625
Pitney Bowes, Inc. ................. 54,600 3,508,050
Sun Microsystems, Inc.* ............ 157,700 10,861,587
Unisys Corp.* ...................... 53,400 2,079,263
Xerox Corp. ........................ 134,300 7,932,094
--------------
127,638,534
--------------
OFFICE EQUIPMENT SERVICES (5.9%)
Adobe Systems, Inc. ................ 17,100 1,404,872
Automatic Data Processing, Inc...... 122,900 5,407,600
Computer Associates
International, Inc. .............. 109,925 6,045,875
Computer Sciences Corp.* ........... 31,400 2,172,488
Electronic Data Systems Corp. ...... 100,900 5,707,156
First Data Corp. ................... 90,300 4,419,056
Gateway 2000, Inc.* ................ 30,900 1,823,100
McKesson HBOC, Inc. ................ 51,800 1,664,075
Microsoft Corp.* ................... 1,028,500 92,757,844
Novell, Inc.* ...................... 64,900 1,719,850
Oracle Corp.* ...................... 294,730 10,941,851
Paychex, Inc. ...................... 48,600 1,549,125
Silicon Graphics, Inc.* ............ 87,000 1,424,625
--------------
137,037,517
--------------
TELECOMMUNICATIONS (5.2%)
America Online, Inc.* .............. 209,500 23,149,750
Lucent Technologies, Inc. .......... 612,951 41,335,883
MCI WorldCom, Inc.* ................ 375,100 32,352,375
Nextel Communications, Inc.
(Class A)* ....................... 56,500 2,835,594
Nortel Networks Corp. .............. 135,820 11,790,874
Sprint Corp. (PCS Group)* .......... 88,100 5,032,712
Tellabs, Inc.* ..................... 77,800 5,256,362
--------------
121,753,550
--------------
TOTAL TECHNOLOGY (22.6%) .......... 530,343,882
--------------
DIVERSIFIED
MISCELLANEOUS (1.4%)
Corning, Inc. ...................... 47,800 3,351,975
Honeywell, Inc. .................... 25,800 2,989,575
Minnesota Mining &
Manufacturing Co. ................ 82,900 7,207,119
Textron, Inc. ...................... 31,400 2,584,613
Tyco International Ltd. ............ 166,550 15,780,612
--------------
TOTAL DIVERSIFIED (1.4%) .......... 31,913,894
--------------
TOTAL COMMON STOCKS (97.3%)
(Cost $1,559,506,653)............. 2,286,479,724
--------------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT & AGENCIES
Federal Home Loan Bank
4.6%, due 07/01/99 ............... $48,000,000 48,000,000
U.S. Treasury Bill
4.32%, due 07/08/99** ............ 3,700,000 3,697,318
--------------
TOTAL U.S. GOVERNMENT &
AGENCIES (2.2%) ................. 51,697,318
--------------
</TABLE>
25
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
VALUE
(NOTE 1)
-----------------
<S> <C>
TOTAL SHORT-TERM DEBT SECURITIES (2.2%)
(Amortized Cost $51,696,894).......... $ 51,697,318
--------------
TOTAL INVESTMENTS (99.5%)
(Cost/Amortized Cost
$1,611,203,547)....................... 2,338,177,042
OTHER ASSETS
LESS LIABILITIES (0.5%) .............. 12,305,266
--------------
NET ASSETS (100.0%) .................... $2,350,482,308
==============
</TABLE>
- ----------
Financial Futures Contracts outstanding at June 30, 1999:
<TABLE>
<CAPTION>
EXPIRATION NUMBER ORIGINAL VALUE AT UNREALIZED
DESCRIPTION DATE OF CONTRACTS VALUE 6/30/99 APPRECIATION
- ----------------------------- ------------ -------------- -------------- -------------- -------------
<S> <C> <C> <C> <C> <C>
Long S&P 500 Index* ......... 9/99 172 $57,304,550 $59,413,100 $2,108,550
</TABLE>
- ----------
* Non-income producing.
** Security segregated as collateral on financial futures contracts.
Glossary:
ADR--American Depository Receipt
See Notes to Financial Statements.
26
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -----------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BUSINESS SERVICES
PRINTING, PUBLISHING &
BROADCASTING (10.0%)
AT&T Corp.--Liberty Media
Group--A(a)* ....................... 18,683,702 $ 686,626,048
CBS Corp.(a)* ........................ 5,260,000 228,481,250
Chris Craft Industries, Inc.
(Class B)*+ ........................ 1,229,799 57,954,292
Comcast Corp. (Class A) SPL(a)........ 3,323,600 127,750,875
MediaOne Group, Inc.(a)* ............. 1,565,000 116,396,875
News Corp. Ltd. (ADR)(a) ............. 3,830,200 135,253,938
Reuters Group PLC (ADR) .............. 1,061,880 86,078,648
Time Warner, Inc. .................... 257,800 18,948,300
Viacom, Inc. (Class B)* .............. 1,081,600 47,590,400
---------------
TOTAL BUSINESS SERVICES (10.0%) 1,505,080,626
---------------
CAPITAL GOODS
AEROSPACE (2.3%)
General Motors Corp.
(Class H)(a)* ...................... 421,700 23,720,625
Loral Space &
Communications(a)*+ ................ 17,537,700 315,678,600
---------------
339,399,225
---------------
ELECTRICAL EQUIPMENT (0.4%)
Koninklijke (Royal) Philips
Electronics N.V.
(New York Shares)(a) ............... 654,120 65,984,355
---------------
TOTAL CAPITAL GOODS (2.7%) ......... 405,383,580
---------------
CONSUMER CYCLICALS
AIRLINES (1.7%)
AMR Corp.* ........................... 495,000 33,783,750
Continental Airlines, Inc.
(Class B)* ......................... 650,000 24,456,250
Delta Air Lines, Inc. ................ 2,266,300 130,595,538
Northwest Airlines Corp.* ............ 445,800 14,488,500
UAL Corp.* ........................... 850,000 55,250,000
---------------
258,574,038
---------------
AUTO RELATED (0.5%)
AutoNation, Inc.* .................... 4,588,400 81,730,875
---------------
FOOD SERVICES, LODGING (0.2%)
Starwood Hotels & Resorts ............ 869,151 26,563,427
---------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.2%)
Newell Rubbermaid, Inc.(a) ........... 500,000 23,250,000
---------------
LEISURE RELATED (2.3%)
Carnival Corp. (Class A) ............. 1,282,200 62,186,700
Cendant Corp.(a)* .................... 13,979,850 286,586,925
---------------
348,773,625
---------------
RETAIL--GENERAL (3.9%)
Home Depot, Inc.(a) .................. 4,144,000 267,029,000
Limited, Inc.(a) ..................... 2,489,475 112,959,928
Lowe's Cos., Inc. .................... 502,800 28,502,475
Office Depot, Inc.* .................. 1,497,500 33,038,594
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -----------------------------------------------------------------------------
<S> <C> <C>
Tandy Corp.(a) ....................... 1,681,600 $ 82,188,200
Wal-Mart Stores, Inc. ................ 1,361,000 65,668,250
---------------
589,386,447
---------------
TOTAL CONSUMER CYCLICALS (8.8%) 1,328,278,412
---------------
CONSUMER NONCYCLICALS
BEVERAGES (0.3%)
Pepsi Bottling Group, Inc. ........... 1,801,400 41,544,787
---------------
DRUGS (4.8%)
AstraZeneca Group PLC ................ 1,218,035 47,605,355
Bristol-Myers Squibb Co. ............. 4,064,000 286,258,000
Merck & Co., Inc. .................... 3,006,400 222,473,600
Pfizer, Inc.(a) ...................... 600,000 65,850,000
Schering-Plough Corp. ................ 1,791,000 94,923,000
---------------
717,109,955
---------------
HOSPITAL SUPPLIES & SERVICES (0.9%)
Abbott Laboratories .................. 1,418,600 64,546,300
Columbia/HCA Healthcare
Corp.(a) ........................... 1,975,000 45,054,688
LifePoint Hospitals, Inc.* ........... 103,944 1,396,751
Medtronic, Inc. ...................... 357,800 27,863,675
Triad Hospitals, Inc.* ............... 103,944 1,403,247
---------------
140,264,661
---------------
SOAPS & TOILETRIES (0.2%)
Gillette Co. ......................... 600,000 24,600,000
---------------
TOBACCO (2.1%)
Loews Corp. .......................... 1,993,500 157,735,687
Philip Morris Cos., Inc. ............. 3,925,200 157,743,975
---------------
315,479,662
---------------
TOTAL CONSUMER NONCYCLICALS (8.3%) 1,238,999,065
---------------
CREDIT SENSITIVE
BANKS (11.8%)
Bank of America Corp. ................ 6,452,700 473,063,569
Bank of Tokyo-Mitsubishi Ltd. ........ 5,395,100 78,566,144
Bank One Corp. ....................... 3,344,000 199,177,000
Chase Manhattan Corp. ................ 4,504,836 390,231,418
Citigroup, Inc.(a) ................... 11,128,196 528,589,298
First Union Corp. .................... 1,680,000 78,960,000
Wells Fargo Co. ...................... 700,000 29,925,000
---------------
1,778,512,429
---------------
FINANCIAL SERVICES (7.4%)
American Express Co. ................. 637,400 82,941,675
Associates First Capital Corp.
(Class A) .......................... 5,169,000 229,051,312
Fleet Financial Group, Inc. .......... 134,200 5,955,125
Goldman Sachs Group, Inc.* ........... 240,300 17,361,675
Household International, Inc. ........ 2,555,400 121,062,075
MBNA Corp. ........................... 14,626,187 447,926,977
Morgan Stanley Dean Witter &
Co.(a) ............................. 1,033,166 105,899,515
Newcourt Credit Group, Inc. .......... 169,200 2,189,025
PMI Group, Inc.(a) ................... 1,492,200 93,728,813
---------------
1,106,116,192
---------------
</TABLE>
27
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -----------------------------------------------------------------------------
<S> <C> <C>
INSURANCE (5.8%)
Ace Ltd. ............................ 200,000 $ 5,650,000
Allstate Corp. ...................... 443,294 15,903,172
American International Group,
Inc.(a) ........................... 5,117,712 599,092,161
Hartford Financial Services
Group, Inc. ....................... 1,042,200 60,773,288
Progressive Corp. ................... 449,900 65,235,500
Providian Financial Corp.(a) ........ 1,225,000 114,537,500
UnumProvident Corp. ................. 99,000 5,420,250
---------------
866,611,871
---------------
REAL ESTATE (0.9%)
CBL & Associates Properties,
Inc. .............................. 792,200 20,894,275
Macerich Co. ........................ 682,500 17,915,625
Simon Property Group, Inc. .......... 1,418,000 35,981,750
Spieker Properties, Inc. ............ 1,373,400 53,390,925
Summit Properties, Inc. ............. 429,100 8,474,725
---------------
136,657,300
---------------
UTILITY--TELEPHONE (3.2%)
AT&T Corp. .......................... 4,915,332 274,336,963
BellSouth Corp. ..................... 21,648 1,014,750
Cable & Wireless PLC ................ 1,485,000 18,939,355
Sprint Corp. (FON Group)(a) ......... 3,440,400 181,696,125
Telecomunicacoes Brasileiras
S.A. - Telebras (ADR)* ............ 500,000 31,250
---------------
476,018,443
---------------
TOTAL CREDIT SENSITIVE (29.1%)..... 4,363,916,235
---------------
ENERGY
OIL--DOMESTIC (2.5%)
Atlantic Richfield Co. .............. 4,475,200 373,958,900
Union Pacific Resources Group,
Inc. .............................. 405,154 6,609,075
---------------
380,567,975
---------------
OIL--INTERNATIONAL (0.7%)
Royal Dutch Petroleum Co.
(New York Shares) ................. 600,000 36,150,000
Total Fina SA (ADR) ................. 1,143,850 73,706,834
---------------
109,856,834
---------------
OIL--SUPPLIES & CONSTRUCTION (0.2%)
Nabors Industries, Inc.* ............ 40,300 984,831
Transocean Offshore, Inc. ........... 915,800 24,039,750
---------------
25,024,581
---------------
RAILROADS (0.2%)
Canadian Pacific Ltd. ............... 967,800 23,045,738
---------------
TOTAL ENERGY (3.6%) ............... 538,495,128
---------------
TECHNOLOGY
ELECTRONICS (7.5%)
Altera Corp.* ....................... 575,000 21,167,188
Cisco Systems, Inc.* ................ 309,500 19,962,750
Ingram Micro, Inc.
(Class A)(a)*+ .................... 3,452,000 88,889,000
Intel Corp.(a) ...................... 5,550,000 330,225,000
National Semiconductor
Corp.(a)* ......................... 210,000 5,315,625
Network Associates, Inc.(a)* ........ 4,341,400 63,764,312
SCI Systems, Inc.(a)*+ .............. 6,287,500 298,656,250
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -----------------------------------------------------------------------------
<S> <C> <C>
Solectron Corp.(a)* ................. 2,220,000 $ 148,046,250
Sterling Commerce, Inc.* ............ 3,228,582 117,843,243
Texas Instruments, Inc.(a) .......... 170,000 24,650,000
---------------
1,118,519,618
---------------
OFFICE EQUIPMENT (8.2%)
Ceridian Corp.*+ .................... 7,730,000 252,674,375
Compaq Computer Corp.(a) ............ 2,505,000 59,337,187
International Business Machines
Corp.(a) .......................... 6,900,000 891,825,000
Sterling Software, Inc.* ............ 1,172,400 31,288,425
---------------
1,235,124,987
---------------
OFFICE EQUIPMENT SERVICES (2.5%)
First Data Corp. .................... 2,215,000 108,396,563
McKesson HBOC, Inc.(a) .............. 7,424,250 238,504,031
Oracle Corp.(a)* .................... 950,000 35,268,750
---------------
382,169,344
---------------
TELECOMMUNICATIONS (13.0%)
ADC Telecommunications, Inc.*........ 1,115,000 50,802,202
Global TeleSystems Group, Inc.*...... 693,700 56,189,700
Globalstar Telecommunications
Ltd.(a)* .......................... 300,000 6,956,250
Lucent Technologies, Inc. ........... 38,000 2,562,625
Mannesmann AG ....................... 2,853,245 427,185,409
Mannesmann AG (ADR) ................. 1,022,000 152,823,646
MCI WorldCom, Inc.(a)* .............. 6,926,815 597,437,794
Nextel Communications, Inc.
(Class A)(a)* ..................... 6,715,400 337,029,137
Nokia Oyj (A Shares)(a) ............. 1,234,200 113,006,437
Orange PLC (ADR)* ................... 2,475,000 186,862,500
Vodafone AirTouch PLC (ADR).......... 122,300 24,093,100
---------------
1,954,948,800
---------------
TOTAL TECHNOLOGY (31.2%) .......... 4,690,762,749
---------------
DIVERSIFIED
MISCELLANEOUS (3.6%)
Honeywell, Inc.(a) .................. 1,000,000 115,875,000
Tyco International Ltd.(a) .......... 4,513,336 427,638,587
---------------
TOTAL DIVERSIFIED (3.6%) .......... 543,513,587
---------------
TOTAL COMMON STOCKS (97.3%)
(Cost $10,243,273,273)............. 14,614,429,382
---------------
PREFERRED STOCKS:
CONSUMER CYCLICALS (0.1%)
AUTO RELATED
Republic Industries, Inc.
6.5% Exch. Conv. .................. 445,400 8,017,200
---------------
TOTAL PREFERRED STOCKS (0.1%)
(Cost $10,964,872)................. 8,017,200
---------------
PRINCIPAL
AMOUNT
------
LONG-TERM DEBT SECURITIES:
TECHNOLOGY
TELECOMMUNICATIONS (0.2%)
Global TeleSystems Group, Inc.
5.75% Conv., 07/01/10 ............. $14,445,000 22,931,437
</TABLE>
28
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------
<S> <C> <C>
Nextel Communications, Inc.
4.75% Conv., 07/01/07 ............... $ 6,500,000 $ 7,897,500
--------------
TOTAL TECHNOLOGY (0.2%) ............. 30,828,937
--------------
TOTAL LONG-TERM DEBT SECURITIES (0.2%)
(Amortized Cost $17,666,247)......... 30,828,937
--------------
SHORT-TERM DEBT SECURITIES:
BANKERS ACCEPTANCES
Chase Manhattan Corp.
4.85%, due 07/12/99 ................. 25,032,785 24,995,765
5.1%, due 07/28/99 .................. 36,010,818 35,873,616
First Union Bank
4.92%, due 07/26/99 ................. 28,000,000 27,904,722
KeyCorp.
4.9%, due 07/09/99 .................. 5,000,000 4,994,567
--------------
TOTAL BANKERS ACCEPTANCES (0.6%) 93,768,670
--------------
COMMERCIAL PAPER
Banco Santander SA
10.42%, due 07/30/99 ................ 8,279,000 8,244,387
Bell Atlantic Corp.
10.44%, due 07/14/99 ................ 24,000,000 23,954,846
Bell Atlantic Network Funding
5.1%, due 07/21/99 .................. 24,340,000 24,271,171
BellSouth Corp.
5.09%, due 07/29/99 ................. 9,000,000 8,964,510
Cargill, Inc.
5.7%, due 07/01/99 .................. 3,600,000 3,600,000
Exxon Financial Services
10.46%, due 07/15/99 ................ 11,000,000 10,977,670
Ford Motor Credit Co.
5.75%, due 07/01/99 ................. 45,000,000 45,000,000
Household Finance Corp.
5.17%, due 07/30/99 ................. 50,000,000 49,792,570
Koch Industries
5.52%, due 07/01/99 ................. 55,000,000 55,000,000
Morgan Stanley Group, Inc.
5.75%, due 07/01/99 ................. 2,900,000 2,900,000
Teachers Insurance and Annuity
Association:
4.83%, due 07/01/99 ................. 27,000,000 27,000,000
4.85%, due 07/12/99 ................. 5,000,000 4,992,606
5.0%, due 07/30/99 .................. 25,000,000 24,899,708
--------------
TOTAL COMMERCIAL PAPER (1.9%) 289,597,468
--------------
TIME DEPOSITS
Canadian Imperial Bank
5.75%, due 07/01/99 ................. 44,000,000 44,000,000
Societe Generale
4.58%, due 07/01/99 ................. 207,500,000 207,500,001
Westdeutsche Landesbank
5.81%, due 07/01/99 ................. 44,000,000 44,000,000
--------------
TOTAL TIME DEPOSITS (2.0%) .......... 295,500,001
--------------
U.S. GOVERNMENT AGENCIES (0.0%)
Federal Home Loan Bank
4.47%, due 07/01/99 ................. 400,000 400,000
--------------
TOTAL SHORT-TERM DEBT SECURITIES (4.5%)
(Amortized Cost $679,266,139) 679,266,139
--------------
TOTAL INVESTMENTS (102.1%)
(Cost/Amortized Cost $10,951,170,531) 15,332,541,658
--------------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
NUMBER OF VALUE
CONTRACTS (B) (NOTE 1)
- -------------------------------------------------------------------------
<S> <C> <C>
CALL OPTIONS WRITTEN*(c):
American International Group,
Inc.:
July @ $110.625...................... 1,000 $ (859,000)
July @ $113.78....................... 3,000 (1,659,030)
AT&T Corp.--Liberty Media
Group--A:
August @ $54.3656.................... 5,000 (1,850,000)
August @ $70.39...................... 6,000 (1,890,000)
CBS Corp.:
July @ $40.375....................... 2,500 (965,278)
July @ $42.25........................ 2,500 (657,325)
August @ $42.125..................... 2,000 (734,000)
August @ $42.50...................... 3,000 (788,220)
August @ $43.00...................... 2,500 (596,825)
August @ $43.25...................... 3,000 (671,580)
Cendant Corp.:
August @ $18.00...................... 2,500 (770,000)
August @ $19.00...................... 2,000 (518,000)
August @ $19.4375.................... 2,000 (484,000)
August @ $19.6875.................... 2,500 (542,500)
Citigroup, Inc.:
July @ $40.3125...................... 3,000 (2,244,000)
July @ $64.75........................ 4,000 (1,867,880)
Columbia/HCA Healthcare
Corp.:
July @ $24.625....................... 3,000 (195,000)
July @ $25.00........................ 3,000 (117,000)
July @ $25.11........................ 1,000 (19,540)
July @ $25.125....................... 1,500 (28,935)
August @ $22.375..................... 2,000 (416,000)
Comcast Corp.:
July @ $37.90........................ 2,000 (447,780)
August @ $33.4375.................... 2,000 (1,132,000)
August @ $36.625..................... 2,000 (742,500)
August @ $36.875..................... 2,500 (772,472)
August @ $37.4977.................... 2,000 (692,000)
August @ $38.50...................... 2,500 (652,002)
Compaq Computer Corp.:
July @ $24.00........................ 2,000 (184,000)
July @ $25.00........................ 3,000 (192,000)
July @ $25.50........................ 2,000 (100,000)
August @ $21.50...................... 1,500 (439,965)
August @ $22.0706.................... 2,000 (560,000)
August @ $23.1377.................... 2,500 (547,500)
August @ $23.25...................... 2,000 (398,834)
General Motors Corp.
August @ $52.50...................... 2,000 (1,038,000)
Globalstar Telecommunications
Ltd.
August @ $21.125..................... 3,000 (1,067,700)
Home Depot, Inc.:
July @ $55.75........................ 3,000 (2,713,440)
July @ $56.50........................ 2,000 (1,636,320)
August @ $56.00...................... 1,500 (1,368,735)
Honeywell, Inc.:
August @ $113.375.................... 3,000 (2,082,000)
August @ $113.75..................... 1,500 (1,122,000)
August @ $114.00..................... 3,000 (2,244,000)
August @ $116.625.................... 2,500 (1,507,500)
</TABLE>
29
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
NUMBER OF VALUE
CONTRACTS (b) (NOTE 1)
- --------------------------------------------------------------------
<S> <C> <C>
International Business Machines
Corp.:
July @ $228.8055............. 6,000 $ (9,480,000)
July @ $237.50............... 4,000 (4,716,000)
Ingram Micro, Inc. (Class A):
August @ $26.625............. 2,500 (453,155)
August @ $28.0625............ 3,000 (585,000)
Intel Corp.:
July @ $52.00................ 2,500 (2,067,500)
July @ $55.875............... 2,500 (1,247,500)
July @ $61.0975.............. 3,000 (360,888)
July @ $61.0975.............. 4,000 (628,684)
July @ $61.250............... 6,000 (720,000)
July @ $61.3125.............. 2,500 (432,500)
August @ $50.625............. 2,500 (2,422,500)
August @ $55.5625............ 2,000 (1,194,258)
Koninklijke (Royal) Philips
Electronics N.V.:
July @ $85.6875.............. 1,500 (1,468,500)
August @ $92.25.............. 1,000 (1,054,000)
August @ $97.4375............ 1,500 (1,219,500)
Limited, Inc.:
July @ $48.39................ 1,500 (187,500)
August @ $44.625............. 2,000 (713,500)
August @ $44.75.............. 2,500 (833,875)
Loral Space & Communications:
July @ $16.25................ 3,000 (744,000)
July @ $16.75................ 2,000 (355,300)
July @ $17.00................ 1,500 (232,500)
July @ $17.00................ 1,500 (222,000)
July @ $18.50................ 3,000 (156,000)
July @ $19.00................ 2,500 (130,525)
July @ $19.25................ 2,000 (64,460)
July @ $20.50................ 2,500 (56,575)
August @ $16.625............. 3,000 (666,000)
August @ $17.00.............. 3,000 (618,480)
August @ $17.25.............. 2,500 (462,475)
August @ $17.375............. 2,000 (348,686)
August @ $17.375............. 2,000 (398,200)
August @ $17.4375............ 2,000 (385,090)
August @ $17.9939............ 2,500 (445,000)
MCI WorldCom, Inc.:
July @ $83.41................ 2,000 (1,084,000)
July @ $84.875............... 2,500 (1,165,000)
July @ $85.6178.............. 2,000 (778,520)
August @ $89.75.............. 2,500 (893,850)
August @ $93.377............. 2,000 (538,000)
McKesson HBOC, Inc.:
July @ $37.50................ 2,500 (22,500)
July @ $38.625............... 2,000 (30,000)
August @ $36.125............. 2,500 (186,225)
MediaOne Group, Inc.:
July @ $36.25................ 2,000 (702,000)
July @ $73.5625.............. 1,000 (213,000)
August @ $71.875............. 3,500 (1,533,000)
August @ $73.625............. 1,500 (451,500)
Morgan Stanley Dean Witter & Co.:
August @ $85.875............. 3,000 (5,340,000)
August @ $93.25.............. 1,000 (1,316,000)
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
NUMBER OF VALUE
CONTRACTS (b) (NOTE 1)
- --------------------------------------------------------------------
<S> <C> <C>
National Semiconductor Corp.:
July @ $18.50................ 1,000 $ (700,830)
July @ $21.9375.............. 1,000 (393,500)
Network Associates, Inc.:
July @ $12.77................ 1,650 (358,809)
July @ $12.91................ 850 (174,394)
July @ $14.125............... 3,000 (435,000)
July @ $15.375............... 3,000 (238,425)
August @ $13.0625............ 3,000 (783,810)
August @ $13.125............. 2,000 (452,980)
August @ $14.9375............ 2,500 (407,500)
Newell Rubbermaid, Inc.:
August @ $44.00.............. 3,000 (1,119,000)
August @ $46.25.............. 2,000 (514,000)
News Corp. Ltd.:
July @ $34.50................ 300 (44,349)
August @ $34.4375............ 3,000 (768,330)
August @ $34.875............. 3,000 (795,000)
August @ $35.2778............ 3,000 (628,110)
Nextel Communications, Inc.:
July @ $34.75................ 2,000 (3,109,060)
July @ $35.30................ 3,000 (4,527,000)
July @ $35.625............... 2,000 (2,918,720)
July @ $35.75................ 3,000 (4,349,970)
July @ $35.75................ 4,000 (5,787,480)
July @ $36.25................ 2,500 (3,530,000)
July @ $36.25................ 3,000 (4,234,002)
July @ $39.5583.............. 2,500 (2,660,250)
August @ $35.875............. 2,500 (3,680,000)
August @ $36.3125............ 2,500 (3,522,728)
August @ $36.867............. 3,000 (4,065,000)
August @ $38.00.............. 2,000 (2,552,000)
August @ $45.00.............. 1,500 (1,051,290)
August @ $45.625............. 2,000 (1,260,000)
Nokia Oyj
August @ $81.25.............. 3,000 (3,711,000)
Oracle Corp.:
August @ $32.2927............ 3,000 (1,833,150)
August @ $34.625............. 3,500 (1,507,905)
August @ $36.375............. 3,000 (1,098,969)
Pfizer, Inc.:
August @ $95.3794............ 2,000 (3,136,000)
August @ $100.25............. 4,000 (5,088,440)
PMI Group, Inc.:
August @ $58.25.............. 2,000 (1,369,620)
August @ $60.25.............. 1,500 (879,570)
Providian Financial Corp.:
August @ $77.7129............ 1,800 (3,176,784)
August @ $77.7292............ 1,500 (2,580,150)
August @ $78.2369............ 700 (1,205,113)
August @ $87.125............. 3,000 (3,564,000)
August @ $87.875............. 3,000 (2,690,310)
SCI Systems, Inc.:
July @ $38.50................ 2,500 (2,432,500)
July @ $38.875............... 3,000 (2,607,450)
August @ $46.125............. 2,000 (890,120)
August @ $46.75.............. 2,000 (864,000)
August @ $48.375............. 2,500 (825,275)
</TABLE>
30
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE COMMON STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------
NUMBER OF VALUE
CONTRACTS (b) (NOTE 1)
- ------------------------------------------------------------------------
<S> <C> <C>
Solectron Corp.:
July @ $52.993.................... 8,000 $ (11,176,000)
July @ $54.00..................... 3,000 (3,914,130)
July @ $56.6528................... 2,000 (2,012,000)
August @ $56.625.................. 2,500 (2,724,600)
August @ $60.0166................. 1,000 (926,000)
August @ $64.0625................. 1,000 (647,000)
Sprint Corp. (FON Group):
July @ $107.00.................... 4,000 (604,000)
July @ $108.00.................... 1,950 (21,216)
July @ $108.1222.................. 1,250 (12,387)
July @ $108.3125.................. 1,800 (15,372)
July @ $108.725................... 4,000 (464,000)
July @ $109.00.................... 5,000 (195,000)
July @ $110.875................... 5,000 (402,800)
Tandy Corp.:
August @ $84.375.................. 2,500 (1,855,958)
August @ $86.00................... 2,500 (1,688,068)
Texas Instruments, Inc.
July @ $105.08.................... 1,700 (6,852,496)
Tyco International Ltd.:
July @ $87.1875................... 1,500 (1,315,677)
July @ $87.9375................... 2,000 (1,444,060)
July @ $90.375.................... 1,500 (802,500)
August @ $87.50................... 3,000 (2,795,400)
August @ $88.875.................. 2,000 (1,714,000)
August @ $89.9375................. 3,000 (2,254,953)
August @ $93.75................... 1,000 (562,000)
August @ $99.75................... 2,500 (1,556,975)
-----------------
TOTAL CALL OPTIONS WRITTEN (-1.5%)
(Premiums Received $147,756,325) (229,317,092)
-----------------
OTHER ASSETS
LESS LIABILITIES (-0.6%) ......... (87,992,863)
-----------------
NET ASSETS (100.0%) ................ $ 15,015,231,703
=================
</TABLE>
- ----------
* Non-income producing.
+ Affiliated company as defined under the Investment Company Act of 1940
(See Note 6).
(a) Fully or partially pledged as collateral on outstanding written call
options.
(b) One contract relates to 100 shares.
(c) Covered call option contracts written in connection with securities
held.
Glossary:
ADR--American Depository Receipt
See Notes to Financial Statements.
31
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GLOBAL PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
CAPITAL GOODS
ELECTRICAL EQUIPMENT (0.9%)
Misys PLC ......................... 729,473 $ 6,248,385
Schneider SA ...................... 165,000 9,276,650
-----------
15,525,035
-----------
ENGINEERING & CONSTRUCTION (0.9%)
ABB Ltd.* ......................... 50,400 4,758,394
Daito Trust Construction Co. Ltd. 846,600 9,455,696
-----------
14,214,090
-----------
MACHINERY (0.8%)
Mannesmann AG ..................... 93,000 13,923,881
-----------
MISCELLANEOUS (1.1%)
United Technologies Corp. ......... 240,000 17,205,000
-----------
TOTAL CAPITAL GOODS (3.7%) ...... 60,868,006
-----------
CONSUMER MANUFACTURING
APPLIANCES (0.3%)
Sony Corp. ........................ 48,100 5,193,224
-----------
AUTO & RELATED (1.3%)
Autoliv, Inc. ..................... 22,800 697,272
Bridgestone Corp. ................. 306,000 9,265,823
DaimlerChrysler AG ................ 72,000 6,296,878
Honda Motor Co. Ltd. .............. 93,000 3,947,133
-----------
20,207,106
-----------
BUILDING & RELATED (0.2%)
CRH PLC ........................... 187,000 3,315,130
-----------
TOTAL CONSUMER MANUFACTURING (1.8%) 28,715,460
-----------
CONSUMER SERVICES
AIRLINES (0.4%)
British Airways PLC ............... 1,056,000 7,292,035
-----------
BROADCASTING & CABLE (5.4%)
AT&T Corp.--Liberty Media
Group--A* ....................... 1,573,388 57,822,009
CBS Corp.* ........................ 426,000 18,504,375
TVI Televisao Independente SA*..... 1,175 0
United Pan-Europe
Communications NV* .............. 217,000 11,785,685
-----------
88,112,069
-----------
ENTERTAINMENT & LEISURE (3.6%)
Carnival Corp. (Class A) .......... 360,000 17,460,000
Fuji Photo Film Co. ............... 206,000 7,805,742
Harley-Davidson, Inc. ............. 442,400 24,055,500
Time Warner, Inc. ................. 117,000 8,599,500
-----------
57,920,742
-----------
MISCELLANEOUS (1.5%)
Orange PLC* ....................... 787,350 11,550,731
Vodafone AirTouch PLC ............. 631,000 12,442,226
-----------
23,992,957
-----------
PRINTING & PUBLISHING (1.9%)
United News & Media PLC ........... 1,400,000 13,471,519
Wolters Kluwer N.V. ............... 420,000 16,739,633
-----------
30,211,152
-----------
RETAIL--GENERAL MERCHANDISE (3.6%)
Castorama Dubois .................. 5,580 1,325,169
Dixons Group PLC .................. 250,000 4,673,229
Home Depot, Inc. .................. 491,200 31,651,700
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------------------------------------------------
<S> <C> <C>
Next PLC .......................... 484,700 $ 5,891,208
Wal-Mart Stores, Inc. ............. 300,000 14,475,000
-----------
58,016,306
-----------
TOTAL CONSUMER SERVICES (16.4%)
265,545,261
-----------
CONSUMER STAPLES
BEVERAGES (0.9%)
Coca-Cola Amatil Ltd. ............. 1,135,000 4,557,124
Diageo PLC ........................ 994,700 10,395,292
-----------
14,952,416
-----------
COSMETICS (2.0%)
Avon Products, Inc. ............... 295,000 16,372,500
Gillette Co. ...................... 267,400 10,963,400
Shiseido Co. Ltd. ................. 300,000 4,502,358
-----------
31,838,258
-----------
HOUSEHOLD PRODUCTS (0.8%)
Kao Corp. ......................... 431,000 12,123,769
-----------
RETAIL--FOOD & DRUG (2.1%)
Koninklijke Ahold NV .............. 540,000 18,622,997
Kroger Co.* ....................... 570,000 15,924,375
-----------
34,547,372
-----------
TOBACCO (3.7%)
Japan Tobacco, Inc. ............... 1,017 11,274,758
Philip Morris Cos., Inc. .......... 480,400 19,306,075
Seita ............................. 275,000 15,901,206
Tabacalera SA--A .................. 672,100 13,601,892
-----------
60,083,931
-----------
TOTAL CONSUMER STAPLES (9.5%) 153,545,746
-----------
ENERGY
DOMESTIC INTEGRATED (0.9%)
Total Fina SA--B .................. 114,950 14,848,262
-----------
INTERNATIONAL (0.2%)
ENI Spa ........................... 480,000 2,869,651
-----------
OIL SERVICE (1.7%)
Halliburton Co. ................... 378,900 17,145,225
Noble Drilling Corp.* ............. 297,000 5,847,188
Repsol SA ......................... 275,000 5,622,212
-----------
28,614,625
-----------
TOTAL ENERGY (2.8%) ............. 46,332,538
-----------
FINANCE
BANKING--MONEY CENTER (5.0%)
Banco Bilbao Vizcaya SA ........... 464,000 6,712,209
Bank of Tokyo-Mitsubishi Ltd. ..... 1,209,000 17,234,276
Chase Manhattan Corp. ............. 333,976 28,930,671
Development Bank of Singapore
Ltd. ............................ 131,000 1,600,611
National Australia Bank Ltd. ...... 380,000 6,264,301
Standard Chartered PLC ............ 824,900 13,480,927
UBS AG--Registered ................ 24,400 7,296,256
-----------
81,519,251
-----------
BANKING--REGIONAL (4.8%)
Bank of America Corp. ............. 347,100 25,446,769
Bank of Scotland .................. 1,285,000 17,027,116
ForeningsSparbanken AB ............ 643,800 9,122,210
Royal Bank of Scotland Group
PLC ............................. 857,000 17,466,345
Unicredito Italiano Spa ........... 1,900,000 8,357,426
-----------
77,419,866
-----------
</TABLE>
32
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GLOBAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ----------------------------------------------------------------------------
<S> <C> <C>
BROKERAGE & MONEY MANAGEMENT (2.0%)
CMIC Finance & Securities
Public Co. Ltd.* .......................... 724,700 $ 0
Daiwa Securities Group, Inc. ................ 1,750,000 11,582,692
Morgan Stanley Dean Witter
& Co. ..................................... 200,300 20,530,750
-------------
32,113,442
-------------
INSURANCE (6.6%)
American International Group,
Inc. ...................................... 279,247 32,689,352
Citigroup, Inc. ............................. 824,548 39,166,030
ING Groep N.V. .............................. 363,000 19,677,743
Zurich Allied AG ............................ 26,500 15,096,990
-------------
106,630,115
-------------
MISCELLANEOUS (4.0%)
Associates First Capital Corp.
(Class A) ................................. 438,000 19,408,875
MBNA Corp. .................................. 837,150 25,637,719
Societe Generale (Class A) .................. 113,500 20,028,446
-------------
65,075,040
-------------
REAL ESTATE (0.5%)
Cheung Kong Holdings Ltd. ................... 472,000 4,197,827
Mandamus AB ................................. 485 2,577
Sun Hung Kai Properties Ltd. ................ 481,000 4,386,367
-------------
8,586,771
-------------
TOTAL FINANCE (22.9%) ..................... 371,344,485
-------------
HEALTHCARE
DRUGS (7.8%)
AstraZeneca Group PLC ....................... 121,080 4,687,116
Bristol-Myers Squibb Co. .................... 428,000 30,147,250
Novartis AG ................................. 5,858 8,569,736
Novartis AG (ADR) ........................... 20,000 1,460,192
Pfizer, Inc. ................................ 129,000 14,157,750
Sanofi--Synthelabo SA* ...................... 374,000 15,890,984
Santen Pharmaceutical Co. Ltd. .............. 530,000 10,216,762
Schering-Plough Corp. ....................... 309,000 16,377,000
Takeda Chemical Industries .................. 212,000 9,839,662
Yamanouchi Pharmaceutical Co.
Ltd. ...................................... 381,000 14,594,440
-------------
125,940,892
-------------
MEDICAL PRODUCTS (0.4%)
Medtronic, Inc. ............................. 91,000 7,086,625
-------------
MEDICAL SERVICES (0.0%)
McKesson HBOC, Inc. ......................... 25,500 819,188
-------------
TOTAL HEALTHCARE (8.2%) ................... 133,846,705
-------------
MULTI INDUSTRY COMPANIES
Citic Pacific Ltd. .......................... 427,000 1,362,186
Tyco International Ltd. ..................... 264,984 25,107,234
U.S. Industries, Inc. ....................... 345,000 5,865,000
-------------
TOTAL MULTI INDUSTRY COMPANIES (2.0%) 32,334,420
-------------
TECHNOLOGY
COMMUNICATION EQUIPMENT (3.4%)
Nokia Oyj ................................... 520,000 45,638,526
NTT Mobile Communications
Network, Inc.--NE* ........................ 772 10,346,985
-------------
55,985,511
-------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ----------------------------------------------------------------------------
<S> <C> <C>
COMPUTER HARDWARE (3.1%)
Dell Computer Corp.* ........................ 608,000 $ 22,496,000
International Business Machines
Corp. ..................................... 212,000 27,401,000
-------------
49,897,000
-------------
COMPUTER SOFTWARE (2.8%)
Cap Gemini SA ............................... 67,000 10,543,119
Microsoft Corp.* ............................ 380,000 34,271,250
-------------
44,814,369
-------------
MISCELLANEOUS (6.5%)
Canon, Inc. ................................. 152,000 4,376,272
Equant N.V.* ................................ 100,000 9,412,500
Hoya Corp. .................................. 110,000 6,215,769
Korea Telecom Corp. (ADR)* .................. 111,701 4,468,040
Sanmina Corp.* .............................. 256,000 19,424,000
Solectron Corp.* ............................ 676,400 45,107,425
TDK Corp. ................................... 72,000 6,594,192
Tokyo Electron Ltd. ......................... 137,000 9,305,618
-------------
104,903,816
-------------
NETWORKING SOFTWARE (4.1%)
America Online, Inc.* ....................... 154,000 17,017,000
Cisco Systems, Inc.* ........................ 760,850 49,074,825
-------------
66,091,825
-------------
SEMICONDUCTOR COMPONENTS (1.7%)
Altera Corp.* ............................... 460,000 16,933,750
Intel Corp. ................................. 188,000 11,186,000
-------------
28,119,750
-------------
TOTAL TECHNOLOGY (21.6%) .................. 349,812,271
-------------
UTILITIES
MISCELLANEOUS (2.5%)
MCI WorldCom, Inc.* ......................... 480,097 41,408,366
-------------
TELEPHONE UTILITY (1.4%)
Hellenic Telecommunication
Organization SA ........................... 5,838 125,295
NTT Mobile Communications
Network, Inc. ............................. 193 2,618,681
SK Telecom Co. Ltd. (ADR) ................... 188,000 3,120,800
Telecomunicacoes Brasileiras
S.A.--Telebras (ADR)* ..................... 29,700 1,856
Telecomunicacoes Brasileiras
S.A.--Telebras (ADR) ...................... 29,700 2,678,569
Telefonica SA* .............................. 214,180 10,329,948
Telstra Corp. Ltd. .......................... 540,000 3,082,550
-------------
21,957,699
-------------
TOTAL UTILITIES (3.9%) .................... 63,366,065
-------------
TOTAL COMMON STOCKS (92.8%)
(Cost $1,084,321,784) ..................... 1,505,710,957
-------------
PREFERRED STOCKS:
CONSUMER SERVICES (0.2%)
RETAIL--GENERAL MERCHANDISE
Hornbach Holding AG ......................... 63,249 2,710,261
-------------
CONSUMER STAPLES (0.4%)
COSMETICS
Wella AG .................................... 9,130 6,504,729
-------------
TOTAL PREFERRED STOCKS (0.6%)
(Cost $13,357,143)......................... 9,214,990
-------------
</TABLE>
33
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GLOBAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ---------------------------------------------------------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
FINANCE (0.0%)
BANKING--REGIONAL
Grupo Financiero Banorte
Zero Coupon, 12/05/02 ............... $ 165,700 $ 17,585
--------------
TOTAL LONG-TERM DEBT SECURITIES (0.0%)
(Amortized Cost $20,239).............. 17,585
--------------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (4.5%)
Chase Nassau
4.62%, due 07/01/99 ................. 72,147,783 72,147,783
--------------
TOTAL SHORT-TERM DEBT SECURITIES (4.5%)
(Amortized Cost $72,147,783) 72,147,783
--------------
TOTAL INVESTMENTS (97.9%)
(Cost/Amortized Cost $1,169,846,949) 1,587,091,315
OTHER ASSETS
LESS LIABILITIES (2.1%) ............. 34,752,507
--------------
NET ASSETS (100.0%) ................... $1,621,843,822
==============
</TABLE>
<TABLE>
<S> <C>
DISTRIBUTION OF INVESTMENTS BY GLOBAL
REGION
As a Percentage of Total Investments
France ......................... 5.5%
Germany ........................ 1.9
Japan .......................... 10.5
Latin America .................. 1.3
Netherlands .................... 4.8
New Zealand & Australia ........ 0.9
Scandinavia .................... 3.5
Southeast Asia ................. 1.2
Spain .......................... 2.3
Switzerland .................... 2.3
United Kingdom ................. 9.6
United States** ................ 55.5
Other European Countries ....... 0.7
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing.
** Includes Short-Term Debt Securities of 4.5%.
Glossary:
ADR--American Depository Receipt
See Notes to Financial Statements.
34
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS AND
OTHER INVESTMENTS:
AUSTRALIA
Broken Hill Proprietary Co. Ltd. 30,000 $ 346,185
Coca-Cola Amatil Ltd ............... 380,000 1,525,733
QCT Resources Ltd. ................. 185,000 107,350
Telstra Corp. Ltd. ................. 184,000 1,050,351
Woodside Petroleum Ltd. ............ 1,100 7,420
----------
TOTAL AUSTRALIA (1.2%) ........... 3,037,039
----------
AUSTRIA (0.1%)
OMV AG ............................. 3,000 267,915
----------
BELGIUM
Mobistar SA* ....................... 8,000 396,498
Virgin Express Holdings PLC
(ADR)* ........................... 50,000 456,250
----------
TOTAL BELGIUM (0.3%) ............. 852,748
----------
DENMARK (0.3%)
Coloplast A/S B .................... 7,000 719,325
----------
FINLAND
Fortum Oyj ......................... 52,301 253,275
Nokia Oyj .......................... 166,000 14,569,222
Sampo Insurance Co. (A Shares) 25,000 725,363
----------
TOTAL FINLAND (6.1%) ............. 15,547,860
----------
FRANCE
Banque Nationale de Paris .......... 700 58,401
Cap Gemini SA ...................... 23,000 3,619,280
Compagnie de St. Gobain ............ 250 39,882
Essilor International .............. 4,000 1,251,859
PSA Peugeot Citroen ................ 200 31,596
Sanofi-Synthelabo SA* .............. 124,000 5,268,668
Schneider SA ....................... 11,000 618,443
Seita .............................. 69,000 3,989,757
Societe Generale (Class A) ......... 37,000 6,529,097
Suez Lyonnaise des Eaux ............ 4,000 722,369
Total Fina SA--B ................... 15,480 1,999,575
----------
TOTAL FRANCE (9.4%) .............. 24,128,927
----------
GERMANY
Allianz AG ......................... 1,500 419,730
Apcoa Parking AG+ .................. 800 61,953
B.U.S. Berzelius Umwelt-Service
AG ............................... 25,200 307,038
DaimlerChrysler AG ................. 24,000 2,098,959
Deutsche Bank AG ................... 3,000 183,070
Mannesmann AG ...................... 36,000 5,389,889
----------
TOTAL GERMANY (3.3%) ............. 8,460,639
----------
GREECE (0.1%)
Hellenic Telecommunication
Organization SA .................. 17,138 367,822
----------
HONG KONG
Cheung Kong Holdings Ltd. .......... 50,000 444,685
Citic Pacific Ltd. ................. 154,000 491,281
Guangdong Kelon Electrical
Holdings Co. Ltd. ................ 800,000 933,194
HSBC Holdings PLC (H.K.$) .......... 9,200 335,589
JCG Holdings Ltd. .................. 250,000 119,227
----------
TOTAL HONG KONG (0.9%) ........... 2,323,976
----------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------------------------------------------------
<S> <C> <C>
INDIA
Videsh Sanchar Nigam Ltd.
(GDR)*+ .......................... 1,000 $ 12,810
Videsh Sanchar Nigam Ltd.
(GDR) ............................ 44,000 563,750
----------
TOTAL INDIA (0.2%) ............... 576,560
----------
IRELAND
Bank of Ireland .................... 75,000 1,262,287
Irish Life & Permanent PLC ......... 121,700 1,288,024
----------
TOTAL IRELAND (1.0%) ............. 2,550,311
----------
ISRAEL (0.1%)
Home Centers Ltd. .................. 21,560 198,756
----------
ITALY
Banca Commerciale Italiana ......... 10,000 73,104
ENI Spa ............................ 320,000 1,913,101
Finmeccanica Spa* .................. 408,000 376,202
Industrie Natuzzi Spa (ADR) ........ 20,000 388,750
Telecom Italia Spa ................. 130,800 710,400
Unicredito Italiano Spa ............ 583,400 2,566,169
Unione Immobiliare Spa ............. 22,500 9,990
----------
TOTAL ITALY (2.4%) ............... 6,037,716
----------
JAPAN
Aiful Corp. ........................ 30,080 3,688,141
Bank of Tokyo-Mitsubishi Ltd. ...... 378,000 5,388,384
Bridgestone Corp. .................. 90,000 2,725,242
Canon, Inc. ........................ 14,000 403,078
Daito Trust Construction Co.
Ltd. ............................. 181,100 2,022,710
Daiwa Securities Group Inc. ........ 580,000 3,838,835
Data Communication System Co. 20 794
Fuji Photo Film Co. ................ 42,000 1,591,462
Honda Motor Co. Ltd. ............... 26,000 1,103,500
Hoya Corp. ......................... 35,000 1,977,745
Japan Tobacco, Inc. ................ 290 3,215,025
Kao Corp. .......................... 135,000 3,797,468
NTT Mobile Communications
Network, Inc. .................... 62 841,235
NTT Mobile Communications
Network, Inc.--NE* ............... 248 3,323,902
Santen Pharmaceutical Co. Ltd. ..... 106,000 2,043,352
Seven-Eleven Japan Co. Ltd. ........ 600 58,873
Sony Corp. ......................... 12,600 1,360,387
Takeda Chemical Industries ......... 62,000 2,877,637
TDK Corp. .......................... 24,000 2,198,064
Tokyo Electron Ltd. ................ 43,000 2,920,741
Yamanouchi Pharmaceutical Co.
Ltd. ............................. 130,000 4,979,730
----------
TOTAL JAPAN (19.7%) .............. 50,356,305
----------
KOREA (0.6%)
Korea Telecom Corp. (ADR)* ......... 34,726 1,389,040
----------
MALAYSIA**
Guinness Anchor BHD ................ 30,000 29,716
Kumpulan Guthrie BHD ............... 26,000 15,526
Lingkaran Trans Kota Holdings
BHD* ............................. 130,000 147,867
Malayan Banking BHD ................ 48,000 129,668
Metacorp BHD ....................... 90,000 68,246
Pernas International Hotels
Holdings BHD ..................... 280,000 104,834
</TABLE>
35
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------
<S> <C> <C>
Resorts World BHD ..................... 20,000 $ 42,417
RJ Reynolds BHD ....................... 60,000 63,128
Sime Darby BHD ........................ 134,000 158,133
Star Publications BHD ................. 25,000 53,317
Talam Corp. BHD ....................... 200,000 81,517
Tanjong PLC ........................... 100,000 223,934
UMW Holdings BHD ...................... 150,000 303,910
----------
TOTAL MALAYSIA (0.6%) ............... 1,422,213
----------
MEXICO
Elamex S.A. de C.V.* .................. 10,000 33,750
Grupo Electra S.A. de C.V. ............ 500,000 297,145
Grupo Industrial Saltillo SA (B
Shares) ............................. 236,000 831,498
Kimberly-Clark de Mexico S.A.
de C.V. ............................. 30,000 612,054
Sanluis Corporacion S.A.
de C.V. ............................. 28,000 65,372
----------
TOTAL MEXICO (0.7%) ................. 1,839,819
----------
NETHERLANDS
Elsevier N.V. ......................... 40,000 464,646
Equant N.V.* .......................... 31,000 2,917,875
Fortis Amev N.V.* ..................... 30,000 927,742
Hagemeyer N.V. ........................ 12,000 392,780
Hunter Douglas N.V. ................... 6,000 206,303
IHC Caland N.V. ....................... 15,000 588,551
ING Groep N.V. ........................ 131,000 7,101,334
Koninklijke Ahold N.V. ................ 110,000 3,793,573
Koninklijke Nedlloyd Groep N.V. 2,250 55,758
Koninklijke Numico N.V.+ .............. 8,000 283,744
United Pan-Europe
Communications N.V.* ................ 65,700 3,568,293
Wolters Kluwer N.V. ................... 168,000 6,695,853
----------
TOTAL NETHERLANDS (10.6%) ........... 26,996,452
----------
NORWAY
Frontline Ltd.--Warrants
(expire 05/11/01)* .................. 57,060 0
Norsk Hydro ASA ....................... 1,100 41,546
Sparebanken NOR ....................... 12,000 224,328
----------
TOTAL NORWAY (0.1%) ................. 265,874
----------
POLAND (0.4%)
Telekomunikacja Polska SA
(GDR)* .............................. 155,000 1,092,750
----------
PORTUGAL
BPI-SGPS SA ........................... 21,400 449,663
Cia de Seguros Imperio SA ............. 134,000 1,033,558
Electricidade de Portugal SA .......... 40,000 721,130
----------
TOTAL PORTUGAL (0.9%) ............... 2,204,351
----------
SINGAPORE
City Developments Ltd. ................ 43,000 275,325
Great Eastern Life Assurance
Co. ................................. 7,000 93,342
Singapore Press Holdings Ltd. ......... 30,000 511,058
United Overseas Bank Ltd. ............. 40,000 279,613
----------
TOTAL SINGAPORE (0.5%) .............. 1,159,338
----------
SPAIN
Aldeasa SA ............................ 32,000 886,833
Banco Bilbao Vizcaya SA ............... 14,643 211,825
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------
<S> <C> <C>
Banco Santander Central
Hispano SA .......................... 13,872 $ 144,667
Hidroelectrica del Cantabrico ......... 10,116 145,816
Repsol SA ............................. 30,000 613,332
Tabacalera SA--A ...................... 161,000 3,258,302
Telefonica SA* ........................ 2,308 111,315
TelePizza SA* ......................... 40,000 207,335
----------
TOTAL SPAIN (2.2%) .................. 5,579,425
----------
SWEDEN
Asticus AB* ........................... 40,000 552,604
Autoliv, Inc.+ ........................ 8,800 269,123
ForeningsSparbanken AB ................ 187,500 2,656,748
Karlshamns AB+ ........................ 33,367 248,214
NetCom Systems AB
(B Shares)*+ ........................ 6,000 202,621
Skandia Forsakrings AB ................ 24,000 450,584
Skandinaviska Enskilda Banken
(Series A) .......................... 84,700 990,117
----------
TOTAL SWEDEN (2.1%) ................. 5,370,011
----------
SWITZERLAND
ABB Ltd.* ............................. 7,300 689,212
Novartis AG ........................... 1,980 2,896,565
Roche Holding AG ...................... 60 617,903
Tag Heuer International SA
(ADR) ............................... 35,000 363,125
UBS AG--Registered .................... 6,700 2,003,480
Zurich Allied AG ...................... 2,560 1,458,426
----------
TOTAL SWITZERLAND (3.1%) ............ 8,028,711
----------
THAILAND
CMIC Finance & Securities
Public Co. Ltd.* .................... 51,000 0
Nation Multimedia Group Public
Co. Ltd. ............................ 130,000 73,133
----------
TOTAL THAILAND (0.0%) ............... 73,133
----------
UNITED KINGDOM
BAA PLC ............................... 13,300 127,979
Bank of Scotland ...................... 339,000 4,491,979
BG PLC ................................ 22,077 134,949
British Airways PLC ................... 38,000 262,403
British Energy PLC .................... 60,000 511,097
British Sky Broadcasting
Group PLC ........................... 8,097 75,167
Cadbury Schweppes PLC ................. 11,922 75,978
Compass Group PLC ..................... 170,000 1,686,779
Dixons Group PLC ...................... 100,000 1,869,292
FKI PLC ............................... 150,000 466,282
Garban PLC ............................ 2,590 12,257
GKN PLC ............................... 4,178 71,377
Great Universal Stores PLC ............ 3,970 44,025
HSBC Holdings PLC ..................... 10,000 354,298
Kingfisher PLC ........................ 8,168 94,058
Land Securities PLC ................... 3,207 43,153
Legal & General Group PLC ............. 29,900 76,173
Lloyds TSB Group PLC .................. 34,379 466,391
Marks & Spencer PLC ................... 17,109 99,049
MEPC PLC .............................. 57,826 470,686
Misys PLC ............................. 250,000 2,141,404
Next PLC .............................. 115,800 1,407,472
Orange PLC* ........................... 224,450 3,292,769
</TABLE>
36
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------
<S> <C> <C>
Peninsular & Oriental Steam
Navigation Co. .................... 3,314 $ 49,794
Randgold Resources Ltd.
(GDR)*+ ........................... 30,300 121,200
Rentokil Initial PLC ................ 140,000 546,590
Royal & Sun Alliance Insurance
Group PLC ......................... 327,273 2,937,517
Royal Bank of Scotland Group
PLC ............................... 306,000 6,236,525
Standard Chartered PLC .............. 240,500 3,930,371
United News & Media PLC ............. 425,000 4,089,568
Vodafone AirTouch PLC ............... 211,100 4,162,526
------------
TOTAL UNITED KINGDOM (15.8%) 40,349,108
------------
TOTAL COMMON STOCKS AND OTHER
INVESTMENTS (82.7%)
(Cost $194,239,333) ............... 211,196,124
------------
PREFERRRED STOCKS:
FINLAND (0.4%)
Nokia Oyj (ADR) ..................... 12,000 1,098,750
------------
TOTAL PREFERRED STOCKS (0.4%)
(Cost $99,210) .................... 1,098,750
------------
PRINCIPAL
AMOUNT
--------
LONG-TERM DEBT SECURITIES:
UNITED STATES (0.1%)
LSI Logic Corp.
4.25% Conv., 03/15/04+ ............ $ 190,000 310,175
------------
TOTAL LONG-TERM DEBT
SECURITIES (0.1%)
(Amortized Cost $259,134) ......... 310,175
------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (13.7%)
Federal Home Loan Bank
4.6%, due 07/01/99 ............. $34,900,000 $ 34,900,000
------------
TOTAL SHORT-TERM DEBT SECURITIES (13.7%)
(Amortized Cost $34,900,000)..... 34,900,000
------------
TOTAL INVESTMENTS (96.9%)
(Cost/Amortized Cost
$229,497,677) .................. 247,505,049
OTHER ASSETS
LESS LIABILITIES (3.1%) ........ 8,047,709
------------
NET ASSETS (100.0%) .............. $255,552,758
============
</TABLE>
<TABLE>
<CAPTION>
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Equity Investments
<S> <C>
Basic Materials ................ 1.0%
Business Services .............. 7.8
Capital Goods .................. 2.3
Consumer Cyclicals ............. 11.5
Consumer Non-Cyclicals ......... 16.9
Credit Sensitive ............... 32.9
Diversified .................... 0.9
Energy ......................... 2.3
Technology ..................... 24.4
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing.
** Fair value securities.
+ 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, 1999, these securities amounted to $1,509,840 or 0.6%
of net assets.
Glossary:
ADR--American Depository Receipt
GDR--Global Depository Receipt
See Notes to Financial Statements.
37
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE AGGRESSIVE STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS AND OTHER
INVESTMENTS:
BUSINESS SERVICES
ENVIRONMENTAL CONTROL (1.2%)
Republic Services, Inc.* ............ 2,190,600 $ 54,217,350
-------------
PRINTING, PUBLISHING &
BROADCASTING (7.2%)
Comcast Corp. (Class A) SPL ......... 3,795,000 145,870,312
Infinity Broadcasting Corp.
(Class A)* ........................ 2,203,100 65,542,225
USA Networks, Inc.* ................. 2,934,600 117,750,825
-------------
329,163,362
-------------
PROFESSIONAL SERVICES (0.6%)
Block (H&R), Inc. ................... 552,000 27,600,000
-------------
TRUCKING, SHIPPING (1.1%)
Teekay Shipping Corp.+ .............. 2,841,100 50,074,388
-------------
TOTAL BUSINESS SERVICES (10.1%) 461,055,100
-------------
CAPITAL GOODS (1.9%)
MACHINERY
United Rentals, Inc.* ............... 2,967,300 87,535,350
-------------
CONSUMER CYCLICALS
AIRLINES (5.7%)
Continental Airlines, Inc.
(Class B)*+ ....................... 4,542,800 170,922,850
Northwest Airlines Corp.* ........... 2,663,500 86,563,750
-------------
257,486,600
-------------
APPAREL, TEXTILE (6.8%)
Jones Apparel Group, Inc.* .......... 1,627,300 55,836,731
Mohawk Industries, Inc.*+ ........... 4,469,500 135,761,063
Tommy Hilfiger Corp.* ............... 811,100 59,615,850
Unifi, Inc.* ........................ 2,859,100 60,755,875
-------------
311,969,519
-------------
AUTO RELATED (4.1%)
AutoNation, Inc.* ................... 6,053,600 107,829,750
Circuit City Stores, Inc.--CarMax
Group+ ............................ 5,227,200 27,769,500
Hertz Corp. (Class A) ............... 845,500 52,421,000
-------------
188,020,250
-------------
FOOD SERVICES, LODGING (1.1%)
MeriStar Hospitality Corp. .......... 2,171,300 48,718,544
-------------
HOUSEHOLD FURNITURE,
APPLIANCES (1.2%)
Industrie Natuzzi Spa (ADR) ......... 2,884,700 56,071,356
-------------
LEISURE RELATED (10.7%)
Harman International Industries,
Inc. .............................. 786,300 34,597,200
Hasbro, Inc. ........................ 2,025,900 56,598,581
Mattel, Inc. ........................ 1,824,700 48,240,506
Premier Parks, Inc.*+ ............... 5,543,200 203,712,600
Royal Caribbean Cruises Ltd. ........ 3,294,000 144,112,500
-------------
487,261,387
-------------
PHOTO & OPTICAL (0.4%)
Bausch & Lomb, Inc. ................. 249,500 19,086,750
-------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------
<S> <C> <C>
RETAIL--GENERAL (12.1%)
Bed Bath & Beyond, Inc.* ............ 1,554,600 $ 59,852,100
Consolidated Stores Corp.* .......... 1,003,700 27,099,900
Family Dollar Stores, Inc. .......... 3,154,900 75,717,600
Limited, Inc. ....................... 473,700 21,494,138
Ross Stores, Inc. ................... 896,800 45,176,300
Tiffany & Co.+ ...................... 1,415,000 136,547,500
TJX Cos., Inc. ...................... 2,003,400 66,738,262
Venator Group, Inc.*+ ............... 11,365,900 118,631,581
-------------
551,257,381
-------------
TOTAL CONSUMER CYCLICALS (42.1%)
1,919,871,787
-------------
CONSUMER NONCYCLICALS
DRUGS (0.5%)
Biogen, Inc.* ....................... 331,800 21,338,888
-------------
HOSPITAL SUPPLIES & SERVICES (8.3%)
Columbia/HCA Healthcare Corp. 5,285,700 120,580,031
Health Management Associates,
Inc. (Class A)* ................... 5,279,700 59,396,625
HEALTHSOUTH Corp.* .................. 9,556,200 142,745,737
St. Jude Medical, Inc.* ............. 1,074,700 38,286,188
VISX, Inc.* ......................... 238,500 18,886,219
-------------
379,894,800
-------------
RETAIL--FOOD (0.7%)
Whole Foods Market, Inc.* ........... 673,600 32,374,900
-------------
TOTAL CONSUMER NONCYCLICALS (9.5%) 433,608,588
-------------
CREDIT SENSITIVE
BANKS (1.3%)
GreenPoint Financial Corp. ......... 1,760,000 57,750,000
-------------
FINANCIAL SERVICES (3.3%)
A.G. Edwards, Inc. .................. 1,317,400 42,486,150
Capital One Financial Corp. ......... 1,012,200 56,366,888
Paine Webber Group, Inc. ............ 1,122,000 52,453,500
-------------
151,306,538
-------------
INSURANCE (5.7%)
Ace Ltd. ............................ 886,800 25,052,100
AFLAC, Inc. ......................... 971,000 46,486,625
CNA Financial Corp.* ................ 4,744,100 191,246,531
-------------
262,785,256
-------------
REAL ESTATE (4.6%)
Boston Properties, Inc. ............. 1,397,400 50,131,725
Crescent Real Estate Equities Co. . 1,728,000 41,040,000
Equity Office Properties Trust ...... 1,604,600 41,117,875
Vornado Realty Trust ................ 2,164,900 76,448,031
-------------
208,737,631
-------------
TOTAL CREDIT SENSITIVE (14.9%)..... 680,579,425
-------------
TECHNOLOGY
ELECTRONICS (3.5%)
Broadcom Corp. (Class A)* ........... 191,000 27,611,438
Citrix Systems, Inc.* ............... 481,700 27,216,050
Nextlink Communications, Inc.
(Class A)* ........................ 286,700 21,323,313
Sanmina Corp.* ...................... 1,084,400 82,278,850
-------------
158,429,651
-------------
</TABLE>
38
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE AGGRESSIVE STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------
<S> <C> <C>
OFFICE EQUIPMENT SERVICES (3.4%)
American Tower Corp.
(Class A)* ....................... 1,433,000 $ 34,392,000
Comverse Technology, Inc.* ......... 1,070,700 80,837,850
McKesson HBOC, Inc. ................ 1,260,000 40,477,500
--------------
155,707,350
--------------
TELECOMMUNICATIONS (11.1%)
Amdocs Ltd.* ....................... 1,220,300 27,761,825
American Satellite Network--
Warrants (expire 07/01/99)* ...... 49,450 0
Crown Castle International
Corp.* ........................... 1,421,100 29,576,644
Global TeleSystems Group, Inc.*..... 1,857,200 150,433,200
McLeodUSA, Inc. (Class A)* ......... 520,800 28,644,000
Millicom International Cellular
SA*+ ............................. 2,492,300 78,507,450
Nextel Communications, Inc.
(Class A)* ....................... 2,479,100 124,419,831
NTL, Inc.* ......................... 517,100 44,567,556
RCN Corp.* ......................... 599,600 24,958,350
--------------
508,868,856
--------------
TOTAL TECHNOLOGY (18.0%) ......... 823,005,857
--------------
TOTAL COMMON STOCKS AND OTHER
INVESTMENTS (96.5%)
(Cost $3,746,272,286) ............ 4,405,656,107
--------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------
<S> <C> <C>
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (1.1%)
BellSouth Corp.
5.09%, due 07/29/99 ............. $ 50,000,000 $ 49,802,833
--------------
TIME DEPOSITS (2.2%)
Societe Generale
5.87%, due 07/01/99 ............. 102,100,000 102,100,000
--------------
TOTAL SHORT-TERM DEBT SECURITIES (3.3%)
(Amortized Cost $151,902,833)..... 151,902,833
--------------
TOTAL INVESTMENTS (99.8%)
(Cost/Amortized Cost $3,898,175,119) 4,557,558,940
OTHER ASSETS
LESS LIABILITIES (0.2%) ......... 7,254,908
--------------
NET ASSETS (100.0%) ............... $4,564,813,848
==============
</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.
39
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS:
BASIC INDUSTRY
CHEMICALS (0.7%)
MacDermid, Inc. ........................... 44,700 $2,078,550
----------
MINING & METALS (0.8%)
Gibraltar Steel Corp. ..................... 98,200 2,430,450
----------
TOTAL BASIC INDUSTRY (1.5%) ............. 4,509,000
----------
CAPITAL GOODS
ENGINEERING & CONSTRUCTION (1.0%)
Granite Construction, Inc. ................ 101,200 2,966,425
----------
MACHINERY (1.7%)
National Equipment Services,
Inc.* ................................... 139,900 1,678,800
Terex Corp.* .............................. 110,400 3,360,300
----------
5,039,100
----------
MISCELLANEOUS (5.9%)
L-3 Communications Holdings,
Inc.* ................................... 83,500 4,034,094
Mohawk Industries, Inc.* .................. 114,500 3,477,937
SLI, Inc.* ................................ 110,800 2,991,600
Spartech Corp. ............................ 108,600 3,434,475
WESCO International, Inc.* ................ 177,800 3,644,900
----------
17,583,006
----------
POLLUTION CONTROL (4.0%)
Casella Waste Systems, Inc.
(Class A)* .............................. 173,900 4,521,400
Tetra Tech, Inc.* ......................... 199,500 3,291,750
Waste Connections, Inc.* .................. 135,500 4,132,750
----------
11,945,900
----------
TOTAL CAPITAL GOODS (12.6%) ............. 37,534,431
----------
CONSUMER MANUFACTURING
AUTO & RELATED (1.9%)
O'Reilly Automotive, Inc.* ................ 26,900 1,355,088
Tower Automotive, Inc.* ................... 167,000 4,248,062
----------
TOTAL CONSUMER MANUFACTURING (1.9%) 5,603,150
----------
CONSUMER SERVICES
ADVERTISING (1.1%)
Lamar Advertising Co.* .................... 83,300 3,410,094
----------
AIRLINES (1.2%)
Expeditors International of
Washington, Inc. ........................ 131,300 3,577,925
----------
APPAREL (1.4%)
Children's Place Retail Stores,
Inc.* ................................... 10,500 425,250
Men's Wearhouse, Inc.* .................... 143,200 3,651,600
Stage Stores, Inc.--Rights
(expire 11/10/08)* ...................... 195,700 0
----------
4,076,850
----------
BROADCASTING & CABLE (1.6%)
Cox Radio, Inc. (Class A)* ................ 59,400 3,222,450
Metro Networks, Inc.* ..................... 31,400 1,675,975
----------
4,898,425
----------
ENTERTAINMENT & LEISURE (3.6%)
Bally Total Fitness Holding
Corp.* .................................. 130,100 3,691,587
Championship Auto Racing
Teams, Inc.* ............................ 68,800 2,059,700
Premier Parks, Inc.* ...................... 75,900 2,789,325
Preview Travel, Inc.--Rights
(expire 10/28/08)* ...................... 99,400 0
Station Casinos, Inc.* .................... 98,500 2,006,938
----------
10,547,550
----------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
MISCELLANEOUS (14.9%)
Beyond.com Corp.* ......................... 27,700 $ 794,644
Career Education Corp.* ................... 83,100 2,809,818
CDW Computer Centers, Inc.* ............... 95,200 4,188,800
Consolidated Graphics, Inc.* .............. 74,900 3,745,000
Corinthian Colleges, Inc.* ................ 73,800 1,392,975
Cornell Corrections, Inc.* ................ 123,600 2,031,675
Corporate Executive Board Co.*............. 86,400 3,072,600
Dycom Industries, Inc.* ................... 73,200 4,099,200
Insight Enterprises, Inc.* ................ 216,700 5,363,325
Iron Mountain, Inc.* ...................... 163,600 4,683,050
Lason, Inc.* .............................. 139,200 6,907,800
pcOrder.com, Inc.* ........................ 12,800 532,000
Pierce Leahy Corp.* ....................... 56,100 1,384,969
Regis Corp. ............................... 124,800 2,394,600
VerticalNet, Inc.* ........................ 8,000 839,000
----------
44,239,456
----------
RETAIL--GENERAL MERCHANDISE (5.9%)
AnnTaylor Stores Corp.* ................... 72,300 3,253,500
BJ's Wholesale Club, Inc.* ................ 125,400 3,769,837
Claire's Stores, Inc. ..................... 61,000 1,563,125
THQ, Inc.* ................................ 60,950 1,752,313
Tuesday Morning Corp.* .................... 132,400 3,376,200
99 Cents Only Stores* ..................... 75,700 3,780,269
----------
17,495,244
----------
TOTAL CONSUMER SERVICES (29.7%)
88,245,544
----------
ENERGY
MISCELLANEOUS (3.3%)
Basin Exploration, Inc.* .................. 77,000 1,544,813
Houston Exploration Co.* .................. 113,400 2,147,513
Newfield Exploration Co.* ................. 122,200 3,475,062
Stone Energy Corp.* ....................... 60,700 2,572,162
----------
9,739,550
----------
OIL SERVICE (1.3%)
BJ Services Co.* .......................... 51,700 1,521,918
Core Laboratories N.V.* ................... 83,700 1,166,569
Dril-Quip, Inc.* .......................... 55,300 1,268,444
----------
3,956,931
----------
PIPELINES (0.5%)
Cal Dive International, Inc.* ............. 51,800 1,547,525
----------
TOTAL ENERGY (5.1%) ...................... 15,244,006
----------
FINANCE
BANKING--MONEY CENTER (1.1%)
U.S. Trust Corp. .......................... 34,800 3,219,000
----------
BROKERAGE & MONEY MANAGEMENT (1.3%)
Affiliated Managers Group, Inc.*........... 68,400 2,064,825
Conning Corp. ............................. 84,100 1,366,625
Multex.com, Inc.* ......................... 17,100 446,737
----------
3,878,187
----------
INSURANCE (2.4%)
Annuity and Life Re (Holdings)
Ltd. .................................... 106,900 2,398,569
Reinsurance Group of America,
Inc. .................................... 137,300 4,599,550
----------
6,998,119
----------
REAL ESTATE (2.4%)
Correctional Properties Trust ............. 85,700 1,349,775
Glenborough Realty Trust, Inc. ............ 74,300 1,300,250
Macerich Co. .............................. 70,400 1,848,000
MeriStar Hospitality Corp. ................ 121,853 2,734,077
----------
7,232,102
----------
TOTAL FINANCE (7.2%) .................... 21,327,408
----------
</TABLE>
40
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE SMALL CAP GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------
<S> <C> <C>
HEALTHCARE
BIOTECHNOLOGY (1.3%)
Anesta Corp.* ......................... 79,300 $ 1,620,694
GelTex Pharmaceuticals, Inc.* ......... 81,500 1,467,000
Trimeris, Inc.* ....................... 56,400 817,800
------------
3,905,494
------------
DRUGS (4.1%)
ChiRex, Inc.* ......................... 44,400 1,426,350
Jones Pharma, Inc. .................... 136,300 5,366,812
Medicis Pharmaceutical Corp.
(Class A)* .......................... 176,450 4,477,419
United Therapeutics Corp.* ............ 65,800 781,375
------------
12,051,956
------------
MEDICAL PRODUCTS (1.9%)
AmeriSource Health Corp.
(Class A)* .......................... 51,200 1,305,600
InfoCure Corp.* ....................... 53,700 2,842,744
Novoste Corp.* ........................ 68,900 1,446,900
------------
5,595,244
------------
MEDICAL SERVICES (5.3%)
CareMatrix Corp.* ..................... 134,600 1,674,088
First Consulting Group, Inc.* ......... 175,700 1,866,812
Hooper Holmes, Inc. ................... 88,500 1,803,187
Medical Manager Corp.* ................ 34,500 1,526,625
MedQuist, Inc.* ....................... 27,800 1,216,250
Pharmaceutical Product
Development, Inc.* .................. 62,800 1,719,150
Priority Healthcare Corp.
(Class B)* .......................... 64,850 2,237,325
Res-Care, Inc.* ....................... 163,100 3,710,525
------------
15,753,962
------------
TOTAL HEALTHCARE (12.6%) ............ 37,306,656
------------
TECHNOLOGY
COMMUNICATION EQUIPMENT (0.5%)
Inet Technologies, Inc.* .............. 59,700 1,432,800
True North Communications--
Rights (expire 11/30/08)* ........... 125,100 0
------------
1,432,800
------------
COMPUTER PERIPHERIALS (0.8%)
Advanced Energy Industries,
Inc.* ............................... 41,300 1,675,231
SoftNet Systems, Inc.* ................ 19,800 551,925
------------
2,227,156
------------
COMPUTER SERVICES (1.5%)
IMRglobal Corp.* ...................... 53,700 1,033,725
Sykes Enterprises, Inc.* .............. 86,500 2,886,937
Visual Networks, Inc.* ................ 19,000 608,000
------------
4,528,662
------------
COMPUTER SOFTWARE (9.6%)
About.com, Inc.* ...................... 13,600 705,500
Advent Software, Inc.* ................ 28,900 1,936,300
Allaire Corp.* ........................ 35,500 2,422,875
BindView Development Corp.* ........... 93,600 2,223,000
Intraware, Inc.* ...................... 24,800 595,200
Macromedia, Inc.* ..................... 99,800 3,517,950
Marimba, Inc.* ........................ 17,100 900,956
Mercury Interactive Corp.* ............ 37,800 1,337,175
Micromuse, Inc.* ...................... 101,050 5,039,869
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------
<S> <C> <C>
New Era of Networks, Inc.* ............ 59,300 $ 2,605,494
Online Resources &
Communications Corp.* ............... 33,300 451,631
Peregrine Systems, Inc.* .............. 110,200 2,830,763
Ramp Networks, Inc.* .................. 30,600 437,963
USinternetworking, Inc.* .............. 21,600 907,200
Verity, Inc.* ......................... 36,300 1,967,006
Vignette Corp. ........................ 10,200 765,000
------------
28,643,882
------------
MISCELLANEOUS (1.3%)
Flextronics International Ltd.* ....... 60,600 3,363,300
iVillage, Inc.* ....................... 8,600 432,150
------------
3,795,450
------------
NETWORKING SOFTWARE (0.3%)
Concentric Network Corp.* ............. 20,600 818,850
------------
SEMICONDUCTOR CAPITAL EQUIPMENT (0.5%)
MKS Instruments, Inc.* ................ 81,800 1,523,525
------------
SEMICONDUCTOR COMPONENTS (6.7%)
Alpha Industries, Inc.* ............... 5,900 280,988
Applied Micro Circuits Corp.* ......... 33,900 2,788,275
ATMI, Inc.* ........................... 57,700 1,716,575
DuPont Photomasks, Inc.* .............. 50,500 2,417,688
Emulex Corp.* ......................... 12,300 1,367,606
Micrel, Inc.* ......................... 26,400 1,953,600
MIPS Technologies, Inc.
(Class A)* .......................... 75,000 3,595,312
Photronics, Inc.* ..................... 72,200 1,768,900
Software.com, Inc.* ................... 18,500 428,969
TranSwitch Corp.* ..................... 75,700 3,586,287
------------
19,904,200
------------
TOTAL TECHNOLOGY (21.2%) ............ 62,874,525
------------
UTILITIES
ELECTRIC & GAS UTILITY (2.1%)
Calpine Corp.* ........................ 55,700 3,007,800
Metzler Group, Inc.* .................. 113,700 3,140,963
------------
6,148,763
------------
TELEPHONE UTILITY (0.8%)
WinStar Communications, Inc.* ......... 49,100 2,393,625
------------
TOTAL UTILITIES (2.9%) ............... 8,542,388
------------
TOTAL COMMON STOCKS (94.7%)
(Cost $254,695,131).................. 281,187,108
------------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT SECURITIES:
TIME DEPOSIT (10.0%)
Chase Nassau
4.62%, due 07/01/99 ................. $29,617,974 29,617,974
------------
TOTAL SHORT-TERM DEBT
SECURITIES (10.0%)
(Amortized Cost $29,617,974)......... 29,617,974
------------
TOTAL INVESTMENTS (104.7%)
(Cost/Amortized Cost
$284,313,105)..................... 310,805,082
OTHER ASSETS
LESS LIABILITIES (-4.7%) ............ (13,880,094)
------------
NET ASSETS (100.0%) ................... $296,924,988
=============
</TABLE>
- ----------
* Non-income producing.
See Notes to Financial Statements.
41
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS AND
OTHER INVESTMENTS:
BASIC MATERIALS
CHEMICALS (0.1%)
Akzo Nobel N.V. ............................. 2,500 $ 105,320
Georgia Gulf Corp. .......................... 22,000 371,250
----------
476,570
----------
CHEMICALS--SPECIALTY (0.1%)
Lyondell Chemical Co. ....................... 15,000 309,375
----------
PAPER (0.0%)
UPM-Kymmene Oyj ............................. 5,620 161,321
----------
STEEL (0.0%)
Pohang Iron & Steel Co. Ltd.
(ADR) ..................................... 2,000 67,250
----------
TOTAL BASIC MATERIALS (0.2%) .............. 1,014,516
----------
BUSINESS SERVICES
PRINTING, PUBLISHING &
BROADCASTING (2.2%)
AT&T Corp.--Liberty Media
Group--A* ................................. 58,760 2,159,430
CBS Corp.* .................................. 8,800 382,250
Chancellor Media Corp.* ..................... 17,800 981,225
Clear Channel Communications,
Inc.* ..................................... 12,700 875,506
Comcast Corp. (Class A) SPL ................. 10,000 384,375
Gannett Co., Inc. ........................... 13,000 927,875
MediaOne Group, Inc.* ....................... 9,600 714,000
Seat Pagine Gialle Spa ...................... 196,000 268,152
Television Broadcasts Ltd. .................. 31,000 145,444
Time Warner, Inc. ........................... 28,570 2,099,895
United News & Media PLC ..................... 30,000 288,675
USA Networks, Inc.* ......................... 5,900 236,738
Wolters Kluwer N.V. ......................... 4,400 175,368
----------
9,638,933
----------
PROFESSIONAL SERVICES (0.3%)
Cap Gemini SA ............................... 2,400 377,664
Nielsen Media Research, Inc.* ............... 25,000 731,250
----------
1,108,914
----------
TRUCKING, SHIPPING (0.0%)
Frontline Ltd.--Warrants (expire
05/11/01)* ................................ 3,804 0
Knightsbridge Tankers Ltd. .................. 6,800 119,000
OMI Corp.* .................................. 53,100 109,519
----------
228,519
----------
TOTAL BUSINESS SERVICES (2.5%) 10,976,366
----------
CAPITAL GOODS
AEROSPACE (0.1%)
British Aerospace PLC ....................... 10,000 64,952
Loral Space & Communications*................ 7,000 126,000
----------
190,952
----------
BUILDING & CONSTRUCTION (0.3%)
ABB AG ...................................... 40 59,290
ABB Ltd.* ................................... 1,800 169,943
American Standard Companies,
Inc.* ..................................... 18,500 888,000
New World Infrastructure Ltd. ............... 113,400 213,402
----------
1,330,635
----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
BUILDING MATERIALS & FOREST
PRODUCTS (0.3%)
Lafarge SA .................................. 800 $ 76,161
Louisiana-Pacific Corp. ..................... 10,000 237,500
Martin Marietta Materials, Inc. ............. 19,700 1,162,300
----------
1,475,961
----------
ELECTRICAL EQUIPMENT (0.8%)
General Electric Co. ........................ 28,400 3,209,200
Johnson Electric Holdings Ltd. .............. 52,000 214,480
Schneider SA ................................ 4,000 224,888
----------
3,648,568
----------
MACHINERY (0.7%)
AlliedSignal, Inc. .......................... 13,900 875,700
FKI PLC ..................................... 10,000 31,085
United Technologies Corp. ................... 30,200 2,164,963
----------
3,071,748
----------
TOTAL CAPITAL GOODS (2.2%) ................ 9,717,864
----------
CONSUMER CYCLICALS
AIRLINES (0.3%)
Alaska Air Group, Inc.* ..................... 5,000 208,750
British Airways PLC ......................... 42,500 293,477
Continental Airlines, Inc.
(Class B)* ................................ 20,000 752,500
Northwest Airlines Corp.* ................... 6,000 195,000
----------
1,449,727
----------
APPAREL, TEXTILE (0.0%)
Unifi, Inc.* ................................ 500 10,625
----------
AUTO RELATED (0.1%)
Autoliv, Inc. ............................... 5,600 171,260
AutoNation, Inc.* ........................... 10,000 178,125
DaimlerChrysler AG .......................... 2,900 253,624
----------
603,009
----------
AUTOS & TRUCKS (0.0%)
Honda Motor Co. Ltd. ........................ 3,000 127,327
----------
FOOD SERVICES, LODGING (0.4%)
Compass Group PLC ........................... 10,000 99,223
Starbucks Corp.* ............................ 32,100 1,205,756
U.S. Foodservice* ........................... 8,000 341,000
----------
1,645,979
----------
HOUSEHOLD FURNITURE, APPLIANCES (0.4%)
Newell Rubbermaid, Inc. ..................... 33,637 1,564,120
----------
LEISURE RELATED (1.2%)
Berjaya Sports Toto BHD(a) .................. 16,000 33,365
Carnival Corp. (Class A) .................... 32,800 1,590,800
Cyrk, Inc.* ................................. 10,600 64,262
Harley-Davidson, Inc. ....................... 24,400 1,326,750
Hasbro, Inc. ................................ 3,000 83,812
MGM Grand, Inc.* ............................ 17,000 833,000
Royal Caribbean Cruises Ltd. ................ 13,980 611,625
Sankyo Co. Ltd. ............................. 8,000 383,222
TABCORP Holdings Ltd. ....................... 15,900 106,732
----------
5,033,568
----------
PHOTO & OPTICAL (0.1%)
Fuji Photo Film Co. ......................... 6,000 227,352
----------
</TABLE>
42
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------------------------------------------------
<S> <C> <C>
RETAIL--GENERAL (2.0%)
Bed Bath & Beyond, Inc.* ........... 4,000 $ 154,000
Circuit City Stores-Circuit City
Group ............................ 15,924 1,480,932
Dixons Group PLC ................... 12,300 229,923
Genesis Direct, Inc.* .............. 9,000 16,875
Home Depot, Inc. ................... 19,459 1,253,889
Kingfisher PLC ..................... 11,000 126,670
Kohl's Corp.* ...................... 17,800 1,373,938
Koninklijke Ahold N.V. ............. 8,800 303,486
Limited, Inc. ...................... 41,000 1,860,375
Next PLC ........................... 24,200 294,135
Wal-Mart Stores, Inc. .............. 34,229 1,651,549
----------
8,745,772
----------
TOTAL CONSUMER CYCLICALS (4.5%) 19,407,479
----------
CONSUMER NONCYCLICALS
BEVERAGES (0.4%)
Coca-Cola Enterprises, Inc. ........ 50,000 1,487,500
Diageo PLC ......................... 18,000 188,112
----------
1,675,612
----------
CONTAINERS (0.3%)
Sealed Air Corp.* .................. 19,400 1,258,575
----------
DRUGS (2.0%)
AstraZeneca Group PLC .............. 3,683 142,566
Biogen, Inc.* ...................... 8,900 572,381
Bristol-Myers Squibb Co. ........... 39,500 2,782,281
Dura Pharmaceuticals, Inc.* ........ 20,000 238,750
Human Genome Sciences, Inc.* ....... 10,500 414,750
Millennium Pharmaceuticals,
Inc.* ............................ 12,300 442,800
Novartis AG ........................ 80 117,033
Sanofi-Synthelabo SA* .............. 6,400 271,931
Santen Pharmaceutical Co. Ltd. ..... 5,000 96,385
Schering-Plough Corp. .............. 50,000 2,650,000
Takeda Chemical Industries ......... 10,000 464,135
Yamanouchi Pharmaceutical Co.
Ltd. ............................. 9,000 344,751
----------
8,537,763
----------
FOODS (0.2%)
Ajinomoto Co., Inc. ................ 14,000 159,841
Nestle SA .......................... 82 148,020
Ng Fung Hong Ltd. .................. 134,000 111,403
Tyson Foods, Inc. (Class A) ........ 17,240 387,900
----------
807,164
----------
HOSPITAL SUPPLIES & SERVICES (0.7%)
Health Management Associates,
Inc. (Class A)* .................. 16,000 180,000
HEALTHSOUTH Corp.* ................. 3,000 44,813
Medtronic, Inc. .................... 25,000 1,946,875
Sun International Hotels Ltd.* ..... 7,400 331,150
Tenet Healthcare Corp.* ............ 26,100 484,481
----------
2,987,319
----------
RETAIL--FOOD (0.8%)
Familymart Co. ..................... 5,000 229,585
Food Lion, Inc. (Class A) .......... 34,900 414,437
Kroger Co.* ........................ 65,575 1,832,002
Safeway, Inc.* ..................... 18,420 911,790
----------
3,387,814
----------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------------------------------------------------
<S> <C> <C>
SOAPS & TOILETRIES (0.2%)
Gillette Co. ....................... 7,610 $ 312,010
Kao Corp. .......................... 14,000 393,812
Shiseido Co. Ltd. .................. 21,000 315,165
----------
1,020,987
----------
TOBACCO (0.6%)
Loews Corp. ........................ 2,000 158,250
Philip Morris Cos., Inc. ........... 41,700 1,675,819
Seita .............................. 3,750 216,834
Tabacalera SA--A ................... 30,600 619,280
----------
2,670,183
----------
TOTAL CONSUMER NONCYCLICALS (5.2%) 22,345,417
----------
CREDIT SENSITIVE
BANKS (2.5%)
Bangkok Bank Public Co. Ltd.*....... 2,000 7,483
Bank of America Corp. .............. 36,976 2,710,803
Bank of Ireland .................... 10,000 168,305
Bank of Scotland ................... 28,000 371,019
Bank of Tokyo-Mitsubishi Ltd. ...... 35,000 498,924
Bank One Corp. ..................... 30,000 1,786,875
Banque Nationale de Paris .......... 3,000 250,289
Barclays PLC ....................... 2,000 58,240
Citigroup, Inc. .................... 75,300 3,576,750
Commonwealth Bank of
Australia ........................ 6,300 99,909
Development Bank of Singapore
Ltd. ............................. 15,000 183,276
Fuji Bank Ltd. ..................... 29,000 202,499
National Australia Bank Ltd. ....... 3,500 57,697
PT Bank Dagang Nasional
Indonesia Tbk* ................... 136,000 0
Societe Generale (Class A) ......... 1,700 299,986
Standard Chartered PLC ............. 28,520 466,088
Thai Farmers Bank Public Co.--
Warrants (expire 09/15/02)* ...... 375 88
UBS AG--Registered ................. 440 131,572
Unicredito Italiano Spa ............ 42,600 187,382
----------
11,057,185
----------
FINANCIAL SERVICES (2.4%)
A.G. Edwards, Inc. ................. 7,000 225,750
Associates First Capital Corp.
(Class A) ........................ 51,700 2,290,959
Credit Saison Co. .................. 5,200 108,844
Daiwa Securities Group, Inc. ....... 47,000 311,078
Legg Mason, Inc. ................... 6,000 231,000
MBIA, Inc. ......................... 11,500 744,625
MBNA Corp. ......................... 105,900 3,243,187
Merrill Lynch & Co., Inc. .......... 8,100 647,494
Morgan Stanley Dean Witter &
Co. .............................. 13,800 1,414,500
Peregrine Investment Holdings
Ltd.* ............................ 52,000 0
Radian Group, Inc. ................. 20,700 1,010,419
Worms Et Compagnie* ................ 200 9,481
----------
10,237,337
----------
</TABLE>
43
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------
<S> <C> <C>
INSURANCE (0.8%)
Ace Ltd. ............................ 1,000 $ 28,250
American International Group,
Inc. .............................. 11,000 1,287,687
Everest Reinsurance Holdings,
Inc. .............................. 16,500 538,313
Gallagher (Arthur J.) & Co. ......... 7,500 371,250
ING Groep N.V. ...................... 6,800 368,626
UnumProvident Corp. ................. 7,400 405,150
Zurich Allied AG .................... 490 279,152
----------
3,278,428
----------
REAL ESTATE (0.1%)
Boston Properties, Inc. ............. 5,000 179,375
Cheung Kong Holdings Ltd. ........... 4,000 35,575
New World Development Co. ........... 69,000 206,778
Sun Hung Kai Properties Ltd. ........ 16,000 145,908
----------
567,636
----------
UTILITY--ELECTRIC (0.3%)
AES Corp.* .......................... 16,800 976,500
Huaneng Power International,
Inc. .............................. 408,000 170,914
----------
1,147,414
----------
UTILITY--TELEPHONE (0.4%)
AT&T Corp. .......................... 7 364
British Telecommunications PLC....... 10,000 167,684
Sprint Corp. (FON Group) ............ 14,800 781,625
Telecom Italia Spa .................. 13,100 71,149
Telefonica SA* ...................... 4,162 200,715
Telekomunikacja Polska S.A.
(GDR)* ............................ 15,500 109,275
Viatel, Inc.* ....................... 10,000 561,250
----------
1,892,062
----------
TOTAL CREDIT SENSITIVE (6.5%) ..... 28,180,062
----------
ENERGY
OIL--DOMESTIC (0.5%)
Kerr-McGee Corp. .................... 31,900 1,600,981
Louis Dreyfus Natural Gas
Corp.* ............................ 22,000 474,375
Tom Brown, Inc.* .................... 17,500 272,344
----------
2,347,700
----------
OIL--INTERNATIONAL (0.6%)
BP Amoco PLC ........................ 11,100 199,087
Elf Aquitaine SA .................... 1,090 160,155
Orogen Minerals Ltd. ................ 5,160 5,580
Repsol SA ........................... 4,230 86,480
Total Fina SA - B ................... 2,881 372,143
Total Fina SA (ADR) ................. 27,500 1,772,031
----------
2,595,476
----------
OIL--SUPPLIES & CONSTRUCTION (0.2%)
Noble Drilling Corp.* ............... 34,500 679,219
Woodside Petroleum Ltd. ............. 15,400 103,883
----------
783,102
----------
TOTAL ENERGY (1.3%) ............... 5,726,278
----------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------
<S> <C> <C>
TECHNOLOGY
ELECTRONICS (3.0%)
ABB AB (B Shares) ................... 9,500 $ 126,196
Cisco Systems, Inc.* ................ 58,600 3,779,700
Hoya Corp. .......................... 3,000 169,521
Infosys Technologies Ltd.
(ADR) ............................. 5,100 295,800
Intel Corp. ......................... 42,600 2,534,700
Micron Technology, Inc.* ............ 5,000 201,563
Rohm Co. Ltd. ....................... 1,000 156,780
Sanmina Corp.* ...................... 11,500 872,562
Seagate Technology, Inc.* ........... 27,200 697,000
Solectron Corp.* .................... 48,600 3,241,012
Sterling Commerce, Inc.* ............ 12,500 456,250
TDK Corp. ........................... 3,000 274,758
Tokyo Electron Ltd. ................. 4,000 271,697
----------
13,077,539
----------
OFFICE EQUIPMENT (1.0%)
Canon, Inc. ......................... 6,000 172,747
Dell Computer Corp.* ................ 71,000 2,627,000
International Business Machines
Corp. ............................. 13,000 1,680,250
----------
4,479,997
----------
OFFICE EQUIPMENT SERVICES (1.7%)
Electronic Data Systems Corp. ....... 17,000 961,563
First Data Corp. .................... 45,900 2,246,231
Fiserv, Inc.* ....................... 14,950 468,122
Fuji Soft ABC, Inc. ................. 240 14,296
McKesson HBOC, Inc. ................. 17,113 549,755
Microsoft Corp.* .................... 30,400 2,741,700
Misys PLC ........................... 14,000 119,919
----------
7,101,586
----------
TELECOMMUNICATIONS (3.3%)
Cable & Wireless PLC (ADR) .......... 10,000 396,250
China Telecom (Hong Kong)
Ltd. .............................. 84,000 233,324
Clearnet Communications, Inc.
(Class A)* ........................ 29,000 404,188
Equant N.V.* ........................ 3,880 365,205
Global TeleSystems Group, Inc.*...... 26,842 2,174,202
Korea Telecom Corp. (ADR)* .......... 7,737 309,480
Lucent Technologies, Inc. ........... 27,290 1,840,369
Mannesmann AG ....................... 2,890 432,688
MCI WorldCom, Inc.* ................. 24,700 2,130,375
Millicom International Cellular
SA* ............................... 1,800 56,700
Nextel Communications, Inc.
(Class A)* ........................ 20,000 1,003,750
Nokia Oyj ........................... 12,600 1,105,857
NTL, Inc.* .......................... 15,300 1,318,669
NTT Mobile Communications
Network, Inc. ..................... 30 407,049
Orange PLC* ......................... 43,150 633,027
RCN Corp.* .......................... 5,000 208,125
SK Telecom Co. Ltd. (ADR) ........... 16,473 280,040
SmarTone Telecommunications
Holdings Ltd. ..................... 38,000 135,184
Telstra Corp. Ltd. .................. 23,300 133,006
United Pan-Europe
Communications N.V.* .............. 7,770 422,004
</TABLE>
44
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------
<S> <C> <C>
Vodafone AirTouch PLC .............. 14,600 $ 287,887
-----------
14,277,379
-----------
TOTAL TECHNOLOGY (9.0%) .......... 38,936,501
-----------
DIVERSIFIED
MISCELLANEOUS (0.6%)
Suez Lyonnaise des Eaux ............ 400 72,237
Tyco International Ltd. ............ 25,400 2,406,650
-----------
TOTAL DIVERSIFIED (0.6%) ......... 2,478,887
-----------
TOTAL COMMON STOCKS AND OTHER
INVESTMENTS (32.0%)
(Cost $103,991,594)............... 138,783,370
-----------
PREFERRED STOCKS:
BUSINESS SERVICES (0.0%)
PRINTING, PUBLISHING &
BROADCASTING
ProSieben Media AG ................. 1,600 73,848
-----------
CONSUMER CYCLICALS (0.0%)
RETAIL--GENERAL
Hornbach Holding AG ................ 920 39,422
-----------
TOTAL PREFERRED STOCKS (0.0%)
(Cost $148,800) .................. 113,270
-----------
PRINCIPAL
AMOUNT
------
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES (1.4%)
PRINTING, PUBLISHING &
BROADCASTING
Time Warner Entertainment Co.
8.375%, 03/15/23 ................. $5,625,000 6,092,831
-----------
CONSUMER CYCLICALS
AUTO RELATED (1.2%)
Enterprise Rent-A-Car USA
Finance Co.
6.8%, 02/15/08+ .................. 5,500,000 5,195,300
-----------
AUTOS & TRUCKS (1.3%)
Ford Motor Co.
6.375%, 02/01/29 ................. 6,400,000 5,560,595
-----------
TOTAL CONSUMER CYCLICALS (2.5%) 10,755,895
-----------
CREDIT SENSITIVE
ASSET BACKED (2.0%)
Capital Auto Receivables Asset
Trust
Series 1999-1, Class A2
5.58%, 06/15/02 ................... 5,500,000 5,450,170
Carco Auto Loan Master Trust
Series 1998-1, Class A2
4.9825%, 06/15/05 ................. 3,280,000 3,262,058
-----------
8,712,228
-----------
BANKS (1.1%)
First Union Corp.
6.55%, 10/15/35 .................. 3,110,000 3,080,175
St. George Bank Ltd.
7.15%, 10/15/05+ ................. 2,000,000 1,971,420
-----------
5,051,595
-----------
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES (2.5%)
Household Finance Corp.
6.5%, 11/15/08 ................ $6,125,000 $ 5,813,409
Morgan Stanley Dean Witter &
Co.
5.625%, 01/20/04 .............. 5,100,000 4,915,584
-----------
10,728,993
-----------
MORTGAGE RELATED (21.6%)
Federal National Mortgage
Association:
6.0%, 11/01/10 ................ 10,767,966 10,400,219
7.0%, 04/01/12 ................ 5,024,688 5,046,897
7.0%, 05/01/26 ................ 1,441,991 1,425,321
7.0%, 09/01/27 ................ 1,702,567 1,682,868
6.5%, 03/01/28 ................ 1,826,808 1,766,947
7.0%, 05/01/28 ................ 2,144,685 2,123,047
6.5%, 09/01/28 ................ 2,138,193 2,068,129
6.5%, 10/01/28 ................ 1,938,774 1,875,245
8.0%, 11/01/28 ................ 2,004,953 2,059,448
8.0%, 12/01/28 ................ 3,260,289 3,345,725
6.0%, 01/01/29 ................ 4,102,256 3,860,883
6.0%, 03/01/29 ................ 5,321,452 5,008,343
7.5%, 03/01/29 ................ 4,542,683 4,594,193
7.5%, 04/01/29 ................ 3,727,577 3,769,844
6.5%, 06/01/29 ................ 7,000,000 6,770,624
7.0%, 06/01/29 ................ 6,800,000 6,728,036
8.0%, 06/01/29 ................ 2,000,200 2,052,121
Government National Mortgage
Association:
7.0%, 12/15/25 ................ 9,019,349 8,912,650
7.0%, 07/15/27 ................ 1,746,829 1,726,164
7.0%, 02/15/28 ................ 6,024,715 5,953,443
6.5%, 03/15/28 ................ 1,498,103 1,444,131
6.5%, 05/15/28 ................ 182,305 175,737
6.5%, 07/15/28 ................ 1,172,763 1,130,512
6.5%, 03/15/29 ................ 7,247,621 6,986,511
Prudential Securities Secured
Financing
Series 1999-NRF1, Class A2
6.48%, 01/15/09 ............... 3,000,000 2,896,890
-----------
93,803,928
-----------
UTILITY--ELECTRIC (0.8%)
Texas Utilities (Series C)
6.375%, 01/01/08 .............. 3,600,000 3,429,515
-----------
U.S. GOVERNMENT (17.6%)
U.S. Treasury:
6.75% Note, 04/30/00 .......... 4,000,000 4,047,500
6.0% Note, 08/15/00 ........... 20,000,000 20,125,000
6.25% Note, 04/30/01 .......... 9,500,000 9,615,786
6.5% Note, 08/31/01 ........... 7,100,000 7,233,125
7.25% Note, 05/15/04 .......... 11,200,000 11,882,506
8.125% Bond, 08/15/19 ......... 6,570,000 7,935,312
6.125% Bond, 11/15/27 ......... 9,240,000 9,153,375
5.25% Bond, 11/15/28 .......... 2,650,000 2,345,250
5.25% Bond, 02/15/29 .......... 4,615,000 4,141,962
-----------
76,479,816
-----------
TOTAL CREDIT SENSITIVE (45.6%) 198,206,075
-----------
</TABLE>
45
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -------------------------------------------------------------
<S> <C> <C>
ENERGY (1.0%)
RAILROADS
Union Pacific Corp.
6.625%, 02/01/29 .............. $ 4,845,000 $ 4,244,303
------------
TOTAL LONG-TERM DEBT SECURITIES (50.5%)
(Amortized Cost $225,444,763).. 219,299,104
------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES
Federal Home Loan Bank
4.6%, due 07/01/99 ............ 60,800,000 60,800,000
Federal Home Loan Mortgage
Corp.
4.81%, due 07/14/99 ........... 11,146,000 11,126,680
------------
TOTAL U.S. GOVERNMENT AGENCIES (16.6%) 71,926,680
------------
TOTAL SHORT-TERM DEBT SECURITIES (16.6%)
(Amortized Cost $71,926,680)... 71,926,680
------------
TOTAL INVESTMENTS (99.1%)
(Cost/Amortized Cost $401,511,837) 430,122,424
OTHER ASSETS
LESS LIABILITIES (0.9%) ....... 3,920,499
------------
NET ASSETS (100.0%) ............. $434,042,923
============
</TABLE>
<TABLE>
<S> <C>
DISTRIBUTION OF INVESTMENTS BY GLOBAL REGION
As a Percentage of Total Investments
Australia .................................. 0.6%
Canada. .................................... 0.1
France ..................................... 1.0
Germany .................................... 0.2
Japan ...................................... 1.2
Latin America .............................. 0.4
Netherlands ................................ 0.4
Scandinavia. ............................... 0.4
Southeast Asia ............................. 0.6
Spain ...................................... 0.2
Switzerland ................................ 0.2
United Kingdom ............................. 1.5
United States**. ........................... 93.0
Other European Countries ................... 0.2
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing.
** Includes Short-Term Debt Securities of 16.6%.
+ 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, 1999, these securities amounted to $7,166,720 or 1.7%
of net assets.
(a) Fair value security.
Glossary:
ADR--American Depository Receipt
GDR--Global Depository Receipt
See Notes to Financial Statements.
46
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
COMMON STOCKS AND OTHER
INVESTMENTS:
BASIC MATERIALS
CHEMICALS (0.1%)
Georgia Gulf Corp. ........................ 136,000 $ 2,295,000
------------
CHEMICALS--SPECIALTY (0.2%)
Lyondell Chemical Co. ..................... 120,000 2,475,000
------------
METALS & MINING (0.0%)
Nord Resources Corp.* ..................... 27,939 15,715
Randgold Resources Ltd.
(GDR)* .................................. 30,300 121,200
------------
136,915
------------
STEEL (0.0%)
NatSteel Ltd. ............................. 220,000 385,115
------------
TOTAL BASIC MATERIALS (0.3%) ............ 5,292,030
------------
BUSINESS SERVICES
PRINTING, PUBLISHING &
BROADCASTING (3.7%)
AT&T Corp.--Liberty Media
Group--A* ............................... 467,066 17,164,675
Cablevision Systems Corp.
(Class A) ............................... 98,000 6,860,000
CBS Corp.* ................................ 69,000 2,997,188
Chancellor Media Corp.* ................... 104,600 5,766,075
Clear Channel Communications,
Inc.* ................................... 80,900 5,577,044
Comcast Corp. (Class A) SPL ............... 76,000 2,921,250
Gannett Co., Inc. ......................... 86,900 6,202,487
MediaOne Group, Inc.* ..................... 63,200 4,700,500
New Straits Times Press
BHD(b) .................................. 65,000 133,235
Nippon Television Network
Corp. ................................... 960 397,121
Reuters Group PLC ......................... 20,000 263,278
Time Warner, Inc. ......................... 181,500 13,340,250
United News & Media PLC ................... 419,100 4,032,795
USA Networks, Inc.* ....................... 35,600 1,428,450
Wolters Kluwer N.V. ....................... 80,000 3,188,502
------------
74,972,850
------------
PROFESSIONAL SERVICES (0.3%)
Cap Gemini SA ............................. 6,000 944,160
Nielsen Media Research, Inc.* ............. 160,000 4,680,000
Securitas AB (B Shares) ................... 30,000 449,876
------------
6,074,036
------------
TRUCKING, SHIPPING (0.1%)
Frontline Ltd.--Warrants
(expire 05/11/01)* ...................... 26,628 0
OMI Corp.* ................................ 835,000 1,722,187
------------
1,722,187
------------
TOTAL BUSINESS SERVICES (4.1%)........... 82,769,073
------------
CAPITAL GOODS
AEROSPACE (0.4%)
British Aerospace PLC ..................... 315,000 2,045,987
General Motors Corp.
(Class H)* .............................. 59,900 3,369,375
Loral Space & Communications*.............. 120,000 2,160,000
------------
7,575,362
------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
BUILDING & CONSTRUCTION (0.6%)
ABB AG .................................... 1,100 $ 1,630,470
American Standard Companies,
Inc.* ................................... 128,600 6,172,800
CRH PLC ................................... 100,000 1,772,796
Sekisui House Ltd. ........................ 64,000 691,520
Technip SA ................................ 15,350 1,724,434
------------
11,992,020
------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.5%)
Compagnie de St. Gobain ................... 16,000 2,552,453
Louisiana-Pacific Corp. ................... 20,000 475,000
Martin Marietta Materials, Inc. ........... 120,000 7,080,000
------------
10,107,453
------------
ELECTRICAL EQUIPMENT (1.2%)
General Electric Co. ...................... 189,000 21,357,000
Johnson Electric Holdings Ltd. ............ 500,000 2,062,308
Schneider SA .............................. 14,300 803,976
------------
24,223,284
------------
MACHINERY (1.2%)
AlliedSignal, Inc. ........................ 123,000 7,749,000
Schindler Holding AG
Participating Certificate ............... 915 1,403,429
United Technologies Corp. ................. 209,700 15,032,869
Valmet Oyj ................................ 17,400 197,629
------------
24,382,927
------------
TOTAL CAPITAL GOODS (3.9%) .............. 78,281,046
------------
CONSUMER CYCLICALS
AIRLINES (0.8%)
Alaska Air Group, Inc.* ................... 40,000 1,670,000
British Airways PLC ....................... 404,000 2,789,756
Continental Airlines, Inc.
(Class B)* .............................. 160,000 6,020,000
Northwest Airlines Corp.* ................. 100,000 3,250,000
UAL Corp.* ................................ 30,000 1,950,000
------------
15,679,756
------------
APPAREL, TEXTILE (0.0%)
Unifi, Inc.* .............................. 4,800 102,000
------------
AUTO RELATED (0.2%)
AutoNation, Inc.* ......................... 60,000 1,068,750
Budget Group, Inc. (Class A)* ............. 10,000 123,125
DaimlerChrysler AG ........................ 30,000 2,623,699
------------
3,815,574
------------
AUTOS & TRUCKS (0.1%)
UMW Holdings BHD(b) ....................... 170,000 344,431
Valeo SA .................................. 24,000 1,982,488
------------
2,326,919
------------
FOOD SERVICES, LODGING (0.5%)
Compass Group PLC ......................... 90,000 893,001
Starbucks Corp.* .......................... 193,400 7,264,587
U.S. Foodservice* ......................... 55,000 2,344,375
------------
10,501,963
------------
HOUSEHOLD FURNITURE, APPLIANCES (0.5%)
Newell Rubbermaid, Inc. ................... 232,881 10,828,967
------------
LEISURE RELATED (1.6%)
Berjaya Sports Toto BHD(b) ................ 140,000 291,943
</TABLE>
47
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------
<S> <C> <C>
Carnival Corp. (Class A) ........... 197,400 $ 9,573,900
Cyrk, Inc.* ........................ 219,700 1,331,931
Harley-Davidson, Inc. .............. 160,400 8,721,750
Hasbro, Inc. ....................... 30,000 838,125
MGM Grand, Inc.* ................... 120,000 5,880,000
Royal Caribbean Cruises Ltd. ....... 84,000 3,675,000
SHIMANO, INC. ...................... 55,000 1,303,674
------------
31,616,323
------------
PHOTO & OPTICAL (0.1%)
Fuji Photo Film Co. ................ 50,000 1,894,598
------------
RETAIL--GENERAL (3.1%)
Bed Bath & Beyond, Inc.* ........... 50,000 1,925,000
Castorama Dubois ................... 8,000 1,899,884
Circuit City Stores-Circuit City
Group ............................ 103,100 9,588,300
Genesis Direct, Inc.* .............. 94,400 177,000
Home Depot, Inc. ................... 141,568 9,122,288
Kingfisher PLC ..................... 152,326 1,754,105
Kohl's Corp.* ...................... 124,000 9,571,250
Koninklijke Ahold NV ............... 75,000 2,586,527
Limited, Inc. ...................... 277,500 12,591,563
Next PLC ........................... 213,000 2,588,874
Wal-Mart Stores, Inc. .............. 230,300 11,111,975
------------
62,916,766
------------
TOTAL CONSUMER CYCLICALS (6.9%) 139,682,866
------------
CONSUMER NONCYCLICALS
BEVERAGES (0.6%)
Coca-Cola Enterprises, Inc. ........ 346,500 10,308,375
Diageo PLC ......................... 80,000 836,054
Fomento Economico Mexico
(ADR) ............................ 20,000 797,500
------------
11,941,929
------------
CONTAINERS (0.4%)
Sealed Air Corp.* .................. 131,400 8,524,575
------------
DRUGS (2.8%)
Banyu Pharmaceutical Co. Ltd. ...... 110,000 1,820,137
Biogen, Inc.* ...................... 59,000 3,794,438
Bristol-Myers Squibb Co. ........... 256,000 18,032,000
Human Genome Sciences, Inc.* ....... 60,600 2,393,700
Millennium Pharmaceuticals,
Inc.* ............................ 85,000 3,060,000
Novartis AG ........................ 900 1,316,621
Sanofi-Synthelabo SA* .............. 36,000 1,529,613
Santen Pharmaceutical Co. Ltd. ..... 112,000 2,159,014
Schering-Plough Corp. .............. 318,600 16,885,800
Takeda Chemical Industries ......... 50,000 2,320,675
Yamanouchi Pharmaceutical Co.
Ltd. ............................. 102,000 3,907,173
------------
57,219,171
------------
FOODS (0.2%)
Ajinomoto Co., Inc. ................ 150,000 1,712,584
Tyson Foods, Inc. (Class A) ........ 116,200 2,614,500
------------
4,327,084
------------
HOSPITAL SUPPLIES & SERVICES (1.2%)
Columbia/HCA Healthcare
Corp. ............................ 150,000 3,421,875
</TABLE>
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -------------------------------------------------------------------------
<S> <C> <C>
Health Management Associates,
Inc. (Class A)* .................. 130,000 $ 1,462,500
HEALTHSOUTH Corp.* ................. 50,000 746,875
Medtronic, Inc. .................... 165,700 12,903,888
PT Tempo Scan Pacific .............. 206,000 85,523
Sun International Hotels Ltd.* ..... 65,300 2,922,175
Tenet Healthcare Corp.* ............ 164,300 3,049,819
------------
24,592,655
------------
RETAIL--FOOD (1.2%)
Delhaize-Le Lion SA ................ 18,800 1,602,449
Familymart Co. ..................... 30,200 1,386,697
Food Lion, Inc. (Class A) .......... 274,400 3,258,500
Kroger Co.* ........................ 426,890 11,926,239
Safeway, Inc.* ..................... 121,225 6,000,638
------------
24,174,523
------------
SOAPS & TOILETRIES (0.4%)
Benckiser NV (B Shares) ............ 28,000 1,496,159
Gillette Co. ....................... 53,650 2,199,650
Kao Corp. .......................... 133,000 3,741,209
------------
7,437,018
------------
TOBACCO (1.0%)
Japan Tobacco, Inc. ................ 150 1,662,944
Loews Corp. ........................ 12,000 949,500
Philip Morris Cos., Inc. ........... 276,500 11,111,844
Seita .............................. 42,700 2,469,024
Tabacalera SA--A ................... 154,000 3,116,638
------------
19,309,950
------------
TOTAL CONSUMER NONCYCLICALS (7.8%)
157,526,905
------------
CREDIT SENSITIVE
BANKS (3.8%)
Allied Irish Bank .................. 30,000 397,520
Banca Nazionale del Lavoro
(BNL) ............................ 20,000 51,834
Banco Santander Central
Hispano SA ....................... 188,400 1,964,769
Bangkok Bank Public Co. Ltd.*....... 20,000 74,827
Bank of America Corp. .............. 237,000 17,375,062
Bank of Ireland .................... 60,000 1,009,830
Bank of Scotland ................... 120,000 1,590,081
Bank of Tokyo-Mitsubishi Ltd. ...... 90,000 1,282,949
Bank One Corp. ..................... 208,500 12,418,781
Banque Nationale de Paris .......... 23,700 1,977,284
Barclays PLC ....................... 18,000 524,159
Citigroup, Inc. .................... 496,700 23,593,250
ForeningsSparbanken AB ............. 54,450 771,520
Istituto Bancario San Paolo di
Torino Spa ....................... 35,511 484,001
National Australia Bank Ltd. ....... 45,000 741,825
National Bank of Canada ............ 30,000 392,782
Nordbanken Holding AB .............. 20,000 117,369
PT Bank Dagang Nasional
Indonesia Tbk* ................... 1,230,000 0
Royal Bank of Scotland Group
PLC .............................. 116,000 2,364,173
Shizuoka Bank Ltd. ................. 25,000 249,442
Societe Generale (Class A) ......... 16,600 2,929,271
Standard Chartered PLC ............. 55,000 898,837
Thai Farmers Bank Public Co.--
Warrants (expire 09/15/02)* ...... 2,875 678
</TABLE>
48
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
UBS AG--Registered ........................ 6,400 $ 1,913,772
Unicredito Italiano Spa ................... 610,500 2,685,373
United Overseas Bank Ltd. ................. 4,000 27,961
------------
75,837,350
------------
FINANCIAL SERVICES (3.4%)
A.G. Edwards, Inc. ........................ 50,000 1,612,500
Acom Co. Ltd. ............................. 20,000 1,729,130
Associates First Capital Corp.
(Class A) ............................... 336,500 14,911,156
Credit Saison Co. ......................... 62,000 1,297,758
Irish Life & Permanent PLC ................ 60,850 644,012
Legg Mason, Inc. .......................... 40,000 1,540,000
MBIA, Inc. ................................ 79,900 5,173,525
MBNA Corp. ................................ 700,000 21,437,500
Merrill Lynch & Co., Inc. ................. 59,000 4,716,313
Morgan Stanley Dean Witter &
Co. ..................................... 91,000 9,327,500
Peregrine Investment Holdings
Ltd.* ................................... 472,000
Radian Group, Inc. ........................ 133,800 6,531,113
Takefuji Corp. ............................ 6,000 620,998
Worms Et Compagnie* ....................... 2,500 118,510
------------
69,660,015
------------
INSURANCE (1.2%)
Ace Ltd. .................................. 5,000 141,250
American International Group,
Inc. .................................... 68,000 7,960,250
CGU PLC ................................... 125,000 1,807,179
CNA Financial Corp.* ...................... 10,000 403,125
Everest Reinsurance Holdings,
Inc. .................................... 115,000 3,751,875
Gallagher (Arthur J.) & Co. ............... 50,000 2,475,000
ING Groep N.V. ............................ 54,000 2,927,267
Royal & Sun Alliance Insurance
Group PLC ............................... 214,396 1,924,367
Sampo Insurance Co. (A Shares)............. 22,000 638,320
UnumProvident Corp. ....................... 48,000 2,628,000
------------
24,656,633
------------
REAL ESTATE (0.2%)
Boston Properties, Inc. ................... 30,000 1,076,250
Cheung Kong Holdings Ltd. ................. 40,000 355,748
China Resources Enterprise Ltd............. 440,000 776,974
City Developments Ltd. .................... 4,000 25,612
Slough Estates PLC ........................ 140,700 799,016
------------
3,033,600
------------
UTILITY--ELECTRIC (0.6%)
AES Corp.* ................................ 114,200 6,637,875
Electricidade de Portugal SA .............. 5,000 90,141
Endesa SA ................................. 120,000 2,562,366
Fortum Oyj ................................ 44,938 217,618
Korea Electric Power Corp.
(ADR) ................................... 100,000 2,050,000
------------
11,558,000
------------
UTILITY--GAS (0.0%)
Anglian Water PLC (B Shares) .............. 128,600 93,316
------------
</TABLE>
<TABLE>
<CAPTION>
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
<S> <C> <C>
UTILITY--TELEPHONE (0.5%)
AT&T Corp. ................................ 40 $ 2,253
British Telecommunications PLC............. 129,600 2,173,186
Sprint Corp. (FON Group) .................. 92,800 4,901,000
Telecom Italia Spa ........................ 110,800 601,776
Telefonica SA* ............................ 51,816 2,499,097
Telekom Malaysia BHD(b) ................... 38,500 129,550
------------
10,306,862
------------
TOTAL CREDIT SENSITIVE (9.7%) ........... 195,145,776
------------
ENERGY
OIL--DOMESTIC (0.4%)
Kerr-McGee Corp. .......................... 59,300 2,976,119
Louis Dreyfus Natural Gas
Corp.* .................................. 150,000 3,234,375
Tom Brown, Inc.* .......................... 141,000 2,194,312
------------
8,404,806
------------
OIL--INTERNATIONAL (0.9%)
BP Amoco PLC .............................. 48,700 873,470
ENI Spa ................................... 300,000 1,793,532
Gulf Indonesia Resources Ltd.* ............ 17,900 205,850
Repsol SA ................................. 41,850 855,598
Total Fina SA--B .......................... 22,234 2,871,999
Total Fina SA (ADR) ....................... 183,000 11,792,063
------------
18,392,512
------------
OIL--SUPPLIES & CONSTRUCTION (0.3%)
Noble Drilling Corp.* ..................... 262,700 5,171,906
Stolt Comex Seaway S.A.
(ADR)* .................................. 50,000 537,500
Woodside Petroleum Ltd. ................... 120,000 809,480
------------
6,518,886
------------
TOTAL ENERGY (1.6%) ..................... 33,316,204
------------
TECHNOLOGY
ELECTRONICS (4.6%)
Alps Electric Co. Ltd. .................... 54,000 1,266,567
Cisco Systems, Inc.* ...................... 382,000 24,639,000
CMG PLC* .................................. 36,000 942,691
Intel Corp. ............................... 269,200 16,017,400
Micron Technology, Inc.* .................. 50,000 2,015,625
Sanmina Corp.*+ ........................... 154,900 11,753,038
Seagate Technology, Inc.* ................. 189,600 4,858,500
Solectron Corp.*+ ......................... 392,832 26,197,002
The Swatch Group AG ....................... 9,050 1,294,773
Tokyo Electron Ltd. ....................... 50,000 3,396,211
------------
92,380,807
------------
OFFICE EQUIPMENT (2.2%)
Canon, Inc. ............................... 74,000 2,130,554
Ceridian Corp.* ........................... 235,100 7,684,831
Dell Computer Corp.* ...................... 467,000 17,279,000
International Business Machines
Corp. ................................... 86,800 11,218,900
Policy Management Systems
Corp.* .................................. 213,600 6,408,000
------------
44,721,285
------------
OFFICE EQUIPMENT SERVICES (2.6%)
Electronic Data Systems Corp. ............. 121,000 6,844,062
</TABLE>
49
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -----------------------------------------------------------------------------
<S> <C> <C>
First Data Corp. ..................... 306,000 $ 14,974,875
Fiserv, Inc.* ........................ 95,000 2,974,688
McKesson HBOC, Inc. .................. 110,000 3,533,750
Microsoft Corp.* ..................... 195,200 17,604,600
Misys PLC ............................ 269,000 2,304,150
Novell, Inc.* ........................ 200,000 5,300,000
--------------
53,536,125
--------------
TELECOMMUNICATIONS (4.8%)
Cable & Wireless PLC (ADR) ........... 70,000 2,773,750
China Telecom (Hong Kong)
Ltd. ............................... 300,000 833,301
Clearnet Communications, Inc.
(Class A)* ......................... 170,000 2,369,375
Energis PLC .......................... 40,000 954,680
Equant N.V.* ......................... 10,000 941,250
Equant N.V.--New York
Registered Shares* ................. 20,000 1,846,192
Global TeleSystems Group, Inc.*....... 189,000 15,309,000
Helsinki Telephone Corp. ............. 8,300 394,226
Hyperion Telecommunications,
Inc. (Class A)* .................... 148,800 2,799,300
Intermedia Communications,
Inc. ............................... 131 3,930
Keppel Telecommunications &
Transportation Ltd. ................ 193,000 272,094
Korea Telecom Corp. (ADR)* ........... 22,271 890,840
Lucent Technologies, Inc. ............ 183,800 12,395,012
Mannesmann AG ........................ 21,000 3,144,102
MCI WorldCom, Inc.* .................. 168,800 14,559,000
Millicom International Cellular
SA* ................................ 40,000 1,260,000
Nextel Communications, Inc.
(Class A)* ......................... 120,000 6,022,500
Nokia Oyj ............................ 81,400 7,144,185
NTL, Inc.* ........................... 75,200 6,481,300
NTT Mobile Communications
Network, Inc. ...................... 300 4,030,777
Orange PLC* .......................... 217,000 3,183,475
Pacific Internet Ltd.* ............... 4,400 208,450
RCN Corp.* ........................... 35,000 1,456,875
SK Telecom Co. Ltd. (ADR) ............ 681 11,578
SmarTone Telecommunications
Holdings Ltd. ...................... 300,000 1,067,244
Telstra Corp. Ltd. ................... 352,000 2,009,366
United Pan-Europe
Communications N.V.* ............... 30,400 1,651,082
Vodafone AirTouch PLC ................ 140,000 2,760,557
WinStar Communications, Inc.* ........ 1,424 69,420
--------------
96,842,861
--------------
TOTAL TECHNOLOGY (14.2%) ........... 287,481,078
--------------
DIVERSIFIED
MISCELLANEOUS (1.1%)
Citic Pacific Ltd. ................... 400,000 1,276,053
Suez Lyonnaise des Eaux .............. 7,000 1,264,146
Tomkins PLC .......................... 300,000 1,301,405
Tyco International Ltd. .............. 186,000 17,623,500
Vivendi--Rights* ..................... 15,600 18,363
--------------
TOTAL DIVERSIFIED (1.1%) ........... 21,483,467
--------------
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- -----------------------------------------------------------------------------
<S> <C> <C>
TOTAL COMMON STOCKS AND OTHER
INVESTMENTS (49.6%)
(Cost $751,683,813)................. $1,000,978,445
--------------
PREFERRED STOCKS:
BUSINESS SERVICES
PRINTING, PUBLISHING &
BROADCASTING (0.1%)
Chancellor Media Corp.
7.0% Conv. ......................... 11,500 1,766,688
--------------
TRUCKING, SHIPPING (0.1%)
CNF Trust I
5.0% Conv., Series A ............... 30,600 1,748,025
--------------
TOTAL BUSINESS SERVICES (0.2%) ..... 3,514,713
--------------
CONSUMER CYCLICALS
LEISURE RELATED (0.2%)
Royal Caribbean Cruises Ltd.
7.25% Series A ..................... 22,300 3,038,375
--------------
RETAIL--GENERAL (0.0%)
Hornbach Holding AG .................. 8,010 343,234
--------------
TOTAL CONSUMER CYCLICALS (0.2%) 3,381,609
--------------
CONSUMER NONCYCLICALS (0.0%)
DRUGS
Alkermes, Inc.
6.5% Conv. ......................... 11,100 532,106
--------------
CREDIT SENSITIVE (0.2%)
UTILITY--ELECTRIC
AES Trust I
5.375% Conv., Series A ............. 41,200 3,409,300
--------------
TECHNOLOGY
ELECTRONICS (0.0%)
Times Mirror Co.
4.25% Conv. ........................ 11,900 1,072,488
--------------
TELECOMMUNICATIONS (0.9%)
Adelphia Communications, Inc.
5.5% Conv., Series D ............... 11,800 2,280,350
Globalstar Telecommunications
Ltd.
8.0% Conv.+ ........................ 18,400 1,046,500
ICG Communications, Inc.
6.75% Conv. ........................ 24,200 1,279,575
IXC Communications, Inc.:
6.75% Conv. ........................ 12,400 468,100
6.75% Conv.+ ....................... 32,300 1,219,325
Nextel Strypes Trust
7.25% Conv. ........................ 112,900 4,741,800
Nextlink Communications:
6.5% Conv.+ ........................ 4,900 449,575
6.5% Conv. ......................... 32,800 3,009,400
WinStar Communications, Inc.
7.0% Conv.+ ........................ 64,100 3,645,687
--------------
18,140,312
--------------
TOTAL TECHNOLOGY (0.9%) ............ 19,212,800
--------------
TOTAL PREFERRED STOCKS (1.5%)
(Cost $25,529,737).................. 30,050,528
--------------
</TABLE>
50
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -----------------------------------------------------------------------------
<S> <C> <C>
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES
PRINTING, PUBLISHING &
BROADCASTING (1.5%)
P-Com, Inc.:
4.25% Conv., 11/01/02+ ............ $ 690,000 $ 393,300
4.25% Conv., 11/01/02 ............. 680,000 387,600
Time Warner Entertainment Co.
8.375%, 03/15/23 .................. 23,580,000 25,541,149
Time Warner, Inc.
6.625%, 05/15/29 .................. 4,600,000 4,052,094
------------
30,374,143
------------
PROFESSIONAL SERVICES (0.1%)
Doubleclick, Inc.
4.75% Conv., 03/15/06+ ............ 1,285,000 1,595,006
------------
TOTAL BUSINESS SERVICES (1.6%)..... 31,969,149
------------
CONSUMER CYCLICALS
AUTOS & TRUCKS (1.0%)
Ford Motor Co.
6.375%, 02/01/29 .................. 23,000,000 19,983,389
------------
LEISURE RELATED (0.1%)
CUC International, Inc.:
3.0% Conv., 02/15/02+ ............. 590,000 564,187
3.0% Conv., 02/15/02 .............. 1,180,000 1,128,375
------------
1,692,562
------------
RETAIL--GENERAL (0.1%)
Amazon.Com, Inc.
4.75% Conv., 02/01/09+ ............ 2,270,000 2,201,900
------------
TOTAL CONSUMER CYCLICALS (1.2%) 23,877,851
------------
CONSUMER NONCYCLICALS
DRUGS (0.3%)
MedImmune, Inc.:
7.0% Conv., 07/01/03 .............. 765,000 5,267,025
7.0% Conv. Sub. Note,
07/01/03+ ...................... 210,000 1,445,850
Quintiles Transnational Corp.
4.25% Conv., 05/31/00 ............. 450,000 502,875
------------
7,215,750
------------
HOSPITAL SUPPLIES & SERVICES (0.1%)
FPA Medical Management, Inc.
6.5% Conv., 12/15/01(a) ........... 1,130,000 113
RES-Care, Inc.:
6.0% Conv., 12/01/04+ ............. 1,095,000 1,398,862
6.0% Conv., 12/01/04 .............. 145,000 185,238
Sunrise Assisted Living, Inc.
5.5% Conv., 06/15/02 .............. 615,000 681,881
------------
2,266,094
------------
TOTAL CONSUMER NONCYCLICALS (0.4%) 9,481,844
------------
CREDIT SENSITIVE
ASSET BACKED (2.3%)
Capital Auto Receivables Asset
Trust
Series 1999-1, Class A2
5.58%, 06/15/02 ................... 20,000,000 19,818,800
</TABLE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- -----------------------------------------------------------------------------
<S> <C> <C>
Carco Auto Loan Master Trust
Series 1998-1, Class A2
4.9825%, 06/15/05 ................. $15,930,000 $ 15,842,863
Citibank Credit Card Master
Trust I
Series 1999-2, Class A
5.875%, 03/10/11 .................. 12,000,000 11,235,000
------------
46,896,663
------------
BANKS (0.7%)
Citicorp
6.375%, 11/15/08 .................. 15,000,000 14,230,050
------------
FINANCIAL SERVICES (1.6%)
Household Finance Corp.
6.5%, 11/15/08 .................... 20,100,000 19,077,473
Merrill Lynch & Co., Inc.
6.0%, 02/17/09 .................... 13,290,000 12,277,302
------------
31,354,775
------------
MORTGAGE RELATED (15.0%)
Federal Home Loan Mortgage
Corp.:
GOLD 7.0%, 09/01/11 ............... 16,225,098 16,306,953
GOLD 7.0%, 01/01/12 ............... 3,457,550 3,474,994
Federal National Mortgage
Association:
7.0%, 05/01/26 .................... 4,598,781 4,545,619
7.0%, 09/01/27 .................... 1,645,815 1,626,772
7.0%, 10/01/27 .................... 15,401,538 15,246,152
7.5%, 11/01/27 .................... 16,014,838 16,196,430
7.0%, 01/01/28 .................... 7,174,219 7,101,839
6.5%, 03/01/28 .................... 5,480,425 5,300,842
6.5%, 07/01/28 .................... 391,864 379,023
6.5%, 09/01/28 .................... 5,701,850 5,515,012
6.5%, 10/01/28 .................... 5,771,075 5,581,968
8.0%, 11/01/28 .................... 7,572,586 7,778,409
8.0%, 12/01/28 .................... 12,405,003 12,730,076
6.0%, 01/01/29 .................... 15,389,677 14,484,163
6.0%, 03/01/29 .................... 20,146,669 18,961,260
7.5%, 03/01/29 .................... 1,173,330 1,186,634
7.5%, 04/01/29 .................... 14,402,550 14,565,860
Government National Mortgage
Association:
7.0%, 12/15/25 .................... 109,086 107,795
7.0%, 07/15/27 .................... 8,734,143 8,630,819
7.0%, 02/15/28 .................... 23,185,220 22,910,938
6.5%, 03/15/28 .................... 11,525,501 11,110,272
6.5%, 04/15/28 .................... 8,272,721 7,974,680
6.5%, 05/15/28 .................... 2,686,593 2,589,803
7.0%, 06/15/28 .................... 41,910 41,414
7.0%, 10/15/28 .................... 94,151 93,038
7.0%, 12/15/28 .................... 35,777,770 35,354,519
6.5%, 03/15/29 .................... 54,704,625 52,733,782
Prudential Securities Secured
Financing
Series 1999-NRF1, Class A2
6.48%, 01/15/09 ................... 11,000,000 10,621,930
------------
303,150,996
------------
</TABLE>
51
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------
<S> <C> <C>
UTILITY--ELECTRIC (0.8%)
Consolidated Edison, Inc.
Series 98-A
6.25%, 02/01/08 ......................... $15,780,000 $ 15,266,519
--------------
U.S. GOVERNMENT (13.9%)
U.S. Treasury:
6.75% Note, 04/30/00 .................... 11,175,000 11,307,703
6.0% Note, 08/15/00 ..................... 38,495,000 38,735,594
6.25% Note, 04/30/01 .................... 31,200,000 31,580,265
6.5% Note, 08/31/01 ..................... 73,340,000 74,715,125
7.25% Note, 05/15/04 .................... 11,800,000 12,519,068
6.875% Note, 05/15/06 ................... 30,905,000 32,537,186
8.125% Bond, 08/15/19 ................... 29,670,000 35,835,723
6.125% Bond, 11/15/27 ................... 21,025,000 20,827,891
5.25% Bond, 11/15/28 .................... 8,220,000 7,274,700
5.25% Bond, 02/15/29 .................... 17,630,000 15,822,925
--------------
281,156,180
--------------
TOTAL CREDIT SENSITIVE (34.3%) .......... 692,055,183
--------------
ENERGY
GAS (0.4%)
RAS Laffan Liquid Natural Gas
8.294%, 03/15/14+ ....................... 7,730,000 7,133,476
--------------
OIL--SUPPLIES & CONSTRUCTION (0.0%)
Diamond Offshore Drilling, Inc.
3.75% Conv., 02/15/07 ................... 350,000 348,250
Nabors Industries, Inc.
5.0% Conv., 05/15/06 .................... 350,000 473,375
--------------
821,625
--------------
RAILROADS (0.4%)
Burlington Northern Santa Fe
7.082%, 05/13/29 ........................ 8,200,000 8,031,564
--------------
TOTAL ENERGY (0.8%) ..................... 15,986,665
--------------
TECHNOLOGY
ELECTRONICS (1.2%)
America Online, Inc.
4.0% Conv., 11/15/02 .................... 695,000 5,885,347
Amkor Technologies, Inc.
5.75% Conv., 05/01/03 ................... 2,470,000 2,420,600
EMC Corp.
3.25% Conv., 03/15/02 ................... 730,000 3,545,975
HNC Software, Inc.
4.75% Conv., 03/01/03 ................... 1,175,000 1,148,563
Level One Communications, Inc.:
4.0% Conv., 09/01/04+ ................... 790,000 1,541,487
4.0% Conv., 09/01/04 .................... 1,045,000 2,039,056
LSI Logic Corp.
4.25% Conv., 03/15/04+ .................. 2,345,000 3,801,831
Mindspring Enterprises, Inc.
5.0% Conv., 04/15/06 .................... 1,040,000 981,500
Photronics, Inc.
6.0% Conv., 06/01/04 .................... 1,840,000 2,007,900
Wind River Systems, Inc.
5.0% Conv., 08/01/02+ ................... 1,100,000 957,000
--------------
24,329,259
--------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS (0.7%)
At Home Corp.
0.5246% Conv., 12/28/18+ ................ $ 1,585,000 $ 1,258,094
CNET, Inc.
5.0%, 03/01/06 .......................... 690,000 1,159,200
Comverse Technology, Inc.:
5.75% Conv., 10/01/06 ................... 1,605,000 3,990,431
5.75% Conv., 10/01/06+ .................. 805,000 2,001,431
Global TeleSystems Group, Inc.
5.75% Conv., 07/01/10 ................... 3,265,000 5,183,188
Nextel Communications, Inc.
4.75% Conv., 07/01/07+ .................. 940,000 1,142,100
NTL, Inc.
7.0% Conv., 12/15/08 .................... 260,000 412,231
--------------
15,146,675
--------------
TOTAL TECHNOLOGY (1.9%) ................. 39,475,934
--------------
TOTAL LONG-TERM DEBT SECURITIES (40.2%)
(Amortized Cost $815,377,450)............. 812,846,626
--------------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER
BellSouth Corp.
5.09%, due 07/29/99 ..................... 15,000,000 14,940,850
Ford Motor Credit Co.
5.75%, due 07/01/99 ..................... 50,000,000 50,000,000
Teachers Insurance and Annuity
Association
5.22%, due 07/30/99 ..................... 13,000,000 12,945,544
--------------
TOTAL COMMERCIAL PAPER (3.9%) 77,886,394
--------------
TIME DEPOSITS (1.6%)
Societe Generale
5.87%, due 07/01/99 ..................... 33,200,000 33,200,000
--------------
U.S. GOVERNMENT AGENCIES (2.7%)
Federal Home Loan Bank
4.6%, due 07/01/99 ...................... 53,900,000 53,900,000
--------------
TOTAL SHORT-TERM DEBT
SECURITIES (8.2%)
(Amortized Cost $164,986,394)............. 164,986,394
--------------
TOTAL INVESTMENTS (99.5%)
(Cost/Amortized Cost
$1,757,577,394)........................... 2,008,861,993
OTHER ASSETS
LESS LIABILITIES (0.5%) .................. 10,474,811
--------------
NET ASSETS (100.0%) ....................... $2,019,336,804
==============
</TABLE>
52
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
DISTRIBUTION OF INVESTMENTS BY GLOBAL REGION
As a Percentage of Total Investments
<S> <C>
Australia ........................ 0.2%
Canada ........................... 0.1
France ........................... 1.7
Germany .......................... 0.3
Japan ............................ 1.9
Latin America .................... 0.5
Netherlands ...................... 0.7
Scandinavia ...................... 0.5
Southeast Asia ................... 0.6
Spain ............................ 0.6
Switzerland ...................... 0.4
United Kingdom ................... 3.1
United States** .................. 88.9
Other European Countries ......... 0.5
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing.
** Includes Short-Term Debt Securities of 8.2%.
+ 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, 1999, these securities amounted to $69,745,651 or
3.5% of net assets.
(a) Security in default.
(b) Fair value securities.
Glossary:
ADR--American Depository Receipt
GDR--Global Depository Receipt
See Notes to Financial Statements.
53
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (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. ........................ 28,000 $ 1,179,580
Georgia Gulf Corp. ..................... 292,000 4,927,500
GP Batteries International Ltd.
--Warrants (expire 11/15/00)*......... 5,750 4,121
-----------
6,111,201
-----------
CHEMICALS--SPECIALTY (0.2%)
Lyondell Chemical Co. .................. 264,500 5,455,312
-----------
PAPER (0.1%)
UPM-Kymmene Oyj ........................ 87,792 2,520,050
-----------
TOTAL BASIC MATERIALS (0.6%) .......... 14,086,563
-----------
BUSINESS SERVICES
ENVIRONMENTAL CONTROL (0.0%)
Rentokil Initial PLC ................... 320,000 1,249,349
-----------
PRINTING, PUBLISHING &
BROADCASTING (5.8%)
AT&T Corp.--Liberty Media
Group--A* ............................ 582,782 21,417,230
Cablevision Systems Corp.
(Class A) ............................ 203,500 14,245,000
CBS Corp.* ............................. 693,650 30,130,422
Chancellor Media Corp.* ................ 132,800 7,320,600
Clear Channel Communications,
Inc.* ................................ 117,000 8,065,687
Comcast Corp. (Class A) SPL ............ 149,000 5,727,188
Gannett Co., Inc. ...................... 97,000 6,923,375
MediaOne Group, Inc.* .................. 82,100 6,106,188
Seat Pagine Gialle Spa ................. 3,356,000 4,591,422
Television Broadcasts Ltd. ............. 426,000 1,998,685
Time Warner, Inc. ...................... 245,000 18,007,500
United News & Media PLC ................ 415,000 3,993,343
USA Networks, Inc.* .................... 74,200 2,977,275
Wolters Kluwer N.V. .................... 59,800 2,383,405
-----------
133,887,320
-----------
PROFESSIONAL SERVICES (0.7%)
Cap Gemini SA .......................... 31,800 5,004,047
Nielsen Media Research, Inc.* .......... 390,000 11,407,500
-----------
16,411,547
-----------
TRUCKING, SHIPPING (0.3%)
Brambles Industries Ltd. ............... 80,000 2,099,530
Frontline Ltd.--Warrants (expire
05/11/01)* ........................... 76,080 0
Knightsbridge Tankers Ltd. ............. 60,700 1,062,250
OMI Corp.* ............................. 1,677,900 3,460,669
-----------
6,622,449
-----------
TOTAL BUSINESS SERVICES (6.8%)......... 158,170,665
-----------
CAPITAL GOODS
AEROSPACE (0.5%)
British Aerospace PLC .................. 110,000 714,472
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------
<S> <C> <C>
General Motors Corp.
(Class H)* ........................... 153,000 $ 8,606,250
Loral Space &
Communications*+ ..................... 220,000 3,960,000
-----------
13,280,722
-----------
BUILDING & CONSTRUCTION (0.9%)
ABB AG ................................. 300 444,674
ABB Ltd.* .............................. 25,000 2,360,314
American Standard Companies,
Inc.* ................................ 308,800 14,822,400
New World Infrastructure Ltd. .......... 1,561,000 2,937,577
-----------
20,564,965
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (0.9%)
Lafarge SA ............................. 8,000 761,606
Louisiana-Pacific Corp. ................ 227,000 5,391,250
Martin Marietta Materials, Inc. ........ 241,200 14,230,800
Unidare PLC--Units ..................... 1,700 3,721
-----------
20,387,377
-----------
ELECTRICAL EQUIPMENT (1.3%)
General Electric Co. ................... 241,500 27,289,500
Schneider SA ........................... 42,000 2,361,329
-----------
29,650,829
-----------
MACHINERY (1.2%)
AlliedSignal, Inc. ..................... 154,500 9,733,500
United Technologies Corp. .............. 253,400 18,165,612
-----------
27,899,112
-----------
TOTAL CAPITAL GOODS (4.8%) ............ 111,783,005
-----------
CONSUMER CYCLICALS
AIRLINES (1.1%)
Alaska Air Group, Inc.* ................ 100,000 4,175,000
British Airways PLC .................... 580,500 4,008,548
Continental Airlines, Inc.
(Class B)* ........................... 360,000 13,545,000
Northwest Airlines Corp.* .............. 120,000 3,900,000
-----------
25,628,548
-----------
APPAREL, TEXTILE (0.0%)
Unifi, Inc.* ........................... 9,700 206,125
-----------
AUTO RELATED (0.4%)
Autoliv, Inc.+ ......................... 76,400 2,336,474
AutoNation, Inc.* ...................... 200,000 3,562,500
Bridgestone Corp. ...................... 13,000 393,646
Budget Group, Inc. (Class A)* .......... 60,000 738,750
DaimlerChrysler AG ..................... 40,199 3,515,669
-----------
10,547,039
-----------
AUTOS & TRUCKS (0.1%)
Honda Motor Co. Ltd. ................... 33,000 1,400,596
-----------
FOOD SERVICES, LODGING (0.6%)
Starbucks Corp.* ....................... 269,000 10,104,312
U.S. Foodservice* ...................... 115,000 4,901,875
-----------
15,006,187
-----------
HOUSEHOLD FURNITURE, APPLIANCES (0.6%)
Newell Rubbermaid, Inc. ................ 291,200 13,540,800
-----------
</TABLE>
54
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ----------------------------------------------------------------------------
<S> <C> <C>
LEISURE RELATED (2.7%)
Brass Eagle, Inc.* ..................... 156,100 $ 2,926,875
Carnival Corp. (Class A) ............... 264,500 12,828,250
Cendant Corp.* ......................... 500,000 10,250,000
Cyrk, Inc.* ............................ 309,400 1,875,738
Harley-Davidson, Inc. .................. 211,600 11,505,750
Hasbro, Inc. ........................... 50,000 1,396,875
MGM Grand, Inc.* ....................... 215,000 10,535,000
Royal Caribbean Cruises Ltd. ........... 148,000 6,475,000
Sankyo Co. Ltd. ........................ 92,000 4,407,049
TABCORP Holdings Ltd. .................. 216,600 1,453,969
-----------
63,654,506
-----------
PHOTO & OPTICAL (0.2%)
Fuji Photo Film Co. .................... 104,000 3,940,763
-----------
RETAIL--GENERAL (4.0%)
Bed Bath & Beyond, Inc.* ............... 100,000 3,850,000
Circuit City Stores-Circuit City
Group ................................ 127,400 11,848,200
Dixons Group PLC ....................... 180,000 3,364,725
Genesis Direct, Inc.* .................. 225,200 422,250
Home Depot, Inc. ....................... 162,809 10,491,005
Kingfisher PLC ......................... 150,300 1,730,775
Kohl's Corp.* .......................... 153,400 11,840,562
Koninklijke Ahold N.V. ................. 119,000 4,103,957
Limited, Inc. .......................... 595,125 27,003,797
Next PLC ............................... 305,420 3,712,178
Wal-Mart Stores, Inc. .................. 286,670 13,831,827
-----------
92,199,276
-----------
TOTAL CONSUMER CYCLICALS (9.7%) 226,123,840
-----------
CONSUMER NONCYCLICALS
BEVERAGES (0.6%)
Coca-Cola Enterprises, Inc. ............ 404,000 12,019,000
Diageo PLC ............................. 280,000 2,926,190
-----------
14,945,190
-----------
CONTAINERS (0.5%)
Sealed Air Corp.* ...................... 160,800 10,431,900
-----------
DRUGS (3.5%)
AstraZeneca Group PLC .................. 64,450 2,494,917
Biogen, Inc.* .......................... 75,000 4,823,438
Bristol-Myers Squibb Co. ............... 321,000 22,610,437
Genzyme Corp. (General
Division)* ........................... 30,000 1,455,000
Human Genome Sciences, Inc.* ........... 125,300 4,949,350
Millennium Pharmaceuticals,
Inc.* ................................ 154,100 5,547,600
Novartis AG ............................ 1,000 1,462,912
Sanofi-Synthelabo SA* .................. 95,200 4,044,978
Santen Pharmaceutical Co. Ltd. ......... 59,000 1,137,338
Schering-Plough Corp. .................. 428,300 22,699,900
Takeda Chemical Industries ............. 128,000 5,940,928
Yamanouchi Pharmaceutical Co.
Ltd. ................................. 115,000 4,405,146
-----------
81,571,944
-----------
FOODS (0.5%)
Ajinomoto Co., Inc. .................... 180,000 2,055,101
Grand Union Co.* ....................... 270,000 2,919,375
Nestle SA .............................. 930 1,678,759
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ----------------------------------------------------------------------------
<S> <C> <C>
Ng Fung Hong Ltd. ...................... 1,834,000 $ 1,524,728
Tyson Foods, Inc. (Class A) ............ 147,650 3,322,125
-----------
11,500,088
-----------
HOSPITAL SUPPLIES & SERVICES
(1.6%)
Columbia/HCA Healthcare
Corp. ................................ 200,000 4,562,500
Genzyme Surgical Products* ............. 5,370 23,662
Health Management Associates,
Inc. (Class A)* ...................... 130,000 1,462,500
HEALTHSOUTH Corp.* ..................... 100,000 1,493,750
Medtronic, Inc. ........................ 208,500 16,236,937
Sun International Hotels Ltd.* ......... 212,200 9,495,950
Tenet Healthcare Corp.* ................ 209,900 3,896,269
-----------
37,171,568
-----------
RETAIL--FOOD (1.5%)
Familymart Co. ......................... 75,000 3,443,783
Food Lion, Inc. (Class A) .............. 544,400 6,464,750
Kroger Co.* ............................ 583,400 16,298,737
Safeway, Inc.* ......................... 157,450 7,793,775
Seven-Eleven Japan Co. Ltd. ............ 7,900 775,163
-----------
34,776,208
-----------
SOAPS & TOILETRIES (0.5%)
Gillette Co. ........................... 68,275 2,799,275
Kao Corp. .............................. 194,000 5,457,103
Shiseido Co. Ltd. ...................... 288,000 4,322,263
-----------
12,578,641
-----------
TOBACCO (1.2%)
Loews Corp. ............................ 15,000 1,186,875
Philip Morris Cos., Inc. ............... 359,000 14,427,313
Seita .................................. 51,201 2,960,573
Tabacalera SA-A ........................ 415,800 8,414,918
-----------
26,989,679
-----------
TOTAL CONSUMER NONCYCLICALS (9.9%) 229,965,218
-----------
CREDIT SENSITIVE
BANKS (4.8%)
Banca Nazionale del Lavoro
(BNL) ................................ 15,403 39,920
Bank of America Corp. .................. 318,000 23,313,375
Bank of Ireland ........................ 90,000 1,514,745
Bank of Scotland ....................... 500,000 6,625,337
Bank of Tokyo-Mitsubishi Ltd. .......... 457,000 6,514,528
Bank One Corp. ......................... 269,000 16,022,312
Banque Nationale de Paris .............. 38,150 3,182,843
Barclays PLC ........................... 50,000 1,455,997
Citigroup, Inc. ........................ 646,700 30,718,250
Commonwealth Bank of
Australia ............................ 86,000 1,363,837
Development Bank of Singapore
Ltd. ................................. 212,000 2,590,302
Fuji Bank Ltd. ......................... 306,000 2,136,709
HSBC Holdings PLC ...................... 20,000 708,596
National Australia Bank Ltd. ........... 48,000 791,280
Societe Generale (Class A) ............. 22,730 4,010,983
Standard Chartered PLC ................. 393,800 6,435,676
UBS AG--Registered ..................... 6,000 1,794,161
</TABLE>
55
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------------------------------------------------------
<S> <C> <C>
Unicredito Italiano Spa ................. 580,800 $ 2,554,733
------------
111,773,584
------------
FINANCIAL SERVICES (4.4%)
A.G. Edwards, Inc. ...................... 100,000 3,225,000
Associates First Capital Corp.
(Class A) ............................. 427,000 18,921,438
Credit Saison Co. ....................... 51,200 1,071,697
Daiwa Securities Group, Inc. ............ 599,000 3,964,590
Legg Mason, Inc. ........................ 120,000 4,620,000
MBIA, Inc. .............................. 156,500 10,133,375
MBNA Corp. .............................. 849,100 26,003,687
Merrill Lynch & Co., Inc. ............... 74,000 5,915,375
Morgan Stanley Dean Witter &
Co. ................................... 122,400 12,546,000
Nomura Securities Co. ................... 61,000 715,124
Radian Group, Inc. ...................... 311,700 15,214,856
------------
102,331,142
------------
INSURANCE (1.7%)
Ace Ltd. ................................ 5,000 141,250
American International Group,
Inc. .................................. 91,000 10,652,688
Assicurazioni Generali .................. 24,000 832,645
CNA Financial Corp.* .................... 20,000 806,250
E. W. Blanch Holdings, Inc. ............. 11,000 750,063
Everest Reinsurance Holdings,
Inc. .................................. 230,000 7,503,750
Gallagher (Arthur J.) & Co. ............. 103,900 5,143,050
GIO Australia Holdings Ltd. ............. 100,000 242,659
ING Groep N.V. .......................... 93,000 5,041,410
UnumProvident Corp. ..................... 63,000 3,449,250
Zurich Allied AG ........................ 7,610 4,335,400
------------
38,898,415
------------
REAL ESTATE (0.3%)
Boston Properties, Inc. ................. 35,000 1,255,625
Cheung Kong Holdings Ltd. ............... 70,000 622,559
City Developments Ltd. .................. 43,000 275,325
New World Development Co. ............... 945,000 2,831,967
Sun Hung Kai Properties Ltd. ............ 222,000 2,024,477
------------
7,009,953
------------
UTILITY--ELECTRIC (0.5%)
AES Corp.* .............................. 144,000 8,370,000
Huaneng Power International,
Inc. .................................. 5,564,000 2,330,794
------------
10,700,794
------------
UTILITY--TELEPHONE (0.6%)
British Telecommunications PLC........... 90,992 1,525,791
Sprint Corp. (FON Group) ................ 119,600 6,316,375
Telecom Italia Spa ...................... 150,900 819,567
Telefonica SA* .......................... 62,424 3,010,723
Telekomunikacja Polska S.A.
(GDR)* ................................ 192,600 1,357,830
Viatel, Inc.* ........................... 10,000 561,250
------------
13,591,536
------------
TOTAL CREDIT SENSITIVE (12.3%) 284,305,424
------------
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ------------------------------------------------------------------------------
<S> <C> <C>
ENERGY
OIL--DOMESTIC (0.7%)
Kerr-McGee Corp. ........................ 148,200 $ 7,437,787
Louis Dreyfus Natural Gas
Corp.* ................................ 224,700 4,845,094
Tom Brown, Inc.* ........................ 200,000 3,112,500
------------
15,395,381
------------
OIL--INTERNATIONAL (1.1%)
BP Amoco PLC ............................ 149,481 2,681,051
Elf Aquitaine SA ........................ 13,000 1,910,107
Repsol SA ............................... 45,000 919,998
Royal Dutch Petroleum Co. ............... 50,788 2,978,645
Total Fina SA--B ........................ 21,470 2,773,312
Total Fina SA (ADR) ..................... 228,000 14,691,751
------------
25,954,864
------------
OIL--SUPPLIES & CONSTRUCTION (0.5%)
Noble Drilling Corp.* ................... 357,900 7,046,156
Stolt Comex Seaway S.A.
(ADR)* ................................ 285,650 3,070,738
Woodside Petroleum Ltd. ................. 282,400 1,904,975
------------
12,021,869
------------
TOTAL ENERGY (2.3%) .................... 53,372,114
------------
TECHNOLOGY
ELECTRONICS (6.0%)
ABB AB (B Shares) ....................... 173,800 2,308,719
Cisco Systems, Inc.* .................... 509,200 32,843,400
Hoya Corp. .............................. 43,000 2,429,801
Infosys Technologies Ltd.
(ADR) ................................. 70,600 4,094,800
Intel Corp. ............................. 355,300 21,140,350
Micron Technology, Inc.* ................ 100,000 4,031,250
Rohm Co. Ltd. ........................... 18,000 2,822,040
Sanmina Corp.* .......................... 160,100 12,147,587
Seagate Technology, Inc.* ............... 480,000 12,300,000
Solectron Corp.*+ ....................... 480,082 32,015,452
Sterling Commerce, Inc.* ................ 164,100 5,989,650
TDK Corp. ............................... 39,000 3,571,854
Tokyo Electron Ltd. ..................... 55,000 3,735,832
------------
139,430,735
------------
OFFICE EQUIPMENT (3.1%)
Canon, Inc. ............................. 45,000 1,295,607
Ceridian Corp.* ......................... 665,000 21,737,187
Dell Computer Corp.* .................... 611,500 22,625,500
International Business Machines
Corp. ................................. 107,500 13,894,375
Policy Management Systems
Corp.* ................................ 454,600 13,638,000
------------
73,190,669
------------
OFFICE EQUIPMENT SERVICES (4.4%)
Electronic Data Systems Corp. ........... 244,000 13,801,250
First Data Corp. ........................ 563,200 27,561,600
Fiserv, Inc.* ........................... 187,500 5,871,094
Fuji Soft ABC, Inc. ..................... 5,580 332,390
Intuit, Inc.* ........................... 11,200 1,009,400
McKesson HBOC, Inc. ..................... 131,098 4,211,523
Microsoft Corp.* ........................ 251,900 22,718,232
</TABLE>
56
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------
<S> <C> <C>
Misys PLC .......................... 220,000 $ 1,884,435
Novell, Inc.* ...................... 900,000 23,850,000
-------------
101,239,924
-------------
TELECOMMUNICATIONS (7.2%)
Cable & Wireless PLC (ADR) ......... 150,000 5,943,750
China Telecom (Hong Kong)
Ltd. ............................. 1,032,000 2,866,556
Clearnet Communications, Inc.
(Class A)* ....................... 393,000 5,477,438
Equant N.V.* ....................... 53,520 5,037,570
Global TeleSystems Group, Inc.*..... 278,400 22,550,400
Hyperion Telecommunications,
Inc. (Class A)* .................. 303,700 5,713,356
Intermedia Communications, Inc. 98 2,940
Korea Telecom Corp. (ADR)* ......... 104,162 4,166,480
Lucent Technologies, Inc. .......... 236,250 15,932,109
Mannesmann AG ...................... 38,800 5,809,103
MCI WorldCom, Inc.* ................ 207,400 17,888,250
Millicom International Cellular
SA* .............................. 59,200 1,864,800
Nextel Communications, Inc.
(Class A)* ....................... 250,000 12,546,875
Nokia Oyj .......................... 168,768 14,812,159
NTL, Inc.* ......................... 160,000 13,790,000
NTT Mobile Communications
Network, Inc. .................... 380 5,105,651
Orange PLC* ........................ 583,550 8,560,906
RCN Corp.* ......................... 60,000 2,497,500
SK Telecom Co. Ltd. (ADR) .......... 206,000 3,502,000
SmarTone Telecommunications
Holdings Ltd. .................... 524,500 1,865,898
Telstra Corp. Ltd. ................. 322,000 1,838,113
United Pan-Europe
Communications N.V.* ............. 106,270 5,771,727
Vodafone AirTouch PLC .............. 213,400 4,207,878
WinStar Communications, Inc.* ...... 2,829 137,914
-------------
167,889,373
-------------
TOTAL TECHNOLOGY (20.7%) .......... 481,750,701
-------------
DIVERSIFIED
MISCELLANEOUS (1.0%)
Ratin A/S-B ........................ 385 45,176
Suez Lyonnaise des Eaux ............ 4,200 758,488
Tyco International Ltd. ............ 230,500 21,839,876
-------------
TOTAL DIVERSIFIED (1.0%) .......... 22,643,540
-------------
TOTAL COMMON STOCKS AND OTHER
INVESTMENTS (68.1%)
(Cost $1,218,960,857)............. 1,582,201,070
-------------
PREFERRED STOCKS:
BUSINESS SERVICES
PRINTING, PUBLISHING &
BROADCASTING (0.1%)
Chancellor Media Corp.
7.0% Conv. ....................... 9,600 1,474,800
ProSieben Media AG ................. 23,000 1,061,560
-------------
2,536,360
-------------
TRUCKING, SHIPPING (0.1%)
CNF Trust I
5.0% Conv., Series A ............. 26,400 1,508,100
-------------
TOTAL BUSINESS SERVICES (0.2%)..... 4,044,460
-------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- ---------------------------------------------------------------------------
<S> <C> <C>
CONSUMER CYCLICALS (0.1%)
LEISURE RELATED
Royal Caribbean Cruises Ltd.
7.25% Series A ................... 18,500 $ 2,520,625
-------------
CONSUMER NONCYCLICALS (0.0%)
DRUGS
Alkermes, Inc.
6.5% Conv. ....................... 5,900 282,831
-------------
CREDIT SENSITIVE (0.1%)
UTILITY--ELECTRIC
AES Trust I
5.375% Conv., Series A ........... 35,200 2,912,800
-------------
TECHNOLOGY
ELECTRONICS (0.0%)
Times Mirror Co.
4.25% Conv. ...................... 11,700 1,054,463
-------------
TELECOMMUNICATIONS (0.7%)
Adelphia Communications, Inc.
5.5% Conv., Series D ............. 9,900 1,913,175
Globalstar Telecommunications
Ltd.
8.0% Conv.+ ....................... 15,400 875,875
ICG Communications, Inc.
6.75% Conv. ...................... 20,100 1,062,788
IXC Communications, Inc.:
6.75% Conv. ...................... 17,600 664,400
6.75% Conv.+ ...................... 23,600 890,900
Nextel Strypes Trust
7.25% Conv. ...................... 94,400 3,964,800
Nextlink Communications
6.5% Conv. ....................... 31,500 2,890,125
WinStar Communications, Inc.
7.0% Conv.+ ...................... 52,500 2,985,937
-------------
15,248,000
-------------
TOTAL TECHNOLOGY (0.7%) 16,302,463
-------------
TOTAL PREFERRED STOCKS (1.1%)
(Cost $22,072,310)................ 26,063,179
-------------
PRINCIPAL
AMOUNT
-----------
LONG-TERM DEBT SECURITIES:
BASIC MATERIALS (0.2%)
CHEMICALS--SPECIALTY
Lyondell Chemical Co.
9.625%, 05/01/07+ ................ $3,400,000 3,480,750
-------------
BUSINESS SERVICES
PRINTING, PUBLISHING &
BROADCASTING (0.3%)
P-Com, Inc.:
4.25% Conv., 11/01/02+ ........... 575,000 327,750
4.25% Conv., 11/01/02 ............. 560,000 319,200
Time Warner, Inc.
6.625%, 05/15/29 ................. 8,450,000 7,443,520
-------------
8,090,470
-------------
PROFESSIONAL SERVICES (0.1%)
Doubleclick, Inc.
4.75% Conv., 03/15/06+ ........... 1,075,000 1,334,344
-------------
TOTAL BUSINESS SERVICES (0.4%)..... 9,424,814
-------------
</TABLE>
57
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------
<S> <C> <C>
CONSUMER CYCLICALS
AUTO RELATED (0.3%)
Federal Mogul Corp.
7.75%, 07/01/06 .................. $6,775,000 $ 6,473,194
------------
AUTOS & TRUCKS (0.4%)
Ford Motor Co.
6.375%, 02/01/29 ................. 11,500,000 9,991,694
------------
LEISURE RELATED (0.0%)
CUC International, Inc.
3.0% Conv., 02/15/02 ............. 1,475,000 1,410,469
------------
RETAIL--GENERAL (0.1%)
Amazon.Com, Inc.
4.75% Conv., 02/01/09+ ........... 1,895,000 1,838,150
------------
TOTAL CONSUMER CYCLICALS (0.8%) 19,713,507
------------
CONSUMER NONCYCLICALS
DRUGS (0.2%)
MedImmune, Inc.:
7.0% Conv., 07/01/03 ............. 775,000 5,335,875
7.0% Conv. Sub. Note,
07/01/03+ ....................... 40,000 275,400
Quintiles Transnational Corp.
4.25% Conv., 05/31/00+ ........... 375,000 419,062
------------
6,030,337
------------
HOSPITAL SUPPLIES & SERVICES (0.1%)
FPA Medical Management, Inc.
6.5% Conv., 12/15/01(a)+ ......... 925,000 93
RES-Care, Inc.:
6.0% Conv., 12/01/04+ ............ 820,000 1,047,550
6.0% Conv., 12/01/04 .............. 250,000 319,375
Sunrise Assisted Living, Inc.
5.5% Conv., 06/15/02 ............. 520,000 576,550
------------
1,943,568
------------
TOTAL CONSUMER NONCYCLICALS (0.3%) 7,973,905
------------
CREDIT SENSITIVE
ASSET BACKED (0.6%)
Carco Auto Loan Master Trust
Series 1999-1, Class A1
5.65%, 03/15/03 .................. 6,500,000 6,464,445
Citibank Credit Card Master
Trust I
Series 1999-2, Class A
5.875%, 03/10/11 ................. 8,300,000 7,770,875
------------
14,235,320
------------
BANKS (1.1%)
Citicorp
6.375%, 11/15/08 ................. 5,000,000 4,743,350
Dresdner Funding Trust I
8.151%, 06/30/31+ ................ 4,500,000 4,306,685
Fuji Bank Ltd.
9.87%, 12/31/49+ ................. 7,000,000 6,090,000
Grupo Financiero Banorte
Zero Coupon, 12/05/02 ............ 20,800 2,207
St. George Bank Ltd.
7.15%, 10/15/05+ ................. 9,525,000 9,388,888
------------
24,531,130
------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ----------------------------------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES (0.7%)
Household Finance Corp.
5.875%, 02/01/09 ................. $8,000,000 $ 7,268,320
Morgan Stanley Dean
Witter & Co.
5.625%, 01/20/04 ................. 10,300,000 9,927,552
------------
17,195,872
------------
FOREIGN GOVERNMENT (0.1%)
United Mexican States
10.375%, 02/17/09 ................ 2,020,000 2,027,575
------------
MORTGAGE RELATED (7.9%)
Federal Home Loan Mortgage
Corp.:
GOLD 7.0%, 09/01/11 .............. 5,775,035 5,804,170
GOLD 7.0%, 01/01/12 ............... 2,737,227 2,751,037
Federal National Mortgage
Association:
6.0%, 04/01/11 .................... 8,775,093 8,475,406
7.5%, 04/01/26 .................... 9,075,224 9,178,128
7.0%, 05/01/26 .................... 1,636,854 1,617,932
7.0%, 08/01/26 .................... 297,323 294,324
7.0%, 09/01/27 .................... 662,109 654,449
7.0%, 01/01/28 .................... 3,563,665 3,527,711
6.5%, 03/01/28 .................... 2,648,871 2,562,073
6.5%, 09/01/28 .................... 1,900,617 1,838,337
6.5%, 10/01/28 .................... 2,908,162 2,812,867
8.0%, 11/01/28 .................... 4,014,590 4,123,707
8.0%, 12/01/28 .................... 6,600,098 6,773,053
6.0%, 03/01/29 .................... 18,820,597 17,698,494
7.5%, 04/01/29 .................... 7,678,258 7,765,321
7.5%, 05/01/29 .................... 9,000,000 9,102,051
6.5%, 06/01/29 .................... 4,600,000 4,449,267
7.0%, 06/01/29 .................... 6,800,000 6,728,036
8.0%, 06/01/29 .................... 4,300,430 4,412,061
Government National Mortgage
Association:
7.0%, 07/15/27 .................... 3,176,052 3,138,479
7.5%, 09/15/27 .................... 71 72
7.0%, 02/15/28 .................... 11,601,797 11,464,549
6.5%, 03/15/28 .................... 16,808,905 16,203,331
6.5%, 05/15/28 .................... 719,624 693,698
7.0%, 05/15/28 .................... 10,672,442 10,546,187
6.5%, 07/15/28 .................... 4,397,859 4,239,417
6.5%, 11/15/28 .................... 12,326,924 11,853,077
7.0%, 12/15/28 .................... 19,611,055 19,379,056
Prudential Securities Secured
Financing
Series 1999-NRF1, Class A2
6.48%, 01/15/09 ................... 6,000,000 5,793,780
------------
183,880,070
------------
UTILITY--ELECTRIC (0.3%)
Texas Utilities (Series C)
6.375%, 01/01/08 ................. 6,900,000 6,573,237
------------
U.S. GOVERNMENT (6.3%)
U.S. Treasury:
6.0% Note, 08/15/00 ............... 25,000,000 25,156,250
6.25% Note, 04/30/01 .............. 42,500,000 43,017,990
6.5% Note, 08/31/01 ............... 8,775,000 8,939,531
</TABLE>
58
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------
<S> <C> <C>
7.25% Note, 05/15/04 ...................... $14,315,000 $ 15,187,328
6.875% Note, 05/15/06 ..................... 2,000,000 2,105,626
8.125% Bond, 08/15/19 ..................... 18,100,000 21,861,361
6.125% Bond, 11/15/27 ..................... 10,560,000 10,461,000
5.25% Bond, 11/15/28 ...................... 11,040,000 9,785,966
5.25% Bond, 02/15/29 ...................... 11,500,000 10,321,250
--------------
146,836,302
--------------
TOTAL CREDIT SENSITIVE (17.0%) 395,279,506
--------------
ENERGY
GAS (0.2%)
RAS Laffan Liquid Natural Gas
8.294%, 03/15/14+ ........................ 3,500,000 3,229,905
--------------
OIL--SUPPLIES & CONSTRUCTION (0.0%)
Diamond Offshore Drilling, Inc.
3.75% Conv., 02/15/07 .................... 290,000 288,550
Nabors Industries, Inc.
5.0% Conv., 05/15/06 ..................... 290,000 392,225
--------------
680,775
--------------
TOTAL ENERGY (0.2%) ....................... 3,910,680
--------------
TECHNOLOGY
ELECTRONICS (0.9%)
America Online, Inc.
4.0% Conv., 11/15/02 ..................... 555,000 4,699,809
Amkor Technologies, Inc.
5.75% Conv., 05/01/03 .................... 2,055,000 2,013,900
EMC Corp.
3.25% Conv., 03/15/02 .................... 625,000 3,035,937
HNC Software, Inc.
4.75% Conv., 03/01/03 .................... 980,000 957,950
Level One Communications, Inc.:
4.0% Conv., 09/01/04+ .................... 670,000 1,307,337
4.0% Conv., 09/01/04 ...................... 860,000 1,678,075
LSI Logic Corp.
4.25% Conv., 03/15/04+ ................... 1,960,000 3,177,650
Mindspring Enterprises, Inc.
5.0% Conv., 04/15/06 ..................... 870,000 821,063
Photronics, Inc.
6.0% Conv., 06/01/04 ..................... 1,535,000 1,675,069
Wind River Systems, Inc.
5.0% Conv., 08/01/02 ..................... 920,000 800,400
--------------
20,167,190
--------------
TELECOMMUNICATIONS (0.5%)
At Home Corp.
0.5246% Conv., 12/28/18+ ................. 1,325,000 1,051,719
CNET, Inc.
5.0%, 03/01/06 ........................... 575,000 966,000
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- ------------------------------------------------------------------------------
<S> <C> <C>
Comverse Technology, Inc.:
5.75% Conv., 10/01/06 .................... $ 1,295,000 $ 3,219,694
5.75% Conv., 10/01/06+ .................... 715,000 1,777,669
Global TeleSystems Group, Inc.
5.75% Conv., 07/01/10 .................... 2,725,000 4,325,937
Nextel Communications, Inc.
4.75% Conv., 07/01/07+ ................... 775,000 941,625
NTL, Inc.
7.0% Conv., 12/15/08 ..................... 170,000 269,536
--------------
12,552,180
--------------
TOTAL TECHNOLOGY (1.4%) ................... 32,719,370
--------------
TOTAL LONG-TERM DEBT SECURITIES (20.3%)
(Amortized Cost $470,205,620) 472,502,532
--------------
SHORT-TERM DEBT SECURITIES:
BANKERS ACCEPTANCES (0.2%)
KeyCorp.
4.89%, due 07/16/99 ...................... 4,000,000 3,991,867
--------------
COMMERCIAL PAPER
BellSouth Corp.
5.09%, due 07/29/99 ...................... 50,000,000 49,802,834
Gillette Co.
5.65%, due 07/01/99 ...................... 44,000,000 44,000,000
Household Finance Corp.
5.17%, due 07/30/99 ...................... 18,000,000 17,925,325
Teachers Insurance and Annuity
Association
4.98%, due 07/15/99 ...................... 25,000,000 24,951,680
--------------
TOTAL COMMERCIAL PAPER (5.9%) 136,679,839
--------------
TIME DEPOSITS (2.2%)
Societe Generale
5.87%, due 07/01/99 ...................... 51,300,000 51,300,000
--------------
U.S. GOVERNMENT AGENCIES (1.7%)
Federal Home Loan Bank
4.6%, due 07/01/99 ....................... 40,500,000 40,500,000
--------------
TOTAL SHORT-TERM DEBT
SECURITIES (10.0%)
(Amortized Cost $232,471,706).............. 232,471,706
--------------
TOTAL INVESTMENTS (99.5%)
(Cost/Amortized Cost
$1,943,710,493)........................... 2,313,238,487
OTHER ASSETS
LESS LIABILITIES (0.5%) ................... 11,429,045
--------------
NET ASSETS (100.0%) ........................ $2,324,667,532
==============
</TABLE>
59
<PAGE>
THE HUDSON RIVER TRUST
ALLIANCE GROWTH INVESTORS PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
DISTRIBUTION OF INVESTMENTS BY GLOBAL
REGION
As a Percentage of Total Investments
<S> <C>
Canada ........................ 0.2%
France ........................ 1.8
Germany ....................... 0.5
Japan ......................... 3.1
Latin America ................. 0.6
Netherlands ................... 1.2
New Zealand & Australia ....... 0.8
Scandinavia ................... 1.0
Southeast Asia ................ 1.5
Spain ......................... 0.5
Switzerland ................... 0.5
United Kingdom ................ 3.8
United States** ............... 84.0
Other European Countries ...... 0.5
-----
100.0%
=====
</TABLE>
- ----------
* Non-income producing.
** Includes Short-Term Debt Securities of 10.0%.
+ 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, 1999, these securities amounted to $83,059,215 or
3.6% of net assets.
(a) Security in default.
Glossary:
ADR--American Depository Receipt
GDR--Global Depository Receipt
See Notes to Financial Statements.
60
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 1999 (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
separate accounts 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 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.
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.
61
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999
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.
Over-the-counter written options are valued using prices provided by brokers.
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.
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.
62
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999
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 accretion of
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.
All income earned and expenses incurred by the Portfolios are borne on a
pro-rata basis by each outstanding class of shares, based on the proportionate
interest in each Portfolio represented by the net assets of such class.
Expenses of the Trust are charged to each Portfolio in proportion to net
assets.
Under a deferred compensation plan, the Trust owes several Trustees the
payment of all or part of the fees payable for their services. Such amounts are
reflected in the Statements of Assets and Liabilities.
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,
1999, and the security loan fees received, net of rebates paid, for the six
months ended June 30, 1999. Such net fees are included in interest income in
the accompanying Statements of Operations.
<TABLE>
<CAPTION>
VALUE OF VALUE OF SECURITY LOAN
PORTFOLIO SECURITIES LOANED COLLATERAL RECEIVED* FEES RECEIVED
- ----------------------------------------------------- ------------------- ---------------------- --------------
<S> <C> <C> <C>
Alliance Intermediate Government Securities ......... $ 47,191,956 $ 48,469,073 $ 81,591
Alliance Quality Bond ............................... 71,399,023 73,599,264 109,500
Alliance Growth and Income .......................... 36,261,245 37,512,306 69,702
Alliance Equity Index ............................... 24,027,726 24,126,740 109,631
Alliance Common Stock ............................... 584,479,563 587,676,922 657,885
Alliance Global ..................................... 94,642,958 97,668,284 320,385
Alliance International .............................. 14,728,416 15,492,734 83,440
Alliance Aggressive Stock ........................... 290,483,094 296,817,450 1,218,628
Alliance Conservative Investors ..................... 69,920,720 72,270,783 98,270
Alliance Balanced ................................... 304,067,472 315,550,794 428,432
Alliance Growth Investors ........................... 184,810,704 190,964,160 448,331
</TABLE>
- ----------
* Including U.S. Government securities valued at $24,902,253, $53,772,754,
$40,486,861, $215,558,926 and $54,895,182 for the Alliance Intermediate
Government Securities, Alliance Quality Bond, Alliance Conservative
Investors, Alliance Balanced and Alliance Growth Investors Portfolios,
respectively.
63
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999
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, dividends and foreign 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; distributions 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 and
distributions are reinvested in additional full and fractional shares of the
related Portfolios. All dividends and distributions 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.
64
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999
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
relative 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 to
trade or exercise the futures contracts purchased through the exchange or board
of trade which acts as the counterparty to the Portfolio's futures
transactions. Forward contracts are entered into 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, 1998, 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
INTERMEDIATE ALLIANCE
GOVERNMENT QUALITY ALLIANCE
SECURITIES BOND HIGH YIELD
PORTFOLIO PORTFOLIO PORTFOLIO
-------------- ------------- -------------
<S> <C> <C> <C>
Undistributed (overdistributed) net
investment income .......................... $ 1,558 $ 101,980 $ 197,552
Accumulated net realized gain (loss) ........ (1,558) (101,980) (197,552)
<CAPTION>
ALLIANCE
EQUITY ALLIANCE ALLIANCE
INDEX COMMON STOCK GLOBAL
PORTFOLIO PORTFOLIO PORTFOLIO
----------- ----------------- ---------------
<S> <C> <C> <C>
Undistributed (overdistributed) net
investment income .......................... $ 3,951 $ (15,541,411) $ 1,533,285
Accumulated net realized gain (loss) ........ (3,951) 15,541,411 (1,533,285)
</TABLE>
<TABLE>
<CAPTION>
ALLIANCE
ALLIANCE AGGRESSIVE
INTERNATIONAL STOCK
PORTFOLIO PORTFOLIO
--------------- ---------------
<S> <C> <C>
Paid-in capital .......................... $ (2,256,875) $ --
Undistributed (overdistributed) net
investment income ....................... 2,913,186 9,723,281
Accumulated net realized gain (loss) ..... (656,311) (9,723,281)
<CAPTION>
ALLIANCE ALLIANCE ALLIANCE
SMALL CAP CONSERVATIVE ALLIANCE GROWTH
GROWTH INVESTORS BALANCED INVESTORS
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
-------------- -------------- --------------- -------------
<S> <C> <C> <C> <C>
Paid-in capital .......................... $ (168,661) $ -- $ -- $ 64,483
Undistributed (overdistributed) net
investment income ....................... 27,043 (173,812) (1,175,974) (105,678)
Accumulated net realized gain (loss) ..... 141,618 173,812 1,175,974 41,195
</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, 1998 to December 31, 1998 certain
Portfolios incurred and elected to defer until January 1, 1999 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 Quality Bond ............. $ 1,114,087 $ --
Alliance High Yield ............... 35,405,973 --
Alliance Common Stock ............. 4,742,342 26,979
Alliance Global ................... -- 435,898
Alliance Small Cap Growth ......... 2,835,065 --
Alliance Balanced ................. -- 106,329
Alliance Growth Investors ......... -- 101,198
</TABLE>
65
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999
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
PORTFOLIO $750 MILLION $750 MILLION $1 BILLION $2.5 BILLION THEREAFTER
- ------------------------------------------------- -------------- -------------- ------------ -------------- -----------
<S> <C> <C> <C> <C> <C>
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
Distributor's 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.
66
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999
4. Investment Transactions
Investment security transactions, excluding short-term debt securities,
for the six months ended June 30, 1999 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 ......... $ 40,425,593 $412,076,608 $ 7,184,196 $443,836,696
Alliance Quality Bond ............................... 122,051,665 228,113,690 73,552,102 243,588,898
Alliance High Yield ................................. 494,365,448 -- 482,677,799 --
Alliance Growth and Income .......................... 536,543,469 -- 383,727,610 --
Alliance Equity Index ............................... 458,768,017 -- 40,934,459 --
Alliance Common Stock ............................... 5,128,191,902 -- 4,505,434,725 --
Alliance Global ..................................... 442,590,159 -- 401,617,919 --
Alliance International .............................. 163,523,539 -- 160,100,683 --
Alliance Aggressive Stock ........................... 1,502,025,768 -- 1,939,647,461 --
Alliance Small Cap Growth ........................... 302,245,329 -- 309,592,707 --
Alliance Conservative Investors ..................... 119,383,626 112,664,154 117,678,929 98,276,429
Alliance Balanced ................................... 728,143,491 426,325,182 774,852,307 460,959,737
Alliance Growth Investors ........................... 929,068,336 222,461,738 882,322,247 216,764,728
</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, 1999 are
summarized as follows:
<TABLE>
<CAPTION>
ALLIANCE
COMMON STOCK
PORTFOLIO
-----------------------------------
NUMBER OF PREMIUMS
CONTRACTS RECEIVED
--------------- -----------------
<S> <C> <C>
Options outstanding--January 1, 1999 ........................ 492,960 $ 195,807,516
Options written ............................................. 1,241,095 460,512,513
Options terminated in closing purchase transactions ......... (201,380) (65,700,130)
Options expired ............................................. (10,000) (3,449,500)
Options exercised ........................................... (1,125,175) (439,414,074)
---------- --------------
Options outstanding--June 30, 1999 .......................... 397,500 $ 147,756,325
========== ==============
</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, 1999, the Alliance Common Stock, 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:
<TABLE>
<CAPTION>
CONTRACT COST ON U.S. $ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION
ALLIANCE COMMON STOCK PORTFOLIO: (000'S) DATE VALUE (DEPRECIATION)
- ------------------------------------------- ---------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pounds, settling 07/01/99 ......... 802 $1,276,036 $1,264,462 $ (11,574)
=========
</TABLE>
67
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999
<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
British Pounds, settling 07/03/99 -- 07/07/99 ......... 2,686 $ 4,253,796 $ 4,237,453 $ (16,343)
Euro, settling 07/02/99 -- 07/30/99 ................... 9,315 9,657,331 9,627,421 (29,910)
Hong Kong Dollar, settling 07/02/99 ................... 2,496 321,703 321,699 (4)
Japanese Yen, settling 07/01/99 ....................... 322,586 2,664,857 2,668,869 4,012
Swiss Franc, settling 07/01/99 ........................ 3,556 2,298,494 2,291,680 (6,814)
FOREIGN CURRENCY SALE CONTRACTS
British Pounds, settling 07/06/99 ..................... 59 93,553 93,815 (262)
Euro, settling 07/01/99 -- 07/07/99 ................... 10,623 10,971,096 10,970,140 956
-----------
$ (48,365)
===========
</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
Hong Kong Dollar, settling 07/02/99 ................. 899 $ 115,816 $ 115,812 $ (4)
Japanese Yen, settling 07/01/99 -- 07/02/99 ......... 116,782 966,036 966,180 144
Swiss Franc, settling 07/01/99 ...................... 1,022 659,780 658,632 (1,148)
FOREIGN CURRENCY SALE CONTRACTS
British Pounds, settling 07/06/99 ................... 755 1,189,023 1,191,524 (2,501)
Euro, settling 07/01/99 -- 07/02/99 ................. 2,088 2,157,448 2,155,615 1,833
---------
$(1,676)
=========
</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
Euro, settling 07/01/99 ..................... 134 $138,712 $138,301 $ (411)
Swiss Franc, settling 07/01/99 .............. 254 163,722 163,437 (285)
FOREIGN CURRENCY SALE CONTRACTS
British Pounds, settling 07/02/99 ........... 152 241,682 240,196 1,486
Euro, settling 07/02/99 -- 07/30/99 ......... 252 260,314 260,751 (437)
Japanese Yen, settling 07/06/99 ............. 2,470 20,090 20,452 (362)
------
$ (9)
======
</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
Australian Dollars, settling 07/02/99 ......... 254 $ 168,590 $ 167,498 $ (1,092)
British Pounds, settling 07/06/99 ............. 942 1,486,817 1,486,733 (84)
Japanese Yen, settling 07/02/99 ............... 52,847 437,512 437,222 (290)
FOREIGN CURRENCY SALE CONTRACTS
Euro, settling 07/02/99 ....................... 2,233 2,300,901 2,305,591 (4,690)
Japanese Yen, settling 07/02/99 ............... 45,019 371,385 372,460 (1,075)
Swiss Franc, settling 07/02/99 ................ 3,814 2,461,977 2,457,693 4,284
--------
$ (2,947)
========
</TABLE>
68
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999
<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 07/06/99 ................... 320 $ 504,499 $ 504,471 $ (28)
Euro, settling 07/01/99 ............................. 1,396 1,445,612 1,441,349 (4,263)
Swiss Franc, settling 07/01/99 ...................... 3,522 2,273,865 2,269,908 (3,957)
FOREIGN CURRENCY SALE CONTRACTS
British Pounds, settling 07/01/99 ................... 345 547,187 543,830 3,357
Euro, settling 07/02/99 ............................. 3,127 3,230,999 3,229,159 1,840
Greek Drachma, settling 07/02/99 .................... 139,723 443,114 444,255 (1,141)
Japanese Yen, settling 07/02/99 -- 07/06/99 ......... 254,115 2,097,774 2,102,724 (4,950)
Singapore Dollars, settling 07/06/99 ................ 122 70,474 71,681 (1,207)
---------
$ (10,349)
=========
</TABLE>
As of June 30, 1999, 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 ............................... $ 1,146,367,340 $ 117,766 $ (450,332) $ (332,566)
Alliance Intermediate Government Securities ......... 230,389,656 562,965 (3,508,732) (2,945,767)
Alliance Quality Bond ............................... 353,420,955 211,254 (11,908,284) (11,697,030)
Alliance High Yield ................................. 644,839,529 7,164,957 (77,130,497) (69,965,540)
Alliance Growth and Income .......................... 1,071,291,751 273,799,318 (48,060,969) 225,738,349
Alliance Equity Index ............................... 1,611,619,102 745,387,678 (18,829,738) 726,557,940
Alliance Common Stock ............................... 10,956,530,821 4,980,509,261 (604,498,424) 4,376,010,837
Alliance Global ..................................... 1,174,050,920 464,123,852 (51,083,457) 413,040,395
Alliance International .............................. 230,330,560 31,960,880 (14,786,391) 17,174,489
Alliance Aggressive Stock ........................... 3,917,047,003 927,245,788 (286,733,851) 640,511,937
Alliance Small Cap Growth ........................... 287,618,901 41,282,247 (18,096,066) 23,186,181
Alliance Conservative Investors ..................... 401,608,147 38,534,097 (10,019,820) 28,514,277
Alliance Balanced ................................... 1,761,221,272 310,133,712 (62,492,991) 247,640,721
Alliance Growth Investors ........................... 1,946,428,632 433,793,626 (66,983,771) 366,809,855
</TABLE>
During the year ended December 31, 1998, the Alliance Intermediate
Government Securities Portfolio utilized available capital loss carryforwards
of $3,248,623.
The Alliance Intermediate Government Securities Portfolio and Alliance
Small Cap Growth Portfolio had net capital loss carryforwards of $5,583,325 (of
which $5,101,186 expires in the year 2002 and $482,139 expires in the year
2004) and $16,465,876 (all of which expires in the year 2006), respectively. 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.
5. Capital Share Transactions
At June 30, 1999, 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.
69
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999
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, 1999 1998 JUNE 30, 1999 1998
--------------- ----------------- --------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IA
Shares sold ............. 81,199,559 136,020,103 3,394,360 7,332,095
Shares issued in
reinvestment of
dividends and
distributions .......... -- 2,682,886 -- 724,448
---------- ----------- --------- ---------
Total shares issued ..... 81,199,559 138,702,989 3,394,360 8,056,543
Shares redeemed ......... (76,872,869) (112,151,509) (2,140,700) (4,388,356)
----------- ------------ ---------- ----------
Net increase
(decrease) ............. 4,326,690 26,551,480 1,253,660 3,668,187
=========== ============ ========== ==========
<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, 1999 1998 JUNE 30, 1999 1998
--------------- -------------- --------------- ----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IA
Shares sold ............. 4,758,113 12,172,248 5,242,478 18,951,617
Shares issued in
reinvestment of
dividends and
distributions .......... -- 2,093,682 -- 5,403,877
--------- ---------- --------- ----------
Total shares issued ..... 4,758,113 14,265,930 5,242,478 24,355,494
Shares redeemed ......... (2,071,610) (2,355,892) (7,440,728) (11,963,174)
---------- ---------- ---------- -----------
Net increase
(decrease) ............. 2,686,503 11,910,038 (2,198,250) 12,392,320
========== ========== ========== ===========
</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, 1999 1998 JUNE 30, 1999 1998
--------------- -------------- --------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IA
Shares sold ............... 7,205,939 15,163,368 33,387,921 26,611,092
Shares issued in
reinvestment of
dividends and
distributions ............ -- 4,401,644 -- 694,933
--------- ---------- ---------- ----------
Total shares issued . ..... 7,205,939 19,565,012 33,387,921 27,306,025
Shares redeemed ........... (1,053,837) (3,992,469) (17,283,278) (7,487,195)
---------- ---------- ----------- ----------
Net increase .............. 6,152,102 15,572,543 16,104,643 19,818,830
========== ========== =========== ==========
<CAPTION>
ALLIANCE ALLIANCE
COMMON STOCK GLOBAL
PORTFOLIO PORTFOLIO
-------------------------------- --------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1999 1998 JUNE 30, 1999 1998
--------------- ---------------- --------------- ----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IA
Shares sold ............... 17,594,431 43,379,931 10,928,681 8,066,603
Shares issued in
reinvestment of
dividends and
distributions ............ -- 63,907,193 -- 5,362,782
---------- ---------- ---------- ---------
Total shares issued . ..... 17,594,431 107,287,124 10,928,681 13,429,385
Shares redeemed ........... (15,200,873) (43,764,983) (9,756,893) (13,140,812)
----------- ----------- ---------- -----------
Net increase .............. 2,393,558 63,522,141 1,171,788 288,573
=========== =========== ========== ===========
</TABLE>
<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, 1999 1998 JUNE 30, 1999 1998
--------------- ---------------- --------------- ----------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IA
Shares sold ............... 28,829,068 40,984,802 11,981,534 33,480,797
Shares issued in
reinvestment of
dividends and
distributions ............ -- 362,445 -- 7,661,455
---------- ---------- ---------- ----------
Total shares issued . ..... 28,829,068 41,347,247 11,981,534 41,142,252
Shares redeemed ........... (26,332,713) (41,520,686) (25,421,486) (40,575,903)
----------- ----------- ----------- -----------
Net increase
(decrease) ............... 2,496,355 (173,439) (13,439,952) 566,349
=========== =========== =========== ===========
<CAPTION>
ALLIANCE ALLIANCE
SMALL CAP GROWTH CONSERVATIVE INVESTORS
PORTFOLIO PORTFOLIO
-------------------------------- -------------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1999 1998 JUNE 30, 1999 1998
--------------- ---------------- --------------- ---------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IA
Shares sold ............... 24,607,219 52,458,409 2,024,321 3,583,057
Shares issued in
reinvestment of
dividends and
distributions ............ -- 1,203 -- 2,581,375
---------- ---------- --------- ---------
Total shares issued . ..... 24,607,219 52,459,612 2,024,321 6,164,432
Shares redeemed ........... (25,802,167) (43,349,403) (1,515,528) (3,201,439)
----------- ----------- ---------- ----------
Net increase
(decrease) ............... (1,194,948) 9,110,209 508,793 2,962,993
=========== =========== ========== ==========
</TABLE>
70
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999
<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, 1999 1998 JUNE 30, 1999 1998
--------------- -------------- --------------- ---------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IA
Shares sold .................................. 2,138,360 4,836,054 3,801,520 6,034,474
Shares issued in reinvestment of dividends and
distributions ............................... -- 11,476,087 -- 9,929,342
--------- ---------- --------- ---------
Total shares issued .......................... 2,138,360 16,312,141 3,801,520 15,963,816
Shares redeemed .............................. (4,732,536) (9,732,301) (2,987,875) (5,077,946)
---------- ---------- ---------- ----------
Net increase (decrease) ...................... (2,594,176) 6,579,840 813,645 10,885,870
========== ========== ========== ==========
</TABLE>
<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, 1999 1998 JUNE 30, 1999 1998
--------------- ---------------- --------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IB
Shares sold ............... 18,007,384 40,257,599 1,460,918 2,732,736
Shares issued in
reinvestment of
dividends and
distributions ............ -- 1,123,590 -- 87,259
---------- ---------- --------- ---------
Total shares issued ....... 18,007,384 41,381,189 1,460,918 2,819,995
Shares redeemed ........... (20,737,304) (15,656,425) (325,432) (156,546)
----------- ----------- --------- ---------
Net increase
(decrease) ............... (2,729,920) 25,724,764 1,135,486 2,663,449
=========== =========== ========= =========
<CAPTION>
ALLIANCE ALLIANCE
QUALITY BOND HIGH YIELD
PORTFOLIO PORTFOLIO
--------------------------------- -----------------------------
SIX MONTHS JULY 8, 1998* SIX MONTHS YEAR ENDED
ENDED TO DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1999 1998 JUNE 30, 1999 1998
--------------- ----------------- --------------- -------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IB
Shares sold ............... 27,922 1,010 3,354,910 15,829,829
Shares issued in
reinvestment of
dividends and
distributions ............ -- 47 -- 2,231,229
------ ----- --------- ----------
Total shares issued ....... 27,922 1,057 3,354,910 18,061,058
Shares redeemed ........... (11,604) -- (1,106,717) (612,661)
------- ----- ---------- ----------
Net increase
(decrease) ............... 16,318 1,057 2,248,193 17,448,397
======= ===== ========== ==========
</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, 1999 1998 JUNE 30, 1999 1998
--------------- -------------- --------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IB
Shares sold ............... 2,569,660 4,613,042 265,421 13,073
Shares issued in
reinvestment of
dividends and
distributions ............ -- 579,115 -- 108
--------- --------- ------- ------
Total shares issued . ..... 2,569,660 5,192,157 265,421 13,181
Shares redeemed ........... (47,607) (208,611) (51,823) (1,032)
--------- --------- ------- ------
Net increase .............. 2,522,053 4,983,546 213,598 12,149
========= ========= ======= ======
<CAPTION>
ALLIANCE ALLIANCE
COMMON STOCK GLOBAL
PORTFOLIO PORTFOLIO
------------------------------ -----------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1999 1998 JUNE 30, 1999 1998
--------------- -------------- --------------- -------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IB
Shares sold ............... 10,797,596 19,886,395 788,468 1,194,769
Shares issued in
reinvestment of
dividends and
distributions ............ -- 4,121,858 -- 176,642
---------- ---------- ------- ---------
Total shares issued . ..... 10,797,596 24,008,253 788,468 1,371,411
Shares redeemed ........... (337,265) (278,288) (115,632) (145,815)
---------- ---------- -------- ---------
Net increase .............. 10,460,331 23,729,965 672,836 1,225,596
========== ========== ======== =========
</TABLE>
- ----------
* Commencement of operations.
71
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999
<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, 1999 1998 JUNE 30, 1999 1998
--------------- -------------- --------------- --------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IB
Shares sold ............. 480,544 592,943 1,057,491 2,372,000
Shares issued in
reinvestment of
dividends and
distributions .......... -- 9,904 -- 244,653
------- ------- --------- ---------
Total shares issued ..... 480,544 602,847 1,057,491 2,616,653
Shares redeemed ......... (360,691) (244,562) (458,503) (129,735)
-------- -------- --------- ---------
Net increase ............ 119,853 358,285 598,988 2,486,918
======== ======== ========= =========
<CAPTION>
ALLIANCE ALLIANCE
SMALL CAP GROWTH CONSERVATIVE INVESTORS
PORTFOLIO PORTFOLIO
------------------------------ -----------------------------
SIX MONTHS YEAR ENDED SIX MONTHS YEAR ENDED
ENDED DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1999 1998 JUNE 30, 1999 1998
--------------- -------------- --------------- -------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IB
Shares sold ............. 1,330,074 6,064,836 1,878,273 2,038,248
Shares issued in
reinvestment of
dividends and
distributions .......... -- -- -- 185,980
--------- --------- --------- ---------
Total shares issued ..... 1,330,074 6,064,836 1,878,273 2,224,228
Shares redeemed ......... (1,161,403) (295,805) (46,097) (49,850)
---------- --------- --------- ---------
Net increase ............ 168,671 5,769,031 1,832,176 2,174,378
========== ========= ========= =========
</TABLE>
<TABLE>
<CAPTION>
ALLIANCE ALLIANCE
BALANCED GROWTH INVESTORS
PORTFOLIO PORTFOLIO
--------------------------------- -----------------------------
SIX MONTHS JULY 8, 1998* SIX MONTHS YEAR ENDED
ENDED TO DECEMBER 31, ENDED DECEMBER 31,
JUNE 30, 1999 1998 JUNE 30, 1999 1998
--------------- ----------------- --------------- -------------
(UNAUDITED) (UNAUDITED)
<S> <C> <C> <C> <C>
Class IB
Shares sold .................................. 392,734 513 1,606,610 2,539,628
Shares issued in reinvestment of dividends and
distributions ............................... -- 54 -- 424,011
------- --- --------- ---------
Total shares issued .......................... 392,734 567 1,606,610 2,963,639
Shares redeemed .............................. (23,325) -- (87,897) (253,305)
------- --- --------- ---------
Net increase ................................. 369,409 567 1,518,713 2,710,334
======= === ========= =========
</TABLE>
- ----------
* Commencement of operations.
6. Bank Borrowing
A number of open-end mutual funds managed by the Adviser, including the
Trust, participate in a $750 million revolving credit facility (the "Facility")
intended to provide short-term financing if necessary, subject to certain
restrictions, in connection with abnormal redemption activity. Commitment fees
related to the Facility are paid by the participating funds and are included in
miscellaneous expenses in the Statements of Operations. The Trust did not
utilize the Facility during the six months ended June 30, 1999.
72
<PAGE>
THE HUDSON RIVER TRUST
NOTES TO FINANCIAL STATEMENTS--(Concluded)
June 30, 1999
7. 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, 1999 are summarized as follows:
<TABLE>
<CAPTION>
MARKET VALUE
DECEMBER 31, PURCHASES
1998 AT COST
---------------- --------------
<S> <C> <C>
ALLIANCE COMMON STOCK PORTFOLIO:
Ceridian Corp. ............................. $ 266,334,688 $ 3,300,500
Chris Craft Industries, Inc. (Class B) ..... 60,857,849 --
Ingram Micro, Inc. (Class A) ............... 83,700,000 68,642,495
Loral Space & Communications ............... 180,280,312 177,097,718
SCI Systems, Inc. .......................... 206,514,000 146,556,164
-------------
$ 797,686,849
=============
<CAPTION>
MARKET VALUE REALIZED
SALES JUNE 30, DIVIDEND GAIN
AT COST 1999 INCOME (LOSS)
-------------- ---------------- ---------- ------------------
<S> <C> <C> <C> <C>
ALLIANCE COMMON STOCK PORTFOLIO:
Ceridian Corp. ............................. $ -- $ 252,674,375 $ -- $ --
Chris Craft Industries, Inc. (Class B) ..... 689,320 57,954,292 -- 2,237,187
Ingram Micro, Inc. (Class A) ............... 81,278,310 88,889,000 -- (42,075,492)
Loral Space & Communications ............... 49,692,615 315,678,600 -- (14,263,226)
SCI Systems, Inc. .......................... 36,089,744 298,656,250 -- 1,704,024
-------------- ------- --------------
$1,013,852,517 $ -- $ (52,397,507)
============== ======= ==============
</TABLE>
<TABLE>
<CAPTION>
MARKET VALUE
DECEMBER 31, PURCHASES SALES
1998 AT COST AT COST
---------------- -------------- --------------
ALLIANCE AGGRESSIVE STOCK PORTFOLIO:
<S> <C> <C> <C>
Circuit City Stores, Inc.--
CarMax Group ................................ $ 34,580,869 $ -- $ 23,620,002
Continental Airlines, Inc. (Class B) ......... 148,468,650 17,459,950 7,898,247
Florida Panthers Holdings, Inc.(a) ........... 23,292,425 949,326 52,742,207
Millicom International Cellular SA ........... 85,782,037 9,835,349 3,436,356
Mohawk Industries, Inc ....................... 158,441,025 24,841,404 1,665,382
Premier Parks, Inc. .......................... 162,327,550 12,158,011 5,013,900
Teekay Shipping Corp. ........................ 49,463,706 3,085,628 --
Tiffany & Co.(a) ............................. 132,327,937 -- 45,194,863
Venator Group, Inc. .......................... 61,230,925 15,942,289 --
------------
$855,915,124
============
<CAPTION>
MARKET VALUE REALIZED
JUNE 30, DIVIDEND GAIN
1999 INCOME (LOSS)
---------------- ---------- ------------------
ALLIANCE AGGRESSIVE STOCK PORTFOLIO:
<S> <C> <C> <C>
Circuit City Stores, Inc.--
CarMax Group ................................ $ 27,769,500 $ -- $ (17,183,407)
Continental Airlines, Inc. (Class B) ......... 170,922,850 -- 5,836,094
Florida Panthers Holdings, Inc.(a) ........... -- -- (30,818,257)
Millicom International Cellular SA ........... 78,507,450 -- 3,480,203
Mohawk Industries, Inc ....................... 135,761,063 -- 3,649,947
Premier Parks, Inc. .......................... 203,712,600 -- 1,624,494
Teekay Shipping Corp. ........................ 50,074,388 1,176,136 --
Tiffany & Co.(a) ............................. 136,547,500 398,688 41,943,920
Venator Group, Inc. .......................... 118,631,581 -- --
------------ ---------- --------------
$921,926,932 $1,574,824 $ 8,532,994
============ ========== ==============
</TABLE>
- ----------
(a) Holdings represented less than 5% of outstanding shares at June 30,
1999, although ownership was above 5% for a period of time during
the period.
For the six months ended June 30, 1999, the Common Stock Portfolio
incurred brokerage commissions of $5,550,695. This amount includes $4,050 which
was paid to Donaldson, Lufkin & Jenrette Securities Corp. ("DLJ"), an affiliate
of the Adviser.
8. Substitution
An application has been filed with the SEC requesting approval for the
substitution of securities issued by 14 newly-organized portfolios of EQ
Advisors Trust (EQAT) for securities issued by portfolios of the Trust
currently used as underlying investment options for certain variable annuity
contracts and/or variable life insurance policies issued by Equitable and other
insurance companies (the "Substitutions"). Equitable will bear all expenses
incurred in connection with the Substitutions. The 14 newly-organized EQAT
portfolios will have investment objectives, investment strategies and
anticipated risks that are identical in all material respects to those of the
corresponding Trust portfolios. Pursuant to the application, the effect of the
Substitutions will be to transfer the assets and liabilities of each Trust
portfolio to the corresponding new EQAT portfolio. Alliance will continue to
serve as investment advisor for each of the 14 new portfolios with Equitable
serving as the investment manager. Pursuant to the application, there will be
no increase in investment management fees; other Trust operating expenses may
increase slightly. In connection with the anticipated Substitutions, EQAT has
filed with the SEC a post-effective amendment to its registration statement in
order to register the 14 newly-organized portfolios. Subject to SEC approval,
it is expected that the Substitutions will be completed in the fall of 1999.
73
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS
June 30, 1999
SELECTED DATA FOR A PORTFOLIO SHARE OUTSTANDING THROUGHOUT EACH PERIOD(a)
ALLIANCE MONEY MARKET PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
---------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED ----------------------------------------------------------------
JUNE 30,
1999 1998 1997 1996 1995 1994
---------------- ------------ ------------ ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ........................... $10.22 $10.18 $10.17 $10.16 $10.14 $10.12
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ................ 0.24 0.53 0.54 0.54 0.57 0.41
Net realized and unrealized
gain (loss) on investments .......... -- -- -- (0.01) -- --
------ ------ ------ ------ ------ ------
Total from investment
operations .......................... 0.24 0.53 0.54 0.53 0.57 0.41
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment
income .............................. -- (0.49) (0.53) (0.52) (0.55) (0.39)
Dividends in excess of net
investment income ................... -- -- -- -- -- --
------ ------ ------ ------ ------ ------
Total dividends and
distributions ....................... -- (0.49) (0.53) (0.52) (0.55) (0.39)
------ ------ ------ ------ ------ ------
Net asset value, end of period ........ $10.46 $10.22 $10.18 $10.17 $10.16 $10.14
====== ====== ====== ====== ====== ======
Total return (c) ...................... 2.28% 5.34% 5.42% 5.33% 5.74% 4.02%
====== ====== ====== ====== ====== ======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ..... $785,055 $723,311 $449,960 $463,422 $386,691 $325,391
Ratio of expenses to average net
assets ............................... 0.36%(d) 0.37% 0.39% 0.43% 0.44% 0.42%
Ratio of net investment income
to average net assets ................ 4.73%(d) 5.13% 5.28% 5.17% 5.53% 4.01%
<CAPTION>
CLASS IB
-----------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 2,
ENDED DECEMBER 31, 1996 TO
JUNE 30, ------------------------- DECEMBER 31,
1999 1998 1997 1996
---------------- ------------ ------------ ----------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ........................... $10.21 $10.17 $10.16 $10.16
------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ................ 0.23 0.49 0.52 0.11
Net realized and unrealized
gain (loss) on investments .......... (0.01) 0.02 -- 0.01
------ ------ ------ ------
Total from investment
operations .......................... 0.22 0.51 0.52 0.12
------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment
income .............................. -- (0.47) (0.51) (0.02)
Dividends in excess of net
investment income ................... -- -- -- (0.10)
------ ------ ------ ------
Total dividends and
distributions ....................... -- (0.47) (0.51) (0.12)
------ ------ ------ ------
Net asset value, end of period ........ $10.43 $10.21 $10.17 $10.16
------ ------ ------ ------
====== ====== ====== ======
Total return (c) ...................... 2.16% 5.08% 5.16% 1.29%
====== ====== ====== ======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ..... $366,584 $386,718 $123,675 $3,184
Ratio of expenses to average net
assets ............................... 0.61%(d) 0.62% 0.63% 0.67%(d)
Ratio of net investment income
to average net assets ................ 4.48%(d) 4.82% 5.02% 4.94%(d)
</TABLE>
ALLIANCE INTERMEDIATE GOVERNMENT SECURITIES PORTFOLIO(e):
<TABLE>
<CAPTION>
CLASS IA
-----------------------------------------------------------------------------
YEAR ENDED DECEMBER 31,
SIX MONTHS ------------------------------------------------------------
ENDED
JUNE 30,
1999 1998 1997 1996 1995 1994
---------------- ------------ ------------ ---------- ---------- ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ........................... $ 9.67 $ 9.44 $ 9.29 $ 9.47 $ 8.87 $10.08
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ................ 0.24 0.50 0.53 0.54 0.58 0.65
Net realized and unrealized
gain (loss) on investments .......... (0.33) 0.21 0.13 (0.19) 0.57 (1.08)
------ ------ ------ ------ ------ ------
Total from investment
operations .......................... (0.09) 0.71 0.66 0.35 1.15 (0.43)
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment
income .............................. -- (0.48) (0.51) (0.53) (0.55) (0.78)
------ ------ ------ ------ ------ ------
Net asset value, end of period ........ $ 9.58 $ 9.67 $ 9.44 $ 9.29 $ 9.47 $ 8.87
====== ====== ====== ====== ====== ======
Total return (c) ...................... (0.99)% 7.74% 7.29% 3.78% 13.33% (4.37)%
====== ====== ====== ====== ====== ======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ..... $163,877 $153,383 $115,114 $88,384 $71,780 $48,518
Ratio of expenses to average net
assets ............................... 0.55%(d) 0.55% 0.55% 0.56% 0.57% 0.56%
Ratio of net investment income
to average net assets ................ 4.96%(d) 5.21% 5.61% 5.73% 6.15% 6.75%
Portfolio turnover rate ............... 237% 539% 285% 318% 255% 133%
<CAPTION>
CLASS IB
------------------------------------------------
SIX MONTHS MAY 1, 1997
ENDED YEAR ENDED TO
JUNE 30, DECEMBER 31, DECEMBER 31,
1999 1998 1997
---------------- ------------- ----------------
(UNAUDITED)
<S> <C> <C> <C>
Net asset value, beginning of
period (b) ........................... $ 9.66 $ 9.43 $ 9.27
------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ................ 0.22 0.47 0.32
Net realized and unrealized
gain (loss) on investments .......... (0.33) 0.22 0.22
------ ------ ------
Total from investment
operations .......................... (0.11) 0.69 0.54
------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment
income .............................. -- (0.46) (0.38)
------ ------ ------
Net asset value, end of period ........ $ 9.55 $ 9.66 $ 9.43
====== ====== ======
Total return (c) ...................... (1.11)% 7.48% 5.83%
====== ====== ======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ..... $41,401 $30,898 $5,052
Ratio of expenses to average net
assets ............................... 0.80%(d) 0.80% 0.81%(d)
Ratio of net investment income
to average net assets ................ 4.72%(d) 4.87% 5.15%(d)
Portfolio turnover rate ............... 237% 539% 285%
</TABLE>
74
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1999
ALLIANCE QUALITY BOND PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
-------------------------------------------------------
YEAR ENDED DECEMBER 31,
SIX MONTHS --------------------------------------
ENDED
JUNE 30,
1999 1998 1997 1996
---------------- ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of period (b) ...... $9.84 $9.74 $9.49 $9.61
----- ----- ----- -----
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................ 0.26 0.55 0.60 0.57
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions ................................ (0.50) 0.28 0.24 (0.07)
----- ----- ----- -----
Total from investment operations ............. (0.24) 0.83 0.84 0.50
----- ----- ----- -----
LESS DISTRIBUTIONS:
Dividends from net investment income ......... -- (0.53) (0.59) (0.60)
Dividends in excess of net investment
income ...................................... -- -- -- (0.02)
Distributions from realized gains ............ -- (0.20) -- --
Tax return of capital distributions .......... -- -- -- --
----- ----- ----- -----
Total dividends and distributions ............ -- (0.73) (0.59) (0.62)
----- ----- ----- -----
Net asset value, end of period ................ $9.60 $9.84 $9.74 $9.49
===== ===== ===== =====
Total return (c) .............................. (2.38)% 8.69% 9.14% 5.36%
===== ===== ===== =====
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............. $340,458 $322,418 $203,233 $155,023
Ratio of expenses to average net assets ....... 0.56%(d) 0.57% 0.57% 0.59%
Ratio of net investment income to average
net assets ................................... 5.44%(d) 5.48% 6.19% 6.06%
Portfolio turnover rate ....................... 99% 194% 374% 431%
<CAPTION>
CLASS IA CLASS IB
------------------------- ----------------------------------
YEAR ENDED DECEMBER 31, Six Months Ended JULY 8, 1998 TO
------------------------- June 30, DECEMBER 31,
1995 1994 1999 1998
------------ ------------ ---------------- -----------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of period (b) ...... $ 8.72 $ 9.82 $ 9.84 $ 9.90
------ ------ ------ ------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................ 0.57 0.66 0.25 0.25
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions ................................ 0.88 (1.16) (0.50) 0.14
------ ------ ------ ------
Total from investment operations ............. 1.45 (0.50) (0.25) 0.39
------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net investment income ......... (0.56) (0.55) -- (0.25)
Dividends in excess of net investment
income ...................................... -- -- -- --
Distributions from realized gains ............ -- -- -- (0.20)
Tax return of capital distributions .......... -- (0.05) -- --
------ ------ ------ ------
Total dividends and distributions ............ (0.56) (0.60) -- (0.45)
------ ------ ------ ------
Net asset value, end of period ................ $ 9.61 $ 8.72 $ 9.59 $ 9.84
====== ====== ====== ======
Total return (c) .............................. 17.02% (5.10)% (2.52)% 4.05%
====== ====== ====== ======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............. $157,443 $127,575 $ 167 $ 10
Ratio of expenses to average net assets ....... 0.59% 0.59% 0.81%(d) 0.81%(d)
Ratio of net investment income to average
net assets ................................... 6.13% 7.17% 5.21%(d) 5.06%(d)
Portfolio turnover rate ....................... 411% 222% 99% 194%
</TABLE>
75
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1999
ALLIANCE HIGH YIELD PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
-------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED --------------------------------------------------------------
JUNE 30,
1999 1998 1997 1996 1995 1994
---------------- ----------- ----------- ------------ ------------ ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ....................... $ 8.71 $10.41 $10.02 $ 9.64 $ 8.91 $10.08
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ............ 0.47 1.07 1.04 1.02 0.98 0.89
Net realized and unrealized
gain (loss) on investments (0.62) (1.56) 0.75 1.07 0.73 (1.17)
------ ------ ------ ------ ------ ------
Total from investment
operations ...................... (0.15) (0.49) 1.79 2.09 1.71 (0.28)
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............... -- (1.03) (0.97) (0.98) (0.94) (0.88)
Dividends in excess of net
investment income ............... -- -- -- (0.03) (0.04) (0.01)
Distributions from realized
gains ........................... -- (0.18) (0.43) (0.70) -- --
Distributions in excess of
realized gains .................. -- -- -- -- -- --
------ ------ ------ ------ ------ ------
Total dividends and
distributions ................... -- (1.21) (1.40) (1.71) (0.98) (0.89)
------ ------ ------ ------ ------ ------
Net asset value, end of period $ 8.56 $ 8.71 $10.41 $10.02 $ 9.64 $ 8.91
====== ====== ====== ====== ====== ======
Total return (c) .................. (1.68)% (5.15)% 18.48% 22.89% 19.92% (2.79)%
====== ====== ====== ====== ====== ======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) .......................... $379,653 $405,308 $355,473 $199,360 $118,129 $73,895
Ratio of expenses to average
net assets ....................... 0.63%(d) 0.63% 0.62% 0.59% 0.60% 0.61%
Ratio of net investment
income to average net
assets ........................... 11.00%(d) 10.67% 9.82% 9.93% 10.34% 9.23%
Portfolio turnover rate ........... 87% 181% 390% 485% 350% 248%
<CAPTION>
CLASS IB
---------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 2,
ENDED DECEMBER 31, 1996 TO
JUNE 30, ----------------------- DECEMBER 31,
1999 1998 1997 1996
---------------- ----------- ----------- ----------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ....................... $ 8.69 $10.39 $10.01 $10.25
------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ............ 0.46 1.04 1.05 0.19
Net realized and unrealized
gain (loss) on investments (0.62) (1.56) 0.71 0.15
------ ------ ------ ------
Total from investment
operations ...................... (0.16) (0.52) 1.76 0.34
------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............... -- (1.00) (0.95) (0.03)
Dividends in excess of net
investment income ............... -- -- -- (0.25)
Distributions from realized
gains ........................... -- (0.18) (0.43) (0.01)
Distributions in excess of
realized gains .................. -- -- -- (0.29)
------ ------ ------ ------
Total dividends and
distributions ................... -- (1.18) (1.38) (0.58)
------ ------ ------ ------
Net asset value, end of period $ 8.53 $ 8.69 $10.39 $10.01
====== ====== ====== ======
Total return (c) .................. (1.80)% (5.38)% 18.19% 3.32%
====== ====== ====== ======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) .......................... $222,470 $207,042 $66,338 $685
Ratio of expenses to average
net assets ....................... 0.88%(d) 0.88% 0.88% 0.82%(d)
Ratio of net investment
income to average net
assets ........................... 10.74%(d) 10.60% 9.76% 8.71%(d)
Portfolio turnover rate ........... 87% 181% 390% 485%
</TABLE>
76
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1999
ALLIANCE GROWTH AND INCOME PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
-----------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, -----------------------------------------------------------
1999 1998 1997 1996 1995 1994
----------------- ----------- ----------- ----------- ---------- ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ....................... $16.99 $15.38 $13.01 $11.70 $ 9.70 $ 9.95
------ ------ ------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ............ 0.05 0.06 0.15 0.24 0.33 0.31
Net realized and unrealized
gain (loss) on investments 2.34 3.08 3.30 2.05 1.97 (0.36)
------ ------ ------ ------ ------ ------
Total from investment
operations ...................... 2.39 3.14 3.45 2.29 2.30 (0.05)
------ ------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............... -- (0.05) (0.15) (0.23) (0.30) (0.20)
Distributions from realized
gains ........................... -- (1.48) (0.93) (0.75) -- --
------ ------ ------ ------ ------ ------
Total dividends and
distributions ................... -- (1.53) (1.08) (0.98) (0.30) (0.20)
------ ------ ------ ------ ------ ------
Net asset value, end of period $19.38 $16.99 $15.38 $13.01 $11.70 $ 9.70
====== ====== ====== ====== ====== ======
Total return (c) .................. 14.08% 20.86% 26.90% 20.09% 24.07% (0.58)%
====== ====== ====== ====== ====== ======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) .......................... $1,120,582 $877,744 $555,059 $232,080 $98,053 $31,522
Ratio of expenses to average
net assets ....................... 0.56%(d) 0.58% 0.58% 0.58% 0.60% 0.78%
Ratio of net investment
income to average net
assets ........................... 0.54%(d) 0.38% 0.99% 1.94% 3.11% 3.13%
Portfolio turnover rate ........... 35% 74% 79% 88% 65% 52%
<CAPTION>
CLASS IB
--------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED MAY 1, 1997
JUNE 30, DECEMBER 31, TO
1999 1998 DECEMBER 31, 1997
---------------- ------------- ------------------
(UNAUDITED)
<S> <C> <C> <C>
Net asset value, beginning of
period (b) ....................... $16.95 $15.36 $13.42
------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ............ 0.03 0.03 0.05
Net realized and unrealized
gain (loss) on investments 2.34 3.07 2.91
------ ------ ------
Total from investment
operations ...................... 2.37 3.10 2.96
------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............... -- (0.03) (0.09)
Distributions from realized
gains ........................... -- (1.48) (0.93)
------ ------ ------
Total dividends and
distributions ................... -- (1.51) (1.02)
------ ------ ------
Net asset value, end of period $19.32 $16.95 $15.36
====== ====== ======
Total return (c) .................. 13.94% 20.56% 22.41%
====== ====== ======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) .......................... $186,084 $120,558 $32,697
Ratio of expenses to average
net assets ....................... 0.81%(d) 0.83% 0.83%(d)
Ratio of net investment
income to average net
assets ........................... 0.30%(d) 0.17% 0.43%(d)
Portfolio turnover rate ........... 35% 74% 79%
</TABLE>
77
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1999
ALLIANCE EQUITY INDEX PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
---------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, ---------------------------------------------------
1999 1998 1997 1996 1995
----------------- -------------- ----------- ----------- ------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ....................... $25.00 $19.74 $15.16 $13.13 $ 9.87
------ ------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ............ 0.15 0.27 0.26 0.27 0.26
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions .................... 2.85 5.25 4.64 2.65 3.32
------ ------ ------ ------ ------
Total from investment
operations ...................... 3.00 5.52 4.90 2.92 3.58
------ ------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............... -- (0.25) (0.25) (0.25) (0.22)
Distributions from realized
gains ........................... -- (0.01) (0.07) (0.64) (0.09)
Distributions in excess of
realized gains .................. -- -- -- -- (0.01)
------ ------ ------ ------ ------
Total dividends and
distributions ................... -- (0.26) (0.32) (0.89) (0.32)
------ ------ ------ ------ ------
Net asset value, end of period $28.00 $25.00 $19.74 $15.16 $13.13
====== ====== ====== ====== ======
Total return (c) .................. 12.01% 28.07% 32.58% 22.39% 36.48%
====== ====== ====== ====== ======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) .......................... $2,344,018 $1,689,913 $943,631 $386,249 $165,785
Ratio of expenses to average
net assets ....................... 0.32%(d) 0.34% 0.37% 0.39% 0.48%
Ratio of net investment
income to average net
assets ........................... 1.14%(d) 1.23% 1.46% 1.91% 2.16%
Portfolio turnover rate ........... 2% 6% 3% 15% 9%
<CAPTION>
CLASS IA CLASS IB
--------------- ---------------------------------------------
MARCH 1, 1994 SIX MONTHS YEAR MAY 1, 1997
TO ENDED ENDED TO
DECEMBER 31, JUNE 30, DECEMBER 31, DECEMBER 31,
1994 1999 1998 1997
--------------- ---------------- -------------- -------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ....................... $10.00 $24.98 $19.73 $16.35
------ ------ ------ ------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ............ 0.20 0.12 0.22 0.14
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions .................... (0.09) 2.84 5.24 3.48
------ ------ ------ ------
Total from investment
operations ...................... 0.11 2.96 5.46 3.62
------ ------ ------ ------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............... (0.20) -- (0.20) (0.17)
Distributions from realized
gains ........................... (0.03) -- (0.01) (0.07)
Distributions in excess of
realized gains .................. (0.01) -- -- --
------ ------ ------ ------
Total dividends and
distributions ................... (0.24) -- (0.21) (0.24)
------ ------ ------ ------
Net asset value, end of period $ 9.87 $27.94 $24.98 $19.73
====== ====== ====== ======
Total return (c) .................. 1.08% 11.87% 27.74% 22.28%
====== ====== ====== ======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) .......................... $36,748 $6,464 $443 $110
Ratio of expenses to average
net assets ....................... 0.49%(d) 0.57%(d) 0.59% 0.62%(d)
Ratio of net investment
income to average net
assets ........................... 2.42%(d) 0.94%(d) 0.98% 1.10%(d)
Portfolio turnover rate ........... 7% 2% 6% 3%
</TABLE>
78
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1999
ALLIANCE COMMON STOCK PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
----------------------------------------------------------------
SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED ---------------------------------------------
JUNE 30,
1999 1998 1997 1996
------------------ --------------- -------------- --------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ....................... $24.35 $ 21.61 $ 18.23 $ 16.48
--------- ----------- ---------- ----------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ............ 0.11 0.18 0.14 0.15
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions .................... 3.23 5.99 5.12 3.73
--------- ----------- ---------- ----------
Total from investment
operations ...................... 3.34 6.17 5.26 3.88
--------- ----------- ---------- ----------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............... -- (0.15) (0.11) (0.15)
Dividends in excess of net
investment income ............... -- -- -- --
Distributions from realized
gains ........................... -- (3.28) (1.77) (1.76)
Distributions in excess of
realized gains .................. -- -- -- (0.22)
Tax return of capital
distributions ................... -- -- -- --
--------- ----------- ---------- ----------
Total dividends and
distributions ................... -- (3.43) (1.88) (2.13)
--------- ----------- ---------- ----------
Net asset value, end of period $ 27.69 $ 24.35 $ 21.61 $ 18.23
========= =========== ========== ==========
Total return (c) .................. 13.69% 29.39% 29.40% 24.28%
========= =========== ========== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) .......................... $13,779,459 $12,061,977 $9,331,994 $6,625,390
Ratio of expenses to average
net assets ....................... 0.38%(d) 0.39% 0.39% 0.38%
Ratio of net investment
income to average net
assets ........................... 0.85%(d) 0.75% 0.69% 0.85%
Portfolio turnover rate ........... 34% 46% 52% 55%
<CAPTION>
CLASS IA CLASS IB
----------------------------- ----------------------------------------------------------
YEAR ENDED OCTOBER 2, 1996
YEAR ENDED DECEMBER 31, SIX MONTHS DECEMBER 31, TO
----------------------------- ENDED JUNE 30, ----------------------- DECEMBER 31,
1995 1994 1999 1998 1997 1996
-------------- -------------- ----------------- ----------- ----------- ----------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ....................... $ 13.36 $ 14.65 $ 24.30 $ 21.58 $ 18.22 $ 17.90
---------- ---------- -------- -------- -------- ---------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ............ 0.20 0.20 0.08 0.10 0.10 0.02
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions .................... 4.12 (0.51) 3.21 6.00 5.11 1.52
---------- ---------- -------- -------- -------- ---------
Total from investment
operations ...................... 4.32 (0.31) 3.29 6.10 5.21 1.54
---------- ---------- -------- -------- -------- ---------
LESS DISTRIBUTIONS:
Dividends from net
investment income ............... (0.20) (0.19) -- (0.10) (0.08) (0.00)
Dividends in excess of net
investment income ............... (0.02) (0.01) -- -- -- (0.03)
Distributions from realized
gains ........................... (0.95) (0.77) -- (3.28) (1.77) (0.16)
Distributions in excess of
realized gains .................. (0.03) -- -- -- -- (1.03)
Tax return of capital
distributions ................... -- (0.01) -- -- -- --
---------- ---------- -------- -------- -------- ---------
Total dividends and
distributions ................... (1.20) (0.98) -- (3.38) (1.85) (1.22)
---------- ---------- -------- -------- -------- ---------
Net asset value, end of period $ 16.48 $ 13.36 $ 27.59 $ 24.30 $ 21.58 $ 18.22
========== ========== ======== ======== ======== =========
Total return (c) .................. 32.45% (2.14)% 13.55% 29.06% 29.07% 8.49%
========== ========== ======== ======== ======== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) .......................... $4,879,677 $3,466,245 $1,235,773 $834,144 $228,780 $ 1,244
Ratio of expenses to average
net assets ....................... 0.38% 0.38% 0.62%(d) 0.64% 0.64% 0.63%(d)
Ratio of net investment
income to average net
assets ........................... 1.27% 1.40% 0.61%(d) 0.44% 0.46% 0.61%(d)
Portfolio turnover rate ........... 61% 52% 34% 46% 52% 55%
</TABLE>
79
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1999
ALLIANCE GLOBAL PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
-----------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED -----------------------------------------------------------------
JUNE 30,
1999 1998 1997 1996 1995 1994
----------------- -------------- -------------- ----------- ----------- -----------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ........................... $ 19.46 $ 17.29 $ 16.92 $ 15.74 $ 13.87 $ 13.62
-------- ---------- ---------- -------- -------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ................ 0.08 0.14 0.17 0.21 0.26 0.20
Net realized and unrealized
gain on investments and
foreign currency transactions 2.31 3.56 1.75 2.05 2.32 0.52
-------- ---------- ---------- -------- -------- --------
Total from investment
operations .......................... 2.39 3.70 1.92 2.26 2.58 0.72
-------- ---------- ---------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment
income .............................. -- (0.22) (0.36) (0.21) (0.25) (0.17)
Dividends in excess of net
investment income ................... -- -- -- (0.08) -- --
Distributions from realized
gains ............................... -- (1.31) (1.19) (0.79) (0.42) (0.28)
Distributions in excess of
realized gains ...................... -- -- -- -- (0.03) (0.00)
Tax return of capital
distributions ....................... -- -- -- (0.00) (0.01) (0.02)
-------- ---------- ---------- -------- -------- --------
Total dividends and
distributions ....................... -- (1.53) (1.55) (1.08) (0.71) (0.47)
-------- ---------- ---------- -------- -------- --------
Net asset value, end of period ........ $ 21.85 $ 19.46 $ 17.29 $ 16.92 $ 15.74 $ 13.87
======== ========== ========== ======== ======== ========
Total return (c) ...................... 12.32% 21.80% 11.66% 14.60% 18.81% 5.23%
======== ========== ========== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ..... $1,553,371 $1,360,220 $1,203,867 $997,041 $686,140 $421,698
Ratio of expenses to average net
assets ............................... 0.70%(d) 0.71% 0.69% 0.60% 0.61% 0.69%
Ratio of net investment income
to average net assets ................ 0.82%(d) 0.72% 0.97% 1.28% 1.76% 1.41%
Portfolio turnover rate ............... 28% 105% 57% 59% 67% 71%
<CAPTION>
CLASS IB
---------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 2,
ENDED DECEMBER 31, 1996 TO
JUNE 30, ----------------------- DECEMBER 31,
1999 1998 1997 1996
---------------- ----------- ----------- ----------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ........................... $ 19.41 $ 17.27 $ 16.91 $ 16.57
--------- ------- ------- ---------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ................ 0.06 0.08 0.12 0.02
Net realized and unrealized
gain on investments and
foreign currency transactions 2.31 3.56 1.76 0.81
--------- ------- ------- ---------
Total from investment
operations .......................... 2.37 3.64 1.88 0.83
--------- ------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment
income .............................. -- (0.19) (0.33) --
Dividends in excess of net
investment income ................... -- -- -- (0.11)
Distributions from realized
gains ............................... -- (1.31) (1.19) (0.10)
Distributions in excess of
realized gains ...................... -- -- -- (0.28)
Tax return of capital
distributions ....................... -- -- -- (0.00)
--------- ------- ------- ---------
Total dividends and
distributions ....................... -- (1.50) (1.52) (0.49)
--------- ------- ------- ---------
Net asset value, end of period ........ $ 21.78 $ 19.41 $ 17.27 $ 16.91
========= ======= ======= =========
Total return (c) ...................... 12.18% 21.50% 11.38% 4.98%
========= ========= ========= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ..... $ 68,473 $47,982 $21,520 $ 290
Ratio of expenses to average net
assets ............................... 0.95%(d) 0.96% 0.97% 0.86%(d)
Ratio of net investment income
to average net assets ................ 0.59%(d) 0.41% 0.67% 0.48%(d)
Portfolio turnover rate ............... 28% 105% 57% 59%
</TABLE>
80
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1999
ALLIANCE INTERNATIONAL PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
--------------------------------------------------------------------
SIX MONTHS APRIL 3, 1995
ENDED YEAR ENDED DECEMBER 31, TO
JUNE 30, ----------------------------------- DECEMBER 31,
1999 1998 1997 1996 1995
---------------- ----------- ----------- ----------- ---------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ........................... $ 11.13 $ 10.27 $ 11.50 $ 10.87 $ 10.00
--------- -------- -------- -------- -------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ................ 0.09 0.09 0.10 0.13 0.14
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions ........................ 0.56 0.97 (0.45) 0.94 0.98
--------- -------- -------- -------- -------
Total from investment
operations .......................... 0.65 1.06 (0.35) 1.07 1.12
--------- -------- -------- -------- -------
LESS DISTRIBUTIONS:
Dividends from net investment
income .............................. -- (0.20) (0.32) (0.10) (0.07)
Dividends in excess of net
investment income ................... -- -- -- (0.09) (0.13)
Distributions from realized
gains ............................... -- (0.00) (0.56) (0.25) (0.05)
--------- -------- -------- -------- -------
Total dividends and
distributions ....................... -- (0.20) (0.88) (0.44) (0.25)
--------- -------- -------- -------- -------
Net asset value, end of period ........ $ 11.78 $ 11.13 $10.27 $11.50 $10.87
========= ======== ======== ======== =======
Total return (c) ...................... 5.85% 10.57% (2.98)% 9.82% 11.29%
========= ========== ========== ========== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ..... $ 246,170 $204,767 $190,611 $151,907 $28,684
Ratio of expenses to average net
assets ............................... 1.05%(d) 1.06% 1.08% 1.06% 1.03%(d)
Ratio of net investment income
to average net assets ................ 1.53%(d) 0.81% 0.83% 1.10% 1.71%(d)
Portfolio turnover rate ............... 78% 59% 59% 48% 56%
<CAPTION>
CLASS IB
--------------------------------------------
SIX MONTHS MAY 1, 1997
ENDED YEAR ENDED TO
JUNE 30, DECEMBER 31, DECEMBER 31,
1999 1998 1997
---------------- ------------- -------------
(UNAUDITED)
<S> <C> <C> <C>
Net asset value, beginning of
period (b) ........................... $ 11.11 $ 10.26 $ 11.39
--------- ------- -------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ................ 0.07 0.05 0.02
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions ........................ 0.57 0.98 (0.31)
--------- ------- -------
Total from investment
operations .......................... 0.64 1.03 (0.29)
--------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment
income .............................. -- (0.18) (0.28)
Dividends in excess of net
investment income ................... -- -- --
Distributions from realized
gains ............................... -- (0.00) (0.56)
--------- ------- -------
Total dividends and
distributions ....................... -- (0.18) (0.84)
--------- ------- -------
Net asset value, end of period ........ $ 11.75 $ 11.11 $ 10.26
========= ======= =======
Total return (c) ...................... 5.72% 10.30% (2.54)%
========= ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ..... $ 9,383 $ 7,543 $3,286
Ratio of expenses to average net
assets ............................... 1.30%(d) 1.31% 1.38%(d)
Ratio of net investment income
to average net assets ................ 1.32%(d) 0.44% 0.20%(d)
Portfolio turnover rate ............... 78% 59% 59%
</TABLE>
81
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1999
ALLIANCE AGGRESSIVE STOCK PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
--------------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED --------------------------------------------------------------------------
JUNE 30,
1999 1998 1997 1996 1995 1994
----------------- -------------- -------------- -------------- -------------- --------------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ...................... $ 34.15 $ 36.22 $ 35.85 $ 35.68 $ 30.63 $ 31.89
-------- ---------- ---------- ---------- ---------- ----------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ........... 0.06 0.09 0.04 0.09 0.10 0.04
Net realized and unrealized
gain (loss) on investments 4.17 (0.28) 3.71 7.52 9.54 (1.26)
-------- ---------- ---------- ---------- ---------- ----------
Total from investment
operations ..................... 4.23 (0.19) 3.75 7.61 9.64 (1.22)
-------- ---------- ---------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Dividends from net
investment income .............. -- (0.16) (0.05) ((0.09) (0.10) (0.04)
Dividends in excess of net
investment income .............. -- -- -- (0.00) -- --
Distributions from realized
gains .......................... -- (1.72) (3.33) (7.33) (4.49) --
Distributions in excess of
realized gains ................. -- -- -- (0.02) -- --
Tax return of capital
distributions .................. -- -- -- -- -- (0.00)
-------- ---------- ---------- ---------- ---------- ----------
Total dividends and
distributions .................. -- (1.88) (3.38) (7.44) (4.59) (0.04)
-------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period $ 38.38 $ 34.15 $ 36.22 $ 35.85 $ 35.68 $ 30.63
======== ========== ========== ========== ========== ==========
Total return (c) ................. 12.38% 0.29% 10.94% 22.20% 31.63% (3.81)%
======== ========== ========== ========== ========== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ......................... $4,369,334 $4,346,907 $4,589,771 $3,865,256 $2,700,515 $1,832,164
Ratio of expenses to average
net assets ...................... 0.56%(d) 0.56% 0.54% 0.48% 0.49% 0.49%
Ratio of net investment
income (loss) to average
net assets ...................... 0.32%(d) 0.24% 0.11% 0.24% 0.28% 0.12%
Portfolio turnover rate .......... 35% 105% 123% 108% 127% 92%
<CAPTION>
CLASS IB
------------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 2,
ENDED DECEMBER 31, 1996 TO
JUNE 30, ------------------------ DECEMBER 31,
1999 1998 1997 1996
---------------- ----------- ------------ ------------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ...................... $ 34.01 $ 36.13 $ 35.83 $ 37.28
--------- -------- ------- ----------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ........... 0.01 0.01 (0.11) (0.01)
Net realized and unrealized
gain (loss) on investments 4.16 (0.29) 3.77 0.85
--------- -------- ------- ----------
Total from investment
operations ..................... 4.17 (0.28) 3.66 0.84
--------- -------- ------- ----------
LESS DISTRIBUTIONS:
Dividends from net
investment income .............. -- (0.12) (0.03) --
Dividends in excess of net
investment income .............. -- -- -- (0.02)
Distributions from realized
gains .......................... -- (1.72) (3.33) (0.23)
Distributions in excess of
realized gains ................. -- -- -- (2.04)
Tax return of capital
distributions .................. -- -- -- --
--------- -------- ------- ----------
Total dividends and
distributions .................. -- (1.84) (3.36) (2.29)
--------- -------- ------- ----------
Net asset value, end of period $ 38.18 $ 34.01 $ 36.13 $ 35.83
========= ======== ======= ==========
Total return (c) ................. 12.24% 0.05% 10.66% 2.32%
========= ======== ======= ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period
(000's) ......................... $ 195,480 $153,782 $73,486 $ 613
Ratio of expenses to average
net assets ...................... 0.81%(d) 0.82% 0.81% 0.73%(d)
Ratio of net investment
income (loss) to average
net assets ...................... 0.08%(d) 0.02% (0.28)% (0.10)%(d)
Portfolio turnover rate .......... 35% 105% 123% 108%
</TABLE>
82
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1999
ALLIANCE SMALL CAP GROWTH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
-----------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED MAY 1, 1997
JUNE 30, DECEMBER 31, TO
1999 1998 DECEMBER 31, 1997
------------------ -------------- -------------------
(UNAUDITED)
<S> <C> <C> <C>
Net asset value, beginning of period (b) ...... $ 11.82 $ 12.35 $ 10.00
---------- -------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................. (0.02) 0.01 0.01
Net realized and unrealized gain (loss) on
investments ................................. (0.03) (0.54) 2.65
---------- -------- ---------
Total from investment operations ............. (0.05) (0.53) 2.66
---------- -------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income ......... -- -- (0.01)
Distributions from realized gains ............ -- -- (0.30)
---------- -------- ---------
Total dividends and distributions ............ -- -- (0.31)
---------- -------- ---------
Net asset value, end of period ................ $ 11.77 $ 11.82 $ 12.35
========== ======== =========
Total return (c) .............................. (0.49)% (4.28)% 26.74%
========== ============ =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............. $ 183,363 $198,360 $ 94,676
Ratio of expenses to average net assets ....... 0.95%(d) 0.96% 0.95%(d)
Ratio of net investment income (loss) to
average net assets ........................... (0.37)%(d) 0.08% 0.10%(d)
Portfolio turnover rate ....................... 113% 94% 96%
<CAPTION>
CLASS IB
----------------------------------------------------
SIX MONTHS YEAR
ENDED ENDED MAY 1, 1997
JUNE 30, DECEMBER 31, TO
1999 1998 DECEMBER 31, 1997
------------------ -------------- ------------------
(UNAUDITED)
<S> <C> <C> <C>
Net asset value, beginning of period (b) ...... $ 11.79 $ 12.34 $ 10.00
---------- -------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ................. (0.03) (0.02) (0.01)
Net realized and unrealized gain (loss) on
investments ................................. (0.04) (0.53) 2.65
---------- -------- ----------
Total from investment operations ............. (0.07) (0.55) 2.64
---------- -------- ----------
LESS DISTRIBUTIONS:
Dividends from net investment income ......... -- -- --
Distributions from realized gains ............ -- -- (0.30)
---------- -------- ----------
Total dividends and distributions ............ -- -- (0.30)
---------- -------- ----------
Net asset value, end of period ................ $ 11.72 $ 11.79 $ 12.34
========== ======== ==========
Total return (c) .............................. (0.61)% (4.44)% 26.57%
========== ============ ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ............. $ 113,562 $112,254 $ 46,324
Ratio of expenses to average net assets ....... 1.20%(d) 1.20% 1.15%(d)
Ratio of net investment income (loss) to
average net assets ........................... (0.62)%(d) (0.17)% (0.12)%(d)
Portfolio turnover rate ....................... 113% 94% 96%
</TABLE>
83
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1999
ALLIANCE CONSERVATIVE INVESTORS PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
----------------------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, -----------------------------------------------------------
1999 1998 1997 1996 1995 1994
---------------- ----------- ----------- ----------- ----------- -----------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period (b) .......................... $ 12.32 $ 11.89 $ 11.29 $ 11.52 $ 10.15 $ 11.12
--------- -------- -------- -------- -------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ............... 0.23 0.49 0.49 0.50 0.60 0.55
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions ....................... 0.28 1.12 0.97 0.07 1.43 (1.00)
--------- -------- -------- -------- -------- --------
Total from investment
operations ......................... 0.51 1.61 1.46 0.57 2.03 (0.45)
--------- -------- -------- -------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment
income ............................. -- (0.48) (0.49) (0.51) (0.59) (0.52)
Distributions from realized
gains .............................. -- (0.70) (0.37) (0.27) (0.07) --
Distributions in excess of
realized gains ..................... -- -- -- (0.02) -- --
--------- -------- -------- -------- -------- --------
Total dividends and
distributions ...................... -- (1.18) (0.86) (0.80) (0.66) (0.52)
--------- -------- -------- -------- -------- --------
Net asset value, end of period ....... $ 12.83 $ 12.32 $ 11.89 $ 11.29 $ 11.52 $ 10.15
========= ======== ======== ======== ======== ========
Total return (c) ..................... 4.13% 13.88% 13.25% 5.21% 20.40% (4.10)%
========= ======== ======== ======== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .... $ 376,637 $355,441 $307,847 $282,402 $252,101 $173,691
Ratio of expenses to average net
assets .............................. 0.52%(d) 0.53% 0.57% 0.61% 0.59% 0.59%
Ratio of net investment income
to average net assets ............... 3.63%(d) 3.99% 4.17% 4.48% 5.48% 5.22%
Portfolio turnover rate .............. 64% 103% 206% 181% 287% 228%
<CAPTION>
CLASS IB
--------------------------------------------
SIX MONTHS YEAR MAY 1, 1997
ENDED ENDED TO
JUNE 30, DECEMBER 31, DECEMBER 31,
1999 1998 1997
---------------- ------------- -------------
(UNAUDITED)
<S> <C> <C> <C>
Net asset value, beginning of
period (b) .......................... $ 12.31 $ 11.88 $ 11.29
--------- ------- -------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ............... 0.21 0.46 0.31
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions ....................... 0.28 1.12 1.01
--------- ------- -------
Total from investment
operations ......................... 0.49 1.58 1.32
--------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment
income ............................. -- (0.45) (0.36)
Distributions from realized
gains .............................. -- (0.70) (0.37)
Distributions in excess of
realized gains ..................... -- -- --
--------- ------- -------
Total dividends and
distributions ...................... -- (1.15) (0.73)
--------- ------- -------
Net asset value, end of period ....... $ 12.80 $ 12.31 $ 11.88
========= ======= =======
Total return (c) ..................... 4.00% 13.60% 11.84%
========= ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .... $57,405 $32,653 $5,694
Ratio of expenses to average net
assets .............................. 0.77%(d) 0.78% 0.80%(d)
Ratio of net investment income
to average net assets ............... 3.39%(d) 3.68% 3.82%(d)
Portfolio turnover rate .............. 64% 103% 206%
</TABLE>
84
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1999
ALLIANCE BALANCED PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
--------------------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, --------------------------------------------
1999 1998 1997 1996
----------------- -------------- -------------- --------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of period (b) ....... $ 18.51 $ 17.58 $ 16.64 $ 16.76
-------- ---------- ---------- ----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ......................... 0.26 0.56 0.58 0.53
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions ................................. 0.95 2.54 1.86 1.31
-------- ---------- ---------- ----------
Total from investment operations .............. 1.21 3.10 2.44 1.84
-------- ---------- ---------- ----------
LESS DISTRIBUTIONS:
Dividends from net investment income .......... -- (0.50) (0.59) (0.53)
Dividends in excess of net investment
income ....................................... -- -- -- --
Distributions from realized gains ............. -- (1.67) (0.91) (1.40)
Distributions in excess of realized gains ..... -- -- -- (0.03)
Tax return of capital distributions ........... -- -- -- --
-------- ---------- ---------- ----------
Total dividends and distributions ............. -- (2.17) (1.50) (1.96)
-------- ---------- ---------- ----------
Net asset value, end of period ................. $ 19.72 $ 18.51 $ 17.58 $ 16.64
======== ========== ========== ==========
Total return (c) ............................... 6.55% 18.11% 15.06% 11.68%
======== ============== ============== ==============
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .............. $2,012,051 $1,936,429 $1,724,089 $1,637,856
Ratio of expenses to average net assets ........ 0.44%(d) 0.45% 0.45% 0.41%
Ratio of net investment income to average
net assets .................................... 2.74%(d) 3.00% 3.30% 3.15%
Portfolio turnover rate ........................ 63% 95% 146% 177%
<CAPTION>
CLASS IA CLASS IB
----------------------------- ---------------------------------
SIX MONTHS JULY 8, 1998
YEAR ENDED DECEMBER 31, ENDED TO
----------------------------- JUNE 30, DECEMBER 31,
1995 1994 1999 1998
-------------- -------------- ---------------- ----------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of period (b) ....... $ 14.87 $ 16.67 $ 18.51 $ 19.48
---------- ---------- --------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ......................... 0.54 0.45 0.24 0.24
Net realized and unrealized gain (loss) on
investments and foreign currency
transactions ................................. 2.36 (1.78) 0.94 0.66
---------- ---------- --------- ---------
Total from investment operations .............. 2.90 (1.33) 1.18 0.90
---------- ---------- --------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income .......... (0.54) (0.44) -- (0.20)
Dividends in excess of net investment
income ....................................... -- (0.03) -- --
Distributions from realized gains ............. (0.47) -- -- (1.67)
Distributions in excess of realized gains ..... -- -- -- --
Tax return of capital distributions ........... -- (0.00) -- --
---------- ---------- --------- ---------
Total dividends and distributions ............. (1.01) (0.47) -- (1.87)
---------- ---------- --------- ---------
Net asset value, end of period ................. $ 16.76 $ 14.87 $ 19.69 $ 18.51
========== ========== ========= =========
Total return (c) ............................... 19.75% (8.02)% 6.42% 4.92%
========== ========== ========= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .............. $1,523,142 $1,329,820 $7,286 $ 10
Ratio of expenses to average net assets ........ 0.40% 0.39% 0.69%(d) 0.70%(d)
Ratio of net investment income to average
net assets .................................... 3.33% 2.87% 2.55%(d) 2.65%(d)
Portfolio turnover rate ........................ 186% 115% 63% 95%
</TABLE>
85
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Continued)
June 30, 1999
ALLIANCE GROWTH INVESTORS PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
--------------------------------------------------------------------------------------
SIX MONTHS YEAR ENDED DECEMBER 31,
ENDED --------------------------------------------------------------------
JUNE 30,
1999 1998 1997 1996 1995 1994
----------------- -------------- -------------- -------------- ----------- -----------
(UNAUDITED)
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ........................... $ 19.87 $ 18.55 $ 17.20 $ 17.68 $ 14.66 $ 15.61
-------- ---------- ---------- ---------- -------- --------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ................ 0.19 0.41 0.41 0.40 0.57 0.50
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions ........................ 1.93 3.03 2.43 1.66 3.24 (0.98)
-------- ---------- ---------- ---------- -------- --------
Total from investment
operations .......................... 2.12 3.44 2.84 2.06 3.81 (0.48)
-------- ---------- ---------- ---------- -------- --------
LESS DISTRIBUTIONS:
Dividends from net investment
income .............................. -- (0.41) (0.46) (0.40) (0.54) (0.46)
Dividends in excess of net
investment income ................... -- -- -- (0.03) (0.01) (0.01)
Distributions from realized
gains ............................... -- (1.71) (1.03) (2.10) (0.24) --
Distributions in excess of
realized gains ...................... -- -- -- (0.01) -- --
-------- ---------- ---------- ---------- -------- --------
Total dividends and
distributions ....................... -- (2.12) (1.49) (2.54) (0.79) (0.47)
-------- ---------- ---------- ---------- -------- --------
Net asset value, end of period ........ $ 21.99 $ 19.87 $ 18.55 $ 17.20 $ 17.68 $ 14.66
======== ========== ========== ========== ======== ========
Total return (c) ...................... 10.63% 19.13% 16.87% 12.61% 26.37% (3.15)%
======== ========== ========== ========== ======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ..... $2,189,695 $1,963,074 $1,630,389 $1,301,643 $896,134 $492,478
Ratio of expenses to average net
assets ............................... 0.54%(d) 0.55% 0.57% 0.57% 0.56% 0.59%
Ratio of net investment income
to average net assets ................ 1.83%(d) 2.10% 2.18% 2.31% 3.43% 3.32%
Portfolio turnover rate ............... 56% 102% 121% 190% 107% 131%
<CAPTION>
CLASS IB
---------------------------------------------------------
SIX MONTHS YEAR ENDED OCTOBER 2,
ENDED DECEMBER 31, 1996 TO
JUNE 30, ----------------------- DECEMBER 31,
1999 1998 1997 1996
---------------- ----------- ----------- ----------------
(UNAUDITED)
<S> <C> <C> <C> <C>
Net asset value, beginning of
period (b) ........................... $ 19.84 $ 18.52 $ 17.19 $ 16.78
--------- ------- ------- ---------
INCOME FROM INVESTMENT
OPERATIONS:
Net investment income ................ 0.16 0.36 0.36 0.07
Net realized and unrealized
gain (loss) on investments
and foreign currency
transactions ........................ 1.92 3.03 2.43 0.71
--------- ------- ------- ---------
Total from investment
operations .......................... 2.08 3.39 2.79 0.78
--------- ------- ------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment
income .............................. -- (0.36) (0.43) (0.02)
Dividends in excess of net
investment income ................... -- -- -- (0.09)
Distributions from realized
gains ............................... -- (1.71) (1.03) (0.02)
Distributions in excess of
realized gains ...................... -- -- -- (0.24)
--------- ------- ------- ---------
Total dividends and
distributions ....................... -- (2.07) (1.46) (0.37)
--------- ------- ------- ---------
Net asset value, end of period ........ $ 21.92 $ 19.84 $ 18.52 $ 17.19
========= ======= ======= =========
Total return (c) ...................... 10.50% 18.83% 16.58% 4.64%
========= ======= ======= =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ..... $ 134,973 $92,027 $35,730 $ 472
Ratio of expenses to average net
assets ............................... 0.79%(d) 0.80% 0.82% 0.84%(d)
Ratio of net investment income
to average net assets ................ 1.58%(d) 1.85% 1.88% 1.69%(d)
Portfolio turnover rate ............... 56% 102% 121% 190%
</TABLE>
86
<PAGE>
THE HUDSON RIVER TRUST
FINANCIAL HIGHLIGHTS--(Concluded)
June 30, 1999
- ---------
(a) Net investment income and capital changes per share are based upon
monthly average shares outstanding.
(b) 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.
Alliance Quality Bond and Alliance Balanced Portfolios--July 8, 1998.
(c) 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.
(d) 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.
87
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1999 (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) ............................................ $ 239,087,934 $28,443,913 $869,223,545
Cash ..................................................................... 360 -- 1,077,976
Foreign cash (Note 1) .................................................... -- 15,374 62
Receivable for securities sold ........................................... 3,151,824 533,319 16,874,154
Unrealized appreciation of foreign currency contracts (Note 1) ........... -- 16,763 --
Short-term investments held as collateral for loaned securities .......... 11,394,700 4,270,155 --
Receivable from Separate Accounts for Trust shares sold .................. 1,181,925 117,041 4,624,557
Receivable for forward commitments ....................................... -- -- --
Variation margin receivable on futures contracts ......................... -- -- --
Receivable from investment manager ....................................... -- -- --
Dividends, interest and other receivables ................................ 371,183 182,210 205,955
Deferred organizational costs (Note 1) ................................... 17,855 17,855 17,855
Other assets ............................................................. 4,006 573 12,422
------------- ----------- ------------
Total assets ........................................................... 255,209,787 33,597,203 892,036,526
------------- ----------- ------------
LIABILITIES:
Payable to custodian ..................................................... 8,542 24,524 25,782
Payable for securities purchased ......................................... 1,505,481 228,276 56,280,882
Unrealized depreciation of foreign currency contracts (Note 1) ........... -- 23,369 128
Collateral held for loaned securities .................................... 11,394,700 4,270,155 --
Variation margin payable on futures contracts (Note 1) ................... -- -- --
Distribution fees payable ................................................ 46,014 5,515 152,386
Investment management fees payable ....................................... 81,379 9,560 280,390
Trustees' fees payable ................................................... 8,110 3,021 19,012
Payable to Separate Accounts for Trust shares redeemed ................... 55,562 16,366 459,382
Forward commitments at value (Note 1) .................................... -- -- --
Overdraft payable ........................................................ -- 1,381 --
Country Tax Payable ...................................................... -- -- --
Accrued expenses (Note 1) ................................................ 127,741 24,903 342,870
------------- ----------- ------------
Total liabilities ...................................................... 13,227,529 4,607,070 57,560,832
------------- ----------- ------------
NET ASSETS ............................................................... $ 241,982,258 $28,990,133 $834,475,694
============= =========== ============
Investments at cost ...................................................... $ 214,885,587 $26,101,251 $711,333,756
============= =========== ============
Foreign cash at cost ..................................................... -- $ 15,506 $ 62
============= =========== ============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ......................................................... $ 203,906,937 $26,863,265 $670,074,192
Accumulated undistributed (overdistributed) net investment income ....... 1,346,733 78,173 (395,106)
Accumulated net realized gain (loss) .................................... 12,526,241 (277,813) 6,907,117
Unrealized appreciation (depreciation) on investments and foreign
currency denominated assets and liabilities ............................ 24,202,347 2,326,508 157,889,491
------------- ----------- ------------
NET ASSETS ............................................................... $ 241,982,258 $28,990,133 $834,475,694
============= =========== ============
CLASS IA SHARES:
Net Assets ............................................................... $ -- $ -- $ 19,574,243
============= =========== ============
Shares outstanding (Unlimited amount authorized: no par value) ........... -- -- 1,081,188
============= =========== ============
Net asset value, offering and redemption price per share (Note 1) ........ $ -- $ -- $ 18.10
============= =========== ============
CLASS IB SHARES:
Net Assets ............................................................... $ 241,982,258 $28,990,133 $814,901,451
============= =========== ============
Shares outstanding (Unlimited amount authorized: no par value) ........... 16,153,582 2,527,317 45,050,134
============= =========== ============
Net asset value, offering and redemption price per share (Note 1) ........ $ 14.98 $ 11.47 $ 18.09
============= =========== ============
</TABLE>
See Notes to Financial Statements.
1
<PAGE>
<TABLE>
<CAPTION>
MFS EQ/PUTNAM EQ/PUTNAM
GROWTH WITH MFS EQ/PUTNAM GROWTH & INCOME INTERNATIONAL
INCOME RESEARCH BALANCED VALUE EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------------ ----------------- ----------------- ----------------- -----------------
<S> <C> <C> <C> <C>
$ 38,645,256 $ 555,654,599 $ 104,685,260 $ 571,923,025 $ 183,929,790
400,652 147,734 -- 4,239 1,897,238
44,431 53 -- -- 1,156,402
212,352 4,740,288 1,628,382 7,232,341 1,998,465
-- -- 2 -- 139,925
-- 119,995,772 6,543,076 79,141,528 15,110,605
283,660 1,257,086 568,053 892,447 2,953,163
-- -- 865,972 -- --
-- -- -- -- --
-- -- -- -- --
27,395 238,130 494,535 956,173 461,264
-- 17,855 17,855 17,855 17,855
1,379 9,915 1,695 10,544 3,141
-------------- ------------- ------------- ------------- -------------
39,615,125 682,061,432 114,804,830 660,178,152 207,667,848
-------------- ------------- ------------- ------------- -------------
12,092 22,261 23,912 24,319 87,333
662,433 7,536,353 3,756,355 5,404,216 3,699,581
276 4,825 -- -- 165,399
-- 119,995,772 6,543,076 79,141,528 15,110,605
-- -- -- -- --
6,194 104,414 19,367 110,871 35,588
5,055 181,743 29,323 198,000 90,901
130 17,272 4,552 20,292 7,878
-- 74,783 36,306 34,468 --
-- -- 868,212 -- --
-- -- 2,481,340 -- --
-- -- -- -- --
12,992 269,938 61,199 304,114 107,050
-------------- ------------- ------------- ------------- -------------
699,172 128,207,361 13,823,642 85,237,808 19,304,335
-------------- ------------- ------------- ------------- -------------
$ 38,915,953 $ 553,854,071 $ 100,981,188 $ 574,940,344 $ 188,363,513
============== ============= ============= ============= =============
$ 37,120,556 $ 474,121,044 $ 99,583,674 $ 518,105,472 $ 159,588,183
============== ============= ============= ============= =============
$ 44,431 $ 53 -- -- $ 1,156,527
============== ============= ============= ============= =============
$ 37,301,330 $ 458,246,461 $ 90,891,008 $ 491,209,208 $ 155,172,667
74,061 273,764 1,171,944 3,363,439 1,502,886
15,900 13,801,631 3,820,909 26,550,144 7,381,517
1,524,662 81,532,215 5,097,327 53,817,553 24,306,443
-------------- ------------- ------------- ------------- -------------
$ 38,915,953 $ 553,854,071 $ 100,981,188 $ 574,940,344 $ 188,363,513
============== ============= ============= ============= =============
$ -- $ -- $ -- $ -- $ --
============== ============= ============= ============= =============
-- -- -- -- --
============== ============= ============= ============= =============
$ -- $ -- $ -- $ -- $ --
============== ============= ============= ============= =============
$ 38,915,953 $ 553,854,071 $ 100,981,188 $ 574,940,344 $ 188,363,513
============== ============= ============= ============= =============
3,639,000 35,749,609 7,767,722 40,639,997 12,900,000
============== ============= ============= ============= =============
$ 10.69 $ 15.49 $ 13.00 $ 14.15 $ 14.60
============== ============= ============= ============= =============
</TABLE>
2
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
EQ/PUTNAM T. ROWE PRICE
INVESTORS T. ROWE PRICE INTERNATIONAL
GROWTH EQUITY INCOME STOCK
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ----------------- ----------------
<S> <C> <C> <C>
ASSETS:
Investments at value (Note 1) ............................................ $280,167,619 $ 287,875,297 $144,188,571
Cash ..................................................................... 217,067 794 11,978,219
Foreign cash (Note 1) .................................................... -- -- --
Receivable for securities sold ........................................... 1,865,666 879,019 1,236,102
Unrealized appreciation of foreign currency contracts (Note 1) ........... -- -- 9
Short-term investments held as collateral for loaned securities .......... 8,438,869 27,464,660 9,066,990
Receivable from Separate Accounts for Trust shares sold .................. 682,282 989,526 988,346
Receivable for forward commitments ....................................... -- -- --
Variation margin receivable on futures contracts ......................... -- -- --
Receivable from investment manager. ...................................... -- -- --
Dividends, interest and other receivables ................................ 82,330 584,874 463,979
Deferred organizational costs (Note 1) ................................... 17,855 17,855 17,855
Other assets ............................................................. 4,384 4,768 2,543
------------ ------------- ------------
Total assets ........................................................... 291,476,072 317,816,793 167,942,614
------------ ------------- ------------
LIABILITIES:
Payable to custodian ..................................................... 16,194 14,867 43,966
Payable for securities purchased ......................................... 2,114,156 1,233,628 1,068,603
Unrealized depreciation of foreign currency contracts (Note 1) ........... -- -- 248
Collateral held for loaned securities .................................... 8,438,869 27,464,660 9,066,990
Variation margin payable on futures contracts (Note 1) ................... -- -- --
Distribution fees payable ................................................ 51,801 59,819 29,889
Investment management fees payable ....................................... 109,878 101,820 79,981
Trustees' fees payable ................................................... 7,714 12,569 9,238
Payable to Separate Accounts for Trust shares redeemed ................... -- 152,916 98,228
Forward commitments at value (Note 1) .................................... -- -- --
Overdraft payable ........................................................ -- -- 436,309
Country Tax Payable ...................................................... -- -- --
Accrued expenses (Note 1) ................................................ 126,474 133,101 108,383
------------ ------------- ------------
Total liabilities ...................................................... 10,865,086 29,173,380 10,941,835
------------ ------------- ------------
NET ASSETS ............................................................... $280,610,986 $ 288,643,413 $157,000,779
============ ============= ============
Investments at cost ...................................................... $230,962,693 $ 256,863,160 $132,386,653
============ ============= ============
Foreign cash at cost ..................................................... -- -- --
============ ============= ============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ......................................................... $225,118,547 $ 247,454,360 $144,495,414
Accumulated undistributed (overdistributed) net investment income ....... (156,302) 2,592,891 865,125
Accumulated net realized gain (loss) .................................... 6,443,815 7,583,099 (142,650)
Unrealized appreciation (depreciation) on investments and foreign
currency denominated assets and liabilities ............................ 49,204,926 31,013,063 11,782,890
------------ ------------- ------------
NET ASSETS ............................................................... $280,610,986 $ 288,643,413 $157,000,779
============ ============= ============
CLASS IA SHARES:
Net Assets ............................................................... $ -- $ 5,963,224 $ --
============ ============= ============
Shares outstanding (Unlimited amount authorized: no par value) ........... -- 418,411 --
============ ============= ============
Net asset value, offering and redemption price per share (Note 1) ........ $ -- $ 14.25 $ --
============ ============= ============
CLASS IB SHARES:
Net Assets ............................................................... $280,610,986 $ 282,680,189 $157,000,779
============ ============= ============
Shares outstanding (Unlimited amount authorized: no par value) ........... 15,171,929 19,857,141 13,692,008
============ ============= ============
Net asset value, offering and redemption price per share (Note 1) ........ $ 18.50 $ 14.24 $ 11.47
============ ============= ============
</TABLE>
See Notes to Financial Statements.
3
<PAGE>
<TABLE>
<CAPTION>
BT
WARBURG PINCUS MORGAN STANLEY BT BT SMALL
SMALL COMPANY EMERGING EQUITY 500 INTERNATIONAL COMPANY
VALUE MARKETS EQUITY INDEX EQUITY INDEX INDEX
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ---------------- ---------------- ----------------- --------------- ----------------
<S> <C> <C> <C> <C>
$ 161,174,911 $ 79,489,349 $ 444,519,044 $58,119,054 $ 46,225,775
2,531,354 5,980,360 214,962 4,381 79,337
-- 75,153 -- 1,497,364 --
3,210,697 1,257,742 2,289,554 -- 12,101,608
-- -- -- 66,487 --
11,942,600 -- 20,864,973 3,778,993 5,823,092
605,594 1,731,190 1,034,575 106,998 8,474
-- -- -- -- --
-- -- 36,125 427,224 --
-- -- -- -- 3,975
57,955 361,434 379,326 151,297 44,709
17,855 19,771 21,966 21,966 21,966
2,826 881 7,465 6,543 822
------------- ------------ ------------- ----------- ------------
179,543,792 88,915,880 469,367,990 64,180,307 64,309,758
------------- ------------ ------------- ----------- ------------
16,070 107,097 24,541 25,878 36,162
7,526,264 3,342,605 521,961 -- 13,097,493
-- 443 -- 10,077 --
11,942,600 -- 20,864,973 3,778,993 5,823,092
-- -- -- -- --
29,527 15,092 83,944 11,083 8,690
70,277 39,734 42,572 12,730 --
11,047 2,076 5,840 1,599 1,056
204,749 1,048,515 46,494 2,231 16,731
-- -- -- -- --
-- -- -- -- --
-- 461,277 -- -- --
112,247 49,361 178,702 62,523 54,880
------------- ------------ ------------- ----------- ------------
19,912,781 5,066,200 21,769,027 3,905,114 19,038,104
------------- ------------ ------------- ----------- ------------
$ 159,631,011 $ 83,849,680 $ 447,598,963 $60,275,193 $ 45,271,654
============= ============ ============= =========== ============
$ 149,537,680 $ 66,779,065 $ 387,949,201 $52,293,255 $ 46,018,343
============= ============ ============= =========== ============
-- $ 75,946 -- $ 1,512,738 --
============= ============ ============= =========== ============
$ 178,962,761 $ 77,870,202 $ 387,452,610 $53,851,082 $ 42,513,643
270,909 146,033 1,537,116 530,467 186,515
(31,239,890) (6,414,039) 1,597,784 (101,687) 2,279,087
11,637,231 12,247,484 57,011,453 5,995,331 292,409
------------- ------------ ------------- ----------- ------------
$ 159,631,011 $ 83,849,680 $ 447,598,963 $60,275,193 $ 45,271,654
============= ============ ============= =========== ============
$ 2,306,744 $ -- $ -- $ 2,250,803 $ --
============= ============ ============= =========== ============
215,034 -- -- 182,647 --
============= ============ ============= =========== ============
$ 10.73 $ -- $ -- $ 12.32 $ --
============= ============ ============= =========== ============
$ 157,324,267 $ 83,849,680 $ 447,598,963 $58,024,390 $ 45,271,654
============= ============ ============= =========== ============
14,661,247 10,492,060 32,081,695 4,708,343 4,362,999
============= ============ ============= =========== ============
$ 10.73 $ 7.99 $ 13.95 $ 12.32 $ 10.38
============= ============ ============= =========== ============
</TABLE>
4
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF ASSETS AND LIABILITIES
June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
LAZARD LAZARD
JPM LARGE CAP SMALL CAP
CORE BOND VALUE VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- ----------------- --------------
<S> <C> <C> <C>
ASSETS:
Investments at value (Note 1) ............................................ $129,423,812 $ 116,857,027 $ 62,133,241
Cash ..................................................................... -- 1,397 583,015
Foreign cash (Note 1) .................................................... -- -- --
Receivable for securities sold ........................................... 3,530,692 369,478 305,798
Unrealized appreciation of foreign currency contracts (Note 1) ........... -- -- --
Short-term investments held as collateral for loaned securities .......... 2,067,410 1,932,604 5,284,143
Receivable from Separate Accounts for Trust shares sold .................. 417,439 102,401 159,375
Receivable for forward commitments ....................................... 3,664,781 -- --
Variation margin receivable on futures contracts ......................... -- -- --
Receivable from investment manager ....................................... -- -- --
Dividends, interest and other receivables ................................ 1,278,836 144,781 52,529
Deferred organizational costs (Note 1) ................................... 21,966 21,966 21,966
Other assets ............................................................. 3,103 2,037 1,266
------------ ------------- ------------
Total assets ........................................................... 140,408,039 119,431,691 68,541,333
------------ ------------- ------------
LIABILITIES:
Payable to custodian ..................................................... 6,176 7,557 7,564
Payable for securities purchased ......................................... 8,351,540 7,256,915 155,339
Unrealized depreciation of foreign currency contracts (Note 1) ........... -- -- --
Collateral held for loaned securities .................................... 2,067,410 1,932,604 5,284,143
Variation margin payable on futures contracts (Note 1) ................... 2,868 -- --
Distribution fees payable ................................................ 25,080 21,290 12,551
Investment management fees payable ....................................... 37,216 43,751 36,703
Trustees' fees payable ................................................... 2,524 1,918 1,370
Payable to Separate Accounts for Trust shares redeemed ................... -- -- 2,658
Forward commitments at value (Note 1) .................................... 3,652,594 -- --
Overdraft payable ........................................................ 177,768 -- --
Country Tax Payable ...................................................... -- -- --
Accrued expenses (Note 1) ................................................ 83,221 68,848 54,959
------------ ------------- ------------
Total liabilities ...................................................... 14,406,397 9,332,883 5,555,287
------------ ------------- ------------
NET ASSETS ............................................................... $126,001,642 $ 110,098,808 $ 62,986,046
============ ============= ============
Investments at cost ...................................................... $133,661,954 $ 101,900,252 $ 57,536,056
============ ============= ============
Foreign cash at cost ..................................................... -- -- --
============ ============= ============
COMPONENTS OF NET ASSETS (NOTE 1):
Paid in capital ......................................................... $128,515,714 $ 93,708,894 $ 59,642,725
Accumulated undistributed (overdistributed) net investment income ....... 3,181,703 607,092 84,333
Accumulated net realized gain (loss) .................................... (1,349,096) 826,047 (1,338,197)
Unrealized appreciation (depreciation) on investments and foreign
currency denominated assets and liabilities ............................ (4,346,679) 14,956,775 4,597,185
------------ ------------- ------------
NET ASSETS ............................................................... $126,001,642 $ 110,098,808 $ 62,986,046
============ ============= ============
CLASS IA SHARES:
Net Assets ............................................................... $ -- $ -- $ --
============ ============= ============
Shares outstanding (Unlimited amount authorized: no par value) ........... -- -- --
============ ============= ============
Net asset value, offering and redemption price per share (Note 1) ........ $ -- $ -- $ --
============ ============= ============
CLASS IB SHARES:
Net Assets ............................................................... $126,001,642 $ 110,098,808 $ 62,986,046
============ ============= ============
Shares outstanding (Unlimited amount authorized: no par value) ........... 12,183,117 8,282,542 6,238,572
============ ============= ============
Net asset value, offering and redemption price per share (Note 1) ........ $ 10.34 $ 13.29 $ 10.10
============ ============= ============
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
<TABLE>
<CAPTION>
EQ/ALLIANCE CAPITAL CAPITAL CAPITAL
EQ/ EQ/EVERGREEN PREMIER GUARDIAN GUARDIAN GUARDIAN
EVERGREEN FOUNDATION GROWTH INTERNATIONAL RESEARCH U.S. EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ----------------- -------------- --------------- --------------- ---------------- ----------------
<S> <C> <C> <C> <C> <C>
$ 3,111,907 $ 5,221,665 $42,819,865 $11,198,039 $ 11,558,893 $ 12,128,975
30,557 37,394 33,045 1,491,520 1,112,973 3,627,711
-- -- -- 51 -- --
-- -- 7,275 -- -- --
-- -- -- 3,028 -- --
-- -- -- -- -- --
-- 16,505 1,866,158 68,612 32,011 280,924
-- -- -- -- -- --
-- -- -- -- -- --
4,451 1,367 -- -- 891 --
1,017 19,001 6,856 15,037 6,430 13,349
-- -- -- -- -- --
690 622 689 622 690 689
------------- ----------- ----------- ----------- ------------ ------------
3,148,622 5,296,554 44,733,888 12,776,909 12,711,888 16,051,648
------------- ----------- ----------- ----------- ------------ ------------
8,181 3,393 5,849 2,507 5,849 5,849
283,211 825,804 2,126,490 194,837 381,044 17,488
-- -- -- 4,494 -- --
-- -- -- -- -- --
-- -- -- -- -- --
359 649 5,683 2,306 2,279 2,673
-- -- 13,349 1,875 -- 355
22 26 54 89 87 88
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
7,380 8,300 8,419 11,247 8,396 8,515
------------- ----------- ----------- ----------- ------------ ------------
299,153 838,172 2,159,844 217,355 397,655 34,968
------------- ----------- ----------- ----------- ------------ ------------
$ 2,849,469 $ 4,458,382 $42,574,044 $12,559,554 $ 12,314,233 $ 16,016,680
============= =========== =========== =========== ============ ============
$ 3,062,531 $ 5,119,456 $40,541,198 $10,868,945 $ 11,288,752 $ 11,737,044
============= =========== =========== =========== ============ ============
-- -- -- -- -- --
============= =========== =========== =========== ============ ============
$ 2,738,157 $ 4,307,144 $40,282,435 $12,258,120 $ 12,022,361 $ 15,611,431
5,921 31,265 (1,855) 25,359 2,732 10,449
56,015 17,764 14,797 (52,488) 18,999 2,869
49,376 102,209 2,278,667 328,563 270,141 391,931
------------- ----------- ----------- ----------- ------------ ------------
$ 2,849,469 $ 4,458,382 $42,574,044 $12,559,554 $ 12,314,233 $ 16,016,680
============= =========== =========== =========== ============ ============
$ -- $ -- $ 1,053 $ -- $ -- $ --
============= =========== =========== =========== ============ ============
-- -- 100 -- --
============= =========== =========== =========== ============
$ -- $ -- $ 10.53 $ -- $ -- $ --
============= =========== =========== =========== ============ ============
$ 2,849,469 $ 4,458,382 $42,572,991 $12,559,554 $ 12,314,233 $ 16,016,680
============= =========== =========== =========== ============ ============
267,639 426,317 4,039,652 1,226,436 1,204,464 1,560,141
============= =========== =========== =========== ============ ============
$ 10.65 $ 10.46 $ 10.54 $ 10.24 $ 10.22 $ 10.27
============= =========== =========== =========== ============ ============
</TABLE>
6
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
For the six months ended June 30, 1999 (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 (including $1,887 from an affiliated company for
the BT International Equity Index Portfolio) ............... $ 1,571,019 $ 179,823 $ 748,877
Interest .................................................... 617,425 191,560 1,474,212
Securities lending--Net ..................................... 12,188 3,355 118,791
----------- ---------- -----------
Total income ............................................... 2,200,632 374,738 2,341,880
----------- ---------- -----------
Expenses (Notes 1, 2, 3, 4 and 5):
Investment management fees .................................. 551,969 104,281 1,781,529
Administrative fees ......................................... 63,924 24,721 174,197
Custody fees ................................................ 11,968 30,636 34,238
Distribution fees--Class IB ................................. 250,895 37,243 792,505
Printing and mailing expenses ............................... 53,340 9,678 156,255
Professional fees ........................................... 19,926 3,848 57,773
Interest expense on loans ................................... -- -- --
Trustees' fees (Note 7) ..................................... 3,827 660 10,904
Amortization of deferred organizational expense ............. 3,124 3,124 3,124
Miscellaneous ............................................... 7,026 1,453 18,756
----------- ---------- -----------
Gross expenses ............................................. 965,999 215,644 3,029,281
----------- ---------- -----------
Waivers and reimbursements: (Note 6)
Waiver of investment management fees ........................ (112,275) (36,198) (292,609)
Reimbursement from investment manager ....................... -- -- --
----------- ---------- -----------
Total waivers and reimbursements ........................... (112,275) (36,198) (292,609)
----------- ---------- -----------
Net expenses ............................................... 853,724 179,446 2,736,672
----------- ---------- -----------
NET INVESTMENT INCOME (LOSS) .................................. 1,346,908 195,292 (394,792)
----------- ---------- -----------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Realized Gain (Loss) on:
Securities .................................................. 12,610,110 1,240,016 20,129,673
Swap agreements ............................................. -- -- --
Foreign currency transactions ............................... -- 151,667 74,468
Forward commitments ......................................... -- -- --
Futures contracts ........................................... -- -- --
----------- ---------- -----------
Realized gain (loss)--net .................................... 12,610,110 1,391,683 20,204,141
----------- ---------- -----------
Change in Unrealized Appreciation (Depreciation) on:
Securities .................................................. 24,489,556 (133,165) 61,022,421
Swap agreements ............................................. -- -- --
Foreign currency translations ............................... -- (17,130) (296)
Forward commitments ......................................... -- -- --
Futures contracts ........................................... -- -- --
----------- ---------- -----------
Unrealized appreciation (depreciation)--net .................. 24,489,556 (150,295) 61,022,125
----------- ---------- -----------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ...................... 37,099,666 1,241,388 81,226,266
----------- ---------- -----------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ......... $38,446,574 $1,436,680 $80,831,474
=========== ========== ===========
*Foreign taxes withheld on dividends .......................... $ -- $ 19,654 $ 1,486
=========== ========== ===========
*Foreign taxes withheld on interest ........................... $ -- $ 179 $ --
=========== ========== ===========
</TABLE>
- ---------
** For the period from May 1, 1999 to June 30, 1999.
See Notes to Financial Statements.
7
<PAGE>
<TABLE>
<CAPTION>
MFS EQ/PUTNAM EQ/PUTNAM EQ/PUTNAM
GROWTH WITH MFS EQ/PUTNAM GROWTH & INCOME INTERNATIONAL INVESTORS
INCOME RESEARCH BALANCED VALUE EQUITY GROWTH
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- ------------- -------------- ------------- ----------------- --------------- --------------
<S> <C> <C> <C> <C> <C>
$ 100,964 $ 1,832,898 $ 564,321 $ 4,981,308 $ 1,575,657 $ 611,861
49,935 424,597 978,734 522,811 175,183 195,155
-- 8,247 15,991 17,468 29,217 3,237
---------- ----------- ---------- ----------- ----------- -----------
150,899 2,265,742 1,559,046 5,521,587 1,780,057 810,253
---------- ----------- ---------- ----------- ----------- -----------
49,654 1,293,739 238,958 1,412,910 569,586 613,454
18,888 130,225 41,192 142,786 60,392 70,222
21,655 39,758 37,029 27,000 130,284 22,578
22,653 588,064 108,617 642,232 203,424 278,843
1,957 124,374 23,876 139,895 45,426 55,452
725 46,228 10,778 52,267 18,642 22,777
-- -- -- -- -- --
130 8,764 1,666 9,898 3,144 3,919
-- 3,124 3,124 3,124 3,124 3,124
-- 15,062 2,583 14,534 4,689 6,344
---------- ----------- ---------- ----------- ----------- -----------
115,662 2,249,338 467,823 2,444,646 1,038,711 1,076,713
---------- ----------- ---------- ----------- ----------- -----------
(38,824) (249,199) (76,121) (260,377) (61,597) (84,474)
-- -- -- -- -- --
---------- ----------- ---------- ----------- ----------- -----------
(38,824) (249,199) (76,121) (260,377) (61,597) (84,474)
---------- ----------- ---------- ----------- ----------- -----------
76,838 2,000,139 391,702 2,184,269 977,114 992,239
---------- ----------- ---------- ----------- ----------- -----------
74,061 265,603 1,167,344 3,337,318 802,943 (181,986)
---------- ----------- ---------- ----------- ----------- -----------
16,740 21,081,397 3,194,138 22,821,623 10,846,779 10,798,836
-- -- -- -- -- --
(840) (18,618) 19,796 -- (656,061) --
-- -- -- -- -- --
-- -- -- -- -- --
---------- ----------- ---------- ----------- ----------- -----------
15,900 21,062,779 3,213,934 22,821,623 10,190,718 10,798,836
---------- ----------- ---------- ----------- ----------- -----------
1,524,700 22,910,140 1,571,810 26,740,355 7,255,549 11,717,152
-- -- -- -- -- --
(38) (1,133) (4,438) -- 677,115 --
-- -- -- -- -- --
-- -- -- -- -- --
---------- ----------- ---------- ----------- ----------- -----------
1,524,662 22,909,007 1,567,372 26,740,355 7,932,664 11,717,152
---------- ----------- ---------- ----------- ----------- -----------
1,540,562 43,971,786 4,781,306 49,561,978 18,123,382 22,515,988
---------- ----------- ---------- ----------- ----------- -----------
$1,614,623 $44,237,389 $5,948,650 $52,899,296 $18,926,325 $22,334,002
========== =========== ========== =========== =========== ===========
$ 412 $ 25,181 $ -- $ -- $ 194,935 $ --
========== =========== ========== =========== =========== ===========
$ -- $ -- $ -- $ -- $ -- $ --
========== =========== ========== =========== =========== ===========
</TABLE>
8
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
For the six months ended June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
T. ROWE PRICE WARBURG PINCUS
T. ROWE PRICE INTERNATIONAL SMALL COMPANY
EQUITY INCOME STOCK VALUE
PORTFOLIO PORTFOLIO PORTFOLIO
--------------- --------------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends (including $1,887 from an affiliated company for
the BT International Equity Index Portfolio) ............... $ 3,341,233 $1,715,477 $ 789,334
Interest .................................................... 293,792 152,373 231,967
Securities lending--net ..................................... 8,580 13,566 1,703
----------- ---------- -------------
Total income ............................................... 3,643,605 1,881,416 1,023,004
----------- ---------- -------------
Expenses (Notes 1, 2, 3, 4 and 5):
Investment management fees .................................. 701,553 535,850 489,426
Administrative fees ......................................... 80,307 68,965 52,131
Custody fees ................................................ 16,959 72,115 21,454
Distribution fees--Class IB ................................. 318,888 178,616 186,401
Printing and mailing expenses ............................... 70,727 40,651 45,489
Professional fees ........................................... 27,020 16,566 19,638
Interest expense on loans ................................... -- -- --
Trustees' fees (Note 7) ..................................... 5,152 2,868 3,209
Amortization of deferred organizational expense ............. 1,846 3,124 3,124
Miscellaneous ............................................... 9,709 4,465 5,129
----------- ---------- -------------
Gross expenses ............................................. 1,232,161 923,220 826,001
----------- ---------- -------------
Waivers and reimbursements: (Note 6) .........................
Waiver of investment management fees ........................ (147,263) (65,181) (74,197)
Reimbursement from investment manager ....................... -- -- --
----------- ---------- -------------
Total waivers and reimbursements ........................... (147,263) (65,181) (74,197)
----------- ---------- -------------
Net expenses ............................................... 1,084,898 858,039 751,804
----------- ---------- -------------
NET INVESTMENT INCOME (LOSS) .................................. 2,558,707 1,023,377 271,200
----------- ---------- -------------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Realized Gain (Loss) on:
Securities .................................................. 7,181,685 1,445,343 (10,516,750)
Swap agreements ............................................. -- -- --
Foreign currency transactions ............................... (20,050) (18,082) --
Forward commitments ......................................... -- -- --
Futures contracts ........................................... -- -- --
----------- ---------- -------------
Realized gain (loss)--net .................................... 7,161,635 1,427,261 (10,516,750)
----------- ---------- -------------
Change in Unrealized Appreciation (Depreciation) on:
Securities .................................................. 20,703,167 2,735,948 11,141,045
Swap agreements ............................................. -- -- --
Foreign currency translations ............................... 905 (23,417) --
Forward commitments ......................................... -- -- --
Futures contracts ........................................... -- -- --
----------- ---------- -------------
Unrealized appreciation (depreciation)--net .................. 20,704,072 2,712,531 11,141,045
----------- ---------- -------------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ...................... 27,865,707 4,139,792 624,295
----------- ---------- -------------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ......... $30,424,414 $5,163,169 $ 895,495
=========== ========== =============
*Foreign taxes withheld on dividends .......................... $ 7,243 $ 236,399 $ --
=========== ========== =============
*Foreign taxes withheld on interest. .......................... $ -- $ -- $ --
=========== ========== =============
</TABLE>
- ---------
** For the period from May 1, 1999 to June 30, 1999.
See Notes to Financial Statements.
9
<PAGE>
<TABLE>
<CAPTION>
MORGAN
STANLEY BT
EMERGING BT BT SMALL LAZARD
MARKETS EQUITY 500 INTERNATIONAL COMPANY JPM LARGE CAP
EQUITY INDEX EQUITY INDEX INDEX CORE BOND VALUE
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -------------- -------------- --------------- ------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
$ 626,363 $ 2,151,097 $ 660,160 $ 260,348 $ 8,326 $ 923,113
54,945 264,309 131,723 31,262 3,702,079 97,319
-- 18,091 3,718 11,856 1,338 1,449
----------- ----------- ---------- ---------- ------------ -----------
681,308 2,433,497 795,601 303,466 3,711,743 1,021,881
----------- ----------- ---------- ---------- ------------ -----------
326,991 408,575 98,421 46,221 269,997 249,400
36,471 103,832 56,944 60,171 48,151 40,195
210,943 40,457 57,969 50,900 11,293 8,785
71,085 408,575 68,448 46,221 149,999 113,364
13,847 73,236 15,607 10,139 33,568 24,794
5,865 26,920 6,308 4,095 13,090 9,432
-- -- 1,368 -- -- --
947 5,010 1,053 686 2,286 1,659
3,124 3,107 3,108 3,108 3,108 3,108
6,285 8,542 1,178 972 1,048 1,287
----------- ----------- ---------- ---------- ------------ -----------
675,558 1,078,254 310,404 222,513 532,540 452,024
----------- ----------- ---------- ---------- ------------ -----------
(176,085) (178,711) (63,300) (46,221) (51,865) (34,528)
-- -- -- (54,145) -- --
----------- ----------- ---------- ---------- ------------ -----------
(176,085) (178,711) (63,300) (100,366) (51,865) (34,528)
----------- ----------- ---------- ---------- ------------ -----------
499,473 899,543 247,104 122,147 480,675 417,496
----------- ----------- ---------- ---------- ------------ -----------
181,835 1,533,954 548,497 181,319 3,231,068 604,385
----------- ----------- ---------- ---------- ------------ -----------
4,320,749 767,826 43,900 2,261,665 (1,985,640) 1,363,205
(9,499) -- -- -- -- --
(126,718) -- (587,676) 40,784 216,444 --
-- -- -- -- -- --
-- 182,945 724,942 -- 483,088 --
----------- ----------- ---------- ---------- ------------ -----------
4,184,532 950,771 181,166 2,302,449 (1,286,108) 1,363,205
----------- ----------- ---------- ---------- ------------ -----------
15,235,381 35,475,469 1,382,099 952,398 (4,476,519) 8,033,567
(6,099) -- -- -- -- --
(356,758) -- 43,309 -- (49,359) --
-- -- -- -- (9,167) --
-- 394,149 (60,766) 80,537 (99,387) --
----------- ----------- ---------- ---------- ------------ -----------
14,872,524 35,869,618 1,364,642 1,032,935 (4,634,432) 8,033,567
----------- ----------- ---------- ---------- ------------ -----------
19,057,056 36,820,389 1,545,808 3,335,384 (5,920,540) 9,396,772
----------- ----------- ---------- ---------- ------------ -----------
$19,238,891 $38,354,343 $2,094,305 $3,516,703 $ (2,689,472) $10,001,157
=========== =========== ========== ========== ============ ===========
$ 29,364 $ -- $ 90,265 $ -- $ -- $ --
=========== =========== ========== ========== ============ ===========
$ 24 $ -- $ -- $ -- $ -- $ --
=========== =========== ========== ========== ============ ===========
</TABLE>
10
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF OPERATIONS
For the six months ended June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
LAZARD
SMALL CAP EQ/EVERGREEN
VALUE EQ/EVERGREEN FOUNDATION
PORTFOLIO PORTFOLIO PORTFOLIO
------------- -------------- -------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Income* (Note 1):
Dividends (including $1,887 from an affiliated company for
the BT International Equity Index Portfolio) ............... $ 326,425 $ 5,674 $ 14,855
Interest .................................................... 83,638 9,497 27,275
Securities lending--Net ..................................... 2,072 -- --
---------- --------- ---------
Total income ............................................... 412,135 15,171 42,130
---------- --------- ---------
Expenses (Notes 1, 2, 3, 4 and 5):
Investment management fees .................................. 218,223 6,612 7,213
Administrative fees ......................................... 31,541 14,593 14,913
Custody fees ................................................ 12,321 9,396 4,587
Distribution fees--Class IB ................................. 68,195 2,199 2,854
Printing and mailing expenses ............................... 15,574 325 397
Professional fees ........................................... 5,947 116 153
Interest expense on loans ................................... -- -- --
Trustees' fees (Note 7) ..................................... 1,024 22 26
Amortization of deferred organizational expense ............. 3,108 -- --
Miscellaneous ............................................... 1,113 -- 561
---------- --------- ---------
Gross expenses ............................................. 357,046 33,263 30,704
---------- --------- ---------
Waivers reimbursement: (Note 6)
Waiver of investment management fees ........................ (29,244) (6,612) (7,213)
Reimbursement from investment manager ....................... -- (17,401) (12,626)
---------- --------- ---------
Total waivers and reimbursements ........................... (29,244) (24,013) (19,839)
---------- --------- ---------
Net expenses ............................................... 327,802 9,250 10,865
---------- --------- ---------
NET INVESTMENT INCOME (LOSS) .................................. 84,333 5,921 31,265
---------- --------- ---------
REALIZED AND UNREALIZED GAIN (LOSS) (NOTE 1):
Realized Gain (Loss) on:
Securities .................................................. (662,216) 56,015 17,764
Swap agreements ............................................. -- -- --
Foreign currency transactions ............................... -- -- --
Forward commitments ......................................... -- -- --
Futures contracts ........................................... -- -- --
---------- --------- ---------
Realized gain (loss)--net .................................... (662,216) 56,015 17,764
---------- --------- ---------
Change in Unrealized Appreciation (Depreciation) on:
Securities .................................................. 5,836,595 49,376 102,209
Swap agreements ............................................. -- -- --
Foreign currency translations ............................... -- -- --
Forward commitments ......................................... -- -- --
Futures contracts ........................................... -- -- --
---------- --------- ---------
Unrealized appreciation (depreciation)--net .................. 5,836,595 49,376 102,209
---------- --------- ---------
REALIZED AND UNREALIZED GAIN (LOSS)--NET ...................... 5,174,379 105,391 119,973
---------- --------- ---------
NET INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS ......... $5,258,712 $ 111,312 $ 151,238
========== ========= =========
*Foreign taxes withheld on dividends .......................... $ -- $ -- $ --
========== ========= =========
*Foreign taxes withheld on interest. .......................... $ -- $ -- $ --
========== ========= =========
</TABLE>
- ---------
** For the period from May 1, 1999 to June 30, 1999.
See Notes to Financial Statements.
11
<PAGE>
<TABLE>
<CAPTION>
EQ/ALLIANCE** CAPITAL** CAPITAL**
PREMIER CAPITAL GUARDIAN** GUARDIAN GUARDIAN
GROWTH INTERNATIONAL RESEARCH U.S. EQUITY
PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- --------------- -------------------- ----------- ------------
<S> <C> <C> <C>
$ 12,534 $ 35,310 $ 14,264 $ 19,389
22,142 11,263 5,129 9,703
-- -- -- --
---------- --------- --------- ---------
34,676 46,573 19,393 29,092
---------- --------- --------- ---------
28,546 13,250 11,400 13,737
7,272 9,308 6,527 6,637
5,849 2,507 5,849 5,849
7,929 4,417 4,384 4,906
805 1,334 1,311 1,318
342 561 558 560
-- -- -- --
54 89 87 88
-- -- -- --
-- 112 -- --
---------- --------- --------- ---------
50,797 31,578 30,116 33,095
---------- --------- --------- ---------
(14,266) (10,364) (11,400) (13,737)
-- -- (2,055) (715)
---------- --------- --------- ---------
(14,266) (10,364) (13,455) (14,452)
---------- --------- --------- ---------
36,531 21,214 16,661 18,643
---------- --------- --------- ---------
(1,855) 25,359 2,732 10,449
---------- --------- --------- ---------
14,797 (157) 18,999 2,869
-- -- -- --
-- (52,331) -- --
-- -- -- --
-- -- -- --
---------- --------- --------- ---------
14,797 (52,488) 18,999 2,869
---------- --------- --------- ---------
2,278,667 329,094 270,141 391,931
-- -- -- --
-- (531) -- --
-- -- -- --
-- -- -- --
---------- --------- --------- ---------
2,278,667 328,563 270,141 391,931
---------- --------- --------- ---------
2,293,464 276,075 289,140 394,800
---------- --------- --------- ---------
$2,291,609 $ 301,434 $ 291,872 $ 405,249
========== ========= ========= =========
$ -- $ 4,565 $ -- $ --
========== ========= ========= =========
$ -- $ -- $ -- $ --
========== ========= ========= =========
</TABLE>
12
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MERRILL LYNCH BASIC VALUE EQUITY
PORTFOLIO
------------------------------------
SIX MONTHS
ENDED
JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998
---------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 1,346,908 $ 1,620,403
Realized gain (loss)--net ........................................... 12,610,110 5,652,703
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ 24,489,556 (239,779)
------------- -------------
Net increase (decrease) in net assets from operations ............... 38,446,574 7,033,327
------------- -------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Distributions in excess of realized gains .......................... -- --
Return of capital distributions .................................... -- --
------------- -------------
Total Class IA dividends and distributions .......................... -- --
------------- -------------
Class IB:
Dividends from net investment income ............................... -- (1,636,788)
Dividends in excess of net investment income ....................... -- (8,838)
Distributions from realized gains .................................. -- (5,629,501)
Distributions in excess of realized gains .......................... -- (75,031)
Return of capital distributions .................................... -- --
------------- -------------
Total Class IB dividends and distributions .......................... -- (7,350,158)
------------- -------------
Decrease in net assets from dividends and distributions ............. -- (7,350,158)
------------- -------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------- -------------
Total Class IA transactions ......................................... -- --
------------- -------------
Class IB:
Shares sold ........................................................ 62,925,247 161,279,159
Shares issued in reinvestment of dividends and distributions ....... -- 7,350,158
Shares redeemed .................................................... (33,493,766) (43,703,327)
------------- -------------
Total Class IB transactions ......................................... 29,431,481 124,925,990
------------- -------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 29,431,481 124,925,990
------------- -------------
INCREASE (DECREASE) IN NET ASSETS .................................... 67,878,055 124,609,159
NET ASSETS, BEGINNING OF PERIOD ...................................... 174,104,203 49,495,044
------------- -------------
NET ASSETS, END OF PERIOD ............................................ $ 241,982,258 $ 174,104,203
============= =============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 1,346,733 $ (175)
============= =============
SHARES TRANSACTIONS:
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------- -------------
Total Class IA transactions ......................................... -- --
============= =============
Class IB:
Shares sold ........................................................ 4,541,171 12,674,506
Shares issued in reinvestment of dividends and distributions ....... -- 600,506
Shares redeemed .................................................... (2,468,730) (3,467,476)
------------- -------------
Total Class IB transactions ......................................... 2,072,441 9,807,536
============= =============
<CAPTION>
MERRILL LYNCH WORLD STRATEGY
PORTFOLIO
----------------------------------
SIX MONTHS
ENDED
JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998
--------------- ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 195,292 $ 417,475
Realized gain (loss)--net ........................................... 1,391,683 (1,565,854)
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ (150,295) 2,563,344
------------ --------------
Net increase (decrease) in net assets from operations ............... 1,436,680 1,414,965
------------ --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Distributions in excess of realized gains .......................... -- --
Return of capital distributions .................................... -- --
------------ --------------
Total Class IA dividends and distributions .......................... -- --
------------ --------------
Class IB:
Dividends from net investment income ............................... -- (106,747)
Dividends in excess of net investment income ....................... -- (117,119)
Distributions from realized gains .................................. -- --
Distributions in excess of realized gains .......................... -- --
Return of capital distributions .................................... -- --
------------ --------------
Total Class IB dividends and distributions .......................... -- (223,866)
------------ --------------
Decrease in net assets from dividends and distributions ............. -- (223,866)
------------ --------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------ --------------
Total Class IA transactions ......................................... -- --
------------ --------------
Class IB:
Shares sold ........................................................ 5,099,148 21,435,271
Shares issued in reinvestment of dividends and distributions ....... -- 223,866
Shares redeemed .................................................... (8,176,657) (10,429,724)
------------ --------------
Total Class IB transactions ......................................... (3,077,509) 11,229,413
------------ --------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... (3,077,509) 11,229,413
------------ --------------
INCREASE (DECREASE) IN NET ASSETS .................................... (1,640,829) 12,420,512
NET ASSETS, BEGINNING OF PERIOD ...................................... 30,630,962 18,210,450
------------ --------------
NET ASSETS, END OF PERIOD ............................................ $ 28,990,133 $ 30,630,962
============ ==============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 78,173 $ (117,119)
============ ==============
SHARES TRANSACTIONS:
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------ --------------
Total Class IA transactions ......................................... -- --
============ ==============
Class IB:
Shares sold ........................................................ 457,070 1,987,470
Shares issued in reinvestment of dividends and distributions ....... -- 20,942
Shares redeemed .................................................... (732,033) (972,049)
------------ --------------
Total Class IB transactions ......................................... (274,963) 1,036,363
============ ==============
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1998
commenced operations on January 1, 1999.
See Notes to Financial Statements.
13
<PAGE>
<TABLE>
<CAPTION>
MFS EMERGING GROWTH
COMPANIES PORTFOLIO MFS GROWTH WITH INCOME PORTFOLIO
- ------------------------------------- -------------------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, 1999 YEAR ENDED JUNE 30, 1999
(UNAUDITED) DECEMBER 31, 1998 (UNAUDITED) DECEMBER 31, 1998**
- ----------------- ------------------- --------------- ---------------------
<S> <C> <C> <C>
$ (394,792) $ (749,002) $ 74,061 $ --
20,204,141 (12,444,070) 15,900 --
61,022,125 96,627,486 1,524,662 --
--------------- -------------- ------------ ------------
80,831,474 83,434,414 1,614,623 --
--------------- -------------- ------------ ------------
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
--------------- -------------- ------------ ------------
-- -- -- --
--------------- -------------- ------------ ------------
-- (7,792) -- --
-- (8) -- --
-- -- -- --
-- -- -- --
-- -- -- --
--------------- ---------------- ------------ ------------
-- (7,800) -- --
--------------- ---------------- ------------ ------------
-- (7,800) -- --
--------------- ---------------- ------------ ------------
14,489,103 6,000,146 -- --
-- -- -- --
(2,564,184) (482,295) -- --
--------------- ---------------- ------------ ------------
11,924,919 5,517,851 -- --
--------------- ---------------- ------------ ------------
436,249,036 611,028,621 38,615,620 1,000
-- 7,800 -- --
(161,814,796) (334,513,068) (1,315,290) --
--------------- ---------------- ------------ ------------
274,434,240 276,523,353 37,300,330 1,000
--------------- ---------------- ------------ ------------
286,359,159 282,041,204 37,300,330 1,000
--------------- ---------------- ------------ ------------
367,190,633 365,467,818 38,914,953 1,000
467,285,061 101,817,243 1,000 --
--------------- ---------------- ------------ ------------
$ 834,475,694 $ 467,285,061 $ 38,915,953 $ 1,000
=============== ================ ============ ============
$ (395,106) $ (314) $ 74,061 $ --
=============== ================ ============ ============
861,616 404,027 -- --
-- -- -- --
(153,224) (31,231) -- --
--------------- ---------------- ------------ ------------
708,392 372,796 -- --
=============== ================ ============ ============
25,904,004 44,295,343 3,766,787 100
-- 568 -- --
(9,615,994) (24,074,548) (127,887) --
--------------- ---------------- ------------ ------------
16,288,010 20,221,363 3,638,900 100
=============== ================ ============ ============
<CAPTION>
MFS RESEARCH PORTFOLIO EQ/PUTNAM BALANCED PORTFOLIO
------------------------------------ -----------------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, 1999 YEAR ENDED JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998 (UNAUDITED) DECEMBER 31, 1998
---------------- ------------------- ---------------- ------------------
<S> <C> <C> <C>
$ 265,603 $ 1,050,278 $ 1,167,344 $ 1,413,676
21,062,779 (6,417,869) 3,213,934 1,270,027
22,909,007 57,047,827 1,567,372 2,688,773
------------- ------------- ------------ --------------
44,237,389 51,680,236 5,948,650 5,372,476
------------- ------------- ------------ --------------
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------- ------------ --------------
-- -- -- --
------------- ------------- ------------ --------------
-- (1,012,965) -- (93,972)
-- -- -- (1,254,242)
-- -- -- (827,467)
-- -- -- --
-- -- -- --
------------- ------------- ------------ --------------
-- (1,012,965) -- (2,175,681)
------------- ------------- ------------ --------------
-- (1,012,965) -- (2,175,681)
------------- ------------- ------------ --------------
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------- ------------ --------------
-- -- -- --
------------- ------------- ------------ --------------
139,923,446 296,232,678 28,190,896 70,178,473
-- 1,012,965 -- 2,175,681
(37,925,764) (57,048,378) (9,135,543) (25,427,352)
------------- ------------- ------------ --------------
101,997,682 240,197,265 19,055,353 46,926,802
------------- ------------- ------------ --------------
101,997,682 240,197,265 19,055,353 46,926,802
------------- ------------- ------------ --------------
146,235,071 290,864,536 25,004,003 50,123,597
407,619,000 116,754,464 75,977,185 25,853,588
------------- ------------- ------------ --------------
$ 553,854,071 $ 407,619,000 $100,981,188 $ 75,977,185
============= ============= ============ ==============
$ 273,764 $ 8,161 $ 1,171,944 $ 4,600
============= ============= ============ ==============
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------- ------------ --------------
-- -- -- --
============= ============= ============ ==============
9,672,835 22,888,136 2,249,279 5,930,052
-- 73,904 -- 181,291
(2,613,602) (4,442,595) (729,221) (2,169,078)
------------- ------------- ------------ --------------
7,059,233 18,519,445 1,520,058 3,942,265
============= ============= ============ ==============
</TABLE>
14
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
EQ/PUTNAM GROWTH &
INCOME VALUE PORTFOLIO
------------------------------------
SIX MONTHS
ENDED
JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998
---------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 3,337,318 $ 3,921,073
Realized gain (loss)--net ........................................... 22,821,623 7,671,440
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ 26,740,355 24,262,285
------------- -------------
Net increase (decrease) in net assets from operations ............... 52,899,296 35,854,798
------------- -------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Distributions in excess of realized gains .......................... -- --
Return of capital distributions .................................... -- --
------------- -------------
Total Class IA dividends and distributions .......................... -- --
------------- -------------
Class IB:
Dividends from net investment income ............................... -- (3,908,330)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- (3,529,756)
Distributions in excess of realized gains .......................... -- --
Return of capital distributions .................................... -- --
------------- -------------
Total Class IB dividends and distributions .......................... -- (7,438,086)
------------- -------------
Decrease in net assets from dividends and distributions ............. -- (7,438,086)
------------- -------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------- -------------
Total Class IA transactions ......................................... -- --
------------- -------------
Class IB:
Shares sold ........................................................ 88,792,203 302,749,372
Shares issued in reinvestment of dividends and distributions ....... -- 7,438,086
Shares redeemed .................................................... (27,495,416) (28,119,631)
------------- -------------
Total Class IB transactions ......................................... 61,296,787 282,067,827
------------- -------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 61,296,787 282,067,827
------------- -------------
INCREASE (DECREASE) IN NET ASSETs .................................... 114,196,083 310,484,539
NET ASSETS, BEGINNING OF PERIOD ...................................... 460,744,261 150,259,722
------------- -------------
NET ASSETS, END OF PERIOD ............................................ $ 574,940,344 $ 460,744,261
============= =============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 3,363,439 $ 26,121
============= =============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------- -------------
Total Class IA transactions ......................................... -- --
============= =============
Class IB:
Shares sold ........................................................ 6,613,300 24,763,118
Shares issued in reinvestment of dividends and distributions ....... -- 591,764
Shares redeemed .................................................... (2,052,844) (2,321,054)
------------- -------------
Total Class IB transactions ......................................... 4,560,456 23,033,828
============= =============
<CAPTION>
EQ/PUTNAM
INTERNATIONAL EQUITY PORTFOLIO
-----------------------------------
SIX MONTHS
ENDED
JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998
---------------- ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 802,943 $ 613,761
Realized gain (loss)--net ........................................... 10,190,718 (2,795,321)
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ 7,932,664 16,595,849
------------- -------------
Net increase (decrease) in net assets from operations ............... 18,926,325 14,414,289
------------- -------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Distributions in excess of realized gains .......................... -- --
Return of capital distributions .................................... -- --
------------- -------------
Total Class IA dividends and distributions .......................... -- --
------------- -------------
Class IB:
Dividends from net investment income ............................... -- (42,950)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Distributions in excess of realized gains .......................... -- --
Return of capital distributions .................................... -- --
------------- -------------
Total Class IB dividends and distributions .......................... -- (42,950)
------------- -------------
Decrease in net assets from dividends and distributions ............. -- (42,950)
------------- -------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------- -------------
Total Class IA transactions ......................................... -- --
------------- -------------
Class IB:
Shares sold ........................................................ 66,068,679 86,265,870
Shares issued in reinvestment of dividends and distributions ....... -- 42,950
Shares redeemed .................................................... (40,352,221) (14,637,575)
------------- -------------
Total Class IB transactions ......................................... 25,716,458 71,671,245
------------- -------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 25,716,458 71,671,245
------------- -------------
INCREASE (DECREASE) IN NET ASSETs .................................... 44,642,783 86,042,584
NET ASSETS, BEGINNING OF PERIOD ...................................... 143,720,730 57,678,146
------------- -------------
NET ASSETS, END OF PERIOD ............................................ $ 188,363,513 $ 143,720,730
============= =============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 1,502,886 $ 699,943
============= =============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------- -------------
Total Class IA transactions ......................................... -- --
============= =============
Class IB:
Shares sold ........................................................ 4,760,996 6,968,356
Shares issued in reinvestment of dividends and distributions ....... -- 3,382
Shares redeemed .................................................... (2,910,762) (1,217,991)
------------- -------------
Total Class IB transactions ......................................... 1,850,234 5,753,747
============= =============
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1998
commenced operations on January 1, 1999.
See Notes to Financial Statements.
15
<PAGE>
<TABLE>
<CAPTION>
EQ/PUTNAM INVESTORS T. ROWE PRICE EQUITY
GROWTH PORTFOLIO INCOME PORTFOLIO
- ------------------------------------ ------------------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, 1999 YEAR ENDED JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998 (UNAUDITED) DECEMBER 31, 1998
- ---------------- ------------------- ---------------- -------------------
<S> <C> <C> <C>
$ (181,986) $ 125,623 $ 2,558,707 $ 3,995,399
10,798,836 (4,124,377) 7,161,635 5,426,850
11,717,152 34,949,382 20,704,072 4,862,976
------------ ------------ ------------- -------------
22,334,002 30,950,628 30,424,414 14,285,225
------------ ------------ ------------- -------------
-- -- -- (35,838)
-- -- -- --
-- -- -- (40,618)
-- -- -- --
-- -- -- --
------------ ------------ ------------- -------------
-- -- -- (76,456)
------------ ------------ ------------- -------------
(111,393) -- (3,933,650)
-- -- -- --
-- -- -- (5,062,958)
-- -- -- --
-- -- -- --
------------ ------------ ------------- -------------
-- (111,393) -- (8,996,608)
------------ ------------ ------------- -------------
-- (111,393) -- (9,073,064)
------------ ------------ ------------- -------------
-- -- 3,867,195 2,524,430
-- -- -- 76,456
-- -- (911,780) (142,092)
------------ ------------ ------------- -------------
-- -- 2,955,415 2,458,794
------------ ------------ ------------- -------------
86,542,196 114,300,823 52,754,512 170,865,561
-- 111,393 -- 8,996,608
(3,280,187) (9,931,082) (41,906,946) (43,064,416)
------------ ------------ ------------- -------------
83,262,009 104,481,134 10,847,566 136,797,753
------------ ------------ ------------- -------------
83,262,009 104,481,134 13,802,981 139,256,547
------------ ------------ ------------- -------------
105,596,011 135,320,369 44,227,395 144,468,708
175,014,975 39,694,606 244,416,018 99,947,310
------------ ------------ ------------- -------------
$280,610,986 $175,014,975 $ 288,643,413 $ 244,416,018
============ ============ ============= =============
$ (156,302) $ 25,684 $ 2,592,891 $ 34,184
============ ============ ============= =============
-- -- 295,627 195,361
-- -- -- 6,161
-- -- (67,791) (10,947)
------------ ------------ ------------- -------------
-- -- 227,836 190,575
============ ============ ============= =============
4,936,465 7,900,821 3,999,475 13,571,713
-- 6,926 -- 723,375
(187,640) (704,721) (3,243,604) (3,466,621)
------------ ------------ ------------- -------------
4,748,825 7,203,026 755,871 10,828,467
============ ============ ============= =============
<CAPTION>
T. ROWE PRICE INTERNATIONAL WARBURG PINCUS SMALL COMPANY
STOCK PORTFOLIO VALUE PORTFOLIO
------------------------------------ -----------------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, 1999 YEAR ENDED JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998 (UNAUDITED) DECEMBER 31, 1998
---------------- ------------------- ---------------- ------------------
<S> <C> <C> <C>
$ 1,023,377 $ 708,880 $ 271,200 $ 736,249
1,427,261 (1,331,394) (10,516,750) (19,257,182)
2,712,531 12,687,179 11,141,045 56,703
------------- --------------- ------------- -------------
5,163,169 12,064,665 895,495 (18,464,230)
------------- --------------- ------------- -------------
-- -- -- (2,910)
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- (593)
------------- --------------- ------------- -------------
-- -- -- (3,503)
------------- --------------- ------------- -------------
(833,092) -- (643,796)
-- (302,422) -- --
-- -- -- --
-- (1,173) -- --
-- -- -- (131,277)
------------- --------------- ------------- -------------
-- (1,136,687) -- (775,073)
------------- --------------- ------------- -------------
-- (1,136,687) -- (778,576)
------------- --------------- ------------- -------------
-- -- 1,902,044 799,188
-- -- -- 3,503
-- -- (429,608) (72,570)
------------- --------------- ------------- -------------
-- -- 1,472,436 730,121
------------- --------------- ------------- -------------
107,596,622 178,237,748 28,548,674 118,015,752
-- 1,136,687 -- 775,073
(90,412,349) (130,221,045) (38,778,847) (53,664,561)
------------- --------------- ------------- -------------
17,184,273 49,153,390 (10,230,173) 65,126,264
------------- --------------- ------------- -------------
17,184,273 49,153,390 (8,757,737) 65,856,385
------------- --------------- ------------- -------------
22,347,442 60,081,368 (7,862,242) 46,613,579
134,653,337 74,571,969 167,493,253 120,879,674
------------- --------------- ------------- -------------
$ 157,000,779 $ 134,653,337 $ 159,631,011 $ 167,493,253
============= =============== ============= =============
$ 865,125 $ (158,252) $ 270,909 $ (291)
============= =============== ============= =============
-- -- 186,757 77,260
-- -- -- 345
-- -- (42,283) (7,045)
------------- --------------- ------------- -------------
-- -- 144,474 70,560
============= =============== ============= =============
9,642,823 16,778,911 2,836,759 10,072,044
-- 104,054 -- 76,073
(8,081,877) (12,323,215) (3,891,739) (4,636,677)
------------- --------------- ------------- -------------
1,560,946 4,559,750 (1,054,980) 5,511,440
============= =============== ============= =============
</TABLE>
16
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
MORGAN STANLEY EMERGING MARKETS
EQUITY
PORTFOLIO
-------------------------------------
SIX MONTHS
ENDED
JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998
----------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 181,835 $ 232,005
Realized gain (loss)--net ........................................... 4,184,532 (10,376,643)
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ 14,872,524 358,834
--------------- --------------
Net increase (decrease) in net assets from operations ............... 19,238,891 (9,785,804)
--------------- --------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Distributions in excess of realized gains .......................... -- --
Return of capital distributions .................................... -- --
--------------- --------------
Total Class IA dividends and distributions .......................... -- --
--------------- --------------
Class IB:
Dividends from net investment income ............................... -- (153,424)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Distributions in excess of realized gains .......................... -- --
Return of capital distributions .................................... -- --
--------------- --------------
Total Class IB dividends and distributions .......................... -- (153,424)
--------------- --------------
Decrease in net assets from dividends and distributions ............. -- (153,424)
--------------- --------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
--------------- --------------
Total Class IA transactions ......................................... -- --
--------------- --------------
Class IB:
Shares sold ........................................................ 137,507,427 95,364,409
Shares issued in reinvestment of dividends and distributions ....... -- 153,424
Shares redeemed .................................................... (114,255,860) (65,652,014)
--------------- --------------
Total Class IB transactions ......................................... 23,251,567 29,865,819
--------------- --------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 23,251,567 29,865,819
--------------- --------------
INCREASE IN NET ASSETS ............................................... 42,490,458 19,926,591
NET ASSETS, BEGINNING OF PERIOD ...................................... 41,359,222 21,432,631
--------------- --------------
NET ASSETS, END OF PERIOD ............................................ $ 83,849,680 $ 41,359,222
=============== ==============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 146,033 $ (35,802)
=============== ==============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
--------------- --------------
Total Class IA transactions ......................................... -- --
=============== ==============
Class IB:
Shares sold ........................................................ 19,767,669 14,735,898
Shares issued in reinvestment of dividends and
distributions ..................................................... -- 26,892
Shares redeemed .................................................... (16,424,859) (10,307,350)
--------------- --------------
Total Class IB transactions ......................................... 3,342,810 4,455,440
=============== ==============
<CAPTION>
BT EQUITY 500 INDEX PORTFOLIO
-----------------------------------
SIX MONTHS
ENDED
JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998
---------------- ------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 1,533,954 $ 1,022,204
Realized gain (loss)--net ........................................... 950,771 647,013
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ 35,869,618 21,141,835
------------- -------------
Net increase (decrease) in net assets from operations ............... 38,354,343 22,811,052
------------- -------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Distributions in excess of realized gains .......................... -- --
Return of capital distributions .................................... -- --
------------- -------------
Total Class IA dividends and distributions .......................... -- --
------------- -------------
Class IB:
Dividends from net investment income ............................... -- (1,034,895)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Distributions in excess of realized gains .......................... -- --
Return of capital distributions .................................... -- --
------------- -------------
Total Class IB dividends and distributions .......................... -- (1,034,895)
------------- -------------
Decrease in net assets from dividends and distributions ............. -- (1,034,895)
------------- -------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------- -------------
Total Class IA transactions ......................................... -- --
------------- -------------
Class IB:
Shares sold ........................................................ 197,502,731 223,661,715
Shares issued in reinvestment of dividends and distributions ....... -- 1,034,895
Shares redeemed .................................................... (12,504,964) (22,226,914)
------------- -------------
Total Class IB transactions ......................................... 184,997,767 202,469,696
------------- -------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 184,997,767 202,469,696
------------- -------------
INCREASE IN NET ASSETS ............................................... 223,352,110 224,245,853
NET ASSETS, BEGINNING OF PERIOD ...................................... 224,246,853 1,000
------------- -------------
NET ASSETS, END OF PERIOD ............................................ $ 447,598,963 $ 224,246,853
============= =============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 1,537,116 $ 3,162
============= =============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------- -------------
Total Class IA transactions ......................................... -- --
============= =============
Class IB:
Shares sold ........................................................ 15,021,218 19,947,642
Shares issued in reinvestment of dividends and
distributions ..................................................... -- 84,967
Shares redeemed .................................................... (954,775) (2,017,457)
------------- -------------
Total Class IB transactions ......................................... 14,066,443 18,015,152
============= =============
</TABLE>
- ---------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1998
commenced operations on January 1, 1999.
See Notes to Financial Statements.
17
<PAGE>
<TABLE>
<CAPTION>
BT INTERNATIONAL EQUITY INDEX BT SMALL COMPANY INDEX
PORTFOLIO PORTFOLIO
- ----------------------------------- -----------------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, 1999 YEAR ENDED JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998 (UNAUDITED) DECEMBER 31, 1998
- --------------- ------------------- --------------- -------------------
<S> <C> <C> <C>
$ 548,497 $ 309,782 $ 181,319 $ 215,371
181,166 (16,178) 2,302,449 401,078
1,364,642 4,630,689 1,032,935 (740,526)
------------ -------------- ------------ ------------
2,094,305 4,924,293 3,516,703 (124,077)
------------ -------------- ------------ ------------
-- (8,547) -- --
-- (260) -- --
-- -- -- --
-- -- -- --
-- -- -- --
------------ -------------- ------------ ------------
-- (8,807) -- --
------------ -------------- ------------ ------------
-- (584,566) -- (223,243)
-- (17,770) -- --
-- -- -- (401,078)
-- -- -- (23,362)
-- -- -- --
------------ -------------- ------------ ------------
-- (602,336) -- (647,683)
------------ -------------- ------------ ------------
-- (611,143) -- (647,683)
------------ -------------- ------------ ------------
2,006,823 1,304,807 -- --
-- 8,807 -- --
(542,848) (598,860) -- --
------------ -------------- ------------ ------------
1,463,975 714,754 -- --
------------ -------------- ------------ ------------
17,036,285 53,227,128 11,773,603 34,192,251
-- 602,336 -- 647,683
(9,129,712) (10,048,028) (2,627,340) (1,460,486)
------------ -------------- ------------ ------------
7,906,573 43,781,436 9,146,263 33,379,448
------------ -------------- ------------ ------------
9,370,548 44,496,190 9,146,263 33,379,448
------------ -------------- ------------ ------------
11,464,853 48,809,340 12,662,966 32,607,688
48,810,340 1,000 32,608,688 1,000
------------ -------------- ------------ ------------
$ 60,275,193 $ 48,810,340 $ 45,271,654 $ 32,608,688
============ ============== ============ ============
$ 530,467 $ (18,030) $ 186,515 $ 5,196
============ ============== ============ ============
165,363 112,153 -- --
-- 760 -- --
(44,793) (50,836) -- --
------------ -------------- ------------ ------------
120,570 62,077 -- --
============ ============== ============ ============
1,417,765 4,910,743 1,229,612 3,497,021
-- 51,925 -- 71,331
(766,486) (905,704) (279,028) (156,037)
------------ -------------- ------------ ------------
651,279 4,056,964 950,584 3,412,315
============ ============== ============ ============
<CAPTION>
JPM CORE BOND LAZARD LARGE CAP VALUE
PORTFOLIO PORTFOLIO
- ------------------------------------ -----------------------------------
SIX MONTHS SIX MONTHS
ENDED ENDED
JUNE 30, 1999 YEAR ENDED JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998 (UNAUDITED) DECEMBER 31, 1998
- ---------------- ------------------- ---------------- ------------------
<S> <C> <C> <C>
$ 3,231,068 $ 1,897,022 $ 604,385 $ 348,185
(1,286,108) 941,602 1,363,205 (537,158)
(4,634,432) 287,753 8,033,567 6,923,208
------------- ------------ ------------ -----------
(2,689,472) 3,126,377 10,001,157 6,734,235
------------- ------------ ------------ -----------
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------ ------------ -----------
-- -- -- --
------------- ------------ ------------ -----------
-- (1,885,859) -- (355,221)
-- (56,429) -- (8)
-- (963,793) -- --
-- (85,138) -- --
-- -- -- --
------------- ------------ ------------ -------------
-- (2,991,219) -- (355,229)
------------- ------------ ------------ -------------
-- (2,991,219) -- (355,229)
------------- ------------ ------------ -------------
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------ ------------ -------------
-- -- -- --
------------- ------------ ------------ -------------
40,410,449 104,618,746 29,814,996 70,032,073
-- 2,991,219 -- 355,229
(15,045,575) (4,419,883) (4,304,994) (2,179,659)
------------- ------------ ------------ -------------
25,364,874 103,190,082 25,510,002 68,207,643
------------- ------------ ------------ -------------
25,364,874 103,190,082 25,510,002 68,207,643
------------- ------------ ------------ -------------
22,675,402 103,325,240 35,511,159 74,586,649
103,326,240 1,000 74,587,649 1,000
------------- ------------ ------------ -------------
$ 126,001,642 $103,326,240 $110,098,808 $74,587,649
============= ============ ============ =============
$ 3,181,703 $ (49,365) $ 607,092 $ 2,707
============= ============ ============ =============
-- -- -- --
-- -- -- --
-- -- -- --
------------- ------------ ------------ -------------
-- -- -- --
============= ============ ============ =============
3,846,109 9,907,643 2,371,671 6,428,010
-- 284,067 -- 30,181
(1,437,911) (416,891) (337,494) (209,926)
------------- ------------ ------------ -------------
2,408,198 9,774,819 2,034,177 6,248,265
============= ============ ============ =============
</TABLE>
18
<PAGE>
EQ ADVISORS TRUST
STATEMENTS OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
LAZARD SMALL CAP VALUE PORTFOLIO
-----------------------------------
SIX MONTHS
ENDED
JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998
--------------- -------------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 84,333 $ 126,263
Realized gain (loss)--net ........................................... (662,216) (675,981)
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ 5,836,595 (1,239,410)
------------ ------------
Net increase (decrease) in net assets from operations ............... 5,258,712 (1,789,128)
------------ ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Distributions in excess of realized gains .......................... -- --
Return of capital distributions .................................... -- --
------------ ------------
Total Class IA dividends and distributions .......................... -- --
------------ ------------
Class IB:
Dividends from net investment income ............................... -- (135,415)
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Distributions in excess of realized gains .......................... -- --
Return of capital distributions .................................... -- --
------------ ------------
Total Class IB dividends and distributions .......................... -- (135,415)
------------ ------------
Decrease in net assets from dividends and distributions ............. -- (135,415)
------------ ------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------ ------------
Total Class IA transactions ......................................... -- --
------------ ------------
Class IB:
Shares sold ........................................................ 15,368,520 55,276,760
Shares issued in reinvestment of dividends and distributions ....... -- 135,415
Shares redeemed .................................................... (8,686,851) (2,442,967)
------------ ------------
Total Class IB transactions ......................................... 6,681,669 52,969,208
------------ ------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 6,681,669 52,969,208
------------ ------------
INCREASE IN NET ASSETS ............................................... 11,940,381 51,044,665
NET ASSETS, BEGINNING OF PERIOD ...................................... 51,045,665 1,000
------------ ------------
NET ASSETS, END OF PERIOD ............................................ $ 62,986,046 $ 51,045,665
============ ============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 84,333 $ --
============ ============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
------------ ------------
Total Class IA transactions ......................................... -- --
============ ============
Class IB:
Shares sold ........................................................ 1,648,432 5,784,545
Shares issued in reinvestment of dividends and distributions ....... -- 15,511
Shares redeemed .................................................... (916,700) (293,316)
------------ ------------
Total Class IB transactions ......................................... 731,732 5,506,740
============ ============
<CAPTION>
EQ/EVERGREEN PORTFOLIO
-------------------------------
SIX MONTHS
ENDED
JUNE 30, 1999 DECEMBER 31,
(UNAUDITED) 1998**
--------------- ---------------
<S> <C> <C>
INCREASE (DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income (loss) ........................................ $ 5,921 $ --
Realized gain (loss)--net ........................................... 56,015 --
Change in unrealized appreciation (depreciation) of investments
and foreign currency denominated assets and liabilities ............ 49,376 --
---------- ------------
Net increase (decrease) in net assets from operations ............... 111,312 --
---------- ------------
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS:
Class IA:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Distributions in excess of realized gains .......................... -- --
Return of capital distributions .................................... -- --
---------- ------------
Total Class IA dividends and distributions .......................... -- --
---------- ------------
Class IB:
Dividends from net investment income ............................... -- --
Dividends in excess of net investment income ....................... -- --
Distributions from realized gains .................................. -- --
Distributions in excess of realized gains .......................... -- --
Return of capital distributions .................................... -- --
---------- ------------
Total Class IB dividends and distributions .......................... -- --
---------- ------------
Decrease in net assets from dividends and distributions ............. -- --
---------- ------------
CAPITAL SHARE TRANSACTIONS (NOTE 1):
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
---------- ------------
Total Class IA transactions ......................................... -- --
---------- ------------
Class IB:
Shares sold ........................................................ 2,789,375 1,000
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... (52,218) --
---------- ------------
Total Class IB transactions ......................................... 2,737,157 1,000
---------- ------------
Net increase (decrease) in net assets derived from share
transactions ....................................................... 2,737,157 1,000
---------- ------------
INCREASE IN NET ASSETS ............................................... 2,848,469 1,000
NET ASSETS, BEGINNING OF PERIOD ...................................... 1,000 --
---------- ------------
NET ASSETS, END OF PERIOD ............................................ $2,849,469 $ 1,000
========== ============
Net Assets include accumulated undistributed (overdistributed) net
investment income of ................................................ $ 5,921 $ --
========== ============
SHARE TRANSACTIONS:
Class IA:
Shares sold ........................................................ -- --
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... -- --
---------- ------------
Total Class IA transactions ......................................... -- --
========== ============
Class IB:
Shares sold ........................................................ 272,577 100
Shares issued in reinvestment of dividends and distributions ....... -- --
Shares redeemed .................................................... (5,038) --
---------- ------------
Total Class IB transactions ......................................... 267,539 100
========== ============
</TABLE>
- ----------
* Commencement of Operations
** The Portfolios that received initial capital on December 31, 1998
commenced operations on January 1, 1999.
See Notes to Financial Statements.
19
<PAGE>
<TABLE>
<CAPTION>
CAPITAL GUARDIAN CAPITAL GUARDIAN CAPITAL GUARDIAN
EQ/EVERGREEN FOUNDATION EQ/ALLIANCE PREMIER INTERNATIONAL RESEARCH U.S. EQUITY
PORTFOLIO GROWTH PORTFOLIO PORTFOLIO PORTFOLIO PORTFOLIO
- -------------------------------- --------------------- ------------------ ------------------ -----------------
SIX MONTHS MAY 1, 1999* MAY 1, 1999* MAY 1, 1999* MAY 1, 1999*
ENDED TO TO TO TO
JUNE 30, 1999 DECEMBER 31, JUNE 30, 1999 JUNE 30, 1999 JUNE 30, 1999 JUNE 30, 1999
(UNAUDITED) 1998** (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
- --------------- -------------- --------------------- ------------------ ------------------ -----------------
<S> <C> <C> <C> <C> <C>
$ 31,265 $ -- $ (1,855) $ 25,359 $ 2,732 $ 10,449
17,764 -- 14,797 (52,488) 18,999 2,869
102,209 -- 2,278,667 328,563 270,141 391,931
---------- ------------ ----------- ----------- ----------- -----------
151,238 -- 2,291,609 301,434 291,872 405,249
---------- ------------ ----------- ----------- ----------- -----------
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
---------- ------------ ----------- ----------- ----------- -----------
-- -- -- -- -- --
---------- ------------ ----------- ----------- ----------- -----------
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
---------- ------------ ----------- ----------- ----------- -----------
-- -- -- -- -- --
---------- ------------ ----------- ----------- ----------- -----------
-- -- -- -- -- --
---------- ------------ ----------- ----------- ----------- -----------
-- -- 1,000 -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
---------- ------------ ----------- ----------- ----------- -----------
-- -- 1,000 -- -- --
---------- ------------ ----------- ----------- ----------- -----------
4,350,660 1,000 40,297,200 12,273,635 12,039,749 15,612,398
-- -- -- -- -- --
(44,516) -- (15,765) (15,515) (17,388) (967)
---------- ------------ ----------- ----------- ----------- -----------
4,306,144 1,000 40,281,435 12,258,120 12,022,361 15,611,431
---------- ------------ ----------- ----------- ----------- -----------
4,306,144 1,000 40,282,435 12,258,120 12,022,361 15,611,431
---------- ------------ ----------- ----------- ----------- -----------
4,457,382 1,000 42,574,044 12,559,554 12,314,233 16,016,680
1,000 -- -- -- -- --
---------- ------------ ----------- ----------- ----------- -----------
$4,458,382 $ 1,000 $42,574,044 $12,559,554 $12,314,233 $16,016,680
========== ============ =========== =========== =========== ===========
$ 31,265 $ -- $ (1,855) $ 25,359 $ 2,732 $ 10,449
========== ============ =========== =========== =========== ===========
-- -- 100 -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
---------- ------------ ----------- ----------- ----------- -----------
-- -- 100 -- -- --
========== ============ =========== =========== =========== ===========
430,538 100 4,041,240 1,228,024 1,206,195 1,560,138
-- -- -- -- -- --
(4,321) -- (1,588) (1,588) (1,731) (97)
---------- ------------ ----------- ----------- ----------- -----------
426,217 100 4,039,652 1,226,436 1,204,464 1,560,041
========== ============ =========== =========== =========== ===========
</TABLE>
20
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BASIC MATERIALS (7.4%)
CHEMICALS (4.5%)
E.I. Du Pont de Nemours & Co. 60,000 $4,098,750
Hercules, Inc. ................................ 170,000 6,683,125
----------
10,781,875
----------
METALS & MINING (2.7%)
ASARCO, Inc. .................................. 175,000 3,292,187
Potash Corp. of Saskatchewan,
Inc. ........................................ 65,000 3,363,750
----------
6,655,937
----------
STEEL (0.2%)
WHX Corp.* .................................... 69,500 456,094
----------
TOTAL BASIC MATERIALS ....................... 17,893,906
----------
BUSINESS SERVICES (2.3%)
PRINTING, PUBLISHING,
BROADCASTING (2.3%)
Knight Ridder, Inc. ........................... 100,000 5,493,750
----------
CAPITAL GOODS (14.9%)
AEROSPACE (5.0%)
Boeing Co. .................................... 125,000 5,523,438
Lockheed Martin Corp. ......................... 50,000 1,862,500
Northrop Grumman Corp. ........................ 70,000 4,641,875
----------
12,027,813
----------
BUILDING MATERIALS & FOREST
PRODUCTS (1.7%)
Champion International Corp. .................. 88,000 4,213,000
----------
ELECTRICAL EQUIPMENT (7.1%)
Alcatel Alsthom (ADR) ......................... 140,000 3,972,500
Eaton Corp. ................................... 45,000 4,140,000
Emerson Electric Co. .......................... 50,000 3,143,750
Thomas & Betts Corp. .......................... 125,000 5,906,250
----------
17,162,500
----------
MACHINERY (1.1%)
Deere & Co. ................................... 70,000 2,773,750
----------
TOTAL CAPITAL GOODS ......................... 36,177,063
----------
CONSUMER CYCLICALS (8.7%)
AUTO RELATED (3.9%)
Dana Corp. .................................... 90,000 4,145,625
Delphi Automotive Systems
Corp. ....................................... 130,000 2,413,121
TRW, Inc. ..................................... 50,000 2,743,750
----------
9,302,496
----------
AUTOS & TRUCKS (1.1%)
General Motors Corp. .......................... 40,000 2,640,000
----------
RETAIL--GENERAL (3.7%)
Rite Aid Corp. ................................ 100,000 2,462,500
Sears Roebuck & Co. ........................... 80,000 3,565,000
Venator Group, Inc.* .......................... 290,000 3,026,875
----------
9,054,375
----------
TOTAL CONSUMER CYCLICALS .................... 20,996,871
----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS (7.0%)
BEVERAGES (2.1%)
Seagram Co., Ltd. ............................. 100,000 $5,037,500
----------
FOODS (2.0%)
General Mills, Inc. ........................... 60,000 4,822,500
----------
HOSPITAL SUPPLIES & SERVICES (0.0%)
Triad Hospitals, Inc.* ........................ 1 7
----------
SOAPS & TOILETRIES (1.6%)
Kimberly Clark Corp. .......................... 70,000 3,990,000
----------
TOBACCO (1.3%)
Philip Morris Cos., Inc. ...................... 80,000 3,215,000
----------
TOTAL CONSUMER NON-CYCLICALS 17,065,007
----------
CREDIT SENSITIVE (24.1%)
BANKS (8.5%)
Bank of Tokyo-Mitsubishi, Ltd.
(ADR) ....................................... 175,000 2,548,437
Bank One Corp. ................................ 57,500 3,424,845
Chase Manhattan Corp. ......................... 50,000 4,331,250
First Union Corp. ............................. 55,000 2,585,000
Mellon Bank Corp. ............................. 120,000 4,365,000
National City Corp. ........................... 50,000 3,275,000
----------
20,529,532
----------
FINANCIAL SERVICES (3.9%)
Associates First Capital Corp.,
Class A ..................................... 100,000 4,431,250
CIT Group, Inc., Class A ...................... 175,000 5,053,125
----------
9,484,375
----------
INSURANCE (5.7%)
Ace Ltd. ...................................... 160,000 4,520,000
Allstate Corp. ................................ 110,000 3,946,250
St. Paul Companies, Inc. ...................... 170,000 5,408,125
----------
13,874,375
----------
REAL ESTATE (1.1%)
Simon Property Group, Inc. .................... 100,000 2,537,500
----------
UTILITY--ELECTRIC (1.7%)
Cinergy Corp. ................................. 125,000 4,000,000
----------
UTILITY--TELEPHONE (3.2%)
AT&T Corp. .................................... 52,500 2,930,156
GTE Corp. ..................................... 65,000 4,923,750
----------
7,853,906
----------
TOTAL CREDIT SENSITIVE ...................... 58,279,688
----------
ENERGY (10.7%)
OIL--INTERNATIONAL (2.9%)
Diamond Offshore Drilling, Inc. ............... 143,400 4,068,975
Royal Dutch Petroleum Co. ..................... 50,000 3,012,500
----------
7,081,475
----------
OIL--SUPPLIES & CONSTRUCTION (5.4%)
Halliburton Co. ............................... 70,000 3,167,500
Rowan Co., Inc.* .............................. 190,000 3,503,125
Unocal Corp. .................................. 160,000 6,340,000
----------
13,010,625
----------
21
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
RAILROADS (2.4%)
Union Pacific Corp. .................. 100,000 $ 5,831,250
------------
TOTAL ENERGY ....................... 25,923,350
------------
TECHNOLOGY (18.0%)
COMPUTER HARDWARE (3.4%)
Hewlett Packard Co. .................. 45,000 4,522,500
Silicon Graphics, Inc.* .............. 225,000 3,684,375
------------
8,206,875
------------
COMPUTER SOFTWARE (1.9%)
Novell, Inc.* ........................ 175,000 4,637,500
------------
ELECTRONICS (4.7%)
Exabyte Corp.* ....................... 311,800 1,208,225
Integrated Device Technology,
Inc.* .............................. 600,000 6,525,000
Philips Electronic N.V. .............. 36,800 3,712,200
------------
11,445,425
------------
OFFICE EQUIPMENT (4.9%)
Compaq Computer Corp. ................ 110,000 2,605,624
International Business Machines
Corp. .............................. 40,000 5,170,000
Scitex Corp., Ltd.* .................. 400,000 4,000,000
------------
11,775,624
------------
TELECOMMUNICATIONS (3.1%)
Glenayre Technologies, Inc.* ......... 500,000 1,796,875
Motorola, Inc. ....................... 60,000 5,685,000
------------
727,501 7,481,875
------------
TOTAL TECHNOLOGY ................... 43,547,299
------------
TOTAL COMMON STOCKS (93.1%)
(Cost $201,174,587)................. 225,376,934
------------
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (5.7%)
Federal Home Loan Bank
(Discount Note), 7/1/99
(Amortized Cost $13,711,000)........ $13,711,000 $ 13,711,000
------------
TOTAL INVESTMENTS (98.8%)
(Cost/Amortized Cost
$214,885,587)....................... 239,087,934
OTHER ASSETS
LESS LIABILITIES (1.2%) ............ 2,894,324
------------
NET ASSETS (100%) .................... $241,982,258
============
- ----------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
22
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $125,783,310
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 78,512,419
As of June 30, 1999 the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 30,058,110
Aggregate gross unrealized depreciation ................ (5,855,763)
------------
Net unrealized appreciation ............................ $ 24,202,347
============
Federal income tax cost of investments ................. $214,885,587
============
At June 30, 1999 the Portfolio had loaned securities with a total value of
$11,279,794, which was secured by collateral of $11,394,700.
For the period from January 1, 1999 to June 30, 1999 the Portfolio incurred
approximately $11,296 and $8,604 of brokerage commissions with Donaldson,
Lufkin & Jenrette Securities Corp. and Merrill Lynch & Co., respectively, both
affiliated broker/dealers.
See Notes to Financial Statements.
23
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
AUSTRALIA (0.7%)
Broken Hill Proprietary Ltd. .......... 10,600 $ 122,318
News Corp. Ltd. (ADR) ................. 2,325 73,383
-----------
TOTAL AUSTRALIA ..................... 195,701
-----------
BRAZIL (0.5%)
Aracruz Celulose S.A (ADR) ............ 3,800 83,600
Embratel Participacoes (ADR) .......... 4,800 66,600
Telecomunicacoes Brasileiras
S.A. (ADR)* ......................... 640 40
-----------
TOTAL BRAZIL ........................ 150,240
-----------
CANADA (1.1%)
ATI Technologies, Inc.* ............... 2,900 47,216
Domtar, Inc. .......................... 8,700 82,036
Nortel Networks Corp. ................. 800 69,450
Teleglobe, Inc. ....................... 3,800 113,050
-----------
TOTAL CANADA ........................ 311,752
-----------
HONG KONG (0.1%)
Hutchison Whampoa Ltd. ................ 3,100 28,070
-----------
JAPAN (12.3%)
Bank of Tokyo-Mitsubushi Ltd. ......... 8,000 114,040
Bridgestone Corp. ..................... 4,000 121,122
Daimaru, Inc.* ........................ 10,000 48,978
Fuji Photo Film Co. ................... 4,000 151,568
Fujitsu Ltd. .......................... 13,000 261,893
Honda Motor Co., Ltd. ................. 3,000 127,327
Ito Yokado Co., Ltd. .................. 2,000 134,028
Kao Corp. ............................. 5,000 140,647
Keyence Corp. ......................... 200 35,046
Marui Co., Ltd. ....................... 6,000 99,280
Matsushita Electric Industries
Co. ................................. 6,000 116,654
Minebea Co., Ltd. ..................... 9,000 100,521
Mitsukoshi Ltd. ....................... 7,000 30,462
NEC Corp. ............................. 11,000 136,965
Nippon Sheet Glass Co. ................ 34,000 121,238
Nippon Telegraph & Telephone
Corp. ............................... 10 116,654
NTT Mobile Communications
Network, Inc. ....................... 2 27,137
NTT Mobile Communications
Network, Inc.* ...................... 8 107,223
Olympus Optical Co. ................... 5,000 74,005
Orix Corp. ............................ 1,000 89,352
Rohm Co. .............................. 1,000 156,780
Sanwa Bank Ltd. ....................... 12,000 118,243
Softbank Corp. ........................ 800 162,224
Sony Corp. (ADR) ...................... 1,212 133,774
Sumitomo Bank Ltd. .................... 10,000 124,183
Takeda Chemical Industries ............ 3,000 139,241
TDK Corp. ............................. 2,000 183,172
Tokio Marine & Fire Insurance
Co. ................................. 11,000 119,674
Toshiba Corp. ......................... 22,000 157,078
Toyota Motor Corp. .................... 4,000 126,748
-----------
TOTAL JAPAN ......................... 3,575,257
-----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
KOREA (0.3%)
Pohang Iron & Steel (ADR) ............. 1,900 $ 63,887
Samsung Electronics Co. ............... 300 32,916
-----------
TOTAL KOREA ......................... 96,803
-----------
OTHER EUROPEAN COUNTRIES (13.4%)
AUSTRIA (0.2%)
Mayr-Melnhof Karton AG ................ 1,500 68,148
-----------
FRANCE (4.7%)
Cap Gemini Sogeti ..................... 342 53,817
Carrefour Supermarche ................. 821 120,800
Cie Generale des Eaux ................. 1,395 113,144
Elf Acquitaine S.A. ................... 1,200 176,318
France Telecom S.A. ................... 1,400 105,888
Groupe Danone ......................... 371 95,769
Pechiney S.A., Class A ................ 5,400 232,397
Scor .................................. 2,074 103,006
Societe Generale Paris ................ 333 58,762
STMicroelectronics N.V. (N.Y.
Shares) ............................. 2,400 166,500
Thomson CSF ........................... 2,400 83,512
Total S.A., Class B* .................. 445 57,481
-----------
1,367,394
-----------
GERMANY (2.1%)
BASF AG ............................... 1,340 58,942
DaimlerChrysler AG .................... 1,680 146,927
Mannesmann AG ......................... 800 119,775
RWE AG ................................ 1,560 72,324
Siemens AG ............................ 1,700 131,299
Veba AG ............................... 1,305 77,075
-----------
606,342
-----------
IRELAND (0.4%)
Bank of Ireland ....................... 6,900 116,029
-----------
ITALY (0.4%)
Arnoldo Mondadori Editore ............. 6,500 112,754
-----------
NETHERLANDS (2.4%)
ABN-Amro Holdings N.V. ................ 2,800 60,714
Akzo Nobel ............................ 2,700 113,745
ASM Lithography Holding N.V.* 950 55,030
Bann Company, N.V.* ................... 2,100 32,525
CSM N.V. .............................. 2,200 110,059
Koninklijke Ahold N.V. ................ 3,300 113,807
Unilever N.V. ......................... 1,696 114,469
Wolters Kluwer ........................ 2,720 108,409
-----------
708,758
-----------
SPAIN (2.3%)
Dinamia Capital Privado* .............. 8,800 94,135
Endesa S.A. ........................... 6,500 138,795
Grupo Ferrovial* ...................... 1,010 24,507
Immobiliaria Metropolitana
Vasco ............................... 5,000 98,040
Repsol S.A. ........................... 3,000 61,333
Telefonica de Espana S.A.* ............ 3,300 159,160
Uralita S.A. .......................... 10,200 85,836
-----------
661,806
-----------
24
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
SWITZERLAND (0.9%)
CS Holdings ........................... 449 $ 77,838
Swisscom AG (Registered) .............. 295 111,217
UBS AG (Registered) ................... 232 69,374
---------
258,429
---------
TOTAL OTHER EUROPEAN
COUNTRIES ........................ 3,899,660
---------
SCANDINAVIA (5.0%)
DENMARK (0.1%)
ISS International Service System
A/S, Class B ........................ 500 26,732
---------
FINLAND (1.7%)
Amer-Yhtymae OYJ, Class A ............. 5,100 73,460
Nokia OYJ ............................. 1,590 139,549
Sampo Insurance Co., plc,
Class A ............................. 3,000 87,044
Sponda OYJ ............................ 8,610 43,562
Stora Enso OYJ ........................ 7,100 77,128
Upm-Kymmene OYJ ....................... 2,555 73,341
---------
494,084
---------
NORWAY (0.4%)
Bergesen D.Y. ASA ..................... 3,400 48,210
Merkantildata ASA ..................... 8,100 78,286
---------
126,496
---------
SWEDEN (2.8%)
Autoliv, Inc. ......................... 2,100 64,222
Bure Investment AB .................... 9,200 48,884
Castellum AB .......................... 5,600 52,899
Custos AB, Class B .................... 3,000 65,179
Ericsson Telecommunications
(ADR) ............................... 4,400 144,925
ForeningsSparbanken Kredit AS,
Class A ............................. 8,850 125,399
Haldex AB ............................. 8,500 111,406
Nordbanken Holding AB ................. 8,400 49,295
Tornet Fastighets AB .................. 8,100 110,468
Volvo AB, Class B ..................... 1,600 46,570
---------
819,247
---------
TOTAL SCANDINAVIA ................... 1,466,559
---------
UNITED KINGDOM (6.8%)
AstraZeneca Group plc ................. 3,700 143,230
Bank of Scotland ...................... 5,000 66,253
Billiton plc .......................... 40,400 141,001
British Land Co., plc ................. 4,600 38,495
British Petroleum Co., plc ............ 12,700 227,784
British Telecom plc ................... 5,100 85,519
Cable & Wireless plc .................. 6,800 86,726
Devro plc ............................. 13,200 29,360
Diageo plc ............................ 9,272 96,899
Dixons Group plc ...................... 2,400 44,863
Energis plc ........................... 2,200 52,507
Glaxo Wellcome plc .................... 4,600 127,929
HSBC Holdings plc ..................... 4,200 148,871
Ladbroke Group plc .................... 20,000 79,346
Lloyds TSB Group plc .................. 16,200 219,772
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Penninsular & Oriental Steam
Navigation Co. ...................... 1,900 $ 28,548
Reed International plc ................ 5,200 34,718
Shell Transport & Trading Co.
(ADR) ............................... 3,000 139,125
TeleWest Communications plc ........... 8,800 39,493
Vodafone Group plc .................... 6,800 134,084
---------
TOTAL UNITED KINGDOM ................ 1,964,523
---------
UNITED STATES (37.2%)
Alcoa, Inc. ........................... 900 55,687
America On-Line, Inc.* ................ 880 97,240
American Home Products Corp. .......... 3,350 192,625
American International Group,
Inc. ................................ 600 70,237
American Tower Corp., Class A* 1,900 45,600
Ameritech Corp. ....................... 2,700 198,450
Applied Material, Inc.* ............... 350 25,856
Associates First Capital Corp.,
Class A ............................. 4,700 208,269
AT&T Corp. ............................ 4,543 253,556
AT&T Corp.--Liberty Media
Group, Class A* ..................... 6,064 222,852
Bank of New York Co., Inc. ............ 4,900 179,769
BankAmerica Corp. ..................... 1,521 111,508
Best Buy Co., Inc.* ................... 600 40,500
Black & Decker Corp. .................. 775 48,922
Bristol-Myers Squibb Co. .............. 3,700 260,619
Capstar Broadcasting Corp.,
Class A* ............................ 10,500 287,438
Cardinal Health, Inc. ................. 600 38,475
Case Corp. ............................ 950 45,719
Caterpillar, Inc. ..................... 600 36,000
Cisco Systems, Inc.* .................. 4,300 277,350
Citigroup, Inc. ....................... 1,200 57,000
Colgate Palmolive Co. ................. 2,000 197,500
Dayton Hudson Corp. ................... 1,700 110,500
Dell Computer Corp.* .................. 1,950 72,150
Delphi Automotive Systems
Corp. ............................... 4,200 77,963
Dial Corp. ............................ 4,250 158,047
E.I. Du Pont de Nemours & Co. 1,200 81,975
Eaton Corp. ........................... 800 73,600
EMC Corp.* ............................ 1,400 77,000
Enron Corp. ........................... 3,000 245,250
Federated Department Stores,
Inc.* ............................... 500 26,469
Flextronics International Ltd* ........ 2,680 148,740
General Electric Co. .................. 2,350 265,550
Goldman Sachs Group, Inc.* ............ 900 65,025
GreenPoint Financial Corp. ............ 1,800 59,062
GTE Corp. ............................. 3,000 227,250
Hertz Corp., Class A .................. 1,100 68,200
Hewlett Packard Co. ................... 400 40,200
Household International, Inc. ......... 4,600 217,925
Ingersol-Rand Co. ..................... 3,180 205,508
Intel Corp. ........................... 2,485 147,858
International Business Machines
Corp. ............................... 1,980 255,915
International Paper Co. ............... 1,400 70,700
25
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Johnson & Johnson ..................... 3,100 $ 303,800
Keebler Foods Co.* .................... 4,100 124,538
Lattice Semiconductor Corp.* .......... 1,000 62,250
Lowe's Cos. ........................... 2,050 116,209
Lucent Technologies, Inc. ............. 1,750 118,016
MCI WorldCom, Inc.* ................... 4,700 405,375
Mellon Bank Corp. ..................... 4,700 170,963
Merck & Co., Inc. ..................... 700 51,800
Microsoft Corp.* ...................... 5,750 518,578
Millipore Corp. ....................... 1,000 40,562
Mobil Corp. ........................... 1,500 148,500
Motorola, Inc. ........................ 2,210 209,397
Peco Energy Co. ....................... 350 14,656
PepsiCo, Inc. ......................... 4,800 185,700
Pfizer, Inc. .......................... 1,800 197,550
Pharmacia & Upjohn, Inc. .............. 900 51,131
Philip Morris Cos., Inc. .............. 2,740 110,114
Premier Parks, Inc.* .................. 3,700 135,975
Providian Financial Corp. ............. 340 31,790
Public Service Enterprise Group ....... 1,000 40,875
Quintiles Transnational Corp.* ........ 2,970 124,740
Rohm & Haas Co. ....................... 3,100 132,912
Safeway, Inc.* ........................ 2,800 138,600
Schlumberger Ltd. ..................... 1,650 105,084
Siebel Systems, Inc.* ................. 1,600 106,200
Sun Microsystems, Inc.* ............... 400 27,550
Tandy Corp. ........................... 2,600 127,075
TD Waterhouse Group* .................. 3,200 80,200
Transaction Systems Architects,
Inc. ................................ 700 27,300
Tyco International Ltd. ............... 2,000 189,500
Uniphase Corp.* ....................... 620 102,920
Unisys Corp.* ......................... 2,550 99,291
United Technologies Corp. ............. 1,334 95,631
Unocal Corp. .......................... 5,600 221,900
Wal-Mart Stores, Inc. ................. 3,600 173,700
Walt Disney (The) Co. ................. 800 24,650
Waste Management, Inc. ................ 2,200 118,250
Wells Fargo Co. ....................... 3,000 128,250
Xerox Corp. ........................... 500 29,531
-----------
TOTAL UNITED STATES ................. 10,737,122
-----------
TOTAL COMMON STOCKS (77.4%)
(Cost $19,562,176) .................. 22,425,687
-----------
PREFERRED STOCKS:
BRAZIL (0.4%)
Telecomunicacoes Brasileiras
S.A. (ADR) .......................... 640 57,720
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Vale do Rio Doce, Class A .............. 3,400 $ 67,251
-----------
TOTAL BRAZIL ......................... 124,971
-----------
GERMANY (0.3%)
Henkel KGaA ............................ 1,400 98,009
-----------
TOTAL PREFERRED STOCKS (0.7%)
(Cost $197,593) ................... 222,980
-----------
PRINCIPAL
AMOUNT
------
LONG-TERM DEBT SECURITIES:
OTHER EUROPEAN COUNTRY
GERMANY (9.1%)
Republic of Germany
Series 98, 4.75%, due 7/4/28 ......... EU 440,000 411,932
Series 98, 4.75%, due 7/4/08 ......... 1,310,000 1,375,438
Series 121, 4.75%, due 11/20/01 800,000 851,765
-----------
TOTAL OTHER EUROPEAN COUNTRY 2,639,135
-----------
UNITED KINGDOM (4.3%)
United Kingdom Treasury Note
7.25%, due 12/7/07 ................... GBP 699,000 1,245,215
-----------
UNITED STATES (6.3%)
Federal National Mortgage
Association (4.3%)
5.125%, due 2/13/04 .................. $ 480,000 459,924
5.25%, due 1/15/09 ................... 100,000 91,321
6.375%, due 6/15/09 .................. 500,000 494,727
5.75%, due 2/15/08 ................... 200,000 190,877
-----------
1,236,849
-----------
U.S Treasury Note (2.0%)
6.625%, due 2/15/27 .................. 550,000 579,047
-----------
TOTAL UNITED STATES .................. 1,815,896
-----------
TOTAL LONG-TERM DEBT SECURITIES: (19.7%)
(Cost $6,246,482) .................... 5,700,246
-----------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (0.3%)
General Motors Acceptance Corp.
5.63%, 7/1/99
(Amortized Cost $95,000) ............. 95,000 95,000
-----------
TOTAL INVESTMENTS (98.1%)
(Cost/Amortized Cost
$26,101,251) ......................... 28,443,913
OTHER ASSETS
LESS LIABILITIES (1.9%) .............. 546,220
-----------
NET ASSETS (100%) ...................... $28,990,133
===========
26
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Common and Preferred Stocks
Basic Materials ...................... 5.7%
Business Services .................... 4.9
Capital Goods ........................ 7.2
Consumer Cyclicals ................... 9.5
Consumer Non-Cyclicals ............... 15.0
Credit Sensitive ..................... 20.6
Diversified .......................... 3.6
Energy ............................... 6.5
Technology
Computer Hardware .................. 1.5
Computer Software .................. 1.5
Electronics ........................ 6.9
Office Equipment ................... 3.8
Office Equipment Services .......... 3.1
Telecommunications ................. 10.2
----
Total Technology ..................... 27.0
-----
100.0%
=====
- ---------------------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
EU--European Union Currency
GBP--British pound
27
<PAGE>
EQ ADVISORS TRUST
MERRILL LYNCH WORLD STRATEGY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1999 the Portfolio had outstanding foreign currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S. $ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------ ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
Canadian Dollar, expiring 7/26/99 ............... 200 $ 135,967 $ 135,727 $ (239)
European Union, expiring 7/1/99 -7/6/99 ......... 73 75,462 74,980 (482)
Japanese Yen, expiring 7/13/99 .................. 160,000 1,348,922 1,326,323 (22,599)
Norwegian Krona, expiring 7/1/99 ................ 134 17,055 17,017 (38)
FOREIGN CURRENCY SELL CONTRACTS
British Pound, expiring 7/1/99- 7/7/99 .......... 198 313,543 313,328 215
Canadian Dollar, expiring 7/26/99 ............... 600 412,258 407,180 5,078
European Union, expiring 7/1/99 -7/6/99 ......... 5 4,775 4,786 (11)
Japanese Yen, expiring 7/13/99 .................. 160,000 1,337,793 1,326,323 11,470
---------
$ (6,606)
=========
</TABLE>
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $16,783,520
U.S. Government securities ............................. 2,097,891
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 17,378,308
U.S. Government securities ............................. 4,504,594
As of June 30, 1999 the the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 3,817,829
Aggregate gross unrealized depreciation ................ (1,475,167)
------------
Net unrealized appreciation ............................ $ 2,342,662
============
Federal income tax cost of investments ................. $ 26,101,251
============
At June 30, 1999 the Portfolio had loaned securities with a total value of
$4,101,061, which was secured by collateral of $4,270,155
For the period from January 1, 1999 to June 30, 1999 the Portfolio incurred
approximately $39 and $2,158 of brokerage commissions with Donaldson, Lufkin &
Jenrette Securities Corp. and Merrill Lynch & Co., respectively, both
affiliated broker/dealers.
As of December 31, 1998, the Portfolio had a net capital loss carryforward of
$1,533,428 which expires in 2006.
See Notes to Financial Statements.
28
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BASIC MATERIALS (0.6%)
CHEMICALS (0.1%)
Waters Corp.* ......................... 7,400 $ 393,125
-----------
METALS & MINING (0.0%)
Cyprus Amax Minerals Co. .............. 3,500 53,156
-----------
PAPER (0.5%)
Bowater, Inc. ......................... 1,700 80,325
International Paper Co. ............... 65,500 3,307,750
Mead Corp. ............................ 26,300 1,098,025
-----------
4,486,100
-----------
STEEL (0.0%)
Timken Co. ............................ 2,300 44,850
-----------
TOTAL BASIC MATERIALS ............... 4,977,231
-----------
BUSINESS SERVICES (14.5%)
PRINTING, PUBLISHING,
BROADCASTING (12.3%)
AT&T Corp. - Liberty Media
Group, Class A* ..................... 536,400 19,712,700
Big Flower Holdings, Inc.* ............ 1,300 41,438
Cablevision Systems Corp.,
Class A ............................. 42,600 2,982,000
CBS Corp.* ............................ 106,000 4,604,375
Century Communications Corp.,
Class A* ............................ 13,600 625,600
Clear Channel Communications,
Inc.* ............................... 159,705 11,009,663
Comcast Corp., Class A ................ 346,810 13,330,509
Cox Communications, Inc.,
Class A* ............................ 68,000 2,503,250
Cox Radio Inc., Class A* .............. 14,700 797,475
EchoStar Communications Corp.,
Class A* ............................ 500 76,719
Grupo Televisa S.A. (GDR)* ............ 14,800 663,225
Hearst-Argyle Television, Inc.* ....... 900 21,600
Hispanic Broadcasting Corp.* .......... 1,200 91,050
Infinity Broadcasting Corp.,
Class A* ............................ 57,300 1,704,675
Intermedia Communications of
Florida, Inc. ....................... 31,900 957,000
MediaOne Group, Inc.* ................. 240,100 17,857,437
Omnicom Group, Inc. ................... 8,100 648,000
Outdoor Systems, Inc.* ................ 56,500 2,062,250
Readers Digest Association, Inc.,
Class A ............................. 1,300 51,675
Source Media, Inc.* ................... 1,900 32,300
TCA Cable TV, Inc. .................... 900 49,950
Telefonica Publicidad e
Informacion S.A.* ................... 5,800 115,883
Time Warner, Inc. ..................... 302,300 22,219,050
TV Guide, Inc.* ....................... 1,000 36,625
Univision Communications, Inc.,
Class A* ............................ 1,000 66,000
USA Networks, Inc.* ................... 1,500 60,187
Westwood One, Inc.* ................... 1,300 46,394
-----------
102,367,030
-----------
PROFESSIONAL SERVICES (2.2%)
Abacus Direct Corp.* .................. 500 45,750
BISYS Group, Inc.* .................... 24,800 1,450,800
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Business Objects S.A (ADR)* ........... 1,100 $ 40,150
Cendant Corp.* ........................ 756,352 15,505,216
Computer Horizons Corp.* .............. 5,000 69,062
CSG System International, Inc.* ....... 800 20,950
Electronics for Imaging, Inc.* ........ 900 46,238
Galileo International, Inc. ........... 11,400 609,187
Interim Services, Inc.* ............... 2,100 43,313
Lamar Advertising Co.* ................ 600 24,563
Learning Tree International,
Inc.* ............................... 38,000 415,625
Metamor Worldwide, Inc.* .............. 2,500 60,156
Pacificare Health Systems, Inc.,
Class B* ............................ 400 28,775
Professional Detailing, Inc.* ......... 600 14,100
-----------
18,373,885
-----------
TRUCKING, SHIPPING (0.0%)
Airborne Freight Corp. ................ 1,000 27,687
Atlas Air, Inc.* ...................... 900 29,025
-----------
56,712
-----------
TOTAL BUSINESS SERVICES ............. 120,797,627
-----------
CAPITAL GOODS (3.0%)
AEROSPACE (0.2%)
Allied Signal, Inc. ................... 18,400 1,159,200
Gulfstream Aerospace Corp.* ........... 800 54,050
-----------
1,213,250
-----------
BUILDING & CONSTRUCTION (0.0%)
Building One Services Corp.* .......... 568 7,881
Martin Marietta Materials, Inc. ....... 1,000 59,000
Newport News Shipbuilding, Inc. 300 8,850
Parker-Hannifin Corp. ................. 1,600 73,200
-----------
148,931
-----------
BUILDING MATERIALS AND FOREST
PRODUCTS (0.6%)
Sherwin-Williams Co. .................. 1,500 41,625
Weyerhaeuser Co. ...................... 76,100 5,231,875
-----------
5,273,500
-----------
ELECTRICAL EQUIPMENT (1.0%)
Credence Systems Corp.* ............... 1,300 48,262
Eaton Corp. ........................... 40,000 3,680,000
Honeywell, Inc. ....................... 39,000 4,519,125
Powerwave Technologies, Inc.* ......... 1,600 51,600
SCI Systems, Inc.* .................... 500 23,750
SIPEX Corp.* .......................... 800 16,400
Whittaker Corp.* ...................... 2,000 56,000
-----------
8,395,137
-----------
MACHINERY (1.2%)
Case Corp. ............................ 6,100 293,562
Caterpillar, Inc. ..................... 19,800 1,188,000
Deere & Co. ........................... 5,900 233,788
Illinois Tool Works, Inc. ............. 37,600 3,083,200
Mannesmann AG ......................... 33,900 5,075,479
New Holland N.V. ...................... 3,300 56,513
SI Handling Systems, Inc. ............. 10,950 114,975
SPX Corp.* ............................ 1,900 158,650
-----------
10,204,167
-----------
TOTAL CAPITAL GOODS ................. 25,234,985
-----------
29
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
CONSUMER CYCLICALS (3.3%)
AIRLINES (0.0%)
SkyWest, Inc. ......................... 1,000 $ 24,938
------------
APPAREL & TEXTILES (0.7%)
Abercrombie & Fitch Co.,
Class A* ............................ 49,700 2,385,600
AnnTaylor Stores Corp.* ............... 800 36,000
GAP, Inc. ............................. 57,900 2,916,712
Linens'n Things, Inc.* ................ 800 35,000
Quicksilver, Inc.* .................... 1,500 39,094
Talbots, Inc. ......................... 1,600 61,000
Tommy Hilfiger Corp.* ................. 600 44,100
------------
5,517,506
------------
AUTO RELATED (0.1%)
CSK Auto Corp.* ....................... 700 18,900
Dana Corp. ............................ 5,400 248,737
Dura Automotive Systems, Inc.* 500 16,625
International Speedway Corp.,
Class A ............................. 800 38,000
Penske Motorsports, Inc.* ............. 1,200 59,550
------------
381,812
------------
AUTOS & TRUCKS (0.0%)
Autonation, Inc.* ..................... 4,300 76,594
Group I Automotive, Inc.* ............. 1,200 25,350
Navistar International Corp.* ......... 900 45,000
------------
146,944
------------
FOOD SERVICES, LODGING (0.0%)
Applebee's International, Inc. ........ 1,400 42,175
Brinker International, Inc.* .......... 900 24,469
CEC Entertainment, Inc.* .............. 700 29,575
CKE Restaurants, Inc. ................. 550 8,938
Four Season Hotels, Inc. .............. 1,000 44,062
IHOP Corp.* ........................... 800 19,250
Papa John's International, Inc.* ...... 600 26,813
Promus Hotel Corp.* ................... 1,977 61,287
Starwood Hotels & Resorts
Worldwide, Inc. ..................... 1,300 39,731
------------
296,300
------------
HOUSEHOLD FURNITURE, APPLIANCES (0.2%)
Gemstar International Group
Ltd.* ............................... 24,800 1,618,200
Sotheby's Holdings, Inc.,
Class A ............................. 1,100 41,937
------------
1,660,137
------------
LEISURE RELATED (0.0%)
Callaway Golf Co. ..................... 3,400 49,725
Harrah's Entertainment, Inc.* ......... 2,100 46,200
Pegasus Systems, Inc.* ................ 1,000 37,437
Premier Parks, Inc.* .................. 1,000 36,750
Speedway Motorsports, Inc.* ........... 1,100 43,244
------------
213,356
------------
RETAIL--GENERAL (2.3%)
bebe stores, Inc.* .................... 1,000 34,000
Best Buy Co., Inc.* ................... 23,700 1,599,750
Consolidated Stores Corp.* ............ 700 18,900
Cost Plus, Inc.* ...................... 1,200 54,600
Intimate Brands, Inc. ................. 3,045 144,257
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Lands' End, Inc.* ..................... 1,800 $ 87,300
Micro Warehouse, Inc.* ................ 55,800 997,425
Office Depot, Inc.* ................... 495,450 10,930,866
School Specialty, Inc.* ............... 1 16
Staples, Inc.* ........................ 29,725 919,617
Tiffany & Co. ......................... 12,900 1,244,850
Wal-Mart Stores, Inc. ................. 69,300 3,343,725
------------
19,375,306
------------
TOTAL CONSUMER CYCLICALS ............ 27,616,299
------------
CONSUMER NON-CYCLICALS (1.4%)
CONTAINERS (0.1%)
Owens-Illinois, Inc.* ................. 2,400 78,450
Sealed Air Corp.* ..................... 800 51,900
Smith International, Inc.* ............ 11,800 512,562
Smurfit-Stone Container Corp.* ........ 2,200 45,238
U.S Can Corp.* ........................ 200 4,450
------------
692,600
------------
DRUGS (0.9%)
Alpharma, Inc. ........................ 800 28,450
Andrx Corp.* .......................... 1,000 77,125
Biogen, Inc.* ......................... 51,300 3,299,231
Enzon, Inc.* .......................... 2,600 53,787
ICON plc (ADR)* ....................... 100 1,963
King Pharmaceuticals, Inc.* ........... 1,800 46,575
Lipsome Co., Inc.* .................... 2,500 47,813
Millennium Pharmaceuticals,
Inc.* ............................... 1,500 54,000
QLT PhotoTherapeutics, Inc.* .......... 1,000 55,000
Sepracor, Inc.* ....................... 46,000 3,737,500
------------
7,401,444
------------
HOSPITAL SUPPLIES & SERVICES (0.4%)
Bard (C.R.), Inc. ..................... 700 33,469
Biomatrix, Inc.* ...................... 1,200 25,950
Boston Scientific Corp.* .............. 75,600 3,321,675
Cyberonics, Inc.* ..................... 200 2,500
Healthsouth Corp.* .................... 4,900 73,194
Henry Schein, Inc.* ................... 400 12,675
IDEXX Laboratories, Inc.* ............. 1,700 39,631
ImClone Systems, Inc. ................. 1,200 30,450
Lifepoint Hospitals, Inc.* ............ 2,010 27,009
Province Healthcare Co.* .............. 1,100 21,450
Respironics, Inc.* .................... 2,800 42,350
Transkaryotic Therapies, Inc.* ........ 1,300 42,900
Triad Hospitals, Inc.* ................ 2,010 27,134
Wellpoint Health Networks, Inc.* 300 25,462
------------
3,725,849
------------
RETAIL--FOOD (0.0%)
General Nutrition Cos., Inc.* ......... 1,500 34,969
------------
SOAPS & TOILETRIES (0.0%)
Carson, Inc., Class A* ................ 1,000 3,312
Dial Corp. ............................ 900 33,469
------------
36,781
------------
TOTAL CONSUMER NON-CYCLICALS 11,891,643
------------
CREDIT SENSITIVE (13.5%)
BANKS (0.0%)
First Tennessee National Corp. ........ 1,000 38,313
US Trust Corp. ........................ 2,400 222,000
------------
260,313
------------
30
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
FINANCIAL SERVICES (1.6%)
Affiliated Managers Group, Inc.* ...... 900 $ 27,169
CIT Group, Inc., Class A .............. 700 20,213
Concord EFS, Inc.* .................... 1,400 59,237
Finet.Com, Inc.* ...................... 5,600 31,150
First Data Corp. ...................... 207,100 10,134,956
Hambrecht & Quist Group* .............. 1,200 44,550
Morgan Stanley Dean Witter &
Co. ................................. 24,000 2,460,000
Paine Webber Group, Inc. .............. 800 37,400
Waddell & Reed Financial,
Class A ............................. 1,000 27,437
------------
12,842,112
------------
INSURANCE (0.5%)
Ace Ltd. .............................. 600 16,950
Mid Atlantic Medical Services,
Inc.* ............................... 2,800 27,650
United Healthcare Corp. ............... 64,200 4,020,525
------------
4,065,125
------------
UTILITY--ELECTRIC (0.3%)
AES Corp.* ............................ 43,400 2,522,625
Calpine Corp.* ........................ 1,000 54,000
------------
2,576,625
------------
UTILITY--TELEPHONE (11.1%)
Centurytel, Inc. ...................... 63,350 2,518,162
Cincinnati Bell, Inc. ................. 65,400 1,630,912
Frontier Corp. ........................ 206,400 12,177,600
MCI WorldCom, Inc.* ................... 430,963 37,170,559
NTL, Inc.* ............................ 53,200 4,585,175
Sprint Corp. (Fon Group) .............. 212,300 11,212,094
Sprint Corp. (PCS Group)* ............. 236,301 13,498,695
Telecomunicacoes Brasileiras
S.A. (ADR)* ......................... 81,900 5,119
Vodafone Group plc (ADR) .............. 50,150 9,879,550
------------
92,677,866
------------
TOTAL CREDIT SENSITIVE .............. 112,422,041
------------
DIVERSIFIED (5.8%)
MISCELLANEOUS (5.8%)
Adaptec, Inc.* ........................ 114,800 4,053,875
Internet Commerce Corp.,
Class A* ............................ 9,600 124,800
Millipore Corp. ....................... 1,300 52,731
Philips Electronic N.V. (N.Y.
Shares) ............................. 29,932 3,019,391
Tyco International Ltd. ............... 435,519 41,265,425
United Stationers, Inc.* .............. 2,400 52,800
------------
TOTAL DIVERSIFIED ................... 48,569,022
------------
ENERGY (3.0%)
COAL & GAS PIPELINES (0.8%)
Williams Cos., Inc. ................... 163,800 6,971,737
------------
OIL--INTERNATIONAL (0.3%)
Diamond Offshore Drilling, Inc. ....... 48,100 1,364,837
Global Marine, Inc.* .................. 19,700 304,119
Nabors Industries, Inc.* .............. 15,400 376,338
------------
2,045,294
------------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
OIL--SUPPLIES &
CONSTRUCTION (1.8%)
Apache Corp. .......................... 43,700 $ 1,704,300
Atwood Oceanics, Inc.* ................ 1,300 40,625
Baker Hughes, Inc. .................... 40,200 1,346,700
BJ Services Co.* ...................... 1,900 55,931
Cal Dive International, Inc.* ......... 1,600 47,800
Ensco International, Inc. ............. 76,300 1,521,231
Global Industries Ltd.* ............... 4,200 53,813
Halliburton Co. ....................... 178,700 8,086,175
Noble Drilling Corp.* ................. 91,300 1,797,469
Rowan Co., Inc.* ...................... 3,400 62,687
Varco International, Inc.* ............ 3,300 36,094
Veritas DGC, Inc.* .................... 2,700 49,444
------------
14,802,269
------------
RAILROADS (0.1%)
Kansas City Southern Industries,
Inc. ................................ 19,000 1,212,438
------------
TOTAL ENERGY ........................ 25,031,738
------------
TECHNOLOGY (48.5%)
COMPUTER HARDWARE (0.7%)
Sun Microsystems, Inc.* ............... 83,600 5,757,950
------------
COMPUTER SOFTWARE (8.0%)
Adobe Systems, Inc. ................... 700 57,509
Aspen Technologies, Inc.* ............. 500 5,875
BMC Software, Inc.* ................... 85,740 4,629,960
Cadence Design Systems, Inc.* ......... 184,990 2,358,623
Clarify, Inc.* ........................ 1,300 53,625
Computer Associates
International, Inc. ................. 150,800 8,294,000
Compuware Corp.* ...................... 223,400 7,106,913
IMRglobal Corp.* ...................... 41,100 791,175
Keane, Inc.* .......................... 8,900 201,363
Manugistics Group, Inc.* .............. 12,600 182,700
Microsoft Corp.* ...................... 476,800 43,001,400
Novell, Inc.* ......................... 1,700 45,050
Software. Com, Inc.* .................. 1,100 25,506
Synopsys, Inc.* ....................... 1,500 82,781
Vantive Corp.* ........................ 6,300 72,056
------------
66,908,536
------------
ELECTRONICS (9.0%)
Affiliated Computer Services,
Inc., Class A* ...................... 1,000 50,625
Altera Corp.* ......................... 234,200 8,621,487
AMTI, Inc.* ........................... 1,300 38,675
Analog Devices, Inc.* ................. 148,100 7,432,769
Applied Material, Inc.* ............... 116,000 8,569,500
Applied Micro Circuits Corp.* ......... 700 57,575
ARM Holdings plc (ADR)* ............... 97,860 3,412,867
ASM Lithography Holding N.V.* 28,300 1,678,613
Atmel Corp.* .......................... 32,300 845,856
Burr-Brown Corp.* ..................... 1,000 36,625
Conexant Systems, Inc. * .............. 1,200 69,675
DII Group, Inc.* ...................... 1,300 48,506
Electro Scientific Industries, Inc.* * 800 33,425
Etec Systems, Inc.* ................... 700 23,275
Flextronics International, Ltd* ....... 800 44,400
Galileo Technology Ltd.* .............. 2,000 90,625
Gentex Corp.* ......................... 1,500 42,000
31
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Hitachi Ltd. .......................... 315,000 $ 2,957,930
Jabil Circuit, Inc.* .................. 800 36,100
Level One Communications,
Inc.* ............................... 800 39,150
Linear Technology Corp. ............... 27,000 1,815,750
LSI Logic Corp.* ...................... 26,400 1,217,700
LTX Corp.* ............................ 4,200 55,913
Maxim Integrated Products* ............ 600 39,900
Maxtor Corp.* ......................... 2,300 11,572
Micrel, Inc.* ......................... 500 37,000
MIPS Technologies, Inc.* .............. 1,000 47,938
Optical Coating Laboratories .......... 800 66,900
Photronics, Inc.* ..................... 1,200 29,400
PMC-Sierra, Inc.* ..................... 1,200 70,725
Quanta Services, Inc.* ................ 1,700 74,800
RF Micro Devices, Inc.* ............... 800 59,700
Sanmina Corp.* ........................ 5,200 394,550
Seagate Technology, Inc.* ............. 1,600 41,000
Solectron Corp.* ...................... 37,500 2,500,781
STMicroelectronics N.V. (N.Y.
Shares) ............................. 33,900 2,351,813
Teradyne, Inc.* ....................... 74,400 5,338,200
Texas Instruments, Inc. ............... 99,800 14,471,000
Uniphase Corp.* ....................... 21,600 3,585,600
Verity, Inc. * ........................ 1,100 59,606
Xilinx, Inc.* ......................... 157,600 9,022,600
-----------
75,422,126
-----------
OFFICE EQUIPMENT (10.8%)
ACT Networks, Inc.* ................... 2,400 40,950
Boise Cascade Office Products* ........ 1,200 14,100
Cisco Systems, Inc.* .................. 670,158 43,225,191
CompUSA, Inc.* ........................ 3,800 28,263
Corporate Express, Inc.* .............. 7,600 53,200
EMC Corp.* ............................ 14,500 797,500
Inktomi Corp.* ........................ 12,200 1,592,862
Insight Enterprises, Inc.* ............ 900 22,275
Micron Technology, Inc.* .............. 22,200 894,937
Oracle Corp.* ......................... 1,171,118 43,477,756
-----------
90,147,034
-----------
OFFICE EQUIPMENT SERVICES (1.3%)
Ariba, Inc.* .......................... 1,500 145,875
Ceridian Corp.* ....................... 5,400 176,512
Checkfree Holdings Corp.* ............. 1,500 41,344
Critical Path, Inc.* .................. 100 5,531
Equant N.V. (N.Y. Shares)
(Registered)* ....................... 73,900 6,955,837
Harmonic, Inc.* ....................... 1,100 63,181
Informatica Corp.* .................... 700 24,938
Microchip Technology, Inc.* ........... 700 33,163
NCR Corp. ............................. 800 39,050
Redback Networks* ..................... 600 75,338
Rhythms Netconnections, Inc. * ........ 20,800 1,214,200
Santa Fe International Corp. .......... 50,800 1,168,400
Sungard Data Systems, Inc.* ........... 11,800 407,100
-----------
10,350,469
-----------
TELECOMMUNICATIONS (18.7%)
ADC Telecommunications, Inc.* 27,100 1,234,744
Alltel Corp. .......................... 31,400 2,245,100
Amdocs Ltd. ........................... 1,800 40,950
Aware, Inc.* .......................... 900 41,513
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Centennial Cellular Corp.,
Class A* ............................ 1,100 $ 39,188
CommNet Cellular, Inc.* ............... 2,300 60,375
CommScope, Inc. ....................... 1,700 52,275
Copper Mountain Networks,
Inc.* ............................... 800 61,800
Covad Communications Group,
Inc.* ............................... 46,850 2,497,691
DSP Communications, Inc* .............. 21,400 617,925
Ericsson Telecommunications
(ADR) ............................... 237,900 7,835,831
Fiserv, Inc.* ......................... 900 28,181
General Instrument Corp.* ............. 42,300 1,797,750
General Motors Corp., Class H* ........ 18,244 1,026,211
Global TeleSystems Group, Inc.* 217,400 17,609,400
Hyperion Telecomm, Inc.,
Class A* ............................ 1,800 33,863
ITC DeltaCom, Inc.* ................... 2,400 67,200
L-3 Communications Corp.* ............. 900 43,481
Lucent Technologies, Inc. ............. 127,200 8,578,050
Metromedia Fiber Network, Inc.,
Class A* ............................ 76,600 2,752,812
Motorola, Inc. ........................ 161,900 15,340,025
Nextel Communications, Inc.,
Class A* ............................ 121,600 6,102,800
Nokia OYJ (ADR) ....................... 110,300 10,099,344
Nortel Networks Corp. ................. 166,900 14,489,006
Oak Industries, Inc.* ................. 6,100 266,494
Omnipoint Corp.* ...................... 4,300 124,431
Premiere Technologies, Inc.* .......... 3,300 37,950
Qualcomm, Inc.* ....................... 181,100 25,987,850
Qwest Communications
International, Inc.* ................ 495,600 16,385,775
Scientific-Atlanta, Inc. .............. 42,900 1,544,400
SK Telecom Co., Ltd (ADR) ............. 19,000 323,000
Talk Com, Inc.* ....................... 26,200 294,750
Tekelec* .............................. 7,600 92,625
Tellabs, Inc.* ........................ 245,000 16,552,812
Time Warner Telecom Class A* .......... 2,400 69,600
ViaTel, Inc.* ......................... 9,100 510,737
Voicestream Wireless Corp.* ........... 1,200 34,125
Western Wireless Corp., Class A* 22,200 599,400
WinStar Communications, Inc.* ......... 6,900 336,375
-----------
155,855,839
-----------
TOTAL TECHNOLOGY .................... 404,441,954
-----------
TOTAL COMMON STOCKS (93.6%)
(Cost $623,092,751).................. 780,982,540
-----------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (10.6%)
Federal Agricultural Mortgage Corp.
(Discount Note), 7/26/99 $10,700,000 10,662,624
Federal Home Loan Mortgage Corp.
(Discount Note), 7/9/99 13,500,000 13,485,690
(Discount Note), 7/22/99 12,600,000 12,564,353
32
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
(Discount Note), 7/1/99 ............. $17,100,000 $ 17,100,000
(Discount Note), 7/2/99 ............. 4800,000 4,799,363
(Discount Note), 7/15/99 ............ 6,500,000 6,487,841
Federal National Mortgage
Association
(Discount Note), 7/19/99 ............ 10,700,000 10,673,197
(Discount Note), 7/20/99 ............ 12,500,000 12,467,937
-------------
TOTAL SHORT-TERM DEBT SECURITIES (10.6%)
(Amortized Cost $88,241,005)......... 88,241,005
-------------
TOTAL INVESTMENTS (104.2%)
(Cost/Amortized Cost
$711,333,756)........................ 869,223,545
OTHER ASSETS
LESS LIABILITIES (-4.2%) ............ (34,747,851)
-------------
NET ASSETS (100%) ..................... $ 834,475,694
=============
- ----------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
33
<PAGE>
EQ ADVISORS TRUST
MFS EMERGING GROWTH COMPANIES PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1999 the Portfolio had an outstanding foreign currency contract to
buy foreign currency as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S. $
AMOUNT ORIGINATION CURRENT UNREALIZED
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- --------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACT
European Union, expiring 7/2/99 ......... 63 $64,716 $64,588 $ (128)
======
</TABLE>
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $750,964,860
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 526,540,251
As of June 30, 1999 the the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 170,985,758
Aggregate gross unrealized depreciation ................ (13,095,969)
-------------
Net unrealized appreciation ............................ $ 157,889,789
=============
Federal income tax cost of investments ................. $ 711,333,756
=============
As of December 31, 1998, the Portfolio had a net capital loss
carryforward of $10,613,683 which expires in the year 2006.
See Notes to Financial Statements.
34
<PAGE>
EQ ADVISORS TRUST
MFS GROWTH WITH INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BASIC MATERIALS (0.4%)
CHEMICALS (0.1%)
E.I. Du Pont de Nemours & Co. ......... 570 $ 38,938
-----------
CHEMICALS--SPECIALTY (0.2%)
PPG Industries, Inc. .................. 600 35,437
Rohm & Haas Co. ....................... 500 21,438
-----------
56,875
-----------
PAPER (0.1%)
International Paper Co. ............... 1,060 53,530
-----------
TOTAL BASIC MATERIALS ............... 149,343
-----------
BUSINESS SERVICES (4.9%)
ENVIRONMENT CONTROL (0.3%)
Danaher Corp. ......................... 1,890 109,856
-----------
PRINTING, PUBLISHING,
BROADCASTING (4.1%)
Gannett Co., Inc. ..................... 2,494 178,009
MediaOne Group, Inc.* ................. 2,714 201,854
New York Times Co., Class A ........... 3,900 143,569
Reuters Group plc ..................... 11,319 149,002
Reuters Group plc (ADR) ............... 1,262 102,301
Time Warner, Inc. ..................... 7,143 525,011
Tribune Co. ........................... 2,649 230,794
Wolters Kluwer N.V. ................... 1,600 63,770
-----------
1,594,310
-----------
PROFESSIONAL SERVICES (0.5%)
Computer Sciences Corp.* .............. 2,984 206,455
-----------
TOTAL BUSINESS SERVICES ............. 1,910,621
-----------
CAPITAL GOODS (7.8%)
AEROSPACE (4.1%)
Allied Signal, Inc. ................... 6,788 427,644
General Dynamics Corp. ................ 2,076 142,206
Lockheed Martin Corp. ................. 1,600 59,600
Raytheon Co., Class A ................. 3,010 207,314
United Technologies Corp. ............. 10,686 766,052
-----------
1,602,816
-----------
ELECTRICAL EQUIPMENT (2.5%)
Emerson Electric Co. .................. 4,282 269,231
General Electric Co. .................. 4,757 537,541
Honeywell, Inc. ....................... 1,300 150,637
-----------
957,409
-----------
MACHINERY (1.2%)
Illinois Tool Works, Inc. ............. 2,475 202,950
Mannesmann AG ......................... 1,791 268,147
-----------
471,097
-----------
TOTAL CAPITAL GOODS ................. 3,031,322
-----------
CONSUMER CYCLICALS (8.8%)
AUTO RELATED (0.6%)
Federal-Mogul Corp. ................... 3,116 162,032
TRW, Inc. ............................. 1,300 71,337
-----------
233,369
-----------
AUTOS & TRUCKS (0.3%)
Ford Motor Co. ........................ 2,159 121,849
-----------
FOOD SERVICES, LODGING (1.3%)
McDonald's Corp. ...................... 12,084 499,220
-----------
HOUSEHOLD FURNITURE, APPLIANCES (0.9%)
Newell Rubbermaid, Inc. ............... 7,578 352,377
-----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
LEISURE RELATED (0.7%)
Carnival Corp., Class A ............... 1,500 $ 72,750
Disney (Walt) Co. ..................... 6,969 214,732
-----------
287,482
-----------
RETAIL--GENERAL (5.0%)
CVS Corp. ............................. 8,155 416,924
Dayton Hudson Corp. ................... 3,737 242,905
Home Depot, Inc. ...................... 3,326 214,319
Nordstrom, Inc. ....................... 3,069 102,812
Office Depot, Inc.* ................... 5,705 125,867
Rite Aid Corp. ........................ 4,314 106,232
TJX Cos., Inc. ........................ 8,673 288,919
Wal-Mart Stores, Inc. ................. 8,946 431,645
-----------
1,929,623
-----------
TOTAL CONSUMER CYCLICALS ............ 3,423,920
-----------
CONSUMER NON-CYCLICALS (20.4%)
BEVERAGES (1.9%)
Anheuser-Busch Cos., Inc. ............. 7,728 548,205
Coca Cola Co. ......................... 2,370 148,125
PepsiCo, Inc. ......................... 1,288 49,830
-----------
746,160
-----------
DRUGS (7.0%)
American Home Products Corp. .......... 6,899 396,692
AstraZeneca Group plc ................. 3,000 116,133
Bristol-Myers Squibb Co. .............. 7,922 558,006
Merck & Co., Inc. ..................... 3,161 233,914
Pfizer, Inc. .......................... 4,434 486,631
Pharmacia & Upjohn, Inc. .............. 6,877 390,700
Schering-Plough Corp. ................. 4,075 215,975
Warner Lambert Co. .................... 4,541 315,032
-----------
2,713,083
-----------
FOODS (1.6%)
Bestfoods ............................. 2,713 134,293
Hershey Foods Corp. ................... 955 56,703
Interstate Bakeries Corp. ............. 2,198 49,318
Nabisco Holdings Corp. ................ 1,500 64,875
Nestle S.A. (Registered) .............. 23 41,518
Quaker Oats Co. ....................... 3,956 262,579
-----------
609,286
-----------
HOSPITAL SUPPLIES & SERVICES (2.2%)
Becton Dickinson & Co. ................ 3,707 111,210
Guidant Corp. ......................... 6,311 324,622
Healthsouth Corp.* .................... 4,695 70,132
Medtronic, Inc. ....................... 4,366 340,002
-----------
845,966
-----------
RETAIL--FOOD (3.1%)
Albertson's, Inc. ..................... 5,839 301,048
Kroger Co.* ........................... 15,450 431,634
Safeway, Inc.* ........................ 9,421 466,340
-----------
1,199,022
-----------
SOAPS & TOILETRIES (4.2%)
Clorox Co. ............................ 1,848 197,390
Colgate Palmolive Co. ................. 2,900 286,375
Gillette Co. .......................... 8,112 332,592
Johnson & Johnson ..................... 4,459 436,982
Procter & Gamble Co. .................. 4,529 404,213
-----------
1,657,552
-----------
35
<PAGE>
EQ ADVISORS TRUST
MFS GROWTH WITH INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
TOBACCO (0.4%)
Philip Morris Cos., Inc. .............. 4,013 $ 161,272
-----------
TOTAL CONSUMER NON-CYCLICALS 7,932,341
-----------
CREDIT SENSITIVE (26.7%)
BANKS (5.0%)
Bank of America Corp. ................. 2,800 205,275
BankAmerica Corp. ..................... 1,901 139,367
Bayerische Vereinsbank AG ............. 940 59,886
Chase Manhattan Corp. ................. 100 8,663
Comerica, Inc. ........................ 1,225 72,811
Fleet Financial Group, Inc. ........... 1,025 45,484
National City Corp. ................... 1,252 82,006
Northern Trust Corp. .................. 2,093 203,021
PNC Bank Corp. ........................ 832 47,944
State Street Corp. .................... 2,380 203,192
U.S. Bancorp .......................... 8,723 296,582
Wells Fargo Co. ....................... 14,058 600,979
-----------
1,965,210
-----------
FINANCIAL SERVICES (3.9%)
American Express Co. .................. 1,170 152,246
Associates First Capital Corp.,
Class A ............................. 7,083 313,866
Citigroup, Inc. ....................... 10,060 477,850
Federal Home Loan Mortgage
Corp. ............................... 5,838 338,604
First Data Corp. ...................... 4,497 220,072
-----------
1,502,638
-----------
INSURANCE (8.2%)
Aflac, Inc. ........................... 1,603 76,744
Allstate Corp. ........................ 7,698 276,166
American International Group,
Inc. ................................ 2,746 321,453
Axa (ADR)++## ......................... 2,000 124,625
CIGNA Corp. ........................... 6,863 610,807
Chubb Corp. ........................... 1,700 118,150
Hartford Financial Services
Group, Inc. ......................... 9,614 560,616
Lincoln National Corp. ................ 5,716 299,018
MBIA, Inc. ............................ 1,863 120,629
Progressive Corp. ..................... 2,409 349,305
Torchmark Corp. ....................... 3,320 113,295
United Healthcare Corp. ............... 3,209 200,964
-----------
3,171,772
-----------
UTILITY--ELECTRIC (3.5%)
CMS Energy Corp. ...................... 2,801 117,292
Duke Energy Corp. ..................... 3,100 168,562
FirstEnergy Corp. ..................... 3,313 102,703
GPU, Inc. ............................. 2,663 112,345
Houston Industries, Inc. .............. 664 79,182
New Century Energies, Inc. ............ 1,316 51,077
NiSource, Inc. ........................ 4,008 103,457
Peco Energy Co. ....................... 3,160 132,325
Pinnacle West Capital Corp. ........... 3,578 144,015
Texas Utilities Co. ................... 6,147 253,564
Unicom Corp. .......................... 2,944 113,528
-----------
1,378,050
-----------
UTILITY--TELEPHONE (6.1%)
Ameritech Corp. ....................... 2,657 195,290
Bell Atlantic Corp. ................... 11,316 739,784
Bellsouth Corp. ....................... 1,830 85,781
MCI WorldCom, Inc.* ................... 7,311 630,574
SBC Communications, Inc. .............. 7,772 450,776
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Sprint Corp. (Fon Group) .............. 4,964 $ 262,161
-----------
2,364,366
-----------
TOTAL CREDIT SENSITIVE .............. 10,382,036
-----------
DIVERSIFIED (2.6%)
MISCELLANEOUS (2.6%)
Ralston-Ralston Purina Group .......... 11,593 352,862
Rentokil Initial plc .................. 12,826 50,075
Tyco International Ltd. ............... 6,698 634,636
-----------
1,037,573
-----------
ENERGY (5.5%)
COAL & GAS PIPELINES (0.7%)
Columbia Energy Group ................. 4,455 279,273
-----------
OIL--DOMESTIC (2.7%)
Chevron Corp. ......................... 1,523 144,971
Coastal Corp. ......................... 1,400 56,000
Exxon Corp. ........................... 6,309 486,582
Mobil Corp. ........................... 3,685 364,815
-----------
1,052,368
-----------
OIL--INTERNATIONAL (0.1%)
USX-Marathon Group, Inc. .............. 1,634 53,207
-----------
OIL--SUPPLIES & CONSTRUCTION (1.6%)
BP Amoco plc (ADR) .................... 5,625 610,312
-----------
RAILROADS (0.4%)
Canadian National Railway Co. ......... 2,369 158,723
-----------
TOTAL ENERGY ........................ 2,153,883
-----------
TECHNOLOGY (13.1%)
COMPUTER HARDWARE (1.4%)
Hewlett Packard Co. ................... 3,300 331,650
Sun Microsystems, Inc.* ............... 2,765 190,439
-----------
522,089
-----------
COMPUTER SOFTWARE (4.0%)
BMC Software, Inc.* ................... 2,654 143,316
Computer Associates
International, Inc. ................. 6,999 384,945
Microsoft Corp.* ...................... 11,301 1,019,209
-----------
1,547,470
-----------
ELECTRONICS (0.6%)
Intel Corp. ........................... 3,716 221,102
-----------
OFFICE EQUIPMENT (4.3%)
Cisco Systems, Inc.* .................. 4,134 266,643
DST Systems, Inc.* .................... 2,995 188,311
International Business Machines
Corp. ............................... 2,100 271,425
Oracle Corp.* ......................... 6,684 248,144
Xerox Corp. ........................... 12,092 714,184
-----------
1,688,707
-----------
TELECOMMUNICATIONS (2.8%)
Alltel Corp. .......................... 6,289 449,663
Ericsson Telecommunications
(ADR) ............................... 4,469 147,198
Motorola, Inc. ........................ 3,653 346,122
Nortel Networks Corp. ................. 1,100 95,494
Sprint Corp. (PCS GRP)* ............... 1,083 61,866
-----------
1,100,343
-----------
TOTAL TECHNOLOGY .................... 5,079,711
-----------
TOTAL COMMON STOCKS (90.2%)
(Cost $33,573,141)................... 35,100,750
-----------
36
<PAGE>
EQ ADVISORS TRUST
MFS GROWTH WITH INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
LONG-TERM DEBT SECURITIES:
TECHNOLOGY (0.1%)
Bell Atlantic Financial Services,
4.25%, 9/15/05 (Cost $47,899) ..... $ 44,000 $ 44,990
-----------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (9.0%)
FC Discount Note, 4.98%, 7/2/99
(Amortized Cost $3,499,516) ....... 3,500,000 3,499,516
-----------
TOTAL INVESTMENTS (99.3%)
(Cost/Amortized Cost
$37,120,556).................... 38,645,256
OTHER ASSETS
LESS LIABILITIES (0.7%) ........... 270,697
-----------
NET ASSETS (100%) ................... $38,915,953
===========
- ----------
* Non-income producing
++ Issuer of this security is an affiliate of the Trust.
## On June 28, 1999, the Portfolio purchased 2,000 shares of Axa (ADR) which,
under Rule 12d-3 of the Investment Act of 1940, is prohibited. The security
was sold on July 9, 1999 at a gain of $9,396.
Glossary:
ADR--American Depositary Receipt
37
<PAGE>
EQ ADVISORS TRUST
MFS GROWTH WITH INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1999 the Portfolio had outstanding foreign currency contracts to
buy foreign currency as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$
AMOUNTS ORIGINATION CURRENT UNREALIZED
(000'S) DATE VALUE DEPRECIATION
---------- ------------- --------- -------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 7/1/99-7/2/99 ......... 28 $44,380 $44,104 $ (276)
======
</TABLE>
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $37,661,205
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 4,056,735
As of June 30, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for
Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 2,143,593
Aggregate gross unrealized depreciation ................ (618,893)
-----------
Net unrealized appreciation ............................ $ 1,524,700
===========
Federal income tax cost of investments ................. $37,120,556
===========
See Notes to Financial Statements.
38
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BASIC MATERIALS (0.7%)
CHEMICALS (0.2%)
Cambrex Corp. ........................ 46,400 $ 1,218,000
------------
PAPER (0.5%)
Abitibi-Consolidated, Inc. ........... 28,900 328,738
Bowater, Inc. ........................ 50,700 2,395,575
------------
2,724,313
------------
TOTAL BASIC MATERIALS .............. 3,942,313
------------
BUSINESS SERVICES (5.3%)
ENVIRONMENT CONTROL (1.0%)
Danaher Corp. ........................ 96,600 5,614,875
------------
PRINTING, PUBLISHING, BROADCASTING (4.3%)
CBS Corp.* ........................... 65,600 2,849,500
Comcast Corp., Class A ............... 52,900 2,033,344
Gannett Co., Inc. .................... 40,700 2,904,962
Infinity Broadcasting Corp.,
Class A* ........................... 1 26,700 3,769,325
MediaOne Group, Inc.* ................ 46,000 3,421,250
Time Warner, Inc. .................... 1 16,200 8,540,700
------------
23,519,081
------------
PROFESSIONAL SERVICES (0.0%)
Modis Professional Services, Inc.* 3,600 49,500
------------
TOTAL BUSINESS SERVICES ............ 29,183,456
------------
CAPITAL GOODS (5.8%)
AEROSPACE (4.2%)
British Aerospace plc ................ 3,254 21,135
Gulfstream Aerospace Corp.* .......... 86,300 5,830,644
Raytheon Co., Class B ................ 54,800 3,856,550
United Technologies Corp. ............ 1 87,400 13,434,238
------------
23,142,567
------------
BUILDING & CONSTRUCTION (0.1%)
Newport News Shipbuilding, Inc. 9,200 271,400
------------
ELECTRICAL EQUIPMENT (0.6%)
Honeywell, Inc. ...................... 27,900 3,232,912
------------
MACHINERY (0.9%)
Mannesmann AG ........................ 30,500 4,566,434
SPX Corp.* ........................... 7,900 659,650
------------
5,226,084
------------
TOTAL CAPITAL GOODS ................ 31,872,963
------------
CONSUMER CYCLICALS (9.3%)
AUTO RELATED (0.6%)
Federal-Mogul Corp. .................. 66,600 3,463,200
------------
FOOD SERVICES, LODGING (1.6%)
CKE Restaurants, Inc. ................ 800 13,000
McDonald's Corp. ..................... 210,200 8,683,888
------------
8,696,888
------------
HOUSEHOLD FURNITURE, APPLIANCES (0.8%)
Newell Rubbermaid, Inc. .............. 93,400 4,343,100
------------
LEISURE RELATED (1.9%)
Carnival Corp., Class A .............. 63,500 3,079,750
Disney (Walt) Co. .................... 241,000 7,425,812
------------
10,505,562
------------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
RETAIL--GENERAL (4.4%)
CVS Corp. ............................ 136,100 $ 6,958,113
Dayton Hudson Corp. .................. 50,900 3,308,500
Office Depot, Inc.* .................. 140,450 3,098,678
Rite Aid Corp. ....................... 204,000 5,023,500
TJX Cos., Inc. ....................... 83,600 2,784,925
Wal-Mart Stores, Inc. ................ 66,000 3,184,500
------------
24,358,216
------------
TOTAL CONSUMER CYCLICALS ........... 51,366,966
------------
CONSUMER NON-CYCLICALS (19.3%)
BEVERAGES (1.4%)
Anheuser-Busch Cos., Inc. ............ 62,100 4,405,219
Coca Cola Co. ........................ 54,800 3,425,000
------------
7,830,219
------------
CONTAINERS (0.7%)
Owens-Illinois, Inc.* ................ 82,300 2,690,181
Smurfit-Stone Container Corp.* ....... 66,994 1,377,564
------------
4,067,745
------------
DRUGS (5.8%)
American Home Products Corp. ......... 182,200 10,476,500
AstraZeneca Group plc ................ 102,700 3,975,609
Bristol-Myers Squibb Co. ............. 128,900 9,079,394
Pharmacia & Upjohn, Inc. ............. 149,300 8,482,106
------------
32,013,609
------------
FOODS (0.6%)
Bestfoods ............................ 12,000 594,000
Nabisco Holdings Corp. ............... 59,800 2,586,350
------------
3,180,350
------------
HOSPITAL SUPPLIES & SERVICES (3.9%)
Cardinal Health, Inc. ................ 86,650 5,556,431
Guidant Corp. ........................ 132,900 6,836,044
Healthsouth Corp.* ................... 294,458 4,398,466
Medtronic, Inc. ...................... 63,600 4,952,850
------------
21,743,791
------------
RETAIL--FOOD (2.3%)
Albertson's, Inc. .................... 882 45,478
Kroger Co.* .......................... 233,800 6,531,788
Safeway, Inc.* ....................... 124,400 6,157,800
------------
12,735,066
------------
SOAPS & TOILETRIES (4.6%)
Clorox Co. ........................... 52,000 5,554,250
Colgate Palmolive Co. ................ 30,600 3,021,750
Dial Corp. ........................... 119,800 4,455,063
Gillette Co. ......................... 120,900 4,956,900
Procter & Gamble Co. ................. 85,200 7,604,100
------------
25,592,063
------------
TOTAL CONSUMER NON-CYCLICALS 107,162,843
------------
CREDIT SENSITIVE (23.7%)
BANKS (5.6%)
Bank of America Corp. ................ 40,200 2,947,163
Bank of New York Co., Inc. ........... 122,700 4,501,556
Chase Manhattan Corp. ................ 37,800 3,274,425
PNC Bank Corp. ....................... 97,200 5,601,150
U.S. Bancorp ......................... 73,800 2,509,200
39
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
UBS AG (Registered) .................. 18,700 $ 5,591,803
Wells Fargo Co. ...................... 156,400 6,686,100
-----------
31,111,397
-----------
FINANCIAL SERVICES (3.8%)
Associates First Capital Corp.,
Class A ............................ 100,414 4,449,595
CIT Group, Inc., Class A ............. 16,600 479,325
Charles Schwab Corp. ................. 12,300 1,351,463
Citigroup, Inc. ...................... 154,650 7,345,875
First Data Corp. ..................... 58,700 2,872,631
Morgan Stanley Dean Witter
& Co. .............................. 34,300 3,515,750
Providian Financial Corp. ............ 13,300 1,243,550
-----------
21,258,189
-----------
INSURANCE (6.7%)
American International Group,
Inc. ............................... 39,000 4,565,438
CIGNA Corp. .......................... 87,200 7,760,800
Conseco, Inc. ........................ 67,323 2,049,144
Hartford Financial Services
Group, Inc. ........................ 86,900 5,067,356
Lincoln National Corp. ............... 126,200 6,601,837
Nationwide Financial Services,
Inc., Class A ...................... 43,400 1,963,850
Reliastar Financial Corp. ............ 75,762 3,314,588
United Healthcare Corp. .............. 90,300 5,655,037
-----------
36,978,050
-----------
UTILITY--ELECTRIC (0.5%)
CMS Energy Corp. ..................... 64,600 2,705,125
-----------
UTILITY--TELEPHONE (7.1%)
Bell Atlantic Corp. .................. 157,300 10,283,487
MCI WorldCom, Inc.* .................. 157,415 13,577,043
Sprint Corp. (Fon Group) ............. 87,100 4,599,969
Sprint Corp. (PCS GRP)* .............. 192,200 10,979,425
-----------
39,439,924
-----------
TOTAL CREDIT SENSITIVE ............. 131,492,685
-----------
DIVERSIFIED (4.2%)
MISCELLANEOUS (4.2%)
Ralston-Ralston Purina Group ......... 192,800 5,868,350
Tyco International Ltd. .............. 181,186 17,167,373
-----------
TOTAL DIVERSIFIED .................. 23,035,723
-----------
ENERGY (5.1%)
COAL & GAS PIPELINES (1.1%)
Columbia Energy Group ................ 40,350 2,529,441
Midamerican Energy Holdings
Co. ................................ 82,400 2,853,100
Total S.A. (ADR)* .................... 10,700 689,481
-----------
6,072,022
-----------
OIL--DOMESTIC (1.5%)
Atlantic Richfield Co. ............... 6,300 526,444
Mobil Corp. .......................... 82,700 8,187,300
-----------
8,713,744
-----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
OIL--INTERNATIONAL (2.0%)
BP Amoco plc (ADR) ................... 75,787 $ 8,222,837
Conoco, Inc., Class A ................ 95,300 2,656,487
-----------
10,879,324
-----------
OIL--SUPPLIES & CONSTRUCTION (0.5%)
Repsol S.A. .......................... 136,800 2,796,795
-----------
TOTAL ENERGY ....................... 28,461,885
-----------
TECHNOLOGY (24.4%)
COMPUTER HARDWARE (2.2%)
Hewlett Packard Co. .................. 28,600 2,874,300
Sun Microsystems, Inc.* .............. 133,000 9,160,375
-----------
12,034,675
-----------
COMPUTER SOFTWARE (8.4%)
BMC Software, Inc.* .................. 174,600 9,428,400
BackWeb Technologies Ltd.* ........... 2,200 60,225
Cadence Design Systems, Inc.* ........ 143,000 1,823,250
Citrix Systems, Inc.* ................ 15,500 875,750
Computer Associates
International, Inc. ................ 43,750 2,406,250
Compuware Corp.* ..................... 111,100 3,534,369
Intuit* .............................. 1,200 108,150
Microsoft Corp.* ..................... 302,200 27,254,662
Phone.com, Inc.* ..................... 4,100 229,600
Software.com, Inc.* .................. 700 16,231
Synopsys, Inc.* ...................... 16,100 888,519
-----------
46,625,406
-----------
ELECTRONICS (4.4%)
Analog Devices, Inc.* ................ 253,500 12,722,531
LSI Logic Corp.* ..................... 211,900 9,773,888
VISX, Inc.* .......................... 4,400 348,425
VeriSign, Inc.* ...................... 14,500 1,250,625
-----------
24,095,469
-----------
OFFICE EQUIPMENT (6.2%)
Cisco Systems, Inc.* ................. 176,400 11,377,800
CompUSA, Inc.* ....................... 112,200 834,488
EMC Corp.* ........................... 72,400 3,982,000
Oracle Corp.* ........................ 341,550 12,680,044
Xerox Corp. .......................... 93,800 5,540,062
-----------
34,414,394
-----------
TELECOMMUNICATIONS (3.2%)
Ericsson LM, Class B ................. 214,200 6,892,136
Ericsson Telecommunications
(ADR) .............................. 24,100 793,794
Motorola, Inc. ....................... 108,300 10,261,425
Tellabs, Inc.* ....................... 400 27,025
-----------
17,974,380
-----------
TOTAL TECHNOLOGY ................... 135,144,324
-----------
TOTAL COMMON STOCKS (97.8%)
(Cost $460,129,603)................. 541,663,158
-----------
40
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (2.5%)
Federal Home Loan Mortgage
Corporation
(Discount Note), 7/6/99 ............. $3,800,000 $ 3,797,477
(Discount Note), 7/9/99 ............. 5,400,000 5,393,964
(Discount Note), 7/9/99 ............. 4,800,000 4,800,000
------------
TOTAL SHORT-TERM DEBT SECURITIES
(Amortized Cost $13,991,441)......... 13,991,441
------------
TOTAL INVESTMENTS (100.3%)
(Cost/Amortized Cost
$474,121,044)........................ 555,654,599
OTHER ASSETS
LESS LIABILITIES (-0.3%) ............ (1,800,528)
------------
NET ASSETS (100%) ..................... $553,854,071
============
- ---------------------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
41
<PAGE>
EQ ADVISORS TRUST
MFS RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1999 the Portfolio had outstanding foreign currency contracts to
buy foreign currency as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S. $
AMOUNT ORIGINATION CURRENT UNREALIZED
(000'S) DATE VALUE DEPRECIATION
---------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 7/1/99 .................. 265 $420,518 $417,609 $ (2,909)
British Pound, expiring 7/1/99 - 7/2/99 ......... 223 354,133 352,217 (1,916)
--------
$ (4,825)
========
</TABLE>
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $342,177,712
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 230,368,722
As of June 30, 1999 the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 91,445,667
Aggregate gross unrealized depreciation ................ (9,912,112)
------------
Net unrealized appreciation ............................ $ 81,533,555
============
Federal income tax cost of investments ................. $474,121,044
============
At June 30, 1999 the Portfolio had loaned securities with a total value of
$118,920,115 which was secured by collateral of $119,995,772.
As of December 31, 1998, the Portfolio had a net capital loss carryforward of
$5,142,662 which expires in the year 2006.
See Notes to Financial Statements.
42
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BASIC MATERIALS (5.1%)
CHEMICALS (2.2%)
Dow Chemical Co. ........................ 5,400 $ 685,125
E.I. Du Pont de Nemours & Co. ........... 9,400 642,137
Monsanto Co. ............................ 11,400 449,588
Union Carbide Corp. Holding
Co .................................... 9,600 468,000
----------
2,244,850
----------
CHEMICALS--SPECIALTY (0.5%)
Engelhard Corp. ......................... 23,300 527,162
----------
METALS & MINING (0.5%)
Alcoa, Inc. ............................. 8,000 495,000
----------
PAPER (1.9%)
Kimberly Clark Corp. .................... 8,600 490,200
Mead Corp. .............................. 12,800 534,400
Weyerhaeuser Co. ........................ 12,300 845,625
----------
1,870,225
----------
TOTAL BASIC MATERIALS ................. 5,137,237
----------
BUSINESS SERVICES (2.4%)
ENVIRONMENTAL CONTROL (0.3%)
Republic Services, Inc., Class A* ....... 14,200 351,450
----------
PRINTING, PUBLISHING, BROADCASTING (1.1%)
McGraw Hill Cos., Inc. .................. 9,600 517,800
Tribune Co. ............................. 6,400 557,600
----------
1,075,400
----------
PROFESSIONAL SERVICES (0.5%)
Service Corp. International ............. 25,100 483,175
----------
TRUCKING, SHIPPING (0.5%)
FDX Corp.* .............................. 8,900 482,825
----------
TOTAL BUSINESS SERVICES ............... 2,392,850
----------
CAPITAL GOODS (3.2%)
AEROSPACE (1.1%)
Boeing Co. .............................. 13,800 609,787
Lockheed Martin Corp. ................... 13,000 484,250
----------
1,094,037
----------
BUILDING MATERIALS & FOREST
PRODUCTS (0.5%)
Armstrong World Industries, Inc. ........ 8,600 497,188
Sherwin-Williams Co. .................... 1,400 38,850
----------
536,038
----------
ELECTRICAL EQUIPMENT (0.5%)
Emerson Electric Co. .................... 8,500 534,438
----------
MACHINERY (1.1%)
Caterpillar, Inc. ....................... 7,600 456,000
Deere & Co. ............................. 5,000 198,125
Dover Corp. ............................. 12,900 451,500
----------
1,105,625
----------
TOTAL CAPITAL GOODS ................... 3,270,138
----------
CONSUMER CYCLICALS (7.7%)
AIRLINES (0.9%)
Delta Airlines, Inc. .................... 8,800 507,100
UAL Corp.* .............................. 6,700 435,500
----------
942,600
----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
AUTO RELATED (0.9%)
Lear Corp.* .......................... 8,000 $ 398,000
TRW Inc. ............................. 9,900 543,262
----------
941,262
----------
AUTOS & TRUCKS (1.3%)
Delphi Automotive Systems
Corp ............................... 3,071 57,001
Ford Motor Co. ....................... 11,900 671,606
General Motors Corp. ................. 8,600 567,600
----------
1,296,207
----------
FOOD SERVICES, LODGING (1.2%)
Disney (Walt) Co. .................... 7,300 224,931
Starwood Hotels & Resorts
Worldwide, Inc. .................... 14,400 440,100
Sysco Corp. .......................... 16,900 503,831
----------
1,168,862
----------
HOUSEHOLD FURNITURE, APPLIANCES (0.5%)
Whirlpool Corp. ...................... 7,300 540,200
----------
LEISURE RELATED (1.0%)
Hasbro, Inc. ......................... 17,200 480,525
Mattel, Inc. ......................... 19,000 502,313
----------
982,838
----------
RETAIL--GENERAL (1.9%)
Federated Department Stores,
Inc.* .............................. 11,900 629,956
Saks, Inc.* .......................... 14,600 421,575
Sears Roebuck & Co. .................. 10,600 472,363
Rite Aid Corp. ....................... 15,900 391,537
----------
1,915,431
----------
TOTAL CONSUMER CYCLICALS ........... 7,787,400
----------
CONSUMER NON-CYCLICALS (8.2%)
BEVERAGES (1.0%)
Pepsi Bottling Group, Inc. ........... 23,200 535,050
Seagram Co., Ltd. .................... 9,700 488,637
----------
1,023,687
----------
CONTAINERS (0.6%)
Owens-Illinois, Inc.* ................ 17,000 555,687
----------
DRUGS (2.7%)
American Home Products Corp. ......... 14,700 845,250
Bergen Brunswig Corp., Class A ....... 15,600 269,100
Bristol-Myers Squibb Co. ............. 12,900 908,644
Pharmacia & Upjohn, Inc. ............. 12,700 721,519
----------
2,744,513
----------
FOODS (1.8%)
H.J. Heinz Co. ....................... 10,600 531,325
Kellogg Co. .......................... 12,100 399,300
Nabisco Group Holdings ............... 19,100 373,644
Sara Lee Corp. ....................... 24,400 553,575
----------
1,857,844
----------
HOSPITAL SUPPLIES & SERVICES (0.9%)
Baxter International, Inc. ........... 6,300 381,937
Healthsouth Corp.* ................... 23,100 345,056
Tenet Healthcare Corp.* .............. 8,104 150,431
----------
877,424
----------
43
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
RETAIL--FOOD (0.5%)
Albertson's, Inc. ............... 10,200 $ 525,938
----------
TOBACCO (0.7%)
Philip Morris Cos., Inc. ........ 17,900 719,356
----------
TOTAL CONSUMER NON-CYCLICALS .. 8,304,449
----------
CREDIT SENSITIVE (24.6%)
BANKS (8.6%)
Bank One Corp. .................. 17,100 1,018,519
Bank America Corp. .............. 21,800 1,598,212
BankBoston Corp. ................ 10,200 521,475
Charter One Financial, Inc. ..... 16,100 447,781
Chase Manhattan Corp. ........... 7,400 641,025
Citigroup, Inc. ................. 26,200 1,244,500
J.P. Morgan & Co. ............... 3,700 519,850
PNC Bank Corp. .................. 12,200 703,025
Synovus Financial Corp. ......... 9,816 195,093
Wachovia Corp. .................. 5,500 470,594
Washington Mutual, Inc. ......... 16,500 583,688
Wells Fargo Co. ................. 17,100 731,025
----------
8,674,787
----------
FINANCIAL SERVICES (1.6%)
Fannie Mae ...................... 8,000 547,000
Centaur Funding Corp. ........... 70 73,505
Paine Webber Group, Inc. ........ 11,300 528,275
U.S. Bancorp .................... 16,000 544,000
----------
1,692,780
----------
INSURANCE (4.1%)
Ace Ltd. ........................ 17,100 483,075
Allstate Corp. .................. 14,770 529,874
American General Corp. .......... 8,500 640,687
Chubb Corp. ..................... 8,200 569,900
CIGNA Corp. ..................... 6,700 596,300
Hartford Financial Services
Group, Inc. ................... 1,600 93,300
Safeco Corp. .................... 7,600 335,350
Torchmark Corp. ................. 8,500 290,063
Unum Corp. ...................... 10,300 563,925
----------
4,102,474
----------
REAL ESTATE (0.7%)
Equity Office Properties Trust .. 9,200 235,750
Equity Residential Property Trust 11,000 495,688
----------
731,438
----------
UTILITY--ELECTRIC (3.1%)
Cinergy Corp. ................... 9,700 310,400
Duke Energy Corp. ............... 11,900 647,062
Edison International ............ 17,300 462,775
Entergy Corp. ................... 17,400 543,750
OGE Energy Corp. ................ 20,500 486,875
Texas Utilities Co. ............. 8,100 334,125
Western Resources, Inc. ......... 11,800 314,175
----------
3,099,162
----------
UTILITY--GAS (0.9%)
El Paso Energy Corp. ............ 10,500 369,469
Sempra Energy ................... 23,100 522,637
----------
892,106
----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
UTILITY--TELEPHONE (5.6%)
Ameritech Corp. ................... 14,600 $1,073,100
AT&T Corp. ........................ 19,100 1,066,019
Bell Atlantic Corp. ............... 12,800 836,800
Bellsouth Corp. ................... 11,300 529,687
GTE Corp. ......................... 17,500 1,325,625
SBC Communications, Inc. .......... 14,300 829,400
----------
5,660,631
----------
TOTAL CREDIT SENSITIVE .......... 24,853,378
----------
DIVERSIFIED (1.4%)
MISCELLANEOUS (1.4%)
Fortune Brands, Inc. .............. 7,500 310,313
Minnesota Mining &
Manufacturing Co. ............... 7,300 634,644
PPG Industries, Inc. .............. 7,200 425,250
----------
1,370,207
----------
ENERGY (7.1%)
COAL & GAS PIPELINES (0.5%)
Consolidated Natural Gas Co. ...... 8,950 543,712
----------
OIL--DOMESTIC (1.3%)
Chevron Corp. ..................... 8,000 761,500
Phillips Petroleum Co. ............ 2,300 115,719
Tosco Corp. ....................... 16,700 433,156
----------
1,310,375
----------
OIL--INTERNATIONAL (4.0%)
Conoco, Inc., Class A ............. 14,900 415,338
Elf Aquitaine S.A. (ADR) .......... 6,800 500,225
Exxon Corp. ....................... 14,513 1,119,315
Mobil Corp. ....................... 10,700 1,059,300
Royal Dutch Petroleum Co. .........
(N.Y. Shares) ................... 14,400 867,600
----------
3,961,778
----------
OIL--SUPPLIES & CONSTRUCTION (0.7%)
Halliburton Co. ................... 15,600 705,900
----------
RAILROADS (0.6%)
Burlington Northern Santa Fe
Corp ............................ 20,300 629,300
----------
TOTAL ENERGY .................... 7,151,065
----------
TECHNOLOGY (3.5%)
COMPUTER HARDWARE (0.2%)
Hewlett Packard Co. ............... 2,300 231,150
----------
COMPUTER SOFTWARE (0.6%)
Computer Associates
International, Inc. ............. 10,500 577,500
----------
ELECTRONICS (0.1%)
Micron Technology, Inc.* .......... 3,500 141,094
----------
OFFICE EQUIPMENT (1.4%)
Apple Computer, Inc.* ............. 6,250 289,453
International Business Machines
Corp ............................ 4,100 529,925
Xerox Corp. ....................... 10,300 608,344
----------
1,427,722
----------
TELECOMMUNICATIONS (1.2%)
Alltel Corp. ...................... 7,650 546,975
Motorola, Inc. .................... 6,900 653,775
----------
1,200,750
----------
TOTAL TECHNOLOGY ................ 3,578,216
----------
44
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
TOTAL COMMON STOCKS (63.2%)
(Cost $57,623,608) ................ $ 63,844,940
------------
PREFERRED STOCKS:
BUSINESS SERVICES (0.0%)
ENVIRONMENTAL CONTROL (0.0%)
TCR Holding Corp. .................. 10 1
------------
CREDIT SENSITIVE (0.0%)
FINANCIAL SERVICES (0.0%)
Webster Capital Corp., Series A..... 40 38,650
------------
TOTAL PREFERRED STOCKS (0.0%)
(Cost $39,975).................... 38,651
------------
PRINCIPAL
AMOUNT
---------
CONVERTIBLE BONDS:
TECHNOLOGY (0.3%)
ELECTRONICS (0.3%)
Micron Technology, Inc.
7.00%, 7/1/04 .................... $ 340,000 347,650
------------
TOTAL CONVERTIBLE BONDS (0.3%)
(Cost $361,368) .................. 347,650
------------
LONG-TERM DEBT SECURITIES:
BASIC MATERIALS (0.3%)
CHEMICALS (0.3%)
DSM N.V.
6.25%, 5/15/04 ................... 80,000 77,488
IMC Global, Inc.
7.40%, 11/1/02 (Step Bond) ....... 35,000 35,518
Monsanto Co.
6.60%, 12/1/28 ................... 80,000 71,094
Nova Chemicals Corp.
7.00%, 8/15/26 ................... 75,000 74,085
Rohm & Haas Co.,
7.85%, 7/15/29 ................... 85,000 84,938
------------
TOTAL BASIC MATERIALS ............ 343,123
------------
BUSINESS SERVICES (0.4%)
ENVIRONMENTAL CONTROL (0.1%)
Waste Management Technologies,
Inc.
7.70%, 10/1/02 (Step Bond) ....... 50,000 51,609
------------
PRINTING, PUBLISHING,
BROADCASTING (0.2%)
CBS, Inc.
7.15%, 5/20/05 ................... 85,000 84,598
News America Holdings, Inc.
7.75%, 12/1/45 ................... 145,000 137,446
Viacom, Inc.
7.75%, 6/1/05 .................... 15,000 15,431
------------
237,475
------------
PROFESSIONAL SERVICES (0.0%)
Service Corp. International
6.00%, 12/15/05 .................. 25,000 22,973
------------
TRUCKING, SHIPPING (0.1%)
Federal Express Corp.,
Series 98-1
6.72%, 1/15/22 ................... 134,960 128,375
------------
TOTAL BUSINESS SERVICES .......... 440,432
------------
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
CAPITAL GOODS (0.6%)
AEROSPACE (0.6%)
Boeing Co.
6.625%, 2/15/38 .................. $ 250,000 $ 222,225
Lockheed Martin Corp.
7.45%, 6/15/04 ................... 310,000 316,846
Raytheon Co.
7.00%, 11/1/28 ................... 75,000 70,907
------------
TOTAL CAPITAL GOODS .............. 609,978
------------
CONSUMER CYCLICALS (2.0%)
AIRLINES (0.4%)
Atlas Air, Inc., Series 99-1A
7.20%, 1/2/19 .................... 115,000 109,996
Continental Airlines, Inc.
Series 97, Class 4C,
6.80%, 7/2/07 .................... 60,000 57,923
Series 98 Class 1C,
6.541%, 3/15/08 .................. 40,000 38,888
Series 98 Class2A,
6.32%, 11/1/08 ................... 110,000 105,211
Northwest Airlines Corp.,
Series 99-1A
6.81%, 2/1/20 .................... 75,000 70,299
------------
382,317
------------
AUTO RELATED (0.5%)
Dana Corp.
7.00%, 3/1/29 .................... 75,000 68,924
Delphi Automotive Systems Corp.
7.125%, 5/1/29 ................... 250,000 231,049
TRW, Inc.
7.75%, 6/1/29 .................... 160,000 156,074
------------
456,047
------------
AUTOS & TRUCKS (0.4%)
American Standard, Inc.
7.375%, 2/1/08 ................... 235,000 226,775
Daimler/Chrysler AG
7.45%, 2/1/69 .................... 40,000 39,411
Ford Motor Co.
7.40%, 11/1/46 ................... 45,000 43,481
Hertz Corp.
6.50%, 5/15/06 ................... 115,000 111,595
6.25%, 3/15/09 ................... 20,000 18,641
------------
439,903
------------
FOOD SERVICES, LODGING (0.1%)
Tricon Global Restaurants
7.45%, 5/15/05 ................... 85,000 84,600
------------
HOUSEHOLD FURNITURE, APPLIANCES (0.1%)
Newell Co.
6.35%, 7/15/08 ................... 125,000 120,077
------------
LEISURE RELATED (0.4%)
Disney (Walt) Co.
5.62%, 12/1/08 ................... 115,000 104,635
Time Warner, Inc.
8.375%, 8/15/33 .................. 280,000 302,550
------------
407,185
------------
RETAIL--GENERAL (0.1%)
Sears Roebuck Acceptance Corp.
6.50%, 12/1/28 ................... 115,000 100,718
------------
TOTAL CONSUMER CYCLICALS ......... 1,990,847
------------
45
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS (0.8%)
BEVERAGES (0.1%)
Pepsi Bottling Group, Inc.
7.00%, 3/1/29 ................... $ 120,000 $ 112,174
------------
CONTAINERS (0.1%)
Ball Corp.
7.75%, 8/1/06 ................... 100,000 98,000
------------
HOSPITAL SUPPLIES & SERVICES (0.2%)
Columbia/HCA Healthcare
6.63%, 7/15/45 .................. 235,000 224,732
------------
TOBACCO (0.4%)
Imperial Tobacco Group
7.125%, 4/1/09 .................. 130,000 123,647
Philip Morris Cos., Inc.
7.25%, 1/15/03 .................. 190,000 192,929
7.125%, 10/1/04 ................. 10,000 10,135
------------
326,711
------------
TOTAL CONSUMER NON-CYCLICALS 761,617
------------
CREDIT SENSITIVE (24.6%)
BANKS (1.0%)
Bank United
8.00%, 3/15/09 .................. 130,000 126,058
BankAmerica Corp.
5.875%, 2/15/09 ................. 175,000 160,666
Citicorp, Series F
6.375%, 11/15/08 ................ 215,000 204,240
Colonial Bank
8.00%, 3/15/09 .................. 75,000 71,169
Dime Bancorp, Inc.
6.375%, 1/30/01 ................. 80,000 79,552
FCB/NC Capital Trust 1
8.05%, 3/1/28 ................... 40,000 37,580
Merita Bank Ltd.
6.50%, 1/15/06 .................. 65,000 62,573
Nationsbank Corp.
6.50%, 8/15/03 .................. 65,000 65,191
Sovereign Bancorp.
6.625%, 3/15/01 ................. 110,000 109,605
Wilmington Trust
6.625%, 5/1/08 .................. 90,000 85,531
------------
1,002,165
------------
COLLATERALIZED MORTGAGE
OBLIGATIONS (1.7%)
Commercial Mortgage
Acceptance Corp.
Series 98-C2, Class A2,
6.03%, 3/15/08 .................. 215,000 205,761
Series 97-ML1, Class A3,
6.57%, 12/15/30 ................. 31,000 30,428
Series 1998-C2 Class A1,
5.80%, 3/15/06 .................. 42,552 41,496
Dresdner Funding Trust
8.151%, 6/30/31 ................. 100,000 99,064
General Motors Acceptance
Corp. Series 98-C2, Class A2
6.42%, 5/15/31 .................. 203,635 196,828
Series 98-C1, Class E
7.153%, 5/15/30 ................. 50,000 47,776
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
General Electric Capital
Mortgage Series 98-11,
Class 2A4
6.75%, 6/25/28 .................. $ 50,000 $ 49,563
Series 98-C2 Class A1
6.15%, 11/15/07 ................. 292,258 285,276
Green Tree Financial Corp.,
Series 98-2, Class A5
6.24%, 3/18/28 .................. 50,000 49,672
Series 98-A, Class A1C
6.18%, 6/15/19 .................. 31,971 32,012
Goldman Sachs Mortgage
Securities Corp., Series 98,
GL2, Class D
7.19%, 4/13/31 .................. 25,000 22,914
Lehman Manufactured Housing
Trust, Series 98-1
0.82%, 7/15/28 .................. 250,000 9,168
Mashantucket Pequot Tribe
6.57%, 9/1/13 ................... 90,000 82,251
Merrill Lynch Mortgage
Investors, Inc., Series 98-C2,
Class A1 6.22%, 2/15/30 ......... 126,998 125,482
Morgan Stanley Capital Corp.,
Series 96-WF1, Class A
7.23%, 1/16/06 .................. 20,000 20,623
Mortgage Capital Funding, Inc.,
Series 98-MC1, Class A
16.417%, 6/18/07 ................ 102,030 101,055
Provident Bank Home Equity
Loan Trust, Series 99-1,
Class A2
5.24%, 7/25/19 .................. 284,464 284,264
Residential Asset Securitization
Trust, Series 98, Class A12 A14
8.00%, 11/25/28 ................. 75,000 77,096
------------
1,760,729
------------
FINANCIAL SERVICES (3.9%)
AFC Capital Trust I, Series B
8.207%, 2/3/27 .................. 25,000 25,869
Associates Corp. of North
America
6.95%, 11/1/18 .................. 125,000 118,857
8.15%, 8/1/09 .................... 40,000 43,090
Bombardier Capital Inc.
6.00%, 1/15/02 .................. 70,000 68,841
Capital One Financial
7.25%, 12/1/03 .................. 15,000 14,800
7.25%, 5/1/06 ................... 115,000 109,706
CIT Group Holdings
5.50%, 10/15/01 ................. 95,000 93,398
Conseco Financing Trust II
8.70%, 11/15/26 ................. 130,000 118,781
Countrywide Home Loan,
Series E
6.935%, 7/16/07 ................. 75,000 73,475
46
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
Dime Capital Trust .............
9.33%, 5/6/27 ................ $ 515,000 $ 527,070
Finova Capital Corp.
6.25%, 11/1/02 ............... 90,000 89,155
7.40%, 6/1/07 ................ 65,000 65,570
Series D
6.11%, 2/18/03 ............... 110,000 108,244
Ford Motor Credit Co.
5.125%, 10/15/01 ............. 10,000 9,744
6.00%, 1/14/03 ............... 36,000 35,383
5.80%, 1/12/09 ............... 90,000 82,251
General Motors Acceptance
Corp.
5.85%, 1/14/09 ............... 270,000 247,779
Green Tree Financial Corp.,
Series A
6.50%, 9/26/02 ............... 55,000 51,929
Heller Financial, Inc.
6.00%, 3/19/04 ............... 285,000 275,883
Household Financial Co.
6.50%, 11/15/08 .............. 105,000 99,658
Series E
5.875%, 2/1/09 ............... 115,000 104,273
Household Netherlands BV
6.20%, 12/1/03 ............... 420,000 411,741
KN Cap Trust III
7.63%, 4/15/28 ............... 55,000 53,041
Lehman Brothers Holdings, Inc.
6.50%, 10/1/02 ............... 105,000 103,585
6.625%, 4/1/04 ............... 50,000 48,707
Merrill Lynch & Co., Inc.,
Series B
6.13%, 4/7/03 ................ 40,000 39,325
Newcourt Credit Group, Inc.
7.125%, 12/17/03 ............. 70,000 69,442
6.875%, 2/16/05 .............. 75,000 73,396
Norwest Corp., Series J
6.75%, 12/15/27 .............. 40,000 36,437
Paine Webber Group, Inc.
6.55%, 4/15/08 ............... 60,000 56,621
Series C
6.52%, 4/6/05 ................ 60,000 57,888
Presidential Life Insurance Co.
7.875%, 2/15/09 .............. 65,000 64,025
Provident Cos., Inc.
7.405%, 3/15/38 .............. 75,000 70,995
Salomon, Inc.
6.75%, 2/15/03 ............... 45,000 45,104
Sun Life Canada Capital Trust
8.526%, 5/26/49 .............. 185,000 184,569
The Money Store, Inc.
8.05%, 4/15/02 ............... 35,000 36,436
Toyota Motor Credit
5.625%, 11/13/03 ............. 75,000 72,628
Zurich Capital Trust
8.376%, 6/1/37 ............... 115,000 117,132
------------
3,904,828
------------
FOREIGN GOVERNMENT (0.5%)
Ontario Province
5.50%, 10/1/08 ............... 315,000 286,149
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
Province of Quebec
7.50%, 7/15/02 ............... $ 50,000 $ 51,343
5.75%, 2/15/09 ............... 185,000 170,208
------------
507,700
------------
INSURANCE (0.4%)
American General Finance Corp.
5.70%, 2/7/01 ................ 50,000 49,562
8.125%, 3/15/46 .............. 70,000 73,784
Conseco, Inc.
7.60%, 6/21/01 ............... 80,000 80,109
Hartford Life, Inc.
7.65%, 6/15/27 ............... 15,000 15,404
Prudential Insurance Co.
6.875%, 4/15/03 .............. 105,000 105,068
Transamerica Capital III
7.625%, 11/15/37 ............. 55,000 54,054
Travelers Property & Casualty,
Inc.
6.75%, 4/15/01 ............... 50,000 50,429
------------
428,410
------------
REAL ESTATE (0.4%)
Avalon Properties, Inc.
6.625%, 1/15/05 .............. 30,000 28,767
6.875%, 12/15/07 ............. 25,000 23,836
EOP Operating L.P.
6.375%, 1/15/02 .............. 35,000 34,551
6.75%, 2/15/08 ............... 145,000 137,241
6.80%, 1/15/09 ............... 100,000 94,141
Omega Healthcare Investors, Inc.
6.95%, 6/15/02 ............... 65,000 62,481
------------
381,017
------------
U.S. GOVERNMENT (8.6%)
U.S. Treasury Note
4.625%, 12/31/00 ............. 550,000 543,297
5.25%, 5/31/01 ............... 1,395,000 1,388,679
5.50%, 5/31/03 ............... 1,410,000 1,398,544
4.25%, 11/15/03 .............. 2,715,000 2,561,434
4.75%, 2/15/04 ............... 155,000 149,090
5.25%, 5/15/04 ............... 1,845,000 1,812,712
6.125%, 8/15/07 .............. 50,000 50,547
5.625%, 5/15/08 .............. 45,000 44,072
5.50%, 5/15/09 ............... 14,000 13,672
5.25%, 2/15/29 ............... 785,000 704,538
------------
8,666,585
------------
U.S. GOVERNMENT AGENCIES (7.3%)
Federal National Mortgage
Association
7.00%, 2/1/12 ................ 60,969 61,238
6.50%, 4/1/13 ................ 380,002 374,624
6.50%, 7/1/13 ................ 27,090 26,707
6.00%, 10/1/13 ............... 163,403 157,822
7.00%, 10/1/13 ............... 389,082 390,802
6.00%, 12/1/13 ............... 166,110 160,437
8.50%, 2/1/25 ................ 300,000 313,634
6.50%, 5/1/26 ................ 45,541 44,049
9.00%, 8/1/26 ................ 144,880 153,488
6.50%, 6/1/27 ................ 190,298 184,062
6.50%, 11/1/27 ............... 163,257 157,907
6.50%, 3/1/28 ................ 370,089 357,962
47
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
6.50%, 7/1/28 .................. $ 342,669 $ 331,441
7.00%, 7/1/28 .................. 274 271
6.50%, 8/1/28 .................. 405,957 392,655
6.50%, 9/1/28 .................. 151,317 146,358
6.50%, 10/1/28 ................. 76,055 73,563
6.50%, 11/1/28 ................. 28,565 27,629
6.50%, 11/1/28 ................. 70,224 67,923
6.50%, 2/1/29 .................. 264,644 255,972
6.50%, 3/1/29 .................. 574,799 554,497
Government National Mortgage Association
7.00%, 8/15/23 ................. 248,442 245,503
6.50%, 10/15/23 ................ 161,583 155,762
7.00%, 5/15/24 ................. 86,014 84,996
8.00%, 7/15/25 ................. 88,756 91,232
8.00%, 7/15/25 ................. 57,166 58,761
7.00%, 9/15/25 ................. 56,860 56,188
7.00%, 12/15/25 ................ 52,758 52,133
8.00%, 12/15/25 ................ 184,189 189,328
6.50%, 3/15/26 ................. 142,067 136,949
8.00%, 7/15/26 ................. 25,937 26,661
8.00%, 10/15/26 ................ 87,869 90,321
8.00%, 10/15/26 ................ 451,967 464,577
7.00%, 11/15/26 ................ 27,077 26,757
7.00%, 7/15/27 ................. 43,337 42,825
8.00%, 7/15/27 ................. 20,220 20,784
7.00%, 9/15/27 ................. 21,242 20,990
7.00%, 11/15/27 ................ 45,854 45,312
7.00%, 11/15/27 ................ 67,819 67,017
8.00%, 11/15/27 ................ 34,498 35,461
7.00%, 2/15/28 ................. 20,999 20,751
7.00%, 3/15/28 ................. 43,552 43,037
7.00%, 4/15/28 ................. 71,772 70,923
7.00%, 5/15/28 ................. 129,275 127,745
6.50%, 1/15/29 ................. 193,182 186,222
6.50%, 1/15/29 ................. 54,555 52,590
6.50%, 2/15/29 ................. 404,690 390,111
6.50%, 2/15/29 ................. 284,185 273,947
6.50%, 3/15/29 ................. 29,910 28,832
------------
7,338,756
------------
UTILITY--ELECTRIC (0.5%)
AES Eastern Energy
9.00%, 7/2/17 .................. 115,000 112,547
Arizona Public Service Co.
6.75%, 11/15/06 ................ 50,000 49,046
Baltimore Gas & Electric Co.
6.90%, 2/1/05 .................. 50,000 50,108
CalEnergy, Inc.
7.63%, 10/15/07 ................ 60,000 60,372
CMS Energy Corp.
7.00%, 1/15/05 ................. 25,000 23,890
Connecticut Light & Power Co.,
Series C
7.75%, 6/1/02 .................. 20,000 20,423
Niagara Mohawk Power Series G
7.75%, 10/1/08 ................. 40,000 41,215
Public Service Electric & Gas Co.
8.875%, 6/1/03 ................. 50,000 53,555
Texas Utilities Co.
7.46%, 1/1/15 .................. 40,000 40,812
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
Transamerican Energy Corp.,
Series B (Step Bond)
13.00%, 6/15/02 ................ $ 115,000 $ 10,350
------------
462,318
------------
UTILITY--GAS (0.1%)
Enron Corp.
6.40%, 7/15/06 ................. 40,000 38,165
Express Pipeline, Inc.
7.39%, 12/31/17 ................ 20,000 18,053
Louis Dreyfus Natural Gas Corp.
6.875%, 12/1/07 ................ 85,000 75,387
------------
131,605
------------
UTILITY--TELEPHONE (0.2%)
GTE Corp.
6.46%, 4/15/08 ................. 65,000 62,856
U.S. West Communications
5.625%, 11/15/08 ............... 40,000 36,249
WorldCom, Inc.
6.95%, 8/15/28 ................. 85,000 80,124
------------
179,229
------------
TOTAL CREDIT SENSITIVE ......... 24,763,342
------------
DIVERSIFIED (0.2%)
MISCELLANEOUS (0.2%)
Norsk Hydro A/S
6.36%, 1/15/09 ................. 120,000 112,862
Tyco International Group
6.375%, 6/15/05 ................ 90,000 87,706
------------
TOTAL DIVERSIFIED .............. 200,568
------------
ENERGY (1.4%)
COAL & GAS PIPELINES (0.2%)
Alliance Pipeline
7.77%, 6/30/15 ................. 70,000 70,525
Columbia Gas Systems, Inc.
6.61%, 11/28/02 ................ 65,000 64,858
El Paso Energy Corp.
6.75%, 5/15/09 ................. 40,000 38,386
Maritime & North
7.70%, 11/30/19 ................ 75,000 74,955
------------
248,724
------------
OIL--DOMESTIC (0.3%)
Coastal Corp.
6.50%, 6/1/08 .................. 25,000 23,849
6.95%, 6/2/28 .................. 75,000 68,614
Union Oil Co. of California
7.50%, 2/15/29 ................. 150,000 147,462
------------
239,925
------------
OIL--INTERNATIONAL (0.1%)
Conoco, Inc.
6.95%, 4/15/29 ................. 75,000 70,217
Statoil
6.50%, 12/1/28 ................. 75,000 67,905
------------
138,122
------------
OIL--SUPPLIES & CONSTRUCTION (0.4%)
Merey Sweeney L.P.
8.80%, 12/18/19 ................ 90,000 92,250
Petroleum Geo-Services
7.50%, 3/31/07 ................. 185,000 185,054
48
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
Petroleum Geo-Services ASA
7.125%, 3/20/28 ........................ $ 115,000 $ 105,704
------------
383,008
------------
RAILROADS (0.4%)
Burlington Northern Santa Fe
Corp.
6.125%, 3/15/09 ........................ 165,000 154,349
CSX Corp.
7.95%, 5/1/27 .......................... 260,000 268,568
------------
422,917
------------
TOTAL ENERGY ........................... 1,432,696
------------
TECHNOLOGY (0.9%)
OFFICE EQUIPMENT (0.2%)
International Business Machines
Corp.
7.125%, 12/1/96 ........................ 195,000 186,900
------------
TELECOMMUNICATIONS (0.7%)
AT&T Capital Corp.
6.60%, 5/15/05 ......................... 55,000 52,810
Sprint Capital Corp.
5.70%, 11/15/03 ........................ 75,000 72,139
6.125%, 11/15/08 ....................... 170,000 158,432
6.90%, 5/1/19 .......................... 50,000 46,531
TCI Communications, Inc.
8.75%, 8/1/15 .......................... 205,000 232,861
7.125%, 2/15/28 ........................ 110,000 105,548
WorldCom, Inc.
6.40%, 8/15/05 ......................... 100,000 97,830
------------
766,151
------------
TOTAL TECHNOLOGY ....................... 953,051
------------
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
TOTAL LONG-TERM DEBT SECURITIES (31.2%)
(Cost $32,600,640)...................... $ 31,495,654
------------
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENTS (7.5%)
Chase Securities, Inc., 4.70%,
dated 6/30/99, due 7/1/99, to be
repurchased at $7,561,987,
collateralized by $7,140,000 of
U.S. Treasury Notes, 7.00%,
due 7/15/06, valued at
7,735,380 .............................. 7,561,000 7,561,000
U.S. GOVERNMENT AGENCIES (1.4%)
Federal National Mortgage
Association (Discount Note),
7/15/99 ................................ 1,400,000 1,397,365
------------
TOTAL SHORT-TERM DEBT SECURITIES (8.9%)
(Cost/Amortized Cost
$8,958,083)............................. 8,958,365
------------
TOTAL INVESTMENTS (103.6%)
(Cost/Amortized Cost
$99,583,674)............................ 104,685,260
OTHER ASSETS
LESS LIABILITIES (-3.6%) ................ (3,704,072)
------------
NET ASSETS (100%) ........................ $100,981,188
============
- ---------------------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
49
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM BALANCED PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1999 the Portfolio had the following outstanding forward
commitment: (Note 1)
<TABLE>
<CAPTION>
PROCEEDS ON CURRENT UNREALIZED
FORWARD SELL PRINCIPAL ORIGINATION DATE VALUE DEPRECIATION
- -------------------------------------- ----------- ------------------ ----------- -------------
<S> <C> <C> <C> <C>
Federal National Mortgage
Association TBA 6.50%, 7/15/29..... $900,000 $863,859 $868,212 $ (4,353)
========
</TABLE>
At June 30, 1999 the Portfolio had an outstanding foreign currency contract to
buy foreign currency 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 BUY CONTRACT
European Union, expiring 9/15/99 ......... 3 $3,114 $3,116 $2
==
</TABLE>
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities. ......... $62,697,410
U.S. Government Securities .............................. 16,636,064
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .......... 42,408,524
U.S. Government Securities .............................. 15,928,147
As of June 30, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ................. $ 7,778,541
Aggregate gross unrealized depreciation ................. (2,676,955)
------------
Net unrealized appreciation ............................. $ 5,101,586
============
Federal income tax cost of investments .................. $ 99,583,674
============
At June 30, 1999 the Portfolio had loaned securities with a total value of
$6,406,283, which was secured by collateral valued at $6,543,076 in the form of
U.S. Government securities.
See Notes to Financial Statements.
50
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BASIC MATERIALS (6.6%)
CHEMICALS (3.6%)
Dow Chemical Co. ...................... 43,065 $ 5,463,872
E.I. Du Pont de Nemours & Co. 100,706 6,879,479
Monsanto Co. .......................... 130,040 5,128,452
Union Carbide Corp. Holding
Co. ................................. 62,455 3,044,681
------------
20,516,484
------------
CHEMICALS--SPECIALTY (0.4%)
PPG Industries, Inc. .................. 35,705 2,108,827
------------
METALS & MINING (0.7%)
Alcoa, Inc. ........................... 68,520 4,239,675
------------
PAPER (1.9%)
Boise Cascade Corp. ................... 191,830 8,248,690
Weyerhaeuser Co. ...................... 40,955 2,815,656
------------
11,064,346
------------
TOTAL BASIC MATERIALS ............... 37,929,332
------------
BUSINESS SERVICES (3.5%)
ENVIRONMENTAL CONTROL (0.5%)
Waste Management, Inc. ................ 51,920 2,790,700
------------
PRINTING, PUBLISHING,
BROADCASTING (1.4%)
McGraw Hill Cos., Inc. ................ 63,896 3,446,390
Times Mirror Co., Class A ............. 72,675 4,305,994
------------
7,752,384
------------
PROFESSIONAL SERVICES (1.6%)
Electronic Data Systems Corp. ......... 69,025 3,904,227
Service Corp. International ........... 285,735 5,500,399
------------
9,404,626
------------
TOTAL BUSINESS SERVICES ............. 19,947,710
------------
CAPITAL GOODS (6.2%)
AEROSPACE (3.0%)
Allied Signal, Inc. ................... 40,980 2,581,740
Boeing Co. ............................ 149,525 6,607,136
Northrop Grumman Corp. ................ 48,100 3,189,631
Raytheon Co., Class A ................. 69,820 4,808,853
------------
17,187,360
------------
BUILDING & CONSTRUCTION (0.5%)
Parker-Hannifin Corp. ................. 62,820 2,874,015
------------
ELECTRICAL EQUIPMENT (1.7%)
Cooper Industries, Inc. ............... 37,285 1,938,820
Emerson Electric Co. .................. 63,495 3,992,248
Rockwell International Corp. .......... 59,935 3,641,051
------------
9,572,119
------------
MACHINERY (1.0%)
Caterpillar, Inc. ..................... 41,440 2,486,400
Deere & Co. ........................... 90,255 3,576,354
------------
6,062,754
------------
TOTAL CAPITAL GOODS ................. 35,696,248
------------
CONSUMER CYCLICALS (12.9%)
AIRLINES (1.9%)
Delta Airlines, Inc. .................. 96,320 5,550,440
Southwest Airlines Co. ................ 172,915 5,381,979
------------
10,932,419
------------
AUTO RELATED (1.4%)
Delphi Automotive Systems
Corp. ............................... 62,785 1,165,447
Lear Corp.* ........................... 37,480 1,864,630
TRW, Inc. ............................. 89,905 4,933,537
------------
7,963,614
------------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
AUTOS & TRUCKS (2.1%)
Ford Motor Co. ........................ 106,885 $ 6,032,322
General Motors Corp. .................. 89,835 5,929,110
------------
11,961,432
------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.7%)
Whirlpool Corp. ....................... 58,185 4,305,690
------------
LEISURE RELATED (1.9%)
Disney (Walt) Co. ..................... 104,335 3,214,822
Hasbro, Inc. .......................... 124,140 3,468,161
Mattel, Inc. .......................... 155,220 4,103,629
------------
10,786,612
------------
PHOTO & OPTICAL (1.1%)
Bausch & Lomb, Inc. ................... 30,335 2,320,628
Eastman Kodak Co. ..................... 58,523 3,964,933
------------
6,285,561
------------
RETAIL--GENERAL (3.8%)
Federated Department Stores,
Inc.* ............................... 102,125 5,406,242
K-Mart Corp.* ......................... 233,040 3,830,595
Rite Aid Corp. ........................ 216,915 5,341,532
Saks, Inc.* ........................... 116,030 3,350,366
Sears Roebuck & Co. ................... 87,905 3,917,267
------------
21,846,002
------------
TOTAL CONSUMER CYCLICALS ............ 74,081,330
------------
CONSUMER NON-CYCLICALS (15.2%)
BEVERAGES (1.6%)
Anheuser-Busch Cos., Inc. ............. 22,520 1,597,513
Pepsi Bottling Group, Inc. ............ 188,745 4,352,932
Seagram Co., Ltd. ..................... 69,345 3,493,254
------------
9,443,699
------------
CONTAINERS (1.9%)
Owens-Illinois, Inc.* ................. 197,985 6,471,635
Smurfit-Stone Container Corp.* ........ 206,810 4,252,530
------------
10,724,165
------------
DRUGS (5.5%)
American Home Products Corp. .......... 132,825 7,637,437
Bergen Brunswig Corp., Class A . 102,350 1,765,538
Bristol-Myers Squibb Co. .............. 100,520 7,080,377
Merck & Co., Inc. ..................... 103,075 7,627,550
Pharmacia & Upjohn, Inc. .............. 129,394 7,351,197
------------
31,462,099
------------
FOODS (2.7%)
General Mills, Inc. ................... 46,055 3,701,671
H.J. Heinz Co. ........................ 40,735 2,041,842
Kellogg Co. ........................... 67,330 2,221,890
Quaker Oats Co. ....................... 58,795 3,902,518
Sara Lee Corp. ........................ 160,522 3,641,843
------------
15,509,764
------------
HOSPITAL SUPPLIES & SERVICES (1.8%)
Baxter International, Inc. ............ 80,129 4,857,821
Mallinckrodt, Inc. .................... 65,995 2,400,568
Tenet Healthcare Corp.* ............... 158,925 2,950,045
------------
10,208,434
------------
SOAPS & TOILETRIES (0.8%)
Kimberly Clark Corp. .................. 76,760 4,375,320
------------
TOBACCO (0.9%)
Philip Morris Cos., Inc. .............. 133,665 5,371,662
------------
TOTAL CONSUMER NON-CYCLICALS 87,095,143
------------
CREDIT SENSITIVE (31.5%)
BANKS (11.6%)
BankAmerica Corp. ..................... 143,677 10,533,320
51
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Bank One Corp. ........................ 180,299 $ 10,739,059
BankBoston Corp. ...................... 80,180 4,099,203
Charter One Financial, Inc. ........... 208,555 5,800,436
Chase Manhattan Corp. ................. 43,195 3,741,767
Fleet Financial Group, Inc. ........... 84,890 3,766,994
J.P. Morgan & Co. ..................... 47,223 6,634,831
National City Corp. ................... 53,535 3,506,543
PNC Bank Corp. ........................ 94,126 5,424,011
U.S. Bancorp .......................... 156,225 5,311,650
Washington Mutual, Inc. ............... 133,870 4,735,651
Wells Fargo Co. ....................... 52,075 2,226,206
------------
66,519,671
------------
FINANCIAL SERVICES (3.3%)
Citigroup, Inc. ....................... 162,532 7,720,270
Lehman Brothers Holdings, Inc. ........ 112,460 7,000,635
Merrill Lynch & Co. ................... 50,335 4,023,654
------------
18,744,559
------------
INSURANCE (4.6%)
Allstate Corp. ........................ 118,070 4,235,761
American General Corp. ................ 95,029 7,162,811
Chubb Corp. ........................... 52,280 3,633,460
CIGNA Corp. ........................... 68,343 6,082,527
St. Paul Companies, Inc. .............. 133,165 4,236,312
Travelers Property & Casualty,
Inc., Class A ....................... 36,720 1,436,670
------------
26,787,541
------------
MORTGAGE RELATED (0.8%)
Fannie Mae ............................ 65,775 4,497,366
------------
UTILITY--ELECTRIC (3.8%)
Consolidated Edison, Inc. ............. 86,290 3,904,622
Dominion Resources, Inc. .............. 81,660 3,536,899
Duke Energy Corp. ..................... 63,230 3,438,131
Edison International .................. 131,620 3,520,835
Entergy Corp. ......................... 137,605 4,300,156
Texas Utilities Co. ................... 83,175 3,430,969
------------
22,131,612
------------
UTILITY--TELEPHONE (7.4%)
Ameritech Corp. ....................... 43,975 3,232,163
AT&T Corp. ............................ 158,037 8,820,440
Bell Atlantic Corp. ................... 91,255 5,965,796
GTE Corp. ............................. 102,170 7,739,377
SBC Communications, Inc. .............. 141,400 8,201,200
Sprint Corp. (Fon Group) .............. 79,114 4,178,208
U.S. WEST, Inc. ....................... 71,346 4,191,577
------------
42,328,761
------------
TOTAL CREDIT SENSITIVE .............. 181,009,510
------------
DIVERSIFIED (0.8%)
MISCELLANEOUS (0.8%)
Minnesota Mining &
Manufacturing Co. ................... 50,760 4,412,947
------------
ENERGY (11.3%)
COAL & GAS PIPELINES (1.3%)
Sonat, Inc. ........................... 101,245 3,353,740
Williams Cos., Inc. ................... 102,910 4,380,107
------------
7,733,847
------------
OIL--DOMESTIC (3.6%)
Atlantic Richfield Co. ................ 61,827 5,166,418
Chevron Corp. ......................... 53,385 5,081,585
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Occidental Petroleum Corp. ............ 219,905 $ 4,645,493
Tosco Corp. ........................... 100,020 2,594,269
Unocal Corp. .......................... 82,880 3,284,120
------------
20,771,885
------------
OIL--INTERNATIONAL (4.7%)
Conoco, Inc., Class A ................. 152,390 4,247,871
Exxon Corp. ........................... 101,786 7,850,245
Mobil Corp. ........................... 58,164 5,758,236
Phillips Petroleum Co. ................ 67,745 3,408,421
Royal Dutch Petroleum Co.
(N.Y. Shares) ....................... 96,980 5,843,045
------------
27,107,818
------------
OIL--SUPPLIES & CONSTRUCTION (1.0%)
Halliburton Co. ....................... 131,090 5,931,823
------------
RAILROADS (0.7%)
Burlington Northern Santa Fe
Corp. ............................... 122,623 3,801,313
------------
TOTAL ENERGY ........................ 65,346,686
------------
TECHNOLOGY (6.9%)
COMPUTER HARDWARE (0.4%)
Hewlett Packard Co. ................... 25,400 2,552,700
------------
ELECTRONICS (0.4%)
Seagate Technology, Inc.* ............. 94,760 2,428,225
------------
OFFICE EQUIPMENT (2.5%)
International Business Machines
Corp. ............................... 63,585 8,218,361
Xerox Corp. ........................... 105,184 6,212,430
------------
14,430,791
------------
OFFICE EQUIPMENT SERVICES (1.0%)
NCR Corp. ............................. 117,455 5,733,272
------------
TELECOMMUNICATIONS (2.6%)
Alltel Corp. .......................... 57,915 4,140,923
Motorola, Inc. ........................ 66,270 6,279,083
Nortel Networks Corp. ................. 49,545 4,301,125
------------
14,721,131
------------
TOTAL TECHNOLOGY .................... 39,866,119
------------
TOTAL COMMON STOCKS (94.9%)
(Cost $491,567,472) ................. 545,385,025
------------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (4.6%)
Chase Securities, Inc. 4.70%,
dated 6/30/99, due 7/1/99, to be
repurchased at $26,541,465
collateralized by $18,880,000 of
U.S. Treasury Bonds, 12.00%
due 8/15/13, valued at
$27,132,715 (Cost $26,538,000)....... $26,538,000 26,538,000
------------
TOTAL INVESTMENTS (99.5%)
(Cost $518,105,472) ................. 571,923,025
OTHER ASSETS
LESS LIABILITIES (0.5%) ............. 3,017,319
------------
NET ASSETS (100%) ..................... $574,940,344
============
- ----------
* Non-income producing
52
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $298,428,604
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 233,229,537
As of June 30, 1999 the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 66,183,602
Aggregate gross unrealized depreciation ................ (12,366,049)
-------------
Net unrealized appreciation ............................ $ 53,817,553
=============
Federal income tax cost of investments ................. $ 518,105,472
=============
At June 30, 1999 the Portfolio had loaned securities with a total value of
$77,570,422, which was secured by collateral of $79,141,528.
See Notes to Financial Statements.
53
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
AUSTRALIA (2.4%)
Cable & Wireless Optus Ltd. ........... 84,300 $ 191,221
Coles Meyer Ltd. ...................... 178,229 1,033,038
News Corp., Ltd. (ADR) ................ 92,567 3,268,772
------------
TOTAL AUSTRALIA ..................... 4,493,031
------------
LATIN AMERICA (4.6%)
BRAZIL (1.9%)
CEMIG (ADR) ........................... 37,800 788,856
CIA Energetica De Minas Gerais
(ADR) .............................. 1,300 27,130
Telecentro Sul (ADR) .................. 16,813 933,122
Telesp Celular Participacoes
(ADR) ............................... 41,140 1,100,495
Telesp Participacoes S.A. (ADR) 31,470 719,876
------------
3,569,479
------------
MEXICO (2.7%)
Carso Global Telecom * ................ 87,200 552,461
Coca Cola Femsa S.A. (ADR)* ........... 20,801 403,019
Grupo Televisa S.A. (GDR)* ............ 28,292 1,267,835
Telmex, Class L (ADR) ................. 22,881 1,849,071
Valores Industriales S.A. ............. 232,668 930,870
------------
5,003,256
------------
TOTAL LATIN AMERICA ................. 8,572,735
------------
CANADA (4.1%)
Abitibi-Consolidated, Inc. ............ 39,957 458,092
Bank of Nova Scotia ................... 41,368 898,023
BCE Mobile Communications,
Inc.* ............................... 27,200 830,337
BCE, Inc. ............................. 69,922 3,403,367
Bombardier, Inc., Class B ............. 36,107 551,121
National Bank of Canada ............... 304 3,980
Northern Telecom Ltd. ................. 2 171
Toronto Dominion Bank* ................ 35,800 1,621,091
------------
TOTAL CANADA ........................ 7,766,182
------------
JAPAN (18.9%)
Advantest Corp. ....................... 11,000 1,210,391
Benesse Corp. ......................... 6,500 707,165
Canon, Inc. ........................... 8,000 230,330
Chubu Electric Power Co., Inc. ........ 32,300 538,467
DDI Corp. ............................. 352 2,192,901
Eisai Co., Ltd. ....................... 30,000 591,958
Fujitsu Ltd. .......................... 199,600 4,021,064
Honda Motor Co., Ltd. ................. 22,000 933,730
Mabuchi Motor Co., Ltd. ............... 8,600 800,447
Matsushita Electric Industries
Co. ................................. 135,000 2,624,721
Mitsumi Electric Co., Ltd. ............ 300 8,389
Murata Manufacturing Co., Ltd. ........ 11,000 724,415
Nikko Securities Co., Ltd. ............ 581,000 3,754,125
Nippon Telegraph & Telephone
Corp. ............................... 267 3,114,669
Nippon Television Network
Corp. ............................... 2,610 1,079,672
Promise Co., Ltd. ..................... 26,800 1,585,340
Rohm Co. .............................. 5,000 783,900
Shin-Etsu Chemical Co. ................ 6,000 201,042
Shiseido Co., Ltd. .................... 123,000 1,845,967
Sony Corp. ............................ 21,600 2,332,092
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Takefuji Corp. ........................ 5,000 $ 517,498
TDK Corp. ............................. 6,000 549,516
Tokyo Electric Power .................. 50,300 1,063,262
Toshiba Corp. ......................... 220,000 1,570,779
Yamanouchi Pharmaceutical Co.,
Ltd. ................................ 67,000 2,566,476
------------
TOTAL JAPAN ......................... 35,548,316
------------
OTHER EUROPEAN COUNTRIES (35.0%)
FRANCE (10.5%)
Aerospatiale Matra* ................... 13,690 315,930
Aerospatiale Matra+ Section .......... 1,400 32,308
Banque Nationale de Paris ............. 15,287 1,275,390
Bouygues S.A. ......................... 7,069 1,870,751
Elf Aquitaine S.A. .................... 26,411 3,880,602
France Telecom S.A. ................... 11,114 840,596
Groupe Danone ......................... 3,397 876,890
Havas Advertising ..................... 170 36,669
Lafarge S.A. .......................... 15,463 1,472,089
Publicis S.A.* ........................ 2,150 455,094
Sanofi-Synthelabo S.A* ................ 33,640 1,429,339
Societe Generale Paris ................ 6,862 1,210,883
STMicroelectronics N.V.
(N.Y. Shares) ....................... 38,376 2,662,335
Television Francaise .................. 8,138 1,899,046
Vivendi ............................... 17,756 1,440,126
------------
19,698,048
------------
GERMANY (7.3%)
Bayerische Motoren Werek AG............ 1,364 949,256
Daimler/Chrysler AG ................... 30,932 2,705,209
Hoechst AG ............................ 83,242 3,756,067
Mannesmann AG ......................... 31,107 4,657,313
Volkswagen AG ......................... 26,197 1,692,494
------------
13,760,339
------------
GREECE (0.3%)
Hellenic Telecommunications
(ADR) ............................... 6,400 70,800
Hellenic Telecommunications
Organization S.A. ................... 24,951 535,497
------------
606,297
------------
IRELAND (1.6%)
Allied Irish Banks plc ................ 41,718 549,216
Bank of Ireland ....................... 25,811 434,404
CRH plc ............................... 120,249 2,135,597
------------
3,119,217
------------
ITALY (2.0%)
ENI S.p.A. (Registered) ............... 575,417 3,440,096
Mediaset S.p.A. ....................... 16,600 147,749
Monte Dei Paschi Di Siena*+ Section .. 62,100 275,721
------------
3,863,566
------------
NETHERLANDS (6.0%)
ABN-Amro Holdings N.V. ................ 68,275 1,480,438
Akzo Nobel ............................ 64,821 2,730,771
Gucci Group N.V.* ..................... 18,064 1,264,480
ING Groep N.V. ........................ 61,990 3,360,395
Koninklijke Ahold N.V. ................ 10,736 370,253
Laurus N.V. ........................... 25,307 587,939
Libertel N.V.*+ Section .............. 27,000 529,696
TNT Post Group N.V. ................... 14,843 354,799
54
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Vedior N.V. .......................... 19,113 $ 325,628
Vendex N.V. .......................... 11,490 307,276
------------
11,311,675
------------
PORTUGAL (0.7%)
Portugal Telecom S.A. ................ 34,952 1,423,733
------------
SPAIN (1.0%)
Telefonica de Espana S.A.* ........... 38,286 1,846,542
------------
SWITZERLAND (5.6%)
Cie Financiere Richemont,
Class A ............................ 1,538 2,963,601
Julius Baer Holding AG
(Bearer) ........................... 602 1,718,670
Novartis AG (Registered) ............. 677 990,391
Publicitas Holding S.A. .............. 2,195 1,202,391
Swisscom AG (Registered) ............. 6,270 2,363,827
UBS AG (Registered) .................. 4,240 1,267,874
------------
10,506,754
------------
TOTAL OTHER EUROPEAN COUNTRIES 66,136,171
------------
SCANDINAVIA (6.6%)
FINLAND (1.6%)
Huhtamaki OYJ ........................ 3,573 130,232
Nokia OYJ ............................ 30,153 2,646,420
Sampo Insurance Co., plc,
Class A ............................ 6,800 197,299
------------
2,973,951
------------
SWEDEN (5.0%)
Ericsson LM, Class B ................. 110,007 3,539,604
Investor Class B ..................... 78,222 877,446
Pharmacia & Upjohn, Inc. ............. 65,571 3,638,962
Sandvik AB, Class A .................. 9,060 198,445
Sandvik AB, Class B .................. 7,400 164,270
Svenska Hadelsbanken, Class A ........ 86,973 1,047,496
------------
9,466,223
------------
TOTAL SCANDINAVIA .................. 12,440,174
------------
SOUTHEAST ASIA (4.8%)
HONG KONG (2.6%)
China Telecom Ltd. ................... 1,106,000 3,072,103
First Pacific Co. .................... 844,000 717,992
Henderson Land Development
Co., Ltd. .......................... 100,000 574,869
Hutchison Whampoa Ltd. ............... 52,000 470,851
------------
4,835,815
------------
KOREA (1.5%)
Korea Electric Power ................. 28,396 1,179,998
Korea Telecom SP (ADR)* .............. 22,300 892,000
Samsung Electronics Co. .............. 3,992 437,999
Shinahan Bank Spons (GDR)* ........... 16,000 356,800
------------
2,866,797
------------
SINGAPORE (0.7%)
Development Bank of Singapore
(Foreign) .......................... 15,000 183,276
Overseas-Chinese Banking Corp.
(Foreign) .......................... 84,900 708,186
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
United Overseas Bank (Foreign)........ 69,000 $ 482,333
------------
1,373,795
------------
TOTAL SOUTHEAST ASIA ............... 9,076,407
------------
UNITED KINGDOM (16.0%)
Allied Zurich plc .................... 43,850 551,644
Anglian Water plc .................... 63,021 697,383
Bass plc ............................. 33,638 488,442
British Airways plc .................. 160,727 1,109,874
British Telecom plc .................. 245,965 4,124,443
Cable & Wireless plc ................. 145,503 1,855,712
Diageo plc ........................... 232,103 2,425,633
EMI Group plc ........................ 229,032 1,838,962
Granada Group plc .................... 124543 2,312,355
Hanson plc ........................... 9,900 88,001
National Westminster Bank ............ 90,778 1,926,023
Orange plc ........................... 60,400 886,092
Penninsular & Oriental Steam
Navigation Co. ..................... 58,033 871,964
Scottish Power plc ................... 138,500 1,197,262
Securicor plc ........................ 140,399 1,232,503
Shell Transport & Trading Co.,
plc ................................ 294,527 2,210,358
Siebe plc ............................ 115,100 545,151
SmithKline Beecham plc ............... 55,787 725,575
Smiths Industries plc ................ 78,397 1,036,340
Tesco plc ............................ 867,800 2,234,763
WPP Group plc ........................ 210,214 1,779,058
------------
TOTAL UNITED KINGDOM ............... 30,137,538
------------
TOTAL COMMON STOCKS: (92.4%)
(Cost $151,036,123) ................ 174,170,554
------------
PREFERRED STOCKS:
BRAZIL (0.3%)
Telecom de Sao Paulo S.A. ............ 645 76
Telesp S.A. .......................... 27,900,000 638,570
------------
638,646
------------
GERMANY (0.1%)
Volkswagen AG ........................ 3,986 149,812
------------
KOREA (0.3%)
SK Telecom ........................... 360 530,140
------------
SINGAPORE (0.2%)
Development Bank of Singapore 30,000 320,100
------------
TOTAL PREFERRED STOCKS (0.9%)
(Cost $1,340,487)................... 1,638,698
------------
CONVERTIBLE PREFERRED
STOCKS:
SINGAPORE (0.4%)
DBS Land Limited ..................... 14,000 146,796
Oversea-Chinese Banking Corp.,
Ltd. ............................... 47,000 365,270
Oversea-Chinese Banking Corp.,
Ltd. ............................... 36,000 274,320
------------
TOTAL CONVERTIBLE PREFERRED
STOCKS (0.4%) (Cost $509,399)....... 786,386
------------
55
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
RIGHTS:
BRAZIL (0.0%)
Telecom de Sao Paulo S.A.* ............ 98 $ --
------------
FRANCE (0.0%)
Bouyges* .............................. 7,069 18,832
------------
TOTAL RIGHTS (0.0%)
(Cost $14,321) ................... 18,832
------------
WARRANTS (1.0%)
KOREA (0.4%)
Pohang Iron Lehman, expiring
4/17/2000* .......................... 5,900 698,324
------------
SINGAPORE (0.6%)
Singapore Air, expiring
5/11/2000* .......................... 137,000 1,192,996
------------
TOTAL WARRANTS (1.0%)
(Cost $1,263,853).................... 1,891,320
------------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT
SECURITIES:
REPURCHASE AGREEMENTS (2.9%)
Chase Securities, Inc. 4.70%,
dated 6/30/99, due 7/1/99, to be
repurchased at $5,424,708,
collateralized by $5,120,000 of
U.S. Treasury Notes, 7.00%,
due 7/15/06, valued at
$5,545,339 (Cost $5,424,000)......... $5,424,000 5,424,000
------------
TOTAL INVESTMENTS (97.6%)
(Cost $159,588,183).................. 183,929,790
OTHER ASSETS
LESS LIABILITIES (2.4%) ............. 4,433,723
------------
NET ASSETS (100%) ..................... $188,363,513
============
- --------------------------------------------------------------------------------
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Common Stocks,
Preferred Stocks, Rights and Warrants
Basic Materials ................. 4.4%
Business Services ............... 7.8
Capital Goods ................... 6.7
Consumer Cyclicals .............. 10.1
Consumer Non-Cyclicals .......... 13.0
Credit Sensitive ................ 24.0
Diversified ..................... 3.3
Energy .......................... 5.5
Technology
Computer Hardware ............. 2.3
Computer Software ............. 0.3
Electronics ................... 5.4
Telecommunications ............ 17.2
----
Total Technology ................ 25.2
-----
100.0%
=====
- ---------------------
* Non-income producing
+ Securities except from registration under Rule 144A of the Securities Act
of 1933. These securities may only be resold to qualified institutional
buyers. At June 30, 1999 these securities amounted to $837,725 or 0.44%
of net assets
(Section) Iliquid security: is not actively traded
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
56
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1999 the Portfolio had outstanding foreign currency contracts to
buy / sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNT ORIGINATION CURRENT APPRECIATION
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------ ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACT
Australian Dollar, expiring 7/1/99-7/2/99 ......... 80 $ 52,696 $ 52,815 $ 120
European Union, expiring 7/6/99 -7/30/99 .......... 451 467,054 466,409 (645)
Japanese Yen, expiring 7/2/99 ..................... 106,209 878,176 878,708 530
British Pound, expiring 7/2/99-7/14/99 ............ 3,247 5,286,028 5,121,276 (164,751)
FOREIGN CURRENCY SELL CONTRACT
British Pound, expiring 7/14/99 ................... 2,740 4,461,865 4,322,653 139,212
European Union, expiring 7/2/99 ................... 13 12,969 12,972 (3)
Greek Drachma expiring 7/1/99 ..................... 683 2,180 2,170 9
Swiss Franc, expiring 7/2/99 ...................... 375 241,419 241,365 54
-----------
$ (25,474)
===========
</TABLE>
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $108,276,596
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 80,262,436
As of June 30, 1999 the the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 27,984,466
Aggregate gross unrealized depreciation ................ (3,642,859)
------------
Net unrealized appreciation ............................ $ 24,341,607
------------
Federal income tax cost of investments ................. $159,588,183
============
At June 30, 1999 the Portfolio had loaned securities with a total value of
$14,863,526, which was secured by collateral of $15,110,605.
As of December 31, 1998, the Portfolio had a net capital loss carryforward of
$1,651,370, which expires in the year 2006.
See Notes to Financial Statements.
57
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BASIC MATERIALS (1.8%)
CHEMICALS (1.4%)
E.I. Du Pont de Nemours & Co. 25,700 $ 1,755,631
Praxair, Inc. ........................ 45,500 2,226,656
------------
3,982,287
------------
CONTAINERS (0.4%)
Sealed Air Corp.* .................... 17,100 1,109,362
------------
TOTAL BASIC MATERIALS .............. 5,091,649
------------
BUSINESS SERVICES (9.3%)
PRINTING, PUBLISHING, BROADCASTING (7.3%)
AT&T Corp.--Liberty Media
Group, Class A* .................... 126,500 4,648,875
Clear Channel Communications,
Inc.* .............................. 15,800 1,089,213
Comcast Corp., Class A ............... 36,600 1,406,812
Interpublic Group, Inc. .............. 43,900 3,802,838
MediaOne Group, Inc.* ................ 44,800 3,332,000
Time Warner, Inc. .................... 82,600 6,071,100
------------
20,350,838
------------
PROFESSIONAL SERVICES (0.9%)
Pitney Bowes, Inc. ................... 38,300 2,460,775
------------
TRUCKING, SHIPPING (1.1%)
FDX Corp.* ........................... 37,600 2,039,800
Union Pacific Corp. .................. 21,700 1,265,381
------------
3,305,181
------------
TOTAL BUSINESS SERVICES ............ 26,116,794
------------
CAPITAL GOODS (6.5%)
AEROSPACE (2.5%)
Allied Signal, Inc. .................. 26,700 1,682,100
United Technologies Corp. ............ 75,000 5,376,562
------------
7,058,662
------------
ELECTRICAL EQUIPMENT (4.0%)
General Electric Co. ................. 87,200 9,853,600
Honeywell, Inc. ...................... 11,000 1,274,625
------------
11,128,225
------------
TOTAL CAPITAL GOODS ................ 18,186,887
------------
CONSUMER CYCLICALS (12.1%)
APPAREL & TEXTILES (1.0%)
GAP, Inc. ............................ 42,300 2,130,862
Nike, Inc., Class B .................. 11,300 715,431
------------
2,846,293
------------
LEISURE RELATED (2.3%)
Carnival Corp., Class A .............. 46,800 2,269,800
Viacom, Inc., Class B* ............... 96,200 4,232,800
------------
6,502,600
------------
PHOTO & OPTICAL (0.5%)
Bausch & Lomb, Inc. .................. 17,500 1,338,750
------------
RETAIL--GENERAL (8.3%)
Amazon.Com, Inc.* .................... 9,200 1,151,150
Best Buy Co., Inc.* .................. 27,200 1,836,000
Costco Co., Inc.* .................... 51,800 4,147,238
Dayton Hudson Corp. .................. 25,100 1,631,500
Home Depot, Inc. ..................... 72,400 4,665,275
TJX Cos., Inc. ....................... 93,300 3,108,056
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Wal-Mart Stores, Inc. ................ 137,300 $ 6,624,725
------------
23,163,944
------------
TOTAL CONSUMER CYCLICALS ........... 33,851,587
------------
CONSUMER NON-CYCLICALS (15.0%)
DRUGS (6.8%)
American Home Products Corp. ......... 52,000 2,990,000
Allergan, Inc. ....................... 8,800 976,800
Biogen, Inc.* ........................ 30,200 1,942,237
Immunex Corp.* ....................... 4,300 547,981
Pharmacia & Upjohn, Inc. ............. 51,000 2,897,438
Schering-Plough Corp. ................ 105,500 5,591,500
Warner Lambert Co. ................... 58,200 4,037,625
------------
18,983,581
------------
HOSPITAL SERVICES (1.7%)
Amgen, Inc.* ......................... 27,500 1,674,062
Johnson & Johnson .................... 33,000 3,234,000
------------
4,908,062
------------
RETAIL--FOOD AND DRUG STORES (3.3%)
CVS Corp. ............................ 77,200 3,946,850
Safeway, Inc.* ....................... 49,600 2,455,200
Walgreen Co. ......................... 103,000 3,025,625
------------
9,427,675
------------
SOAPS & TOILETRIES (3.2%)
Clorox Co. ........................... 14,800 1,580,825
Colgate Palmolive Co. ................ 26,800 2,646,500
Kimberly Clark Corp. ................. 28,800 1,641,600
Estee Lauder Cos., Class A ........... 63,900 3,202,988
------------
9,071,913
------------
TOTAL CONSUMER NON-CYCLICALS . 42,391,231
------------
CREDIT SENSITIVE (20.4%)
BANKS (4.6%)
BankAmerica .......................... 28,700 2,104,069
Comerica, Inc. ....................... 21,800 1,295,738
Fifth Third Bancorp .................. 31,300 2,083,406
First Security Corp. ................. 29,700 809,325
Firstar Corp. ........................ 124,400 3,483,200
Northern Trust Corp. ................. 8,200 795,400
Wells Fargo Co. ...................... 48,000 2,052,000
Zions Bancorporation ................. 4,400 279,400
------------
12,902,538
------------
FINANCIAL SERVICES (6.1%)
American Express Co. ................. 30,300 3,942,787
Capital One Financial Corp. .......... 26,000 1,447,875
Citigroup, Inc. ...................... 115,800 5,500,500
Charles Schwab Corp. ................. 21,600 2,373,300
Morgan Stanley Dean Witter
Discover & Co. ..................... 18,000 1,845,000
Providian Financial Corp. ............ 22,450 2,099,075
------------
17,208,537
------------
INSURANCE (3.3%)
Aflac, Inc. .......................... 26,000 1,244,750
American General Corp. ............... 22,600 1,703,475
American International Group,
Inc. ............................... 48,200 5,642,413
Lincoln National Corp. ............... 12,800 669,600
------------
9,260,238
------------
58
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
UTILITY--GAS (1.3%)
Enron Corp. ........................... 42,900 $ 3,507,075
------------
UTILITY--TELEPHONE (5.1%)
Bellsouth Corp. ....................... 56,700 2,657,813
SBC Communications, Inc. .............. 102,900 5,968,200
Sprint Corp. (Fon Group) .............. 108,400 5,724,875
------------
14,350,888
------------
TOTAL CREDIT SENSITIVE .............. 57,229,276
------------
DIVERSIFIED (3.6%)
MISCELLANEOUS (3.6%)
Tyco International Ltd. ............... 107,300 10,166,675
------------
ENERGY (2.0%)
OIL--INTERNATIONAL (2.0%)
Conoco, Inc., Class A ................. 39,100 1,089,913
Exxon Corp. ........................... 57,900 4,465,538
------------
TOTAL ENERGY ........................ 5,555,451
------------
TECHNOLOGY (26.2%)
COMPUTER HARDWARE (2.1%)
Hewlett Packard Co. ................... 27,200 2,733,600
Sun Microsystems, Inc.* ............... 48,000 3,306,000
------------
6,039,600
------------
COMPUTER SOFTWARE (4.7%)
America On-Line, Inc.* ................ 17,900 1,977,950
Microsoft Corp.* ...................... 124,600 11,237,363
------------
13,215,313
------------
ELECTRONICS (1.4%)
Solectron Corp.* ...................... 36,000 2,400,750
Texas Instruments, Inc. ............... 10,000 1,450,000
------------
3,850,750
------------
OFFICE EQUIPMENT (6.4%)
Apple Computer, Inc.* ................. 26,500 1,227,281
Cisco Systems, Inc.* .................. 78,800 5,082,600
Comverse Technology, Inc.* ............ 18,700 1,411,850
EMC Corp.* ............................ 29,500 1,622,500
Unisys Corp.* ......................... 43,900 1,709,356
International Business Machines
Corp. ............................... 46,700 6,035,975
Lexmark International Group,
Inc.* ............................... 11,900 786,144
------------
17,875,706
------------
TELECOMMUNICATIONS (11.6%)
Alltel Corp. .......................... 17,800 1,272,700
CMG Information Services, Inc.* 8,900 1,015,156
Lucent Technologies, Inc. ............. 112,600 7,593,463
MCI WorldCom, Inc.* ................... 61,900 5,338,875
Motorola, Inc. ........................ 60,400 5,722,900
Nokia OYJ (ADR) ....................... 30,100 2,756,031
Qualcomm, Inc.* ....................... 17,600 2,525,600
Sprint Corp. (PCS Group)* ............. 23,400 1,336,725
Tellabs, Inc.* ........................ 38,400 2,594,400
Vodafone Group plc (ADR) .............. 12,050 2,373,850
------------
32,529,700
------------
TOTAL TECHNOLOGY .................... 73,511,069
------------
TOTAL COMMON STOCKS (96.9%)
(Cost $222,895,693) ................. 272,100,619
------------
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENTS (2.9%)
Chase Securities, Inc. 4.70%,
dated 6/30/99, due 7/1/99, to be
repurchased at $8,068,053
collateralized by $7,615,000 of
U.S. Treasury Notes, 7.00%
due 7/15/06, valued at
$8,249,989 (Cost $8,067,000)......... $8,067,000 $ 8,067,000
------------
TOTAL INVESTMENTS (99.8%)
(Cost $230,962,693) ................. 280,167,619
OTHER ASSETS
LESS LIABILITIES (0.2%) ............. 443,367
------------
NET ASSETS (100%) ..................... $280,610,986
============
- ---------------------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
59
<PAGE>
EQ ADVISORS TRUST
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $176,602,657
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 96,241,932
As of June 30, 1999 the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ............... $ 51,069,451
Aggregate gross unrealized depreciation ............... (1,864,525)
-------------
Net unrealized appreciation ........................... $ 49,204,926
=============
Federal income tax cost of investments ................ $ 230,962,693
=============
At June 30, 1999 the Portfolio had loaned securities with a total value of
$8,571,847, which was secured by collateral of $8,438,869.
The value of the collateral was sufficient at the time loan agreements were
entered into. As a result of an increase in the market value of the loaned
securities on June 30, 1999, the Portfolio was furnished with additional
collateral on the following business day.
As of December 31, 1998, the Portfolio had a net capital loss carryforward of
$4,282,990 which expires in the year 2006.
See Notes to Financial Statements.
60
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BASIC MATERIALS (10.7%)
CHEMICALS (5.7%)
Dow Chemical Co. ...................... 31,200 $ 3,958,500
E.I. Du Pont de Nemours & Co. 46,100 3,149,206
Great Lakes Chemical Corp. ............ 45,500 2,095,844
Hercules, Inc. ........................ 71,600 2,814,775
Imperial Chemical Industries plc
(ADR) ............................... 27,300 1,085,175
Nalco Chemical Co. .................... 41,100 2,132,063
Witco Corp. ........................... 61,900 1,238,000
------------
16,473,563
------------
CHEMICALS--SPECIALTY (0.6%)
Arch Chemicals, Inc. .................. 12,450 302,690
PPG Industries, Inc. .................. 25,100 1,482,469
------------
1,785,159
------------
METALS & MINING (1.9%)
Inco Ltd. ............................. 56,500 1,017,000
Newmont Mining Corp. .................. 56,900 1,130,888
Phelps Dodge Corp. .................... 19,500 1,207,781
Reynolds Metals Co. ................... 34,200 2,017,800
------------
5,373,469
------------
PAPER (2.5%)
Consolidated Papers, Inc. ............. 47,600 1,273,300
Fort James Corp. ...................... 45,200 1,711,950
International Paper Co. ............... 84,222 4,253,197
------------
7,238,447
------------
TOTAL BASIC MATERIALS ............... 30,870,638
------------
BUSINESS SERVICES (4.8%)
ENVIRONMENTAL CONTROL (1.8%)
Browning-Ferris Industries, Inc. ...... 60,800 2,614,400
Pall Corp. ............................ 85,900 1,905,906
Waste Management, Inc. ................ 11,034 593,078
------------
5,113,384
------------
PRINTING, PUBLISHING,
BROADCASTING (2.5%)
Donnelley (R.R.) & Sons Co. ........... 40,800 1,512,150
Dow Jones & Co., Inc. ................. 32,400 1,719,225
Knight Ridder, Inc. ................... 44,000 2,417,250
Readers Digest Association, Inc.,
Class A (Non-Voting) ................ 41,400 1,645,650
------------
7,294,275
------------
TRUCKING, SHIPPING (0.5%)
Alexander & Baldwin, Inc. ............. 21,100 469,475
GATX Corp. ............................ 23,400 890,662
------------
1,360,137
------------
TOTAL BUSINESS SERVICES ............. 13,767,796
------------
CAPITAL GOODS (5.6%)
AEROSPACE (2.0%)
Allied Signal, Inc. ................... 37,200 2,343,600
Boeing Co. ............................ 39,500 1,745,406
Lockheed Martin Corp. ................. 45,400 1,691,150
------------
5,780,156
------------
BUILDING & CONSTRUCTION (0.7%)
Armstrong World Industries,
Inc. ................................ 36,900 2,133,281
------------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.4%)
The Stanley Works ..................... 37,300 $ 1,200,594
------------
ELECTRICAL EQUIPMENT (2.5%)
Cooper Industries, Inc. .............. 31,400 1,632,800
General Electric Co. .................. 18,300 2,067,900
Honeywell, Inc. ....................... 15,400 1,784,475
Hubbell, Inc., Class B ................ 34,700 1,574,513
------------
7,059,688
------------
TOTAL CAPITAL GOODS ................. 16,173,719
------------
CONSUMER CYCLICALS (6.8%)
AUTO RELATED (1.2%)
Delphi Automotive Systems
Corp. ............................... 1,732 32,150
Genuine Parts Co. ..................... 64,100 2,243,500
TRW, Inc. ............................. 24,200 1,327,975
------------
3,603,625
------------
AUTOS & TRUCKS (0.4%)
General Motors Corp. .................. 15,500 1,023,000
------------
FOOD SERVICES, LODGING (1.2%)
Hilton Hotels Corp. ................... 58,600 831,387
Starwood Hotels & Resorts
Worldwide, Inc. ..................... 84,097 2,570,215
------------
3,401,602
------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.8%)
Whirlpool Corp. ....................... 29,900 2,212,600
------------
LEISURE RELATED (0.2%)
Disney (Walt) Co. ..................... 20,300 625,494
------------
PHOTO & OPTICAL (1.0%)
Eastman Kodak Co. ..................... 44,000 2,981,000
------------
RETAIL--GENERAL (2.0%)
Fortune Brands, Inc. .................. 35,500 1,468,812
J.C. Penny Co. ....................... 34,200 1,660,838
May Department Stores Co. ............. 33,550 1,371,356
Toys-R-Us, Inc.* ...................... 63,000 1,303,313
------------
5,804,319
------------
TOTAL CONSUMER CYCLICALS ............ 19,651,640
------------
CONSUMER NON-CYCLICALS (16.8%)
BEVERAGES (2.0%)
Anheuser-Busch Cos., Inc. ............. 42,200 2,993,562
Brown-Forman Corp., Class B ........... 31,600 2,059,925
PepsiCo, Inc. ......................... 20,000 773,750
------------
5,827,237
------------
CONTAINERS (0.4%)
Tupperware Corp. ...................... 38,700 986,850
------------
DRUGS (4.0%)
Abbott Laboratories ................... 40,700 1,851,850
American Home Products Corp............ 76,400 4,393,000
Merck & Co., Inc. ..................... 16,300 1,206,200
Pharmacia & Upjohn, Inc. .............. 72,200 4,101,863
------------
11,552,913
------------
FOODS (5.8%)
Campbell Soup Co. ..................... 38,800 1,799,350
General Mills, Inc. ................... 50,800 4,083,050
61
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
H.J. Heinz Co. ........................ 44,900 $ 2,250,612
Hershey Foods Corp. ................... 28,400 1,686,250
Kellogg Co. ........................... 44,300 1,461,900
McCormick & Co., Inc.
(Non-Voting) ........................ 57,400 1,811,688
Nabisco Group Holdings ................ 58,000 1,134,625
Quaker Oats Co. ....................... 35,400 2,349,675
Unilever N.V. ......................... 2,100 144,195
------------
16,721,345
------------
HOSPITAL SUPPLIES & SERVICES (0.3%)
Smith & Nephew plc .................... 296,700 903,303
------------
SOAPS & TOILETRIES (2.2%)
International Flavors &
Fragrances, Inc. .................... 66,400 2,946,500
Kimberly Clark Corp. ................. 61,200 3,488,400
------------
6,434,900
------------
TOBACCO (2.1%)
Philip Morris Cos., Inc. .............. 75,600 3,038,175
RJ Reynolds Tobacco Holdings*.......... 19,333 608,990
UST, Inc. ............................. 81,300 2,378,025
------------
6,025,190
------------
TOTAL CONSUMER NON-CYCLICALS 48,451,738
------------
CREDIT SENSITIVE (29.9%)
BANKS (8.4%)
BankAmerica Corp. .................... 25,100 1,840,144
Bank One Corp. ........................ 44,450 2,647,553
BankBoston Corp. ..................... 29,700 1,518,413
Chase Manhattan Corp. ................. 25,000 2,165,625
Fleet Financial Group, Inc. ........... 50,000 2,218,750
J.P. Morgan & Co. ..................... 22,900 3,217,450
KeyCorp ............................... 23,200 745,300
Mellon Bank Corp. ..................... 144,800 5,267,100
Mercantile Bankshares Corp. ........... 33,550 1,186,831
National City Corp. ................... 21,800 1,427,900
Wells Fargo Co. ...................... 46,800 2,000,700
------------
24,235,766
------------
FINANCIAL SERVICES (3.5%)
Citigroup, Inc. ....................... 77,600 3,686,000
Dun & Bradstreet Corp. ................ 40,300 1,428,131
Fannie Mae ............................ 45,900 3,138,413
H&R Block, Inc. ....................... 34,800 1,740,000
------------
9,992,544
------------
INSURANCE (5.1%)
American General Corp. ................ 38,300 2,886,863
Chubb Corp. ........................... 25,900 1,800,050
Lincoln National Corp. ................ 33,200 1,736,775
Safeco Corp. .......................... 53,700 2,369,512
St. Paul Companies, Inc. .............. 81,566 2,594,818
Transamerica Corp. .................... 27,100 2,032,500
XL Capital Ltd. Class A ............... 20,300 1,146,950
------------
14,567,468
------------
REAL ESTATE (1.2%)
Cresent Real Estate
Equities Co. ........................ 42,000 997,500
Rouse Co. ............................. 28,300 718,112
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Simon Property Group, Inc. ............ 72,300 $ 1,834,613
------------
3,550,225
------------
UTILITY--ELECTRIC (4.5%)
Constellation Energy Group ............ 21,900 648,787
DQE, Inc. ............................. 35,400 1,420,425
Duke Energy Corp. ..................... 33,500 1,821,563
Entergy Corp. ......................... 35,400 1,106,250
FirstEnergy Corp. ..................... 58,270 1,806,370
Niagara Mohawk Holdings, Inc.*......... 33,200 533,275
Pacificorp ............................ 63,100 1,159,463
Southern Co. .......................... 69,100 1,831,150
TECO Energy, Inc. ..................... 33,500 762,125
Unicom Corp. .......................... 51,300 1,978,256
------------
13,067,664
------------
UTILITY--GAS (0.5%)
Reliant Energy, Inc. .................. 48,500 1,339,812
------------
UTILITY--TELEPHONE (6.7%)
AT&T Corp. ............................ 24,100 1,345,081
Bell Atlantic Corp. ................... 48,500 3,170,688
Bellsouth Corp. ....................... 18,700 876,563
GTE Corp. ............................. 57,100 4,325,325
SBC Communications, Inc. .............. 108,581 6,297,698
Telebras S.A. (ADR)* .................. 16,100 1,006
Telebras S.A. (ADR) (Block) ........... 18,700 1,686,506
U.S. WEST, Inc. ....................... 28,900 1,697,875
------------
19,400,742
------------
TOTAL CREDIT SENSITIVE .............. 86,154,221
------------
DIVERSIFIED (1.3%)
MISCELLANEOUS (1.3%)
Minnesota Mining &
Manufacturing Co. ................... 35,700 3,103,669
Olin Corp. ............................ 35,500 468,156
Unilever N.V. ......................... 4,000 269,907
------------
3,841,732
------------
ENERGY (15.7%)
OIL--DOMESTIC (5.5%)
Atlantic Richfield Co. ................ 48,400 4,044,425
Chevron Corp. ......................... 37,900 3,607,606
Exxon Corp. ........................... 59,600 4,596,650
Mobil Corp. ........................... 37,900 3,752,100
------------
16,000,781
------------
OIL--INTERNATIONAL (3.9%)
Amerada Hess Corp. .................... 45,000 2,677,500
Phillips Petroleum Co. ................ 21,600 1,086,750
Royal Dutch Petroleum Co.
(NY Shares) ......................... 50,500 3,042,625
Texaco, Inc. .......................... 52,000 3,250,000
USX-Marathon Group, Inc. .............. 37,900 1,234,119
------------
11,290,994
------------
OIL--SUPPLIES &
CONSTRUCTION (3.4%)
Baker Hughes, Inc. .................... 81,400 2,726,900
BP Amoco plc (ADR) .................... 45,024 4,885,104
Unocal Corp. ......................... 54,400 2,155,600
------------
9,767,604
------------
62
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
RAILROADS (2.9%)
Burlington Northern Santa Fe
Corp. .................................... 47,000 $ 1,457,000
Norfolk Southern Corp. ..................... 101,700 3,063,712
Union Pacific Corp. ........................ 64,700 3,772,819
------------
8,293,531
------------
TOTAL ENERGY ............................. 45,352,910
------------
TECHNOLOGY (3.7%)
COMPUTER HARDWARE (1.3%)
Compaq Computer Corp. ...................... 30,500 722,469
Hewlett Packard Co. ........................ 31,000 3,115,500
------------
3,837,969
------------
TELECOMMUNICATIONS (2.4%)
Alltel Corp. ............................... 70,800 5,062,200
BCE, Inc. .................................. 38,600 1,903,462
------------
6,965,662
------------
TOTAL TECHNOLOGY ......................... 10,803,631
------------
TOTAL COMMON STOCKS (95.3%)
(Cost $244,055,888) ...................... 275,068,025
------------
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
SHORT-TERM DEBT
SECURITIES:
CERTIFICATES OF DEPOSIT (0.7%)
First Bank of Tennessee, 4.90%,
7/6/99+ Section ........................ $2,000,000 $ 1,999,999
------------
COMMERCIAL PAPER (3.7%)
Beta Finance 5.25%, 7/26/99+ Section ..... 2,000,000 1,992,708
Commonwealth Bank of
Australia 4.8% ,8/10/99+ Section ....... 1,000,000 994,666
Diageo Capital 5.75% ,7/1/99+ Section .... 2,831,000 2,831,000
Dresdner US Financial 4.82%,
8/9/99+ Section ........................ 1,000,000 994,779
Jefferson Pilot 5.02%, 7/8/99+ Section ... 2,000,000 1,998,048
Park Avenue Receivable Co.
5.05%, 7/15/99+ Section ................ 2,000,000 1,996,072
------------
10,807,273
------------
TOTAL SHORT-TERM DEBT SECURITIES (4.4%)
(Amortized Cost $12,807,272) ............ 12,807,272
------------
TOTAL INVESTMENTS (99.7%)
(Cost/Amortized Cost
$256,863,160)......................... 287,875,297
OTHER ASSETS
LESS LIABILITIES (0.3%) ................. 768,116
------------
NET ASSETS (100%) ......................... $288,643,413
============
- ----------
* Non-income producing
+ Securities except from registration under Rule 144A of the Securities
Act of 1933. These securities may only be resold to qualified
institutional buyers. At June 30, 1999 these securities amounted to
$12,807,272 or 4.44% of net assets
(Section) Illiquid security: is not actively traded
Glossary:
ADR--American Depositary Receipt
Block--Shares represent each of the twelve holding companies that
were formed following the September 21, 1998 break-up of Telebras
S.A.
63
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE EQUITY INCOME PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $54,102,122
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 38,143,876
As of June 30, 1999 the the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 38,281,155
Aggregate gross unrealized depreciation ................ (7,269,018)
------------
Net unrealized appreciation ............................ $ 31,012,137
============
Federal income tax cost of investments ................. $256,863,160
============
At June 30, 1999 the Portfolio had loaned securities with a total value of
$26,935,752, which was secured by collateral of $27,464,660
For the period from January 1, 1999 to June 30, 1999 the Portfolio incurred
approximately $1,345 of brokerage commissions with Donaldson, Lufkin & Jenrette
Securities Corp., an affiliated broker/dealer.
See Notes to Financial Statements.
64
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
AUSTRALIA & NEW ZEALAND (2.6%)
AUSTRALIA (2.4%)
Australian Gas & Light Co., Ltd. 27,810 $ 168,525
Brambles Industries Ltd. ........... 10,000 262,441
Broken Hill Property Ltd. .......... 27,000 311,567
Colonial Ltd. ...................... 95,676 337,525
Commonwealth Bank of
Australia ........................ 26,597 421,790
Lend Lease Corp. ................... 15,216 208,123
News Corp., Ltd. ................... 41,084 349,200
Publishing & Broadcasting Ltd. ..... 58,000 381,305
Sydney Harbour Casino
Holdings ......................... 107,200 103,911
Tabcorp Holdings Ltd. .............. 31,000 208,093
Telstra Corp., Ltd. ................ 94,305 538,333
Westpac Banking Corp. .............. 69,520 449,247
------------
3,740,060
------------
NEW ZEALAND (0.2%)
Telecom Corp. of New Zealand
Ltd. ............................. 73,000 313,448
------------
TOTAL AUSTRALIA & NEW
ZEALAND ....................... 4,053,508
------------
CANADA (0.2%)
Alcan Aluminum Ltd. ................ 6,620 209,948
Royal Bank of Canada ............... 1,800 79,370
------------
TOTAL CANADA ..................... 289,318
------------
JAPAN (17.4%)
Canon, Inc. ........................ 56,000 1,612,311
Citizen Watch Co., Ltd. ............ 18,000 156,366
Daiichi Pharma Co., Ltd. ........... 26,000 403,971
Daiwa House Industry Co., Ltd. ..... 32,000 337,023
DDI Corp. .......................... 71 442,318
Denso Corp. ........................ 50,000 1,017,622
East Japan Railway Co. ............. 73 392,571
Fanuc .............................. 7,300 392,571
Fujitsu Ltd. ....................... 26,000 523,786
Hitachi Ltd. ....................... 62,000 582,196
Honda Motor Co., Ltd. .............. 4,000 169,769
Ito Yokado Co., Ltd. ............... 8,000 536,113
Kao Corp. .......................... 29,000 815,752
Kokuyo ............................. 17,000 274,262
Komori Corp. ....................... 15,000 270,539
Kuraray Co., Ltd. .................. 37,000 445,702
Kyocera Corp. ...................... 14,000 822,371
Makita Corp. ....................... 23,000 260,503
Marui Co., Ltd. .................... 40,000 661,868
Matsushita Electric Industries
Co. .............................. 66,000 1,283,197
Mitsubishi Corp. ................... 39,000 264,582
Mitsubishi Heavy Industries Ltd. 172,000 698,701
Mitsui Fudosan Co., Ltd. ........... 84,000 681,062
Murata Manufacturing Co., Ltd. ..... 20,000 1,317,118
NEC Corp. .......................... 85,000 1,058,368
Nippon Telegraph & Telephone
Corp. ............................ 120 1,399,851
Nomura Securities Co. .............. 56,000 656,507
NTT Mobile Communications .......... 13 176,388
NTT Mobile Communications* ......... 52 696,947
Sankyo Co. ......................... 44,000 1,110,284
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Sekisui Chemical Co. ............... 55,000 $ 319,434
Sekisui House Ltd. ................. 33,000 356,565
Seven-Eleven Japan Co., Ltd. ....... 4,000 392,488
Shin-Etsu Chemical Co. ............. 20,000 670,141
Shiseido Co., Ltd. ................. 20,000 300,157
Sony Corp. ......................... 15,800 1,705,882
Sumitomo Corp. ..................... 68,000 497,890
Sumitomo Electric Industries ....... 78,000 887,962
TDK Corp. .......................... 14,000 1,282,204
Tokio Marine & Fire Insurance
Co. .............................. 16,000 174,071
Tokyo Electron Ltd. ................ 6,000 407,545
Toppan Printing Co., Ltd. .......... 30,000 335,319
Toshiba Corp. ...................... 22,000 157,078
Uny Co., Ltd. ...................... 18,000 271,035
------------
TOTAL JAPAN ...................... 27,218,390
------------
LATIN AMERICA (3.8%)
ARGENTINA (0.7%)
Banco Frances Rio Plata (ADR)....... 4,370 83,030
Banco Galicia Y Bueno (ADR) ........ 2,791 56,526
Telefonica de Argentina (ADR)....... 7,450 233,744
YPF S.A., Class D (ADR) ............ 16,031 609,178
------------
982,478
------------
BRAZIL (1.5%)
CEMIG (ADR) ........................ 5,223 109,000
Pao de Acucar (ADR) ................ 8,875 165,852
Telebras S.A. (ADR)* ............... 19,081 1,193
Telebras S.A. (ADR) (Block) ........ 20,020 1,805,554
Telecom de Sao Paulo S.A. .......... 1,213,295 143,305
Unibanco S.A. (GDR) ................ 5,675 136,555
------------
2,361,459
------------
CHILE (0.0%)
Chilectra S.A. (ADR)+ Section ...... 2,211 47,839
------------
MEXICO (1.6%)
Cemex S.A. ......................... 10,000 49,666
Cemex S.A. (ADR) ................... 27,000 265,780
Gruma S.A., Class B* ............... 15,509 25,511
Gruma SA S.A. (ADR)* ............... 3,525 23,793
Grupo Industrial Maseca S.A.,
Class B .......................... 84,000 49,920
Grupo Modelo S.A., Class C ......... 75,000 214,104
Grupo Televisa S.A. (GDR)* ......... 6,500 291,281
Kimberly Clark de Mexico,
Class A .......................... 48,000 197,644
Telefonos De Mexico (ADR) .......... 2,000 161,625
Telmex, Class L (ADR) .............. 13,000 1,050,563
TV Azteca S.A. (ADS)* .............. 5,800 30,088
Valores Industriales S.A. .......... 57,000 228,048
------------
2,588,023
------------
TOTAL LATIN AMERICA .............. 5,979,799
------------
OTHER EUROPEAN COUNTRIES (39.8%)
BELGIUM (1.4%)
Credit Communal
Holdings/Dexia ................... 1,105 164,755
Fortis (B) ......................... 20,050 630,392
Kredietbank N.V. ................... 19,010 1,128,650
UCB S.A. ........................... 5,060 216,824
------------
2,140,621
------------
65
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
FRANCE (9.6%)
Alcatel Alsthom ................... 4,740 $ 668,067
Banque Nationale de Paris ......... 4,400 367,091
Carrefour Supermarche ............. 7,266 1,069,103
Compagnie de Saint Gobain ......... 3,650 582,278
Credit Commercial de France ....... 4,199 454,377
Dexia France ...................... 844 113,117
Elf Acquitaine S.A. ............... 4,100 602,418
Groupe Danone ..................... 1,940 500,785
L'Oreal ........................... 490 331,649
Lafarge S.A. ...................... 2,301 219,057
Legrand S.A. ...................... 1,710 348,540
Pinault-Printemps-Redoute ......... 7,850 1,348,753
Sanofi-Synthelabo S.A* ............ 24,832 1,055,093
Schneider S.A. .................... 13,029 732,518
Societe Generale Paris ............ 2,875 507,328
Sodexho Alliance S.A. ............. 6,422 1,107,379
Stmicroelectronics ................ 8,340 556,299
Television Francaise .............. 2,940 686,065
Total S.A., Class B* .............. 11,110 1,435,095
Vivendi ........................... 27,883 2,261,492
------------
14,946,504
------------
GERMANY (5.6%)
Allianz AG (Registered) ........... 2,250 629,595
Bayer AG .......................... 12,012 500,459
Bayerische Vereinsbank AG ......... 16,698 1,063,797
Deutsche Bank AG .................. 12,091 737,835
Deutsche Telekom AG ............... 15,307 644,061
Dresdner Bank AG .................. 15,698 611,076
Gehe AG ........................... 19,290 890,326
Hoechst AG ........................ 4,500 203,050
Mannesmann AG ..................... 10,200 1,527,135
Meto AG* .......................... 4,190 20,829
Rhoen-Kilnikum AG ................. 2,180 220,593
SAP AG ............................ 1,860 638,578
Siemens AG ........................ 4,309 332,803
Veba AG ........................... 10,600 626,053
Volkswagen AG ..................... 2,730 176,375
------------
8,822,565
------------
IRELAND (0.1%)
CBT Group plc (ADR)* .............. 10,154 167,541
------------
ITALY (4.4%)
Assicurazioni Generali S.p.A. ..... 15,440 535,668
Banca di Roma ..................... 88,000 126,755
Banca Popolare Di Brescia ......... 18,000 772,241
Credito Italiano S.p.A. ........... 152,205 669,496
ENI S.p.A. (Registered) ........... 134,683 805,194
Istituto Bancario San Paolo
S.p.A. .......................... 41,800 569,717
Istituto Nazionale delle
Assicurazioni ................... 239,000 555,252
Italgas S.p.A. .................... 30,000 126,074
Mediolanum S.p.A. ................. 44,000 338,469
Tecnost S.p.A.* ................... 85,800 211,736
Telecom Italia Mobile S.p.A. ...... 202,000 1,207,645
Telecom Italia S.p.A. ............. 94,665 985,279
------------
6,903,526
------------
LUXEMBOURG (0.1%)
Societe Eurpeenne Satel (FDR)...... 810 117,718
------------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
NETHERLANDS (8.8%)
ABN-Amro Holdings N.V. ............ 30,140 $ 653,540
Akzo Nobel ........................ 3,480 146,605
ASM Lithography Holding N.V.* 15,940 923,338
CSM ............................... 11,470 573,808
Elsevier N.V. ..................... 55,357 643,035
Equant N.V.* ...................... 2,580 238,159
Fortis (NL) N.V. .................. 28,220 872,696
Gucci Group N.V. .................. 2,781 194,670
Gucci Group N.V. (N.Y. Shares)* 3,945 276,150
ING Groep N.V. .................... 38,680 2,096,791
Koninklijke Ahold N.V. ............ 25,258 871,073
Koninklijke KPN ................... 4,160 195,440
Koninklijkke Numico N.V. .......... 8,710 308,926
Philips Electronics N.V. .......... 10,966 1,083,075
Royal Dutch Petroleum Co. ......... 18,020 1,056,848
TNT Post Group N.V. ............... 4,310 103,024
Unilever N.V. ..................... 9,643 650,672
VNU N.V. .......................... 11,470 458,928
Wolters Kluwer .................... 63,240 2,520,510
------------
13,867,288
------------
PORTUGAL (0.6%)
Jeronimo Martins & Filho .......... 29,252 967,446
------------
RUSSIA (0.0%)
Gazprom (ADS)* .................... 3,131 35,302
------------
SPAIN (2.9%)
Argentaria Corp. Banc ............. 14,900 339,853
Banco Bilbao Vizcaya .............. 16,040 232,034
Banco Popular Espanol S.A. ........ 2,570 185,092
Banco Santander* .................. 69,868 728,633
Endesa S.A. ....................... 21,146 451,532
Gas Natural SDG S.A. .............. 4,180 304,281
Iberdrola S.A. .................... 34,430 525,082
Repsol S.A. ....................... 15,780 322,613
Telefonica de Espana S.A.* ........ 30,870 1,488,881
------------
4,578,001
------------
SWITZERLAND (6.3%)
ABB AG (Bearer) ................... 450 667,010
Adecco S.A. (Registered) .......... 1,860 998,505
CS Holdings ....................... 3,770 653,561
Nestle S.A. (Registered) .......... 1,370 2,473,010
Novartis AG (Registered) .......... 1,350 1,974,931
Roche Holdings AG ................. 130 1,338,790
Swisscom AG (Registered) .......... 620 233,744
UBS AG (Registered) ............... 5,339 1,596,504
------------
9,936,055
------------
TOTAL OTHER EUROPEAN
COUNTRIES .................... 62,482,567
------------
SCANDINAVIA (4.7%)
DENMARK (0.3%)
Den Danske Bank AS ................ 1,940 210,132
Tele Danmark AS ................... 3,900 191,718
Unidanmark AS, Class A
(Registered) .................... 1,510 100,650
------------
502,500
------------
FINLAND (0.9%)
Nokia OYJ ......................... 16,760 1,470,965
------------
66
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
NORWAY (0.8%)
Bergesen ASA, Class A ............. 810 $ 11,949
Norsk Hydro ASA ................... 12,820 484,204
Orkla ASA, Class A ................ 46,450 723,612
------------
1,219,765
------------
SWEDEN (2.7%)
ABB AB, Class A ................... 23,470 313,155
Atlas Copco AB, Class B ........... 14,860 400,057
Electrolux AB, Class B ............ 39,780 836,089
Esselte AB, Class B ............... 4,190 43,538
Granges AB ........................ 3,855 65,547
Hennes & Mauritz AB, Class B ...... 57,840 1,434,219
Nordbanken Holding AB ............. 119,449 700,982
Sandvik AB, Class B ............... 13,230 293,688
Securities AB, Class B ............ 10,728 160,876
------------
4,248,151
------------
TOTAL SCANDINAVIA ............... 7,441,381
------------
SOUTHEAST ASIA (3.7%)
CHINA (0.2%)
Huaneng Power International,
Inc. (ADR) ...................... 16,000 274,000
------------
HONG KONG (2.6%)
Cheung Kong Ltd. .................. 42,000 373,535
China Telecom Ltd. ................ 164,000 455,538
CLP Holdings Ltd. ................. 74,000 359,589
Dao Heng Bank Group Ltd. .......... 18,000 80,739
Henderson Land Development
Co., Ltd. ....................... 67,000 385,162
Hong Kong Telecommunications
Ltd. ............................ 92,600 240,502
HSBC Holdings plc ................. 16,000 583,633
Hutchison Whampoa Ltd. ............ 111,000 1,005,085
New World Development Co. ......... 82,000 245,737
Sun Hung Kai Properties Ltd. ...... 35,000 319,174
------------
4,048,694
------------
KOREA (0.4%)
Korea Telecom Corp. SP
(ADR)* .......................... 11,000 440,000
Samsung Electronics Co.
(Foreign) ....................... 378 41,474
SK Telecom Co., Ltd. .............. 117 156,674
------------
638,148
------------
SINGAPORE (0.5%)
Singapore Press Holdingd Ltd. ..... 19,429 330,982
United Overseas Bank (Foreign)..... 68,000 475,343
------------
806,325
------------
TOTAL SOUTHEAST ASIA ............ 5,767,167
------------
SOUTHERN CENTRAL ASIA (0.1%)
INDIA (0.1%)
Mahanagar Telephone Nigam
(Dematerialized) ................ 36,000 149,292
Mahanagar Telephone Nigam
Ltd. (GDR) ...................... 6,000 59,400
------------
TOTAL SOUTHERN CENTRAL ASIA ..... 208,692
------------
UNITED KINGDOM (18.6%)
Abbey National plc ................ 41,000 770,290
ASDA Group plc .................... 156,000 534,617
BG plc ............................ 49,529 302,754
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
British Petroleum Co., plc ........ 41,000 $ 735,365
Cable & Wireless plc .............. 105,000 1,339,146
Cadbury Schweppes plc ............. 165,000 1,051,536
Caradon plc ....................... 118,100 279,447
Centrica plc ...................... 37,800 88,846
Compass Group plc ................. 108,000 1,071,601
Diageo plc ........................ 190,592 1,991,816
Electrocomponents plc ............. 36,000 266,055
GKN plc ........................... 14,000 239,175
Glaxo Wellcome plc ................ 66,000 1,835,502
HAYS plc .......................... 13,000 137,089
John Laing plc, Class A ........... 9,000 44,615
Kingfisher plc .................... 175,000 2,015,207
Ladbroke Group plc ................ 64,000 253,908
National Westminster Bank ......... 167,000 3,543,215
Rank Group plc .................... 30,000 119,374
Reed International plc ............ 193,000 1,288,585
Rio Tinto plc (Registered) ........ 49,000 822,039
Rolls-Royce plc ................... 34,000 144,006
Safeway plc ....................... 81,000 324,866
Shell Transport & Trading Co.,
plc (Registered) ................ 363,000 2,724,233
Smith (David S) Holdings plc ...... 57,000 135,772
SmithKline Beecham plc ............ 231,800 3,014,830
Tesco plc ......................... 230,000 592,297
Tomkins plc ....................... 188,000 815,547
Unilever plc ...................... 75,000 667,860
United News & Media plc ........... 71,000 683,198
Zeneca Group plc .................. 36,169 1,400,139
------------
TOTAL UNITED KINGDOM ............ 29,232,930
------------
TOTAL COMMON STOCKS (90.9%)
(Cost $130,511,902) ............. 142,673,752
------------
PREFERRED STOCKS:
AUSTRALIA (0.2%)
News Corp., Ltd. .................. 36,404 276,295
------------
BRAZIL (0.4%)
Banco Bradesco S.A. ............... 13,277,000 66,779
Banco Itau S.A. ................... 158,000 80,808
CEMIG ............................. 5,147,177 108,208
Cia Cimento Portland Itau ......... 70,000 6,725
Petrobras S.A. .................... 2,042,654 316,297
Telesp Celular S.A., Class B ...... 911,706 47,401
------------
TOTAL BRAZIL .................... 626,218
------------
GERMANY (0.3%)
Fielmann AG ....................... 1,460 53,366
Fresenius AG ...................... 750 131,650
SAP AG (Non Voting) ............... 986 392,474
------------
TOTAL GERMANY ................... 577,490
------------
TOTAL PREFERRED STOCKS: (0.9%)
(Cost $1,874,751)................ 1,480,003
------------
RIGHTS:
KOREA (0.0%)
SK Telecom Co. Ltd.* (Cost $0)..... 26 34,816
------------
TOTAL INVESTMENTS (91.8%)
(Cost $132,386,653) ............. 144,188,571
OTHER ASSETS
LESS LIABILITIES (8.2%) ......... 12,812,208
------------
TOTAL NET ASSETS (100.0%) ......... $157,000,779
============
67
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- ------------------------------------------------------------------------
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Common Stocks,
Preferred Stocks and Rights
Basic Materials ................ 2.0%
Business Services .............. 6.8
Capital Goods .................. 5.8
Consumer Cyclicals ............. 11.6
Consumer Non-Cyclicals ......... 19.6
Credit Sensitive
Banks ........................ 13.5
Financial Services ........... 2.4
Insurance .................... 2.6
Real Estate .................. 1.5
Utility--Electric ............ 1.3
Utility--Gas ................. 0.7
Utility--Telephone ........... 4.0
----
Total Credit Sensitive ......... 26.0
Diversified .................... 6.5
Energy ......................... 6.4
Technology ..................... 15.3
-----
100.0%
=====
- ----------
* Non-income producing
+ Securities except from registration under Rule 144A of the Securities
Act of 1933. These securities may only be resold to qualified
institutional buyers. At June 30, 1999 these securities amounted to
$47,839 or 0.03% of net assets
(Section) Illiquid security: is not actively traded
Glossary:
ADR--American Depositary Receipt
ADS--American Depositary Shares
FDR--Fiduciary Depositary Receipt
GDR--Global Depositary Receipt
Block--Shares represent each of the twelve holding companies that
were formed following the September 21, 1998 break-up of Telebras
S.A.
Dematerialized--Securities changed from paper to electronic format
68
<PAGE>
EQ ADVISORS TRUST
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1999 the Portfolio had outstanding foreign currency contracts to
sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S. $ UNREALIZED
AMOUNT ORIGINAL CURRENT APPRECIATION
(000'S) DATE VALUE (DEPRECIATION)
---------- ---------- ----------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY SELL CONTRACT
Japanese Yen, expiring 7/2/99 .............. 19,031 $157,700 $157,452 $ (248)
Singapore Dollars, expiring 7/1/99 ......... 164 96,483 96,492 9
------
$ (239)
======
</TABLE>
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $30,098,540
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 13,544,482
As of June 30, 1999 the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 18,590,956
Aggregate gross unrealized depreciation ................ (6,789,038)
------------
Net unrealized appreciation ............................ $ 11,801,918
============
Federal income tax cost of investments ................. $132,386,653
============
At June 30, 1999 the Portfolio had loaned securities with a total value of
$7,646,111, which was secured by collateral of $9,066,990
For the period from January 1, 1999 to June 30, 1999 the Portfolio incurred
approximately $993, $1,069 and $1,439 of brokerage commissions with Donaldson,
Lufkin & Jenrette Securities Corp., Jardine Fleming Securities Ltd., and Robert
Fleming Co., respectively, each an affiliated broker/dealer.
See Notes to Financial Statements.
69
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BASIC MATERIALS (11.4%)
CHEMICALS--SPECIALTY (1.5%)
Ferro Corp. ........................... 89,500 $ 2,461,250
------------
METALS & MINING (3.2%)
Freeport McMoran Copper&
Gold, Inc., Class B ................. 142,700 2,559,681
Kaiser Aluminum* ...................... 279,800 2,483,225
------------
5,042,906
------------
PAPER (5.2%)
Abitibi-Consolidated, Inc. ............ 102,300 1,163,663
Caraustar Industries, Inc. ............ 110,200 2,720,562
Wausau-Mosinee Paper Corp. ............ 249,900 4,498,200
------------
8,382,425
------------
STEEL (1.5%)
Ryerson Tull, Inc. .................... 104,032 2,347,222
------------
TOTAL BASIC MATERIALS ............... 18,233,803
------------
BUSINESS SERVICES (5.1%)
PROFESSIONAL SERVICES (2.0%)
AC Nielson Corp.* ..................... 53,850 1,628,962
Interim Services, Inc.* ............... 77,800 1,604,625
------------
3,233,587
------------
TRUCKING, SHIPPING (3.1%)
Landstar Systems, Inc.* ............... 91,231 3,292,869
M.S. Carriers, Inc.* .................. 56,800 1,684,475
------------
4,977,344
------------
TOTAL BUSINESS SERVICES ............. 8,210,931
------------
CAPITAL GOODS (12.9%)
AEROSPACE (2.6%)
Tristar Aerospace Co.* ................ 514,900 4,247,925
------------
BUILDING & CONSTRUCTION (3.5%)
Elcor Corp. ........................... 73,000 3,189,187
Walter Industries, Inc.* .............. 179,100 2,317,106
------------
5,506,293
------------
ELECTRICAL EQUIPMENT (2.8%)
Harman International Industries,
Inc. ................................ 101,600 4,470,400
------------
MACHINERY (4.0%)
Applied Power, Inc., Class A* ......... 59,700 1,630,556
Graco, Inc. ........................... 71,174 2,090,736
Watts Industries, Inc., Class A ....... 134,900 2,588,394
------------
6,309,686
------------
TOTAL CAPITAL GOODS ................. 20,534,304
------------
CONSUMER CYCLICALS (24.5%)
APPAREL & TEXTILES (8.8%)
Finish Line, Inc., Class A* ........... 10,200 114,750
Jones Apparel Group, Inc.* ............ 45,077 1,546,720
Liz Claiborne, Inc. ................... 75,200 2,744,800
Nautica Enterprises, Inc.* ............ 147,700 2,492,437
Saucony, Inc., Class B* ............... 20,000 452,500
Timberland Co., Class A* .............. 38,100 2,593,181
Westpoint Stevens, Inc. ............... 137,900 4,111,144
------------
14,055,532
------------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
AUTO RELATED (2.3%)
Superior Industries, International,
Inc. ................................ 135,818 $ 3,709,529
------------
AUTO & TRUCKS (0.9%)
REMEC, Inc.* .......................... 86,700 1,398,038
------------
HOUSEHOLD FURNITURE, APPLIANCES (3.9%)
Heilig-Meyers Co. ..................... 467,987 3,188,161
Home Products International,
Inc.* ............................... 167,400 1,422,900
La-Z-Boy, Inc. ........................ 72,511 1,667,753
------------
6,278,814
------------
LEISURE RELATED (7.5%)
Coach USA, Inc.* ...................... 110,100 4,617,319
SCP Pool Corp.* ....................... 191,000 4,942,125
Sturm Ruger & Co., Inc. ............... 216,100 2,309,569
------------
11,869,013
------------
RETAIL--GENERAL (1.1%)
Ross Stores, Inc. ..................... 34,300 1,727,863
------------
TOTAL CONSUMER CYCLICALS ............ 39,038,789
------------
CONSUMER NON-CYCLICALS (7.3%)
CONTAINERS (2.6%)
Gaylord Container Corp.,
Class A* ............................ 524,097 4,160,020
------------
DRUGS (0.1%)
Applied Analytical Industries,
Inc.* ............................... 9,500 106,875
------------
HOSPITAL SUPPLIES & SERVICES (4.6%)
Foundation Health Systems, Inc.,
Class A* ............................ 143,100 2,146,500
Morrison Health Care, Inc. ............ 124,300 3,107,500
Total Renal Care Holdings, Inc.* 137,600 2,141,400
------------
7,395,400
------------
TOTAL CONSUMER NON-CYCLICALS 11,662,295
------------
CREDIT SENSITIVE (23.5%)
BANKS (6.2%)
Century Bancorp, Inc., Class A ........ 207,600 3,983,325
Imperial Bancorp* ..................... 99,400 1,969,363
Prosperity Bancshares, Inc. ........... 154,053 2,253,025
Texas Regional Bancshares, Inc.,
Class A ............................. 54,525 1,482,398
------------
9,688,111
------------
FINANCIAL SERVICES (2.6%)
AmeriCredit Corp.* .................... 125,000 2,000,000
Webster Financial Corp. ............... 74,800 2,028,950
------------
4,028,950
------------
INSURANCE (7.8%)
HCC Insurance Holdings, Inc. .......... 159,621 3,621,402
Mid Atlantic Medical Services,
Inc.* ............................... 194,000 1,915,750
National Western Life Insurance
Co., Class A* ....................... 25,400 2,444,750
Radian Group, Inc. .................... 58,589 2,859,897
StanCorp Financial Group, Inc.* 61,300 1,839,000
------------
12,680,799
------------
70
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
REAL ESTATE (2.4%)
Mission West Properties .............. 185,000 $ 1,526,250
Western Water Co.* ................... 662,850 2,319,975
------------
3,846,225
------------
UTILITY--ELECTRIC (4.5%)
Commonwealth Energy System ........... 63,000 2,646,000
Idacorp, Inc. ........................ 93,900 2,957,850
UniSource Energy Corp.* .............. 132,300 1,579,332
------------
7,183,182
------------
TOTAL CREDIT SENSITIVE ............. 37,427,267
------------
DIVERSIFIED (0.8%)
MISCELLANEOUS (0.8%)
Packaged Ice, Inc.* .................. 205,500 1,220,156
------------
ENERGY (4.2%)
OIL--DOMESTIC (1.8%)
Evergreen Resources, Inc.* ........... 114,900 2,894,044
------------
OIL--SUPPLIES & CONSTRUCTION (2.4%)
Global Industries Ltd.* .............. 164,300 2,105,094
Varco International, Inc.* ........... 159,698 1,746,697
------------
3,851,791
------------
TOTAL ENERGY ....................... 6,745,835
------------
TECHNOLOGY (5.7%)
COMPUTER SOFTWARE (0.8%)
Avant! Corp.* ........................ 104,100 1,314,262
------------
ELECTRONICS (3.1%)
Amkor Technology, Inc.* .............. 153,000 1,568,250
Benchmark Electronics, Inc.* ......... 83,500 3,000,781
Telecom Semiconductor, Inc.* ......... 34,300 330,138
------------
4,899,169
------------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
OFFICE EQUIPMENT SERVICES (1.8%)
Apex PC Solutions, Inc.* ............. 144,200 $ 2,956,100
------------
TOTAL TECHNOLOGY ................... 9,169,531
------------
TOTAL COMMON STOCKS (95.4%)
(Cost $140,605,680)................. 152,242,911
------------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT SECURITIES:
REPURCHASE AGREEMENT (5.6%)
State Street Bank & Trust 4.70%
dated 6/30/99, due 7/1/99, to be
repurchased at $8,934,332,
collateralized by $6,200,000 of
U.S. Treasury Bond, 14.00%
due 11/15/11, valued at
$9,114,000
(Cost $8,932,000)................... $8,932,000 8,932,000
------------
TOTAL INVESTMENTS (101.0%)
(Cost $149,537,680)................. 161,174,911
OTHER ASSETS
LESS LIABILITIES (-1.0%) ........... (1,543,900)
------------
NET ASSETS (100%) .................... $159,631,011
============
- ----------
* Non-income producing
71
<PAGE>
EQ ADVISORS TRUST
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities. ......... $127,671,132
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .......... 135,389,731
As of June 30, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation. ................ $ 18,261,425
Aggregate gross unrealized depreciation. ................ (6,624,194)
------------
Net unrealized appreciation ............................. $ 11,637,231
============
Federal income tax cost of investments ................... $149,537,680
============
At June 30, 1999, the Portfolio had loaned securities with a total value of
$11,745,208 which was secured by collateral of $11,942,600.
As of December 31, 1998, the Portfolio had a net capital loss carryforward of
$14,217,667 which expires in the year 2006.
See Notes to Financial Statements.
72
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
AFRICA AND THE MIDDLE EAST (12.6%)
EGYPT (0.5%)
Al-Ahram Beverages Co.
(GDR)* ........................... 4,238 $ 120,465
Eastern Tobacco .................... 5,515 134,301
Egypt Gas Co. ...................... 1,200 49,129
Egyptian Company ................... 6,263 141,141
Industrial Engineering
Enterprises ...................... 2,520 19,931
-----------
464,967
-----------
ISRAEL (2.1%)
Bank Hapoalim Ltd. ................. 62,680 160,875
Bank Leumi Le-Israel ............... 86,300 163,165
ECI Telecommunications ............. 10,427 346,029
Gilat Satellite Networks Ltd.* ..... 6,725 353,063
Koor Industries Ltd. ............... 1,960 226,086
Koor Industries Ltd. (ADR) ......... 628 14,680
Nice Systems Ltd. .................. 551 15,019
Nice Systems Ltd. (ADR)* ........... 3,895 107,356
Orbotech Ltd.* ..................... 3,110 162,109
Teva Pharmaceutical Industries
(ADR) ............................ 4,268 209,132
-----------
1,757,514
-----------
SOUTH AFRICA (6.1%)
Amalgamated Banks of South
Africa Group Ltd. ................ 66,073 373,915
Bidvest Group Ltd. ................. 85,464 713,793
Billiton plc ....................... 50,700 175,175
BOE Corp., Ltd., Class N ........... 581,609 462,627
BOE Ltd. ........................... 63,656 63,292
De Beers Centenary AG .............. 7,714 184,845
De Beers Consolidated Mines
(ADR) ............................ 3,650 87,144
Educor Ltd. ........................ 87,680 82,674
Ellerine Holdings Ltd. ............. 41,849 166,439
FirstRand Ltd. ..................... 423,240 483,943
Liberty International plc .......... 6,494 42,993
Liberty Life Association of
Africa ........................... 13,930 178,438
Nedor Ltd. ......................... 17,848 409,340
New Africa Investments Ltd.,
Class N .......................... 249,650 146,865
Persetel Holdings Ltd. ............. 15,299 96,340
Primedia Ltd., Class N ............. 19,870 29,635
Rembrandt Group Ltd. ............... 58,034 483,737
Sanlam Limited* .................... 238,300 282,351
Sasol Ltd. ......................... 13,300 94,882
South African Breweries* ........... 56,224 481,593
South African Breweries plc ........ 9,290 80,669
-----------
5,120,690
-----------
TURKEY (3.9%)
Akbank A.S. ........................ 23,635,900 347,537
Dogan Sirketler Grubu Holdings...... 28,596,000 379,779
Ege Biracilik ...................... 2,261,000 168,907
Erciyas Biracilik Ve Malt Sanayii
A.S. ............................. 820,512 18,874
Garanti Bankasi A.S. ............... 24,992,400 186,705
Koc Holdings ....................... 1,899,000 119,346
Migros Turk T.A.S. ................. 110,000 136,958
Sabanci Holding .................... 6,733,000 150,098
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Tupras Turkie Petrol Rafine ........ 1,217,000 $ 80,814
Turkiye Is Bankasi ................. 9,988,200 177,659
Vestel Elektronik Sanayi Ve
Ticaret A.S. ..................... 3,090,395 337,139
Yapi Ve Kredi Bankasi A.S. ......... 78,542,309 1,136,243
-----------
3,240,059
-----------
TOTAL AFRICA AND THE
MIDDLE EAST ................... 10,583,230
-----------
LATIN AMERICA (24.2%)
ARGENTINA (0.6%)
Telecom Argentina (ADR) ............ 17,282 462,294
Telefonica de Argentina (ADR)....... 2,181 68,429
-----------
530,723
-----------
BRAZIL (10.4%)
Brahma ............................. 395,400 223,006
CEMIG (ADR) ........................ 10,492 218,960
CEMIG .............................. 26,755,081 562,469
Cia Vale do Rio Doce (ADR) ......... 12,333 244,858
Coteminas .......................... 359,200 18,249
Coteminas (ADR)+ Section # ....... 1,155 2,934
CRT Celular Participacoes .......... 2,499,073 338,953
CRT, Class A ....................... 2,568,459 629,958
Eletrobras ......................... 1,347,390 25,433
Eletrobras (ADR) ................... 17,765 178,858
Eletrobras, Class B ................ 3,187,000 64,298
Embratel Participacoes (ADR) ....... 13,412 186,092
Embratel Participacoes ............. 6,517,220 89,867
Lojas Arapua S.A.* ................. 1,248,000 --
Pao de Acucar (ADR) ................ 2,900 54,194
Petrobras S.A. (ADR) ............... 5,900 90,849
Petrobras S.A. ..................... 4,549,280 704,438
Tele Celular Participacoes
(ADR) ............................ 12,789 342,106
Tele Celular Sul (ADR) ............. 1,480 32,098
Tele Celular Sul S.A. .............. 32,191,820 67,313
Tele Centro Oeste S.A. ............. 1,440,668 1,791
Tele Centro Sul (ADR) .............. 1,786 99,123
Tele Centro Sul S.A. ............... 25,362,490 280,930
Tele Nordeste Celular (ADR) ........ 435 11,745
Tele Nordeste Celular S.A. ......... 19,986,220 26,882
Tele Norte Leste Participacoes
S.A. ............................. 8,810,220 159,326
Tele Norte Leste Participacoes
(ADR) ............................ 6,846 127,079
Tele Sudeste Celular
Participacoes (ADR) .............. 2,764 80,156
Tele Sudeste Celular S.A. .......... 27,209,220 153,768
Telebras S.A. (ADR) ................ 3,652 329,365
Telecom Brasil ..................... 9,757,600 872,918
Telemig Celular (ADR) .............. 555 13,667
Telemig Celular S.A. ............... 31,099,220 39,193
Telerj Celular S.A., Class B ....... 1,056,000 34,583
Telesp Participacoes S.A. (ADR) 5,910 135,191
Telesp Celular S.A. ................ 20,331,556 210,267
Telesp Celular S.A., Class B ....... 6,349,000 330,098
Telesp S.A. ........................ 3,833,066 87,731
Unibanco (GDR) ..................... 42,776 1,029,298
Usinas Siderminas Class A .......... 19,400 65,343
USIMINAS S.A. (ADR) ................ 2,300 7,784
Vale do Rio Doce, Class A .......... 29,927 591,944
-----------
8,763,115
-----------
73
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
CHILE (0.5%)
CCU S.A. (ADR) .................... 4,718 $ 135,053
Endesa Empresa S.A. (ADR) ......... 7,062 85,627
Enersis S.A. (ADR) ................ 6,811 155,802
Santa Isabel S.A. (ADR) ........... 1,975 19,997
----------
396,479
----------
MEXICO (12.7%)
Alfa S.A., Class A ................ 47,967 199,290
Cemex S.A. ........................ 77,379 384,308
Cemex S.A. (ADR) .................. 26,673 262,561
Cemex S.A. CPO .................... 130,907 647,380
Cemex S.A., Class B (ADR) ......... 31,721 313,594
Cifra S.A., Class B (ADR)* ........ 11,132 213,504
Cifra S.A., Class C* .............. 51,890 95,046
Cifra S.A., Class V* .............. 109,656 212,958
Fomento Economico Mexicano
S.A. (ADR) ...................... 19,554 779,716
Grupo Carso, S.A., Class A1 * ..... 46,207 214,289
Grupo Financiero Banamex* ......... 190,609 481,428
Grupo Financiero Bancomer ......... 607,295 219,124
Grupo Financiero Bancomer
(ADR)+ .......................... 8,155 59,124
Grupo Televisa S.A. (GDR) ......... 51,205 2,294,624
Kimberly Clark de Mexico,
Class A ......................... 80,807 332,730
Telmex, Class L (ADR) ............. 36,825 2,975,920
Valores Industriales S.A. ......... 248,440 993,971
----------
10,679,567
----------
TOTAL LATIN AMERICA ............. 20,369,884
----------
OTHER EUROPEAN COUNTRIES (9.3%)
CZECH REPUBLIC (0.6%)
SPT Telecom A/S ................... 25,590 412,983
SPT Telecom A/S (GDR)* ............ 7,480 121,176
----------
534,159
----------
GREECE (2.1%)
Commercial Bank of Greece S.A...... 389 27,824
Hellenic Bottling Co. S.A. ........ 2,200 53,232
Hellenic Telecommunications
S.A. (ADR) ...................... 54,699 605,108
Hellenic Telecommunications
Organization S.A. ............... 49,435 1,060,972
----------
1,747,136
----------
HUNGARY (0.8%)
Matav Rt (ADR) .................... 15,943 438,433
Matav Rt. ......................... 11,448 61,999
MOL Magyar Olaj-es Gazipari
Rt. (GDR) (Registered) .......... 2,006 48,043
OTP Bank .......................... 3,777 157,671
----------
706,146
----------
POLAND (2.3%)
Bank Polska Kasa Opieki S.A.* ..... 2,657 30,761
Elektrim S.A. ..................... 21,726 306,817
Powszechny Bank Kredytowy
S.A. ............................ 3,040 73,099
Prokom Software (GDR) ............. 9,757 160,015
Telekomunikacja Polska (GDR)* 183,937 1,296,756
Wielkopolski Bank Kredytowy
S.A. ............................ 8,018 46,925
----------
1,914,373
----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
RUSSIA (3.5%)
AO Tatneft (ADR) .................. 2,000 $ 7,500
LUKoil Holding (ADR) .............. 28,676 1,135,570
RAO Unified Energy Systems
(GDR) ........................... 47,890 419,038
Rostelecom (ADR) .................. 26,800 262,975
Surgutneftgaz (ADR) ............... 112,473 860,417
Unified Energy (ADR) .............. 1,700 14,875
Vimpel Communications (ADR)* 8,340 193,384
----------
2,893,759
----------
TOTAL OTHER EUROPEAN
COUNTRIES .................... 7,795,573
----------
SOUTHEAST ASIA (37.8%)
CHINA (0.8%)
Huaneng Power International,
Inc. (ADR) ...................... 9,610 164,571
Yanzhou Coal Mining Co., Ltd.
(ADR) ........................... 12,420 220,455
Zhenhai Refining and Chemical
Co., Ltd. ....................... 830,000 251,408
----------
636,434
----------
INDONESIA (4.3%)
Asia Pulp & Paper Co., Ltd.
(ADR)* .......................... 80,125 771,203
Gudang Garam ...................... 396,600 1,070,963
Indah Kiat Pulp & Paper Co. ....... 845,400 390,654
PT Semen Gresik ................... 157,900 342,022
Telekomunikasi (ADR) Section ..... 87,048 1,082,660
----------
3,657,502
----------
KOREA (17.0%)
Daewoo Securities Co. ............. 13,000 252,700
Hana Bank ......................... 23,870 350,575
Hankuk Glass Industries, Inc. ..... 6,760 181,045
Housing & Commercial Bank ......... 27,150 856,134
Kookmin Bank ...................... 46,520 944,467
Kookmin Bank (GDR) ................ 1,016 20,676
Koram Bank ........................ 23,170 290,251
Korea Electric Power Corp. ........ 24,240 1,007,295
Korea Electric Power Corp.
(ADR) ........................... 60,839 1,247,200
Korea Exchange Bank ............... 59,030 331,486
Korea Telecom Corp. ............... 26,470 1,756,282
Korea Telecom SP (ADR)* ........... 40,390 1,615,600
LG Chemical Ltd. .................. 8,730 237,577
LG Securities Co. ................. 3,200 53,909
Pohang Iron & Steel Co., Ltd. ..... 11,350 1,397,104
Samsung Electro-Mechanics Co. ..... 7,185 248,294
Samsung Electronics (GDR)+ ........ 1,870 100,139
Samsung Electronics Co. ........... 18,295 2,007,312
Shinhan Bank Co., Ltd ............. 25,790 289,650
SK Telecom Co., Ltd (ADR) ......... 12,500 212,500
SK Telecom Co. Ltd. ............... 355 487,261
Ssangyong Investment &
Securities Co., Ltd. ............ 50,520 312,067
----------
14,199,524
----------
MALAYSIA (1.1%)
Commerce Asset Holding Bhd. ....... 45,000 111,316
Malayan Banking Bhd. .............. 55,000 165,000
Nestle (Malaysia) Bhd. ............ 14,000 55,263
Public Bank Bhd ................... 93,000 70,729
74
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Rothmans of Pall Mall Bhd. .......... 19,000 $ 143,750
Telekom Malaysia Bhd. ............... 92,000 343,789
Tenaga Nasional Bhd. ................ 1,000 2,303
----------
892,150
----------
PHILIPPINES (1.0%)
Manila Electronics Co., Class B ..... 62,080 223,962
San Miguel Corp., Class B ........... 184,497 403,246
SM Prime Holdings, Inc. ............. 1,067,770 241,812
----------
869,020
----------
TAIWAN (10.9%)
ACER, Inc.* ......................... 94,000 238,638
Advanced Semiconductor
Engineering, Inc. ................. 124,000 418,452
Asustek Computer, Inc. .............. 134,800 1,519,108
Bank Sinopac ........................ 284,000 197,833
Cathay Life Insurance ............... 76,000 272,941
Chang Hwa Commercial Bank ........... 83,000 124,372
China Development* .................. 32,000 79,752
China Steel ......................... 465,500 351,647
China Trust Commercial Bank* ........ 218,000 261,870
Compal Electronics .................. 103,480 406,870
E. Sun Commercial Bank .............. 119,000 66,316
Far East Textiles Ltd.* ............. 385,000 572,136
First Commercial Bank ............... 76,000 144,706
Formosa Plastic ..................... 146,000 307,368
Hon Hai Precision Industry* ......... 79,000 714,180
Hua Nan Commercial Bank ............. 92,000 182,291
International Commercial Bank
China ............................. 177,000 229,059
Nan Ya .............................. 189,000 313,050
President Chain Store Corp. ......... 43,000 145,774
Quanta Computer, Inc. ............... 17,080 204,643
Siliconware Precision Industries* 150,370 286,308
Taishin International Bank* ......... 318,000 236,285
Taiwan Semiconductor
Manufacturing Co. (ADR) ........... 9,452 321,368
Taiwan Semiconductor
Manufacturing Co.* ................ 381,560 1,458,905
United World Chinese
Commercial Bank ................... 53,000 82,043
----------
9,135,915
----------
THAILAND (2.7%)
Advanced Information Service
PCL (Foreign) ..................... 61,800 837,739
BEC World plc (Foreign) ............. 42,800 266,884
Delta Electronics PCL (Foreign)...... 36,960 310,630
Shinawatra Computer Co.
(Foreign) ......................... 81,700 380,979
Siam Cement Co., Ltd. (Foreign)...... 98,366 405,358
Thai Farmers Bank PCL
(Foreign) ......................... 19,200 59,341
----------
2,260,931
----------
TOTAL SOUTHEAST ASIA .............. 31,651,476
----------
SOUTHERN CENTRAL ASIA (8.9%)
INDIA (8.5%)
Aptech Limited ...................... 1,800 29,651
Bharat Heavy Electricals Ltd. ....... 106,000 603,447
Container Corp. of India Ltd.
(Dematerialized) .................. 72,300 303,159
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Gujarat Ambuja Cements Ltd. ......... 15,500 $ 114,273
Hero Honda Motors Ltd.
(Dematerialized) .................. 28,224 702,268
Hindustan Lever Ltd.
(Dematerialized) .................. 11,150 611,381
Housing Development Finance
Corp, Ltd. ........................ 4,550 232,925
Infosys Technologies
Ltd.(Dematerialized) .............. 17,200 1,437,006
ITC Limited (Dematerialized) ........ 19,000 479,541
Larsen & Toubro Ltd. ................ 40,000 264,025
Larsen & Toubro `A' ................. 7,000 46,204
Mahanagar Telephone ................. 25,900 110,987
Mahanagar Telephone Nigam
Ltd. (Dematerialized) ............. 37,500 155,512
Niit. Ltd. (Dematerialized) ......... 9,500 444,960
Satyam Computer ..................... 19,000 555,029
State Bank of India*
(Dematerialized) .................. 71,500 390,157
Tata Engineering & Locomotive
Co., Ltd. (Dematerialized) ........ 33,500 158,450
Videsh Sanchar Nigam Ltd (GDR) 6,300 80,719
Zee Telefilms Ltd.* ................. 13,000 435,779
----------
7,155,473
----------
PAKISTAN (0.4%)
Fauji Fertilizer Co., Ltd.# ......... 125,300 97,318
Pakistan State Oil Co., Ltd.# ....... 28,400 50,070
Pakistan Telecom Ltd. (GDR)+ ........ 2,700 103,870
Pakistan Telecommunications
Corp. (GDR) ....................... 759 28,715
Pakistan Telecommunications
Corp., Class A# ................... 95,600 36,168
Sui Northern Gas Pipelines*# ........ 525 84
----------
316,225
----------
TOTAL SOUTHERN CENTRAL ASIA ....... 7,471,698
----------
UNITED KINGDOM (0.8%)
Anglo America plc* .................. 2,200 104,354
Anglo American plc .................. 11,470 536,008
Anglo American plc (ADR)* ........... 120 5,730
Billiton plc ........................ 2,100 7,329
----------
653,421
----------
UNITED STATES (0.6%)
Amdocs Ltd.* ........................ 12,800 291,200
BackWeb Technologies Ltd.* .......... 1,380 37,433
Comverse Technology, Inc.* .......... 1,828 137,976
----------
466,609
----------
TOTAL COMMON STOCKS (94.2%)
(Cost $66,666,151)................. 78,991,891
----------
PREFERRED STOCKS:
THAILAND (0.3%)
Siam Commercial Bank plc
(Cost $112,852) ................... 152,800 219,558
----------
RIGHTS:
BRAZIL (0.0%)
CRT Celular Participacoes* .......... 969,967 6
----------
KOREA (0.0%)
SK Telecom Co., Ltd.* ............... 90 11,273
----------
75
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
TURKEY (0.0%)
AK Bank* .............................. 8,000 $ 49
-----------
TOTAL RIGHTS (0.0%) (Cost $62)......... 11,328
-----------
WARRANTS:
THAILAND (0.3%)
Siam Commercial Bank plc,
expiring 5/10/02 * .................. 414,000 266,572
-----------
TOTAL WARRANTS (0.3%)
(Cost $0)............................ 266,572
-----------
TOTAL INVESTMENTS (94.8%)
(Cost $66,779,065)................... 79,489,349
OTHER ASSETS
LESS LIABILITIES (5.2%) ............. 4,360,331
-----------
NET ASSETS (100%) ..................... $83,849,680
===========
- ------------------------------------------------------------------
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Common Stocks,
Preferred Stocks, Rights and Warrants
Basic Materials ................. 5.8%
Business Services ............... 4.2
Capital Goods ................... 4.5
Consumer Cyclicals .............. 3.1
Consumer Non-Cyclicals .......... 7.7
Credit Sensitive
Bank .......................... 12.8
Financial Services ............ 2.1
Insurance ..................... 1.6
Real Estate ................... 0.3
Utility--Electric ............. 5.2
Utility--Telephone ............ 7.5
Investment Company ............ 1.0
----
Total Credit Sensitive .......... 30.5
Diversified ..................... 5.5
Energy .......................... 4.2
Technology
Electronics ................... 8.4
Office Equipment .............. 6.0
Office Equipment Services ..... 1.2
Telecommunications ............ 18.9
----
Total Technology ................ 34.5
-----
100.0%
=====
- ----------
* Non-income producing
+ Securities exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may only be resold to qualified
institutional buyers. At June 30, 1999 these securities amounted to
$266,066 or 0.32% of net assets.
(Section) Illiquid security: is not actively traded.
# Securities (totaling $186,574 or 0.22% of net assets) valued at fair
value.
Glossary:
ADR--American Depositary Receipt
CPO--Certificate of Participation
Dematerialized--Securities changed from paper to electronic format
GDR--Global Depositary Receipt
76
<PAGE>
EQ ADVISORS TRUST
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1999 the portfolio had outstanding foreign currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S. $
AMOUNT ORIGINATION CURRENT UNREALIZED
(000'S) DATE VALUE DEPRECIATION
---------- ------------- ---------- -------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACT
Hong Kong Dollar, expiring 7/6/99 .......... 58 $ 7,453 $ 7,452 $ (1)
FOREIGN CURRENCY SELL CONTRACTS
Israeli Shekels, expiring 7/1/99 ........... 150 36,760 36,821 (61)
Thai Baht, expiring 7/2/99-7/30/99 ......... 10,982 297,519 297,900 (381)
------
$ (443)
======
</TABLE>
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $75,507,162
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 51,951,304
As of June 30, 1999 the the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 15,163,498
Aggregate gross unrealized depreciation ................ (2,453,214)
------------
Net unrealized appreciation ............................ $ 12,710,284
------------
Federal income tax cost of investments ................. $ 66,779,065
============
For the period from January 1, 1999 to June 30, 1999 the Portfolio incurred
approximately $2,268 and $10,311 of brokerage commissions with Donaldson,
Lufkin & Jenrette Securities Corp. and Morgan Stanley & Co., respectively, both
affiliated broker/dealers.
As of December 31, 1998, the Portfolio had a net capital loss carryforward of
$6,887,145, of which $70,373 expires in the year 2005 and $6,816,772 expires in
the year 2006.
See Notes to Financial Statements.
77
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BASIC MATERIALS (3.0%)
CHEMICALS (1.2%)
Dow Chemical Co. ...................... 8,800 $ 1,116,500
E.I. Du Pont de Nemours & Co. 42,200 2,882,787
FMC Corp.* ............................ 600 40,988
Great Lakes Chemical Corp. ............ 1,200 55,275
Hercules, Inc. ........................ 2,200 86,488
Monsanto Co. .......................... 22,600 891,287
Nalco Chemical Co. .................... 1,100 57,063
Union Carbide Corp. Holding
Co. ................................. 5,900 287,625
------------
5,418,013
------------
CHEMICALS--SPECIALTY (0.4%)
Eastman Chemical Co. .................. 3,000 155,250
Engelhard Corp. ....................... 3,000 67,875
PPG Industries, Inc. .................. 7,600 448,875
Praxair, Inc. ......................... 6,800 332,775
Rohm & Haas Co. ....................... 9,328 399,949
Sigma Aldrich Corp. ................... 5,300 182,519
W.R. Grace & Co.* ..................... 700 12,863
------------
1,600,106
------------
METALS & MINING (0.8%)
ASARCO, Inc. .......................... 800 15,050
Alcoa, Inc. ........................... 13,100 810,562
Barrick Gold Corp. .................... 17,200 333,250
Cyprus Amax Minerals Co. .............. 5,400 82,013
Freeport McMoran Copper &
Gold, Inc., Class B ................. 2,500 44,844
Homestake Mining Co. .................. 6,500 53,219
Inco Ltd. ............................. 6,700 120,600
Minnesota Mining &
Manufacturing Co. ................... 16,200 1,408,387
Newmont Mining Corp. .................. 7,500 149,062
Phelps Dodge Corp. .................... 3,000 185,812
Placer Dome, Inc. ..................... 12,600 148,838
Reynolds Metals Co. ................... 3,400 200,600
Worthington Industries, Inc. .......... 900 14,794
------------
3,567,031
------------
PAPER (0.5%)
Boise Cascade Corp. ................... 1,500 64,500
Champion International Corp. .......... 4,500 215,438
Fort James Corp. ...................... 8,900 337,088
Georgia-Pacific Corp. ................. 7,200 341,100
Ikon Office Solutions, Inc. ........... 4,000 60,000
International Paper Co. ............... 15,861 800,958
Louisiana-Pacific Corp. ............... 3,600 85,500
Mead Corp. ............................ 4,700 196,225
Potlatch Corp. ........................ 300 13,181
Temple-Inland, Inc. ................... 2,300 156,975
Westvaco Corp. ........................ 2,000 58,000
Willamette Industries, Inc. ........... 3,300 152,006
------------
2,480,971
------------
STEEL (0.1%)
Bethlehem Steel Corp.* ................ 4,700 36,131
Nucor Corp. ........................... 4,400 208,725
Timken Co. ............................ 600 11,700
USX-U.S. Steel Group, Inc. ............ 4,400 118,800
------------
375,356
------------
TOTAL BASIC MATERIALS ............... 13,441,477
------------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
BUSINESS SERVICES (4.1%)
ENVIRONMENT CONTROL (0.5%)
Browning-Ferris Industries, Inc. ...... 6,100 $ 262,300
Danaher Corp. ......................... 5,800 337,125
Ecolab, Inc. .......................... 3,200 139,600
Pall Corp. ............................ 3,500 77,656
Pioneer Hi-Bred International,
Inc. ................................ 8,500 330,969
Waste Management, Inc. ................ 22,372 1,202,495
------------
2,350,145
------------
<PAGE>
PRINTING, PUBLISHING,
BROADCASTING (3.0%)
CBS Corp.* ............................ 25,700 1,116,344
Clear Channel Communications,
Inc.* ............................... 12,900 889,294
Comcast Corp., Class A ................ 29,700 1,141,594
Donnelley (R.R.) & Sons Co. ........... 5,000 185,312
Dow Jones & Co., Inc. ................. 2,100 111,431
Gannett Co., Inc. ..................... 11,500 820,812
Harcourt General, Inc. ................ 1,400 72,188
Interpublic Group, Inc. ............... 5,200 450,450
King World Productions, Inc. .......... 3,600 125,325
Knight Ridder, Inc. ................... 4,100 225,244
McGraw Hill Cos., Inc. ................ 8,900 480,044
MediaOne Group, Inc.* ................. 23,900 1,777,562
Meredith Corp. ........................ 800 27,700
New York Times Co., Class A ........... 8,000 294,500
Omnicom Group, Inc. ................... 6,800 544,000
Polaroid Corp. ........................ 2,000 55,250
Time Warner, Inc. ..................... 45,900 3,373,650
Times Mirror Co., Class A ............. 1,900 112,575
Tribune Co. ........................... 3,700 322,362
Viacom, Inc., Class B* ................ 27,000 1,188,000
------------
13,313,637
------------
PROFESSIONAL SERVICES (0.5%)
Cendant Corp.* ........................ 31,700 649,850
Computer Sciences Corp.* .............. 6,500 449,719
Pitney Bowes, Inc. .................... 11,300 726,025
Service Corp. International ........... 11,900 229,075
------------
2,054,669
------------
TRUCKING, SHIPPING (0.1%)
FDX Corp. ............................. 10,460 567,455
Laidlaw, Inc. ......................... 5,600 41,300
NACCO Industries, Inc. Class A......... 100 7,350
------------
616,105
------------
TOTAL BUSINESS SERVICES ............. 18,334,556
------------
CAPITAL GOODS (6.9%)
AEROSPACE (1.5%)
Allied Signal, Inc. ................... 20,300 1,278,900
B.F. Goodrich Co. ..................... 4,000 170,000
Boeing Co. ............................ 34,600 1,528,887
EG&G, Inc. ............................ 600 21,375
General Dynamics Corp. ................ 5,300 363,050
Lockheed Martin Corp. ................. 15,500 577,375
Northrop Grumman Corp. ................ 2,400 159,150
Raytheon Co., Class B ................. 13,900 978,213
Textron, Inc. ......................... 6,800 559,725
United Technologies Corp. ............. 17,400 1,247,362
------------
6,884,037
------------
78
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
BUILDING & CONSTRUCTION (0.3%)
Alcan Aluminum Ltd. .................. 8,700 $ 277,856
Allegheny Teledyne, Inc. ............. 4,600 104,075
Armstrong World Industries, Inc. 1,600 92,500
Fleetwood Enterprises, Inc. .......... 100 2,644
Fluor Corp. .......................... 3,600 145,800
Kaufman & Broad Home Corp. ........... 600 14,925
Masco Corp. .......................... 14,900 430,237
Parker-Hannifin Corp. ................ 4,500 205,875
Pulte Corp. .......................... 1,400 32,288
Snap-On, Inc. ........................ 1,300 47,044
Vulcan Materials Co. ................. 100 4,825
------------
1,358,069
------------
BUILDING MATERIALS & FOREST
PRODUCTS (0.4%)
Crane Co. ............................ 1,200 37,725
Lowe's Cos. .......................... 13,700 776,619
Owens Corning ........................ 1,000 34,375
Sherwin-Williams Co. ................. 6,600 183,150
The Stanley Works .................... 2,000 64,375
Weyerhaeuser Co. ..................... 7,700 529,375
------------
1,625,619
------------
ELECTRICAL EQUIPMENT (3.7%)
Cooper Industries, Inc. .............. 4,000 208,000
Eaton Corp. .......................... 3,200 294,400
Emerson Electric Co. ................. 17,800 1,119,175
General Electric Co. ................. 124,600 14,079,800
Honeywell, Inc. ...................... 5,200 602,550
Thomas & Betts Corp. ................. 1,300 61,425
------------
16,365,350
------------
MACHINERY (1.0%)
Applied Material, Inc.* .............. 13,600 1,004,700
Black & Decker Corp. ................. 3,700 233,563
Briggs & Stratton Corp. .............. 300 17,325
Case Corp. ........................... 3,400 163,625
Caterpillar, Inc. .................... 14,600 876,000
Cummins Engine, Inc. ................. 1,000 57,125
Deere & Co. .......................... 10,200 404,175
Dover Corp. .......................... 6,600 231,000
Illinois Tool Works, Inc. ............ 9,800 803,600
Ingersol-Rand Co. .................... 6,900 445,912
McDermott International, Inc. ........ 900 25,425
Thermo Electron Corp.* ............... 4,800 96,300
W.W. Grainger, Inc. .................. 4,600 247,538
------------
4,606,288
------------
TOTAL CAPITAL GOODS ................ 30,839,363
------------
CONSUMER CYCLICALS (9.6%)
AIRLINES (0.3%)
AMR Corp.* ........................... 5,700 389,025
Delta Airlines, Inc. ................. 6,700 386,087
Southwest Airlines Co. ............... 14,750 459,094
U.S. Air Group, Inc.* ................ 2,200 95,838
------------
1,330,044
------------
APPAREL & TEXTILES (0.2%)
Fruit of The Loom, Inc. Class A* 2,500 24,375
Nike, Inc., Class B .................. 11,600 734,425
Russell Corp. ........................ 800 15,600
Spring Industries, Inc., Class A ..... 200 8,725
------------
783,125
------------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
AUTO RELATED (0.5%)
Autozone, Inc.* ...................... 3,600 $ 108,450
Cooper Tire & Rubber Co. ............. 700 16,538
Dana Corp. ........................... 7,142 328,978
Delphi Automotive Systems
Corp. .............................. 20,434 379,306
Genuine Parts Co. .................... 7,500 262,500
Goodyear Tire & Rubber Co. ........... 6,900 405,806
Johnson Controls, Inc. ............... 2,000 138,625
Paccar Inc. .......................... 3,800 202,825
Pep Boys Manny Moe & Jack ............ 300 6,488
Ryder System, Inc. ................... 1,400 36,400
TRW Inc. ............................. 5,700 312,787
Tenneco, Inc. ........................ 8,300 198,163
------------
2,396,866
------------
AUTOS & TRUCKS (1.0%)
Ford Motor Co. ....................... 45,500 2,567,906
General Motors Corp. ................. 24,100 1,590,600
Navistar International Corp.* ........ 2,400 120,000
------------
4,278,506
------------
FOOD SERVICES, LODGING (0.6%)
Darden Restaurants, Inc. ............. 2,700 58,894
Hilton Hotels Corp. .................. 5,800 82,287
Marriot International, Inc. .......... 8,400 313,950
McDonald's Corp. ..................... 53,100 2,193,694
Mirage Resorts, Inc.* ................ 9,400 157,450
------------
2,806,275
------------
HOUSEHOLD FURNITURE,
APPLIANCES (0.3%)
Circuit City Stores-Circuit City
Group .............................. 3,600 334,800
Maytag Corp. ......................... 2,700 188,156
Newell Rubbermaid Inc. ............... 11,956 555,954
Whirlpool Corp. ...................... 3,700 273,800
------------
1,352,710
------------
LEISURE RELATED (0.9%)
American Greetings Corp.,
Class A ............................ 3,400 102,425
Brunswick Corp. ...................... 2,500 69,688
Carnival Corp., Class A .............. 24,100 1,168,850
Disney (Walt) Co. .................... 80,800 2,489,650
Harrah's Entertainment, Inc.* ........ 2,100 46,200
Hasbro, Inc. ......................... 7,950 222,103
------------
4,098,916
------------
PHOTO & OPTICAL (0.2%)
Bausch & Lomb, Inc. .................. 2,800 214,200
Eastman Kodak Co. .................... 12,500 846,875
------------
1,061,075
------------
RETAIL--GENERAL (5.6%)
Best Buy Co., Inc.* .................. 7,900 533,250
CVS Corp. ............................ 15,800 807,775
Consolidated Stores Corp.* ........... 3,100 83,700
Costco Co., Inc.* .................... 8,900 712,556
Dayton Hudson Corp. .................. 15,900 1,033,500
Dillards, Inc., Class A .............. 2,800 98,350
Dollar General Corp. ................. 9,531 276,399
Federated Department Stores,
Inc.* .............................. 8,200 434,087
79
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Fortune Brands, Inc. .................. 7,900 $ 326,863
GAP, Inc. ............................. 33,975 1,711,491
Home Depot, Inc. ...................... 55,300 3,563,394
J.C. Penny Co. ........................ 11,200 543,900
Jostens, Inc. ......................... 200 4,213
K-Mart Corp.* ......................... 21,500 353,406
Kohls Corp.* .......................... 6,800 524,875
Limited, Inc. ......................... 7,089 321,663
Liz Claiborne, Inc. ................... 1,900 69,350
Loews Corp. ........................... 4,900 387,712
Mattel, Inc. .......................... 14,700 388,631
May Department Stores Co. ............. 12,300 502,762
Nordstrom, Inc. ....................... 6,500 217,750
Office Depot, Inc.* ................... 14,100 311,081
Reebok International Ltd.* ............ 1,400 26,075
Rite Aid Corp. ........................ 10,700 263,488
Sears Roebuck & Co. ................... 15,100 672,894
Staples, Inc.* ........................ 18,800 581,625
TJX Cos., Inc. ........................ 13,400 446,387
Toys-R-Us, Inc.* ...................... 9,400 194,463
VF Corp. .............................. 4,500 192,375
Wal-Mart Stores, Inc. ................. 168,600 8,134,950
Walgreen Co. .......................... 40,400 1,186,750
------------
24,905,715
------------
TOTAL CONSUMER CYCLICALS ............ 43,013,232
------------
CONSUMER NON-CYCLICALS (18.9%)
BEVERAGES (2.4%)
Adolph Coors Co., Class B ............. 800 39,600
Anheuser-Busch Cos., Inc. ............. 18,700 1,326,531
Brown-Forman Corp., Class B ........... 1,600 104,300
Coca Cola Co. ......................... 95,500 5,968,750
Coca Cola Enterprises, Inc. ........... 14,300 425,425
PepsiCo, Inc. ......................... 54,600 2,112,338
Seagram Co., Ltd. ..................... 15,800 795,925
------------
10,772,869
------------
CONTAINERS (0.2%)
BB&T Corp. ............................ 9,500 348,531
Ball Corp. ............................ 100 4,225
Crown Cork & Seal Co., Inc. ........... 5,300 151,050
Owens-Illinois, Inc.* ................. 4,900 160,169
Sealed Air Corp.* ..................... 3,807 246,979
------------
910,954
------------
DRUGS (7.4%)
Abbott Laboratories ................... 59,800 2,720,900
Allergan, Inc. ........................ 2,800 310,800
Alza Corp.* ........................... 4,400 223,850
American Home Products Corp. .......... 49,100 2,823,250
Bristol-Myers Squibb Co. .............. 74,800 5,268,725
Eli Lilly & Co. ....................... 41,200 2,950,950
Longs Drug Stores, Inc. ............... 400 13,825
McKesson HBOC, Inc. ................... 11,181 359,190
Merck & Co., Inc. ..................... 90,100 6,667,400
Pfizer, Inc. .......................... 48,900 5,366,775
Pharmacia & Upjohn, Inc. .............. 20,600 1,170,338
Schering-Plough Corp. ................. 57,700 3,058,100
Warner Lambert Co. .................... 31,700 2,199,187
Watson Pharmaceutical, Inc.* .......... 4,400 154,275
------------
33,287,565
------------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
FOODS (1.7%)
Archer Daniels Midland Co. ............ 18,940 $ 292,386
Bestfoods ............................. 10,500 519,750
Campbell Soup Co. ..................... 18,400 853,300
ConAgra, Inc. ......................... 20,500 545,812
General Mills, Inc. ................... 5,800 466,175
H.J. Heinz Co. ........................ 14,900 746,862
Hershey Foods Corp. ................... 6,000 356,250
Kellogg Co. ........................... 13,700 452,100
Nabisco Group Holdings ................ 13,000 254,313
Quaker Oats Co. ....................... 5,500 365,063
Sara Lee Corp. ........................ 37,700 855,319
Supervalu, Inc. ....................... 2,500 64,219
Unilever NV ........................... 20,982 1,463,494
Wm. Wrigley Jr. Co. ................... 4,200 378,000
------------
7,613,043
------------
HOSPITAL SUPPLIES & SERVICES (2.1%)
Air Products & Chemicals, Inc. ........ 10,000 402,500
Amgen, Inc.* .......................... 20,300 1,235,762
Bard (C.R.), Inc. ..................... 1,300 62,156
Baxter International, Inc. ............ 10,800 654,750
Becton Dickinson & Co. ................ 9,600 288,000
Biomet, Inc. .......................... 5,000 198,750
Boston Scientific Corp.* .............. 16,000 703,000
Cardinal Health, Inc. ................. 11,150 714,994
Columbia HCA Healthcare Corp. 25,900 590,844
Guidant Corp. ......................... 12,500 642,969
HCR Manor Care* ....................... 2,700 65,306
Healthsouth Corp.* .................... 18,900 282,319
Humana, Inc.* ......................... 4,200 54,338
IMS Health, Inc. ...................... 13,100 409,375
Mallinckrodt, Inc. .................... 1,800 65,475
Medtronic, Inc. ....................... 23,200 1,806,700
Millipore Corp. ....................... 500 20,281
Northern States Power Co. ............. 2,800 67,725
PE Corp--PE Biosystems Group........... 2,000 229,500
Shared Medical Systems Corp. .......... 400 26,100
St. Jude Medical, Inc.* ............... 1,893 67,438
Tenet Healthcare Corp.* ............... 9,400 174,487
Wellpoint Health Networks, Inc. ....... 2,400 203,700
------------
8,966,469
------------
RETAIL--FOOD (0.8%)
Albertson's, Inc. ..................... 17,971 926,630
Great Atlantic & Pacific Tea Co.,
Inc. ................................ 400 13,525
Kroger Co.* ........................... 34,000 949,875
Safeway, Inc.* ........................ 20,000 990,000
Sysco Corp. ........................... 10,600 316,013
Tricon Global Restaurants, Inc.* 6,500 351,812
Wendy's International, Inc. ........... 5,200 147,225
Winn-Dixie Stores, Inc. ............... 3,800 140,363
------------
3,835,443
------------
SOAPS & TOILETRIES (3.3%)
Alberto-Culver Corp., Class B ......... 4,900 130,462
Avon Products, Inc. ................... 10,400 577,200
Clorox Co. ............................ 5,000 534,062
Colgate Palmolive Co. ................. 11,100 1,096,125
Gillette Co. .......................... 43,100 1,767,100
80
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
International Flavors &
Fragrances, Inc. .................. 2,500 $ 110,938
Johnson & Johnson ................... 50,600 4,958,800
Kimberly Clark Corp. ................ 21,900 1,248,300
Procter & Gamble Co. ................ 49,800 4,444,650
------------
14,867,637
------------
TOBACCO (1.0%)
Philip Morris Cos., Inc. ............ 93,600 3,761,550
RJ Reynolds Tobacco Holdings ........ 4,333 136,489
Union Planters Corp. ................ 4,800 214,500
UST, Inc. ........................... 5,600 163,800
------------
4,276,339
------------
TOTAL CONSUMER NON-CYCLICALS 84,530,319
------------
CREDIT SENSITIVE (24.0%)
BANKS (6.6%)
Amsouth Bancorp ..................... 7,650 177,384
Bank of America Corp. ............... 64,966 4,762,820
Bank of New York Co., Inc. .......... 27,100 994,231
Bank One Corp. ...................... 43,850 2,611,816
BankBoston Corp. .................... 11,800 603,275
Chase Manhattan Corp. ............... 31,400 2,720,025
Comerica, Inc. ...................... 4,750 282,328
Fifth Third Bancorp ................. 11,000 732,187
First Union Corp. ................... 39,920 1,876,240
Firstar Corp. ....................... 28,300 792,400
Fleet Financial Group, Inc. ......... 23,800 1,056,125
Huntington Bancshares ............... 6,040 211,400
J.P. Morgan & Co. ................... 6,800 955,400
KeyCorp ............................. 19,500 626,438
MBNA Corp. .......................... 32,500 995,312
Mellon Bank Corp. ................... 20,400 742,050
Mercantile Bancorp, Inc. ............ 7,100 405,588
National City Corp. ................. 13,800 903,900
Northern Trust Corp. ................ 4,900 475,300
PNC Bank Corp. ...................... 11,900 685,738
Regions Financial Corp. ............. 10,700 411,281
Republic New York Corp. ............. 4,900 334,119
Southtrust Corp. .................... 8,400 322,350
State Street Corp. .................. 5,400 461,025
Summit Bancorp ...................... 4,900 204,881
SunTrust Banks, Inc. ................ 11,400 791,587
Synovus Financial Corp. ............. 6,550 130,181
U.S. Bancorp ........................ 29,700 1,009,800
Wachovia Corp. ...................... 6,600 564,713
Wells Fargo Co. ..................... 61,900 2,646,225
------------
29,486,119
------------
FINANCIAL SERVICES (5.8%)
American Express Co. ................ 16,800 2,186,100
Associates First Capital Corp.,
Class A ........................... 29,324 1,299,420
Automatic Data Processing, Inc. ..... 25,400 1,117,600
Bear Stearns Co., Inc. .............. 4,270 199,623
Capital One Financial Corp. ......... 7,500 417,656
Charles Schwab Corp. ................ 15,000 1,648,125
Citigroup, Inc. ..................... 127,550 6,058,625
Countrywide Credit Industries,
Inc. .............................. 5,900 252,225
Deluxe Corp. ........................ 1,800 70,088
Dun & Bradstreet Corp. .............. 5,500 194,906
Equifax, Inc. ....................... 4,900 174,869
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Fannie Mae .......................... 38,400 $ 2,625,600
Federal Home Loan Mortgage
Corp. ............................. 26,300 1,525,400
First Data Corp. .................... 15,400 753,637
Franklin Resources, Inc. ............ 10,400 422,500
Golden West Financial Corp. ......... 1,800 176,400
H&R Block, Inc. ..................... 2,500 125,000
Household International, Inc. ....... 19,333 915,901
Lehman Brothers Holdings, Inc. ...... 4,100 255,225
MGIC Investment Corp. ............... 3,800 184,775
Merrill Lynch & Co. ................. 12,600 1,007,212
Morgan Stanley Dean Witter &
Co. ............................... 22,000 2,255,000
Paine Webber Group, Inc. ............ 6,700 313,225
Paychex, Inc. ....................... 10,850 345,844
Providian Financial Corp. ........... 5,750 537,625
SLM Holding Corp. ................... 4,800 219,900
Washington Mutual, Inc. ............. 23,502 831,383
------------
26,113,864
------------
INSURANCE (3.4%)
Aetna, Inc. ......................... 6,100 545,569
Aflac, Inc. ......................... 9,600 459,600
Allstate Corp. ...................... 32,500 1,165,937
American General Corp. .............. 8,400 633,150
American International Group,
Inc. .............................. 46,262 5,415,545
Aon Corp. ........................... 8,100 334,125
CIGNA Corp. ......................... 8,400 747,600
Chubb Corp. ......................... 7,200 500,400
Cincinanti Financial Corp. .......... 4,900 184,056
Conseco, Inc. ....................... 13,399 407,832
Hartford Financial Services
Group, Inc. ....................... 8,400 489,825
Jefferson-Pilot Corp. ............... 3,050 201,872
Lincoln National Corp. .............. 8,600 449,887
MBIA, Inc. .......................... 4,300 278,425
Marsh & McClennan Cos. .............. 10,600 800,300
Progressive Corp. ................... 2,400 348,000
Provident Cos., Inc. ................ 4,000 160,000
Safeco Corp. ........................ 6,500 286,813
St. Paul Companies, Inc. ............ 10,924 347,520
Torchmark Corp. ..................... 4,000 136,500
Transamerica Corp. .................. 5,800 435,000
United Healthcare Corp. ............. 6,500 407,063
Unum Corp. .......................... 6,200 339,450
------------
15,074,469
------------
REAL ESTATE (0.0%)
Centrex Corp. ....................... 2,700 101,419
------------
UTILITY--ELECTRIC (2.0%)
AES Corp.* .......................... 8,100 470,812
Ameren Corp. ........................ 2,800 107,450
American Electric Power Co. ......... 6,500 244,156
CMS Energy Corp. .................... 6,300 263,813
Carolina Power & Light .............. 3,900 166,969
Central & South West Corp. .......... 5,300 123,888
Cinergy Corp. ....................... 8,200 262,400
Consolidated Edison, Inc. ........... 9,400 425,350
Constellation Energy Group .......... 2,700 79,988
DTE Energy Co. ...................... 4,900 196,000
Dominion Resources, Inc. ............ 9,500 411,469
81
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Duke Energy Corp. ..................... 14,900 $ 810,187
Edison International .................. 10,600 283,550
Entergy Corp. ......................... 9,700 303,125
FPL Group, Inc. ....................... 6,900 376,912
FirstEnergy Corp. ..................... 5,800 179,800
Florida Progress Corp. ................ 3,900 161,119
GPU, Inc. ............................. 6,600 278,437
New Century Energies, Inc. ............ 5,600 217,350
Niagara Mohawk Holdings, Inc.* 2,600 41,763
PG&E Corp. ............................ 15,300 497,250
PP&L Resources, Inc. .................. 3,544 108,978
Pacificorp ............................ 15,000 275,625
Peco Energy Co. ....................... 8,300 347,562
Public Service Enterprise Group........ 9,400 384,225
Reliant Energy, Inc. .................. 8,900 245,863
Southern Co. .......................... 29,700 787,050
Texas Utilities Co. ................... 12,400 511,500
Unicom Corp. .......................... 9,300 358,631
------------
8,921,222
------------
UTILITY--GAS (0.1%)
Consolidated Natural Gas Co. .......... 3,600 218,700
Nicor, Inc. ........................... 600 22,837
Peoples Energy Corp. .................. 200 7,538
Sempra Energy ......................... 11,953 270,437
------------
519,512
------------
UTILITY--TELEPHONE (6.1%)
AT&T Corp. ............................ 119,092 6,646,822
Ameritech Corp. ....................... 41,100 3,020,850
Bell Atlantic Corp. ................... 60,800 3,974,800
Bellsouth Corp. ....................... 74,000 3,468,750
Centurytel, Inc. ...................... 6,550 260,363
GTE Corp. ............................. 38,100 2,886,075
SBC Communications, Inc. .............. 73,400 4,257,200
Sprint Corp. (Fon Group) .............. 32,900 1,737,531
U.S. WEST, Inc. ....................... 20,322 1,193,917
------------
27,446,308
------------
TOTAL CREDIT SENSITIVE .............. 107,662,913
------------
DIVERSIFIED (0.8%)
MISCELLANEOUS (0.8%)
Ralston-Ralston Purina Group .......... 14,600 444,388
Tyco International Ltd. ............... 31,210 2,957,168
------------
3,401,556
------------
ENERGY (6.7%)
COAL & GAS PIPELINES (0.5%)
Columbia Energy Group ................. 4,250 266,422
Eastern Enterprises ................... 100 3,975
Enron Corp. ........................... 12,800 1,046,400
Sonat, Inc. ........................... 4,700 155,687
Sunoco, Inc. .......................... 3,400 102,638
Williams Cos., Inc. ................... 17,100 727,819
------------
2,302,941
------------
OIL--DOMESTIC (3.2%)
Atlantic Richfield Co. ................ 12,500 1,044,531
Burlington Resources, Inc. ............ 7,200 311,400
Chevron Corp. ......................... 24,100 2,294,019
Coastal Corp. ......................... 8,600 344,000
Exxon Corp. ........................... 92,000 7,095,500
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Mobil Corp. ........................... 29,400 $ 2,910,600
Occidental Petroleum Corp. ............ 15,900 335,887
------------
14,335,937
------------
OIL--INTERNATIONAL (1.8%)
Amerada Hess Corp. .................... 3,600 214,200
Ashland, Inc. ......................... 2,100 84,263
Kerr-McGee Corp. ...................... 4,264 213,999
Phillips Petroleum Co. ................ 8,800 442,750
Royal Dutch Petroleum Co. (NY
Shares) ............................. 81,800 4,928,450
Texaco, Inc. .......................... 21,600 1,350,000
Union Pacific Resources Group,
Inc. ................................ 10,600 172,913
USX-Marathon Group, Inc. .............. 12,900 420,056
------------
7,826,631
------------
OIL--SUPPLIES & CONSTRUCTION (0.7%)
Anadarko Petroleum Corp. .............. 3,800 139,888
Apache Corp. .......................... 5,300 206,700
Baker Hughes, Inc. .................... 13,460 450,910
Halliburton Co. ....................... 17,500 791,875
Helmerich & Payne, Inc. ............... 600 14,288
Rowan Co., Inc.* ...................... 1,200 22,125
Schlumberger Ltd. ..................... 21,100 1,343,806
Unocal Corp. .......................... 10,700 423,987
------------
3,393,579
------------
RAILROADS (0.5%)
Burlington Northern Santa Fe
Corp. ............................... 19,600 607,600
CSX Corp. ............................. 7,200 326,250
Kansas City Southern Industries,
Inc. ................................ 4,800 306,300
Norfolk Southern Corp. ................ 14,800 445,850
Union Pacific Corp. ................... 9,700 565,631
------------
2,251,631
------------
TOTAL ENERGY ........................ 30,110,719
------------
TECHNOLOGY (21.9%)
COMPUTER HARDWARE (2.3%)
Dell Computer Corp.* .................. 98,500 3,644,500
Gateway, Inc.* ........................ 5,200 306,800
Hewlett Packard Co. ................... 39,600 3,979,800
Silicon Graphics, Inc.* ............... 6,300 103,162
Sun Microsystems, Inc.* ............... 30,000 2,066,250
------------
10,100,512
------------
COMPUTER SOFTWARE (5.6%)
Adobe Systems, Inc. ................... 2,500 205,391
America On-Line, Inc.* ................ 41,200 4,552,600
Autodesk, Inc. ........................ 3,600 106,425
BMC Software, Inc.* ................... 10,000 540,000
Computer Associates
International, Inc. ................. 20,600 1,133,000
Compuware Corp.* ...................... 14,400 458,100
Data General Corp.* ................... 1,600 23,300
Microsoft Corp.* ...................... 192,200 17,334,037
Novell, Inc.* ......................... 13,300 352,450
Peoplesoft, Inc.* ..................... 11,000 189,750
------------
24,895,053
------------
82
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
ELECTRONICS (2.9%)
Advanced Micro Devices, Inc.* ..... 5,200 $ 93,925
Bemis Co. ......................... 600 23,850
Harris Corp. ...................... 4,000 156,750
ITT Industries, Inc. .............. 4,700 179,188
Intel Corp. ....................... 126,600 7,532,700
KLA Tencor Corp.* ................. 3,800 246,525
LSI Logic Corp.* .................. 5,200 239,850
Micron Technology, Inc.* .......... 8,800 354,750
National Semiconductor Corp.* ..... 8,100 205,031
Raychem Corp. ..................... 3,800 140,600
Rockwell International Corp. ...... 8,200 498,150
Seagate Technology, Inc.* ......... 8,600 220,375
Solectron Corp. ................... 10,200 680,212
Tandy Corp. ....................... 8,000 391,000
Tektronix, Inc. ................... 1,500 45,281
Texas Instruments, Inc. ........... 14,600 2,117,000
------------
13,125,187
------------
OFFICE EQUIPMENT (5.9%)
Apple Computer, Inc.* ............. 5,800 268,613
Avery Dennison Corp. .............. 4,900 295,838
Cabletron Systems* ................ 8,500 110,500
Cisco Systems, Inc.* .............. 119,800 7,727,100
Compaq Computer Corp. ............. 63,939 1,514,555
EMC Corp.* ........................ 37,500 2,062,500
Electronic Data Systems Corp. ..... 18,100 1,023,781
International Business Machines
Corp. ........................... 70,100 9,060,425
Network Appliance, Inc.* .......... 2,800 156,450
Oracle Corp.* ..................... 56,500 2,097,562
Parametric Technology Corp.* ...... 11,300 156,788
Unisys Corp.* ..................... 8,800 342,650
Xerox Corp. ....................... 26,200 1,547,437
------------
26,364,199
------------
OFFICE EQUIPMENT SERVICES (0.0%)
Ceridian Corp.* ................... 7,200 235,350
------------
TELECOMMUNICATIONS (5.2%)
3Com Corp.* ....................... 14,100 376,294
Alltel Corp. ...................... 11,500 822,250
Andrew Corp.* ..................... 3,400 64,388
Corning, Inc. ..................... 10,100 708,263
Frontier Corp. .................... 7,400 436,600
General Instrument Corp.* ......... 5,000 212,500
Lucent Technologies, Inc. ......... 114,035 7,690,235
MCI WorldCom, Inc.* ............... 69,497 5,994,116
Motorola, Inc. .................... 22,400 2,122,400
Nextel Communications, Inc.,
Class A* ........................ 10,500 526,969
Nortel Networks Corp. ............. 25,380 2,203,301
Scientific-Atlanta, Inc. .......... 2,500 90,000
Sprint Corp. (PCS GRP)* ........... 17,350 991,119
Tellabs, Inc. ..................... 14,200 959,387
------------
23,197,822
------------
TOTAL TECHNOLOGY ................ 97,918,123
------------
TOTAL COMMON STOCKS (95.9%)
(Cost $372,681,431).............. 429,252,258
------------
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (3.4%)
U.S. Treasury Bill
7/1/99 ................................ $1,003,000 $ 1,003,000
8/12/99 ............................... 110,000 109,438
8/19/99 ^.............................. 1,162,000 1,154,978
9/16/99 ............................... 6,098,000 6,038,130
9/30/99 ............................... 5,269,000 5,206,936
10/21/99 .............................. 1,780,000 1,754,304
------------
TOTAL SHORT-TERM DEBT SECURITIES (3.4%)
(Amortized Cost $15,267,770)......... 15,266,786
------------
TOTAL INVESTMENTS (99.3%)
(Cost/Amortized Cost
$387,949,201)........................ 444,519,044
OTHER ASSETS
LESS LIABILITIES (0.7%) ............. 3,079,919
------------
NET ASSETS (100.0%) ................... $447,598,963
============
- ---------------------
* Non-income producing
^ All, or a portion of securities held by a broker as collateral for financial
futures contracts.
Glossary:
ADR--American Depositary Receipt
83
<PAGE>
EQ ADVISORS TRUST
BT EQUITY 500 INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1999, the Portfolio had the following futures contract open:
(Note 1)
NUMBER
OF AGGREGATE EXPIRATION UNREALIZED
PURCHASES CONTRACTS FACE VALUE DATE APPRECIATION
- ----------------- ----------- -------------- ------------ -------------
S&P 500 ......... 51 $17,616,675 Sept '99 $441,610
========
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities.... $184,635,116
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities.... 3,992,046
As of June 30, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation........... $ 64,420,661
Aggregate gross unrealized depreciation........... (7,850,818)
------------
Net unrealized appreciation ...................... $ 56,569,843
============
Federal income tax cost of investments............ $387,949,201
============
At June 30, 1999, the Portfolio had loaned securities with a total value
$20,446,411 which was secured by collateral of $20,864,973.
See Notes to Financial Statements.
84
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS, RIGHTS
AND WARRANTS:
AUSTRALIA & NEW ZEALAND (2.4%)
AUSTRALIA (2.3%)
AMP Ltd. ............................ 8,081 $ 88,007
Amcor Ltd. .......................... 5,154 28,541
Australian Gas & Light Co., Ltd. 2,360 14,301
Boral Ltd. .......................... 7,487 12,639
Brambles Industries Ltd. ............ 1,892 49,654
Broken Hill Proprietary Ltd. ........ 13,033 150,394
CSR Ltd. ............................ 8,427 24,005
Coca-Cola Amatil Ltm. ............... 7,705 30,936
Coles Meyer Ltd. .................... 9,810 56,860
Colonial Ltd. ....................... 8,561 30,201
Fosters Brewing Corp. ............... 14,661 41,164
GIO Australia Holdings, Ltd. ........ 4,775 11,587
General Property Trust .............. 12,889 20,874
Lend Lease Corp. .................... 3,928 53,727
National Australia Bank Ltd. ........ 10,099 166,482
News Corp., Ltd. .................... 14,377 122,200
Normandy mining Ltd. ................ 9,489 6,295
Pacific Dunlop Ltd. ................. 8,588 12,345
Pioneer International Ltd. .......... 9,978 25,331
Rio Tinto Ltd. ...................... 2,700 44,104
Santos Ltd. ......................... 4,030 13,154
Southcorp Ltd. ...................... 4,245 17,078
TABCORP Holdings Ltd. ............... 3,437 23,071
Telstra Corp., Ltd. ................. 35,059 200,132
WMC Ltd. ............................ 8,031 34,369
Westfield Trust ..................... 8,047 16,226
Westpac Banking Corp. ............... 13,921 89,959
Woolworths Ltd. ..................... 9,143 30,295
-----------
1,413,931
-----------
NEW ZEALAND (0.1%)
Brierley Investments Ltd.* .......... 14,287 4,014
Carter Holt Harvey Ltd. ............. 15,301 18,331
Lion Nathan Ltd. .................... 5,041 12,078
Telecom Corp. of New Zealand
Ltd. .............................. 12,563 53,943
-----------
88,366
-----------
TOTAL AUSTRALIA & NEW ZEALAND 1,502,297
-----------
JAPAN (21.2%)
77 Bank Ltd. ........................ 3,000 26,309
Acom Co., Ltd. ...................... 1,000 86,457
Advantest Corp. ..................... 1,000 110,036
Ajinomoto Co. ....................... 6,000 68,503
Amada Co., Ltd. ..................... 3,000 21,221
Aoyamma Trading Co., Ltd. ........... 200 6,321
Asahi Bank Ltd. ..................... 22,000 105,568
Asahi Breweries Ltd. ................ 3,000 37,379
Asahi Chemical Industry Co.,
Ltd. .............................. 13,000 72,168
Asahi Glass Co., Ltd. ............... 8,000 51,957
Bank of Tokyo-Mitsubushi Ltd. ....... 34,000 484,670
Bridgestone Corp. ................... 6,000 181,683
Canon, Inc. ......................... 7,000 201,539
Casio Computer Co., Ltd. ............ 2,000 15,223
Chiba Bank Ltd. ..................... 7,000 25,887
Chichibu Onoda Cement Corp. ......... 6,000 17,225
Citizen Watch Co., Ltd. ............. 3,000 26,061
Credit Saison Co., Ltd. ............. 1,100 23,025
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Dai Nippon Printing Co., Ltd. ....... 5,000 $ 80,045
Daiei, Inc. ......................... 7,000 23,976
Daiichi Pharma Co., Ltd. ............ 2,000 31,075
Daikin Industries Ltd. .............. 3,000 34,872
Dainippon Ink and Chemicals,
Inc. .............................. 7,000 23,860
Daito Trust Construction ............ 2,000 22,338
Daiwa House Industry Co., Ltd. ...... 4,000 42,128
Daiwa Securities Co., Ltd. .......... 5,000 33,093
Denso Corp. ......................... 6,000 122,115
East Japan Railway Co. .............. 30 161,330
Ebara Corp. ......................... 2,000 23,811
Eisai Co., Ltd. ..................... 2,000 39,464
Fanuc ............................... 1,700 91,421
Fuji Bank Ltd. ...................... 23,000 160,602
Fuji Photo Film Co. ................. 4,000 151,568
Fujitsu Ltd. ........................ 13,000 261,893
Furukawa Electric Co., Ltd. ......... 6,000 27,550
Gunma Bank Ltd. ..................... 4,000 25,151
Hankyu Corp. ........................ 5,000 19,856
Hitachi Ltd. ........................ 25,000 234,756
Honda Motor Co., Ltd. ............... 7,000 297,096
House Foods Corp. ................... 1,000 14,760
Hoya Corp. .......................... 1,000 56,507
Industrial Bank of Japan Ltd. ....... 21,000 166,791
Isetan Co., Ltd. .................... 2,000 17,258
Ito-Yokado Co., Ltd. ................ 3,000 201,042
Itochu Corporation .................. 9,000 22,413
Japan Airlines Co., Ltd. ............ 12,000 39,712
Japan Energy Corp. .................. 7,000 8,224
Joyo Bank Ltd. ...................... 8,000 31,174
JUSCO Co., Ltd. ..................... 3,000 54,604
Kajima Corp. ........................ 8,000 29,122
Kaneka Corp. ........................ 3,000 28,295
Kansai Electric Power Co., Inc. ..... 6,100 116,075
Kao Corp. ........................... 5,000 140,647
Kawasaki Heavy Industries Ltd. ...... 12,000 32,564
Kawasaki Steel Corp. ................ 25,000 46,744
Kinden Corp. ........................ 2,000 21,593
Kinki Nippon Railway Co., Ltd. ...... 10,000 49,226
Kirin Brewery Co., Ltd. ............. 7,000 83,975
Kokuyo .............................. 1,000 16,133
Komatsu Ltd. ........................ 8,000 51,162
Komori Corp. ........................ 1,000 18,036
Kubuto Corp. ........................ 9,000 26,955
Kuraray Co., Ltd. ................... 3,000 36,138
Kyocera Corp. ....................... 2,000 117,482
Marui Co., Ltd. ..................... 3,000 49,640
Matsushita Electric
Industries Co. .................... 15,000 291,636
Meiji Seika ......................... 4,000 22,404
Minebea Co., Ltd. ................... 3,000 33,507
Mitsubishi Chemical Corp. ........... 14,000 48,531
Mitsubishi Corp. .................... 11,000 74,626
Mitsubishi Electric Corp. ........... 15,000 57,707
Mitsubishi Estate Co., Ltd. ......... 8,000 78,167
Mitsubishi Heavy Industries Ltd. 22,000 89,369
Mitsubishi Materials Corp. .......... 10,000 22,421
Mitsubishi Trust & Banking
Corp. ............................. 8,000 77,836
Mitsui & Co., Ltd. .................. 11,000 76,810
Mitsui Fudosan Co., Ltd. ............ 5,000 40,539
85
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Mitsui Marine & Fire Insurance
Co., Ltd. ......................... 6,000 $ 29,536
Mitsui Mining & Smelting Co.,
Ltd. .............................. 5,000 25,854
Murata Manufacturing Co., Ltd. ...... 2,000 131,712
Nagoya Railroad Co., Ltd. ........... 2,000 6,586
NAMCO Ltd. .......................... 1,000 26,888
NEC Corp. ........................... 12,000 149,417
NGK Insulators Ltd. ................. 3,000 31,373
NGK Spark Plug Co., Ltd. ............ 1,000 10,300
Nikon Corp. ......................... 3,000 49,144
Nippon COMSYS Corp. ................. 1,000 16,257
Nippon Express Co., Ltd. ............ 8,000 47,985
Nippon Meat Packers, Inc. ........... 2,000 26,144
Nippon Oil Co. ...................... 9,000 37,975
Nippon Paper Industries Co. ......... 6,000 31,323
Nippon Steel Corp. .................. 54,000 125,540
Nippon Telegraph & Telephone
Corp. ............................. 90 1,049,888
Nippon Yusen Labushiki Kaisha ....... 7,000 26,988
Nissan Motor Co., Ltd. .............. 11,000 52,602
Nissin Food Products Co., Ltd. ...... 1,000 24,406
Nitto Denko Corp. ................... 1,000 21,014
Nomura Securities Co. ............... 13,000 152,403
Obayashi Corp. ...................... 6,000 30,231
Odakyu Electric Railway ............. 3,000 10,052
Oji Paper Co., Ltd. ................. 7,000 40,539
Olympus Optical Co., Ltd. ........... 2,000 29,602
Omron Corp. ......................... 1,000 17,374
Onward Kashiyama Co., Ltd. .......... 1,000 11,004
Orix Corp. .......................... 1,000 89,352
Osaka Gas Co., Ltd. ................. 18,000 61,206
Pioneer Electric Corp. .............. 1,000 19,484
Rohm Co. ............................ 1,000 156,780
Sakura Bank Ltd. .................... 24,000 91,139
Sankyo Co. .......................... 4,000 100,935
Sanyo Electric Co., Ltd. ............ 13,000 52,916
Secom Co. ........................... 1,000 104,244
Sekisui Chemical Co. ................ 4,000 23,232
Sekisui House Ltd. .................. 5,000 54,025
Sharp Corp. ......................... 7,000 82,816
SHIMANO, Inc. ....................... 1,000 23,703
Shimizu Corp. ....................... 6,000 23,430
Shin-Etsu Chemical Co. .............. 3,000 100,521
Shionogi & Co., Ltd. ................ 3,000 23,753
Shiseido Co., Ltd. .................. 3,000 45,024
Shizuoka Bank Ltd. .................. 7,000 69,844
SMC ................................. 1,000 112,104
Sony Corp. .......................... 3,000 323,902
Sumitomo Bank Ltd. .................. 23,000 285,621
Sumitomo Chemical Co., Ltd. ......... 12,000 55,101
Sumitomo Corp. ...................... 7,000 51,253
Sumitomo Electric Industries ........ 5,000 56,921
Sumitomo Marine & Fire
Insurance Co., Ltd. ............... 4,000 24,158
Sumitomo Metal Industries ........... 29,000 36,229
Sumitomo Metal Mining Co. ........... 3,000 12,410
Taisei Corp. ........................ 7,000 15,405
Taisho Pharmaceutical ............... 3,000 99,280
Takashimaya Co., Ltd. ............... 3,000 28,717
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Takeda Chemical Industries .......... 7,000 $ 324,895
Teijin Ltd. ......................... 6,000 24,324
Tobu Railway Co., Ltd. .............. 7,000 19,864
Toho Co., Ltd. ...................... 100 14,644
Tohoku Electric Power Co., Inc. ..... 4,200 63,658
Tokai Bank Ltd. ..................... 12,000 68,503
Tokio Marine & Fire Insurance
Co. ............................... 12,000 130,554
Tokyo Electric Power ................ 9,900 209,270
Tokyo Electron Ltd. ................. 2,000 135,848
Tokyo Gas Co., Ltd. ................. 21,000 51,775
Tokyo Style Co., Ltd. ............... 1,000 10,755
Tokyu Corp. ......................... 9,000 22,710
Toppan Printing Co., Ltd. ........... 5,000 55,886
Toray Industries, Inc. .............. 9,000 45,123
Tostem Corp. ........................ 2,000 38,471
Toto Ltd. ........................... 2,000 15,471
Toyo Seikan Kaisha Ltd. ............. 2,000 45,007
Toyota Automatic Loom Works
Ltd. .............................. 2,000 34,003
Toyota Motor Corp. .................. 27,000 855,547
Uni-Charm Corp. ..................... 1,000 43,435
Uny Co., Ltd. ....................... 2,000 30,115
Wacaol Corp. ........................ 1,000 10,193
Yamaha Corp. (First Section) ........ 3,000 36,113
Yamanouchi Pharmaceutical Co.,
Ltd. .............................. 3,000 114,917
Yamato Transport Co., Ltd. .......... 3,000 52,370
Yamazaki Banking Co., Ltd. .......... 2,000 24,853
-----------
TOTAL JAPAN ....................... 12,773,003
-----------
OTHER EUROPEAN COUNTRIES (36.2%)
AUSTRIA (0.3%)
Austria Tabakwerke AG ............... 180 10,501
Bank Austria AG ..................... 855 45,024
EA-Generali AG ...................... 60 11,028
Flughafen Wein AG ................... 150 6,302
OMV AG .............................. 230 20,540
Oesterreichische .................... 230 33,533
Elektrizitaetseirtschafts AG,
Class A
VA Technologies AG .................. 70 6,350
Wienerberger Baustoffindustrie
AG ................................ 640 16,593
-----------
149,871
-----------
BELGIUM (1.3%)
Barco N.V. .......................... 74 11,927
Cimenteries CBR Cementbedrij ........ 83 7,645
Colruyt S.A. ........................ 20 13,175
D'Ieteren S.A. ...................... 28 12,949
DelhaizeLe LionS.A. ................. 334 28,469
Electrabel S.A. ..................... 385 124,427
Fortis (B) .......................... 5,011 157,551
Fortis (B) (CVG Rights expiring
7/21/01)* ......................... 140 798
Fortis (B) Strip .................... 1,260 13
Groupe Bruxelles Lambert S.A. ....... 201 34,016
Kredietbank N.V. .................... 2,093 124,264
Petrofina S.A. ...................... 174 100,072
Solvay S.A.,Class A ................. 656 43,588
86
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Tractebel .......................... 574 $ 80,605
UCB S.A. ........................... 1,000 42,851
-----------
782,350
-----------
FRANCE (8.2%)
Accor S.A. ......................... 279 70,148
Alcatel Alsthom .................... 1,403 197,742
Axa++ .............................. 2,418 295,359
Axa (Warrants expiring
4/30/01)*++ ...................... 20
Banque Nationale de Paris .......... 1,555 129,733
Bouygues S.A. ...................... 207 54,781
Bouygues S.A.(Rights)* ............. 207 551
Canal Plus ......................... 236 66,306
Cap Gemini Sogeti .................. 506 79,624
Carrefour Supermarche .............. 1,638 241,012
Coflexip S.A. ...................... 44 3,782
Compagnie de Saint Gobain .......... 663 105,767
Dassault Systemes S.A. ............. 195 6,453
Elf Acquitaine S.A. ................ 1,927 283,137
Eridania Beghin .................... 158 22,677
Essilor International S.A. ......... 28 8,763
Etablissements Economiques du
Casino Guichard-Perrachon
S.A. ............................. 404 35,458
France Telecom S.A. ................ 7,378 558,027
Groupe Danone ...................... 526 135,780
Imetal ............................. 63 9,367
L'Air Liquide ...................... 604 95,108
L'Oreal ............................ 467 316,081
Lafarge S.A. ....................... 694 66,069
Legardere S.C.A. ................... 976 36,380
Legrand S.A. ....................... 219 44,638
LVMH* .............................. 631 18,471
LVMH (Moet Hennessy Louis
Vuitton) ......................... 631 184,971
Michelin, Class B (Registered) ..... 1,119 45,835
Paribas ............................ 1,086 121,890
Pathe S.A. ......................... 102 12,259
Pechiney S.A., Class A ............. 415 17,860
Pernod Ricard ...................... 482 32,350
Pinault-Printemps-Redoute S.A. ..... 832 142,951
Promodes ........................... 140 92,010
PSA Peugeot Citroen ................ 383 60,506
Rhone-Poulenc, Class A ............. 2,663 121,838
Sanofi-Synthelabo SA* .............. 3,700 157,210
Schneider S.A. ..................... 1,160 65,218
Seita .............................. 112 6,476
Sidel S.A. ......................... 215 26,173
Simco .............................. 157 13,293
Societe BIC S.A. ................... 119 6,285
Societe Eurafrance S.A. ............ 12 7,459
Societe Generale Paris ............. 731 128,994
Sodexho Alliance S.A. .............. 198 34,142
Suez Lyonnaise des Eaux ............ 1,036 187,094
Thomson CSF ........................ 1,313 45,688
Total S.A., Class B ................ 1,654 213,650
Usinor Sacilor ..................... 1,205 17,979
Valero S.A. ........................ 604 49,893
Vivendi ............................ 3,649 295,958
-----------
4,969,196
-----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
GERMANY (8.5%)
AMB Aachener & Muenchener
Bekilgungs-AG .................... 300 $ 30,047
Adidas-Salomon AG .................. 300 29,242
Allianz AG (Registered) ............ 1,667 466,460
Axa Colonia Konzern AG++ ........... 100 9,499
BASF AG ............................ 4,450 195,740
Bayer AG ........................... 5,150 214,566
Bayerische Vereinsbank AG .......... 2,925 186,346
Beiersdorf AG ...................... 450 29,970
Buderus AG ......................... 50 19,980
Continental AG ..................... 600 14,373
DaimlerChrysler AG ................. 6,644 581,062
Deutsche Bank AG@ .................. 4,166 254,224
Deutsche Lufthansa AG
(Registered) ..................... 2,950 53,762
Deutsche Telekom AG ................ 16,585 697,834
Douglas Holding AG ................. 100 4,522
Dresdner Bank AG ................... 3,250 126,513
Heidelberger Zement AG ............. 350 28,369
Hochtief AG ........................ 400 18,173
Karstadt AG ........................ 50 23,903
Linde AG ........................... 50 30,047
M.A.N. AG .......................... 1,000 34,074
Mannesmann AG ...................... 2,650 396,756
Merck KGaA ......................... 1,400 45,391
Metro AG ........................... 1,930 122,956
Muenchener Rueckversicherungs-
Gesellschaft AG (Registered)* 512 95,688
Muenchener Rueckversicherungs-
Gesellschaft AG (Registered)* 662 124,884
Preussag AG ........................ 1,093 58,911
RWE AG ............................. 3,050 141,402
SAP AG ............................. 450 154,495
Schering AG ........................ 400 42,789
SGL Carbon AG ...................... 50 3,955
Siemens AG ......................... 4,000 308,938
Thyssen Krupp* ..................... 4,500 98,737
Veba AG ............................ 3,400 200,809
Viag AG ............................ 200 92,929
Volkswagen AG ...................... 2,220 143,426
-----------
5,080,772
-----------
IRELAND (0.4%)
Allied Irish Banks plc ............. 6,136 80,780
CRH plc ............................ 3,030 53,812
Independent Newspapers plc ......... 1,622 7,788
Irish Permanent plc ................ 2,423 25,035
Jefferson Smurfit Group plc ........ 10,437 24,517
Kerry Group plc, Class A ........... 1,180 14,012
Ryanair Holdings plc ............... 885 9,144
-----------
215,088
-----------
ITALY (3.8%)
Alitalia S.p.A.* ................... 11,054 28,763
Assicurazioni Generali S.p.A. ...... 7,375 255,865
Banca Commerciale Italiana ......... 15,093 110,336
Banca Intasa S.p.A (Rights)* ....... 13,488 293
Banca Intasa S.p.A. ................ 14,101 67,849
Benetton Group S.p.A. .............. 16,533 32,606
Credito Italiano S.p.A. ............ 35,069 154,256
87
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Edison S.p.A. ...................... 4,732 $ 41,042
ENI S.p.A. (Registered) ............ 57,208 342,015
Fiat S.p.A. ........................ 26,606 84,339
Istituto Bancario San Paolo
S.p.A. ........................... 9,972 135,914
Istituto Nazionale delle
Assicurazioni .................... 34,633 80,460
Italgas S.p.A. ..................... 5,940 24,963
Mediaset S.p.A. .................... 8,971 79,847
Mediobanca S.p.A. .................. 3,565 37,362
Montedison S.p.A. .................. 19,390 31,634
Olivetti S.p.A.* ................... 24,643 59,287
Olivetti S.p.A.* ................... 24,643 5,089
Parmalat Finanziaria S.p.A. ........ 8,908 11,681
Pirelli S.p.A. ..................... 19,579 53,371
Riunione Adriatica di Sicurta
S.p.A. ........................... 3,255 31,660
Telecom Italia Mobile S.p.A. ....... 10,828 39,914
Telecom Italia Mobile S.p.A. ....... 47,755 285,500
Telecom Italia S.p.A. .............. 24,301 252,926
Telecom Italia S.p.A. (RNC) ........ 4,077 22,143
Unione Immobiliare S.p.A ........... 25,151 11,167
-----------
2,280,282
-----------
NETHERLANDS (4.9%)
ABN-Amro Holdings N.V. ............. 10,034 217,572
Aegon N.V. ......................... 3,994 290,122
Akzo Nobel ......................... 2,011 84,719
Buhrmann N.V. ...................... 153 2,472
Elsevier N.V. ...................... 4,617 53,632
Getronics N.V. ..................... 671 25,843
Hagemeyer N.V. ..................... 533 17,446
Heinekin N.V. ...................... 2,205 113,041
IHC Caland N.V. .................... 64 2,511
ING Groep N.V. ..................... 6,484 351,489
KLM Royal Dutch Airlines N.V. 323 9,155
Koninklijke Ahold N.V. ............. 4,346 149,881
Koninklijke KPN .................... 3,361 157,903
Oce N.V. ........................... 305 7,779
Philips Electronics N.V. ........... 2,308 227,973
Royal Dutch Petroleum Co. .......... 14,561 853,982
TNT Post Group N.V. ................ 3,364 80,411
Unilever N.V. ...................... 3,896 262,918
Wolters Kluwer ..................... 1,800 71,741
-----------
2,980,590
-----------
PORTUGAL (0.4%)
Banco Comercial Portugues
(Registered) ..................... 1,500 38,922
Banco Espirito Santo ............... 962 22,409
BPI-SGPS S.A. (Registered) ......... 400 8,405
Brisa-Auto Estradas de Portugal
S.A. ............................. 500 20,651
Cimentos de Portugal S.A. .......... 500 12,907
Electricidade de Portugal S.A. ..... 4,300 77,521
Jeronimo Martins & Filho ........... 666 22,026
Portugal Telecom S.A.(Rights)* ..... 1,400
Portugal Telecom S.A. .............. 1,400 57,028
Sonae Investimentos-Sociedade
Gestora de ....................... 100 3,405
-----------
263,274
-----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
SPAIN (2.6%)
Acerinox S.A. ...................... 280 $ 8,196
Aguas De Barcelona* ................ 2 103
Argentaria Corp. Banc .............. 3,623 82,637
Autopistas Concesionaria Espana 2,348 27,515
Azucarera Ebro Agricolas ........... 539 8,259
Banco Bilbao Vizcaya ............... 13,804 199,688
Banco Santander Central Hisp ....... 24,781 258,432
Corporacion Financiera Alba ........ 114 18,481
Endesa S.A. ........................ 6,743 143,984
Fomento de Construcciones y
Contratas S.A. ................... 425 24,355
Gas Natural SDG S.A. ............... 1,008 73,377
Grupo Dragados S.A. ................ 1,842 21,625
Iberdrola S.A. ..................... 6,569 100,182
Repsol S.A. ........................ 6,546 133,829
Sociedad General de Aguas de
Barcelona S.A. ................... 339 17,677
Tabacalera S.A., Class A ........... 1,594 32,259
Telefonica de Espana S.A.* ......... 6,946 335,017
TelePizza* ......................... 2,024 10,491
Union Electrica Fenosa S.A. ........ 1,587 20,778
Vallehermoso S.A. .................. 1,297 12,575
Zardoya Otis S.A. .................. 681 17,122
-----------
1,546,582
-----------
SWITZERLAND (5.8%)
ABB AG (Bearer) .................... 60 88,935
Adecco SA .......................... 100 53,683
Alusuisse Lonza Group AG ........... 50 58,388
CS Holdings ........................ 1,850 320,713
Fischer (George) AG (Bearer) ....... 30 9,802
Holderbank Financiere Glarus
AG (Registered) .................. 94 29,859
Holderbank Financiere Glarus
AG, Class B ...................... 42 49,195
Kuoni Reisen AG (Registered) ....... 1 3,863
Nestle S.A. (Registered) ........... 270 487,382
Novartis AG (Registered) ........... 460 672,939
Roche Holding AG ................... 11 181,478
Roche Holdings AG .................. 48 494,322
Sairgroup (Registered) ............. 50 10,488
SGS Societe Generale de
Surveillance Holding S.A. ........ 15 15,564
Sulzer AG .......................... 30 18,270
Swiss Reinsurance Co.
(Registered) ..................... 100 190,759
Swisscom AG (Registered) ........... 520 196,043
The Swatch Group AG
(Registered) ..................... 100 14,307
The Swatch Group AG (Bearer) 10 6,741
UBS AG (Registered) ................ 1,451 433,888
Zurich Allies AG (New) ............. 320 182,303
-----------
3,518,922
-----------
TOTAL OTHER EUROPEAN
COUNTRIES ..................... 21,786,927
-----------
SCANDINAVIA (4.8%)
DENMARK (0.7%)
Carlsberg A.S., Class B ............ 200 8,332
Carlsberg, Class A ................. 300 12,081
88
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
D/S 1912, Class B .................. 8 $ 70,877
D/S Svendborg, Class B ............. 5 61,865
Danisco ............................ 480 21,663
Den Danske Bank AS ................. 400 43,326
GN Store Nord ...................... 158 5,332
ISS International Service System
A/S, Class B ..................... 262 14,007
Novo-Nordisk A/S, Class B .......... 544 58,697
Tele Danmark AS .................... 1,526 75,016
Unidanmark A/S, Class A
(Registered) ..................... 400 26,662
----------
397,858
----------
FINLAND (1.7%)
Kemira OYJ ......................... 1,000 6,051
Kesco OYJ .......................... 700 9,432
Merita plc, Class A ................ 5,600 31,860
Metra OYJ, Class B ................. 200 4,234
Nokia OYJ .......................... 8,400 737,238
Outokumpu OYJ ...................... 500 5,627
Raisio Group plc ................... 1,800 16,727
Sampo Insurance Co. plc,
Class A .......................... 500 14,507
Sonera Group OYJ ................... 3,800 83,182
Tieto Corp. ........................ 600 25,029
Upm-Kymmene OYJ .................... 2,400 68,892
----------
1,002,779
----------
NORWAY (0.3%)
Bergesen ASA, Class A .............. 500 7,376
Christiania Bank OG Kreditkasse 4,600 16,555
Den Norske Bank .................... 4,350 14,383
Kvaerner plc ....................... 280 5,768
Merkantildata ASA .................. 1,000 9,665
NCL Holdings ASA ................... 2,800 9,365
Norsk Hydro ASA .................... 1,650 62,320
Norske Skogindustrier ASA .......... 200 7,376
Orkla ASA, Class A ................. 1,300 20,252
Petroleum Geo-Services ASA ......... 850 12,809
Schibsted ASA ...................... 450 5,064
Storebrand ASA ..................... 1,800 12,132
Tomra Systems ASA .................. 400 15,057
----------
198,122
----------
SWEDEN (2.1%)
ABB AB, Class A .................... 5,600 74,719
ABB AB, Class B .................... 400 5,313
AGA AB, Class A .................... 900 11,265
Atlas Copco AB ..................... 900 24,601
Drott AB, Class B .................. 500 4,074
Electrolux AB, Class B ............. 2,800 58,850
Ericsson LM, Class B ............... 13,600 437,596
FastLights AB Balder ............... 60 652
Forenings Sparbanken Kredit
AS, Class A ...................... 4,200 59,511
Hennes & Mauritz AB Class B ........ 6,000 148,778
Mandamus ........................... 45 239
Netcom Systems AB, Class B* ........ 1,000 33,770
Sandvik AB, Class A ................ 1,600 35,045
Securities AB, Class B ............. 2,500 37,490
Skandia Forsakrings AB ............. 3,600 67,588
Skandinaviska Enskilds Banken ...... 4,300 50,266
Skanska AB, Class B ................ 800 30,275
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Svenska Cellulosa, AB, Class B ..... 1,800 $ 46,759
Svenska Hadelsbanken, Class A ...... 4,500 54,198
Volvo AB, Class B .................. 2,400 69,855
Volvo AB, Class A .................. 1,000 28,929
WM-Data AB, Class B ................ 200 7,651
----------
1,287,424
----------
TOTAL SCANDINAVIA ................ 2,886,183
----------
SOUTHEAST ASIA (3.0%)
HONG KONG (2.2%)
Bank of East Asia Ltd. ............. 4,899 12,408
Cathay Pacific Airways ............. 30,000 46,015
Cheung Kong Ltd. ................... 17,000 151,193
CLP Holdings Ltd. .................. 18,000 87,468
Hang Seng Bank Ltd. ................ 13,800 154,306
Hong Kong & China Gas Co.,
Ltd. ............................. 32,450 47,054
Hong Kong Telecommunications
Ltd. ............................. 85,144 221,138
Hutchison Whampoa Ltd. ............. 27,000 244,480
Johnson Electric Holdings .......... 9,000 37,121
New World Development Co. .......... 14,467 43,355
Shangri-LA Asia Ltd. ............... 10,000 12,374
Sun Hung Kai Properties Ltd. ....... 17,235 157,171
Swire Pacific Ltd., Class A ........ 11,000 54,445
Television Broadcasts Ltd. ......... 2,000 9,383
Wharf Holdings ..................... 22,000 68,623
Wharf Holdings-WT (expiring
12/31/99)* ....................... 400 371
----------
1,346,905
----------
SINGAPORE (0.8%)
City Developments .................. 8,000 51,223
Creative Technology Ltd. ........... 1,000 13,041
Development Bank of Singapore
(Foreign) ........................ 4,600 56,205
Keppel Corp. Ltd. .................. 6,000 20,442
Overseas-Chinese Banking Corp.
(Foreign) ........................ 6,057 50,524
Sembcorp Industries Ltd ............ 14,000 22,205
Singapore Airlines Ltd. ............ 6,000 57,098
Singapore Press Holdings Ltd. ...... 3,048 51,923
Singapore Tech Engineering ......... 20,000 22,674
Singapore Telecommunications
Ltd. ............................. 48,000 82,333
United Overseas Bank (Foreign) 5,000 34,952
----------
462,620
----------
TOTAL SOUTHEAST ASIA ............. 1,809,525
----------
UNITED KINGDOM (19.0%)
Abbey National plc ................. 9,809 184,287
Allied Zurich plc .................. 10,863 136,659
Anglian Water plc .................. 1,842 20,383
Arjo Wiggins Appleton plc .......... 2,323 8,062
Assoc British Foods plc ............ 5,891 38,983
AstraZeneca Group plc .............. 12,146 470,190
Barclays plc ....................... 10,728 312,399
Barratt Developments plc ........... 2,197 12,407
Bass plc ........................... 5,794 84,132
BBA Group plc ...................... 1,539 11,823
BG plc ............................. 27,621 168,838
Blue Circle Industries plc ......... 6,504 43,296
BOC Group plc ...................... 3,703 72,433
89
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Boots Co. plc ......................... 6,540 $ 77,736
BP Amoco plc (ADR) .................... 2,690 291,865
BPB plc ............................... 3,563 21,133
British Aerospace plc ................. 13,134 85,308
British Airport Authority plc ......... 7,661 73,718
British Airways plc ................... 8,120 56,071
British American Tobacco plc .......... 13,875 130,558
British Land Co., plc ................. 4,274 35,767
British Petroleum Co., plc ............ 49,924 895,424
British Sky Broadcasting plc .......... 12,368 114,817
British Steel ......................... 16,138 41,813
British Telecom plc ................... 44,027 738,263
Bunzl plc ............................. 4,465 22,257
Burmah Castrol plc .................... 1,044 19,828
Cable & Wireless plc .................. 16,643 212,261
Cadbury Schweppes plc ................. 14,338 91,375
Carlton Communications plc ............ 4,734 39,280
Centrica plc* ......................... 26,973 63,398
Coca-Cola Beverages plc* .............. 3,490 7,364
Commercial Union plc .................. 9,435 136,406
Compass Group plc ..................... 5,001 49,621
Diageo plc ............................ 25,037 261,654
Electrocomponents plc ................. 1,842 13,613
EMI Group plc ......................... 3,870 31,073
General Electric Co., plc ............. 18,967 193,581
GKN plc ............................... 5,279 90,186
Glaxo Wellcome plc .................... 24,869 691,623
Granada Group plc ..................... 6,497 120,628
Great Universal Stores plc ............ 7,236 80,244
Halifax plc ........................... 15,336 183,133
Hanson plc ............................ 5,205 46,267
HSBC Holdings plc ..................... 12,050 426,929
HSBC Holdings plc ..................... 5,756 204,025
Imperial Chemical Industries plc 5,274 52,163
Jarvis plc ............................ 904 4,207
Kingfisher plc ........................ 9,671 111,366
Ladbroke Group plc .................... 3,691 14,643
Land Securities plc ................... 4,215 56,716
Lasmo plc ............................. 1,694 3,875
Legal & General Group plc ............. 36,004 91,724
Lloyds TSB Group plc .................. 37,445 507,985
Marks & Spencer plc ................... 20,281 117,412
MEPC plc .............................. 2,816 22,921
Misys plc ............................. 3,078 26,365
National Grid Group plc ............... 10,634 74,060
National Power plc .................... 9,038 65,868
Pearson plc ........................... 4,335 88,146
Penninsular & Oriental Steam
Navigation Co. ...................... 4,829 72,557
Pilkington plc ........................ 352 513
Provident Financial plc ............... 2,169 30,161
Prudential Corp. plc .................. 13,461 198,327
Racal Electronics plc ................. 1,213 7,415
Railtrack Group plc ................... 3,660 74,882
Rank Group plc ........................ 4,798 19,092
Reed International plc ................ 7,122 47,551
Rentokil Initial plc .................. 20,081 78,401
Reuters Group plc ..................... 10,299 135,575
Rexam plc ............................. 2,929 11,874
Rio Tinto plc (Registered) ............ 7,695 129,094
RMC Group plc ......................... 2,289 36,884
Rolls-Royce plc ....................... 11,552 48,928
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Royal & Sun Alliance Ins Grp .......... 9,560 $ 85,808
Royal Bank of Scotland plc ............ 6,328 128,970
Safeway plc ........................... 8,250 33,088
Sainsbury J plc ....................... 13,666 86,230
Schroeders plc ........................ 1,969 40,254
Scottish & Newcastle plc .............. 4,661 48,564
Scottish & Southern Energy ............ 5,382 55,099
Scottish Power plc .................... 7,575 65,482
Siebe plc ............................. 29,136 137,998
Slough Estates plc .................... 2,760 15,674
SmithKline Beecham plc ................ 37,961 493,727
Smiths Industries plc ................. 2,491 32,929
Stagecoach Holdings plc ............... 9,196 32,966
Tarmac plc ............................ 5,045 9,470
Tate Lyle ORD plc ..................... 3,654 22,912
Taylor Woodward plc ................... 3,153 9,052
Tesco plc ............................. 46,511 119,775
Thames Water plc ...................... 2,709 42,990
The Berkeley Group plc ................ 1,015 12,217
TI Group plc .......................... 4,346 29,136
Unilever plc* ......................... 20,156 179,485
United Utilities plc .................. 4,135 50,291
Vodafone Group plc .................... 20,646 407,103
Williams plc .......................... 5,993 39,611
Wolseley plc .......................... 4,791 36,088
-----------
TOTAL UNITED KINGDOM ................ 11,454,735
-----------
TOTAL COMMON STOCKS, RIGHTS
AND WARRANTS (86.6%)
(Cost $46,377,220) .................. 52,212,670
-----------
PREFERRED STOCK:
AUSTRALIA & NEW ZEALAND (0.2%)
AUSTRALIA (0.2%)
News Corp., Ltd. ...................... 12,930 98,135
-----------
OTHER EUROPEAN COUNTRIES (0.2%)
GERMANY (0.2%)
RWE AG ................................ 700 24,503
SAP AG (Non Voting) ................... 300 119,414
Volkswagen AG ......................... 500 18,792
-----------
162,709
-----------
TOTAL PREFERRED STOCK (0.4%)
(Cost $270,354) ..................... 260,844
-----------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (9.4%)
U.S. Treasury Bills ...................
7/29/99 ............................. $ 95,000 94,694
8/5/99 .............................. 545,000 542,669
8/12/99 ............................. 97,000 96,504
8/19/99^ ............................ 2,580,000 2,564,409
8/26/99 ............................. 496,000 492,706
9/9/99 .............................. 383,000 379,634
9/16/99 ............................. 278,000 275,271
9/23/99 ............................. 20,000 19,787
9/30/99 ............................. 255,000 251,996
10/7/99 ............................. 810,000 799,747
10/21/99 ............................ 130,000 128,123
-----------
TOTAL SHORT-TERM DEBT SECURITIES (9.4%)
(Amortized Cost $5,645,681) ......... 5,645,540
-----------
90
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS (96.4%)
(Cost/Amortized Cost
$52,293,255) .................... $ 58,119,054
------------
OTHER ASSETS
LESS LIABILITIES (3.6%) ......... 2,156,139
------------
NET ASSETS (100.0%) ............... $ 60,275,193
============
- ----------------------------------------------------------------
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Common Stocks, Preferred Stocks,
Rights and Warrants
Basic Materials ................... 3.8%
Business Services ................. 3.6
Capital Goods ..................... 6.2
Consumer Cyclicals ................ 11.2
Consumer Non-Cyclicals ............ 16.0
Credit Sensitive
Banks ............................ 14.5
Financial Services ............... 3.1
Insurance ........................ 5.6
Real Estate ...................... 1.8
Utility--Electric ................ 2.4
Utility--Gas ..................... 1.1
Utility--Telephone ............... 3.6
----
Total Credit Sensitive ............ 32.1
Diversified ....................... 3.8
Energy ............................ 7.6
Technology ........................ 15.7
------------
100.0%
============
- ----------
* Non-income producing
++ Issuer of this security is an affiliate of the Trust.
@ Effective June 4, 1999, Bankers Trust Corporation and a wholly owned
subsidiary of Deutsche Bank AG ("Deutsche Bank") finalized a merger in
which Bankers Trust Corporation was acquired by and became a subsidiary of
Deutsche Bank.
^ All, or a portion of securities held by broker as collateral for financial
futures contracts.
Glossary:
CVG--Certificate de Valeur Garantie
RNC--Risparmio Non-Convertible, Savings Shares
91
<PAGE>
EQ ADVISORS TRUST
BT INTERNATIONAL EQUITY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1999, the Portfolio had the following futures contracts open:
(Note 1)
<TABLE>
<CAPTION>
NUMBER UNREALIZED
OF AGGREGATE EXPIRATION APPRECIATION
PURCHASES: CONTRACTS FACE VALUE DATE (DEPRECIATION)
- -------------------------------------- ----------- ------------ ------------ ---------------
<S> <C> <C> <C> <C>
Australia All Ordinary Index ......... 4 $ 195,299 Sept '99 $ 2,022
CAC 40 Index ......................... 14 664,230 Sept '99 28,664
German Index ......................... 15 2,103,783 Sept '99 28,701
Hang Seng Index ...................... 4 349,326 July '99 (10,621)
IBEX Plus Index ...................... 3 317,315 July '99 (702)
Milan MIB 30 Index ................... 2 362,663 Sept '99 (2,267)
Nikkei 300 Index ..................... 31 719,734 Sept '99 28,898
Nikkei 225 Index ..................... 1 88,775 Sept '99 4,669
TOPIX Index .......................... 7 820,563 Sept '99 34,359
Financial Times 100 Index ............ 16 1,611,788 Sept '99 (35,012)
---------
$ 78,711
=========
</TABLE>
At June 30, 1999, the Portfolio had outstanding foreign currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNTS ORIGINATION CURRENT APPRECIATION
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ------------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 7/23/99-7/26/99 .......... 1,563 $2,475,648 $2,465,571 $ (10,077)
European Union, expiring 7/23/99-7/26/99 ......... 5,287 5,468,724 5,469,759 1,035
Japanese Yen, expiring 7/23/99-7/26/99 ........... 293,458 2,436,616 2,436,794 178
FOREIGN CURRENCY SELL CONTRACTS
British Pound, expiring 7/23/99 .................. 781 1,255,000 1,231,478 23,522
European Union, expiring 7/23/99 ................. 2,620 2,746,000 2,709,848 36,152
Japanese Yen, expiring 7/23/99 ................... 157,721 1,315,000 1,309,400 5,600
---------
$ 56,410
=========
</TABLE>
Investment security transactions for the period from January 1, 1999 to June 30,
1999 were as follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities. ......... $ 8,309,742
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .......... 244,903
As of June 30, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income
tax purposes was as follows:
Aggregate gross unrealized appreciation. ................ $ 7,853,555
Aggregate gross unrealized depreciation. ................ (2,027,756)
------------
Net unrealized appreciation ............................. $ 5,825,799
============
Federal income tax cost of investments .................. $ 52,293,255
============
At June 30, 1999, the Portfolio had loaned securities with a total value of
$3,567,370 which was secured by collateral of $3,778,993.
As of December 31, 1998, the Portfolio had a net capital loss carryforward of
$266,434 which expires in the year 2006.
See Notes to Financial Statements.
92
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BASIC MATERIALS (5.2%)
CHEMICALS (0.7%)
A. Schulman, Inc. ................... 1,500 $ 25,781
Calgon Carbon Corp. ................. 1,600 9,500
Cambrex Corp. ....................... 1,400 36,750
ChemFirst, Inc. ..................... 1,000 24,312
Dionex Corp.* ....................... 1,300 52,650
Geon Co. ............................ 1,000 32,250
Georgia Gulf Corp. .................. 1,600 27,000
NOVA Corp. .......................... 15 375
Octel Corp.* ........................ 600 7,500
Spartech Corp. ...................... 900 28,462
Stepan Co. .......................... 300 7,613
Thermo Optek Corp.* ................. 900 9,338
Wellman, Inc. ....................... 2,000 31,875
-----------
293,406
-----------
CHEMICALS--SPECIALTY (1.6%)
Airgas, Inc.* ....................... 3,700 45,325
Albemarle Corp. ..................... 1,140 26,363
Arch Chemicals, Inc. ................ 600 14,588
Bush Boake Allen, Inc.* ............. 300 8,775
Crompton & Knowles Corp. ............ 3,500 68,469
Cytec Industries, Inc.* ............. 2,300 73,312
Ethyl Corp. ......................... 4,900 29,400
Ferro Corp. ......................... 2,000 55,000
H.B. Fuller Co. ..................... 700 47,862
Lilly Industries, Inc., Class A ..... 1,700 31,556
M.A. Hanna Co. ...................... 2,300 37,806
MacDermid, Inc. ..................... 700 32,550
Minerals Technologies, Inc. ......... 1,100 61,394
NCH Corp. ........................... 100 4,950
NL Industries, Inc. ................. 1,000 11,125
OM Group, Inc. ...................... 1,200 41,400
Terra Industries, Inc. .............. 1,200 4,800
Valhi, Inc. ......................... 500 5,563
W.R. Grace & Co.* ................... 2,700 49,612
Witco Corp. ......................... 3,100 62,000
-----------
711,850
-----------
METALS & MINING (1.3%)
AllTrista Corp.* .................... 600 19,800
ASARCO, Inc. ........................ 1,500 28,219
Battle Mountain Gold Co. ............ 6,300 15,356
Castle (A.M) & Co. .................. 600 10,200
Cleveland-Cliffs, Inc. .............. 600 19,425
Commercial Metals Co. ............... 600 17,100
Cyprus Amax Minerals Co. ............ 3,500 53,156
Intermet Corp. ...................... 1,800 27,225
Kaiser Aluminum* .................... 1,500 13,313
Lawson Products, Inc. ............... 200 5,038
MAXXAM, Inc.* ....................... 200 12,900
MDU Resources Group, Inc. ........... 2,600 59,312
Mueller Industries, Inc.* ........... 2,000 67,875
RTI International Metals, Inc.* ..... 400 5,875
Southern Peru Copper Corp. .......... 1,400 20,212
Stillwater Mining Co.* .............. 1,600 52,300
Timken Co. .......................... 1,900 37,050
Titanium Metals Corp. ............... 1,700 18,913
USEC, Inc. .......................... 4,000 59,500
Wolverine Tube, Inc.* ............... 600 15,075
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Worthington industries, Inc. ........ 2,600 $ 42,737
-----------
600,581
-----------
PAPER (0.8%)
Buckeye Technologies, Inc.* ......... 1,200 18,225
Caraustar Industries, Inc. .......... 1,200 29,625
Chesapeake Corp. .................... 1,100 41,181
Ivex Packaging Corp.* ............... 600 13,200
Longview Fibre, Co. ................. 3,100 48,437
P. H. Glatfelter Co. ................ 1,200 17,550
Potlatch Corp. ...................... 1,300 57,119
Rayonier, Inc. ...................... 1,600 79,700
Rock-Tenn Co., Class A .............. 600 10,013
Schweitzer-Mauduit
International, Inc. ............... 700 10,500
Wausau-Mosinee Paper Corp. .......... 2,500 45,000
-----------
370,550
-----------
STEEL (0.8%)
Armco, Inc.* ........................ 4,900 32,463
Bethlehem Steel Corp.* .............. 6,309 48,500
Carpenter Technology Corp. .......... 900 25,706
Citation Corp.* ..................... 600 9,638
Gibralter Steel Corp. ............... 400 9,900
Lone Star Technologies, Inc.* ....... 1,000 17,750
LTV Corp. ........................... 6,200 41,462
Maverick Tube Corp.* ................ 1,200 16,725
National Steel Corp., Class B ....... 1,000 8,375
Oregon Steel Mills, Inc. ............ 1,200 15,975
Quanex Corp. ........................ 800 22,800
Reliance Steel & Aluminum Co. 400 15,600
Rouge Industries, Inc., Class A ..... 1,000 9,750
Ryerson Tull, Inc. .................. 1,596 36,010
Steel Dynamics, Inc.* ............... 2,600 40,219
Valmont Industries .................. 800 13,625
-----------
364,498
-----------
TOTAL BASIC MATERIALS ............. 2,340,885
-----------
BUSINESS SERVICES (10.5%)
ENVIRONMENT CONTROL (1.1%)
AgriBioTech, Inc.* .................. 1,800 10,913
Aqua Alliance, Inc.* ................ 1,800 1,800
Cadiz, Inc.* ........................ 1,700 16,044
California Water Service Group ...... 600 15,675
Cataytica, Inc.* .................... 2,200 30,800
CCC Information Services
Group* ............................ 1,500 19,312
CLARCOR, Inc. ....................... 1,150 22,066
Donaldson Co., Inc. ................. 1,800 44,100
E'Town Corp. ........................ 300 13,725
IMCO Recycling, Inc. ................ 700 11,987
Ionics, Inc.* ....................... 1,000 36,500
IT Group, Inc.* ..................... 500 8,031
Mine Saftey Appliances Co. .......... 100 6,400
Mississippi Chemical Corp. .......... 1,300 12,756
ONEOK, Inc. ......................... 1,500 47,625
Philadelphia Suburban Corp. ......... 1,700 39,206
Rollins, Inc. ....................... 800 12,750
Roper Industries, Inc. .............. 1,400 44,800
Safety-Kleen Corp. .................. 10 181
Superior Services, Inc.* ............ 900 24,019
Tejon Ranch Co. ..................... 700 17,675
93
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Tetra Tech, Inc.* .................... 1,512 $ 24,948
Thermo Ecotek Corp.* ................. 1,200 9,600
Waste Connections, Inc.* ............. 700 21,350
Waste Industries, Inc.* .............. 500 8,938
-----------
501,201
-----------
PRINTING, PUBLISHING,
BROADCASTING (2.6%)
Ackerely group, Inc. ................. 1,100 20,006
ACTV, Inc.* .......................... 1,200 16,650
Adforce, Inc.* ....................... 600 14,100
Analysts International Corp. ......... 1,600 23,000
Autobytel.Com, Inc.* ................. 700 14,613
Banta Corp. .......................... 1,300 27,300
Big Flower Press Holdings, Inc.* 800 25,500
Bowne & Co. .......................... 1,700 22,100
CD Radio, Inc.* ...................... 900 27,422
Citadel Communications Corp.* ........ 600 21,712
Consolidated Graphics, Inc.* ......... 800 40,000
Cumulus Media, Inc., Class A* ........ 500 10,938
Direct Focus, Inc.* .................. 900 18,787
E4L, Inc.* ........................... 1,300 9,425
Emmis Communications Corp.,
Class A* ........................... 1,000 49,375
Entercom Communications
Corp.* ............................. 700 29,925
Flycast Communications Corp.* ........ 600 11,475
Gaylord Entertainment Co. ............ 800 24,000
HA-LO Industries, Inc.* .............. 2,500 24,687
Intermedia Communications of
Florida, Inc. ...................... 2,000 60,000
Journal Register Co.* ................ 1,800 40,500
Lee Enterprises, Inc. ................ 2,200 67,100
Macrovision Corp.* ................... 200 14,975
Mail-Well, Inc.* ..................... 1,900 30,756
Media General, Inc., Class A ......... 1,000 51,000
Merrill Corp. ........................ 600 8,700
Metro Networks, Inc.* ................ 100 5,338
Network Event Theater, Inc.* ......... 900 15,075
On Command Corp.* .................... 500 8,813
Paxson Communications Corp.* ......... 1,400 18,900
Pegasus Communications Corp.* 700 27,606
Penton Media, Inc.* .................. 500 12,125
Playboy Enterprises, Inc.,
Class B* ........................... 900 23,906
R.H. Donnelly Corp. .................. 900 17,606
Scholastic Corp.* .................... 800 40,500
Sinclair Broadcast Group, Inc.* ...... 800 13,100
Source Media, Inc.* .................. 1,100 18,700
Standard Register Co. ................ 1,100 33,825
True North Communications ............ 1,600 48,000
United Television, Inc. .............. 100 10,488
Valuevision Intl, Inc., Class A* ..... 900 17,888
Westwood One, Inc.* .................. 1,200 42,825
World Color Press, Inc.* ............. 1,800 49,500
Young Broadcasting Corp.,
Class A* ........................... 600 25,537
Zebra Technologies Corp.,
Class A* ........................... 1,100 42,281
-----------
1,176,059
-----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
PROFESSIONAL SERVICES (5.1%)
Abacus Direct Corp.* ................. 400 $ 36,600
ABM Industries, Inc. ................. 900 27,619
Administaff, Inc.* ................... 500 8,000
ADVO, Inc.* .......................... 1,100 22,825
Ahl Services, Inc.* .................. 400 9,975
Albany Molecular Research,
Inc.* .............................. 600 17,850
Alexander & Baldwin, Inc. ............ 2,700 60,075
Alterra Healthcare Corp.* ............ 1,300 17,875
American Retirement Corp.* ........... 900 11,250
AnswerThink Consulting Group,
Inc.* .............................. 1,000 25,250
APAC TeleServices, Inc. .............. 1,700 5,525
Applied Graphics Technologies,
Inc.* .............................. 1,160 14,645
Aztec Technology Partners, Inc. ...... 1 2
Bacou USA, Inc.* ..................... 300 5,119
Berlitz International, Inc.* ......... 400 7,350
Billing Concepts Corp.* .............. 2,500 27,969
Borg-Warner Security Corp.* .......... 600 12,188
Brightpoint, Inc.* ................... 2,500 15,156
CACI International, Inc.,
Class A* ........................... 1,000 22,500
CDI Corp.* ........................... 500 17,031
Century Business Services, Inc.* ..... 3,300 47,850
Cerner Corp.* ........................ 1,700 35,647
Charles River Associates, Inc.* ...... 700 17,544
Circle International Group, Inc. ..... 1,200 26,250
Coach USA, Inc.* ..................... 1,000 41,937
Computer Horizons Corp.* ............. 1,900 26,244
Computer Learning Centers,
Inc.* .............................. 500 2,469
Concentra Managed Care, Inc.* ........ 1,300 19,256
Concord Communications, Inc.* ........ 600 27,000
Cornell Corrections, Inc.* ........... 900 14,794
CORT Business Service Corp.* ......... 600 14,363
Cotelligent, Inc.* ................... 1,600 12,500
Coventry Health Care, Inc.* .......... 3,200 35,000
Crawford & Co., Class B .............. 2,500 40,625
Data Processing Resources
Corp.* ............................. 800 18,900
Dollar Thrifty Automotive
Group, Inc.* ....................... 1,400 32,550
Duff & Phelps Credit Rating .......... 400 26,750
Education Management Corp.* .......... 1,300 26,975
EG&G, Inc. ........................... 1,800 64,125
F.Y.I., Inc.* ........................ 500 15,688
Fisher Scientific Interantional,
Inc.* .............................. 2,000 44,625
Forrester Research, Inc.* ............ 300 7,500
Franklin Covey Co.* .................. 900 6,638
General Binding Corp. ................ 300 7,050
Getty Images, Inc.* .................. 1,000 18,875
Group Maintenence America
Corp.* ............................. 900 11,644
InaCom Corp.* ........................ 2,308 29,138
Informix Corp.* ...................... 9,000 76,781
Interim Services, Inc.* .............. 2,200 45,375
ITT Educational Services, Inc.* ...... 1,000 26,062
94
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Kelly Services, Inc., Class A ....... 1,300 $ 41,762
Kroll-O'Gara Co.* ................... 500 11,031
Labor Ready, Inc.* .................. 1,300 42,250
Landauer, Inc. ...................... 300 8,850
Lason, Inc.* ........................ 700 34,737
Learning Tree International,
Inc.* ............................. 500 5,469
Maximus, Inc.* ...................... 500 14,375
MemberWorks, Inc.* .................. 600 17,400
Metamor Worldwide, Inc.* ............ 1,500 36,094
Metzler Group, Inc.* ................ 1,550 42,819
Mpath Interactive, Inc.* ............ 900 19,800
Navigant International, Inc. ........ 1 8
NCO Group, Inc.* .................... 600 22,800
NFO Worldwide, Inc.* ................ 800 11,200
Norrell Corp. ....................... 1,200 22,575
Ogden Corp. ......................... 1,700 45,794
Olsten Corp. ........................ 3,400 21,462
On Assignment, Inc.* ................ 500 13,063
Pegasystems, Inc.* .................. 900 9,225
Personnel Group of America,
Inc.* ............................. 2,100 21,000
Pharmaceutical Product
Development, Inc.* ................ 900 24,637
Piston Brink's Group ................ 1,500 40,125
Policy Management Systems
Corp.* ............................ 1,400 42,000
PrePaid Legal Services, Inc.* ....... 1,200 32,625
Preview Travel, Inc.* ............... 900 19,744
ProBusiness Services, Inc.* ......... 850 30,494
Professionals Group, Inc.* .......... 1,400 47,250
Profit Recovery Group
International, Inc.* .............. 800 37,850
Renaissance Worldwide, Inc.* ........ 1,300 10,359
Rent-Way, Inc.* ..................... 1,200 29,550
Romac International, Inc.* .......... 2,540 22,542
SCM Microsystems, Inc.* ............. 600 27,825
Seitel, Inc.* ....................... 1,200 19,425
SITEL Corp.* ........................ 1,400 4,113
SPR, Inc.* .......................... 600 3,188
Staff Leasing, Inc.* ................ 1,300 16,737
StaffMark, Inc.* .................... 2,000 20,062
Strayer Education, Inc. ............. 600 18,412
Superior Consultant Holdings
Corp.* ............................ 300 7,406
Sybase, Inc.* ....................... 4,600 50,600
TeleTech Holdings, Inc.* ............ 1,100 11,138
URS Corp.* .......................... 900 26,381
US Office Products Co.* ............. 2,800 15,050
Veritas DGC, Inc.* .................. 1,300 23,806
Visual Networks, Inc.* .............. 900 28,800
Volt Infomation Sciences, Inc.* ..... 500 11,438
Wackenhut Corp., Class A* ........... 600 17,850
Wackenhut Corrections Corp. ......... 500 9,906
Wallace Computer Services, Inc. ..... 2,200 55,000
-----------
2,330,986
-----------
TRUCKING, SHIPPING (1.7%)
Air Express International Corp. ..... 2,000 50,750
Airborne Freight Corp. .............. 2,000 55,375
AMERCO* ............................. 400 9,000
American Freightways Corp.* ......... 900 17,606
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Arnold Industries, Inc. ............. 1,600 $ 24,700
Avondale Industries, Inc.* .......... 700 27,300
C.H. Robinson Worldwide, Inc. ....... 2,000 73,500
Consolidated Freightways Corp.* 1,600 20,550
Eagle USA Airfreight, Inc.* ......... 600 25,462
Fritz Cos., Inc.* ................... 1,300 13,975
Halter Marine Group, Inc.* .......... 1,400 9,275
Heartland Express, Inc.* ............ 1,500 24,562
Hvide Marine, Inc., Class A ......... 100 216
Iron Mountain, Inc.* ................ 1,350 38,644
J.B. Hunt Transport Services, Inc. 1,000 16,250
Kirby Corp.* ........................ 1,375 29,133
Knight Transportation, Inc.* ........ 350 7,481
Landstar Systems, Inc.* ............. 400 14,438
M.S. Carriers, Inc.* ................ 400 11,863
OMI Corp.* .......................... 400 825
Overseas Shipholding Group, Inc. 1,300 16,738
Pittston BAX Group .................. 1,600 15,200
Roadway Express, Inc. ............... 600 11,625
Swift Transportation Co., Inc.* ..... 1,850 40,700
United Rentals North America,
Inc. .............................. 88 2,596
USFreightways Corp. ................. 1,400 64,837
Werner Enterprises, Inc. ............ 1,500 31,125
Wisconsin Central Transport
Corp.* ............................ 2,400 45,300
XTRA Corp.* ......................... 700 32,156
Yellow Corp.* ....................... 1,200 21,300
-----------
752,482
-----------
TOTAL BUSINESS SERVICES ........... 4,760,728
-----------
CAPITAL GOODS (10.9%)
AEROSPACE (0.7%)
AAR Corp. ........................... 1,450 32,897
BE Aerospace, Inc.* ................. 1,200 22,425
Curtiss-Wright Corp. ................ 400 15,550
Cymer, Inc.* ........................ 1,500 37,500
Fairchild Corp.* .................... 946 12,062
GenCorp, Inc. ....................... 1,600 40,400
General Motors Corp., Class H ....... 529 29,728
Hexcel Corp.* ....................... 700 7,088
Kaman Corp., Class A ................ 1,700 26,669
Kellstrom Industries, Inc.* ......... 500 9,125
Moog, Inc., Class A* ................ 200 6,875
Orbital Sciences Corp.* ............. 1,500 35,437
REMEC, Inc.* ........................ 900 14,512
Scott Technologies, Inc.* ........... 700 13,475
Titan Corp. ......................... 1,000 11,000
-----------
314,743
-----------
BUILDING & CONSTRUCTION (2.3%)
A.O. Smith Corp ..................... 1,050 29,400
Ameron International Corp. .......... 400 17,650
Butler Manufacturing Co. ............ 300 8,381
Champion Enterprises, Inc.* ......... 2,000 37,250
Coachman Industries, Inc. ........... 800 18,600
Crossmann Communities, Inc.* ........ 300 8,719
Dal-Tile International, Inc.* ....... 2,000 22,750
Del Webb Corp. ...................... 800 19,100
Dycom Industries, Inc.* ............. 900 50,400
Elcor Corp. ......................... 800 34,950
Fairfield Communities, Inc.* ........ 2,500 40,312
95
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Fleetwood Enterprises, Inc. ......... 1,200 $ 31,725
Foster Wheeler Corp. ................ 2,600 36,725
Global Industries Ltd.* ............. 2,400 30,750
Granite Construction, Inc. .......... 1,200 35,175
Insituform Technologies* ............ 1,500 32,438
Integrated Electrical Services,
Inc.* ............................. 1,200 19,350
Jacobs Engineering Group, Inc.* 1,300 49,400
Kaufman & Broad Home Corp. .......... 2,300 57,212
Kennametal, Inc. .................... 1,000 31,000
M.D.C. Holdings, Inc. ............... 800 17,200
Morrison Knudsen Corp.* ............. 1,200 12,375
National R.V. Holdings, Inc.* ....... 700 16,975
NCI Building Systems, Inc.* ......... 1,300 27,788
Newport News Shipbuilding, Inc. 2,000 59,000
Nortek, Inc.* ....................... 500 15,656
Palm Harbor Homes, Inc.* ............ 1,000 25,063
Pulte Corp. ......................... 1,300 29,981
Republic Group, Inc. ................ 400 7,200
Service Experts, Inc.* .............. 800 17,550
Simpson Manufacturing Co.,
Inc.* ............................. 300 14,250
Standard Pacific Corp. .............. 1,600 20,700
Thomas Industries, Inc. ............. 1,200 24,600
Thor Industries, Inc. ............... 600 17,025
TJ International, Inc. .............. 1,100 34,100
Toll Brothers, Inc.* ................ 1,500 32,156
U.S. Home Corp.* .................... 500 17,750
Walter Industries, Inc.* ............ 2,000 25,875
Watts Industries, Inc., Class A ..... 800 15,350
-----------
1,041,881
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (1.3%)
Apogee Enterprises, Inc. ............ 1,500 20,156
Centex Construction Products,
Inc. .............................. 500 17,063
Deltic Timber Corp. ................. 900 24,244
Fedders Corp. ....................... 1,500 10,031
Florida Rock Industries, Inc. ....... 900 40,950
Griffon Corp.* ...................... 2,000 15,625
Holophane Corp.* .................... 500 19,063
HomeBase, Inc.* ..................... 3,100 19,569
Hughes Supply, Inc. ................. 1,100 32,656
Hussmann International, Inc. ........ 2,400 39,750
Kaydon Corp. ........................ 1,800 60,525
Lone Star Industries, Inc. .......... 1,000 37,562
Modine Manufacturing Co. ............ 1,000 32,563
Park Electrochemical Corp. .......... 400 11,500
Regal-Beloit Corp. .................. 1,000 23,625
Sturm Ruger & Co., Inc. ............. 1,900 20,306
Texas Industries, Inc. .............. 1,000 38,750
The Scotts Co.* ..................... 1,000 47,625
Toro Co. ............................ 800 31,500
Universal Forest Products, Inc. ..... 800 17,200
-----------
560,263
-----------
ELECTRICAL EQUIPMENT (4.5%)
ADTRAN, Inc.* ....................... 900 32,737
Advanced Energy Industries,
Inc.* ............................. 400 16,225
AMETEK, Inc. ........................ 1,700 39,100
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Applied Power, Inc. Class A ......... 2,040 $ 55,717
Arctic Cat, Inc. .................... 900 8,044
Barnes Group, Inc. .................. 600 13,050
Benchmark Electronics, Inc.* ........ 400 14,375
Comfort Systems USA, Inc.* .......... 2,000 36,000
CommScope, Inc.* .................... 2,300 70,725
Credence Systems Corp.* ............. 1,200 44,550
Cypress Semiconductor Corp.* ........ 4,100 67,650
Dallas Semiconductor Corp. .......... 1,500 75,750
Electro Rent Corp.* ................. 700 7,525
Electroglas, Inc.* .................. 1,100 22,000
Esterline Technologies Corp.* ....... 800 11,500
Exar Corp.* ......................... 800 19,800
Flowserve Corp. ..................... 1,800 34,087
Franklin Electric Co., Inc. ......... 200 13,000
General Semiconductor, Inc.* ........ 1,400 12,775
Genlyte Group, Inc.* ................ 1,000 22,438
Harman International Industries,
Inc. .............................. 1,000 44,000
Harmon Industries, Inc. ............. 1,000 19,813
IGEN International, Inc.* ........... 500 14,563
Kulicke & Soffa Industries* ......... 1,400 37,537
Lam Research Corp.* ................. 1,800 84,037
Level One Communications, Inc. 50 2,447
Marshall Industries* ................ 1,300 46,719
Mentor Graphics Corp.* .............. 3,200 41,000
Methode Electronics, Inc.,
Class A ........................... 2,100 48,037
Mettler-Toledo International,
Inc.* ............................. 2,100 52,106
Micrel, Inc.* ....................... 800 59,200
MMC Networks, Inc.* ................. 1,400 62,650
Nevada Power Co. .................... 2,900 72,500
OEC Medical Systems, Inc.* .......... 200 4,900
PairGain Technologies, Inc.* ........ 3,000 34,500
Photronics, Inc.* ................... 1,300 31,850
Pioneer-Standard Electronics ........ 1,200 14,400
Plexus Corp.* ....................... 700 21,088
Power Integrations, Inc.* ........... 600 43,875
Powerwave Technologies, Inc.* ....... 800 25,800
Public Service Co. of New
Mexico, Inc. ...................... 2,700 53,662
Quanta Services, Inc.* .............. 1,000 44,000
Rayovac Corp.* ...................... 1,700 38,569
Recoton Corp.* ...................... 300 2,728
RPC, Inc. ........................... 600 5,250
Sawtek, Inc.* ....................... 500 22,937
Scotsman Industries, Inc. ........... 400 8,625
Semtech Corp.* ...................... 800 41,700
Sensormatics Electronics Corp.* ..... 3,300 45,994
Silicon Valley Group, Inc.* ......... 2,000 33,625
Siliconix, Inc.* .................... 300 10,275
SIPEX Corp.* ........................ 1,100 22,550
Sunrise Medical, Inc.* .............. 1,200 8,550
Tecumseh Products Co., Class A....... 1,000 60,562
ThermoQuest Corp.* .................. 700 9,319
TNP Enterprises, Inc. ............... 500 18,125
Transwitch Corp.* ................... 1,000 47,375
Triquint Semiconductor, Inc.* ....... 300 17,044
UCAR International, Inc.* ........... 2,500 63,125
Ultratech Stepper, Inc.* ............ 1,500 22,594
Unitrode Corp.* ..................... 1,500 43,031
96
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Veeco Instruments, Inc.* ............. 400 $ 13,600
Vicor Corp.* ......................... 900 19,069
Watsco, Inc. ......................... 900 14,738
X-Rite, Inc. ......................... 100 644
-----------
2,045,761
-----------
MACHINERY (2.1%)
Agco Corp. ........................... 2,300 26,019
Albany International Corp.,
Class A* ........................... 1,320 27,390
Anchor Gaming* ....................... 300 14,419
Applied Industrial Technologies,
Inc. ............................... 1,000 19,000
Astec Industries, Inc.* .............. 900 36,675
Baldor Electric Co. .................. 1,400 27,825
Chart Industries, Inc. ............... 850 6,694
CMI Corp., Class A ................... 1,700 15,513
Cognex Corp.* ........................ 1,600 50,500
Columbus McKinnon Corp. .............. 600 14,400
Commercial Intertech Corp. ........... 600 9,563
Gardner Denver, Inc.* ................ 600 9,675
Global Industrial Technologies,
Inc.* .............................. 800 9,650
Graco, Inc. .......................... 750 22,031
Hardinge, Inc. ....................... 900 15,806
IDEX Corp. ........................... 1,400 46,025
Imation Corp.* ....................... 2,200 54,587
JLG Industries, Inc. ................. 2,100 42,787
L.S. Starrett Co., Class A ........... 400 10,750
Lincoln Electric Holdings ............ 2,200 45,100
Lindsay Manufacturing Co. ............ 550 9,659
MagneTek, Inc.* ...................... 1,700 17,956
Manitowoc Co., Inc. .................. 1,500 62,437
MascoTech, Inc. ...................... 1,800 30,487
Milacron, Inc. ....................... 1,700 31,450
NACCO Industries, Inc. Class A........ 300 22,050
National Oilwell, Inc.* .............. 1,700 23,800
Nordson Corp. ........................ 600 36,750
Presstek, Inc.* ...................... 1,200 8,663
PRI Automation, Inc.* ................ 800 29,000
Robbins & Myers, Inc. ................ 300 6,694
Sequa Corp., Class A* ................ 300 21,000
Specialty Equipment Co.'s, Inc.* ..... 600 17,662
Speedfam-Ipec, Inc.* ................. 1,181 18,970
Stewart & Stevenson Services,
Inc. ............................... 1,900 28,975
Tennant Co. .......................... 400 12,800
Terex Corp.* ......................... 900 27,394
Thermo Fibertek, Inc.* ............... 1,300 9,263
UNOVA, Inc.* ......................... 1,800 28,575
Woodward Governor Co. ................ 300 7,800
-----------
955,794
-----------
TOTAL CAPITAL GOODS ................ 4,918,442
-----------
CONSUMER CYCLICALS (12.6%)
AIRLINES (0.6%)
AirTran Holdings, Inc.* .............. 3,900 22,425
Alaska Air Group, Inc.* .............. 1,300 54,275
America West Holdings Corp.,
Class B* ........................... 1,600 30,200
Amtran, Inc.* ........................ 500 12,313
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Atlantic Coast Airlines
Holdings* .......................... 600 $ 11,400
Atlas Air, Inc.* ..................... 600 19,350
Aviall, Inc.* ........................ 1,300 24,456
Aviation Sales Co.* .................. 500 19,750
Mesaba Holdings, Inc.* ............... 600 7,650
Midwest Express Holdings, Inc. ....... 950 32,300
SkyWest, Inc. ........................ 1,100 27,431
Trans World Airlines, Inc.* .......... 2,900 14,319
-----------
275,869
-----------
APPAREL & TEXTILES (2.0%)
Brown Shoe Company, Inc. ............. 1,400 30,450
Buckle, Inc.* ........................ 300 8,625
Burlington Coat Factory
Warehouse Corp. .................... 800 15,450
Burlington Industries, Inc.* ......... 3,600 32,625
Cato Corp., Class A .................. 900 10,463
Charming Shoppes, Inc.* .............. 4,700 28,641
Collins & Aikman Corp. ............... 2,800 21,350
Columbia Sportswear Co.* ............. 400 6,150
Dan River, Inc.* ..................... 900 6,638
Donna Karan International, Inc.* 700 6,956
Dress Barn, Inc.* .................... 800 12,800
Enesco Group, Inc. ................... 700 16,188
Finish Line, Inc., Class A* .......... 1,000 11,250
Footstar, Inc.* ...................... 1,000 37,187
G&K Services, Inc., Class A .......... 900 47,137
Genesco, Inc.* ....................... 1,200 17,475
Goody's Family Clothing, Inc.* ....... 1,500 17,156
Guess ?, Inc.* ....................... 1,000 13,813
Guilford Mills, Inc. ................. 800 8,300
Gymboree Corp.* ...................... 1,700 17,850
Interface, Inc. ...................... 2,100 18,112
Jones Apparel Group, Inc. ............ 1 45
Just For Feet, Inc.* ................. 1,100 7,081
Kellwood Co. ......................... 1,100 29,837
Men's Wearhouse, Inc.* ............... 1,143 29,146
Michaels Stores, Inc.* ............... 1,500 45,937
Nautica Enterprises, Inc.* ........... 1,600 27,000
OshKosh B'Gosh, Inc.* ................ 600 12,675
Oxford Industries, Inc. .............. 300 8,494
Pacific Sunwear of California,
Inc.* .............................. 1,650 40,219
Phillips-Van Heusen Corp. ............ 1,500 14,813
Polymer Group, Inc.* ................. 1,000 11,750
Quicksilver, Inc.* ................... 1,200 31,275
Reebok International Ltd.* ........... 1,600 29,800
Russell Corp. ........................ 1,400 27,300
Shoe Carnival, Inc.* ................. 900 15,300
St. John Knits, Inc. ................. 700 20,475
Stein Mart, Inc.* .................... 1,900 17,813
Stride Rite Corp. .................... 2,700 27,844
Timberland Co., Class A* ............. 400 27,225
Unifi, Inc.* ......................... 2,300 48,875
Wet Seal, Inc., Class A* ............. 800 22,900
-----------
880,420
-----------
AUTO RELATED (2.1%)
Action Performance Cos., Inc.* ....... 700 23,100
Aftermarket Technology Corp.* ........ 1,000 11,375
Arvin Industries, Inc. ............... 1,300 49,237
97
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Avis Rent A Car, Inc.* ................ 1,300 $ 37,862
Bandag, Inc. .......................... 1,000 34,687
Budget Group, Inc.* ................... 1,700 20,931
Copart, Inc.* ......................... 800 17,000
CSK Auto Corp.* ....................... 700 18,900
Detroit Diesel Corp. .................. 200 4,925
Discount Auto Parts, Inc.* ............ 900 21,713
Exide Corp. ........................... 1,000 14,750
Group I Automotive, Inc.* ............. 700 14,788
Hayes Lemmerz
International, Inc.* ................ 1,000 29,375
Keystone Automotive
Industries, Inc.* ................... 900 15,638
Littelfuse, Inc.* ..................... 900 17,325
McGrath Rentcorp ...................... 1,100 22,000
Midas, Inc. ........................... 800 22,700
Miller Industries, Inc.* .............. 1,900 7,481
Monaco Coach Corp.* ................... 600 25,387
O'Reilly Automotive, Inc.* ............ 800 40,300
OEA, Inc. ............................. 900 7,988
Pennzoil-Quaker State Co. ............. 3,100 46,500
Penske Motorsports, Inc.* ............. 500 24,812
Pep Boys Manny Moe & Jack ............. 2,200 47,575
Polaris Industries, Inc. .............. 1,500 65,250
Precision Castparts Corp. ............. 1,300 55,250
Rental Service Corp.* ................. 1,400 40,075
Rollins Truck Leasing Corp. ........... 3,450 38,381
Sauer, Inc. ........................... 600 6,450
Standard Motor Products, Inc. ......... 300 7,350
Standard Products Co. ................. 700 17,938
Superior Industries, International,
Inc. ................................ 1,100 30,044
Titan International, Inc.* ............ 1,700 20,188
Tower Automotive* ..................... 1,900 48,331
Tyler Corp.* .......................... 700 4,813
United Auto Group, Inc.* .............. 500 5,125
Westinghouse Air Brake Co. ............ 1,100 28,531
Wynn's International, Inc. ............ 700 12,906
-----------
956,981
-----------
AUTOS & TRUCKS (0.2%)
Dura Automotive Systems, Inc.* 1,000 33,250
LithiaI Motors, Inc., Class A* ........ 800 16,400
Oshkosh Truck Corp. ................... 600 30,187
Wabash National Corp. ................. 1,500 29,063
-----------
108,900
-----------
FOOD SERVICES, LODGING (1.8%)
Applebee's International, Inc. ........ 1,400 42,175
Avado Brands, Inc. .................... 2,100 17,588
Bob Evans Farms, Inc. ................. 1,900 37,762
Buffets, Inc.* ........................ 2,800 32,200
CBRL Group, Inc. ...................... 2,300 39,819
CEC Entertainment, Inc.* .............. 1,100 46,475
Cheesecake Factory, Inc.* ............. 1,150 35,075
CKE Restaurants, Inc. ................. 2,000 32,500
Consolidated Products, Inc.* .......... 1,650 29,700
Extended Stay America, Inc.* .......... 3,400 40,800
Foodmaker, Inc.* ...................... 1,900 53,912
Host Marriott Services Corp.* ......... 1,100 8,938
IHOP Corp.* ........................... 1,100 26,469
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Landry's Seafood Resaurants,
Inc.* ............................... 2,100 $ 16,800
Lone Star Steakhouse & Saloon,
Inc.* ............................... 1,700 16,522
Marcus Corp. .......................... 1,100 13,544
NPC International, Inc.* .............. 500 7,688
O'charleys, Inc.* ..................... 500 8,000
Papa John's International, Inc.* ...... 1,000 44,687
Prime Hospitality Corp.* .............. 2,500 30,000
Red Roof Inns, Inc.* .................. 1,300 23,319
Ruby Tuesday, Inc. .................... 1,500 28,500
Ryan's Family Steak Houses,
Inc.* ............................... 1,900 22,087
Sbarro, Inc.* ......................... 600 16,238
Sonic Corp.* .......................... 900 29,362
Station Casinos, Inc.* ................ 1,000 20,375
Sunterra, Corp.* ...................... 1,400 19,512
Vail Resorts, Inc.* ................... 1,700 29,750
Wyndham International,
Class A* ............................ 7,800 35,100
-----------
804,897
-----------
HOUSEHOLD FURNITURE,
APPLIANCES (1.4%)
Aaron Rents, Inc. ..................... 800 17,800
Basset Furniture Industries, Inc. ..... 600 13,725
Bush Industries, Class A .............. 100 1,663
Central Garden & Pet Co.* ............. 1,100 11,275
Cost Plus, Inc.* ...................... 600 27,300
Department 56, Inc.* .................. 900 24,188
Ethan Allen Interiors, Inc. ........... 1,700 64,175
Furniture Brands International,
Inc.* ............................... 1,900 52,962
Haverty Furniture Cos., Inc. .......... 800 28,150
Heilig-Meyers Co. ..................... 2,900 19,756
Kimball International Inc.,
Class B ............................. 1,500 25,312
La-Z-Boy, Inc. ........................ 2,600 59,800
Libbey, Inc. .......................... 1,200 34,800
Mikasa, Inc. .......................... 1,200 13,575
O'Sullivan Industries Holdings,
Inc.* ............................... 1,200 20,400
Pillowtex Corp. ....................... 500 8,156
Rent A Center, Inc.* .................. 800 19,200
SLI, Inc.* ............................ 650 17,550
Spiegel, Inc., Class A* ............... 700 6,213
Spring Industries, Inc., Class A ...... 800 34,900
Sunbeam Corp.* ........................ 3,400 26,987
The Bombay Company, Inc.* ............. 2,800 21,000
Tupperware Corp. ...................... 2,400 61,200
Virco Mfg Corporation ................. 700 11,288
Windmere-Durable Holdings,
Inc.* ............................... 1,000 16,875
-----------
638,250
-----------
LEISURE RELATED (1.3%)
Entertaiment, Inc. .................... 900 16,875
AMC Entertainment, Inc.* .............. 700 13,387
AMF Bowling, Inc.* .................... 3,600 30,375
Authentic Fitness Corp. ............... 600 10,500
Aztar Corp.* .......................... 1,900 17,456
98
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Bally Total Fitness Holding
Corp.* ............................. 1,200 $ 34,050
Boyd Gaming Corp.* ................... 1,800 12,600
Boyds Collection Ltd.* ............... 3,300 57,131
Callaway Golf Co. .................... 3,000 43,875
Carmike Cinemas, Inc., Class A* 500 7,969
Championship Auto Racing* ............ 200 5,988
Coleman Co., Inc.* ................... 500 4,688
Family Golf Centers, Inc.* ........... 1,000 7,687
Florida Panthers Holdings, Inc.* ..... 1,400 14,962
GC Cos., Inc.* ....................... 400 14,300
GTECH Holdings Corp.* ................ 1,900 44,769
Hollywood Park, Inc.* ................ 1,200 20,400
Jerks Pacific, Inc.* ................. 600 17,887
Marvel Enterprises, Inc.* ............ 1,200 8,850
Midway Games, Inc.* .................. 1,159 14,995
ParkerVision, Inc.* .................. 400 14,000
Pegasus Systems, Inc.* ............... 500 18,719
Racing Champions Corp.* .............. 700 4,988
Regis Corp. .......................... 1,550 29,741
Scientific Games Holdings Corp.* 800 15,600
Steinway Musical Instrument,
Inc.* .............................. 700 18,550
The Topps Co., Inc.* ................. 6,200 45,144
Trendwest Resorts, Inc.* ............. 400 8,925
West Marine, Inc.* ................... 1,000 14,562
WMS Industries, Inc.* ................ 1,500 25,500
-----------
594,473
-----------
PHOTO & OPTICAL (0.5%)
BMC Industries, Inc. ................. 1,900 19,594
CPI Corp. ............................ 300 9,900
Metromedia International Group,
Inc.* .............................. 2,700 20,250
Oakley, Inc.* ........................ 1,400 9,975
Ocular Sciences, Inc.* ............... 700 12,163
Polaroid Corp. ....................... 2,500 69,062
Sola International, Inc.* ............ 1,100 21,381
Sunglass Hut International, Inc.* 2,500 42,969
Wesley Jessen Visioncare, Inc.* ...... 800 25,900
-----------
231,194
-----------
RETAIL--GENERAL (2.7%)
7-Eleven, Inc.* ...................... 6,900 15,309
99 Cents Only Stores* ................ 675 33,708
Ames Department Stores, Inc.* ........ 1,000 45,625
AnnTaylor Stores Corp.* .............. 900 40,500
Barnesandoble.Com, Inc.* ............. 800 14,400
Beyond.Com Corporation* .............. 700 20,081
Borders Group, Inc.* ................. 3,200 50,600
Casey's General Stores, Inc. ......... 3,100 46,500
CDnow, Inc.* ......................... 1,032 18,189
CellStar Corp.* ...................... 1,500 11,813
Children's Place Retail Stores,
Inc.* .............................. 900 36,450
Coldwater Creek, Inc.* ............... 500 9,750
CompUSA, Inc.* ....................... 3,600 26,775
Corporate Express, Inc.* ............. 3,600 25,200
Creative Computers, Inc.* ............ 900 7,200
Daisytek International Corp.* ........ 1,400 22,838
dELiA*s, Inc.* ....................... 400 5,400
Factory 2-U Stores, Inc.* ............ 800 14,800
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Fatbrain.Com, Inc.* .................. 600 $ 10,050
Fossil, Inc.* ........................ 500 24,187
General Nutrition Cos., Inc.* ........ 2,700 62,944
Guitar Center, Inc.* ................. 900 9,394
Handleman Co.* ....................... 2,100 24,806
Hanover Direct, Inc.* ................ 4,100 11,531
Hollywood Entertainment Corp.* 1,500 29,344
JLK Direct Distribution,Inc.,
Class A* ........................... 800 7,450
Jo-Ann Stores, Inc., Class A* ........ 700 10,500
Jostens, Inc. ........................ 1,800 37,912
Kenneth Cole Productions,
Class A* ........................... 300 8,363
Lands' End, Inc.* .................... 600 29,100
Micro Warehouse, Inc.* ............... 1,800 32,175
Mills Corp. .......................... 700 15,181
Movado Group, Inc. ................... 800 20,700
Musicland Stores Corp.* .............. 1,600 14,200
Neiman Marcus Group, Inc. ............ 700 17,981
Officemax, Inc.* ..................... 4,600 55,200
Oneida Ltd. .......................... 900 25,312
ONSALE, Inc.* ........................ 600 11,363
Party City Corp.* .................... 300 1,153
PETSMART, Inc.* ...................... 6,400 65,600
Pier 1 Imports, Inc. ................. 4,000 45,000
Russ Berrie & Co., Inc. .............. 600 14,850
ShopKo Stores, Inc.* ................. 1,200 43,500
Talbots, Inc. ........................ 700 26,687
Trans World Entertainment
Corp* .............................. 2,050 23,063
United Stationers, Inc.* ............. 1,800 39,600
Value City Department Stores,
Inc.* .............................. 700 8,575
WD-40 Co. ............................ 600 15,000
Winnebago Industries, Inc. ........... 600 13,500
Wolverine World Wide, Inc. ........... 1,900 26,600
-----------
1,225,959
-----------
TOTAL CONSUMER CYCLICALS ........... 5,716,943
-----------
CONSUMER NON-CYCLICALS (11.5%)
BEVERAGES (0.4%)
Aquarion Co. ......................... 900 31,275
Beringer Wine Estates Holdings,
Inc., Class B* ..................... 900 37,603
Canandaigua Wine, Inc.* .............. 1,000 52,437
Coca-Cola Bottling Co. ............... 400 22,400
Robert Modavi Corp., Class A* ........ 500 18,188
-----------
161,903
-----------
CONTAINERS (0.2%)
CUNO, Inc.* .......................... 1,200 22,950
EarthShell, Corp.* ................... 1,000 7,000
Gaylord Container Corp.,
Class A* ........................... 2,500 19,844
Greif Brothers Corp., Class A ........ 600 15,300
Interpool, Inc. ...................... 600 7,800
Shorewood Packaging Corp.* ........... 950 17,515
Silgan Holdings, Inc.* ............... 600 11,925
-----------
102,334
-----------
DRUGS (2.6%)
Algos Pharmaceuticals Corp.* ......... 500 11,031
99
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Alkermes, Inc.* ...................... 1,100 $ 25,438
Alpharma, Inc. ....................... 1,200 42,675
AmeriSource Health Corp.,
Class A* ........................... 2,200 56,100
Aviron* .............................. 600 17,250
Barr Laboratories, Inc.* ............. 800 31,900
Bio-Rad Laboratories, Inc.,
Class A* ........................... 500 13,063
Block Drug Co., Inc., Class A ........ 915 38,144
Carter-Wallace, Inc. ................. 1,200 21,825
Cephalon, Inc.* ...................... 1,300 22,588
ChiRex, Inc.* ........................ 800 25,700
Columbia Laboratories, Inc.* ......... 1,600 13,700
Coulter Pharmaceutical, Inc.* ........ 1,100 24,819
Duane Reade, Inc.* ................... 1,100 33,687
Dura Pharmaceuticals, Inc.* .......... 2,100 25,069
EntreMed, Inc.* ...................... 500 11,250
GelTex Pharmaceuticals, Inc.* ........ 1,000 18,000
Gensia Sicor, Inc.* .................. 4,900 20,825
Gilead Sciences, Inc.* ............... 1,500 78,375
Guilford Pharmaceuticals, Inc.* ...... 800 10,200
Herbalife International, Class A...... 800 8,750
IDEC Pharmaceuticals Corp.* .......... 900 69,356
ImClone Systems, Inc.* ............... 1,100 27,912
Incyte Pharmaceuticals, Inc.* ........ 1,300 34,369
Isis Pharmaceuticals, Inc.* .......... 1,400 14,263
Jones Medical Industries, Inc. ....... 1,200 47,250
Ligand Pharmaceuticals, Inc.,
Class B* ........................... 2,100 23,363
Lipsome Co., Inc.* ................... 1,800 34,425
Medicis Pharmaceutical Corp.,
Class A* ........................... 1,300 32,987
Millennium Pharmaceuticals,
Inc.* .............................. 1,600 57,600
NBTY, Inc.* .......................... 2,800 18,200
NCS HealthCare, Inc., Class A* ....... 700 3,806
NeXstar Pharmaceuticals, Inc.* ....... 1,300 25,919
PathoGenesis Corp.* .................. 1,100 15,606
Perrigo Co.* ......................... 4,000 30,500
Pharmacyclics, Inc.* ................. 500 14,000
Rexall Sundown, Inc.* ................ 2,100 25,594
Roberts Pharmaceutical Corp.* ........ 1,500 36,375
Sicor, Inc.* ......................... 300 1,275
Triangle Pharmaceuticals, Inc.* ...... 1,200 21,600
Twinlab Corp.* ....................... 1,900 16,328
US Bioscience, Inc.* ................. 2,000 19,250
Vertex Pharmaceuticals, Inc.* ........ 1,300 31,362
West Pharmaceutical Services ......... 557 21,862
-----------
1,173,591
-----------
FOODS (1.5%)
Agribrands International, Inc.* ...... 800 31,650
American Italian Pasta Co.,
Class A* ........................... 800 24,300
Aurora Foods, Inc.* .................. 700 12,250
Chiquita Brands international,
Inc. ............................... 3,000 27,000
Corn Products International, Inc. 1,800 54,787
Del Monte Foods Co.* ................. 3,200 53,600
Delta & Pine Land Co. ................ 1,600 50,400
Dreyer's Grand Ice Cream, Inc. ....... 1,200 18,150
Earthgrains Co. ...................... 2,000 51,625
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
International Home Foods, Inc.* 700 $ 12,906
International Multifoods Corp. ....... 1,000 22,563
J.M. Smucker Co., Class A ............ 1,300 28,925
Lance, Inc. .......................... 1,900 29,687
Michael Foods, Inc. .................. 1,000 23,500
Performance Food Group, Co.* ......... 500 13,594
Pilgrims Pride Corp. ................. 500 15,000
Ralcorp Holdings, Inc.* .............. 1,380 22,166
Richfood Holdings, Inc. .............. 2,300 40,537
Riviana Foods, Inc.* ................. 800 15,000
Smithfield Foods, Inc.* .............. 1,300 43,469
Supergen, Inc.* ...................... 1,100 16,844
Universal Foods Corp. ................ 2,800 59,150
Vlasic Foods International, Inc.* 1,500 10,969
Zapata Corp. ......................... 600 5,100
-----------
683,172
-----------
HOSPITAL SUPPLIES &
SERVICES (5.7%)
Acuson Corp.* ........................ 1,000 17,188
Advance Paradigm, Inc.* .............. 400 24,400
Affymetrix, Inc.* .................... 700 34,562
ALARIS Medical, Inc.* ................ 700 2,363
American HomePatient, Inc. ........... 200 313
AmeriPath, Inc.* ..................... 1,100 9,488
Apria Healthcare Group, Inc.* ........ 2,400 40,800
Arrow International, Inc. ............ 500 12,938
Ballard Medical Products ............. 1,900 44,294
Beverly Enterprises* ................. 3,500 28,219
Bindley Western Industries, Inc. ..... 1,567 36,131
Bio-Technology General Corp.* ........ 2,500 16,250
Biomatrix, Inc.* ..................... 600 12,975
Capital Senior Living Corp.* ......... 500 5,000
CareMatrix Corp.* .................... 400 4,975
Chemed Corp. ......................... 400 13,300
Closure Medical Corp.* ............... 300 9,000
Coherent, Inc.* ...................... 1,200 22,350
Coinstar, Inc.* ...................... 900 25,819
CONMED Corp.* ........................ 700 21,438
Cooper Cos., Inc. .................... 1,000 24,937
COR Therapeutiics, Inc.* ............. 1,200 17,700
Covance, Inc.* ....................... 2,900 69,419
Cyberonics, Inc.* .................... 1,300 16,250
Cytyc Corp.* ......................... 1,100 21,450
Datascope Corp.* ..................... 900 28,912
Dendrite International, Inc.* ........ 1,000 36,125
Diagnostic Products Corp. ............ 600 16,575
Eclipse Surgical Tech, Inc.* ......... 1,300 14,056
Eclipsys Corp.* ...................... 1,000 23,938
Enzon, Inc.* ......................... 1,400 28,962
First Health Group Corp.* ............ 2,000 43,125
Gliatech, Inc.* ...................... 700 17,850
Haemonetics Corp.* ................... 1,200 24,075
Hanger Orthopedic Group, Inc.* 500 7,094
Henry Schein, Inc.* .................. 1,100 34,856
Hooper Holmes, Inc. .................. 1,800 36,675
Human Genome Sciences, Inc.* ......... 1,100 43,450
IDEXX Laboratories, Inc.* ............ 1,900 44,294
IDX Systems Corp.* ................... 900 20,306
IMPATH, Inc.* ........................ 600 16,200
Inhale Therapeutic Systems, Inc.* 600 14,288
Integrated Health Services* .......... 3,300 26,400
100
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Invitrogen, Corp.* ................... 700 $ 17,281
Ivacare Corp. ........................ 1,600 42,800
K-V Pharmaceutical Co.,
Class B* ........................... 800 12,700
King Pharmaceuticals, Inc.* .......... 1,000 25,875
Laser Vision Centers, Inc.* .......... 400 25,200
Lasersight, Inc.* .................... 1,100 17,875
LTC Healthcare, Inc.* ................ 90 174
Magellan Health Services, Inc.* ...... 2,200 22,000
Maxxim Medical, Inc.* ................ 700 16,319
Medaphis Corp.* ...................... 4,700 27,025
Medical Manager, Corp.* .............. 500 22,125
Medpartners, Inc.* ................... 8,400 63,000
MedQuist, Inc.* ...................... 1,800 78,750
Mentor Corp. ......................... 1,000 18,625
Metals USA, Inc.* .................... 2,100 26,775
Mid Atlantic Medical Services,
Inc.* .............................. 3,000 29,625
Neurogen Corp.* ...................... 500 7,313
Novoste Corp.* ....................... 500 10,500
Onhealth Network Company* ............ 1,100 11,688
Organogenesis, Inc.* ................. 2,000 18,750
Orthodontic Centers of America,
Inc.* .............................. 1,900 26,837
Osteotech, Inc.* ..................... 500 14,375
Owens & Minor, Inc. .................. 2,400 26,400
PAREXEL International Corp.* ......... 1,300 17,306
Patterson Dental Co.* ................ 1,450 50,387
PE Corp - Celera Genomics
Group* ............................. 700 11,331
Pediatrix Medical Group, Inc.* ....... 1,000 21,250
Perclose, Inc.* ...................... 400 19,225
PhyCor, Inc.* ........................ 4,400 32,587
Phymatrix, Inc. ...................... 1,400 2,056
Physician Computer
Network, Inc.* ..................... 700 219
Priority Healthcare Corp.,
Class B* ........................... 402 13,869
Protein Design Labs, Inc.* ........... 1,100 24,406
Province Healthcare Co.* ............. 600 11,700
Proxymed, Inc.* ...................... 1,300 20,719
PSS World Medical, Inc.* ............. 3,400 38,037
Quest Diagnostics, Inc.* ............. 1,700 46,537
Quorum Health Group, Inc.* ........... 2,900 36,431
Regeneron Pharmaceuticals, Inc.* 1,000 7,813
Renal Care Group, Inc.* .............. 2,150 55,631
Res-Care, Inc.* ...................... 600 13,650
ResMed, Inc.* ........................ 700 23,231
Respironics, Inc.* ................... 1,400 21,175
Sabratek Corp.* ...................... 600 13,125
Safeskin Corp.* ...................... 1,800 21,600
SangStat Medical Corp.* .............. 800 13,800
Serologicals Corp.* .................. 1,650 13,406
Sierra Health Services, Inc.* ........ 1,300 18,769
Source Information Management
Co.* ............................... 1,600 21,600
STERIS Corp.* ........................ 2,900 56,187
Sugen, Inc.* ......................... 700 20,650
Summit Technology, Inc.* ............. 2,400 52,800
Sun Healthcare Group, Inc.* .......... 700 263
Sunrise Assisted Living, Inc.* ....... 700 24,412
Techne Corp.* ........................ 1,100 27,912
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Theragenics Corp.* ................... 2,000 $ 13,875
Thermo BioAnalysis Corp.* ............ 600 10,425
Thermo Cardiosystems, Inc.* .......... 700 7,613
Total Renal Care Holdings* ........... 3,200 49,800
Transkaryotic Therapies, Inc.* ....... 800 26,400
Trex Medical Corp.* .................. 1,700 10,200
United Payors & United
Providers, Inc.* ................... 1,100 25,506
US Onconlogy, Inc.* .................. 1,658 19,896
Varian Medical Systems, Inc.* ........ 1,100 27,775
Vencor, Inc. ......................... 300 39
Venta Medical Systems, Inc.* ......... 600 11,475
Veterinary Centers of America,
Inc.* .............................. 1,000 13,563
Vical, Inc.* ......................... 700 8,488
VWR Scientific Products Corp.* ....... 600 22,013
Xomed Surgical Products, Inc.* ....... 700 34,081
-----------
2,603,985
-----------
RETAIL--FOOD (0.8%)
Advantica Restaurant Group,
Inc.* .............................. 1,100 3,781
Dave & Busters, Inc.* ................ 500 14,500
Fleming Cos., Inc. ................... 1,900 22,088
Great Atlantic & Pacific Tea Co.,
Inc. ............................... 1,200 40,575
Hain Food Group, Inc.* ............... 600 12,375
Imperial Sugar Co. ................... 1,500 10,406
Ingles Markets, Inc., Class A ........ 500 7,625
Luby's Cafeterias, Inc. .............. 1,900 28,500
Petco Animal Supplies, Inc.* ......... 1,000 15,750
Ruddick Corp. ........................ 2,100 42,000
Smart & Final, Inc. .................. 300 3,150
Suiza Foods Corp.* ................... 1,600 67,000
United Natural Foods, Inc.* .......... 800 19,800
Whole Foods Market, Inc.* ............ 1,000 48,062
Wild Oats Markets, Inc.* ............. 800 24,275
-----------
359,887
-----------
SOAPS & TOILETRIES (0.2%)
Chattem, Inc.* ....................... 400 12,725
Church & Dwight Co., Inc. ............ 900 39,150
Nature's Sunshine Products, Inc. ..... 500 5,250
Playtex Products, Inc.* .............. 1,400 21,788
-----------
78,913
-----------
TOBACCO (0.1%)
DIMON, Inc. .......................... 2,200 11,413
General Cigar Holdings, Inc.* ........ 700 5,469
Universal Corp. ...................... 1,500 42,656
-----------
59,538
-----------
TOTAL CONSUMER NON-CYCLICALS 5,223,323
-----------
CREDIT SENSITIVE (24.3%)
BANKS (7.3%)
Alabama National Bancorp/Del* 300 7,500
Anchor Bancorp Wisconsin, Inc. ....... 800 14,250
Area Bancshares Corp. ................ 500 13,563
BancFirst Corp. ...................... 3 103
BancFirst Ohio Corp. ................. 500 12,313
BancorpSouth, Inc. ................... 2,100 38,062
BancWest Corp. ....................... 1,100 40,837
Bank of Granite Corp. ................ 550 13,544
101
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Banknorth Group, Inc. ................ 1,100 $ 36,300
Bay View Capital Corp. ............... 900 18,450
Brenton Banks, Inc. .................. 484 7,502
Brookline Bancorp, Inc. .............. 600 6,938
BSB Bancorp, Inc. .................... 300 8,100
BT Financial Corp. ................... 600 14,719
Capital City Bank Group, Inc. ........ 150 3,750
Capitol Federal Financial* ........... 3,500 36,531
Carolina First Corp. ................. 1,000 24,375
CashAmerica International, Inc. ...... 1,900 24,462
Cathay Bancorp, Inc. ................. 200 8,500
Century South Banks, Inc. ............ 800 18,000
CFSB Bancorp, Inc. ................... 490 12,066
Chemical Financial Corp. ............. 725 25,239
Chittenden Corp. ..................... 1,249 39,031
City Holdings Co. .................... 433 12,557
CNB Bancshares, Inc. ................. 25 1,425
Commerce Bancorp, Inc. ............... 1,462 62,500
Commercial Federal Corp. ............. 89 2,064
Commonwealth Bancorp, Inc. ........... 800 14,350
Community First Bankshares,
Inc. ............................... 2,200 52,525
Community Trust Bancorp, Inc. ........ 440 10,285
CORUS Bankshares, Inc. ............... 500 15,906
CVB Financial Corp. .................. 330 8,580
Dime Community Banshares, Inc. 900 20,925
Downey Financial Corp. ............... 825 18,098
F&M Bancorporation, Inc. ............. 730 27,557
F&M National Corp. ................... 1,000 33,187
Farmers Capital Bank Corp. ........... 300 10,650
First Charter Corp. .................. 300 7,425
First Citizens BankShares, Inc.,
Class A ............................ 300 24,225
First Commerce Bankshare's,
Inc., Class B ...................... 800 19,050
First Commonwealth Financial
Corp. .............................. 1,500 35,812
First Federal Capital Corp. .......... 1,000 14,750
First Financial Bancorp .............. 2,100 47,512
First Financial Bankshares, Inc. ..... 330 10,478
First Financial Corp. ................ 300 11,344
First Financial Holdings, Inc. ....... 600 11,250
First Indiana Corp. .................. 900 19,238
First Libert Finl Corp. .............. 500 15,688
First Merchants Corp. ................ 600 14,250
First Midwest Bancorp, Inc.* ......... 1,130 44,917
First Republic Bank* ................. 1,000 28,937
First Sentinel Bancorp, Inc. ......... 1,382 12,265
First Source Corp. ................... 682 21,824
First United Bankshares, Inc. ........ 1,800 33,525
First Western Bancorp, Inc. .......... 700 23,450
FirstBank Corp. ...................... 1,100 24,819
FirstFed Financial Corp.* ............ 1,100 21,175
Flagstar Bancorp, Inc. ............... 800 20,200
Frontier Financial Corp. ............. 700 17,150
GBC Bancorp .......................... 600 12,150
Grand Premier Financial, Inc. ........ 800 9,900
Greater Bay Bancorp .................. 800 26,600
Hamilton Bancorp, Inc.* .............. 700 16,800
Hancock Holding Corp. ................ 400 17,950
Harbor Florida Bancorp, Inc. ......... 700 8,575
Harleysville National Corp. .......... 300 10,725
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Harris Financial, Inc. ............... 600 $ 6,488
Hudson United Bancorp ................ 2,124 65,047
Imperial Bancorp* .................... 1,650 32,691
Independence Community Bank
Corp. .............................. 3,800 51,300
International Bancshares Corp. ....... 650 27,503
InterWest Bancorp, Inc. .............. 750 18,750
Irwin Financial Corp. ................ 1,000 19,500
JSB Financial, Inc. .................. 400 20,350
MAF Bancorp, Inc. .................... 1,950 47,287
Merchants New York Bancorp,
Inc. ............................... 400 13,400
Michigan Financial Corp. ............. 210 6,799
Mid-America Bancorp .................. 206 5,073
Midwest Banc Holdings, Inc. .......... 800 15,200
Mississippi Valley Bancshares,
Inc. ............................... 300 9,938
National Bancorp of Alaska, Inc. 700 18,550
National City Bancshares, Inc. ....... 820 26,189
National Penn Bancshares, Inc. ....... 1,375 32,355
National City Bancorporation ......... 700 14,613
Net Bank, Inc.* ...................... 800 30,400
NTB Bancorp, Inc. .................... 999 20,479
Ocean Financial Corp. ................ 700 12,688
Old National Bancorp ................. 49 1,473
Omega Financial Corp. ................ 600 20,850
One Valley Bancorp, Inc. ............. 1,700 63,750
Pacific Capital Bancorp .............. 1,100 34,650
Park National Corp. .................. 300 30,000
Peoples Bancorp, Inc. ................ 2,300 22,928
PFF Bancorp, Inc.* ................... 1,400 26,250
Pinnacle Banc Group, Inc. ............ 500 15,906
Premier Bancshares, Inc. ............. 700 12,819
Prime Bancorp, Inc. .................. 500 13,813
Provident Bankshares Corp. ........... 1,860 43,245
Republic Bancorp, Inc. ............... 1,975 29,995
Republic Bancshares, Inc.* ........... 400 8,200
Republic Banking Corp. of
Florida ............................ 1,800 34,650
Republic Security Financial Corp. 1,000 8,375
Richmond County Financial
Corp. .............................. 1,100 21,175
Riggs National Corp.
(Washington D.C.) .................. 1,000 20,562
Roslyn Bancorp, Inc. ................. 35 602
S & T Bancorp, Inc. .................. 1,260 31,815
Sandy Spring Bancorp, Inc. ........... 500 13,875
Seacoast Financial Services
Corp.* ............................. 5,400 61,441
Shoreline Financial Corp. ............ 400 12,025
Silicon Valley Bancshares* ........... 800 19,800
Sky Financial Group, Inc. ............ 2,247 61,231
Southwest Bancorporation of
Texas, Inc.* ....................... 1,300 23,400
St. Paul Bancorp, Inc. ............... 1,900 48,450
Staten Island Bancorp, Inc. .......... 2,900 52,200
Sterling Bancshares, Inc., Texas ..... 1,250 16,719
Sterling Financial Corp. ............. 300 10,275
Susquehanna Bancshares, Inc. ......... 1,700 30,069
Telebanc Financial Corp.* ............ 1,300 50,375
Texas Regional Bancshares, Inc.,
Class A ............................ 600 16,313
102
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Triangle Bancorp, Inc. ................ 1,850 $ 31,334
Trust Co. of New Jersey ............... 1,400 32,900
Trustco Bank Corp. (New York).......... 1,805 48,509
U.S.B. Holding Co., Inc. .............. 440 6,738
United Bankshares, Inc. ............... 2,300 60,950
United Community Financial* ........... 1,000 14,688
United National Bancorp ............... 800 19,000
USBANCORP, Inc. ....................... 700 11,025
UST Corp. ............................. 2,500 75,625
Washington Federal, Inc. .............. 2,000 44,875
Webster Financial Corp. ............... 2,000 54,250
WesBanco, Inc. ........................ 1,200 36,000
West Coast Bancorp (Oregon) ........... 1,320 23,100
Westamerica Bancorporation ............ 2,400 87,600
Western Bancorp ....................... 1,000 43,500
Westernbank Puerto Rico ............... 2,000 26,125
Whitney Holding Corp. ................. 1,200 47,700
-----------
3,312,478
-----------
FINANCIAL SERVICES (3.7%)
Advanta Corp., Class A ................ 800 14,450
Advest Group, Inc. .................... 400 7,975
Affiliated Managers Group, Inc.* 1,000 30,187
AMCORE Finacial, Inc. ................. 1,700 39,206
AmeriCredit Corp.* .................... 3,300 52,800
Arcadia Financial Ltd.* ............... 2,600 20,150
Bank United Corp., Class A ............ 1,300 52,244
BankAtlantic Bancorp, Inc.,
Class B ............................. 1,700 13,813
BOK Financial Corp.* .................. 506 12,777
Charter Municipal Mortgage
Acceptance Co. ...................... 900 11,531
Citizens Banking Corp. ................ 1,700 51,106
Coltec Industries* .................... 3,100 67,231
Conning Corp. ......................... 700 11,375
ContiFinancial Corp.* ................. 1,500 5,344
Credit Acceptance Corp.* .............. 1,000 6,000
Dain Rauscher Corp. ................... 700 37,887
Doral Financial Corp. ................. 1,500 25,875
DVI, Inc.* ............................ 300 5,138
Eaton Vance Corp. ..................... 1,700 58,544
Enhance Financial Services
Group, Inc. ......................... 1,300 25,675
EVEREN Capital Corp. .................. 700 20,869
Fidelity Holdings, Inc.* .............. 400 8,150
Financial Federal Corp.* .............. 500 11,000
Finet.Com, Inc.* ...................... 3,100 17,244
First Sierra Financial, Inc.* ......... 700 17,500
FNB Corp. ............................. 845 22,815
Freedom Securities Corp. .............. 800 13,700
Friedman, Billings, Ramsey
Group, Inc., Class A* ............... 1,600 19,000
Hambrecht & Quist Group* .............. 1,200 44,550
HealthCare Financial Partners,
Inc.* ............................... 700 23,975
Imperial Credit Commercial
Mortgage Investment ................. 1,500 16,219
Imperial Credit Industries, Inc.* ..... 2,200 15,606
Indymac Mortgage Holdings, Inc. 3,000 48,000
International Telecommunication
Data Systems, Inc.* ................. 1,200 19,200
Investment Technology Group* .......... 19 618
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Investors Financial Services
Corp. ............................... 1,000 $ 40,000
Jeffries Group, Inc. .................. 1,400 42,000
John Nuveen Co., Class A .............. 200 8,538
Life USA Holding, Inc. ................ 1,100 22,275
Long Beach Financial Corp.* ........... 1,600 23,500
Medallion Financial Corp. ............. 1,000 19,063
Metris Cos., Inc. ..................... 1,987 80,975
Morgan Keegan, Inc. ................... 1,400 26,512
National Processing, Inc.* ............ 1,300 13,163
New Century Financial Corp.* .......... 900 16,313
Nextcard, Inc.* ....................... 400 13,575
Oakwood Homes Corp. ................... 2,900 38,062
Oriental Financial Group, Inc. ........ 533 12,859
Paymentech, Inc.* ..................... 900 22,837
PEC Israel Economic Corp.* ............ 300 9,450
Phoenix Investment Partners Ltd. 2,100 18,113
Pioneer Group, Inc.* .................. 1,200 20,700
Queens County Bancorp, Inc. ........... 1,100 35,612
Radian Group, Inc.* ................... 1,387 67,685
Raymond James Financial, Inc. ......... 1,500 36,000
Reliance Bancorp, Inc. ................ 500 13,813
Resource America, Inc., Class A........ 1,000 14,500
Resource Bankshares Mortgage
Group, Inc. ......................... 700 7,175
Southwest Securities Group, Inc. 600 43,050
Student Loan Corp. .................... 500 22,250
Track Data Corp.* ..................... 600 8,475
Triad Guaranty, Inc.* ................. 700 12,556
UMB Financial Corp. ................... 700 30,012
UniCapital Corp.* ..................... 3,400 21,462
United Asset Management Co. ........... 2,000 45,500
Varlen Corp. .......................... 725 29,362
Westcorp .............................. 800 9,000
-----------
1,672,141
-----------
INSURANCE (3.6%)
Acceptance Insurance Cos, Inc.* 500 7,531
Alfa Corp. ............................ 1,300 26,000
Alleghany Corp.* ...................... 100 18,500
American Annuity Group, Inc. .......... 700 16,975
American Heritage Life
Investment Corp. .................... 800 19,600
American Medical Security
Group* .............................. 300 2,588
AmerUs Life Holdings, Inc.,
Class A ............................. 800 21,600
Argonaut Group, Inc. .................. 800 19,200
ARM Financial Group, Inc.,
Class A ............................. 1,100 9,350
Arthur J. Gallagher & Co. ............. 800 39,600
Baldwin & Lyons, Inc., Class B* ....... 100 2,369
Brown & Brown, Inc. ................... 800 30,400
Capital Re Corp. ...................... 1,000 16,063
Chicago Title Corp. ................... 700 24,981
CNA Surety Corp. ...................... 900 13,781
Commerce Group, Inc. .................. 1,200 29,250
Delphi Financial Group, Inc.,
Class A* ............................ 830 29,776
E W Blanch Holdings, Inc. ............. 600 40,912
Executive Risk, Inc. .................. 600 51,037
103
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
FBL Financial Group, Inc.,
Class A ............................. 1,200 $ 23,400
Fidelity National Financial, Inc. ..... 1,290 27,090
First American Financial Corp. ........ 2,550 45,581
Foremost Corp. of America ............. 900 19,800
FPIC Insurance Group, Inc.* ........... 400 19,400
Frontier Insurance Group, Inc. ........ 1,460 22,448
Guarantee Life Cos, Inc. .............. 900 22,613
Harleysville Group, Inc. .............. 500 10,250
HCC Insurance Holdings, Inc. .......... 1,900 43,106
Hilb, Rogal & Hamilton Co. ............ 600 13,425
Horace Mann Educators Corp. ........... 1,600 43,500
HSB Group, Inc. ....................... 1,800 74,137
INspire Insurance Solutions, Inc.* 600 8,700
Kansas City Life Insurance
Company* ............................ 600 25,800
LandAmerica Financial
Group, Inc. ......................... 700 20,125
Leucadia National Corp.* .............. 1,500 38,062
Liberty Corp. ......................... 492 26,814
Liberty Financial Cos. ................ 200 5,825
Markel Corp.* ......................... 200 37,400
Medical Assurance, Inc.* .............. 1,580 44,635
Midland Co. ........................... 500 12,688
MMI Cos., Inc. ........................ 1,600 27,000
Mony Group, Inc. ...................... 1,900 61,987
Ohio Casualty Corporation ............. 1,100 39,737
Orion Capital Corp. ................... 900 32,287
Penn Treaty American Corp.* ........... 300 7,219
Philadelphia Consolidated
Holdings Corp.* ..................... 300 7,350
Pico Holdings, Inc.* .................. 1,800 45,562
PMA Capital Corporation ............... 700 14,394
Presidential Life Corp. ............... 1,200 23,550
Provident American Corp.* ............. 600 16,725
PXRE Corp. ............................ 500 9,063
Reinsurance Group of
America, Inc. ....................... 50 1,763
Reliance Group Holdings, Inc. ......... 4,500 33,469
Risk Capital Holdings, Inc.* .......... 400 5,400
RLI Corp. ............................. 325 12,594
SCPIE Holdings, Inc. .................. 500 16,313
Selective Insurance Group, Inc. ....... 2,000 38,125
StanCorp Financial Group, Inc.* 1,100 33,000
Stewart Information Services
Corp. ............................... 800 16,900
Superior National Insurance* .......... 1,200 32,700
Trenwick Group, Inc. .................. 700 17,259
UICI* ................................. 1,800 49,725
United Fire & Casualty Co. ............ 300 7,800
W.R. Berkley Corp. .................... 900 22,500
White Mountains Insurance ............. 200 28,200
XL Capital Ltd.* ...................... 824 46,837
-----------
1,651,771
-----------
INVESTMENT COMPANIES (0.1%)
Allied Capital Corp. .................. 2,200 52,800
-----------
MORTGAGE RELATED (0.0%)
Federal Agricultural Mortgage
Corp., Class C* ..................... 100 6,863
-----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
REAL ESTATE (6.4%)
Alexanders, Inc.* ..................... 100 $ 7,388
Alexandria Real Estate Equities,
Inc. ................................ 600 18,750
American Health Properties, Inc. 1,100 22,138
AMLI Residential Properties
Trust ............................... 600 13,425
Bedford Property Investors, Inc. ...... 900 16,088
Berkshire Reallty Co. ................. 1,300 15,031
Boykin Lodging Trust, Inc. ............ 800 12,300
Bradley Real Estate, Inc. ............. 1,100 22,825
Brandywine Realty Trust ............... 2,300 45,569
BRE Properties, Class A ............... 2,200 57,062
Burnham Pacific Properties, Inc. ...... 1,300 16,006
Cabot Industrial Trust ................ 900 19,125
Camden Property Trust ................. 2,500 69,375
Capital Automotive .................... 1,900 25,175
Capstead Mortgage Corp. ............... 2,800 15,225
CB Richard Ellis Services, Inc.* ...... 1,000 24,875
CBL & Associates Properties,
Inc. ................................ 1,000 26,375
CenterPoint Properties Corp. .......... 1,000 36,625
Chateau Communications, Inc. .......... 1,000 29,937
Chelsea GCA Realty, Inc. .............. 1,100 40,837
Choice Hotels International,
Inc.* ............................... 2,200 43,450
Colonial Properties Trust ............. 1,200 33,900
Commercial Net Lease Realty ........... 1,400 18,025
Cornerstone Realty Income
Trust, Inc. ......................... 2,300 24,725
Cousins Properties, Inc. .............. 1,100 37,194
D.R. Horton, Inc. ..................... 2,400 39,900
Developers Diversified Realty
Corp. ............................... 3,500 58,187
EastGroup Properties, Inc. ............ 700 14,044
Equity Inns, Inc. ..................... 2,000 18,500
Essex Property Trust, Inc. ............ 800 28,300
Federal Realty Investment Trust........ 1,900 43,581
FelCor Lodging Trust, Inc. ............ 11 228
First Industrial Realty Trust, Inc. 2,000 54,875
Forest City Enterprises, Inc.,
Class A ............................. 700 19,600
Franchise Mortgage Acceptance
Co.* ................................ 900 7,875
Gables Residential Trust .............. 1,300 31,362
Getty Realty Corp. .................... 1,100 15,813
Glenborough Realty Trust, Inc. ........ 1,600 28,000
Glimcher Realty Trust ................. 1,100 17,875
Great Lakes REIT, Inc. ................ 900 14,625
Health Care Property Investors,
Inc. ................................ 1,400 40,425
Health Care REIT, Inc. ................ 1,200 27,900
Healthcare Realty Trust, Inc. ......... 1,996 41,916
Home Properties of New York,
Inc. ................................ 700 19,338
Hospitality Properties Trust .......... 1,800 48,825
Innkeepers USA Trust .................. 1,700 17,000
Insignia Financial Group, Inc.,
Class A* ............................ 833 8,747
IRT Property Co. ...................... 1,600 15,800
JDN Realty Corp. ...................... 2,250 50,344
104
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Jones Lang Lasalle, Inc.* ............ 1,200 $ 35,775
JP Realty, Inc. ...................... 600 12,338
Kilroy Realty Corp. .................. 1,300 31,606
Koger Equity Inc. .................... 900 16,594
Lennar Corp. ......................... 1,800 43,200
LNR Property Corp. ................... 1,200 25,650
LTC Properties, Inc. ................. 900 11,700
Manufacttured Home
Communities, Inc. .................. 1,000 26,000
MeriStar Hospitality Corp. ........... 2,778 62,331
MGI Properties, Inc. ................. 1,000 28,250
Mid America Apartment
Communities, Inc. .................. 800 18,500
National Health Investors, Inc. ...... 1,800 41,062
Nationwide Health Properties,
Inc. ............................... 2,300 43,844
New Plan Excel Realty Trust .......... 80 1,440
NVR, Inc.* ........................... 500 26,094
OMEGA Healthcare Investors ........... 1,500 38,719
Pacific Gulf Properties, Inc. ........ 700 15,838
Pan Pacific Retail Pptys, Inc. ....... 400 7,775
Parkway Properties, Inc. ............. 600 19,875
Penn Real Estate Invest .............. 1,200 25,125
Prentiss Properties Trust ............ 1,800 42,300
Prime Group Realty Realty
Trust .............................. 500 8,594
Prime Retail, Inc. ................... 1,500 13,031
PS Business Parks, Inc., Class A...... 1,200 29,250
Realty Income Corp. .................. 1,300 30,875
Reckson Associates Realty ............ 1,800 42,300
Redwood Trust, Inc. .................. 800 13,250
Regency Realty Corp. ................. 2,400 52,650
RFS Hotel Investors, Inc. ............ 1,600 20,100
Ryland Group, Inc. ................... 800 23,750
Security Capital Group, Inc.,
Class B* ........................... 2,400 34,950
Shurgard Storage Centers,
Class A ............................ 1,300 35,262
SL Green Realty Corp. ................ 700 14,306
Smith (Charles E.) Residential
Realty ............................. 700 23,756
Sovran Self Storage, Inc. ............ 1,200 32,325
Storage USA, Inc. .................... 1,500 47,812
Summit Properties, Inc. .............. 1,000 19,750
Sun Communities, Inc. ................ 1,200 42,600
Sunstone Hotel Investors ............. 1,500 12,750
Taubman Center, Inc. ................. 2,300 30,331
The Macerich Co. ..................... 1,400 36,750
Thornberg Mortgage Asset Corp. 1,000 10,000
Town & Country Trust ................. 800 14,300
Trammell Crow Co.* ................... 1,600 26,300
TriNet Corp. Realty Trust ............ 1,000 27,687
U.S. Restaurant Properties, Inc. ..... 800 17,000
United Dominion Realty Trust,
Inc. ............................... 6,500 76,375
Urban Shopping Centers, Inc. ......... 900 28,350
Ventas, Inc. ......................... 2,500 13,438
Walden Residential Properties,
Inc. ............................... 1,200 25,800
Washington Real Estate
Investment Trust ................... 1,700 28,794
Weeks Corp. .......................... 900 27,450
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Weingarten Realty Investors .......... 1,400 $ 58,450
Wellsford Real Properties* ........... 1,100 11,825
Western Invt. Real Estate ............ 1,000 11,625
Westfield America, Inc. .............. 1,200 18,075
-----------
2,888,362
-----------
UTILITY--ELECTRIC (1.8%)
Avista Corp. ......................... 1,900 30,875
Black Hills Corp. .................... 950 21,969
Central Hudson Gas & Electric ........ 800 33,600
CILCORP, Inc. ........................ 700 43,750
Cleco Corp. .......................... 1,100 33,413
CMP Group, Inc. ...................... 1,500 39,281
Commonwealth Energy System ........... 1,300 54,600
Eastern Utilities Associates ......... 1,300 37,862
El Paso Electric Co.* ................ 2,800 25,025
Empire District Electric Co. ......... 800 20,850
Hawaiian Electronics Industries,
Inc. ............................... 1,600 56,800
Idacorp, Inc. ........................ 1,900 59,850
Northwestern Corp. ................... 1,200 29,025
Orange & Rockland Utilities,
Inc. ............................... 900 52,594
Otter Tail Power Co. ................. 400 15,425
Rochester Gas & Electric ............. 1,800 47,812
Sierra Pcific Resources .............. 1,500 54,562
SIGCORP, Inc. ........................ 1,100 31,419
UniSource Energy Corp.* .............. 1,600 19,100
United Illuminating Co. .............. 600 25,463
United Water Resources, Inc. ......... 1,500 34,031
WPS Resources Corp. .................. 1,200 36,000
-----------
803,306
-----------
UTILITY--GAS (1.3%)
AGL Resources, Inc. .................. 2,800 51,625
Atmos Energy Corp. ................... 1,400 35,000
Colonial Gas Co. ..................... 600 22,200
Connecticut Energy Corp. ............. 600 23,138
Energen Corp. ........................ 1,200 22,350
Indiana Energy, Inc. ................. 2,033 43,328
Laclede Gas Co. ...................... 900 20,925
Madison Gas & Electric Co. ........... 700 14,350
New Jersey Resources Corp. ........... 800 29,950
North Carolina Natural Gas
Corp. .............................. 400 13,700
Northwest Natural Gas Co. ............ 1,200 28,950
NUI Corp. ............................ 700 17,500
Piedmont Natural Gas Co. ............. 1,500 46,687
Public Service Co. of North
Carolina, Inc. ..................... 1,000 29,250
SEMCO Energy, Inc. ................... 420 6,484
South Jersey Industries .............. 400 11,325
Southern Union Co.* .................. 987 21,467
Southwest Gas Corp. .................. 1,300 37,213
UGI Corp. ............................ 1,600 32,300
Washington Gas Light Co. ............. 2,300 59,800
-----------
567,542
-----------
105
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
UTILITY--TELEPHONE (0.1%)
e.spire Communications, Inc.* ......... 2,800 $ 29,575
Viatel, Inc.* ......................... 300 16,837
-----------
46,412
-----------
TOTAL CREDIT SENSITIVE .............. 11,001,675
-----------
DIVERSIFIED (1.5%)
MISCELLANEOUS (1.5%)
AMCOL International Corp. ............. 1,400 20,125
AptarGroup, Inc. ...................... 1,500 45,000
Blount International, Inc.,
Class A ............................. 1,700 46,219
Brush Wellman, Inc. ................... 800 14,500
Central Parking Corp. ................. 800 27,400
DBT Online, Inc.* ..................... 500 16,375
Dexter Corp. .......................... 1,300 53,056
Federal Signal Corp. .................. 2,500 52,969
Furon Co. ............................. 1,000 19,000
Gentek Ink ............................ 500 6,938
Harsco Corp. .......................... 1,600 51,200
Justin Industries, Inc. ............... 700 9,756
Mark IV Industries, Inc. .............. 2,300 48,587
Matthews International Corp.,
Class A ............................. 700 20,738
Myers Industries, Inc. ................ 1,100 22,000
National Golf Properties, Inc. ........ 1,000 24,312
Olin Corp. ............................ 2,700 35,606
SPS Technologies, Inc.* ............... 700 26,250
Standex International Corp. ........... 1,000 27,375
Tredegar Industries, Inc. ............. 1,300 28,275
Triarc Cos.* .......................... 875 18,594
Trinity Industries .................... 2,400 80,400
-----------
694,675
-----------
ENERGY (3.2%)
COAL & GAS PIPELINES (0.5%)
Arch Coal, Inc. ....................... 900 12,488
Eastern Enterprises ................... 1,000 39,750
Equitable Resourses, Inc. ............. 2,000 75,500
Nuevo Energy Co.* ..................... 1,200 15,900
Southwestern Energy Co. ............... 1,200 12,675
TransMontaigne Oil Co.* ............... 1,800 22,612
Western Gas Resources, Inc. ........... 1,300 20,800
Yankee Energy System, Inc. ............ 600 23,812
-----------
223,537
-----------
OIL--DOMESTIC (0.9%)
Atwood Oceanics, Inc.* ................ 500 15,625
Barrett Resources Corp.* .............. 1,600 61,400
Berry Petroleum, Class A .............. 800 11,150
Cabot Oil & Gas Corp., Class A......... 1,100 20,488
Chesapeake Energy Corp.* .............. 3,490 10,252
Cross Timbers Oil Co. ................. 2,700 40,162
EEX Corp.* ............................ 2,766 19,189
Houston Exploration Co.* .............. 600 11,363
Key Energy Group, Inc.* ............... 3,500 12,469
Louis Dreyfus Natural Gas
Corp.* .............................. 900 19,406
Meridian Resource Corp.* .............. 2,500 9,688
Plains Resources, Inc.* ............... 1,100 20,900
Pogo Producing Co. .................... 2,300 42,837
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
St. Mary Land and Exploration
Co. ................................. 700 $ 14,394
Stone Energy Corp.* ................... 800 33,900
Tom Brown, Inc.* ...................... 1,300 20,231
Vintage Petroleum, Inc. ............... 2,200 23,650
-----------
387,104
-----------
OIL--INTERNATIONAL (0.2%)
Newfield Exploration Co.* ............. 1,700 48,344
Pride International, Inc.* ............ 3,000 31,687
Seacor Holdings, Inc.* ................ 500 26,750
-----------
106,781
-----------
OIL--SUPPLIES & CONSTRUCTION (1.5%)
Belco Oil & Gas Corp.* ................ 800 5,550
Cal Dive International, Inc.* ......... 400 11,950
CARBO Ceramics, Inc. .................. 300 9,131
Dril-Quip, Inc.* ...................... 500 11,469
Forest Oil Corp.* ..................... 1,300 16,331
Friede Goldman International,
Inc.* ............................... 1,000 13,875
Grey Wolf, Inc.* ...................... 10,000 25,000
Gulf Island Fabrication, Inc.* ........ 100 1,194
Hanover Compressor Co.* ............... 1,300 41,763
Harken Energy Corp.* .................. 6,500 10,563
Helmerich & Payne, Inc. ............... 2,500 59,531
HS Resources, Inc.* ................... 800 11,800
Input/Output, Inc.* ................... 2,100 15,881
Marine Drilling Co., Inc.* ............ 2,500 34,219
McMoran Exploration Co.* .............. 800 17,750
Mitchell Energy & Development
Corp., Class A ...................... 900 17,381
Newpark Resources, Inc.* .............. 3,800 33,725
Oceaneering International, Inc.* ...... 1,400 22,575
Offshore Logistics, Inc.* ............. 1,700 18,913
Parker Drilling Co.* .................. 3,200 10,600
Patterson Energy, Inc.* ............... 1,500 14,813
Pennzenergy Company ................... 1,700 28,369
Pioneer Natural Resources Co.* ........ 4,300 47,300
Pool Energy Services Co.* ............. 900 18,281
Santa Fe Snyder Corp. ................. 95 724
Swift Energy Co.* ..................... 1,200 12,825
Syntroleum Corp.* ..................... 1,100 9,831
Tesoro Petroleum Corp.* ............... 2,100 33,469
Tuboscope, Inc.* ...................... 1,900 26,006
Valero Energy Corp. ................... 2,000 42,875
Varco International, Inc.* ............ 2,300 25,156
WICOR, Inc. ........................... 1,800 50,287
-----------
699,137
-----------
RAILROADS (0.1%)
MotivePower Industries, Inc.* ......... 1,200 21,600
-----------
TOTAL ENERGY ........................ 1,438,159
-----------
TECHNOLOGY (17.2%)
COMPUTER HARDWARE (0.3%)
Advanced Digital Info. Corp.* ......... 700 28,350
Computer Network Tech Corp. ........... 1,300 28,112
Iomega Corporation* ................... 14,400 71,100
Systemax, Inc.* ....................... 1,700 21,038
-----------
148,600
-----------
106
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMPUTER SOFTWARE (2.5%)
Abovenet Communications, Inc.* 1,100 $ 44,412
Allaire Corp.* ..................... 400 27,300
Ancor Communications, Inc.* ........ 1,300 42,087
Ardent Software, Inc.* ............. 1,000 21,250
Aspen Technologies, Inc.* .......... 1,300 15,275
At Home Corp.* ..................... 15
Banyan Systems, Inc.* .............. 1,400 15,313
Bottomline Technologies, Inc.* ..... 500 26,500
Brio Technology, Inc.* ............. 700 14,000
Cambridge Tech Partner, Inc.* ...... 2,000 35,125
Clarify, Inc.* ..................... 1,200 49,500
CustomTracks Corp.* ................ 800 44,750
Cybercash, Inc.* ................... 1,200 15,375
Data General Corp.* ................ 2,300 33,494
Earthweb, Inc.* .................... 500 18,625
Go2net, Inc.* ...................... 800 73,500
Infocure Corp.* .................... 500 26,469
Intervu, Inc.* ..................... 400 15,325
Ivillage, Inc.* .................... 500 25,125
Juno Online Services, Inc.* ........ 1,100 25,300
Mede America Corp.* ................ 400 15,100
Media Metrix, Inc.* ................ 400 21,300
Microstrategy, Inc.* ............... 1,400 53,025
Netgravity, Inc.* .................. 1,100 25,025
Nvidia Corp.* ...................... 1,300 24,863
Private Business, Inc.* ............ 1,100 11,138
Rare Medium Group, Inc.* ........... 1,600 19,900
Saga Systems, Inc.* ................ 1,900 24,225
Security First Technologies* ....... 1,100 49,637
Silknet Software, Inc.* ............ 400 16,200
Spyglass, Inc.* .................... 1,000 20,125
Telescan, Inc.* .................... 700 17,019
TheStreet.com, Inc.* ............... 600 21,600
THQ, Inc.* ......................... 800 23,000
TSI International Software Ltd.* 900 25,538
USinternetworking, Inc.* ........... 700 29,400
Verity, Inc.* ...................... 700 37,931
Verticalnet, Inc.* ................. 700 73,412
Wave Systems Corp., Class A* ....... 1,500 28,500
Western Digital Corp.* ............. 3,300 21,450
Worldgate Communications, Inc.* 300 15,375
-----------
1,142,503
-----------
ELECTRONICS (5.5%)
Aavid Thermal Technologies,
Inc.* ............................ 500 11,313
Acclaim Entertainment, Inc.* ....... 2,900 18,488
Actel Corp.* ....................... 900 13,275
ACX Technologies, Inc.* ............ 700 11,375
Acxiom Corp. ....................... 40 998
Advent Software, Inc.* ............. 200 13,400
AFC Cable Systems, Inc.* ........... 100 3,531
Alliance Semiconductor Corp.* ...... 1,800 17,888
Alpha Industries, Inc.* ............ 500 23,813
American Management Systems,
Inc.* ............................ 2,400 76,950
Amkor Technology, Inc.* ............ 3,300 33,825
Amphenol Corp., Class A* ........... 900 35,775
AMTI, Inc.* ........................ 600 17,850
Anacomp, Inc.* ..................... 600 10,200
Analogic Corp. ..................... 200 6,219
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Anicom, Inc.* ...................... 1,300 $ 13,650
Anixter International, Inc.* ....... 1,700 31,025
Apex PC Solutions, Inc.* ........... 1,200 24,600
Artesyn Technologies, Inc.* ........ 1,900 42,156
Avant! Corp.* ...................... 1,600 20,200
Avid Technology, Inc.* ............. 1,300 20,963
BancTec, Inc. ...................... 1,100 19,731
BARRA, Inc.* ....................... 600 15,150
Belden, Inc. ....................... 1,100 26,331
Burr-Brown Corp.* .................. 1,450 53,106
C & D Technology, Inc. ............. 400 12,250
C-Cube Microsystems, Inc.* ......... 2,100 66,544
Cable Design Technologies* ......... 1,900 29,331
Checkpoint Systems Inc.* ........... 1,500 13,406
CHS Electronics, Inc.* ............. 3,400 14,875
Ciber, Inc.* ....................... 1,600 30,600
Cirrus Logic, Inc.* ................ 3,100 27,512
Cohu, Inc. ......................... 700 24,762
CompuCom Systems, Inc.* ............ 1,600 6,600
Computer Task Group, Inc. .......... 700 11,900
Cree Reserch, Inc.* ................ 500 38,469
CTS Corp. .......................... 800 56,000
Cubic Corp ......................... 200 4,900
Data Transmission Network
Corp.* ........................... 800 22,500
DII Group, Inc.* ................... 1,600 59,700
Documentum, Inc.* .................. 1,100 14,369
DSP Group, Inc.* ................... 800 28,800
Dupont Photomasks, Inc.* ........... 300 14,363
Electro Scientific Industries, Inc.* 800 33,425
Emulex Corp.* ...................... 300 33,356
Epicor Software Corp.* ............. 2,035 15,135
ESS Technology, Inc.* .............. 1,700 22,844
Etec Systems, Inc.* ................ 1,200 39,900
FactSet Research Systems, Inc. ..... 600 33,975
FSI International, Inc.* ........... 1,800 14,963
General Cable Corp. ................ 1,950 31,200
GenRad, Inc.* ...................... 1,600 33,300
Gerber Scientific, Inc. ............ 900 19,856
Hadco Corp.* ....................... 600 23,850
Harbinger Corp.* ................... 2,400 30,000
Helix Technology Corp. ............. 1,000 23,937
HNC Software, Inc.* ................ 1,500 46,219
Identix Corp.* ..................... 1,700 16,681
Information Resources, Inc.* ....... 2,200 19,250
Innovex, Inc. ...................... 1,200 16,800
Integrated Device Technology,
Inc.* ............................ 3,900 42,412
Integrated Systems, Inc.* .......... 1,500 17,625
Intergraph Corp.* .................. 2,100 16,275
International Rectifer Corp.* ...... 3,000 39,937
Intervoice, Inc.* .................. 900 12,994
ISS Group, Inc.* ................... 1,300 49,075
Iti Technologies* .................. 300 6,788
Jack Henry & Associates, Inc. ...... 600 23,550
JDA Software Group, Inc.* .......... 1,550 14,434
Kent Electronics Corp.* ............ 1,800 35,662
Kopin Corp.* ....................... 600 14,363
Lattice Semiconductor Corp.* ....... 1,100 68,475
LTX Corp.* ......................... 1,200 15,975
Maxwell Technologies, Inc.* ........ 800 19,250
MIPS Technologies, Inc.* ........... 300 14,381
107
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
MTS Systems Corp. .................... 800 $ 9,750
National Instruments Corp.* .......... 1,000 40,375
Navarre Corp.* ....................... 1,000 9,844
NeoMagic Corp.* ...................... 600 5,044
Nichols Research Corp.* .............. 800 17,500
Optical Cable Corp.* ................. 500 5,500
Optical Coating Laboratories ......... 600 50,175
P-Com, Inc.* ......................... 2,300 12,039
Paxar Corp.* ......................... 2,000 18,000
Pittway Corp., Class A ............... 1,100 37,606
PLX Technology, Inc.* ................ 400 18,950
Protection One, Inc.* ................ 700 3,763
Read-Rite Corp.* ..................... 2,800 17,369
Rogers Corp.* ........................ 300 8,850
S3, Inc.* ............................ 2,500 22,734
Sanchez Computer Associates* ......... 600 20,775
Sunrise Technology Intl.* ............ 2,500 30,625
System Software Associates, Inc.* 600 994
Technology Solutions Co.* ............ 2,750 29,734
Tektronix, Inc. ...................... 1,800 54,337
Thermedics, Inc.* .................... 900 8,381
Transaction Systems Architects,
Inc.* .............................. 1,600 62,400
Trimble Navigation Ltd.* ............. 1,500 19,313
Varian Semiconductor Equip.* ......... 900 15,300
Varian, Inc. W/I* .................... 800 10,800
Whittaker Corp.* ..................... 800 22,400
Wyman-Gordon Co.* .................... 1,400 27,037
-----------
2,464,175
-----------
OFFICE EQUIPMENT (1.7%)
3Dfx Interactive, Inc.* .............. 600 9,375
American Business Products, Inc. 800 12,200
Aspect Development, Inc.* ............ 1,100 20,350
Auspex Systems, Inc.* ................ 1,000 10,875
Bell & Howell Co.* ................... 700 26,469
Boise Cascade Office Products* ....... 700 8,225
Cisco Systems, Inc.* ................. 2 103
FilNET Corp.* ........................ 2,100 24,019
GT Interactive Software Corp.* ....... 1,800 6,300
HMT Technology Corp. ................. 1,800 4,500
Hutchinson Technology, Inc.* ......... 1,100 30,525
IMRglobal Corp.* ..................... 700 13,475
Insight Enterprises, Inc.* ........... 900 22,275
John H. Harland Co. .................. 1,900 37,881
Knoll, Inc.* ......................... 800 21,300
Kronos, Inc.* ........................ 750 34,125
Mastech Corp.* ....................... 2,000 37,250
Micron Electronics, Inc.* ............ 2,400 24,150
MICROS Systems, Inc.* ................ 800 27,200
National Computer Systems, Inc. 1,600 54,000
New England Business Services,
Inc. ............................... 1,000 30,875
Pinnacle Systems, Inc.* .............. 1,000 33,625
Sandisk Corp.* ....................... 1,100 49,500
SMART Modular Technologies* .......... 1,100 19,113
Technitrol, Inc. ..................... 700 22,575
Triumph Group, Inc.* ................. 900 22,950
Vantive Corp.* ....................... 1,400 16,013
Visio Corp.* ......................... 1,400 53,287
WH Brady Co. ......................... 1,400 45,500
Wind River Systems* .................. 2,000 32,125
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Xircom, Inc.* ........................ 1,300 $ 39,081
-----------
789,241
-----------
OFFICE EQUIPMENT SERVICES (2.6%)
Advantage Learning Systems,
Inc.* .............................. 400 8,850
BroadVision, Inc.* ................... 900 66,375
ChoicePoint, Inc.* ................... 800 53,700
Complete Business Solutions,
Inc.* .............................. 900 16,144
Concentric Network Corp.* ............ 1,900 75,525
Concurrent Computer Corp.* ........... 3,000 18,938
Datastream Systems, Inc.* ............ 1,200 19,200
Edify Corp.* ......................... 1,300 17,388
Engineering Animation, Inc.* ......... 800 16,950
Entrust Technologies, Inc.* .......... 400 13,300
Fair Issac & Co., Inc. ............... 400 14,025
Florida East Coast Industries,
Inc. ............................... 1,200 53,100
Globix Corporation* .................. 300 13,256
Great Plains Software, Inc.* ......... 500 23,594
H.T.E., Inc.* ........................ 1,200 4,050
Hypercom Corp.* ...................... 600 5,738
Hyperion Solutions Corp.* ............ 1,580 28,144
infoUSA, Inc., Class B* .............. 2,000 17,000
International Integration, Inc.* ..... 600 13,500
Intraware, Inc.* ..................... 1,000 24,000
Komag, Inc.* ......................... 2,500 8,281
Manhattan Associates, Inc.* .......... 900 7,425
Manugistics Group, Inc.* ............. 1,400 20,300
MAPICS, Inc.* ........................ 1,700 17,956
Mercury Interactive Corp.* ........... 1,800 63,675
MicroAge, Inc.* ...................... 300 1,144
Micromuse, Inc.* ..................... 400 19,950
MindSpring Enterprises, Inc. ......... 1,000 44,312
MTI Technology Corp.* ................ 1,400 18,288
Peregrine Systems, Inc.* ............. 1,100 28,256
Phoenix Technologies, Inc.* .......... 1,900 33,962
Pomeroy Computer Resources* .......... 100 1,394
Progress Software Corp.* ............. 1,050 29,662
Project Software &
Development, Inc.* ................. 500 15,625
Publicard, Inc.* ..................... 1,400 14,263
QRS Corp.* ........................... 500 39,000
QuadraMed, Corp.* .................... 1,400 11,375
Radiant Systems, Inc.* ............... 1,000 14,250
Remedy Corp.* ........................ 1,400 37,625
RWD Technologies, Inc.* .............. 300 3,131
Security Dynamics Technologies,
Inc.* .............................. 2,100 44,625
Sequent Computer System* ............. 2,100 37,275
SportsLine USA, Inc.* ................ 900 32,287
Structural Dynamics Research* ........ 2,100 38,981
Sykes Enterprises, Inc.* ............. 1,300 43,387
Syntel, Inc.* ........................ 800 7,200
Systems & Computer Tech
Corp.* ............................. 1,700 24,756
Wavo Corporation* .................... 1,200 7,650
-----------
1,168,812
-----------
108
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS (4.6%)
Adaptive Broadband Corp.* ............. 1,100 $ 24,062
Advanced Communications
Group* .............................. 1,000 9,938
Advanced Fibre
Communications* ..................... 3,200 50,000
Aerial Communications, Inc.* .......... 700 9,450
Allen Telecom, Inc.* .................. 2,000 21,500
Alliant Techsystems, Inc.* ............ 731 63,231
Alpine Group, Inc.* ................... 800 12,850
American Mobile Satellite Corp.* 900 14,738
American Tower Corp., Class A.......... 40 960
Anadigics, Inc.* ...................... 600 22,200
Andrew Corp.* ......................... 4,400 83,325
ANTEC Corp.* .......................... 1,200 38,475
Ascent Entertainment Group,
Inc.* ............................... 2,000 28,250
Aspect Telecommunications
Corp.* .............................. 3,000 29,250
Avt Corporation* ...................... 800 30,300
Aware, Inc.* .......................... 700 32,287
AXENT Technologies, Inc.* ............. 1,700 18,913
Black Box Corp.* ...................... 1,000 50,125
Caprock Communications Corp.* 1,600 64,800
CellNet Data Systems, Inc.* ........... 1,900 17,100
Cellular Communications of
Puerto Rico* ........................ 600 17,100
CFW Communications Co. ................ 600 14,550
Com21, Inc.* .......................... 600 10,238
CommNet Cellular, Inc.* ............... 1,400 36,750
Commonwealth Telephone
Enterprises, Inc.* .................. 800 32,350
CoreComm Limited* ..................... 400 19,300
CT Communications, Inc.* .............. 200 8,225
CTC Communications Corp.* ............. 600 11,700
Destia Communications, Inc.* .......... 900 11,138
Dialogic Corp.* ....................... 100 4,388
Digi International, Inc.* ............. 300 3,131
Digital Microwave Corp.* .............. 2,900 36,975
DSP Communications, Inc.* ............. 1,900 54,862
Electric Lightwave, Inc.,
Class A* ............................ 900 11,700
Excel Switching Corp.* ................ 500 14,969
General Communications, Inc.,
Class A* ............................ 2,500 16,992
Genesys Telecom Labs, Inc.* ........... 500 12,500
Glenayre Technologies, Inc.* .......... 3,100 11,141
Harmonic, Inc.* ....................... 700 40,206
ICG Communications, Inc.* ............. 2,300 49,162
IDT Corp.* ............................ 1,200 26,700
Inter-Tel, Inc. ....................... 1,000 18,250
InterDigital Communications
Corp.* .............................. 2,500 11,563
International Network Services ........ 50 2,019
IPC Information Systems, Inc.* ........ 500 34,125
ITC DeltaCom, Inc.* ................... 2,200 61,600
IXC Communications, Inc.* ............. 1,300 51,106
KEMET Corp.* .......................... 2,200 50,462
Leap Wireless Int'l, Inc.* ............ 1,200 24,300
MasTec, Inc.* ......................... 700 19,775
Metro Information Services, Inc.* 300 4,988
MGC Communications, Inc.* ............. 700 18,200
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
MRV Communications, Inc.* ............. 1,600 $ 21,000
Natural MicroSystems Corp.* ........... 100 956
Network Equiptmant
Technologies, Inc.* ................. 1,000 9,875
Norstan, Inc.* ........................ 100 1,244
North Pittsburgh Systems, Inc. ........ 500 8,500
Oak Industries, Inc.* ................. 700 30,581
Omnipoint Corp.* ...................... 1,800 52,087
Open Market, Inc.* .................... 1,000 14,188
Pacific Gateway Exchange, Inc.* ....... 500 14,563
PageMart Wireless, Inc.,
Class A* ............................ 1,700 12,856
PictureTel Corp.* ..................... 2,000 16,000
Pinnacle Holdings, Inc.* .............. 400 9,800
Plantronics, Inc.* .................... 900 58,612
Polycom, Inc.* ........................ 1,200 46,800
Powertel, Inc.* ....................... 1,000 29,875
Premiere Technologies, Inc.* .......... 2,200 25,300
Premisys Communications, Inc.* ........ 1,200 8,775
Price Communications Corp.* ........... 800 12,000
Primus Telecommunications
Group, Inc.* ........................ 1,100 24,681
Prism Financial Corporation* .......... 600 12,263
Proxim, Inc.* ......................... 400 23,200
Skytel Communications, Inc.* .......... 2,900 60,719
Star Telecommunications, Inc.* ........ 1,600 12,500
Superior TeleCom, Inc. ................ 481 12,031
Talk. Com, Inc.* ...................... 2,300 25,875
Tekelec* .............................. 1,800 21,937
Terayon Communication
Systems* ............................ 800 44,700
Tut Systems, Inc.* .................... 400 19,575
US Lec Corp.* ......................... 800 18,000
West TeleServices Corp.* .............. 400 3,750
Westell Technologies, Inc.* ........... 900 6,272
World Access, Inc.* ................... 1,700 24,012
Xceed Inc.* ........................... 800 17,500
-----------
2,062,246
-----------
TOTAL TECHNOLOGY .................... 7,775,577
-----------
TOTAL COMMON STOCK (96.9%)
(Cost $43,662,966)................... 43,870,407
-----------
PREFERRED STOCK:
CONSUMER NON-CYCLICALS (0.0%)
HOSPITAL SUPPLIES & SERVICES (0.0%)
Mediq, Inc., Class A * (Cost $0)....... 22 113
-----------
PRINCIPAL
AMOUNT
---------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (5.2%)
U.S. Treasury Bills
7/1/99 ................................ $97,000 97,000
7/22/99 ............................... 217,000 216,470
8/12/99 ............................... 45,000 44,770
8/19/99^ .............................. 140,000 139,154
8/26/99 ............................... 250,000 248,340
9/9/99 ................................ 61,000 60,464
9/16/99 ............................... 516,000 510,934
109
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
9/30/99 .............................. $864,000 $ 853,823
10/21/99 ............................. 187,000 184,300
-----------
TOTAL SHORT-TERM DEBT SECURITIES (5.2%)
(Cost/Amortized Cost
$2,355,377) ........................ 2,355,255
-----------
TOTAL INVESTMENTS (102.1%)
(Cost/Amortized Cost
$46,018,343) ....................... 46,225,775
OTHER ASSETS
LESS LIABILITIES (--2.1%) .......... (954,121)
-----------
NET ASSETS (100.0%) .................. $45,271,654
===========
- ----------
* Non-Income producing
^ All, or a portion of securities held by broker as collateral for financial
futures contracts.
110
<PAGE>
EQ ADVISORS TRUST
BT SMALL COMPANY INDEX PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1999, the Portfolio had the following futures contracts open:
(Note 1)
<TABLE>
<CAPTION>
NUMBER
OF AGGREGATE EXPIRATION UNREALIZED
PURCHASES: CONTRACTS FACE VALUE DATE APPRECIATION
- ----------------------- ----------- ------------ ------------ -------------
<S> <C> <C> <C> <C>
S&P 500 Index ......... 8 $2,763,400 Sept '99 $84,977
=======
</TABLE>
Investment security transactions for the period from January 1, 1999 to June 30,
1999 were as follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $25,509,854
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 16,340,752
As of June 30, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for
Federal income tax purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 3,383,526
Aggregate gross unrealized depreciation ................ (3,176,094)
------------
Net unrealized appreciation ............................ $ 207,432
============
Federal income tax cost of investments ................. $ 46,018,343
============
At June 30, 1999, the Portfolio had loaned securities with a total value of
$5,708,012 which was secured by collateral of $5,823,092.
See Notes to Financial Statements.
111
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
LONG-TERM DEBT SECURITIES:
BUSINESS SERVICES (0.3%)
ENVIRONMENTAL CONTROL (0.3%)
Lasmo USA, Inc.
7.50%, 6/30/06 ................... $ 380,000 $ 379,443
------------
CAPITAL GOODS (1.2%)
AEROSPACE (1.2%)
Boeing Co.
7.50%, 8/15/42 ................... 1,445,000 1,455,216
Lockheed Martin Corp.
7.25%, 5/15/06 ................... 100,000 99,778
------------
TOTAL CAPITAL GOODS .............. 1,554,994
------------
CONSUMER CYCLICALS (2.0%)
AUTOS & TRUCKS (1.2%)
Ford Motor Credit Co.
5.75%, 2/23/04 ................... 1,565,000 1,507,751
------------
RETAIL--GENERAL (0.8%)
Federated Dept Stores
8.50%, 6/15/03 ................... 1,000,000 1,059,352
------------
TOTAL CONSUMER CYCLICALS ......... 2,567,103
------------
CONSUMER NON-CYCLICALS (0.3%)
HOSPITAL SUPPLIES & SERVICES (0.3%)
McKesson Corp.
6.30%, 3/1/05 .................... 300,000 288,446
------------
TOBACCO (0.0%)
Philip Morris Cos., Inc.
6.15%, 3/15/00 ................... 30,000 29,971
------------
TOTAL CONSUMER NON-CYCLICALS 318,417
------------
CREDIT SENSITIVE (90.6%)
BANKS (1.4%)
Amsouth Bank of Alabama,
6.45%, 2/1/18 .................... 1,000,000 939,084
First Union Corp.
8.125%, 6/24/02 .................. 750,000 785,325
------------
1,724,409
------------
COLLATERALIZED MORTGAGE
OBLIGATIONS (4.3%)
Allied Capital Commercial
Mortgage Trust,
Series 99-1, Class A2,
6.46%, 9/15/08 ................... 45,000 43,170
Morgan Stanley Capital Inc.,
Series 98-HF2, Class A2,
6.49%, 11/25/30 .................. 1,000,000 971,410
Series 98-WF1, Class A1,
6.25%, 7/15/07 ................... 381 374
Series 98-HF1, Class A2,
6.52%, 1/15/08 ................... 130,000 126,186
Series 98-XL2, Class A2,
6.17%, 10/3/08 ................... 40,000 38,520
Series 99-WF1, Class A2,
6.21%, 9/15/08 ................... 2,000,000 1,903,960
Nationslink Funding Corp,
Series 98-2, Class A2,
6.48%, 7/20/08 ................... 2,200,000 2,138,224
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
Ocwen Residential MBS Corp.,
Series 98-R1, Class A1,
4.00%, 10/25/30+ ................. $ 219,397 $ 215,591
------------
5,437,435
------------
FINANCIAL SERVICES (7.5%)
Associates Corp. of North
America
5.875%, 7/15/02 .................. 400,000 395,040
6.00%, 4/15/03 ................... 200,000 195,998
6.95%, 11/1/18 ................... 355,000 337,554
Banc One Corp.
7.625%, 10/15/26 ................. 1,000,000 996,075
Beneficial Corp., Series G
6.85%, 6/17/02 500,000 502,145
Ford Credit Auto Loan Master
Trust, Series 96-1,
5.50%, 2/15/03 1,520,000 1,508,213
Ford Motor Credit
6.625%, 6/30/03 .................. 150,000 150,329
General Motors Acceptance
Corp.
5.85%, 1/14/09 ................... 2,000,000 1,835,400
Household Finance Co., Series E,
5.875%, 2/1/09 ................... 710,000 643,771
John Deere Capital Corp.
5.85%, 1/15/01 ................... 100,000 99,425
Keystone Financial Midatlantic
6.50%, 5/31/08 ................... 200,000 187,838
Norwest Financial, Inc.
7.20%, 4/1/04 .................... 700,000 721,195
Nomura Asset Securities Corp.,
Series 98-D6, Class A1B,
6.59%, 3/17/28 ................... 890,000 865,044
Toyota Motor Credit
5.625%, 11/13/03 ................. 1,000,000 968,380
------------
9,406,407
------------
FOREIGN GOVERNMENT (0.4%)
Quebec Province, Series NY,
6.50%, 1/17/06 ................... 500,000 486,725
------------
U.S. GOVERNMENT (23.7%)
U.S. Treasury Note
5.875%, 2/15/00^ ................. 2,500,000 2,510,157
5.375%, 6/30/03 .................. 2,535,000 2,503,313
5.75%, 8/15/03 ................... 895,000 895,000
4.25%, 11/15/03 .................. 2,100,000 1,981,220
5.25%, 5/15/04 ................... 1,385,000 1,360,762
6.50%, 8/15/05 ................... 225,000 231,961
5.875%, 11/15/05 ................. 483,000 482,698
6.875%, 5/15/06^ ................. 6,255,000 6,585,345
6.625%, 5/15/07 .................. 4,090,000 4,259,993
5.625%, 5/15/08 .................. 250,000 244,844
5.50%, 5/15/09 ................... 2,275,000 2,221,681
6.75%, 8/15/26^ .................. 4,400,000 4,694,250
6.125%, 11/15/27 ................. 600,000 594,375
5.50%, 8/15/28 ................... 805,000 735,065
5.25%, 11/15/28 .................. 95,000 84,105
5.25%, 2/15/29 ................... 570,000 511,575
------------
29,896,344
------------
112
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCIES (48.5%)
Federal Home Loan Bank
5.375%, 3/2/01 ................. $ 200,000 $ 198,664
5.125%, 10/15/08 ............... 1,440,000 1,306,561
Federal Home Loan Mortgage
Corporation Gold
7.00%, 5/1/28 .................. 2,222,345 2,202,899
Federal National Mortgage
Association
6.50%, 3/1/13 .................. 1,000,100 985,946
6.50%, 4/1/13 .................. 25,117 24,762
6.50%, 5/1/13 .................. 1,029,920 1,015,345
6.50%, 6/1/13 .................. 1,686 1,662
6.00%, 8/1/13 .................. 87,212 84,234
6.50%, 11/1/13 ................. 496,055 489,035
6.50%, 6/1/14 .................. 4,094,585 4,036,639
7.00%, 3/1/26 .................. 32,253 31,928
7.00%, 9/1/27 .................. 715,735 708,514
7.00%, 11/1/27 ................. 180,611 178,789
6.50%, 2/1/28 .................. 371,306 359,139
6.50%, 3/1/28 .................. 330,501 319,671
6.50%, 4/1/28 .................. 904,194 874,565
6.50%, 5/1/28 .................. 1,990,856 1,925,619
6.50%, 7/1/28 .................. 1,139,689 1,102,344
7.00%, 7/1/28 .................. 1,382,010 1,368,067
6.00%, 8/1/28 .................. 120,528 116,578
6.50%, 8/1/28 .................. 22,727 21,982
7.00%, 8/1/28 .................. 991,479 981,476
6.50%, 8/1/28 .................. 335,950 324,943
7.00%, 8/1/28 .................. 57,015 56,440
6.16%, 8/7/28 .................. 600,000 558,268
6.50%, 9/1/28 .................. 3,016,203 2,916,222
6.50%, 10/1/28 ................. 1,669,071 1,614,379
7.00%, 10/1/28 ................. 782,167 774,275
7.00%, 11/1/28 ................. 1,148,631 1,137,042
6.00%, 12/1/28 ................. 108,180 101,814
6.50%, 12/1/28 ................. 1,698,580 1,642,923
7.00%, 12/1/28 ................. 790,621 782,644
6.50%, 1/1/29 .................. 2,281,687 2,206,921
7.00%, 1/1/29 .................. 623,016 616,731
6.50%, 2/1/29 .................. 995,524 962,903
7.00%, 2/1/29 .................. 29,617 29,319
6.50%, 3/1/29 .................. 2,241,045 2,167,610
6.50%, 4/1/29 .................. 5,151,617 4,982,809
7.00%, 4/1/29 .................. 1,280,984 1,268,060
6.50%, 5/1/29 .................. 1,862,986 1,799,735
6.00%, 7/1/29 TBA .............. 3,915,000 3,677,634
6.50%, 7/1/29 TBA .............. 1,233,000 1,189,450
Government National Mortgage
Association
8.00%, 8/15/27 ................. 280,993 288,833
7.50%, 2/15/28 ................. 31,290 31,640
7.00%, 5/15/28 ................. 30 30
7.50%, 5/15/28 ................. 474,469 479,764
7.00%, 6/15/28 ................. 692,869 684,672
7.00%, 7/15/28 ................. 2,962,976 2,927,923
7.50%, 7/15/28 ................. 900,833 910,887
6.50%, 8/15/28 ................. 486,579 466,050
7.00%, 10/15/28 ................ 2,695,546 2,663,658
7.00%, 11/15/28 ................ 419,237 414,278
7.00%, 12/15/28 ................ 3,688,487 3,644,854
7.00%, 2/15/29 ................. 993,400 981,648
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
7.00%, 1/15/29 ................. $ 515,419 $ 509,321
------------
61,148,099
------------
UTILITY--ELECTRIC (1.5%)
Detroit Edison, Series E
6.75%, 3/17/03 ................. 100,000 100,693
Kincaid Generation LLC
7.33%, 6/15/20+ ................ 300,000 285,132
Texas Utilities Electric Co.
6.25%, 10/1/04 ................. 200,000 198,079
5.94%, 10/15/11 ................ 1,000,000 992,732
United Utilities plc
6.25%, 8/15/05 ................. 300,000 286,998
------------
1,863,634
------------
UTILITY--GAS (1.5%)
Atmos Energy
6.75%, 7/15/28 ................. 350,000 316,303
Energen Corp.
7.125%, 2/15/28 ................ 1,000,000 917,736
Ferellgas LP, Series A,
6.99%, 8/1/05 .................. 500,000 490,000
Lakehead Pipe Line Co. LP
7.125%, 10/1/28 ................ 150,000 133,755
------------
1,857,794
------------
UTILITY--TELEPHONE (1.8%)
AT&T Corporation
6.00%, 3/15/09 ................. 1,425,000 1,339,201
Century Telephone Enterprises,
Series E,
6.15%, 1/15/05 ................. 100,000 97,205
Pacific Bell
6.125%, 2/15/08 ................ 250,000 239,988
Pacific Telecommunications,
Series B
6.625%, 10/20/05 ............... 150,000 143,658
U.S. West Capital Funding, Inc.
6.25%, 7/15/05 ................. 125,000 121,159
6.875%, 7/15/28 ................ 400,000 360,563
------------
2,301,774
------------
TOTAL CREDIT SENSITIVE ......... 114,122,621
------------
ENERGY (1.8%)
OIL--INTERNATIONAL (1.2%)
PECO Energy, Series 99-A,
Class A4 .......................
5.80%, 3/1/07 .................. 500,000 484,075
Oil--Supplies & Construction
Canadian Occidental
Petroleum
7.40%, 5/1/28 .................. 400,000 362,083
Occidental Petroleum
9.25%, 8/1/19 .................. 575,000 642,114
------------
1,488,272
------------
RAILROADS (0.6%)
Burlington Northern Santa Fe,
Series 98-B,
6.96%, 3/22/09 ................. 440,953 445,332
113
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
Canadian National Railroad Co.
6.45%, 7/15/06 .................... $ 400,000 $ 388,676
------------
834,008
------------
TOTAL ENERGY ...................... 2,322,280
------------
TECHNOLOGY (1.4%)
ELECTRONICS (0.4%)
Computer Associates
International, Series B
6.375%, 4/15/05 ................... 540,000 511,440
------------
TELECOMMUNICATIONS (1.0%)
Aerial Communications, Inc.,
Zero Coupon,
2/1/08+ ........................... 435,000 205,334
Tele-Communication, Inc.
7.875%, 8/1/13 .................... 1,000,000 1,054,180
------------
1,259,514
------------
TOTAL TECHNOLOGY .................. 1,770,954
------------
TOTAL LONG-TERM DEBT SECURITIES (97.6%)
(Cost $127,273,954)................ 123,035,812
------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (5.1%)
Student Loan Mortgage
Association (Discount Note)
4.60%, 7/1/99 ..................... $6,388,000 6,388,000
------------
(Amortized Cost $6,388,000) .........
TOTAL INVESTMENTS (102.7%)
(Cost/Amortized Cost
$133,661,954)................... 129,423,812
OTHER ASSETS
LESS LIABILITIES (-2.7%) .......... (3,422,170)
------------
NET ASSETS (100%) $126,001,642
------------
- ----------
+ 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, 1999 these securities amounted to
$706,057 or 0.56% of net assets.
^ All, or a portion of securities held by broker as collateral for financial
future contracts.
Glossary:
TBA--Security is subject to delayed delivery.
114
<PAGE>
EQ ADVISORS TRUST
JPM CORE BOND PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1999, the Portfolio had the following futures contracts open:
(Note 1)
<TABLE>
<CAPTION>
NUMBER UNREALIZED
OF AGGREGATE EXPIRATION APPRECIATION
CONTRACTS FACE VALUE DATE (DEPRECIATION)
----------- ------------- --------------- ---------------
<S> <C> <C> <C> <C>
PURCHASES:
90 Day Euro$.......... 5 $ 1,178,690 March '00 $ 532
90 Day Euro$.......... 5 1,174,252 March '01 1,907
90 Day Euro$.......... 5 1,172,377 March '02 2,095
90 Day Euro$.......... 5 1,171,503 March '03 2,282
90 Day Euro$.......... 5 1,170,065 March '04 2,345
90 Day Euro$.......... 5 1,176,565 June '00 532
90 Day Euro$.......... 5 1,173,440 June '01 1,970
90 Day Euro$.......... 5 1,172,753 June '02 2,470
90 Day Euro$.......... 5 1,170,940 June '03 2,157
90 Day Euro$.......... 5 1,175,440 September '00 907
90 Day Euro$.......... 5 1,173,127 September '01 2,032
90 Day Euro$.......... 5 1,172,378 September '02 2,408
90 Day Euro$.......... 5 1,170,628 September '03 2,158
90 Day Euro$.......... 5 1,182,753 September '99 158
90 Day Euro$.......... 5 1,173,752 December '00 1,408
90 Day Euro$.......... 5 1,172,377 December '01 2,220
90 Day Euro$.......... 5 1,171,502 December '02 2,408
90 Day Euro$.......... 5 1,169,940 December '03 2,345
90 Day Euro$.......... 5 1,180,128 December '99 1,470
US 5YR Note .......... 1 109,000 September '99 963
US 10YR Note ......... 127 13,809,726 September '99 (155,543)
US Long Bond ......... 19 2,186,829 September '99 90
----------
$ (120,686)
==========
</TABLE>
At June 30, 1999 the Portfolio had the following outstanding forward commitment:
(Note 1)
<TABLE>
<CAPTION>
PROCEEDS ON CURRENT UNREALIZED
FORWARD SELL PRINCIPAL ORIGINATION DATE VALUE APPRECIATION
- ------------------------------ ------------- ------------------ ------------- -------------
<S> <C> <C> <C> <C>
GNMA TBA (Jul.) 7.00% 7/1/29 $3,720,000 $3,664,781 $3,652,593 $12,188
=======
</TABLE>
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities. ......... $ 28,108,464
U.S. Government Securities .............................. 144,445,592
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .......... 44,447,224
U.S. Government Securities .............................. 100,690,723
As of June 30, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation. ................ $ 28,650
Aggregate gross unrealized depreciation. ................ (4,266,792)
------------
Net unrealized depreciation ............................. $ (4,238,142)
============
Federal income tax cost of investments .................. $133,661,954
============
At June 30, 1999 the Portfolio had loaned securities with a total value of
$2,048,868, which was secured by collateral of $2,067,410.
See Notes to Financial Statements.
115
<PAGE>
EQ ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BASIC MATERIALS (3.8%)
CHEMICALS (0.7%)
E.I. Du Pont de Nemours & Co........... 10,700 $ 730,944
------------
CHEMICALS--SPECIALTY (0.7%)
PPG Industries, Inc. .................. 12,700 750,094
------------
METALS & MINING (1.5%)
Alcoa, Inc. ........................... 5,400 334,125
Minnesota Mining &
Manufacturing Co. ................... 15,100 1,312,756
------------
1,646,881
------------
PAPER (0.9%)
International Paper Co. ............... 20,600 1,040,300
------------
TOTAL BASIC MATERIALS ............... 4,168,219
------------
BUSINESS SERVICES (2.2%)
PRINTING, PUBLISHING, BROADCASTING (2.2%)
Gannett Co. ........................... 17,800 1,270,475
New York Times Co., Class A ........... 30,900 1,137,506
------------
TOTAL BUSINESS SERVICES ............. 2,407,981
------------
CAPITAL GOODS (7.7%)
AEROSPACE (5.7%)
Allied Signal, Inc. ................... 34,300 2,160,900
British Aerospace (ADR) ............... 24,300 635,462
Gulfstream Aerospace Corp.* ........... 20,300 1,371,519
Raytheon Co., Class B ................. 6,300 443,362
United Technologies Corp. ............. 23,200 1,663,150
------------
6,274,393
------------
MACHINERY (2.0%)
Ingersoll-Rand Co. .................... 33,200 2,145,550
------------
TOTAL CAPITAL GOODS ................. 8,419,943
------------
CONSUMER CYCLICALS (11.2%)
AUTO RELATED (0.3%)
Delphi Automotive Systems ............. 19,849 368,447
------------
AUTOS & TRUCKS (2.8%)
Autonation, Inc.* ..................... 31,700 564,656
Ford Motor Co. ........................ 11,900 671,607
General Motors Corp. .................. 28,400 1,874,400
------------
3,110,663
------------
FOOD SERVICES, LODGING (1.1%)
McDonald's Corp. ...................... 30,200 1,247,637
------------
HOUSEHOLD FURNITURE APPLIANCES (1.0%)
Circuit City Stores--Circuit City
Group ............................... 11,200 1,041,600
------------
PHOTO & OPTICAL (1.1%)
Eastman Kodak Co. ..................... 18,300 1,239,825
------------
RETAIL--GENERAL (4.9%)
Federated Department Stores,
Inc.* ............................... 30,400 1,609,300
Office Depot, Inc.* ................... 53,600 1,182,550
Sears Roebuck & Co. ................... 12,300 548,119
TJX Cos., Inc. ........................ 21,400 712,888
Toys-R-Us, Inc.* ...................... 61,800 1,278,487
------------
5,331,344
------------
TOTAL CONSUMER CYCLICALS ............ 12,339,516
------------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
CONSUMER NON-CYCLICALS (20.6%)
BEVERAGES (3.8%)
Diageo plc (ADR) ...................... 23,791 $ 1,023,013
Heineken N.V. (ADR) ................... 16,412 840,335
PepsiCo, Inc. ......................... 49,900 1,930,506
Seagram Co., Ltd. ..................... 7,900 397,963
------------
4,191,817
------------
DRUGS (7.1%)
American Home Products Corp. .......... 45,100 2,593,250
Amgen, Inc.* .......................... 19,500 1,187,063
Bristol-Myers Squibb Co. .............. 38,400 2,704,800
Merck & Co., Inc. ..................... 18,400 1,361,600
------------
7,846,713
------------
FOODS (2.9%)
H.J. Heinz Co. ........................ 16,100 807,013
Hershey Foods Corp. ................... 18,900 1,122,187
Unilever N.V. ......................... 18,035 1,257,941
------------
3,187,141
------------
HOSPITAL SUPPLIES & SERVICES (0.9%)
Baxter International, Inc. ............ 15,500 939,688
------------
RETAIL--FOOD (0.6%)
Albertson's, Inc. ..................... 12,703 654,998
------------
SOAPS & TOILETRIES (3.0%)
Colgate Palmolive Co. ................. 8,600 849,250
Kimberly Clark Corp. .................. 11,500 655,500
Procter & Gamble Co. .................. 20,600 1,838,550
------------
3,343,300
------------
TOBACCO (2.3%)
Philip Morris Cos., Inc. .............. 62,900 2,527,794
------------
TOTAL CONSUMER NON-CYCLICALS 22,691,451
------------
CREDIT SENSITIVE (35.1%)
BANKS (11.7%)
Bank Of America Corp. ................. 28,084 2,058,908
Bank One Corp. ........................ 31,000 1,846,438
Chase Manhattan Corp. ................. 34,100 2,953,912
Comerica, Inc. ........................ 6,700 398,231
First Union Corp. ..................... 31,900 1,499,300
Fleet Financial Group, Inc. ........... 31,600 1,402,250
Mellon Bank Corp. ..................... 49,600 1,804,200
Wells Fargo Co. ....................... 21,800 931,950
------------
12,895,189
------------
FINANCIAL SERVICES (6.1%)
Citigroup, Inc. ....................... 32,250 1,531,875
Fannie Mae ............................ 22,300 1,524,762
First Data Corp. ...................... 32,900 1,610,044
Goldman Sachs Group, Inc.* ............ 5,200 375,700
Morgan Stanley Dean Witter
Discover & Co. ...................... 16,200 1,660,500
------------
6,702,881
------------
INSURANCE (6.9%)
Aetna, Inc. ........................... 19,000 1,699,312
Allstate Corp. ........................ 44,800 1,607,200
Hartford Financial Services
Group, Inc. ......................... 23,600 1,376,175
116
<PAGE>
EQ ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Unum Corp. ........................... 25,000 $ 1,368,750
Washington Mutual, Inc. .............. 43,100 1,524,663
------------
7,576,100
------------
UTILITY--ELECTRIC (2.9%)
Consolidated Edison, Inc. ............ 15,800 714,950
Entergy Corp. ........................ 24,600 768,750
FPL Group, Inc. ...................... 17,300 945,013
Southern Co. ......................... 31,000 821,500
------------
3,250,213
------------
UTILITY--TELEPHONE (7.5%)
AT&T Corp. ........................... 46,950 2,620,397
Bell Atlantic Corp. .................. 56,400 3,687,150
SBC Communications, Inc. ............. 33,300 1,931,400
------------
8,238,947
------------
TOTAL CREDIT SENSITIVE ............. 38,663,330
------------
DIVERSIFIED (0.8%)
MISCELLANEOUS (0.8%)
Ralston-Ralston Purina Group ......... 28,800 876,600
------------
ENERGY (5.4%)
OIL--DOMESTIC (3.9%)
Chevron Corp. ........................ 11,300 1,075,619
Exxon Corp. .......................... 12,900 994,912
Mobil Corp. .......................... 22,200 2,197,800
------------
4,268,331
------------
OIL--INTERNATIONAL (1.0%)
Texaco, Inc. ......................... 18,300 1,143,750
------------
RAILROADS (0.5%)
Burlington Northern Santa Fe
Corp. .............................. 18,400 570,400
------------
TOTAL ENERGY ....................... 5,982,481
------------
TECHNOLOGY (13.3%)
COMPUTER HARDWARE (2.1%)
Hewlett Packard Co. .................. 23,100 2,321,550
------------
ELECTRONICS (2.7%)
Intel Corp. .......................... 20,600 1,225,700
Texas Instruments, Inc. .............. 11,900 1,725,500
------------
2,951,200
------------
OFFICE EQUIPMENT (4.1%)
Compaq Computer Corp. ................ 41,800 990,137
International Business Machines
Corp. .............................. 18,800 2,429,900
Xerox Corp. .......................... 18,700 1,104,469
------------
4,524,506
------------
OFFICE EQUIPMENT SERVICES (0.5%)
NCR Corp. ............................ 11,100 541,819
------------
TELECOMMUNICATIONS (3.9%)
Ameritech Corp. ...................... 40,700 2,991,450
Motorola, Inc. ....................... 14,300 1,354,925
------------
4,346,375
------------
TOTAL TECHNOLOGY ................... 14,685,450
------------
TOTAL COMMON STOCKS (100.1%)
(Cost $95,278,196).................. 110,234,971
------------
- --------------------------------------------------------------------------------
PRINCIPAL VALUE
AMOUNT (NOTE 1)
- --------------------------------------------------------------------------------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (6.0%)
U.S. Treasury Bill, 8/5/1999
(Amortized Cost $6,622,056)......... $6,650,000 $ 6,622,056
------------
TOTAL INVESTMENTS (106.1%)
(Cost/Amortized Cost
$101,900,252)....................... 116,857,027
OTHER ASSETS
LESS LIABILITIES (-6.1%) ........... (6,758,219)
------------
NET ASSETS (100%) .................... $110,098,808
============
- ---------------------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
117
<PAGE>
EQ ADVISORS TRUST
LAZARD LARGE CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $40,249,667
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 11,432,380
As of June 30, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 17,075,846
Aggregate gross unrealized depreciation ................ (2,119,071)
------------
Net unrealized appreciation ............................ $ 14,956,775
============
Federal income tax cost of investments ................. $101,900,252
============
At June 30, 1999, the Portfolio had loaned securities with a total value of
$1,858,330 which was secured by collateral of $1,932,604.
As of December 31, 1998, the Portfolio had a net capital loss carryforward of
$475,091 which expires in the year 2006.
See Notes to Financial Statements.
118
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BASIC MATERIALS (4.9%)
CHEMICALS--SPECIALTY (2.8%)
A. Schulman, Inc. ..................... 18,600 $ 319,687
Ferro Corp. ........................... 22,000 605,000
H.B. Fuller Co. ....................... 12,200 834,175
-----------
1,758,862
-----------
PAPER (2.1%)
Chesapeake Corp. ...................... 15,400 576,538
Wausau-Mosinee Paper Corp. ............ 41,100 739,800
-----------
1,316,338
-----------
TOTAL BASIC MATERIALS ............... 3,075,200
-----------
BUSINESS SERVICES (8.5%)
PRINTING, PUBLISHING,
BROADCASTING (5.2%)
Banta Corp. ........................... 35,100 737,100
Bowne & Co. ........................... 50,900 661,700
HA-LO Industries, Inc.* ............... 38,400 379,200
Hearst-Argyle Television, Inc.* ....... 9
Nielsen Media Research* ............... 23,166 677,605
Pulitzer, Inc. ........................ 7,800 378,788
World Color Press, Inc.* .............. 15,200 418,000
-----------
3,252,402
-----------
PROFESSIONAL SERVICES (1.7%)
CDI Corp.* ............................ 18,200 619,937
InaCom Corp.* ......................... 39,700 501,213
-----------
1,121,150
-----------
TRUCKING, SHIPPING (1.6%)
CNF Transportation, Inc. .............. 18,500 709,937
Pittston BAX Group .................... 31,500 299,250
-----------
1,009,187
-----------
TOTAL BUSINESS SERVICES ............. 5,382,739
-----------
CAPITAL GOODS (19.3%)
AEROSPACE (0.9%)
AAR Corp. ............................. 23,900 542,231
-----------
BUILDING & CONSTRUCTION (0.5%)
Kaufman & Broad Home Corp. ............ 13,700 340,788
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (5.7%)
Apogee Enterprises, Inc. .............. 53,000 712,188
Crane Co. ............................. 27,850 875,534
Hughes Supply, Inc. ................... 14,700 436,406
Hussmann International, Inc. .......... 37,600 622,750
Lone Star Industries, Inc. ............ 15,800 593,488
Martin Marietta Materials, Inc. ....... 5,500 324,500
-----------
3,564,866
-----------
ELECTRICAL EQUIPMENT (7.0%)
Belden, Inc. .......................... 22,100 529,019
Credence Systems Corp.* ............... 31,800 1,180,575
Harman International Industries,
Inc. ................................ 16,600 730,400
Lam Research Corp.* ................... 13,400 625,612
MagneTek, Inc.* ....................... 44,100 465,806
Pittston Brink's Group ................ 17,000 454,750
Scotsman Industries, Inc. ............. 11,900 256,594
Silicon Valley Group, Inc.* ........... 10,600 178,213
-----------
4,420,969
-----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
MACHINERY (5.2%)
Applied Power, Inc., Class A .......... 15,900 $ 434,269
Briggs & Stratton Corp. ............... 4,200 242,550
JLG Industries, Inc. .................. 50,600 1,030,975
OmniQuip International, Inc. .......... 19,300 151,988
Regal-Beloit Corp. .................... 29,900 706,387
Watts Industries, Inc., Class A ....... 36,600 702,262
-----------
3,268,431
-----------
TOTAL CAPITAL GOODS ................. 12,137,285
-----------
CONSUMER CYCLICALS (16.9%)
AIRLINES (0.5%)
Aviation Sales Co.* ................... 8,600 339,700
-----------
APPAREL & TEXTILES (3.0%)
Interface, Inc. ....................... 56,900 490,762
Nautica Enterprises, Inc.* ............ 20,100 339,188
Stride Rite Corp. ..................... 37,100 382,594
Talbots, Inc. ......................... 9,900 377,437
Wet Seal, Inc., Class A* .............. 11,200 320,600
-----------
1,910,581
-----------
AUTO RELATED (5.5%)
Borg-Warner Automotive, Inc. .......... 11,000 605,000
Budget Group, Inc.* ................... 33,600 413,700
Dura Automotive Systems, Inc.* 11,200 372,400
Mark IV Industries, Inc. .............. 44,800 946,400
Pennzoil-Quaker State Co. ............. 13,400 201,000
Tower Automotive* ..................... 35,500 903,032
-----------
3,441,532
-----------
FOOD SERVICES, LODGING (2.5%)
CKE Restaurants, Inc. ................. 26,400 429,000
Lone Star Steakhouse & Saloon,
Inc.* ............................... 26,600 258,519
Prime Hospitality Corp.* .............. 45,500 546,000
Ryan's Family Steak Houses,
Inc.* ............................... 27,700 322,012
-----------
1,555,531
-----------
HOUSEHOLD FURNITURE,
APPLIANCES (3.4%)
Basset Furniture Industries, Inc. ..... 22,800 521,550
Furniture Brands International,
Inc.* ............................... 34,600 964,475
Pier 1 Imports, Inc. .................. 60,300 678,375
-----------
2,164,400
-----------
LEISURE RELATED (1.2%)
Polaris Industries, Inc. .............. 16,800 730,800
-----------
PHOTO & OPTICAL (0.4%)
Cole National Corp.* .................. 3,800 30,163
Oakley, Inc.* ......................... 28,700 204,487
-----------
234,650
-----------
RETAIL--GENERAL (0.4%)
CompUSA, Inc.* ........................ 36,300 269,981
-----------
TOTAL CONSUMER CYCLICALS ............ 10,647,175
-----------
CONSUMER NON-CYCLICALS (11.4%)
DRUGS (1.2%)
Perrigo Co.* .......................... 61,400 468,175
West Pharmaceutical Services .......... 6,294 247,039
-----------
715,214
-----------
119
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
FOODS (4.7%)
American Italian Pasta Co.,
Class A* ......................... 31,000 $ 941,625
Aurora Foods, Inc.* ................ 37,500 656,250
International Multifoods Corp. ..... 23,000 518,937
Lance, Inc. ........................ 20,600 321,875
Ralcorp Holdings, Inc.* ............ 30,600 491,513
-----------
2,930,200
-----------
HOSPITAL SUPPLIES & SERVICES (4.2%)
Apria Healthcare Group, Inc.* ...... 39,600 673,200
Ivacare Corp. ...................... 23,600 631,300
Sierra Health Services, Inc.* ...... 34,050 491,597
Sunrise Medical, Inc.* ............. 20,200 143,925
Varian Medical Systems, Inc. ....... 28,800 727,200
-----------
2,667,222
-----------
RETAIL--FOOD (1.3%)
Great Atlantic & Pacific Tea Co.,
Inc. ............................. 24,700 835,169
-----------
TOTAL CONSUMER NON-CYCLICALS 7,147,805
-----------
CREDIT SENSITIVE (19.8%)
BANKS (3.9%)
Astoria Financial Corp. ............ 16,200 711,787
Hudson United Bancorp .............. 24,416 747,740
Southwest Bancorporation of
Texas, Inc.* ..................... 26,200 471,600
Staten Island Bancorp, Inc. ........ 31,100 559,800
-----------
2,490,927
-----------
FINANCIAL SERVICES (1.2%)
Eaton Vance Corp. .................. 6,900 237,619
Enhance Financial Services
Group, Inc. ...................... 26,800 529,300
-----------
766,919
-----------
INSURANCE (5.0%)
Arthur J. Gallagher & Co. .......... 11,800 584,100
E W Blanch Holdings, Inc. .......... 10,900 743,244
Frontier Insurance Group, Inc. ..... 30,950 475,856
HCC Insurance Holdings, Inc. ....... 36,900 837,169
Radian Group, Inc. ................. 9,759 476,380
XL Capital Ltd., Class A ........... 1 28
-----------
3,116,777
-----------
MORTGAGE RELATED (1.4%)
Toll Brothers, Inc.* ............... 40,100 859,644
-----------
REAL ESTATE (6.1%)
Catellus Development Corp.* ........ 45,900 711,450
Chateau Communities, Inc. .......... 15,900 476,006
FelCor Lodging Trust, Inc. ......... 26,700 554,025
Glenborough Realty Trust, Inc. ..... 30,200 528,500
JDN Realty Corp. ................... 24,000 537,000
Kilroy Realty Corp. ................ 22,100 537,306
Mack-Cali Realty Corp. ............. 16,100 498,094
-----------
3,842,381
-----------
UTILITY--ELECTRIC (2.2%)
Avista Corp. ....................... 21,700 352,625
Calpine Corp.* ..................... 7,200 388,800
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Sierra Pacific Resources ........... 18,300 $ 665,663
-----------
1,407,088
-----------
TOTAL CREDIT SENSITIVE ........... 12,483,736
-----------
DIVERSIFIED (0.8%)
MISCELLANEOUS (0.8%)
Roper Industries, Inc. ............. 16,100 515,200
-----------
ENERGY (3.7%)
COAL & GAS PIPELINES (0.1%)
Consol Energy, Inc.* ............... 3,300 39,600
-----------
OIL--DOMESTIC (1.6%)
Barrett Resources Corp.* ........... 26,800 1,028,450
-----------
OIL--SUPPLIES & CONSTRUCTION (2.0%)
Devon Energy Corp. ................. 17,400 622,050
Helmerich & Payne, Inc. ............ 27,300 650,081
-----------
1,272,131
-----------
TOTAL ENERGY ..................... 2,340,181
-----------
TECHNOLOGY (9.8%)
COMPUTER HARDWARE (0.6%)
Sequent Computer System* ........... 20,700 367,425
-----------
COMPUTER SOFTWARE (0.3%)
Data General Corp.* ................ 14,500 211,156
-----------
ELECTRONICS (2.0%)
Anixter International, Inc.* ....... 40,100 731,825
Tektronix, Inc. .................... 18,000 543,375
-----------
1,275,200
-----------
OFFICE EQUIPMENT (0.9%)
Electronics for Imaging, Inc.* ..... 10,600 544,575
-----------
OFFICE EQUIPMENT SERVICES (1.7%)
Bell & Howell Co.* ................. 21,600 816,750
Standard Register Co. .............. 8,000 246,000
-----------
1,062,750
-----------
TELECOMMUNICATIONS (4.3%)
Allen Telecom, Inc.* ............... 53,200 571,900
KEMET Corp.* ....................... 58,300 1,337,256
Oak Industries, Inc.* .............. 18,500 808,219
-----------
2,717,375
-----------
TOTAL TECHNOLOGY ................. 6,178,481
-----------
TOTAL COMMON STOCKS (95.1%)
(Cost $55,310,244) ............... 59,907,802
-----------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT (3.5%)
U.S. Treasury Bill, 8/5/1999
(Amortized Cost $2,225,812) ...... $2,235,000 2,225,439
-----------
TOTAL INVESTMENTS (98.6%)
(Cost/Amortized Cost
$57,536,056) ..................... 62,133,241
OTHER ASSETS
LESS LIABILITIES (1.4%) ........... 852,805
-----------
NET ASSETS (100%) .................. $62,986,046
===========
- ----------
* Non-income producing
120
<PAGE>
EQ ADVISORS TRUST
LAZARD SMALL CAP VALUE PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities. ......... $20,530,119
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .......... 13,512,443
As of June 30, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation. ................ $ 8,130,339
Aggregate gross unrealized depreciation. ................ (3,533,154)
------------
Net unrealized appreciation ............................. $ 4,597,185
============
Federal income tax cost of investments .................. $ 57,536,056
============
At June 30, 1999, the Portfolio had loaned securities with a total value of
$5,111,130 which was secured by collateral of $5,284,143.
As of December 31, 1998, the Portfolio had a net capital loss carryforward of
$597,372 which expires in the year 2006.
See Notes to Financial Statements.
121
<PAGE>
EQ ADVISORS TRUST
EQ/EVERGREEN PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BUSINESS SERVICES (10.1%)
ENVIRONMENTAL CONTROL (5.2%)
CLARCOR, Inc. ............................ 4,000 $ 76,750
Tetra Tech, Inc.* ........................ 4,375 72,187
----------
148,937
----------
PROFESSIONAL SERVICES (4.9%)
Computer Sciences Corp.* ................. 2,000 138,375
----------
TOTAL BUSINESS SERVICES ................ 287,312
----------
CAPITAL GOODS (17.7%)
AEROSPACE (2.9%)
Orbital Sciences Corp.* .................. 3,500 82,688
----------
BUILDING & CONSTRUCTION (3.8%)
Toll Brothers, Inc.* ..................... 5,000 107,187
----------
BUILDING MATERIALS & FOREST
PRODUCTS (7.8%)
Kaydon Corp. ............................. 3,500 117,687
Royal Group Technologies Ltd.* ........... 2,000 58,875
TJ International, Inc. ................... 1,500 46,500
----------
223,062
----------
MACHINERY (3.2%)
Terex Corp.* ............................. 3,000 91,313
----------
TOTAL CAPITAL GOODS .................... 504,250
----------
CONSUMER CYCLICALS (22.2%)
AIRLINES (5.9%)
Comair Holdings, Inc. .................... 3,250 67,640
SkyWest, Inc. ............................ 4,000 99,750
----------
167,390
----------
APPAREL & TEXTILES (6.8%)
Gucci Group N.V.* ........................ 1,000 70,000
Jones Apparel Group, Inc.* ............... 1,500 51,469
Tommy Hilfiger Corp.* .................... 1,000 73,500
----------
194,969
----------
HOUSEHOLD FURNITURE, APPLIANCES (1.6%)
Newell Rubbermaid Inc. ................... 1,000 46,500
----------
RETAIL--GENERAL (7.9%)
Borders Group, Inc.* ..................... 4,000 63,250
Rite Aid Corp. ........................... 3,000 73,875
Saks, Inc.* .............................. 3,000 86,625
----------
223,750
----------
TOTAL CONSUMER CYCLICALS ............... 632,609
----------
CONSUMER NON-CYCLICALS (14.8%)
DRUGS (6.5%)
ALZA Corp., Class A* ..................... 2,000 101,750
Elan Corp. plc (ADR) * ................... 3,000 83,250
----------
185,000
----------
HOSPITAL SUPPLIES & SERVICES (8.3%)
Beckman Coulter, Inc. .................... 2,000 97,250
CareMatrix Corp.* ........................ 4,000 49,750
Health Management Associates, Inc.,
Class A* ............................... 8,000 90,000
----------
237,000
----------
TOTAL CONSUMER NON-CYCLICALS ........... 422,000
----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
CREDIT SENSITIVE (9.2%)
BANKS (4.3%)
Centura Banks, Inc. ...................... 1,500 $ 84,562
Southtrust Corp. ......................... 1,000 38,375
----------
122,937
----------
INSURANCE (1.9%)
American Bankers Insurance Group ......... 1,000 54,438
----------
REAL ESTATE (3.0%)
Del Webb Corp. ........................... 2,000 47,750
Lennar Corp. ............................. 1,500 36,000
----------
83,750
----------
TOTAL CREDIT SENSITIVE ................. 261,125
----------
DIVERSIFIED (7.7%)
MISCELLANEOUS (7.7%)
Furon Co. ................................ 2,000 38,000
Lancaster Colony Corp. ................... 1,500 51,750
Telex, Inc. .............................. 2,000 86,875
Tredegar Industries, Inc. ................ 2,000 43,500
----------
TOTAL DIVERSIFIED ...................... 220,125
----------
ENERGY (5.2%)
COAL & GAS PIPELINES (3.7%)
Williams Cos., Inc. ...................... 2,500 106,406
----------
OIL--INTERNATIONAL (1.5%)
Diamond Offshore Drilling, Inc. .......... 1,500 42,563
----------
TOTAL ENERGY ........................... 148,969
----------
TECHNOLOGY (9.2%)
ELECTRONICS (3.1%)
Intel Corp. .............................. 1,500 89,250
----------
OFFICE EQUIPMENT (1.1%)
Herman Miller, Inc. ...................... 1,500 31,500
----------
OFFICE EQUIPMENT SERVICES (1.8%)
MICROS Systems, Inc.* .................... 1,500 51,000
----------
TELECOMMUNICATIONS (3.2%)
Teligent, Inc., Class A* ................. 1,500 89,719
----------
TOTAL TECHNOLOGY ....................... 261,469
----------
TOTAL COMMON STOCKS (96.1%)
(Cost $2,688,483)....................... 2,737,859
----------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (13.1%)
Federal Home Loan Mortgage Corp.
(Discount Note), 7/9/99 ................ $125,000 124,867
(Discount Note), 7/22/99 ............... 150,000 149,570
(Discount Note), 7/29/99 ............... 100,000 99,611
----------
TOTAL SHORT-TERM DEBT SECURITIES (13.1%)
(Amortized Cost $374,048)............... 374,048
----------
TOTAL INVESTMENTS (109.2%)
(Cost/Amortized Cost $3,062,531)........ 3,111,907
OTHER ASSETS .............................
LESS LIABILITIES (-9.2%) ............... (262,438)
----------
NET ASSETS (100%) ........................ $2,849,469
==========
- ----------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
122
<PAGE>
EQ ADVISORS TRUST
EQ/EVERGREEN PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $2,822,412
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 189,964
As of June 30, 1999 the the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 156,993
Aggregate gross unrealized depreciation ................ (107,617)
----------
Net unrealized appreciation ............................ $ 49,376
==========
Federal income tax cost of investments ................. $3,062,531
==========
For the period from January 1, 1999 to June 30, 1999 the Portfolio incurred
approximately $5,266 of brokerage commissions with Lieber & Co., an affiliated
broker/dealer.
See Notes to Financial Statements.
123
<PAGE>
EQ ADVISORS TRUST
EQ/EVERGREEN FOUNDATION PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BASIC MATERIALS (1.5%)
CHEMICALS (1.5%)
E.I. Du Pont de Nemours & Co. 1,000 $ 68,313
----------
BUSINESS SERVICES (7.6%)
PRINTING, PUBLISHING, BROADCASTING (2.5%)
Time Warner, Inc. ................... 1,500 110,250
----------
PROFESSIONAL SERVICES (5.1%)
Computer Sciences Corp.* ............ 2,000 138,375
Fair Issac & Co., Inc. .............. 2,500 87,656
----------
226,031
----------
TOTAL BUSINESS SERVICES ........... 336,281
----------
CAPITAL GOODS (5.3%)
BUILDING MATERIALS & FOREST
PRODUCTS (1.3%)
Armstrong World Industries, Inc. 1,000 57,813
----------
ELECTRICAL EQUIPMENT (4.0%)
Emerson Electric Co. ................ 1,000 62,875
Honeywell, Inc. ..................... 1,000 115,875
----------
178,750
----------
TOTAL CAPITAL GOODS ............... 236,563
----------
CONSUMER CYCLICALS (7.7%)
AIRLINES (1.2%)
AMR Corp.* .......................... 800 54,600
----------
APPAREL & TEXTILES (2.4%)
VF Corp. ............................ 2,500 106,875
----------
AUTO RELATED (2.0%)
Autozone, Inc.* ..................... 3,000 90,375
----------
HOUSEHOLD FURNITURE, APPLIANCES (2.1%)
Newell Rubbermaid, Inc. ............. 2,000 93,000
----------
TOTAL CONSUMER CYCLICALS .......... 344,850
----------
CONSUMER NON-CYCLICALS (13.9%)
DRUGS (9.9%)
American Home Products Corp. ........ 2,000 115,000
Eli Lilly & Co. ..................... 1,500 107,437
Pfizer, Inc. ........................ 2,000 219,500
----------
441,937
----------
FOODS (1.1%)
International Multifoods Corp. ...... 2,200 49,638
----------
RETAIL--FOOD (2.9%)
Albertson's, Inc. ................... 2,500 128,906
----------
TOTAL CONSUMER NON-CYCLICALS 620,481
----------
CREDIT SENSITIVE (33.0%)
BANKS (12.3%)
BankBoston Corp. .................... 1,000 51,125
Comerica, Inc. ...................... 2,000 118,875
Commerce Bancshares, Inc. ........... 1,500 60,375
Huntington Bancshares ............... 2,000 70,000
North Fork Bancorporation, Inc. 2,000 42,625
Pacific Century Financial Corp. ..... 3,000 64,688
Southtrust Corp. .................... 1,000 38,375
SunTrust Banks, Inc. ................ 1,500 104,156
----------
550,219
----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
FINANCIAL SERVICES (4.5%)
American Express Co. ................ 1,000 $ 130,125
Golden West Financial Corp. ......... 700 68,600
----------
198,725
----------
INSURANCE (4.5%)
American International Group,
Inc. .............................. 1,000 117,062
Unum Corp. .......................... 1,500 82,125
----------
199,187
----------
REAL ESTATE (6.9%)
Centrex Corp. ....................... 2,000 75,125
Kilroy Realty Corp. ................. 3,000 72,937
Lennar Corp. ........................ 2,000 48,000
Meditrust Companies ................. 4,000 52,250
Post Properties, Inc. ............... 1,500 61,500
----------
309,812
----------
UTILITY--ELECTRIC (3.7%)
Central Hudson Gas & Electric ....... 2,000 84,000
Niagara Mohawk Holdings, Inc.*....... 5,000 80,313
----------
164,313
----------
UTILITY--TELEPHONE (1.1%)
Cincinnati Bell, Inc. ............... 2,000 49,875
----------
TOTAL CREDIT SENSITIVE ............ 1,472,131
----------
ENERGY (4.5%)
OIL--DOMESTIC (1.1%)
Chevron Corp. ....................... 500 47,594
----------
OIL--INTERNATIONAL (2.1%)
Texaco, Inc. ........................ 1,500 93,750
----------
RAILROADS (1.3%)
Union Pacific Corp. ................. 1,000 58,312
----------
TOTAL ENERGY ...................... 199,656
----------
TECHNOLOGY (4.7%)
ELECTRONICS (4.7%)
Intel Corp. ......................... 3,500 208,250
----------
TOTAL COMMON STOCKS (78.2%)
(Cost $3,344,455).................. 3,486,525
----------
PRINCIPAL
AMOUNT
------
LONG-TERM DEBT SECURITIES:
U.S. GOVERNMENT (15.4%)
U.S. Treasury Bond, 6.25%,
8/15/23 ........................... $ 200,000 200,188
U.S. Treasury Note, 6.00%,
2/15/26 ........................... 500,000 486,250
----------
(Cost $726,299).................... 686,438
----------
SHORT-TERM DEBT SECURITIES:
U.S. GOVERNMENT AGENCIES (23.5%)
Federal Mortgage Corp., 4.00%,
7/9/99 ............................ 950,000 948,989
Federal Mortgage Corp., 4.85%,
7/22/99 ........................... 100,000 99,713
----------
(Amortized Cost $1,048,702)........ 1,048,702
----------
124
<PAGE>
EQ ADVISORS TRUST
EQ/EVERGREEN FOUNDATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
VALUE
(NOTE 1)
- --------------------------------------------------------------------------------
TOTAL INVESTMENTS (117.1%)
(Cost/Amortized Cost
$5,119,456) ....................... $5,221,665
OTHER ASSETS
LESS LIABILITIES (-17.1%) ......... (763,283)
----------
NET ASSETS (100%) ................... $4,458,382
==== ==========
- ---------------------
* Non-income producing
125
<PAGE>
EQ ADVISORS TRUST
EQ/EVERGREEN FOUNDATION PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities. ......... $3,406,211
U.S. Government securities .............................. 726,875
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities .......... 79,554
As of June 30, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation.................. $ 186,650
Aggregate gross unrealized depreciation.................. (84,441)
----------
Net unrealized appreciation ............................. $ 102,209
==========
Federal income tax cost of investments .................. $5,119,456
==========
For the period from December 31, 1998 to June 30, 1999 the Portfolio incurred
approximately $4,657 of brokerage commission with Lieber & Co., an affiliated
broker/dealer.
See Notes to Financial Statements.
126
<PAGE>
EQ ADVISORS TRUST
EQ/ALLIANCE PREMIER GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BUSINESS SERVICES (5.8%)
PRINTING, PUBLISHING,
BROADCASTING (5.8%)
AT&T Corp.--Liberty Media
Group, Class A* ..................... 16,000 $ 588,000
Chancellor Media Corp.* ............... 5,200 286,650
Clear Channel Communications,
Inc.* ............................... 4,800 330,900
MediaOne Group, Inc.* ................. 17,200 1,279,250
-----------
TOTAL BUSINESS SERVICES ............. 2,484,800
-----------
CAPITAL GOODS (3.5%)
AEROSPACE (0.8%)
United Technologies Corp. ............. 4,900 351,269
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (2.2%)
Lowe's Cos. ........................... 16,400 929,675
-----------
MACHINERY (0.5%)
Applied Material, Inc.* ............... 2,800 206,850
-----------
TOTAL CAPITAL GOODS ................. 1,487,794
-----------
CONSUMER CYCLICALS (17.7%)
AIRLINES (3.3%)
AMR Corp.* ............................ 1,200 81,900
Continental Airlines, Inc.,
Class B* ............................ 11,300 425,162
Delta Airlines, Inc. .................. 3,000 172,875
KLM Royal Dutch Airlines .............. 10,300 294,194
Northwest Airlines Corp.,
Class A* ............................ 4,000 130,000
UAL Corp.* ............................ 4,500 292,500
-----------
1,396,631
-----------
AUTOS & TRUCKS (0.8%)
Ford Motor Co. ........................ 5,800 327,337
-----------
RETAIL--GENERAL (13.2%)
Costco Co., Inc.* ..................... 7,100 568,444
Dayton Hudson Corp. ................... 8,000 520,000
GAP, Inc. ............................. 25,350 1,277,006
Home Depot, Inc. ...................... 26,500 1,707,594
Kohls Corp.* .......................... 8,500 656,094
Walgreen Co. .......................... 4,500 132,187
Wal-Mart Stores, Inc. ................. 15,900 767,175
-----------
5,628,500
-----------
TRUCKING & SHIPPING (0.4%)
FDX Corp.* ............................ 3,200 173,600
-----------
TOTAL CONSUMER CYCLICALS ............ 7,526,068
-----------
CONSUMER NON-CYCLICALS (15.1%)
BEVERAGES (0.5%)
Starbucks Corp.* ...................... 5,400 202,837
-----------
DRUGS (10.1%)
Bristol-Myers Squibb Co. .............. 11,400 802,988
McKesson HBOC, Inc. ................... 8,400 269,850
Pfizer, Inc. .......................... 9,100 998,725
Schering-Plough Corp. ................. 22,600 1,197,800
Warner Lambert Co. .................... 14,700 1,019,812
-----------
4,289,175
-----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
HOSPITAL SUPPLIES & SERVICES (1.0%)
IMS Health, Inc. ...................... 14,000 $ 437,500
-----------
RETAIL--FOOD (2.6%)
Kroger Co.* ........................... 20,800 581,100
Safeway, Inc.* ........................ 11,000 544,500
-----------
1,125,600
-----------
TOBACCO (0.9%)
Philip Morris Cos., Inc. .............. 9,800 393,838
-----------
TOTAL CONSUMER NON-CYCLICALS 6,448,950
-----------
CREDIT SENSITIVE (17.9%)
BANKS (4.9%)
Bank of America Corp. ................. 1,800 131,963
Bank One Corp. ........................ 1,300 77,431
Chase Manhattan Corp. ................. 5,400 467,775
Fifth Third Bancorp ................... 3,700 246,281
MBNA Corp. ............................ 38,300 1,172,937
-----------
2,096,387
-----------
FINANCIAL SERVICES (12.1%)
Associates First Capital Corp.,
Class A ............................. 15,400 682,413
Charles Schwab Corp. .................. 1,000 109,875
Citigroup, Inc. ....................... 13,800 655,500
Federal Home Loan Mortgage
Corp. ............................... 22,100 1,281,800
Goldman Sachs Group, Inc.* ............ 4,700 339,575
Merrill Lynch & Co. ................... 4,700 375,706
Morgan Stanley Dean
Witter & Co. ........................ 15,000 1,537,500
Newcourt Credit Group, Inc. ........... 12,200 157,838
-----------
5,140,207
-----------
INSURANCE (0.9%)
American International Group,
Inc. ................................ 3,300 386,306
-----------
TOTAL CREDIT SENSITIVE .............. 7,622,900
-----------
DIVERSIFIED (2.8%)
MISCELLANEOUS (2.8%)
Tyco International Ltd. ............... 12,500 1,184,375
-----------
TECHNOLOGY (27.7%)
COMPUTER SOFTWARE (2.0%)
America On-Line, Inc.* ................ 700 77,350
Microsoft Corp.* ...................... 8,500 766,594
-----------
843,944
-----------
COMPUTER HARDWARE (4.7%)
Dell Computer Corp.* .................. 54,200 2,005,400
-----------
ELECTRONICS (2.5%)
Intel Corp. ........................... 13,800 821,100
Micron Technology, Inc.* .............. 2,500 100,781
Solectron Corp.* ...................... 2,100 140,044
-----------
1,061,925
-----------
OFFICE EQUIPMENT (7.3%)
Cisco Systems, Inc.* .................. 24,200 1,560,900
EMC Corp.* ............................ 18,600 1,023,000
International Business Machines
Corp. ............................... 4,000 517,000
-----------
3,100,900
-----------
127
<PAGE>
EQ ADVISORS TRUST
EQ/ALLIANCE PREMIER GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
TELECOMMUNICATIONS (11.2%)
Lucent Technologies, Inc. ............. 11,555 $ 779,240
MCI WorldCom, Inc.* ................... 15,900 1,371,375
Nokia OYJ (ADR) ....................... 24,700 2,261,594
Vodafone Group, plc (ADR) ............. 1,800 354,600
4,766,809
-----------
TOTAL TECHNOLOGY .................... 11,778,978
-----------
TOTAL COMMON STOCKS (90.5%)
(Cost $36,255,198)................... 38,533,865
-----------
PRINCIPAL
AMOUNT
------
SHORT-TERM DEBT SECURITIES:
COMMERCIAL PAPER (10.1%)
General Electric Co., 5.60%, 7/1/99
(Amortized Cost $4,286,000) ......... $4,286,000 4,286,000
-----------
TOTAL INVESTMENTS (100.6%)
(Cost/Amortized Cost
$40,541,198)......................... 42,819,865
OTHER ASSETS
LESS LIABILITIES (-0.6%) ............ (245,821)
-----------
NET ASSETS (100%) ..................... $42,574,044
===========
- ---------------------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
128
<PAGE>
EQ ADVISORS TRUST
EQ/ALLIANCE PREMIER GROWTH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $36,901,204
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 626,755
As of June 30, 1999 the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 2,483,036
Aggregate gross unrealized depreciation ................ (204,369)
-----------
Net unrealized appreciation ............................ $ 2,278,667
===========
Federal income tax cost of investments ................. $40,541,198
===========
See Notes to Financial Statements.
129
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
ARGENTINA (0.4%)
Telefonica de Argentina (ADR)....... 1,500 $ 47,063
-----------
AUSTRALIA (4.5%)
Broken Hill Proprietary Co. Ltd. 14,000 161,553
Coca-Cola Amatil, Ltd. ............. 13,000 52,196
Coles Meyer Ltd. ................... 17,500 101,432
Lend Lease Corp. ................... 4,000 54,712
News Corp., Ltd. ................... 8,300 70,547
WMC Ltd. ........................... 13,000 55,634
Westpac Banking Corp. .............. 10,000 64,621
-----------
560,695
-----------
CANADA (4.6%)
Bank of Nova Scotia ................ 5,200 112,882
Bombardier, Inc., Class B .......... 4,800 73,265
Newbridge Networks Corp.* .......... 1,400 39,889
Nortel Networks Corp. .............. 1,000 86,812
Teleglobe, Inc. .................... 2,000 59,087
Thomson Corp. ...................... 4,000 120,752
Toronto Dominion Bank .............. 2,000 90,564
-----------
583,251
-----------
FINLAND (3.4%)
Nokia OYJ .......................... 3,700 324,735
Upm-Kymmene OYJ .................... 3,700 106,208
-----------
430,943
-----------
FRANCE (6.7%)
Banque Nationale de Paris .......... 900 75,087
Carrefour Supermarche S.A. ......... 600 88,283
Compagnie de Saint Gobain .......... 400 63,811
Groupe Danone ...................... 300 77,441
Legardere S.C.A. ................... 1,300 48,457
Michelin, Class B (Registered) ..... 1,000 40,961
Paribas ............................ 500 56,119
Pechiney S.A., Class A ............. 1,200 51,644
Sanofi-Synthelabo S.A.* ............ 1,200 50,987
STMicroelectronics ................. 1,200 80,043
Synthelabo ......................... 500 104,287
Total S.A., Class B* ............... 400 51,669
Valero S.A. ........................ 600 49,562
-----------
838,351
-----------
GERMANY (8.0%)
Bayerische Motoren Werke
(BMW) AG ......................... 100 69,593
Deutsche Telekom AG ................ 3,000 126,229
Dresdner Bank AG ................... 1,500 58,390
Mannesmann AG ...................... 2,800 419,214
Preussag AG ........................ 1,000 53,899
Siemens AG ......................... 1,800 139,022
Thyssen Krupp AG* .................. 3,400 74,601
Veba AG ............................ 1,000 59,062
-----------
1,000,010
-----------
HONG KONG (1.5%)
Hutchison Whampoa Ltd. ............. 12,000 108,658
Johnson Electric Holdings .......... 20,000 82,492
-----------
191,150
-----------
ITALY (4.3%)
Assicurazioni Generali ............. 2,800 97,142
ENI S.p.A. (Registered) ............ 15,500 92,666
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Fiat S.p.A.* ....................... 22,000 $ 69,738
Telecom Italia Mobile S.p.A. ....... 10,700 39,442
Telecom Italia Mobile S.p.A. ....... 15,800 94,459
Telecom Italia S.p.A. .............. 9,600 99,917
Telecom Italia S.p.A. (RNC) ........ 8,000 43,450
-----------
536,814
-----------
JAPAN (24.5%)
Advantest Corp. .................... 1,700 187,060
Asahi Breweries Ltd. ............... 6,000 74,758
DDI Corp. .......................... 12 74,758
Hirose Electric .................... 900 93,522
Hitachi Ltd. ....................... 8,000 75,122
JUSCO Co., Ltd. .................... 3,000 54,604
Kao Corp. .......................... 2,000 56,259
Keyence Corp. ...................... 500 87,615
Mitsubishi Heavy Industries Ltd. 5,000 20,311
Mitsubishi Motors Corp.* ........... 18,000 93,373
Mitsui Chemicals, Inc. ............. 10,000 64,532
Mitsui Marine & Fire Insurance
Co., Ltd. ........................ 11,000 54,149
Murata Manufacturing Co., Ltd. ..... 3,000 197,568
NEC Corp. .......................... 6,000 74,708
NTT Mobile Communications .......... 3 40,705
NTT Mobile Communications
NE* .............................. 12 160,834
Nichiel Co. Ltd. ................... 800 70,158
Nikon Corp. ........................ 6,000 98,287
Nintendo Ltd. ...................... 900 126,657
Nissan Motor Co., Ltd. ............. 19,000 90,858
Orix Corp. ......................... 900 80,417
Rohm Co. ........................... 1,000 156,780
Shokoh Fund & Co. .................. 200 143,625
Sony Corp. ......................... 2,300 248,325
Sony Music Entertainment, Inc. ..... 1,300 110,780
THK Company, Ltd. .................. 3,000 69,496
Takeda Chemical Industries ......... 2,000 92,827
The Fuji Bank Ltd. ................. 8,000 55,862
The Sakura Bank Ltd. ............... 13,000 49,367
Tokyo Electron Ltd. ................ 4,000 271,697
-----------
3,075,014
-----------
KOREA (0.6%)
Samsung Electronics (GDS)+ ......... 1,406 72,479
-----------
MEXICO (2.4%)
Cifra S.A., Class B (ADR)* ......... 3,700 70,963
Panamerican Beverages, Inc.,
Class A .......................... 2,500 59,531
Telmex, Class L (ADR) .............. 2,200 177,788
-----------
308,282
-----------
NETHERLANDS (3.7%)
ASM Lithography Holding N.V.* 3,100 179,570
Aegon N.V. ......................... 1,800 130,751
Heineken Holding N.V. .............. 2,600 97,989
ING Groep N.V. ..................... 1,000 54,209
-----------
462,519
-----------
PORTUGAL (0.4%)
Telecel-Comunicacoes Pessoai ....... 400 51,627
-----------
SINGAPORE (1.0%)
Keppel Tat Lee Bank Limited ........ 31,000 68,834
Singapore Tech Engineering ......... 49,000 55,553
-----------
124,387
-----------
130
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
SOUTH AFRICA (1.0%)
De Beers Consolidated Mines
(ADR) ............................... 2,500 $ 59,687
South African Breweries plc ........... 7,300 63,389
-----------
123,076
-----------
SPAIN (0.9%)
Telefonica de Espana S.A.* ............ 2,300 110,930
-----------
SWEDEN (1.2%)
Ericsson LM, Class B .................. 2,000 64,352
Foreningssparbanken Sverige AS,
Class A ............................. 3,300 46,759
Volvo AB, Class A ..................... 1,600 46,287
-----------
157,398
-----------
SWITZERLAND (4.1%)
Cie Financ Richemont, Class A ......... 45 86,711
Holderbank Financiere Glarus
AG (Registered) ..................... 420 133,982
Nestle S.A. (Registered) .............. 30 54,153
Novartis AG (Registered) .............. 68 99,478
Swisscom AG (Registered) .............. 260 98,022
UBS AG (Registered) ................... 150 44,854
-----------
517,200
-----------
TAIWAN (1.5%)
Asustek Computer, Inc. (GDR) .......... 4,500 64,913
Taiwan Semiconductor
Manufacturing (ADR)* ................ 3,500 119,000
-----------
183,913
-----------
TURKEY (0.0%)
Turkiye Is Bankasi (GDR)* ............. 3,700 6,576
-----------
UNITED KINGDOM (14.1%)
BOC Group plc ......................... 5,000 97,803
Barclays plc .......................... 4,400 128,128
Cadbury Schweppes plc ................. 12,600 80,299
Colt Telecom Group plc* ............... 2,700 56,689
Dixons Group plc ...................... 3,600 67,294
EMI Group plc ......................... 8,600 69,052
Enterprise Oil plc* ................... 10,600 69,058
GKN plc ............................... 4,200 71,752
Invensys plc .......................... 28,800 136,406
Kingfisher plc ........................ 6,000 69,093
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Laporte plc ........................... 4,200 $ 47,504
Orange plc ............................ 3,600 52,813
Reuters Group plc ..................... 10,900 143,487
Royal & Sun Alliance Insurance
Group ............................... 7,364 66,094
Shell Transport & Trading Co.,
plc ................................. 8,200 61,539
Standard Chartered plc ................ 8,300 135,643
TI Group plc .......................... 10,000 67,042
Tomkins plc ........................... 15,000 65,070
AstraZeneca Group plc ................. 7,300 282,590
-----------
1,767,356
-----------
TOTAL COMMON STOCKS (88.8%)
(Cost $10,813,404).................... 11,149,034
-----------
PREFERRED STOCKS: (0.4%)
GERMANY (0.4%)
(Cost $55,541)
Henkel KGaA ........................... 700 49,005
-----------
TOTAL INVESTMENTS (89.2%)
(Cost $10,868,945).................... 11,198,039
OTHER ASSETS (10.8%)
LESS LIABILITIES ..................... 1,361,515
-----------
NET ASSETS (100%) ..................... $12,559,554
===========
- -------------------------------------------------------------------
MARKET SECTOR DIVERSIFICATION
As a Percentage of Total Common and Preferred Stocks
Basic Materials ................ 5.7%
Business Services .............. 3.5
Capital Goods .................. 12.3
Consumer Cyclicals ............. 12.3
Consumer Non-Cyclicals ......... 12.7
Credit Sensitive ............... 20.2
Diversified .................... 6.0
Energy ......................... 2.5
Technology ..................... 24.8
-----
100.0%
=====
- ----------
* Non-income producing
+ Securities except from registration under Rule 144A of the Securities Act
of 1933. These securities may only be resold to qualified institutional
buyers. At June 30, 1999 these securities amounted to $72,479 or 0.58% of
net assets.
Glossary:
ADR--American Depositary Receipt
GDR--Global Depositary Receipt
GDS--Global Depositary Share
RNC--Risparmio Non-Convertible, Savings Shares
131
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
At June 30, 1999 the Portfolio had outstanding foreign currency contracts to
buy/sell foreign currencies as follows: (Note 1)
<TABLE>
<CAPTION>
LOCAL
CONTRACT COST ON U.S.$ UNREALIZED
AMOUNTS ORIGINATION CURRENT APPRECIATION
(000'S) DATE VALUE (DEPRECIATION)
---------- ------------- ---------- ---------------
<S> <C> <C> <C> <C>
FOREIGN CURRENCY BUY CONTRACTS
British Pound, expiring 7/2/99 .................. 38 $ 60,646 $ 60,339 $ (307)
British Pound, expiring 7/6/99 .................. 14 22,170 22,243 73
European Union, expiring 7/30/99 ................ 40 40,887 40,887 --
European Union, expiring 9/7/99-12/8/99 ......... 116 119,168 121,393 2,225
Japanese Yen, expiring 7/2/99 ................... 2,474 20,464 20,469 5
Swedish Krona, expiring 7/1/99 .................. 396 46,864 46,781 (83)
FOREIGN CURRENCY SELL CONTRACTS
British Pound, expiring 9/3/99 .................. 7 11,000 10,798 202
British Pound, expiring 9/7/99 .................. 6 8,986 8,828 158
Japanese Yen, expiring 8/17/99 .................. 35,251 294,093 293,728 365
Japanese Yen, expiring 12/8/99 .................. 13,471 110,182 114,286 (4,104)
--------
$ (1,466)
========
</TABLE>
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $10,896,621
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 27,520
As of June 30, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 739,757
Aggregate gross unrealized depreciation ................ (410,663)
-----------
Net unrealized appreciation ............................ $ 329,094
===========
Federal income tax cost of investments ................. $10,868,945
===========
See Notes to Financial Statements.
132
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BASIC MATERIALS (3.3%)
CHEMICALS--SPECIALTY (0.4%)
Praxair, Inc. ......................... 1,000 $ 48,938
-----------
METALS & MINING (1.5%)
Alcoa, Inc. ........................... 1,500 92,812
Barrick Gold Corp. .................... 2,400 46,500
Homestake Mining Co. .................. 5,200 42,575
-----------
181,887
-----------
PAPER (1.4%)
Bowater, Inc. ......................... 1,800 85,050
Fort James Corp. ...................... 2,500 94,688
-----------
179,738
-----------
TOTAL BASIC MATERIALS ............... 410,563
-----------
BUSINESS SERVICES (11.7%)
ENVIRONMENT CONTROL (0.7%)
Allied Waste Industries, Inc.* ........ 1,800 35,550
Browning-Ferris Industries, Inc. ...... 1,300 55,900
-----------
91,450
-----------
PRINTING, PUBLISHING,
BROADCASTING (10.1%)
AT&T Corp.--Liberty Media
Group, Class A* ..................... 5,800 213,150
Adelphia Communications Corp.,
Class A* ............................ 900 57,263
Cablevision Systems Corp.,
Class A* ............................ 2,300 161,000
Century Communications Corp.,
Class A* ............................ 1,300 59,800
Comcast Corp., Class A ................ 1,600 61,500
Fox Entertainment Group, Inc.,
Class A* ............................ 2,300 61,956
Interpublic Group, Inc. ............... 1,200 103,950
MediaOne Group, Inc.* ................. 2,400 178,500
New York Times Co., Class A ........... 1,500 55,219
News Corp. Ltd. (ADR) ................. 1,700 53,656
Viacom, Inc., Class B* ................ 3,800 167,200
Young & Rubicam, Inc. ................. 1,400 63,612
-----------
1,236,806
-----------
PROFESSIONAL SERVICES (0.5%)
Service Corp. International ........... 2,900 55,825
-----------
TRUCKING, SHIPPING (0.4%)
CNF Transportation, Inc. .............. 1,400 53,725
-----------
TOTAL BUSINESS SERVICES ............. 1,437,806
-----------
CAPITAL GOODS (5.1%)
AEROSPACE (0.5%)
Textron, Inc. ......................... 700 57,619
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (0.6%)
Lowe's Cos., Inc. ..................... 1,400 79,363
-----------
ELECTRICAL EQUIPMENT (1.0%)
Lam Research Corp.* ................... 1,300 60,694
Sensormatics Electronics Corp.*........ 4,000 55,750
-----------
116,444
-----------
MACHINERY (3.0%)
Applied Material, Inc.* ............... 2,300 169,912
Black & Decker Corp. .................. 800 50,500
Dover Corp. ........................... 1,800 63,000
Illinois Tool Works, Inc. ............. 1,100 90,200
-----------
373,612
-----------
TOTAL CAPITAL GOODS ................. 627,038
-----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
CONSUMER CYCLICALS (8.4%)
AIRLINES (0.4%)
Continental Airlines, Inc.,
Class B* ............................ 1,300 $ 48,913
-----------
APPAREL & TEXTILES (1.3%)
Jones Apparel Group, Inc.* ............ 900 30,881
Nike, Inc., Class B ................... 900 56,981
Tommy Hilfiger Corp.* ................. 900 66,150
-----------
154,012
-----------
AUTO RELATED (1.4%)
Delphi Automotive Systems
Corp. ............................... 2,600 48,262
Federal-Mogul Corp. ................... 1,900 98,800
Pep Boys Manny Moe & Jack ............. 1,400 30,275
-----------
177,337
-----------
AUTOS & TRUCKS (0.7%)
Autonation, Inc.* ..................... 4,700 83,719
-----------
FOOD SERVICES, LODGING (0.8%)
Brinker International, Inc.* .......... 2,600 70,688
Hilton Hotels Corp. ................... 2,000 28,375
-----------
99,063
-----------
HOUSEHOLD FURNITURE, APPLIANCES (0.8%)
Circuit City Stores--Circuit City
Group ............................... 1,100 102,300
-----------
LEISURE RELATED (1.8%)
American Greetings Corp.,
Class A ............................. 2,000 60,250
Carnival Corp., Class A ............... 1,200 58,200
Harrah's Entertainment, Inc.* ......... 1,000 22,000
Hasbro, Inc. .......................... 3,000 83,812
-----------
224,262
-----------
RETAIL--GENERAL (1.2%)
Wal-Mart Stores, Inc. ................. 3,000 144,750
-----------
TOTAL CONSUMER CYCLICALS ............ 1,034,356
-----------
CONSUMER NON-CYCLICALS (20.4%)
BEVERAGES (1.2%)
Coca Cola Co. ......................... 1,800 112,500
PepsiCo, Inc. ......................... 800 30,950
-----------
143,450
-----------
DRUGS (8.1%)
AstraZeneca Group plc (ADR) ........... 6,800 266,475
Forest Laboratories, Inc.* ............ 1,400 64,750
Pfizer, Inc. .......................... 6,100 669,475
-----------
1,000,700
-----------
FOODS (1.6%)
Campbell Soup Co. ..................... 1,800 83,475
Kellogg Co. ........................... 3,500 115,500
-----------
198,975
-----------
HOSPITAL SUPPLIES & SERVICES (7.7%)
Guidant Corp. ......................... 6,100 313,769
Medtronic, Inc. ....................... 5,800 451,675
PE Corp--Celera Genomics
Group* .............................. 250 4,047
PE Corp--PE Biosystems Group........... 500 57,375
Quintiles Transnational Corp.* ........ 3,000 126,000
-----------
952,866
-----------
SOAPS & TOILETRIES (1.3%)
Clorox Co. ............................ 500 53,406
Colgate Palmolive Co. ................. 400 39,500
Kimberly Clark Corp. .................. 1,100 62,700
-----------
155,606
-----------
133
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
TOBACCO (0.5%)
Philip Morris Cos., Inc. .......... 1,500 $ 60,281
-----------
TOTAL CONSUMER NON-CYCLICALS 2,511,878
-----------
CREDIT SENSITIVE (22.5%)
BANKS (6.5%)
Bank of America Corp. ............. 4,400 322,575
Chase Manhattan Corp. ............. 2,400 207,900
Wells Fargo Co. ................... 6,400 273,600
-----------
804,075
-----------
FINANCIAL SERVICES (8.4%)
Associates First Capital Corp.,
Class A ......................... 1,600 70,900
Citigroup, Inc. ................... 7,500 356,250
Goldman Sachs Group, Inc.* ........ 100 7,225
Household International, Inc. ..... 1,800 85,275
Indymac Mortgage Holdings,
Inc. ............................ 2,900 46,400
J.P. Morgan & Co. ................. 500 70,250
SLM Holding Corp. ................. 6,200 284,037
Washington Mutual, Inc. ........... 3,100 109,663
-----------
1,030,000
-----------
INSURANCE (2.4%)
American International Group,
Inc. ............................ 700 81,944
Lincoln National Corp. ............ 1,000 52,312
PMI Group, Inc. ................... 900 56,531
United Healthcare Corp. ........... 1,600 100,200
-----------
290,987
-----------
UTILITY--ELECTRIC (2.7%)
AES Corp.* ........................ 3,400 197,625
Cinergy Corp. ..................... 1,300 41,600
Niagara Mohawk Holdings, Inc.*..... 3,400 54,612
Northeast Utilities* .............. 2,600 45,988
-----------
339,825
-----------
UTILITY--TELEPHONE (2.5%)
Ameritech Corp. ................... 1,700 124,950
Sprint Corp. (Fon Group) .......... 3,500 184,844
-----------
309,794
-----------
TOTAL CREDIT SENSITIVE .......... 2,774,681
-----------
DIVERSIFIED (0.2%)
MISCELLANEOUS (0.2%)
Tyco International Ltd. ........... 200 18,950
-----------
ENERGY (8.6%)
COAL & GAS PIPELINES (1.3%)
Columbia Energy Group ............. 500 31,344
KN Energy, Inc. ................... 2,900 38,787
Williams Cos., Inc. ............... 2,100 89,381
-----------
159,512
-----------
OIL--DOMESTIC (2.0%)
Burlington Resources, Inc. ........ 1,100 47,575
Exxon Corp. ....................... 1,600 123,400
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
Mobil Corp. ....................... 800 $ 79,200
----------
250,175
----------
OIL--INTERNATIONAL (2.6%)
Shell Transport & Trading Co.
(ADR) ........................... 4,500 208,687
Total S.A. (ADR)* ................. 1,700 109,544
----------
318,231
----------
OIL--SUPPLIES & CONSTRUCTION (2.3%)
Baker Hughes, Inc. ................ 4,200 140,700
Weatherford Intl., Inc.* .......... 3,800 139,175
----------
279,875
----------
RAILROADS (0.4%)
Wisconsin Central Transport
Corp.* .......................... 2,900 54,738
----------
TOTAL ENERGY .................... 1,062,531
----------
TECHNOLOGY (13.7%)
COMPUTER HARDWARE (1.6%)
Gateway, Inc.* .................... 1,000 59,000
Hewlett Packard Co. ............... 700 70,350
Storage Technology Corp.* ......... 3,000 68,250
----------
197,600
----------
COMPUTER SOFTWARE (1.4%)
Autodesk, Inc. .................... 2,400 70,950
Cadence Design Systems, Inc.* ..... 4,500 57,375
Peoplesoft, Inc.* ................. 2,500 43,125
----------
171,450
----------
ELECTRONICS (2.6%)
ASM Lithography Holding NV*........ 2,000 118,750
Advanced Micro Devices, Inc.* ..... 1,400 25,288
KLA Tencor Corp.* ................. 700 45,412
Newbridge Networks Corp.* ......... 1,600 46,000
Teradyne, Inc.* ................... 1,100 78,925
----------
314,375
----------
OFFICE EQUIPMENT (2.2%)
Cisco Systems, Inc.* .............. 3,200 206,400
Xerox Corp. ....................... 1,100 64,969
----------
271,369
----------
TELECOMMUNICATIONS (5.9%)
Lucent Technologies, Inc. ......... 1,155 77,890
MCI WorldCom, Inc.* ............... 4,000 345,000
Nokia OYJ (ADR) ................... 1,700 155,656
Vodafone Group plc (ADR)* ......... 750 147,750
----------
726,296
----------
TOTAL TECHNOLOGY ................ 1,681,090
----------
TOTAL COMMON STOCKS (93.9%)
(Cost $11,288,752)............... 11,558,893
----------
TOTAL INVESTMENTS (93.9%)
(Cost $11,288,752)............... 11,558,893
OTHER ASSETS
LESS LIABILITIES (6.1%) ......... 755,340
----------
NET ASSETS (100%) ................. $12,314,233
===========
- ----------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
134
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN RESEARCH PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $11,404,517
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 121,264
As of June 30, 1999, the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 626,720
Aggregate gross unrealized depreciation ................ (356,579)
-----------
Net unrealized appreciation ............................ $ 270,141
===========
Federal income tax cost of investments ................. $11,288,752
===========
See Notes to Financial Statements.
135
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
COMMON STOCKS:
BASIC MATERIALS (2.0%)
PAPER (2.0%)
Bowater, Inc. ......................... 3,000 $ 141,750
Fort James Corp. ...................... 4,500 170,437
-----------
TOTAL BASIC MATERIALS ............... 312,187
-----------
BUSINESS SERVICES (9.5%)
ENVIRONMENTAL CONTROL (0.8%)
Ecolab, Inc. .......................... 3,000 130,875
-----------
PRINTING, PUBLISHING,
BROADCASTING (7.5%)
AT&T Corp.--Liberty Media
Group, Class A* ..................... 6,200 227,850
Cablevision Systems Corp.,
Class A ............................. 2,300 161,000
Fox Entertainment Group, Inc.,
Class A* ............................ 5,700 153,544
Interpublic Group, Inc. ............... 2,100 181,913
New York Times Co., Class A ........... 3,000 110,437
Time Warner, Inc. ..................... 1,500 110,250
Viacom, Inc., Class B* ................ 3,500 154,000
Young & Rubicam, Inc. ................. 2,300 104,506
-----------
1,203,500
-----------
PROFESSIONAL SERVICES (0.6%)
Service Corp. International ........... 5,000 96,250
-----------
TRUCKING, SHIPPING (0.6%)
CNF Transportation, Inc. .............. 2,500 95,938
-----------
TOTAL BUSINESS SERVICES ............. 1,526,563
-----------
CAPITAL GOODS (6.3%)
AEROSPACE (1.8%)
Boeing Co. ............................ 3,500 154,656
United Technologies Corp. ............. 2,000 143,375
-----------
298,031
-----------
BUILDING MATERIALS & FOREST
PRODUCTS (0.9%)
Lowe's Cos. ........................... 2,500 141,719
-----------
ELECTRICAL EQUIPMENT (0.3%)
Lam Research Corp.* ................... 1,000 46,687
-----------
MACHINERY (3.3%)
Applied Material, Inc.* ............... 2,500 184,688
Dover Corp. ........................... 4,400 154,000
Illinois Tool Works, Inc. ............. 2,300 188,600
-----------
527,288
-----------
TOTAL CAPITAL GOODS ................. 1,013,725
-----------
CONSUMER CYCLICALS (8.0%)
APPAREL & TEXTILES (0.6%)
Nike, Inc., Class B ................... 1,500 94,969
-----------
AUTO RELATED (1.6%)
Delphi Automotive Systems
Corp. ............................... 5,000 92,812
Federal-Mogul Corp. ................... 3,200 166,400
-----------
259,212
-----------
AUTOS & TRUCKS (0.9%)
Autonation, Inc.* ..................... 7,500 133,594
-----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
HOUSEHOLD FURNITURE, APPLIANCES (2.3%)
Circuit City Stores--Circuit City
Group ............................... 1,500 $ 139,500
Sony Corp. (ADR) ...................... 2,100 231,788
-----------
371,288
-----------
LEISURE RELATED (2.6%)
American Greetings Corp.,
Class A ............................. 4,000 120,500
Carnival Corp., Class A ............... 3,300 160,050
Hasbro, Inc. .......................... 5,000 139,687
-----------
420,237
-----------
TOTAL CONSUMER CYCLICALS ............ 1,279,300
-----------
CONSUMER NON-CYCLICALS (13.9%)
BEVERAGES (1.6%)
Anheuser-Busch Cos., Inc. ............. 1,500 106,406
Coca Cola Co. ......................... 2,300 143,750
-----------
250,156
-----------
CONTAINERS (0.8%)
Sealed Air Corp.* ..................... 2,000 129,750
-----------
DRUGS (2.9%)
AstraZeneca Group plc (ADR) ........... 3,500 137,156
Forest Laboratories, Inc.* ............ 3,900 180,375
Pfizer, Inc. .......................... 1,300 142,675
-----------
460,206
-----------
FOODS (2.2%)
Campbell Soup Co. ..................... 1,500 69,562
Kellogg Co. ........................... 5,200 171,600
Nabisco Holdings Corp. ................ 2,500 108,125
-----------
349,287
-----------
HOSPITAL SUPPLIES & SERVICES (4.2%)
Guidant Corp. ......................... 3,600 185,175
Medtronic, Inc. ....................... 2,500 194,687
PE Corp--PE Biosystems Group........... 1,000 114,750
PE Corp--Celera Genomics
Group* .............................. 500 8,094
Quintiles Transnational Corp.* ........ 4,100 172,200
-----------
674,906
-----------
SOAPS & TOILETRIES (1.2%)
Clorox Co. ............................ 1,000 106,812
Kimberly Clark Corp. .................. 1,600 91,200
-----------
198,012
-----------
TOBACCO (1.0%)
Philip Morris Cos., Inc. .............. 4,000 160,750
-----------
TOTAL CONSUMER NON-CYCLICALS 2,223,067
-----------
CREDIT SENSITIVE (16.3%)
BANKS (1.9%)
BankAmerica Corp. ..................... 2,500 183,281
Wells Fargo Co. ....................... 3,000 128,250
-----------
311,531
-----------
FINANCIAL SERVICES (7.4%)
Associates First Capital Corp.,
Class A ............................. 2,500 110,781
Citigroup, Inc. ....................... 4,500 213,750
Household International, Inc. ......... 2,000 94,750
Indymac Mortgage Holdings, Inc. 7,500 120,000
136
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Continued)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
J.P. Morgan & Co. ..................... 1,000 $ 140,500
Merrill Lynch & Co. ................... 1,600 127,900
SLM Holding Corp. ..................... 5,500 251,969
Washington Mutual, Inc. ............... 3,500 123,813
-----------
1,183,463
-----------
INSURANCE (2.3%)
Cincinanti Financial Corp. ............ 3,900 146,494
PMI Group, Inc. ....................... 2,000 125,625
United Healthcare Corp. ............... 1,500 93,938
-----------
366,057
-----------
UTILITY--ELECTRIC (2.6%)
AES Corp.* ............................ 3,500 203,438
Niagara Mohawk Holdings, Inc.* 1,600 25,700
Northeast Utilities* .................. 10,500 185,719
-----------
414,857
-----------
UTILITY--TELEPHONE (2.1%)
AT&T Corp. ............................ 3,700 206,506
Sprint Corp. (Fon Group) .............. 2,500 132,031
-----------
338,537
-----------
TOTAL CREDIT SENSITIVE .............. 2,614,445
-----------
DIVERSIFIED (2.1%)
MISCELLANEOUS (2.1%)
Berkshire Hathaway, Inc.,
Class A* ............................ 2 137,800
Tyco International Ltd. ............... 2,100 198,975
-----------
336,775
-----------
TOTAL DIVERSIFIED ................... 336,775
-----------
ENERGY (4.7%)
COAL & GAS PIPELINES (0.7%)
Williams Cos., Inc. ................... 2,500 106,406
-----------
OIL--DOMESTIC (0.8%)
Burlington Resources, Inc. ............ 3,000 129,750
-----------
OIL--INTERNATIONAL (2.1%)
Exxon Corp. ........................... 2,000 154,250
Shell Transport & Trading Co.
(ADR) ............................... 4,000 185,500
-----------
339,750
-----------
OIL--SUPPLIES & CONSTRUCTION (1.1%)
Baker Hughes, Inc. .................... 5,500 184,250
-----------
TOTAL ENERGY ........................ 760,156
-----------
TECHNOLOGY (12.9%)
COMPUTER HARDWARE (2.2%)
Gateway, Inc.* ........................ 2,600 153,400
Hewlett Packard Co. ................... 1,500 150,750
Storage Technology Corp.* ............. 1,800 40,950
-----------
345,100
-----------
COMPUTER SOFTWARE (2.1%)
Autodesk, Inc. ........................ 5,500 162,594
Cadence Design Systems, Inc.* ......... 13,200 168,300
-----------
330,894
-----------
- --------------------------------------------------------------------------------
NUMBER VALUE
OF SHARES (NOTE 1)
- --------------------------------------------------------------------------------
ELECTRONICS (2.5%)
Intel Corp. ........................... 3,000 $ 178,500
KLA-Tencor Corp.* ..................... 1,800 116,775
Teradyne, Inc.* ....................... 1,500 107,625
-----------
402,900
-----------
OFFICE EQUIPMENT (2.6%)
Cisco Systems, Inc.* .................. 2,000 129,000
International Business Machines
Corp. ............................... 1,600 206,800
Xerox Corp. ........................... 1,500 88,594
-----------
424,394
-----------
TELECOMMUNICATIONS (3.5%)
Loral Space & Communications* 6,000 108,000
MCI WorldCom, Inc.* ................... 2,500 215,625
Nokia OYJ (ADR) ....................... 1,500 137,344
Vodafone Group plc (ADR) .............. 500 98,500
-----------
559,469
-----------
TOTAL TECHNOLOGY .................... 2,062,757
-----------
TOTAL COMMON STOCKS (75.7%)
(Cost $11,737,044) .................. 12,128,975
-----------
TOTAL INVESTMENTS (75.7%)
(Cost $11,737,044)................... 12,128,975
OTHER ASSETS
LESS LIABILITIES (24.3%) ............ 3,887,705
-----------
NET ASSETS (100%) ..................... $16,016,680
===========
- ---------------------
* Non-income producing
Glossary:
ADR--American Depositary Receipt
137
<PAGE>
EQ ADVISORS TRUST
CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO
PORTFOLIO OF INVESTMENTS (Concluded)
June 30, 1999 (Unaudited)
- --------------------------------------------------------------------------------
Investment security transactions for the six months ended June 30, 1999 were as
follows:
COST OF PURCHASES:
Stocks and long-term corporate debt securities ......... $11,774,788
NET PROCEEDS OF SALES AND REDEMPTIONS:
Stocks and long-term corporate debt securities ......... 31,613
As of June 30, 1999 the gross unrealized appreciation (depreciation) of
investments based on the aggregate cost of investments for Federal income tax
purposes was as follows:
Aggregate gross unrealized appreciation ................ $ 744,554
Aggregate gross unrealized depreciation ................ (352,623)
-----------
Net unrealized appreciation ............................ $ 391,931
===========
Federal income tax cost of investments ................. $11,737,044
===========
See Notes to Financial Statements.
138
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS
June 30, 1999 (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
twenty-two diversified series portfolios and three non-diversified series
portfolios (each a "Portfolio"). The diversified Portfolios include the Merrill
Lynch Basic Value Equity Portfolio which commenced operations on May 1, 1997,
MFS Emerging Growth Companies Portfolio which commenced operations on May 1,
1997, MFS Research Portfolio which commenced operations on May 1, 1997,
EQ/Putnam Balanced Portfolio which commenced operations on May 1, 1997,
EQ/Putnam Growth & Income Value Portfolio which commenced operations on May 1,
1997, EQ/ Putnam International Equity Portfolio which commenced operations on
May 1, 1997, EQ/Putnam Investors Growth Portfolio which commenced operations on
May 1, 1997, T. Rowe Price Equity Income Portfolio which commenced operations
on May 1, 1997, T. Rowe Price International Stock Portfolio which commenced
operations on May 1, 1997, Warburg Pincus Small Company Value Portfolio which
commenced operations on May 1, 1997, BT Equity 500 Index Portfolio which
received initial capital on December 31, 1997, BT International Equity Index
Portfolio which received initial capital on December 31, 1997, BT Small Company
Index Portfolio which received initial capital on December 31, 1997, JPM Core
Bond Portfolio which received initial capital on December 31, 1997, Lazard
Large Cap Value Portfolio which received initial capital on December 31, 1997,
EQ/Evergreen Portfolio which received initial capital on December 31, 1998,
EQ/Evergreen Foundation Portfolio which received initial capital on December
31, 1998, the MFS Growth with Income Portfolio which received initial capital
on December 31, 1998, EQ/Alliance Premier Growth Portfolio which received
initial capital on April 30, 1999, Capital Guardian International Portfolio
which received initial capital on April 30, 1999, Capital Guardian Research
Portfolio which received initial capital on April 30, 1999 and Capital Guardian
U.S. Equity Portfolio which received initial capital on April 30, 1999. The
non-diversified Portfolios include the Merrill Lynch World Strategy Portfolio
which commenced operations on May 1, 1997, Morgan Stanley Emerging Markets
Equity Portfolio which commenced operations on August 20, 1997, and the Lazard
Small Cap Value Portfolio which received initial capital on December 31, 1997.
The Portfolios that received initial capital on December 31, 1997, commenced
operations on January 1, 1998. The Portfolios that received initial capital on
December 31, 1998, commenced operations on January 1, 1999. The Portfolios that
received initial capital on April 30, 1999, commenced operations on May 1,
1999.
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, 1999, the Trust had Class IB
shares outstanding for each Portfolio. On November 24, 1998, the Trust issued
Class IA shares for the MFS Emerging Growth Companies Portfolio, T. Rowe Price
Equity Income Portfolio, Warburg Pincus Small Company Value Portfolio and the
BT International Equity Index Portfolio. On May 1, 1999, the Trust issued Class
IA shares for the EQ/Alliance Premier Growth Portfolio. The Class IB shares are
subject to distribution fees imposed under a distribution plan (the
"Distribution Plan") adopted pursuant to Rule 12b-1 under the 1940 Act. Under
the Trust's multiple class distribution system, both classes of shares have
identical voting, dividend, liquidation and other rights, other than the
payment of distribution fees under the Distribution Plan. The Trust's shares
are currently sold only to insurance company separate accounts in connection
with variable life insurance contracts and variable annuity certificates and
contracts issued by The Equitable Life Assurance Society of the United States
("Equitable"), a wholly-owned subsidiary of The Equitable Companies
Incorporated, and to The Equitable Investment Plan for Employees, Managers and
Agents.
The investment objectives 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.
139
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999 (Unaudited)
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.
MFS Research Portfolio (advised by Massachusetts Financial Services Co.)
- -- Long-term growth of capital and future income.
EQ/Putnam Balanced Portfolio (advised by Putnam Investment Management,
Inc.) -- Balanced investment composed of a well-diversified portfolio of stocks
and bonds that will produce both capital growth and current income.
EQ/Putnam Growth & Income Value Portfolio (advised by Putnam Investment
Management, Inc.) -- Capital growth. Current income is a secondary objective.
EQ/Putnam International Equity Portfolio (advised by Putnam Investment
Management, Inc.) -- Capital appreciation.
EQ/Putnam Investors Growth Portfolio (advised by Putnam Investment
Management, Inc.) -- Long-term growth of capital and any increased income that
results from this growth.
T. Rowe Price Equity Income Portfolio (advised by T. Rowe Price
Associates, Inc.) -- Substantial dividend income and also capital appreciation
by investing primarily in dividend-paying common stocks of established
companies.
T. Rowe Price International Stock Portfolio (advised by Rowe Price-Fleming
International, Inc.) -- Long-term growth of capital through investment
primarily in common stocks of established non-United States companies.
Warburg Pincus Small Company Value Portfolio (advised by Warburg Pincus
Asset Management, Inc.) -- Long-term capital appreciation.
Morgan Stanley Emerging Markets Equity Portfolio (advised by Morgan
Stanley Asset Management, Inc.) -- Long-term capital appreciation by investing
primarily in equity securities of emerging country issuers.
BT Equity 500 Index Portfolio (advised by Bankers Trust Co.) -- Replicate
as closely as possible (before the deduction of Portfolio expenses) the total
return of the S&P 500 Index.
BT International Equity Index Portfolio (advised by Bankers Trust Co.) --
Replicate as closely as possible (before the deduction of Portfolio expenses)
the total return of the MSCI EAFE Index.
BT Small Company Index Portfolio (advised by Bankers Trust Co.) --
Replicate as closely as possible (before the deduction of Portfolio expenses)
the total return of the Russell 2000 Index .
JPM Core Bond Portfolio (advised by J.P. Morgan Investment Management
Inc.) -- High total return consistent with moderate risk of capital and
maintenance of liquidity.
Lazard Large Cap Value Portfolio (advised by Lazard Asset Management) --
Capital appreciation by investing primarily in equity securities of companies
with relatively large market capitalizations (i.e., companies sharing market
capitalizations of at least $5 billion at the time of initial purchase) that
appear to the Adviser to be inexpensively priced relative to the return on
total capital or equity.
Lazard Small Cap Value Portfolio (advised by Lazard Asset Management) --
Capital appreciation by investing 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.
140
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999 (Unaudited)
EQ/Evergreen Portfolio (advised by Evergreen Asset Management Corp.) --
Capital appreciation.
EQ/Evergreen Foundation Portfolio (advised by Evergreen Asset Management
Corp.) -- Reasonable income, conservation of capital and capital appreciation
(in order of priority).
MFS Growth with Income Portfolio (advised by Massachusetts Financial
Services Co.) -- Reasonable current income and long-term growth of capital and
income
EQ/Alliance Premier Growth Portfolio (advised by Alliance Capital
Management L.P.) -- Seeks long-term growth of capital by primarily investing
in equity securities of a large number of large, carefully selected, high
quality United States companies that are judged, by the Adviser, likely to
achieve superior earnings growth.
Capital Guardian International Portfolio (advised by Capital Guardian
Trust Co.) -- Seeks long-term growth of capital by investing primarily in
non-United States equity securities.
Capital Guardian Research Portfolio (advised by Capital Guardian Trust
Co.) -- Seeks long-term growth of capital.
Capital Guardian U.S. Equity Portfolio (advised by Capital Guardian Trust
Co.) -- Seeks long-term growth of capital.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures. Actual results
could differ from those estimates.
The following is a summary of the significant accounting policies of the
Trust:
Valuation:
Stocks listed on national securities exchanges and certain
over-the-counter issues traded on the NASDAQ national market system are valued
at the last sale price on the primary exchange for such securities or, if there
is no sale, at the latest available bid price. Other unlisted stocks are valued
at their last sale price or, if no reported sale occurs during the day, at a
bid price estimated by a broker.
Convertible preferred stocks listed on national securities exchanges are
valued as of their last sale price or, if there is no sale, at the latest
available bid price.
Convertible bonds and unlisted convertible preferred stocks are valued at
bid prices obtained from one or more of the major dealers in such securities.
Where there is a discrepancy between dealers, values may be adjusted based on
recent premium spreads to the underlying common stocks.
Mortgage backed and asset backed securities are valued at prices obtained
from a bond pricing service where available, or at a bid price obtained from
one or more of the major dealers in such securities. If a quoted price is
unavailable, an equivalent yield or yield spread quote will be obtained from a
broker and converted to a price.
Options, including options on futures that are traded on exchanges, are
valued at their last sale price, and if the last sale price is not available
then the previous day's sale price is used. However, if the bid price is higher
or the asked price is lower than the previous last sale price, the higher bid
or lower asked price may be used. Options not traded on an exchange or actively
traded are valued at fair value as determined in good faith by the Board of
Trustees.
Long-term corporate bonds 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.
141
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999 (Unaudited)
U.S. Treasury securities and other obligations issued or guaranteed by the
U.S. Government, its agencies or instrumentalities, are valued at
representative quoted bid prices.
Foreign securities not traded directly, or in American Depositary Receipt
(ADR) or similar form in the United States, are valued at representative quoted
prices from the primary exchange in the currency of the country of origin.
Short-term debt securities that mature in 60 days or less are valued at
amortized cost, which approximates market value. Short-term debt securities
that mature in more than 60 days are valued at representative quoted prices.
Futures contracts are valued at their last sale price or, if there is no
sale, at the latest available bid price.
Forward foreign exchange contracts are valued by interpolating between the
forward and spot currency rates as quoted by a pricing service as of a
designated hour on the valuation date.
Other securities and assets for which market quotations are not readily
available or for which valuation can not be provided, are valued at fair value
as determined in good faith by the Board of Trustees.
Securities transactions are recorded on the trade date net of brokerage
fees, commissions, and transfer fees.
Interest income (including amortization of premium and discount on
long-term securities using the effective yield method) is accrued daily.
Dividend income is recorded on the ex-dividend date.
Realized gains and losses on the sale of investments are computed on the
basis of the identified cost of the investments sold.
Expenses attributable to a single Portfolio are charged to that Portfolio.
Expenses of the Trust not attributable to a single Portfolio are charged to
each Portfolio in proportion to the average net assets of each Portfolio.
Equitable pays substantially all operating expenses on behalf of the Trust for
which Equitable is then reimbursed by the Trust.
All income earned and expenses incurred by each Portfolio are borne on a
pro-rata basis by each outstanding class of shares, based on the proportionate
interest in the Portfolio represented by the daily net assets of such class,
except for distribution fees which are charged on a class specific basis.
The books and records of the Trust are kept in U.S. dollars. Foreign
currency amounts are translated into U.S. dollars at current exchange rates 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.
142
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999 (Unaudited)
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 tax treatments for deferred organization costs, foreign currency
transactions, losses due to wash sales transactions, mark-to-market of forward
contracts, mark-to-market of passive foreign investment companies and straddle
transactions. 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.
The Manager has elected to waive the obligations of the Trust under the
Organizational Expense Reimbursement Agreement to reimburse and pay the Manager
for organization expenses incurred with the formation of the EQ/Evergreen
Portfolio, EQ/Evergreen Foundation Portfolio, MFS Growth with Income Portfolio,
EQ/Alliance Premier Growth Portfolio, Capital Guardian International Portfolio,
Capital Guardian Research Portfolio and Capital Guardian U.S. Equity Portfolio.
For all Portfolios, the Board of Trustees has approved the lending of
portfolio securities, through its custodian bank The Chase Manhattan Bank
("Chase") acting as lending agent, to certain approved broker-dealers in
exchange for negotiated lenders' fees. By lending investment securities, a
Portfolio attempts to increase its net investment income through the receipt of
interest on the loan. Any gain or loss in the market price of the securities
loaned that might occur and any interest earned or dividends declared during
the term of the loan would be for the account of the Portfolio. Risks of delay
in recovery of the securities or even loss of rights in the collateral may
occur should the borrower of the securities fail financially. Risks may also
arise to the extent that the value of the securities loaned increases above the
value of the collateral received. Any such loan of portfolio securities will be
continuously secured by collateral in cash or high grade debt securities at
least equal 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, 1999, the cash collateral received by
each Portfolio for securities loaned was invested by Chase in a money market
fund and repurchase agreements in which each Portfolio 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
143
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999 (Unaudited)
advance a specified sum to the financial institution which agrees to reacquire
the securities at a mutually agreed upon time (usually one day) and price. Each
repurchase agreement entered into by a Portfolio will provide that the value of
the collateral underlying the repurchase agreement will always be at least
equal to the repurchase price, including any accrued interest. A Portfolio's
right to liquidate such securities in the event of a default by the seller
could involve certain costs, losses or delays and, to the extent that proceeds
from any sale upon a default of the obligation to repurchase are less than the
repurchase price, the Portfolio could suffer a loss.
Options Written:
All Portfolios (except for the MFS Research Portfolio and the Lazard Small
Cap Value Portfolio) may write (sell) covered options as a hedge to provide
protection against adverse movements in the price of securities in the
Portfolio or to enhance investment performance. Each of the Portfolios (except
for the MFS Research Portfolio, BT Equity 500 Index Portfolio, BT Small Company
Index Portfolio, Lazard Large Cap Value Portfolio, Lazard Small Cap Value
Portfolio and EQ/Evergreen Portfolio) may purchase and sell exchange traded
options on foreign currencies. When a Portfolio writes an option, an amount
equal to the premium received by the Portfolio is recorded as a liability and
is subsequently adjusted on a daily basis to the current market price of the
option written. Premiums received from writing options which expire unexercised
are recognized as gains on the expiration date. Premiums received from writing
options which are exercised or are canceled in closing purchase transactions
are offset against the cost of any securities purchased or added to the
proceeds or netted against the amount paid on the transaction to determine the
realized gain or loss. In writing options, a Portfolio must assume that the
option may be exercised at any time prior to the expiration of its obligation
as a writer, and that in such circumstances the net proceeds of the sale or
cost of purchase of the underlying securities and currencies pursuant to the
call or put option may be substantially below or above the prevailing market
price. A Portfolio also has the additional risk of not being able to enter into
a closing purchase transaction if a liquid secondary market does not exist and
bears the risk of unfavorable changes in the price of the financial instruments
underlying the options.
Futures Contracts, Forward Commitments and Foreign Currency Exchange Contracts:
The futures contracts used by the Portfolios are agreements to buy or sell
a financial instrument for a set price in the future. Each Portfolio (with the
exception of the MFS Research Portfolio, the Lazard Large Cap Value Portfolio
and the Lazard Small Cap Value Portfolio) may buy or sell futures contracts for
the purpose of protecting its portfolio securities against future changes in
interest rates and indices which might adversely affect the value of the
Portfolio's securities or the price of securities that it intends to purchase
at a later date. Initial margin deposits are made upon entering into futures
contracts and can be in cash, certain money market instruments, treasury
securities or other liquid, high grade debt. At June 30, 1999 the BT
International Equity Index Portfolio had restricted foreign cash in the amount
of $1,225,703, which was held by the broker as collateral which is included in
the foreign cash balance on the Statement of Assets and Liabilities. During the
period the futures contracts are open, changes in the market price of the
contract are recognized as unrealized gains or losses by "marking-to-market" at
the end of each trading day. Variation margin payments on futures contracts are
received or made, depending upon whether unrealized gains or losses are
incurred. When the contract is closed, the Portfolio records a realized gain or
loss equal to the difference between the proceeds from (or cost of) the closing
transactions and the Portfolio's basis in the contract. Should interest rates
or indices move unexpectedly, the Portfolio may not achieve the anticipated
benefits of the futures contracts and may incur a loss. The use of futures
contracts transactions involves the risk of imperfect correlation in movements
in the price of futures contracts, interest rates and the underlying hedged
assets.
Each Portfolio (except the Warburg Pincus Small Company Value Portfolio)
may make contracts to purchase securities for a fixed price at a future date
beyond customary settlement time ("forward
144
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999 (Unaudited)
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, Lazard Small Cap Value Portfolio and EQ/Evergreen
Portfolio) may purchase foreign currency on a spot (or cash) basis. In
addition, each of the Portfolios (except the MFS Research Portfolio, BT Equity
500 Index Portfolio, BT Small Company Index Portfolio, Lazard Large Cap Value
Portfolio, Lazard Small Cap Value Portfolio and EQ/Evergreen Portfolio) may
enter into contracts to purchase or sell foreign currencies at a future date
("forward contracts"). A forward foreign currency exchange contract is a
commitment to purchase or sell a foreign currency at a future date at a
negotiated forward rate. The gain or loss arising from the difference between
the original contracts and the closing of such contracts is included in
realized gains or losses from foreign currency transactions. The Advisers, as
defined below, may engage in these forward contracts to protect against
uncertainty in the level of future exchange rates in connection with the
purchase and sale of portfolio securities ("transaction hedging") and to
protect the value of specific portfolio positions ("position hedging").
Swaps:
The Morgan Stanley Emerging Markets Equity Portfolio, BT International
Equity Index Portfolio and JPM Core Bond Portfolio may each invest in swap
contracts, which are derivatives in the form of a contract or other similar
instrument which is an agreement to exchange the return generated by one
instrument for the return generated by another instrument. The payment streams
are calculated by reference to a specified index and agreed upon notional
amount. A Portfolio will usually enter into swaps on a net basis, i.e., the two
return streams are netted out in a cash settlement on the payment date or dates
specified in the instrument, with the Portfolio receiving or paying, as the
case may be, only the net amount of the two returns. A Portfolio's obligations
under a swap agreement will be accrued daily (offset against any amounts owing
to the Portfolio) and any accrued but unpaid net amounts owed to a swap
counterparty will be covered by the maintenance of a segregated account
consisting of cash, or other liquid obligations. A Portfolio will not enter
into any swap agreement unless the counterparty meets the rating requirements
set forth in guidelines established by the Trust's Board of Trustees.
Market and Credit Risk:
Written options, futures contracts, forward commitments, forward foreign
currency exchange contracts and swaps involve elements of both market and
credit risk in excess of the amounts reflected in the Statements of Assets and
Liabilities. The 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.
145
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999 (Unaudited)
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
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 Growth with Income Portfolio
MFS Research Portfolio
EQ/Putnam Balanced Portfolio
EQ/Putnam Growth & Income Value Portfolio
EQ/Putnam Investors Growth Portfolio
T. Rowe Price Equity Income Portfolio
Lazard Large Cap Value Portfolio
0.63% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Evergreen Foundation Portfolio
0.65% OF AVERAGE DAILY NET ASSETS OF THE
Warburg Pincus Small Company Value Portfolio
Capital Guardian International Portfolio
Capital Guardian Research Portfolio
Capital Guardian U.S. Equity Portfolio
0.70% OF AVERAGE DAILY NET ASSETS OF THE
Merrill Lynch World Strategy Portfolio
EQ/Putnam International Equity Portfolio
0.75% OF AVERAGE DAILY NET ASSETS OF THE
T. Rowe Price International Stock Portfolio
EQ/Evergreen Portfolio
0.80% OF AVERAGE DAILY NET ASSETS OF THE
Lazard Small Cap Value Portfolio
0.90% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Alliance Premier Growth Portfolio
1.15% OF AVERAGE DAILY NET ASSETS OF THE
Morgan Stanley Emerging Markets Equity Portfolio
146
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999 (Unaudited)
On behalf of the Trust, the Manager has entered into investment advisory
agreements ("Advisory Agreements") with each of the Advisers. Each of the
Advisory Agreements obligates the Advisers for the respective Portfolios to:
(i) continuously furnish investment programs for the Portfolios; (ii) place all
orders for the purchase and sale of investments for the Portfolios with brokers
or dealers selected by the Manager or the respective Advisers; and (iii)
perform certain limited related administrative functions in connection
therewith. The Manager pays the expenses of providing investment advisory
services to the Portfolios, including the fees of the Advisers of each
Portfolio.
Note 3 Administrative Fees
The Trust has entered into an administrative agreement with Chase Global
Funds Services Company ("Chase Global"), a corporate affiliate of Chase,
pursuant to which Chase Global provides certain fund accounting, compliance and
administrative services to the Trust. For such services, Chase Global receives
compensation at the annual rate of 0.0525 of 1% of the total Trust assets, plus
$25,000 for each Portfolio, until the total Trust assets reach $2.0 billion,
and when the total Trust assets exceed $2.0 billion Chase Global receives:
0.0425 of 1% of the next $500 million of the total Trust assets; 0.035 of 1% of
the next $2.0 billion of the total Trust assets; 0.025 of 1% of the next $1.0
billion of the total Trust assets; 0.015 of 1% of the next $2.5 billion of the
total Trust assets; and 0.01 of 1% of the total Trust assets in excess of $8.0
billion; except that the annual fee payable to Chase Global with respect to any
Portfolio which commences operation after July 1, 1997 and whose assets do not
exceed $200 million shall be computed at the rate of 0.0525 of 1% of the
Portfolio's total assets plus $25,000. Certain officers of the Trust are also
officers of Chase Global.
Note 4 Custody Fees
The Trust has entered into a Custody Agreement with Chase. The Custody
Agreement provides for an annual fee based on the amount of assets under
custody plus transaction charges. Chase serves as custodian of the Trust's
portfolio securities and other assets. Under the terms of the Custody Agreement
between the Trust and Chase, Chase maintains and deposits in separate accounts,
cash, securities and other assets of the Portfolios. Chase is also required,
upon the order of the Trust, to deliver securities held by Chase, and to make
payments for securities purchased by the Trust. Chase has also entered into
sub-custodian agreements with a number of foreign banks and clearing agencies,
pursuant to which portfolio securities purchased outside the United States are
maintained in the custody of these entities.
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:
147
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999 (Unaudited)
0.30% OF AVERAGE DAILY NET ASSETS OF THE
BT Equity 500 Index Portfolio
0.50% OF AVERAGE DAILY NET ASSETS OF THE
BT Small Company Index Portfolio
0.55% OF AVERAGE DAILY NET ASSETS OF THE
JPM Core Bond Portfolio
0.60% OF AVERAGE DAILY NET ASSETS OF THE
Merrill Lynch Basic Value Equity Portfolio
MFS Emerging Growth Companies Portfolio
MFS Growth with Income Portfolio
MFS Research Portfolio
EQ/Putnam Growth & Income Value Portfolio
T. Rowe Price Equity Income Portfolio
0.65% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Putnam Balanced Portfolio
0.70% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Evergreen Foundation Portfolio
EQ/Putnam Investors Growth Portfolio
Lazard Large Cap Value Portfolio
Capital Guardian Research Portfolio
Capital Guardian U.S. Equity Portfolio
0.75% OF AVERAGE DAILY NET ASSETS OF THE
BT International Equity Index Portfolio
Warburg Pincus Small Company Value Portfolio
0.80% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Evergreen Portfolio
0.90% OF AVERAGE DAILY NET ASSETS OF THE
EQ/Alliance Premier Growth Portfolio
0.95% OF AVERAGE DAILY NET ASSETS OF THE
Merrill Lynch World Strategy Portfolio
EQ/Putnam International Equity Portfolio
T. Rowe Price International Stock Portfolio
Lazard Small Cap Value Portfolio
Capital Guardian International Portfolio
1.50% OF AVERAGE DAILY NET ASSETS OF THE
Morgan Stanley Emerging Markets Equity Portfolio
Each Portfolio may at a later date reimburse to the Manager the management
fees waived or other expenses assumed and paid for by the Manager pursuant to
the Expense Limitation Agreement within the prior five fiscal years provided
such Portfolio has reached a sufficient asset size to permit such reimbursement
to be made without causing the total annual expense ratio of each Portfolio to
exceed the percentage limits mentioned above. Consequently, no reimbursement by
a Portfolio will be made unless: (i) the Portfolio's assets exceed $100
million; (ii) the Portfolio's total annual expense ratio is less than the
respective percentages stated above; and (iii) the payment of such
reimbursement has been approved by the Trust's Board of Trustees on a quarterly
basis. At June 30, 1999, under the Expense Limitation Agreement, the total
amount that would be reimbursable to the Manager, which includes waivers of
investment management fees and reimbursements from the Manager, was $9,291,316.
The amount that would be recoverable from each portfolio is as follows:
148
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Continued)
June 30, 1999 (Unaudited)
PORTFOLIOS: AMOUNT
----------- ------
Merrill Lynch Basic Value Equity Portfolio ................ $ 471,903
Merrill Lynch World Strategy Portfolio .................... 256,429
MFS Emerging Growth Companies Portfolio ................... 1,043,310
MFS Growth with Income Portfolio .......................... 38,824
MFS Research Portfolio .................................... 1,018,964
EQ/Putnam Balanced Portfolio .............................. 383,839
EQ/Putnam Growth & Income Value Portfolio ................. 1,196,382
EQ/Putnam International Equity Portfolio .................. 541,411
EQ/Putnam Investors Growth Portfolio ...................... 440,975
T. Rowe Price Equity Income Portfolio ..................... 736,307
T. Rowe Price International Stock Portfolio ............... 645,636
Warburg Pincus Small Company Value Portfolio .............. 594,241
Morgan Stanley Emerging Markets Equity Portfolio .......... 478,671
BT Equity 500 Index Portfolio ............................. 410,918
BT International Equity Index Portfolio ................... 243,403
BT Small Company Index Portfolio .......................... 320,980
JPM Core Bond Portfolio ................................... 138,106
Lazard Large Cap Value Portfolio .......................... 122,087
Lazard Small Cap Value Portfolio .......................... 112,541
EQ/Evergreen Portfolio .................................... 24,013
EQ/Evergreen Foundation Portfolio ......................... 19,839
EQ/Alliance Premier Growth ................................ 14,266
Capital Guardian International ............................ 10,364
Capital Guardian Research ................................. 13,455
Capital Guardian U.S. Equity .............................. 14,452
Note 7 Trustees Deferred Compensation Plan
A deferred compensation plan for the benefit of the unaffiliated Trustees
has been adopted by the Trust. Under the deferred compensation plan, each
Trustee may defer payment of all or part of the fees payable for such Trustee's
services. Each Trustee may defer payment of such fees until their retirement as
a Trustee or until the earlier attainment of a specified age. Fees deferred
under the deferred compensation plan, together with accrued interest thereon,
will be disbursed to a participating Trustee in monthly installments over a
five to twenty year period elected by such Trustee.
Note 8 Substitution
An application has been filed with the SEC requesting approval for the
substitution of securities issued by 14 newly-organized portfolios of the Trust
for securities issued by portfolios of the Hudson River Trust ("HRT") currently
used as underlying investment options for certain variable annuity contracts
and/or variable life insurance policies issued by Equitable and other insurance
companies (the "Substitutions"). Equitable will bear all expenses incurred in
connection with the Substitutions. The 14 newly-organized Trust portfolios will
have investment objectives, investment strategies and anticipated risks that
are identical in all material respects to those of the corresponding HRT
portfolios. Pursuant to the application, the effect of the Substitutions will
be to transfer the assets and liabilities of each HRT portfolio to the
corresponding new Trust portfolio. Alliance Capital Management L.P. will
continue to serve as investment advisor for each of the 14 new portfolios.
Pursuant to the application, there will be no increase in investment management
fees; other Trust operating expenses may increase slightly. In
149
<PAGE>
EQ ADVISORS TRUST
NOTES TO FINANCIAL STATEMENTS--(Concluded)
June 30, 1999 (Unaudited)
connection with the anticipated Substitutions, the Trust has filed with the SEC
a post-effective amendment to its registration statement in order to register
the 14 newly-organized portfolios. Subject to SEC approval, it is expected that
the Substitutions will be completed in the fall of 1999.
Note 9 Management Agreement
Subject to regulatory approval, it is expected that the Management
Agreement will be transferred by the Manager to Equitable with no changes to
the agreement prior to the completion of the Substitutions.
150
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS
MERRILL LYNCH BASIC VALUE EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
-------------------------------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1999 YEAR ENDED TO
(UNAUDITED) DECEMBER 31, 1998 DECEMBER 31, 1997
----------------- ------------------- -----------------
<S> <C> <C> <C>
Net asset value, beginning of period ........................................ $12.36 $11.58 $10.00
---------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ...................................................... 0.08 0.12 0.06
Net realized and unrealized gain on investments and foreign currency
transactions .............................................................. 2.54 1.21 1.64
---------- ------- -------
Total from investment operations ........................................... 2.62 1.33 1.70
---------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ....................................... -- (0.12) (0.06)
Distributions from realized gains .......................................... -- (0.43) (0.05)
Distributions in excess of realized gains .................................. -- -- (0.01)
---------- ------- -------
Total dividends and distributions .......................................... -- (0.55) (0.12)
---------- ------- -------
Net asset value, end of period .............................................. $14.98 $12.36 $11.58
========== ======= =======
Total return ................................................................ 21.20%(b) 11.56% 16.99%(b)
========== ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................... $241,982 $174,104 $49,495
Ratio of expenses to average net assets after waivers ....................... 0.85%(a) 0.85% 0.85%(a)
Ratio of expenses to average net assets before waivers (Note 6) ............. 0.96%(a) 1.06% 1.89%(a)
Ratio of net investment income to average net assets after waivers .......... 1.34%(a) 1.41% 1.91%(a)
Ratio of net investment income to average net assets before waivers (Note 6) 1.23%(a) 1.20% 0.87%(a)
Portfolio turnover rate ..................................................... 45% 83% 25%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ................................ $0.01 $0.02 $0.03
</TABLE>
MERRILL LYNCH WORLD STRATEGY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
-------------------------------------------------
SIX MONTHS
ENDED YEAR ENDED MAY 1, 1997*
JUNE 30, 1999 DECEMBER 31, TO
(UNAUDITED) 1998 DECEMBER 31, 1997
--------------- ------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period ............................................. $10.93 $10.31 $10.00
--------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.08 0.15 0.08
Net realized and unrealized gain on investments and foreign currency
transactions ................................................................... 0.46 0.55 0.39
--------- ------- -------
Total from investment operations ................................................ 0.54 0.70 0.47
--------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ -- (0.04) (0.05)
Dividends in excess of net investment income .................................... -- (0.04) --
Distributions in excess of realized gains ....................................... -- -- (0.11)
--------- ------- -------
Total dividends and distributions ............................................... -- (0.08) (0.16)
--------- ------- -------
Net asset value, end of period ................................................... $11.47 $10.93 $10.31
========= ======= =======
Total return ..................................................................... 4.94%(b) 6.81% 4.70%(b)
========= ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $28,990 $30,631 $18,210
Ratio of expenses to average net assets after waivers ............................ 1.20%(a) 1.20% 1.20%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.45%(a) 1.61% 3.05%(a)
Ratio of net investment income to average net assets after waivers ............... 1.31%(a) 1.63% 1.89%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 1.06%(a) 1.22% 0.04%(a)
Portfolio turnover rate .......................................................... 65% 115% 58%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $0.01 $0.04 $0.08
</TABLE>
151
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MFS EMERGING GROWTH COMPANIES PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
-----------------------------------------------
SIX MONTHS
ENDED NOVEMBER 24, 1998*
JUNE 30, 1999 TO
(UNAUDITED) DECEMBER 31, 1998
---------------------- ------------------------
<S> <C> <C>
Net asset value, beginning of period ............... $16.04 $14.18
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ...................... (0.01) --
Net realized and unrealized gain on investments
and foreign currency transactions ................ 2.07 1.86
------- -------
Total from investment operations .................. 2.06 1.86
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .............. -- --
Distributions from realized gains ................. -- --
Distributions in excess of realized gains ......... -- --
------- -------
Total dividends and distributions ................. -- --
------- -------
Net asset value, end of period ..................... $18.10 $16.04
======= =======
Total return ....................................... 12.84%(b) 13.12%(b)
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $19,574 $5,978
Ratio of expenses to average net assets after
waivers ........................................... 0.60%(a)(1) 0.60%(a)(1)
Ratio of expenses to average net assets before
waivers (Note 6) .................................. 0.69%(a)(1) 0.79%(a)(1)
Ratio of net investment income to average net
assets after waivers .............................. 0.14%(a)(1) (0.05)%(a)(1)
Ratio of net investment income to average net
assets before waivers (Note 6) .................... 0.05%(a)(1) (0.24)%(a)(1)
Portfolio turnover rate ............................ 88% 79%
Effect of voluntary expense limitation during
the period: (Note 6)
Per share benefit to net investment income ....... $ 0.01 $ --
<CAPTION>
CLASS IB
-----------------------------------------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1999 YEAR ENDED TO
(UNAUDITED) DECEMBER 31, 1998 DECEMBER 31, 1997
-------------------------- ------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period ............... $16.04 $11.92 $10.00
------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) ...................... (0.01) (0.03) 0.02
Net realized and unrealized gain on investments
and foreign currency transactions ................ 2.06 4.15 2.21
------- ------- -------
Total from investment operations .................. 2.05 4.12 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 ..................... $18.09 $ 16.04 $ 11.92
======= ======= =======
Total return ....................................... 12.78 %(b) 34.57% 22.42%(b)
======= ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $814,902 $461,307 $99,317
Ratio of expenses to average net assets after
waivers ........................................... 0.85%(a)(1) 0.85%(1) 0.85%(a)
Ratio of expenses to average net assets before
waivers (Note 6) .................................. 0.94%(a)(1) 1.04%(1) 1.82%(a)
Ratio of net investment income to average net
assets after waivers .............................. (0.13)% (a)(1) (0.30)% (1) 0.61%(a)
Ratio of net investment income to average net
assets before waivers (Note 6) .................... (0.21)%(a)(1) (0.49)% (1) (0.36)%(a)
Portfolio turnover rate ............................ 88% 79% 116%
Effect of voluntary expense limitation during
the period: (Note 6)
Per share benefit to net investment income ....... $0.01 $0.02 $0.04
</TABLE>
MFS GROWTH WITH INCOME PORTFOLIO:***
<TABLE>
<CAPTION>
CLASS IB
-----------------
SIX MONTHS ENDED
JUNE 30, 1999
(UNAUDITED)
-----------------
<S> <C>
Net asset value, beginning of period ................................................... $10.00
--------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................. 0.02
Net realized and unrealized gain on investments and foreign currency transactions ..... 0.67
--------
Total from investment operations ...................................................... 0.69
--------
Net asset value, end of period ......................................................... $10.69
========
Total return ........................................................................... 6.90%(b)
========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................................... $38,916
Ratio of expenses to average net assets after waivers .................................. 0.85%(a)
Ratio of expenses to average net assets before waivers (Note 6) ........................ 1.27%(a)
Ratio of net investment income to average net assets after waivers ..................... 0.82%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ........... 0.39%(a)
Portfolio turnover rate ................................................................ 24%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ........................................... $0.01
</TABLE>
152
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MFS RESEARCH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
-----------------
SIX MONTHS
ENDED
JUNE 30, 1999
(UNAUDITED)
-----------------
<S> <C>
Net asset value, beginning of period ............................................. $14.21
----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.01
Net realized and unrealized gain on investments and foreign currency
transactions ................................................................... 1.27
----------
Total from investment operations ................................................ 1.28
----------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ --
Distributions from realized gains ............................................... --
Distributions in excess of realized gains ....................................... --
----------
Total dividends and distributions ............................................... --
----------
Net asset value, end of period ................................................... $15.49
==========
Total return ..................................................................... 9.01%(b)
==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $553,854
Ratio of expenses to average net assets after waivers ............................ 0.85%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 0.95%(a)
Ratio of net investment income to average net assets after waivers ............... 0.11%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 0.01% (a)
Portfolio turnover rate .......................................................... 50%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $0.01
<CAPTION>
CLASS IB
--------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ............................................. $11.48 $10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.04 0.02
Net realized and unrealized gain on investments and foreign currency
transactions ................................................................... 2.73 1.58
------- -------
Total from investment operations ................................................ 2.77 1.60
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ (0.04) (0.02)
Distributions from realized gains ............................................... -- (0.01)
Distributions in excess of realized gains ....................................... -- (0.09)
-------- -------
Total dividends and distributions ............................................... (0.04) (0.12)
-------- -------
Net asset value, end of period ................................................... $14.21 $11.48
======== =======
Total return ..................................................................... 24.11% 16.07%(b)
======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $407,619 $114,754
Ratio of expenses to average net assets after waivers ............................ 0.85% 0.85%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.05% 1.78%(a)
Ratio of net investment income to average net assets after waivers ............... 0.44% 0.65 %(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 0.24% (0.28)%(a)
Portfolio turnover rate .......................................................... 73% 51%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $0.02 $0.03
</TABLE>
<PAGE>
EQ/PUTNAM BALANCED PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
-----------------
SIX MONTHS
ENDED
JUNE 30, 1999
(UNAUDITED)
-----------------
<S> <C>
Net asset value, beginning of period ............................................. $12.16
---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.15
Net realized and unrealized gain on investments and foreign currency
transactions ................................................................... 0.69
---------
Total from investment operations ................................................ 0.84
---------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ --
Dividends in excess of net investment income .................................... --
Distributions from realized gains ............................................... --
---------
Total dividends and distributions ............................................... --
---------
Net asset value, end of period ................................................... $13.00
=========
Total return ..................................................................... 6.91%(b)
=========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $100,981
Ratio of expenses to average net assets after waivers ............................ 0.90%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.07%(a)
Ratio of net investment income to average net assets after waivers ............... 2.68%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 2.51%(a)
Portfolio turnover rate .......................................................... 71%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $0.01
<CAPTION>
CLASS IB
--------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ............................................. $11.21 $10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.25 0.14
Net realized and unrealized gain on investments and foreign currency
transactions ................................................................... 1.08 1.30
------- -------
Total from investment operations ................................................ 1.33 1.44
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ (0.23) (0.13)
Dividends in excess of net investment income .................................... -- (0.01)
Distributions from realized gains ............................................... (0.15) (0.09)
------- -------
Total dividends and distributions ............................................... (0.38) (0.23)
------- -------
Net asset value, end of period ................................................... $12.16 $11.21
======= =======
Total return ..................................................................... 11.92% 14.38%(b)
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $75,977 $25,854
Ratio of expenses to average net assets after waivers ............................ 0.90% 0.90%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.25% 2.55%(a)
Ratio of net investment income to average net assets after waivers ............... 2.88% 3.19%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 2.53% 1.54%(a)
Portfolio turnover rate .......................................................... 135% 117%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $0.03 $0.07
</TABLE>
153
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM GROWTH & INCOME VALUE PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
-----------------
SIX MONTHS
ENDED
JUNE 30, 1999
(UNAUDITED)
-----------------
<S> <C>
Net asset value, beginning of period ............................................. $ 12.77
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.08
Net realized and unrealized gain on investments and foreign currency
transactions ................................................................... 1.30
-------
Total from investment operations ................................................ 1.38
-------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ --
Distributions from realized gains ............................................... --
Distributions in excess of realized gains ....................................... --
-------
Total dividends and distributions ............................................... --
-------
Net asset value, end of period ................................................... $ 14.15
=======
Total return ..................................................................... 10.81%(b)
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $574,940
Ratio of expenses to average net assets after waivers ............................ 0.85%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 0.95%(a)
Ratio of net investment income to average net assets after waivers ............... 1.30%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 1.20%(a)
Portfolio turnover rate .......................................................... 48%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $0.01
<CAPTION>
CLASS IB
--------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ............................................. $11.52 $10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.11 0.06
Net realized and unrealized gain on investments and foreign currency
transactions ................................................................... 1.35 1.56
------- -------
Total from investment operations ................................................ 1.46 1.62
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ (0.11) (0.06)
Distributions from realized gains ............................................... -- (0.01)
Distributions in excess of realized gains ....................................... (0.10) (0.03)
------- -------
Total dividends and distributions ............................................... (0.21) (0.10)
------- -------
Net asset value, end of period ................................................... $12.77 $11.52
======= =======
Total return ..................................................................... 12.75% 16.23 %(b)
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $460,744 $150,260
Ratio of expenses to average net assets after waivers ............................ 0.85% 0.85%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.04% 1.75%(a)
Ratio of net investment income to average net assets after waivers ............... 1.30% 1.67%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 1.11% 0.77%(a)
Portfolio turnover rate .......................................................... 74% 61%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $0.02 $0.03
</TABLE>
EQ/PUTNAM INTERNATIONAL EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
-----------------
SIX MONTHS
ENDED
JUNE 30, 1999
(UNAUDITED)
-----------------
<S> <C>
Net asset value, beginning of period ............................................. $13.01
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.06
Net realized and unrealized gain on investments and foreign currency
transactions ................................................................... 1.53
-------
Total from investment operations ................................................ 1.59
-------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ --
Distributions from realized gains ............................................... --
Distributions in excess of realized gains ....................................... --
-------
Total dividends and distributions ............................................... --
-------
Net asset value, end of period ................................................... $14.60
=======
Total return ..................................................................... 12.22%(b)
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $188,364
Ratio of expenses to average net assets after waivers ............................ 1.20%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.27%(a)
Ratio of net investment income to average net assets after waivers ............... 0.99%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 0.92%(a)
Portfolio turnover rate .......................................................... 51%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $0.01
<CAPTION>
CLASS IB
--------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ............................................. $10.89 $10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.05 0.03
Net realized and unrealized gain on investments and foreign currency
transactions ................................................................... 2.07 0.93
------- -------
Total from investment operations ................................................ 2.12 0.96
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ -- (0.02)
Distributions from realized gains ............................................... -- (0.01)
Distributions in excess of realized gains ....................................... -- (0.04)
------- -------
Total dividends and distributions ............................................... -- (0.07)
------- -------
Net asset value, end of period ................................................... $13.01 $10.89
======= =======
Total return ..................................................................... 19.51% 9.58%(b)
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $143,721 $55,178
Ratio of expenses to average net assets after waivers ............................ 1.20% 1.20%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.46% 2.53%(a)
Ratio of net investment income to average net assets after waivers ............... 0.64% 0.74 %(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 0.38% (0.59)%(a)
Portfolio turnover rate .......................................................... 94% 43%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $0.02 $0.05
</TABLE>
154
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/PUTNAM INVESTORS GROWTH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
--------------------
SIX MONTHS
ENDED
JUNE 30, 1999
(UNAUDITED)
--------------------
<S> <C>
Net asset value, beginning of period ............................................. $16.79
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .................................................... (0.01)
Net realized and unrealized gain on investments and foreign currency
transactions ................................................................... 1.72
-------
Total from investment operations ................................................ 1.71
-------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ --
Distributions from realized gains ............................................... --
Distributions in excess of realized gains ....................................... --
-------
Total dividends and distributions ............................................... --
-------
Net asset value, end of period ................................................... $18.50
=======
Total return ..................................................................... 10.18%(b)
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $280,611
Ratio of expenses to average net assets after waivers ............................ 0.89%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 0.96%(a)
Ratio of net investment income to average net assets after waivers ............... (0.16)%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... (0.23)%(a)
Portfolio turnover rate .......................................................... 44%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $0.01
<CAPTION>
CLASS IB
--------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ............................................. $12.33 $10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income (loss) .................................................... 0.01 0.02
Net realized and unrealized gain on investments and foreign currency
transactions ................................................................... 4.46 2.45
------- -------
Total from investment operations ................................................ 4.47 2.47
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ (0.01) (0.03)
Distributions from realized gains ............................................... -- (0.04)
Distributions in excess of realized gains ....................................... -- (0.07)
------- -------
Total dividends and distributions ............................................... (0.01) (0.14)
------- -------
Net asset value, end of period ................................................... $16.79 $12.33
======= =======
Total return ..................................................................... 36.27% 24.70%(b)
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $175,015 $39,695
Ratio of expenses to average net assets after waivers ............................ 0.85% 0.85%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.09% 2.13%(a)
Ratio of net investment income to average net assets after waivers ............... 0.14% 0.58%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... (0.10)% (0.70)%(a)
Portfolio turnover rate .......................................................... 64% 47%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $0.02 $0.05
</TABLE>
<PAGE>
T. ROWE PRICE EQUITY INCOME PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
---------------------------------------------
SIX MONTHS
ENDED NOVEMBER 24, 1998*
JUNE 30, 1999 TO
(UNAUDITED) DECEMBER 31, 1998
---------------------- ----------------------
<S> <C> <C>
Net asset value, beginning of period ..................... $ 12.67 $ 13.22
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................... 0.21 0.06
Net realized and unrealized gain (loss) on
investments and foreign currency transactions .......... 1.37 (0.09)+
------- --------
Total from investment operations ........................ 1.58 (0.03)
------- --------
LESS DISTRIBUTIONS:
Dividends from net investment income .................... -- (0.24)
Distributions from realized gains ....................... -- (0.28)
------- --------
Total dividends and distributions ....................... -- (0.52)
------- --------
Net asset value, end of period ........................... $ 14.25 $ 12.67
======= ========
Total return ............................................. 12.47%(b) (2.21)%(b)
======= ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................ $5,963 $2,415
Ratio of expenses to average net assets after waivers..... 0.60%(a)(1) 0.60%(a)(1)
Ratio of expenses to average net assets before
waivers (Note 6) ........................................ 0.72%(a)(1) 0.79%(a)(1)
Ratio of net investment income to average net assets
after waivers ........................................... 2.23%(a)(1) 2.45%(a)(1)
Ratio of net investment income to average net assets
before waivers (Note 6) ................................. 2.11%(a)(1) 2.26%(a)(1)
Portfolio turnover rate .................................. 16% 17%
Effect of voluntary expense limitation during the
period: (Note 6)
Per share benefit to net investment income ............. $ 0.01 $ 0.03
<CAPTION>
CLASS IB
-------------------------------------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1999 YEAR ENDED TO
(UNAUDITED) DECEMBER 31, 1998 DECEMBER 31, 1997
---------------------- ------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period ..................... $ 12.67 $ 12.08 $ 10.00
----------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................... 0.13 0.22 0.10
Net realized and unrealized gain (loss) on
investments and foreign currency transactions .......... 1.44 0.87 2.11
----------- ------- -------
Total from investment operations ........................ 1.57 1.09 2.21
----------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................... -- (0.22) (0.09)
Distributions from realized gains ....................... -- (0.28) (0.04)
----------- ------- -------
Total dividends and distributions ....................... -- (0.50) (0.13)
----------- ------- -------
Net asset value, end of period ........................... $ 14.24 $ 12.67 $ 12.08
=========== ======= =======
Total return ............................................. 12.39%(b) 9.11% 22.11 %(b)
=========== ======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................ $ 282,680 $242,001 $99,947
Ratio of expenses to average net assets after waivers..... 0.85%(a)(1) 0.85%(1) 0.85%(a)
Ratio of expenses to average net assets before
waivers (Note 6) ........................................ 0.97%(a)(1) 1.04%(1) 1.74%(a)
Ratio of net investment income to average net assets
after waivers ........................................... 2.00%(a)(1) 2.20%(1) 2.49%(a)
Ratio of net investment income to average net assets
before waivers (Note 6) ................................. 1.88%(a)(1) 2.01%(1) 1.60%(a)
Portfolio turnover rate .................................. 16% 17% 9%
Effect of voluntary expense limitation during the
period: (Note 6)
Per share benefit to net investment income ............. $ 0.01 $ 0.02 $ 0.03
</TABLE>
155
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
T. ROWE PRICE INTERNATIONAL STOCK PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
---------------
SIX MONTHS
ENDED
JUNE 30, 1999
(UNAUDITED)
---------------
<S> <C>
Net asset value, beginning of period ............................................. $ 11.10
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.08
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... 0.29
-------
Total from investment operations ................................................ 0.37
-------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ --
Dividends in excess of net investment income .................................... --
-------
Total dividends and distributions ............................................... --
-------
Net asset value, end of period ................................................... $ 11.47
=======
Total return ..................................................................... 3.33%(b)
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $157,001
Ratio of expenses to average net assets after waivers ............................ 1.20%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.29%(a)
Ratio of net investment income to average net assets after waivers ............... 1.43%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 1.34%(a)
Portfolio turnover rate .......................................................... 10%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $ 0.01
<CAPTION>
CLASS IB
--------------------------------------
MAY 1, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ............................................. $ 9.85 $ 10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.06 0.02
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... 1.28 (0.17)
------- -------
Total from investment operations ................................................ 1.34 (0.15)
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ (0.07) --
Dividends in excess of net investment income .................................... (0.02) --
------- -------
Total dividends and distributions ............................................... (0.09) --
------- -------
Net asset value, end of period ................................................... $ 11.10 $ 9.85
======= =======
Total return ..................................................................... 13.68% (1.49)%(b)
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $134,653 $69,572
Ratio of expenses to average net assets after waivers ............................ 1.20% 1.20%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 1.40% 2.56%(a)
Ratio of net investment income to average net assets after waivers ............... 0.67% 0.45%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 0.47% (0.91)%(a)
Portfolio turnover rate .......................................................... 22% 17%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $ 0.02 $ 0.05
</TABLE>
WARBURG PINCUS SMALL COMPANY VALUE PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
---------------------------------------------
SIX MONTHS
ENDED NOVEMBER 24, 1998*
JUNE 30, 1999 TO
(UNAUDITED) DECEMBER 31, 1998
---------------------- ----------------------
<S> <C> <C>
Net asset value, beginning of period ............... $ 10.59 $ 10.40
------- -----------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 0.05 0.03
Net realized and unrealized gain (loss) on
investments and foreign currency transactions..... 0.09 0.23+
------- -----------
Total from investment operations .................. 0.14 0.26
------- -----------
LESS DISTRIBUTIONS:
Dividends from net investment income .............. -- (0.06)
Distributions in excess of realized gains ......... -- --
Return of capital distributions ................... -- (0.01)
------- -----------
Total dividends and distributions ................. (0.07)
-----------
Net asset value, end of period ..................... $ 10.73 $ 10.59
======= ===========
Total return ....................................... 1.23%(b) 2.63%(b)
======= ===========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $2,307 $ 747
Ratio of expenses to average net assets after
waivers ........................................... 0.75%(a)(1) 0.75%(a)(1)
Ratio of expenses to average net assets before
waivers (Note 6) .................................. 0.85%(a)(1) 0.92%(a)(1)
Ratio of net investment income to average net
assets after waivers .............................. 0.61%(a)(1) 0.72%(a)(1)
Ratio of net investment income to average net
assets before waivers (Note 6) .................... 0.51%(a)(1) 0.55%(a)(1)
Portfolio turnover rate ............................ 88% 111%
Effect of voluntary expense limitation during
the period: (Note 6)
Per share benefit to net investment income ....... $ -- $ 0.17
<CAPTION>
CLASS IB
-------------------------------------------------------------
SIX MONTHS
ENDED MAY 1, 1997*
JUNE 30, 1999 YEAR ENDED TO
(UNAUDITED) DECEMBER 31, 1998 DECEMBER 31, 1997
---------------------- ------------------- ------------------
<S> <C> <C> <C>
Net asset value, beginning of period ............... $ 10.61 $ 11.85 $ 10.00
------- -------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ............................. 0.02 0.05 0.01
Net realized and unrealized gain (loss) on
investments and foreign currency transactions..... 0.10 (1.24) 1.90
------- -------- -------
Total from investment operations .................. 0.12 (1.19) 1.91
------- -------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .............. -- (0.04) (0.01)
Distributions in excess of realized gains ......... -- -- (0.05)
Return of capital distributions ................... -- (0.01) --
------- -------- -------
Total dividends and distributions ................. -- (0.05) (0.06)
------- -------- -------
Net asset value, end of period ..................... $ 10.73 $ 10.61 $ 11.85
======= ======== =======
Total return ....................................... 1.13%(b) (10.02)% 19.15%(b)
======= ======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) .................. $157,324 $166,746 $120,880
Ratio of expenses to average net assets after
waivers ........................................... 1.00%(a)(1) 1.00%(1) 1.00%(a)
Ratio of expenses to average net assets before
waivers (Note 6) .................................. 1.10%(a)(1) 1.17%(1) 1.70%(a)
Ratio of net investment income to average net
assets after waivers .............................. 0.36%(a)(1) 0.47%(1) 0.26%(a)
Ratio of net investment income to average net
assets before waivers (Note 6) .................... 0.26%(a)(1) 0.30%(1) (0.44)%(a)
Portfolio turnover rate ............................ 88% 111% 44%
Effect of voluntary expense limitation during
the period: (Note 6)
Per share benefit to net investment income ....... $ 0.01 $0.02 $0.03
</TABLE>
156
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
MORGAN STANLEY EMERGING MARKETS EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
-----------------
SIX MONTHS
ENDED
JUNE 30, 1999
(UNAUDITED)
-----------------
<S> <C>
Net asset value, beginning of period ............................................. $5.79
------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.02
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... 2.18
------
Total from investment operations ................................................ 2.20
------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ --
------
Total dividends and distributions ............................................... --
------
Net asset value, end of period ................................................... $7.99
======
Total return ..................................................................... 38.24 %(b)
======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $83,850
Ratio of expenses to average net assets after waivers ............................ 1.75%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 2.37%(a)
Ratio of net investment income to average net assets after waivers ............... 0.64%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... 0.02%(a)
Portfolio turnover rate .......................................................... 96%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $0.02
<CAPTION>
CLASS IB
--------------------------------------
AUGUST 20, 1997*
YEAR ENDED TO
DECEMBER 31, 1998 DECEMBER 31, 1997
------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ............................................. $7.96 $10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ........................................................... 0.03 0.04
Net realized and unrealized gain (loss) on investments and foreign currency
transactions ................................................................... (2.18) (2.06)
------- -------
Total from investment operations ................................................ (2.15) (2.02)
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income ............................................ (0.02) (0.02)
------- -------
Total dividends and distributions ............................................... (0.02) (0.02)
------- -------
Net asset value, end of period ................................................... $5.79 $ 7.96
======= =======
Total return ..................................................................... (27.10)% (20.16)%(b)
======== ==========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ................................................ $41,359 $21,433
Ratio of expenses to average net assets after waivers ............................ 1.81% 1.75%(a)
Ratio of expenses to average net assets before waivers (Note 6) .................. 2.63% 2.61%(a)
Ratio of net investment income to average net assets after waivers ............... 0.73% 1.96%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ..... (0.09)% 1.10%(a)
Portfolio turnover rate .......................................................... 114% 25%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ..................................... $0.03 $0.02
</TABLE>
<PAGE>
BT EQUITY 500 INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
------------------------------------
SIX MONTHS
ENDED
JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998
----------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ................................................... $12.45 $10.00
-------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................. 0.05 0.06
Net realized and unrealized gain on investments and foreign currency transactions ..... 1.45 2.45
-------- -------
Total from investment operations ...................................................... 1.50 2.51
-------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................. -- (0.06)
-------- -------
Total dividends and distributions ..................................................... -- (0.06)
-------- -------
Net asset value, end of period ......................................................... $13.95 $12.45
======== ========
Total return ........................................................................... 12.05%(b) 25.14%
======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................................... $447,599 $224,247
Ratio of expenses to average net assets after waivers .................................. 0.55%(a) 0.55%
Ratio of expenses to average net assets before waivers (Note 6) ........................ 0.66%(a) 0.83%
Ratio of net investment income to average net assets after waivers ..................... 0.94%(a) 1.22%
Ratio of net investment income to average net assets before waivers (Note 6) ........... 0.83%(a) 0.94%
Portfolio turnover rate ................................................................ 1% 2%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ........................................... $0.01 $0.01
</TABLE>
157
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
BT INTERNATIONAL EQUITY INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IA
---------------------------------------------
SIX MONTHS
ENDED NOVEMBER 24, 1998*
JUNE 30, 1999 TO
(UNAUDITED) DECEMBER 31, 1998
---------------------- ----------------------
<S> <C> <C>
Net asset value, beginning of period ................................... $11.84 $11.67
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................. 0.14 0.03
Net realized and unrealized gain on investments and foreign
currency transactions ................................................ 0.34 0.31
------- -------
Total from investment operations ...................................... 0.48 0.34
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................. -- (0.17)
------- -------
Total dividends and distributions ..................................... -- (0.17)
------- -------
Net asset value, end of period ......................................... $12.32 $11.84
======= =======
Total return ........................................................... 4.05%(b) 2.94%(b)
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................... $2,251 $735
Ratio of expenses to average net assets after waivers .................. 0.63%(a)(1) 0.59%(a)(1)
Ratio of expenses to average net assets before waivers (Note 6) ........ 0.85%(a)(1) 1.24%(a)(1)
Ratio of net investment income to average net assets after waivers ..... 2.18%(a)(1) 1.36 %(a)(1)
Ratio of net investment income to average net assets before waivers
(Note 6) .............................................................. 1.96%(a)(1) 0.71%(a)(1)
Portfolio turnover rate ................................................ 1% 3%
Effect of voluntary expense limitation during the period: (Note 6) ....
Per share benefit to net investment income ........................... $0.01 $0.26
<CAPTION>
CLASS IB
-----------------------------------------
SIX MONTHS
ENDED
JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998
---------------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ................................... $11.85 $10.00
----------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................. 0.11 0.08
Net realized and unrealized gain on investments and foreign
currency transactions ................................................ 0.36 1.92
----------- ---------
Total from investment operations ...................................... 0.47 2.00
----------- ---------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................. -- (0.15)
----------- ---------
Total dividends and distributions ..................................... -- (0.15)
----------- ---------
Net asset value, end of period ......................................... $12.32 $11.85
=========== =========
Total return ........................................................... 3.97%(b) 20.07%
=========== =========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................... $58,024 $48,075
Ratio of expenses to average net assets after waivers .................. 0.88%(a)(1) 0.84%(1)
Ratio of expenses to average net assets before waivers (Note 6) ........ 1.10%(a)(1) 1.49%(1)
Ratio of net investment income to average net assets after waivers ..... 1.93%(a)(1) 1.11%(1)
Ratio of net investment income to average net assets before waivers
(Note 6) .............................................................. 1.71%(a)(1) 0.46%(1)
Portfolio turnover rate ................................................ 1% 3%
Effect of voluntary expense limitation during the period: (Note 6) ....
Per share benefit to net investment income ........................... $0.01 $0.05
</TABLE>
<PAGE>
BT SMALL COMPANY INDEX PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED
JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $9.56 $10.00
------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.04 0.07
Net realized and unrealized gain (loss) on investments and foreign currency transactions 0.78 (0.30)
------- -------
Total from investment operations ........................................................ 0.82 (0.23)
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.07)
Distributions from realized gains ....................................................... -- (0.13)
Distributions in excess of realized gains ............................................... -- (0.01)
------- -------
Total dividends and distributions ....................................................... -- (0.21)
------- -------
Net asset value, end of period ........................................................... $10.38 $ 9.56
======= =======
Total return ............................................................................. 8.58%(b) (2.27)%
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $45,272 $32,609
Ratio of expenses to average net assets after waivers .................................... 0.66%(a) 0.60%
Ratio of expenses to average net assets before waivers (Note 6) .......................... 1.20%(a) 1.81%
Ratio of net investment income to average net assets after waivers ....................... 0.98%(a) 1.18 %
Ratio of net investment income to average net assets before waivers (Note 6) ............. 0.44%(a) (0.03)%
Portfolio turnover rate .................................................................. 45% 35 %
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $0.02 $0.07
</TABLE>
158
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
JPM CORE BOND PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
-------------------------------------
SIX MONTHS
ENDED
JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998
------------------ ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $10.57 $10.00
-------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................... 0.27 0.21
Net realized and unrealized gain (loss) on investments and foreign currency transactions (0.50) 0.70
-------- -------
Total from investment operations ........................................................ (0.23) 0.91
-------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.21)
Dividends in excess of net investment income ............................................ -- (0.01)
Distributions from realized gains ....................................................... -- (0.11)
Distributions in excess of realized gains ............................................... -- (0.01)
-------- --------
Total dividends and distributions ....................................................... -- (0.34)
-------- --------
Net asset value, end of period ........................................................... $10.34 $10.57
======== ========
Total return ............................................................................. (2.18)%(b) 9.02%
======== ========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $126,002 $103,326
Ratio of expenses to average net assets after waivers .................................... 0.80%(a) 0.80%
Ratio of expenses to average net assets before waivers (Note 6) .......................... 0.89%(a) 1.03%
Ratio of net investment income to average net assets after waivers ....................... 5.38%(a) 4.95%
Ratio of net investment income to average net assets before waivers (Note 6) ............. 5.30%(a) 4.72%
Portfolio turnover rate .................................................................. 129% 428%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $-- $0.01
</TABLE>
LAZARD LARGE CAP VALUE PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
------------------------------------
SIX MONTHS
ENDED
JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998
----------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ................................................... $11.94 $10.00
-------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................. 0.07 0.06
Net realized and unrealized gain on investments and foreign currency transactions ..... 1.28 1.94
-------- -------
Total from investment operations ...................................................... 1.35 2.00
-------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................. -- (0.06)
-------- -------
Total dividends and distributions ..................................................... -- (0.06)
-------- -------
Net asset value, end of period ......................................................... $13.29 $11.94
======== =======
Total return ........................................................................... 11.31%(b) 20.01%
======== =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................................... $110,099 $74,588
Ratio of expenses to average net assets after waivers .................................. 0.92%(a) 0.90%
Ratio of expenses to average net assets before waivers (Note 6) ........................ 1.00%(a) 1.20%
Ratio of net investment income to average net assets after waivers ..................... 1.33%(a) 1.19 %
Ratio of net investment income to average net assets before waivers (Note 6) ........... 1.25%(a) 0.89 %
Portfolio turnover rate ................................................................ 13% 37%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ........................................... $ -- $0.02
</TABLE>
159
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
LAZARD SMALL CAP VALUE PORTFOLIO:**
<TABLE>
<CAPTION>
CLASS IB
----------------------------------
SIX MONTHS
ENDED
JUNE 30, 1999 YEAR ENDED
(UNAUDITED) DECEMBER 31, 1998
--------------- ------------------
<S> <C> <C>
Net asset value, beginning of period ..................................................... $9.27 $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 0.82 (0.72)
------- -------
Total from investment operations ........................................................ 0.83 (0.70)
------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income .................................................... -- (0.03)
------- -------
Total dividends and distributions ....................................................... -- (0.03)
------- -------
Net asset value, end of period ........................................................... $10.10 $9.27
======= =======
Total return ............................................................................. 8.95%(b) (7.03)%
======= =======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ........................................................ $62,986 $51,046
Ratio of expenses to average net assets after waivers .................................... 1.20%(a) 1.20%
Ratio of expenses to average net assets before waivers (Note 6) .......................... 1.30%(a) 1.54%
Ratio of net investment income to average net assets after waivers ....................... 0.31%(a) 0.52%
Ratio of net investment income to average net assets before waivers (Note 6) ............. 0.20%(a) 0.18%
Portfolio turnover rate .................................................................. 26% 21%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ............................................. $ -- $0.02
</TABLE>
EQ/EVERGREEN PORTFOLIO:***
<TABLE>
<CAPTION>
CLASS IB
-----------------
SIX MONTHS ENDED
JUNE 30, 1999
(UNAUDITED)
-----------------
<S> <C>
Net asset value, beginning of period ................................................... $10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................. 0.02
Net realized and unrealized gain on investments and foreign currency transactions ..... 0.63
-------
Total from investment operations ...................................................... 0.65
-------
Net asset value, end of period ......................................................... $10.65
=======
Total return ........................................................................... 6.50%(b)
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................................... $2,849
Ratio of expenses to average net assets after waivers .................................. 1.05%(a)
Ratio of expenses to average net assets before waivers (Note 6) ........................ 3.78%(a)
Ratio of net investment income to average net assets after waivers ..................... 0.67%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ........... (2.06)%(a)
Portfolio turnover rate ................................................................ 14%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ........................................... $0.08
</TABLE>
160
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
EQ/EVERGREEN FOUNDATION PORTFOLIO:***
<TABLE>
<CAPTION>
CLASS IB
-----------------
SIX MONTHS ENDED
JUNE 30, 1999
(UNAUDITED)
-----------------
<S> <C>
Net asset value, beginning of period ................................................... $ 10.00
--------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................. 0.07
Net realized and unrealized gain on investments and foreign currency transactions ..... 0.39
--------
Total from investment operations ...................................................... 0.46
--------
Net asset value, end of period ......................................................... $ 10.46
========
Total return ........................................................................... 4.60%(b)
========
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................................... $ 4,458
Ratio of expenses to average net assets after waivers .................................. 0.95%(a)
Ratio of expenses to average net assets before waivers (Note 6) ........................ 2.69%(a)
Ratio of net investment income to average net assets after waivers ..................... 2.74%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ........... 1.00%(a)
Portfolio turnover rate ................................................................ 5%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ........................................... $ 0.05
</TABLE>
EQ/ALLIANCE PREMIER GROWTH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IA
------------------------
MAY 1, 1999*
TO
JUNE 30, 1999
(UNAUDITED)
------------------------
<S> <C>
Net asset value, beginning of period ................................................... $10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net realized and unrealized gain on investments and foreign currency transactions ..... 0.53
-------
Total from investment operations ...................................................... 0.53
-------
Net asset value, end of period ......................................................... $10.53
=======
Total return ........................................................................... 5.30%(b)
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................................... $1
Ratio of expenses to average net assets after waivers .................................. 0.90%(a)(1)
Ratio of expenses to average net assets before waivers (Note 6) ........................ 1.35%(a)(1)
Ratio of net investment income to average net assets after waivers ..................... 0.19%(a)(1)
Ratio of net investment income to average net assets before waivers (Note 6) ........... (0.26)%(a)(1)
Portfolio turnover rate ................................................................ 4%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ........................................... $0.01
<CAPTION>
CLASS IB
------------------------
MAY 1, 1999*
TO
JUNE 30, 1999
(UNAUDITED)
------------------------
<S> <C>
Net asset value, beginning of period ................................................... $10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net realized and unrealized gain on investments and foreign currency transactions ..... 0.54
-------
Total from investment operations ...................................................... 0.54
-------
Net asset value, end of period ......................................................... $10.54
=======
Total return ........................................................................... 5.40%(b)
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................................... $42,573
Ratio of expenses to average net assets after waivers .................................. 1.15%(a)(1)
Ratio of expenses to average net assets before waivers (Note 6) ........................ 1.60%(a)(1)
Ratio of net investment income to average net assets after waivers ..................... (0.06)%(a)(1)
Ratio of net investment income to average net assets before waivers (Note 6) ........... (0.51)%(a)(1)
Portfolio turnover rate ................................................................ 4%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ........................................... $0.15
</TABLE>
161
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Continued)
CAPITAL GUARDIAN INTERNATIONAL PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
----------------
MAY 1, 1999*
TO
JUNE 30, 1999
(UNAUDITED)
----------------
<S> <C>
Net asset value, beginning of period ................................................... $10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income ................................................................. 0.02
Net realized and unrealized gain on investments and foreign currency transactions ..... 0.22
-------
Total from investment operations ...................................................... 0.24
-------
Net asset value, end of period ......................................................... $10.24
=======
Total return ........................................................................... 2.40%(b)
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................................... $12,560
Ratio of expenses to average net assets after waivers .................................. 1.20%(a)
Ratio of expenses to average net assets before waivers (Note 6) ........................ 1.79%(a)
Ratio of net investment income to average net assets after waivers ..................... 1.43%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ........... 0.85%(a)
Portfolio turnover rate ................................................................ 0%
Average commission rate paid ...........................................................
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ........................................... $0.01
</TABLE>
CAPITAL GUARDIAN RESEARCH PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
------------------
MAY 1, 1999*
TO
JUNE 30, 1999
(UNAUDITED)
------------------
<S> <C>
Net asset value, beginning of period ................................................... $10.00
-------
INCOME FROM INVESTMENT OPERATIONS:
Net realized and unrealized gain on investments and foreign currency transactions ..... 0.22
-------
Total from investment operations ...................................................... 0.22
-------
Net asset value, end of period ......................................................... $10.22
=======
Total return ........................................................................... 2.20%(b)
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................................... $12,314
Ratio of expenses to average net assets after waivers .................................. 0.95%(a)
Ratio of expenses to average net assets before waivers (Note 6) ........................ 1.72 %(a)
Ratio of net investment income to average net assets after waivers ..................... 0.16 %(a)
Ratio of net investment income to average net assets before waivers (Note 6) ........... (0.61)%(a)
Portfolio turnover rate ................................................................ 2%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ........................................... $0.01
</TABLE>
162
<PAGE>
EQ ADVISORS TRUST
FINANCIAL HIGHLIGHTS--(Concluded)
CAPITAL GUARDIAN U.S. EQUITY PORTFOLIO:
<TABLE>
<CAPTION>
CLASS IB
------------------
MAY 1, 1999*
TO
JUNE 30, 1999
(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 on investments and foreign currency transactions ..... 0.26
-------
Total from investment operations ...................................................... 0.27
-------
Net asset value, end of period ......................................................... $10.27
=======
Total return ........................................................................... 2.70%(b)
=======
RATIOS/SUPPLEMENTAL DATA:
Net assets, end of period (000's) ...................................................... $16,017
Ratio of expenses to average net assets after waivers .................................. 0.95%(a)
Ratio of expenses to average net assets before waivers (Note 6) ........................ 1.69%(a)
Ratio of net investment income to average net assets after waivers ..................... 0.53%(a)
Ratio of net investment income to average net assets before waivers (Note 6) ........... (0.21)%(a)
Portfolio turnover rate ................................................................ 0%
Effect of voluntary expense limitation during the period: (Note 6)
Per share benefit to net investment income ........................................... $0.01
</TABLE>
- ---------
* Commencement of Operations.
** Portfolio received initial capital on December 31, 1997 and commenced
operations on January 1, 1998.
*** Portfolio received initial capital on December 31, 1998 and commenced
operations on January 1, 1999.
+ The amount shown for a share outstanding throughout the period does not
accord with the aggregate net gains on investments for that period
because of the timing of sales and repurchases of the Portfolio shares in
relation to fluctuating market value of the investments in the Portfolio.
(a) Annualized.
(b) Total return is not annualized.
(1) Reflects overall fund ratios for investment income and non-class specific
expense.
163
