EQ Advisors Trust

497 1 d497.htm EQ ADVISORS TRUST EQ Advisors Trust

EQ Advisors Trust^SM

Prospectus dated May 1, 2004

This Prospectus describes eight (8) Portfolios* offered by EQ Advisors Trust and the Class IA shares offered by the Trust on behalf of each Portfolio that you can choose as investment alternatives. Each Portfolio has its own investment objective and strategies that are designed to meet different investment goals. This Prospectus contains information you should know before investing. Please read this Prospectus carefully before investing and keep it for future reference.

Domestic Stock Portfolios

EQ/Alliance Common Stock

EQ/Alliance Growth and Income

EQ/Alliance Small Cap Growth

EQ/Equity 500 Index

International Stock Portfolio

EQ/Alliance International

Fixed Income Portfolios

EQ/Alliance Intermediate Government Securities

EQ/Alliance Quality Bond

EQ/Money Market

*	Not all of these Portfolios may be available in your variable life or annuity product. Please consult your product prospectus to see which Portfolios are available under your contract.

The Securities and Exchange Commission has not approved or disapproved any Portfolio’s shares or determined if this Prospectus is accurate or complete. Anyone who tells you otherwise is committing a crime.

Version 14

EQ Advisors Trust

Overview

EQ ADVISORS TRUST

EQ Advisors Trust (the “Trust”) consists of fifty-three (53) distinct mutual funds, each with its own investment strategy and risk/reward profile. This Prospectus describes the Class IA shares of eight (8) of the Trust’s Portfolios. Each Portfolio is a diversified Portfolio. Information on each Portfolio, including investment objectives, investment strategies and investment risks can be found on the pages following this Overview.

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 (the “Contracts”) issued by The Equitable Life Assurance Society of the United States (“Equitable”), other affiliated or unaffiliated insurance companies and to The Equitable Investment Plan for Employees, Managers and Agents (“Equitable Plan”). Shares also may be sold to other tax-qualified retirement plans. The Prospectus is designed to help you make informed decisions about the Portfolios that are available under your Contract or under the Equitable Plan or other retirement plan. You will find information about your Contract and how it works in the accompanying prospectus for the Contracts if you are a Contractholder or participant under a Contract. Please read that prospectus carefully and retain it for future reference.

Equitable, through its AXA Funds Management Group unit (the “Manager”), is the investment manager to each Portfolio. The day-to-day portfolio management of each Portfolio is provided by one or more investment sub-advisers (the “Advisers”). Information regarding the Manager and the Advisers is included under “Management of the Trust” and “About the Investment Portfolios” in this Prospectus. The Manager has been granted relief by the Securities and Exchange Commission to appoint, dismiss and replace Advisers and amend advisory agreements subject to the approval of the Board of Trustees and without obtaining shareholder approval (the “Multi-Manager Order”). The Manager also may allocate a Portfolio’s assets to additional Advisers subject to approval of the Trust’s Board of Trustees. In such circumstances, shareholders would receive notice of such action.

Effective on or about September 7, 2004, subject to regulatory approval, the name “The Equitable Life Assurance Society of the United States” is anticipated to be changed to “AXA Equitable Life Insurance Company.” When the name change becomes effective, all references in any current prospectus or prospectus supplement to “The Equitable Life Assurance Society of the United States,“ “Equitable Life,” or “Equitable” will become references to “AXA Equitable Life Insurance Company.”

An investment in a Portfolio is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Because you could lose money by investing in these Portfolios, be sure to read all risk disclosures carefully before investing.


2		*Overview*		EQ Advisors Trust

Table of contents



1. About the Investment Portfolios		4

Domestic Stock Portfolios		5
EQ/Alliance Common Stock		5
EQ/Alliance Growth and Income		7
EQ/Alliance Small Cap Growth		9
EQ/Equity 500 Index		11
International Stock Portfolio		13
EQ/Alliance International		13
Fixed Income Portfolios		15
EQ/Alliance Intermediate Government Securities		15
EQ/Alliance Quality Bond		18
EQ/Money Market		20

2. More Information on Principal Risks and Benchmarks		22

Principal Risks		22
Benchmarks		26

3. Management of the Trust		27

The Trust		27
The Manager		27
Management Fees		27
Expense Limitation Agreement		28
Legal Proceedings		28

4. Fund Distribution Arrangements		30


5. Buying and Selling Shares		31


6. How Portfolio Shares are Priced		32


7. Dividends and Other Distributions and Tax Consequences		33


8. Financial Highlights		34


EQ Advisors Trust		*Table of contents*		3

1. About the investment portfolios

This section of the Prospectus provides a more complete description of the principal investment objectives, strategies, and risks of each of the Portfolios. Of course, there can be no assurance that any Portfolio will achieve its investment objective. The investment objective of a Portfolio is not a fundamental policy and may be changed without a shareholder vote.

The EQ/Alliance Common Stock, EQ/Small Cap Growth, EQ/Equity 500 Index, EQ/Alliance Intermediate Government Securities, EQ/Alliance Quality Bond, and EQ/Money Market Portfolios each also have a policy that it will invest 80% of its net assets in the particular type of investment suggested by its name. This policy may not be changed without providing sixty (60) days’ written notice to the shareholders of the affected Portfolio.

For temporary defensive purposes, each Portfolio (other than the EQ/Equity 500 Index and the EQ/Money Market Portfolios) may invest, without limit, in cash, money market instruments or high quality short-term debt securities, including repurchase agreements. To the extent that a Portfolio is invested in these instruments, the Portfolio will not be pursuing its investment goal.

Please note that:

•	A fuller description of each of the principal risks and of the benchmarks is included in the section “More Information on Principal Risks and Benchmarks,” which follows the description of each Portfolio in this section of the Prospectus.

•	Additional information concerning each Portfolio’s strategies, investments, and risks can also be found in the Trust’s Statement of Additional Information.


4		*About the investment portfolios*		EQ Advisors Trust

Domestic Stock Portfolios

EQ/Alliance Common Stock Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve long-term growth of capital.

THE INVESTMENT STRATEGY

The Portfolio generally invests at least 80% of its net assets, plus borrowings for investment purposes, in common stocks. The Portfolio also invests in other equity-type securities (such as preferred stock or convertible debt) that the Adviser believes will share in the growth of the economy over a long-term period.

The Portfolio will invest primarily in common stocks that are listed on national securities exchanges. Smaller amounts may be invested in stocks that are traded over-the-counter. The Portfolio generally will not invest more than 20% of its total assets in foreign securities.

The Portfolio invests in both growth-oriented and value-oriented stocks of companies of any size. By combining growth and value in a single portfolio, the Adviser seeks to smooth performance over time and to ensure that premiums are driven by security selection. The Adviser seeks to invest the growth portion of the Portfolio in companies with strong business models and market positions that offer the prospect of sustained, superior earnings growth. Relying on a bottom-up stock selection process driven by fundamental research, the Adviser seeks to identify such companies at an early stage. The Adviser seeks to invest the value portion of the Portfolio in companies that are trading at a discount to their long-term earnings power, usually because of a situation the Adviser’s research suggests will be temporary. The Adviser relies on a disciplined stock selection process that combines fundamental research and financial forecasts to seek to identify such companies.

THE PRINCIPAL RISKS

An investment in the Portfolio is not guaranteed; you may lose money by investing in the Portfolio. When you sell your shares of the Portfolio, they could be worth more or less than what you paid for them.

This Portfolio invests in common stocks, therefore, its performance may go up or down depending on general market conditions. Performance also may be affected by one or more of the following risks, which are described in detail in the section “More Information on Principal Risks and Benchmarks.”

•

Convertible Securities Risk

•

Equity Risk

•

Foreign Securities Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last ten calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one, five and ten years through December 31, 2003 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (HRT/Alliance Common Stock Portfolio) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor entity to the HRT/Alliance Common Stock Portfolio whose inception date is January 13, 1976, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on October 18, 1999) and its predecessor have been linked.

Both the bar chart and table assume reinvestment of dividends and distributions. The performance results do not reflect any insurance and Contract-related fees and expenses, which would reduce the performance results.

Calendar Year Annual Total Return

LOGO




Best quarter (% and time period)		Worst quarter (% and time period)

28.39% (1998 4th Quarter)		–19.29% (2002 2nd Quarter)



Average Annual Total Returns


	One Year	Five Years	Ten Years

EQ/Alliance Common Stock Portfolio — Class IA Shares	49.89%	–0.69%	10.03%

S&P 500 Index*	28.68%	–0.57%	11.07%

For more information on this index, see the following section “More Information on Principal Risks and Benchmarks.”


EQ Advisors Trust		*About the investment portfolios*		5

Domestic Stock Portfolios (continued)

PORTFOLIO FEES AND EXPENSES

The following table describes the fees and expenses that you may pay if you buy and hold Class IA shares of the Portfolio. The table below does not reflect any Contract-related fees and expenses, which would increase overall fees and expenses. See the Contract prospectus for a description of those fees and expenses.

There are no fees or charges to buy or sell shares of the Portfolio, reinvest dividends or exchange into other Portfolios.




Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)

EQ/Alliance Common Stock Portfolio		Class IA Shares

Management Fee		0.48%

Distribution and/or Service Fees (12b-1 fees)		None

Other Expenses		0.06%

Total Annual Portfolio Operating Expenses*		0.54%

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. Including this reduction, the Total Annual Portfolio Operating Expenses for Class IA shares of the Portfolio for the fiscal year ended December 31, 2003 were 0.52%.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other investment options.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. This Example should not be considered a representation of past or future expenses of the Portfolio. Actual expenses may be higher or lower than those shown. The costs in this Example would be the same whether or not you redeemed all of your shares at the end of these periods. This Example does not reflect any Contract-related fees and expenses, which would increase overall fees and expenses. Similarly, the annual rate of return assumed in the Example is not an estimate or guarantee of future investment performance. Based on these assumptions your costs would be:



	Class IA Shares

1 Year	$	55

3 Years	$	173

5 Years	$	302

10 Years	$	677

WHO MANAGES THE PORTFOLIO

Alliance Capital Management L.P. (“Alliance Capital”), 1345 Avenue of the Americas, New York, New York 10105. Alliance Capital has been the Adviser to the Portfolio and its predecessor registered investment company since the predecessor commenced operations. Alliance Capital manages investments for investment companies, endowment funds, insurance companies, foreign entities, qualified and non-tax qualified corporate funds, public and private pension and profit-sharing plans, foundations and tax-exempt organizations. As of December 31, 2003, Alliance Capital had approximately $475 billion in assets under management.

Investment decisions for the Portfolio are made by a team of employees of Alliance Capital, including employees from its Bernstein Investment Research and Management Unit.


6		*About the investment portfolios*		EQ Advisors Trust

EQ/Alliance Growth and Income Portfolio

INVESTMENT OBJECTIVE: Seeks to provide a high total return.

THE INVESTMENT STRATEGY

The Portfolio invests primarily in common stocks of “blue chip” companies, although the Portfolio also may invest in fixed-income and convertible securities. The Portfolio seeks to maintain a portfolio yield above that of issuers comprising the S&P 500 and to achieve (in the long run) a rate of growth in Portfolio income that exceeds the rate of inflation. “Blue chip” issuers are those:

•	that have a market capitalization of at least $1 billion;

•	whose common stock is in the highest four issuer ratings for S&P (i.e., A+, A, B or B+) or Moody’s (i.e., high grade, investment grade, upper medium grade or medium grade) or, if unrated, is determined to be of comparable quality by the Adviser.

The Portfolio may also invest in securities convertible into common stocks, which include convertible bonds, convertible preferred stocks and convertible warrants. The Portfolio may also invest up to 30% of its total assets in high yield, high risk convertible securities rated at the time of purchase below investment grade (so-called “junk bonds”) (i.e., rated BB or lower by S&P or Ba or lower by Moody’s) or, if unrated, determined by the Adviser to be of comparable quality.

The Portfolio does not expect to invest more than 25% of its total assets in foreign securities, although it may do so without limit. It may enter into foreign currency futures contracts (and related options), forward foreign currency exchange contracts and options on currencies for hedging purposes.

The Portfolio may also write covered call and put options on securities and securities indexes for hedging purposes or to enhance its return and may purchase call and put options on securities and securities indexes for hedging purposes. The Portfolio may also purchase and sell securities index futures contracts and may write and purchase options thereon for hedging purposes.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Fixed Income Risk

Junk Bond and Lower Rated Securities Risk

•

Foreign Securities Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (HRT/Alliance Growth and Income Portfolio) managed by the Adviser using the same investment objective and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor entity to the HRT/Alliance Growth and Income Portfolio whose inception date is October 1, 1993, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on October 18, 1999) and its predecessor have been linked.

Calendar Year Annual Total Return

LOGO




Best quarter (% and time period)		Worst quarter (% and time period)

26.29% (1998 4th Quarter)		–17.09% (2002 3rd Quarter)


EQ Advisors Trust		*About the investment portfolios*		7

Domestic Stock Portfolios (continued)



Average Annual Total Returns


	One Year	Five Years	Ten Years

EQ/Alliance Growth and Income Portfolio — Class IA Shares	30.72%	5.66%	11.57%

Russell 1000 Value Index*	30.03%	3.56%	11.88%

For more information on this index, see the following section “More Information on Principal Risks and Benchmarks.”

PORTFOLIO FEES AND EXPENSES

There are no fees or charges to buy or sell shares of the Portfolio, reinvest dividends or exchange into other Portfolios.




Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)

EQ/Alliance Growth and Income Portfolio		Class IA Shares

Management Fee		0.57%

Distribution and/or Service Fees (12b-1 fees)		None

Other Expenses		0.06%

Total Annual Portfolio Operating Expenses*		0.63%

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other investment options.



	Class IA Shares

1 Year	$	64

3 Years	$	202

5 Years	$	351

10 Years	$	786

WHO MANAGES THE PORTFOLIO

Alliance Capital Management L.P. (“Alliance Capital”), 1345 Avenue of the Americas, New York, New York 10105. Alliance Capital has been the Adviser to the Portfolio and its predecessor registered investment company since the predecessor commenced operations. Alliance Capital manages investments for investment companies, endowment funds, insurance companies, foreign entities, qualified and non-tax qualified corporate funds, public and private pension and profit-sharing plans, foundations and tax-exempt organizations. As of December 31, 2003, Alliance Capital has approximately $475 billion in assets under management.

Paul Rissman and Aryeh Glatter are principally responsible for the day-to-day management of the Portfolio. Mr. Rissman, an Executive Vice President of Alliance Capital, has been associated with Alliance Capital since 1989. Mr. Glatter, Senior Vice President of Alliance Capital, has been associated with Alliance Capital since 1993.


8		*About the investment portfolios*		EQ Advisors Trust

EQ/Alliance Small Cap Growth Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve long-term growth of capital.

THE INVESTMENT STRATEGY

The Portfolio invests primarily in U.S. common stocks and other equity-type securities issued by smaller companies with favorable growth prospects. The Portfolio may at times invest in companies in cyclical industries, companies whose securities are temporarily undervalued, companies in special situations (e.g., change in management, new products or changes in customer demand) and less widely known companies.

Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in securities of small capitalization companies (currently considered by the Adviser to mean companies with market capitalization at or below $3 billion at the time of initial purchase). The Portfolio engages in active and frequent trading of portfolio securities in seeking to achieve its investment objective.

When market or financial conditions warrant, the Portfolio may invest in other equity-type securities (such as preferred stocks and convertible debt instruments) and investment grade corporate fixed income securities.

THE PRINCIPAL RISKS

•

Equity Risk

•

Growth Investing Risk

•

Liquidity Risk

•

Portfolio Turnover Risk

•

Small-Cap and Mid-Cap Company Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last six calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for one year, five years, and since inception through December 31, 2003 and compares the Portfolio’s performance to the returns of a broad- based index. Past performance is not an indication of future performance.

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (HRT/Alliance Small Cap Growth Portfolio) managed by the Adviser using the same investment objective and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor entity to the HRT/Alliance Small Cap Growth Portfolio whose inception date is May 1, 1997, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on October 18, 1999) and its predecessor have been linked.

Calendar Year Annual Total Return

LOGO




Best quarter (% and time period)		Worst quarter (% and time period)

28.16% (1999 4th Quarter)		–28.07% (1998 3rd Quarter)



Average Annual Total Returns


	One Year	Five Years	Since Inception

EQ/Alliance Small Cap Growth Portfolio — Class IA Shares	41.35%	4.62%	6.48%

Russell 2500 Growth Index*	46.31%	3.83%	6.61%

For more information on this index, see the following section “More Information on Principal Risks and Benchmarks.”


EQ Advisors Trust		*About the investment portfolios*		9

Domestic Stock Portfolios (continued)

PORTFOLIO FEES AND EXPENSES

There are no fees or charges to buy or sell shares of the Portfolio, reinvest dividends or exchange into other Portfolios.




Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)

EQ/Alliance Small Cap Growth Portfolio		Class IA Shares

Management Fee		0.75%

Distribution and/or Service Fees (12b-1 fees)		None

Other Expenses		0.07%

Total Annual Portfolio Operating Expenses*		0.82%

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other investment options.



	Class IA Shares

1 Year	$	84

3 Years	$	262

5 Years	$	455

10 Years	$	1,014

WHO MANAGES THE PORTFOLIO

Bruce Aronow is responsible for the day-to-day management of the Portfolio. Mr. Aronow is a Senior Vice President of Alliance Capital and has been associated with Alliance Capital since January 1999.


10		*About the investment portfolios*		EQ Advisors Trust

EQ/Equity 500 Index Portfolio

INVESTMENT OBJECTIVE: Seeks a total return before expenses that approximates the total return performance of the S&P 500 Index, including reinvestment of dividends, at a risk level consistent with that of the S&P 500 Index (“S&P 500”).

THE INVESTMENT STRATEGY

Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities in the S&P 500.

The Adviser does not utilize customary economic, financial or market analyses or other traditional investment techniques to manage the Portfolio. The Portfolio has been constructed and is maintained by utilizing a replication construction technique. That is, the Portfolio will hold all 500 securities in the S&P 500 in the exact weight each represents in that Index.

Cash may be accumulated in the Portfolio until it reaches approximately 1% of the value of the Portfolio at which time such cash will be invested in common stocks as described above. Accumulation of cash increases tracking error. The Portfolio will, however, remain substantially fully invested in common stocks even when common stock prices are generally falling. Similarly, adverse performance of a stock will ordinarily not result in its elimination from the Portfolio.

In order to reduce brokerage costs, maintain liquidity to meet shareholder redemptions or minimize tracking error when the Portfolio holds cash, the Portfolio may from time to time buy and hold futures contracts on the S&P 500 and options on such futures contracts. The contract value of futures contracts purchased by the Portfolio plus the contract value of futures contracts underlying call options purchased by the Portfolio will not exceed 20% of the Portfolio’s total assets. The Portfolio may seek to increase income by lending its portfolio securities with a value of up to 50% of its total assets to brokers-dealers.

THE PRINCIPAL RISKS

•

Derivatives Risk

•

Equity Risk

•

Index-Fund Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last nine calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2003 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (HRT/Alliance Equity Index Portfolio) managed by the Adviser using the same investment objective and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor entity to the HRT/Alliance Equity Index Portfolio whose inception date is March 1, 1994, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on October 18, 1999) and its predecessor have been linked.

Calendar Year Annual Total Return

LOGO




Best quarter (% and time period)		Worst quarter (% and time period)

21.15% (1998 4th Quarter)		–17.26% (2002 3rd Quarter)



Average Annual Total Returns


	One Year	Five Years	Since Inception

EQ/Equity 500 Index Portfolio — Class IA Shares	28.14%	–0.90%	10.79%

S&P 500 Index*	28.68%	–0.57%	11.26%

For more information on this index, see the following section “More Information on Principal Risks and Benchmarks.”


EQ Advisors Trust		*About the investment portfolios*		11

Domestic Stock Portfolios (continued)

PORTFOLIO FEES AND EXPENSES

The following table describes the fees and expenses that you may pay if you buy and hold Class IA shares of the Portfolio. The table below does not reflect any Contract-related fees and expenses, which would increase fees and expenses. See the Contract prospectus for a description of those fees and expenses.

There are no fees or charges to buy or sell shares of the Portfolio, reinvest dividends or exchange into other Portfolios.




Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)

EQ/Equity 500 Index Portfolio		Class IA Shares

Management Fee		0.25%

Distribution and/or Service Fees (12b-1 fees)		None

Other Expenses		0.06%

Total Annual Portfolio Operating Expenses		0.31%

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other investment options.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, that your investment has a 5% return each year and that the Portfolio’s operating expenses remain the same. This Example should not be considered a representation of past or future expenses of the Portfolio. Actual expenses may be higher or lower than those shown. The costs in this Example would be the same whether or not you redeemed all of your shares at the end of these periods. This Example does not reflect any Contract-related fees and expenses, which would increase fees and expenses. Similarly, the annual rate of return assumed in the Example is not an estimate or guarantee of future investment performance. Based on these assumptions your costs would be:



	Class IA Shares

1 Year	$	32

3 Years	$	100

5 Years	$	174

10 Years	$	393

WHO MANAGES THE PORTFOLIO

Alliance Capital Management L.P. (“Alliance Capital”), 1345 Avenue of the Americas, New York, New York 10105. Alliance Capital has been the Adviser to the Portfolio and its predecessor registered investment company since the predecessor commenced operations. Alliance manages investments for investment companies, endowment funds, insurance companies, foreign entities, qualified and non-tax qualified corporate funds, public and private pension and profit-sharing plans, foundations and tax-exempt organizations. As of December 31, 2003, Alliance Capital had $475 billion in assets under management.


12		*About the investment portfolios*		EQ Advisors Trust

International Stock Portfolio

EQ/Alliance International Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve long-term growth of capital.

THE INVESTMENT STRATEGY

The Portfolio invests in both growth-oriented and value-oriented stocks of non-U.S. companies. The growth portion of the Portfolio invests primarily in a diversified portfolio of equity securities selected principally to permit participation in non-U.S. companies or foreign governmental enterprises that the Adviser believes have prospects for growth. This portion of the Portfolio may invest anywhere in the world (including developing countries or “emerging markets”), although it will not generally invest in the United States. Developing countries in which the growth portion of the Portfolio may invest include, among others, Mexico, Brazil, Hong Kong, India, Poland, Turkey and South Africa.

The portion of the Portfolio invested in value-oriented stocks will invest primarily in equity securities of issuers in countries that comprise the MSCI EAFE Index (Europe, Australia and the Far East) and Canada. MSCI EAFE countries currently include Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom. For this portion of the Portfolio, the Adviser uses a value oriented approach to stock selection in that it generally invests in stocks with low price-to-earnings ratios, low price-to-book ratios and high dividend yields. The value portion of the Portfolio will be diversified among many foreign countries (including developing countries or “emerging markets”) but not necessarily in the same proportion that the countries are represented in the MSCI EAFE Index.

These non-U.S. companies may have operations in the United States, in their country of incorporation and/or in other countries.

The Portfolio intends to have represented in the Portfolio business activities in not less than three different countries.

The Portfolio may also invest in any type of investment grade, fixed income security including, but not limited to, preferred stock, convertible securities, bonds, notes and other evidences of indebtedness of foreign issuers, including obligations of foreign governments. Although no particular proportion of stocks, bonds or other securities is required to be maintained, the Portfolio intends under normal market conditions to invest primarily in equity securities.

The Portfolio may also make use of various other investment strategies, including the purchase and sale of shares of other mutual funds investing in foreign securities. The Portfolio may also use derivatives, including: writing covered call and put options, purchasing purchase call and put options on individual equity securities, securities indexes, and foreign currencies. The Portfolio may also purchase and sell stock index, foreign currency and interest rate futures contracts and options on such contracts, as well as forward foreign currency exchange contracts.

THE PRINCIPAL RISKS

•

Convertible Securities Risk

•

Derivatives Risk

•

Equity Risk

•

Fixed Income Risk

•

Foreign Securities Risk

Currency Risk

Emerging Market Risk

•

Growth Investing Risk

•

Value Investing Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last eight calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one year, five years and since inception through December 31, 2003 and compares the Portfolio’s performance to the returns of a broad-based index. Past performance is not an indication of future performance.

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (HRT/Alliance International Portfolio) managed by the Adviser using the same investment objective and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor entity to the HRT/Alliance International Portfolio whose inception date is April 3, 1995, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on October 18, 1999) and its predecessor have been linked.


EQ Advisors Trust		*About the investment portfolios*		13

International Stock Portfolio (continued)

Calendar Year Annual Total Return

LOGO




Best quarter (% and time period)		Worst quarter (% and time period)

25.49% (1999 4th Quarter)		–20.46% (2002 3rd Quarter)



Average Annual Total Returns


	One Year	Five Years	Since Inception

EQ/Alliance International Portfolio — Class IA Shares	35.28%	–0.05%	3.11%

MSCI EAFE Index*	38.59%	–0.05%	4.00%

For more information on this index, see the following section “More Information on Principal Risks and Benchmarks.”

PORTFOLIO FEES AND EXPENSES

There are no fees or charges to buy or sell shares of the Portfolio, reinvest dividends or exchange into other Portfolios.




Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)

EQ/Alliance International Portfolio		Class IA Shares

Management Fee		0.74%

Distribution and/or Service Fees (12b-1 fees)		None

Other Expenses		0.13%

Total Annual Portfolio Operating Expenses		0.87%

Less Fee Waiver/Expense Reimbursement*		0.02%

Net Total Annual Portfolio Operating Expenses**		0.85%

Pursuant to a contract, the Manager has agreed to waive or limit its fees and to assume other expenses of the Portfolio until April 30, 2005 (“Expense Limitation Agreement”) so that the Total Annual Portfolio Operating Expenses of the Class IA shares of the Portfolio (exclusive of taxes, interest, brokerage commissions, capitalized expenses and extraordinary expenses) do not exceed 0.85%. The Manager may be reimbursed the amount of any such payments and waivers in the future under certain conditions. For more information on the Expense Limitation Agreement, see “Management of the Trust – Expense Limitation Agreement.”

A portion of the brokerage commissions that the Portfolio pays is used to reduce the Portfolio’s expenses. This arrangement did not affect the Net Total Annual Portfolio Operating Expenses for Class IA shares of the Portfolio for the fiscal year ended December 31, 2003.

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other investment options.

The Example assumes that you invest $10,000 in the Portfolio for the time periods indicated, that your investment has a 5% return each year, that the Portfolio’s operating expenses remain the same and that the expense limitation arrangement is not renewed. This Example should not be considered a representation of past or future expenses of the Portfolio. Actual expenses may be higher or lower than those shown. The costs in this Example would be the same whether or not you redeemed all of your shares at the end of these periods. This Example does not reflect any Contract-related fees and expenses, which would increase overall fees and expenses. Similarly, the annual rate of return assumed in the Example is not an estimate or guarantee of future investment performance. Based on these assumptions your costs would be:



	Class IA Shares

1 Year	$	87

3 Years	$	276

5 Years	$	480

10 Years	$	1,071

WHO MANAGES THE PORTFOLIO

Investment decisions for the Portfolio are made by a team of employees of Alliance Capital, including employees from its Bernstein Investment Research and Management Unit (“Bernstein”). This team approach pairs the growth expertise of Alliance Capital with members of its Global Value Equity Investment Policy Group. Stephen Beinhacker and Jimmy Pang are responsible for the day-to-day management of the growth portion of the Portfolio. Mr. Beinhacker, a Senior Vice President of Alliance Capital, has been associated with Alliance Capital since 1997. Mr. Pang, a Vice President of Alliance Capital, has been associated with Alliance Capital since 1996. The Global Value Equity Investment Policy Group is comprised of key senior investment professionals of Bernstein.


14		*About the investment portfolios*		EQ Advisors Trust

Fixed Income Portfolios

EQ/Alliance Intermediate Government Securities Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve high current income consistent with relative stability of principal.

THE INVESTMENT STRATEGY

Under normal market conditions, the Portfolio will invest at least 80% of its net assets, plus borrowings for investment purposes, in U.S. Government securities and repurchase agreements and forward commitments relating to U.S. Government securities.

The Portfolio’s investments will generally have a final maturity of not more than ten years or a duration not exceeding that of a 10-year Treasury note. Under normal circumstances, the Portfolio will have a dollar-weighted average maturity of more than three years but less than ten years. In some cases, the Adviser’s calculation of duration will be based on certain assumptions (including assumptions regarding prepayment rates, in the mortgage-backed or asset-backed securities, and foreign and domestic interest rates).

Duration is a measure of the weighted average maturity of cash flows on the bonds held by the Portfolio and can be used by the Adviser as a measure of the sensitivity of the market value of the Portfolio to changes in interest rates. Generally, the longer the duration of the Portfolio, the more sensitive its market value will be to changes in interest rates.

The Portfolio buys and sells securities with a view to maximizing current return without, in the opinion of the Adviser, undue risk to principal. Potential capital gains resulting from possible changes in interest rates will not be a major consideration. The Portfolio may take full advantage of a wide range of maturities of U.S. Government securities and may adjust the dollar-weighted average maturity of its portfolio from time to time, depending on the Adviser’s assessment of relative yields on securities of different maturities and the expected effect of future changes in interest rates on the market value of the securities held by the Portfolio. The Portfolio may also purchase debt securities of non-government issuers that own mortgages. The Portfolio may also invest a substantial portion of its assets in money market instruments.

In order to enhance its current return, to reduce fluctuations in net asset value, and to hedge against changes in interest rates, the Portfolio may write covered call and put options on U.S. Government securities and may purchase call and put options on U.S. Government securities. The Portfolio may also enter into interest rate futures contracts with respect to U.S. Government securities, and may write and purchase options thereon. The Portfolio may also make secured loans of its portfolio securities without limitation and enter into repurchase agreement with respect to U.S. Government securities with commercial banks and registered broker-dealers.

The Portfolio may also make use of various other investment strategies, including covered short sales, and the purchase or sale of securities on a when-issued, delayed delivery or forward commitment basis.

For purposes of this Portfolio, U.S. Government securities include:

•	U.S. Treasury Bills: Direct obligations of the U.S. Treasury which are issued in maturities of one year or less.

•	U.S. Treasury Notes: Direct obligations of the U.S. Treasury issued in maturities which vary between one and ten years, with interest payable every six months.

•	U.S. Treasury Bonds: Direct obligations of the U.S. Treasury which are issued in maturities more than ten years from the date of issue, with interest payable every six months.

•

“Ginnie Maes”: Debt securities issued by a mortgage banker or other mortgagee and represent an interest in a pool of mortgages insured by the Federal Housing Administration or the Farmers Home Administration or guaranteed by the Veterans Administration. The Government National Mortgage Association (“GNMA”) guarantees the timely payment of principal and interest. Ginnie Maes, although not direct obligations of the U.S. Government, are guaranteed by the U.S. Treasury.

•

“Fannie Maes”: The Federal National Mortgage Association (“FNMA”) is a government-sponsored corporation owned entirely by private stockholders that purchases residential mortgages from a list of approved seller/servicers. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA and supported by FNMA’s right to borrow from the U.S. Treasury, at the discretion of the U.S. Treasury. Fannie Maes are not issued by, or backed by the full faith and credit of, the U.S. Government.

•

“Freddie Macs”: The Federal Home Loan Mortgage Corporation (“FHLMC”), a corporate instrumentality of the U.S. Government, issues participation certificates (“PCs”) which represent an interest in residential mortgages from FHLMC’s National Portfolio. FHLMC guarantees the timely payment of interest and ultimate collection of principal, but PCs are not issued by, or backed by the full faith and credit of, the U.S. Government.

•

Governmental Collateralized Mortgage Obligations: These are securities issued by a U.S. Government instrumentality or agency which are backed by a portfolio of mortgages or mortgage-backed securities held under an indenture. These securities are not backed by the full faith and credit of the U.S. Government.

•

“Sallie Maes”: The Student Loan Marketing Association (“SLMA”) is a government-sponsored corporation owned entirely by private stockholders that provides liquidity for banks and other institutions engaged in the Guaranteed Student Loan Program. These loans are not issued by the U.S. Government and are either directly guaranteed by the U.S. Treasury or guaranteed by state agencies and reinsured by the U.S. Government. SLMA issues both short term notes and longer term public bonds to finance its activities.


EQ Advisors Trust		*About the investment portfolios*		15

Fixed Income Portfolios (continued)

The Portfolio may also invest in “zero coupon” U.S. Government securities which have been stripped of their unmatured interest coupons and receipts or in certificates representing undivided interests in such stripped U.S. Government securities and coupons. These securities tend to be more volatile than other types of U.S. Government securities.

Guarantees associated with U.S. Government securities guarantee only the payment of principal at maturity and interest when due and do not guarantee the securities’ yield or value or the yield or value of the Portfolio’s shares.

The Portfolio may also purchase collateralized mortgage obligations (“CMOs”) issued by non-governmental issuers and securities issued by real estate mortgage investment conduits (“REMICs”), but only if they are collateralized by U.S. Government securities. However, CMOs issued by entities other than U.S. Government agencies and instrumentalities and securities issued by REMICs are not considered U.S. Government securities for purposes of the Portfolio meeting its policy of investing at least 80% of its net assets in U.S. Government securities.

The Portfolio engages in active and frequent trading of portfolio securities in seeking to achieve its investment objective.

THE PRINCIPAL RISKS

This Portfolio invests primarily in fixed income securities, therefore, its performance may go up or down depending on general market conditions. Performance also may be affected by one or more of the following risks, which are described in detail in the section “More Information on Principal Risks and Benchmarks.”

•

Derivatives Risk

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

Mortgage-Backed Securities Risk

•

Portfolio Turnover Risk

•

Securities Lending Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (HRT/Alliance Intermediate Government Securities Portfolio) managed by the Adviser using the same investment objective and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor entity to the HRT/Alliance Intermediate Government Securities Portfolio whose inception date is April 1, 1991, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on October 18, 1999) and its predecessor have been linked.

Calendar Year Annual Total Return

LOGO




Best quarter (% and time period)		Worst quarter (% and time period)

4.90% (2001 3rd Quarter)		–2.95% (1994 1st Quarter)



Average Annual Total Returns


	One Year	Five Years	Ten Years

EQ/Alliance Intermediate Government Securities Portfolio — Class IA Shares	2.45%	5.69%	5.54%

Lehman Intermediate Government Bond Index*	2.29%	6.18%	6.32%

For more information on this index, see the following section “More Information on Principal Risks and Benchmarks.”

PORTFOLIO FEES AND EXPENSES


16		*About the investment portfolios*		EQ Advisors Trust

There are no fees or charges to buy or sell shares of the Portfolio, reinvest dividends or exchange into other Portfolios.



Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)

EQ/Alliance Intermediate Government Securities Portfolio		Class IA Shares

Management Fee		0.49%

Distribution and/or Service Fees (12b-1 fees)		None

Other Expenses		0.08%

Total Annual Portfolio Operating Expenses		0.57%

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other investment options.



	Class IA Shares

1 Year	$	58

3 Years	$	183

5 Years	$	318

10 Years	$	714

WHO MANAGES THE PORTFOLIO

The Portfolio Managers are Jeffrey S. Phlegar and Kewjin Yuoh. Mr. Phlegar, a co-chief investment officer of Alliance Capital’s fixed income group has been associated with Alliance Capital for the past sixteen years. Mr. Yuoh joined Alliance Capital in 2003 as a Vice President. Prior thereto, he was associated with Brundage, Story, and Rose and Credit Suisse Asset Management. Mr. Yuoh began his career at Sanford C. Bernstein & Co.


EQ Advisors Trust		*About the investment portfolios*		17

Fixed Income Portfolios (continued)

EQ/Alliance Quality Bond Portfolio

INVESTMENT OBJECTIVE: Seeks to achieve high current income consistent with moderate risk to capital.

THE INVESTMENT STRATEGY

The Portfolio expects to invest in readily marketable securities with relatively attractive yields that the Adviser believes do not involve undue risk.

Under normal circumstances, the Portfolio invests at least 80% of its net assets, plus borrowings for investment purposes, in debt securities. The Portfolio invests primarily in securities which are rated investment grade at the time of purchase (i.e., at least Baa by Moody’s or BBB by S&P) or in unrated fixed income securities that the Adviser determines to be of comparable quality. The Portfolio will also seek to maintain an average aggregate quality rating of its portfolio securities of at least A (Moody’s and S&P). In the event that the credit rating of a security held by the Portfolio falls below investment grade (or, in the case of unrated securities, the Adviser determines that the quality of such security has deteriorated below investment grade), the Portfolio will not be obligated to dispose of such security and may continue to hold the obligation if the Adviser believes such an investment is appropriate under the circumstances.

The Portfolio plans to vary the proportions of its holdings of long- and short-term fixed income securities (including debt securities, convertible debt securities and U.S. Government obligations) and preferred stocks in order to reflect the Adviser’s assessment of prospective cyclical changes even if such action may adversely affect current income.

The Portfolio may also invest in foreign securities, although it will not invest more than 20% of its total assets in securities denominated in currencies other than the U.S. dollar. The Portfolio may enter into foreign currency futures contracts (and related options), forward foreign currency exchange contracts and options on foreign currencies for hedging purposes.

The Portfolio may also make use of various other investment strategies, including zero coupon pay-in-kind securities, collateralized mortgage obligations, securities lending, the purchase or sale of securities on a when-issued, delayed delivery or forward commitment basis and repurchase agreements. The Portfolio may also use derivatives, including: purchasing put and call options and writing covered put and call options on securities it may purchase.

The Portfolio may seek to protect the value of its investments from interest rate fluctuations by entering into various hedging transactions, such as interest rate swaps and the purchase or sale of interest rate caps and floors.

The Portfolio engages in active and frequent trading of portfolio securities in seeking to achieve its investment objective.

THE PRINCIPAL RISKS

This Portfolio invests in primarily fixed income securities, therefore, its performance may go up or down depending on general market conditions. Performance also may be affected by one or more of the following risks, which are described in detail in the section “More Information on Principal Risks and Benchmarks.”

•

Convertible Securities Risk

•

Derivatives Risk

•

Fixed Income Risk

Asset-Backed Securities Risk

Credit Risk

Interest Rate Risk

Investment Grade Securities Risk

Mortgage-Backed Securities Risk

Zero Coupon and Pay-in-Kind Securities Risk

•

Foreign Securities Risk

•

Portfolio Turnover Risk

PORTFOLIO PERFORMANCE

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (HRT/Alliance Quality Bond Portfolio) managed by the Adviser using the same investment objective and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor entity to the HRT/Alliance Quality Bond Portfolio whose inception date is October 1, 1993, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on October 18, 1999) and its predecessor have been linked.


18		*About the investment portfolios*		EQ Advisors Trust

Calendar Year Annual Total Return

LOGO




Best quarter (% and time period)		Worst quarter (% and time period)

6.11% (1995 2nd Quarter)		–4.05% (1994 1st Quarter)



Average Annual Total Returns


	One Year	Five Years	Ten Years

EQ/Alliance Quality Bond Portfolio — Class IA Shares	3.83%	5.80%	6.29%

Lehman Aggregate Bond Index*	4.10%	6.62%	6.95%

For more information on this index, see the following section “More Information on Principal Risks and Benchmarks.”

PORTFOLIO FEES AND EXPENSES

There are no fees or charges to buy or sell shares of the Portfolio, reinvest dividends or exchange into other Portfolios.




Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)

EQ/Alliance Quality Bond Portfolio		Class IA Shares

Management Fee		0.52%

Distribution and/or Service Fees (12b-1 fees)		None

Other Expenses		0.06%

Total Annual Portfolio Operating Expenses		0.58%

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other investment options.



	Class IA Shares

1 Year	$	59

3 Years	$	186

5 Years	$	324

10 Years	$	726

WHO MANAGES THE PORTFOLIO

Matthew Bloom is responsible for the day-to-day management of the Portfolio. Mr. Bloom, a Senior Vice President of Alliance Capital, has been associated with Alliance Capital since 1989.


EQ Advisors Trust		*About the investment portfolios*		19

Fixed Income Portfolios (continued)

EQ/Money Market Portfolio

INVESTMENT OBJECTIVE: Seeks to obtain a high level of current income, preserve its assets and maintain liquidity.

THE INVESTMENT STRATEGY

The Portfolio invests primarily in a diversified portfolio of high-quality U.S. dollar-denominated money market instruments. The Portfolio will maintain a dollar-weighted average portfolio maturity of 90 days or less.

The instruments in which the Portfolio invests include:

•	marketable obligations of, or guaranteed as to the timely payment of principal and interest by, the U.S. Government, its agencies or instrumentalities (“U.S. Government securities”);

•	certificates of deposit, bankers’ acceptances, bank notes, time deposits and interest bearing savings deposits issued or guaranteed by:

(a) domestic banks (including their foreign branches) or savings and loan associations having total assets of more than $1 billion and which are FDIC members in the case of banks, or insured by the FDIC, in the case of savings and loan associations; or

(b) foreign banks (either by their foreign or U.S. branches) having total assets of at least $5 billion and having an issue of either (i) commercial paper rated at least A-1 by S&P or Prime-1 by Moody’s or (ii) long term debt rated at least AA by S&P or Aa by Moody’s;

•	commercial paper (rated at least A-1 by S&P or Prime-1 by Moody’s or, if not rated, issued by domestic or foreign companies having outstanding debt securities rated at least AA by S&P or Aa by Moody’s) and participation interests in loans extended by banks to such companies;

•	mortgage-backed and asset-backed securities that have remaining maturities of less than one year;

•

corporate debt obligations with remaining maturities of less than one year, rated at least AA by S&P or Aa by Moody’s, as well as corporate debt obligations rated at least A by S&P or Moody’s, provided the corporation also has outstanding an issue of commercial paper rated at least A-1 by S&P or Prime-1 by Moody’s;

•	floating rate or master demand notes; and

•	repurchase agreements covering U.S. Government securities.

If the Adviser believes a security held by the Portfolio is no longer deemed to present minimal credit risk, the Portfolio will dispose of the security as soon as practicable unless the Board of Trustees determines that such action would not be in the best interest of the Portfolio.

Purchases of securities that are unrated must be ratified by the Board of Trustees. Because the market value of debt obligations fluctuates as an inverse function of changing interest rates, the Portfolio seeks to minimize the effect of such fluctuations by investing only in instruments with a remaining maturity of 397 calendar days or less at the time of investment, except for obligations of the U.S. Government, which may have a remaining maturity of 762 calendar days or less. Time deposits with maturities greater than seven days are considered to be illiquid securities.

The Portfolio may make use of various other investment strategies, including investing up to 20% of its total assets in U.S. dollar-denominated money market instruments of foreign branches of foreign banks and making secured loans of its portfolio security.

THE PRINCIPAL RISKS

An investment in the Portfolio is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the Portfolio seeks to preserve the value of your investment, it is possible to lose money by investing in the Portfolio.

Performance may be affected by one or more of the following risks, which are described in detail in the section “More Information on Principal Risks and Benchmarks.”

•

Fixed Income Risk

Asset-Backed Securities Risk

Interest Rate Risk

Mortgage-Backed Securities Risk

•

Foreign Securities Risk

•

Money Market Risk

PORTFOLIO PERFORMANCE

The bar chart below illustrates the Portfolio’s annual total returns for each of the last ten calendar years and some of the risks of investing in the Portfolio by showing yearly changes in the Portfolio’s performance. The table below shows the Portfolio’s average annual total returns for the past one, five and ten years through December 31, 2003 and compares the Portfolio’s performance to the returns on three-month U.S. Treasury bills. Past performance is not an indication of future performance.

The Portfolio’s performance shown below includes the performance of its predecessor registered investment company (HRT/Alliance Money Market Portfolio) managed by the Adviser using the same investment objectives and strategy as the Portfolio. For these purposes, the Portfolio is considered to be the successor entity to the HRT/Alliance Money Market Portfolio whose inception date is July 13, 1981, and the performance results of the Portfolio (to which the assets of the predecessor were transferred on October 18, 1999) and its predecessor have been linked.


20		*About the investment portfolios*		EQ Advisors Trust

Calendar Year Annual Total Return

LOGO




Best quarter (% and time period)		Worst quarter (% and time period)

1.62% (2000 4th Quarter)		0.19% (2003 1st Quarter)


The Portfolio’s 7-day yield for the quarter ended December 31, 2003 was 0.80%.



Average Annual Total Returns


	One Year	Five Years	Ten Years

EQ/Money Market Portfolio — Class IA Shares	0.82%	3.47%	4.32%

3-Month Treasury Bill	1.15%	3.66%	4.43%

PORTFOLIO FEES AND EXPENSES

There are no fees or charges to buy or sell shares of the Portfolio, reinvest dividends or exchange into other Portfolios.




Annual Portfolio Operating Expenses (expenses that are deducted from Portfolio assets)

EQ/Money Market Portfolio		Class IA Shares

Management Fee		0.33%

Distribution and/or Service Fees (12b-1 fees)		None

Other Expenses		0.06%

Total Annual Portfolio Operating Expenses		0.39%

Example

This Example is intended to help you compare the cost of investing in the Portfolio with the cost of investing in other investment options.



	Class IA Shares

1 Year	$	40

3 Years	$	125

5 Years	$	219

10 Years	$	493

WHO MANAGES THE PORTFOLIO

The Portfolio Managers responsible for the day to day management of the Portfolio are: Raymond J. Papera and John F. Chiodi. Mr. Papera has been responsible for the day-to-day management of the Portfolio and its predecessor since 1990. Mr. Papera, a Senior Vice President of Alliance Capital, has been associated with Alliance Capital since 1990. Mr. Chiodi, a Vice President and Portfolio Manager of Alliance Capital, has been associated with Alliance Capital since 1989.


EQ Advisors Trust		*About the investment portfolios*		21

2. More information on principal risks and benchmarks

Principal Risks

Risk is the chance that you will lose money on your investment or that it will not earn as much as you expect. In general, the greater the risk, the more money your investment can earn for you and the more you can lose. Like other investment companies, the value of each Portfolio’s shares may be affected by the Portfolio’s investment objective(s), principal investment strategies and particular risk factors. Consequently, each Portfolio may be subject to different principal risks. Some of the principal risks of investing in the Portfolios are discussed below. However, other factors may also affect each Portfolio’s net asset value.

There is no guarantee that a Portfolio will achieve its investment ob-jective(s) or that it will not lose principal value.

General Investment Risks: Each Portfolio is subject to the following risks:

Asset Class Risk: There is the risk that the returns from the types of securities in which a Portfolio invests will underperform the general securities markets or different asset classes. Different types of securities and asset classes tend to go through cycles of outperformance and underperformance in comparison to the general securities markets.

Market Risk: The risk that the value of a security may move up and down, sometimes rapidly and unpredictably based upon a change in a company’s financial condition as well as overall market and economic conditions.

Security Selection Risk: The Adviser(s) for each Portfolio selects particular securities in seeking to achieve the Portfolio’s objective within its overall strategy. The securities selected for the Portfolio may not perform as well as other securities that were not selected for the Portfolio. As a result, the Portfolio may underperform other funds with the same objective or in the same asset class.

As indicated in “About the Investment Portfolios,” a particular Portfolio may also be subject to the following risks

Convertible Securities Risk: Convertible securities may include both convertible debt and convertible preferred stock. Such securities may be converted into shares of the underlying common stock at either a stated price or stated rate. Therefore, convertible securities enable you to benefit from increases in the market price of the underlying common stock. Convertible securities provide higher yields than the underlying common stocks, but generally offer lower yields than nonconvertible securities of similar quality. The value of convertible securities fluctuates in relation to changes in interest rates and, in addition, fluctuates in relation to the underlying common stock. Subsequent to purchase by a Portfolio, convertible securities may cease to be rated or a rating may be reduced below the minimum required for purchase by that Portfolio. Each Adviser will consider such event in its determination of whether a Portfolio should continue to hold the securities.

Derivatives Risk: Derivatives are financial contracts whose value is based on the value of an underlying asset, reference rate or index. A Portfolio’s investment in derivatives may rise or fall more rapidly than other investments. These transactions are subject to changes in the underlying security on which such transactions are based. Even a small investment in derivative securities can have a significant impact on a Portfolio’s exposure to stock market values, interest rates or currency exchange rates. Derivatives are subject to a number of risks such as liquidity risk, interest rate risk, market risk, credit risk and portfolio management risk depending on the type of underlying asset, reference rate or index. They also involve the risk of mispricing or improper valuation and the risk that changes in the value of a derivative may not correlate well with the underlying asset, rate or index. These types of transactions will be used primarily as a substitute for taking a position in the underlying asset and/or for hedging purposes. When a derivative security is used as a hedge against an offsetting position that a Portfolio also holds, any loss generated by the derivative security should be substantially offset by gains on the hedged instrument, and vice versa. To the extent that a Portfolio uses a derivative security for purposes other than as a hedge, that Portfolio is directly exposed to the risks of that derivative security and any loss generated by the derivative security will not be offset by a gain.

Futures and Options Risk: To the extent a Portfolio uses futures and options, it is exposed to additional volatility and potential losses.

Equity Risk: Stocks and other equity securities generally fluctuate in value more than bonds and may decline in value over short or over extended periods, regardless of the success or failure of a company’s operations.

Fixed Income Risk: To the extent that any of the Portfolios invest a substantial amount of assets in fixed income securities, a Portfolio may be subject to the following risks:

Asset-Backed Securities Risk: Asset-backed securities represent interests in pools of consumer loans such as credit card receivables, automobile loans and leases, leases on equipment such as computers, and other financial instruments and are subject to certain additional risks. Rising interest rates tend to extend the duration of asset-backed securities, making them more sensitive to changes in interest rates. As a result, in a period of rising interest rates, the Portfolio may exhibit additional volatility. When interest rates are declining, there are usually more prepayments of loans which will shorten the life of these securities. The reinvestment of cash received from prepayments will, therefore, usually be at a lower interest rate than the original investment, lowering the Portfolio’s yield. Prepayments also vary based on among other factors, general economic conditions and other demographic conditions.

Credit Risk: Credit risk is the risk that the issuer or guarantor of a debt security or counterparty to a Portfolio’s transactions will be


22		*More information on principal risks and benchmarks*		EQ Advisors Trust

unable or unwilling to make timely principal and/or interest payments, or otherwise will be unable or unwilling to honor its financial obligations. Each of the Portfolios may be subject to credit risk to the extent that it invests in debt securities or engages in transactions, such as securities loans or repurchase agreements, which involve a promise by a third party to honor an obligation to the Portfolio.

Credit risk is particularly significant for the Portfolios that may invest a material portion of their assets in “junk bonds” or lower-rated securities.

Interest Rate Risk: The price of a bond or a fixed income security is dependent upon interest rates. Therefore, the share price and total return of a Portfolio investing a significant portion of its assets in bonds or fixed income securities will vary in response to changes in interest rates. A rise in interest rates causes the value of a bond to decrease, and vice versa. There is the possibility that the value of a Portfolio’s investment in bonds or fixed income securities may fall because bonds or fixed income securities generally fall in value when interest rates rise. The longer the term of a bond or fixed income instrument, the more sensitive it will be to fluctuations in value from interest rate changes. Changes in interest rates may have a significant effect on Portfolios holding a significant portion of their assets in fixed income securities with long term maturities.

Investment Grade Securities Risk: Debt securities are rated by national bond ratings agencies. Securities rated BBB by S&P or Baa by Moody’s are considered investment grade securities, but are somewhat riskier than higher rated obligations because they are regarded as having only an adequate capacity to pay principal and interest, and are considered to lack outstanding investment characteristics.

Junk Bonds or Lower Rated Securities Risk: Bonds rated below investment grade (i.e. BB by S&P or Ba by Moody’s) are speculative in nature, involve greater risk of default by the issuing entity and may be subject to greater market fluctuations than higher rated fixed income securities. They are usually issued by companies without long track records of sales and earnings, or by those companies with questionable credit strength. The retail secondary market for these “junk bonds” may be less liquid than that of higher rated securities and adverse conditions could make it difficult at times to sell certain securities or could result in lower prices than those used in calculating the Portfolio’s net asset value. A Portfolio investing in “junk bonds” may also be subject to greater credit risk because it may invest in debt securities issued in connection with corporate restructuring by highly leveraged issuers or in debt securities not current in the payment of interest or principal or in default.

Mortgage-Backed Securities Risk: In the case of mortgage-backed securities, rising interest rates tend to extend the term to maturity of the securities, making them even more susceptible to the risks of interest rate changes. When interest rates drop, not only can the value of fixed income securities drop, but the yield can drop, particularly where the yield on the fixed income securities is tied to changes in interest rates, such as adjustable mortgages. Also when interest rates drop, the holdings of mortgage-backed securities by a Portfolio can reduce returns if the owners of the underlying mortgages pay off their mortgages sooner than anticipated since the funds prepaid will have to be reinvested at the then lower prevailing rates. This is known as prepayment risk. When interest rates rise, the holdings of mortgage-backed securities by a Portfolio can reduce returns if the owners of the underlying mortgages pay off their mortgages later than anticipated. This is known as extension risk.

Zero Coupon and Pay-in-Kind Securities Risk: A zero coupon or pay-in-kind security pays no interest in cash to its holder during its life. Accordingly, zero coupon securities usually trade at a deep discount from their face or par value and, together with pay-in-kind securities, will be subject to greater fluctuations in market value in response to changing interest rates than debt obligations of comparable maturities that make current distribution of interest in cash.

Foreign Securities Risk: A Portfolio’s investments in foreign securities, including depositary receipts, involve risks not associated with investing in U.S. securities and can adversely affect a Portfolio’s performance. Foreign markets, particularly emerging markets, may be less liquid, more volatile and subject to less government supervision than domestic markets. The value of a Portfolio’s investment may be negatively affected by changes in the exchange rates between the U.S. dollar and foreign currencies. There may be difficulties enforcing contractual obligations, and it may take more time for trades to clear and settle. The specific risks of investing in foreign securities, among others, include:

Currency Risk: The risk that fluctuations in currency exchange rates will negatively affect securities denominated in, and/or receiving revenues in, foreign currencies. Adverse changes in currency exchange rates (relative to the U.S. dollar) may erode or reverse any potential gains from a Portfolio’s investment in securities denominated in a foreign currency or may widen existing losses.

Emerging Market Risk: There are greater risks involved in investing in emerging market countries and/or their securities markets. Generally, economic structures in these countries are less diverse and mature than those in developed countries, and their political systems are less stable. Investments in emerging markets countries may be affected by national policies that restrict foreign investment in certain issuers or industries. The small size of their securities markets and low trading volumes can make investments


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illiquid and more volatile than investments in developed countries and such securities may be subject to abrupt and severe price declines. As a result, a Portfolio investing in emerging market countries may be required to establish special custody or other arrangements before investing.

Geographic Risk: The economies and financial markets of certain regions, such as Latin America and Asia, can be highly interdependent and may decline all at the same time.

Political/Economic Risk: Changes in economic and tax policies, government instability, war or other political or economic actions or factors may have an adverse effect on a Portfolio’s foreign investments.

Regulatory Risk: Less information may be available about foreign companies. In general, foreign companies are not subject to uniform accounting, auditing and financial reporting standards or to other regulatory practices and requirements as are U.S. companies.

Transaction Costs Risk: The costs of buying and selling foreign securities, including tax, brokerage and custody costs, generally are higher than those involving domestic transactions.

Growth Investing Risk: Growth investing generally focuses on companies that, due to their strong earnings and revenue potential, offer above-average prospects for capital growth, with less emphasis on dividend income. Earnings predictability and confidence in earnings forecasts are an important part of the selection process. As a result, the price of growth stocks may be more sensitive to changes in current or expected earnings than the prices of other stocks. Advisers using this approach generally seek out companies experiencing some or all of the following: high sales growth, high unit growth, high or improving returns on assets and equity, and a strong balance sheet. Such Advisers also prefer companies with a competitive advantage such as unique management, marketing or research and development. Growth investing is also subject to the risk that the stock price of one or more companies will fall or will fail to appreciate as anticipated by the Advisers, regardless of movements in the securities market.

Index-Fund Risk: The EQ/Equity 500 Index Portfolio invests in the securities included in the index or substantially identical securities regardless of market trends. The Portfolio cannot modify its investment strategies to respond to changes in the economy, which means it may be particularly susceptible to a general decline in the market segment relating to the index.

Liquidity Risk: Certain securities held by a Portfolio may be difficult (or impossible) to sell at the time and at the price the seller would like. A Portfolio may have to hold these securities longer than it would like and may forego other investment opportunities. There is the possibility that a Portfolio may lose money or be prevented from earning capital gains if it can not sell a security at the time and price that is most beneficial to the Portfolio. Portfolios that invest in privately-placed securities, certain small company securities, high-yield bonds, mortgage-backed securities or foreign or emerging market securities, which have all experienced periods of illiquidity, are subject to liquidity risks. A particular Portfolio may be more susceptible to some of these risks than others, as noted in the description of each Portfolio.

Money Market Risk: Although a money market fund is designed to be a relatively low risk investment, it is not entirely free of risk. Despite the short maturities and high credit quality of the EQ/Money Market Portfolio’s investments, increases in interest rates and deteriorations in the credit quality of the instruments the Portfolio has purchased may reduce the Portfolio’s yield. In addition, the Portfolio is still subject to the risk that the value of an investment may be eroded over time by inflation.

Portfolio Turnover Risk: The Portfolios do not restrict the frequency of trading to limit expenses. The Portfolios may engage in active and frequent trading of portfolio securities to achieve their principal investment strategies. Frequent trading can result in a portfolio turnover in excess of 100% in any given fiscal year (high portfolio turnover). High portfolio turnover may result in increased transaction costs to a Portfolio and its shareholders, which would reduce investment returns.

Securities Lending Risk: For purposes of realizing additional income, each Portfolio may lend securities to broker-dealers approved by the Board of Trustees. Generally, any such loan of portfolio securities will be continuously secured by collateral at least equal to the value of the security loaned. Such collateral will be in the form of cash, marketable securities issued or guaranteed by the U.S. Government or its agencies, or a standby letter of credit issued by qualified banks. The risks in lending portfolio securities, as with other extensions of secured credit, consist of possible delay in receiving additional collateral or in the recovery of the securities or possible loss of rights in the collateral should the borrower fail financially. Loans will only be made to firms deemed by the Manager to be of good standing and will not be made unless, in the judgment of the Adviser, the consideration to be earned from such loans would justify the risk.

Small-Cap and/or Mid-Cap Company Risk: A Portfolio’s investments in small-cap and mid-cap companies may involve greater risks than investments in larger, more established issuers. Smaller companies generally have narrower product lines, more limited financial resources and more limited trading markets for their stock, as compared with larger companies. Their securities may be less well-known and trade less frequently and in more limited volume than the securities of larger, more established companies. In addition, small-cap and mid-cap companies are typically subject to greater changes in earnings and business prospects than larger companies. Consequently, the prices of small company stocks tend to rise and fall in value more frequently than the stocks of larger companies. Although investing in small-cap and mid-cap companies offers potential for above-average returns, the


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companies may not succeed and the value of their stock could decline significantly.

Value Investing Risk: Value investing attempts to identify strong companies selling at a discount from their perceived true worth. Advisers using this approach generally select stocks at prices that, in their view, are temporarily low relative to the company’s earnings, assets, cash flow and dividends. Value investing is subject to the risk that the stocks’ intrinsic value may never be fully recognized or realized by the market, or their prices may go down. In addition, there is the risk that a stock judged to be undervalued may actually be appropriately priced. Value investing generally emphasizes companies that, considering their assets and earnings history, are attractively priced and may provide dividend income.


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Benchmarks

The performance of each of the Trust’s Portfolios as shown in the section “About the Investment Portfolios” compares each Portfolio’s performance to that of a broad-based securities market index, an index of funds with similar investment objectives and/or a blended index. Each of the Portfolios’ annualized rates of return are net of: (i) its investment management fees; and (ii) its other expenses. These rates are not the same as the actual return you would receive under your Contract.

Broad-based securities indices are unmanaged and are not subject to fees and expenses typically associated with managed investment company portfolios. Broad-based securities indices are also not subject to contract and insurance-related expenses and charges. Investments cannot be made directly in a broad-based securities index. Comparisons with these benchmarks, therefore, are of limited use. They are included because they are widely known and may help you to understand the universe of securities from which each Portfolio is likely to select its holdings.

The Lehman Brothers Aggregate Bond Index (“Lehman Aggregate Bond Index”) covers the U.S. investment-grade fixed-rate bond market, including government and credit securities, agency mortgage pass-through securities, asset-backed securities, and commercial mortgage-based securities. To qualify for inclusion in the Lehman Aggregate Bond Index, a bond must have at least one year remaining to final maturity, $150 million in par value outstanding, rated Baa or better by Moody’s, have a fixed coupon rate, and be U.S. dollar denominated.

The Lehman Brothers Intermediate Government Bond Index (“Lehman Intermediate Government Bonds Index”) represents an unmanaged group of securities consisting of all U.S. Treasury and agency securities with remaining maturities of from one to ten years and issue amounts of at least $100 million outstanding.

The MSCI EAFE^® Index (Europe, Australasia, Far East) (“MSCI EAFE”) contains a market capitalization weighted sampling of securities deemed by Morgan Stanley Capital International (“MSCI”) to be representative of the market structure of the developed equity markets in Europe, Australasia and the Far East. To construct the MSCI EAFE, MSCI targets at least 60% coverage of the market capitalization of each industry within each country in the MSCI EAFE. Companies with less than 40% of their market capitalization publicly traded are float-adjusted to include only a fraction of their market capitalization in the broader MSCI EAFE index. MSCI EAFE Index returns assume dividends reinvested net of withholding taxes and do not reflect any fees or expenses.

The Russell 3000^® Index (“Russell 3000”) is an unmanaged index which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.

The Russell 1000^® Index (“Russell 1000”) is an unmanaged index of common stocks that measures the performance of the 1,000 largest companies in the Russell 3000, and represents approximately 92% of the total market capitalization of the Russell 3000.

The Russell 1000^® Value Index (“Russell 1000 Value”) is an unmanaged index of common stocks that measures the performance of those Russell 1000 companies with lower price to book ratios and lower forecasted growth values.

The Russell 2500^™ Index (“Russell 2500”) is an unmanaged index that measures the performance of the 2,500 smallest companies in the Russell 3000, which represents approximately 17% of the total market capitalization of the Russell 3000.

The Russell 2500^™ Growth Index (“Russell 2500 Growth”) is an unmanaged index which measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.

The Standard & Poor’s 500 Composite Stock Price Index (“S&P 500 Index”) is an unmanaged weighted index of common stocks of 500 of the largest U.S. industrial, transportation, utility and financial companies, deemed by Standard & Poor’s to be representative of the larger capitalization portion of the United States stock market. The index is capitalization weighted thereby giving greater weight to companies with the largest market capitalizations.


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3. Management of the Trust

This section gives you information on the Trust, the Manager and the Advisers for the Portfolios. More detailed information concerning each of the Advisers and portfolio managers is included in the description for each Portfolio in the section “About The Investment Portfolios.”

The Trust

The Trust is organized as a Delaware statutory trust and is registered with the SEC as an open-end management investment company. The Trust’s Board of Trustees is responsible for the overall management of the Trust and the Portfolios. The Trust issues shares of beneficial interest that are currently divided among fifty-three (53) Portfolios, each of which has authorized Class IA and Class IB shares. This Prospectus describes the Class IA shares of eight Portfolios. Each Portfolio has its own objectives, investment strategies and risks, which have been previously described in this prospectus.

The Manager

The Equitable Life Assurance Society of the United States (“Equitable”), through its AXA Funds Management Group unit (the “Manager”), 1290 Avenue of the Americas, New York, New York 10104, currently serves as the Manager of the Trust. Equitable is a wholly owned subsidiary of AXA Financial, Inc., a subsidiary of AXA, a French insurance holding company.

The Manager has a variety of responsibilities for the general management and administration of the Trust and the Portfolios, including the selection of Advisers. The Manager plays an active role in monitoring each Portfolio and Adviser and uses systems to strengthen its evaluation of performance, style, risk levels, diversification and other criteria. The Manager also monitors each Adviser’s portfolio management team to determine whether its investment activities remain consistent with the Portfolios’ investment style and objectives.

Beyond performance analysis, the Manager monitors significant changes that may impact the Adviser’s overall business. The Manager monitors continuity in the Adviser’s operations and changes in investment personnel and senior management. The Manager performs annual due diligence reviews with each Adviser.

The Manager obtains detailed information concerning Portfolio and Adviser performance and Portfolio operations that is used to supervise and monitor the Advisers and the Portfolio operations. A team is responsible for conducting ongoing investment reviews with each Adviser and for developing the criteria by which Portfolio performance is measured.

The Manager selects Advisers from a pool of candidates, including its affiliates, to manage the Portfolios. The Manager may add to, dismiss or substitute for the Advisers responsible for managing a Portfolio’s assets subject to the approval of the Trust’s Board of Trustees. The Manager also has discretion to allocate each Portfolio’s assets among the Portfolio’s Advisers. The Manager recommends Advisers for each Portfolio to the Trust’s Board of Trustees based upon its continuing quantitative and qualitative evaluation of each Adviser’s skills in managing assets pursuant to specific investment styles and strategies. Short-term investment performance, by itself, is not a significant factor in selecting or terminating an Adviser, and the Manager does not expect to recommend frequent changes of Advisers. The Manager has received an order from the SEC to permit it and the Trust’s Board of Trustees to select and replace Advisers and to amend the advisory agreements between the Manager and the Advisers without obtaining shareholder approval. Accordingly, the Manager is able, subject to the approval of the Trust’s Board of Trustees, to appoint and replace Advisers and to amend advisory agreements without obtaining shareholder approval. In such circumstances, shareholders would receive notice of such action. However, the Manager may not enter into an advisory agreement with an “affiliated person” of Equitable (as that term is defined in Section 2(a)(3) of the 1940 Act) (“Affiliated Adviser”) such as Alliance Capital Management L.P., unless the advisory agreement with the Affiliated Adviser, including compensation, is also approved by the affected Portfolio’s shareholders.

Management Fees

Each Portfolio pays a fee to the Manager for management services. The table below shows the annual rate of the management fees (as a percentage of each Portfolio’s average daily net assets) that the Manager received in 2003 for managing each of the Portfolios and the rate of the management fees waived by the Manager in 2003 in accordance with the provisions of the Expense Limitation Agreement, as defined directly below, between the Manager and the Trust with respect to certain of the Portfolios.

Management Fees Paid by the Portfolios in 2003



Portfolios	Annual Rate Received	Rate of Fees Waived and Expenses Reimbursed

EQ/Alliance Common Stock	0.48%	0.00%
EQ/Alliance Growth and Income	0.57%	0.00%
EQ/Alliance Intermediate Government Securities	0.49%	0.00%
EQ/Alliance International	0.74%	0.02%
EQ/Alliance Quality Bond	0.52%	0.00%
EQ/Alliance Small Cap Growth	0.75%	0.00%
EQ/Equity 500 Index	0.25%	0.00%
EQ/Money Market	0.33%	0.00%

The Advisers are paid by the Manager. Changes to the advisory fees may be negotiated, which would result in an increase or decrease in the amount of the management fee retained by the Manager, without shareholder approval.

Equitable also currently serves as the Administrator of the Trust. The administrative services provided to the Trust by Equitable include, among others, coordination of the Trust’s audit, financial statements


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and tax returns; expense management and budgeting; legal administrative services and compliance monitoring; portfolio accounting services, including daily net asset value accounting; operational risk management; and oversight of the Trust’s proxy voting policies and procedures and anti-money laundering program. For these administrative services, in addition to the management fee, each Portfolio pays Equitable a fee at an annual rate of 0.04% of the first $3 billion of total Trust average daily net assets, 0.03% of the next $3 billion, 0.025% of the next $4 billion, and 0.0225% of the total Trust average daily net assets in excess of $10 billion, plus $30,000 for each Portfolio and an additional $30,000 for each portion of the Portfolio for which separate administrative services are provided (e.g., portions of a Portfolio allocated to separate Advisers and/or managed in a discrete style).

Expense Limitation Agreement

In the interest of limiting until April 30, 2005 the expenses of each Portfolio listed in the following table, the Manager has entered into an expense limitation agreement with the Trust with respect to those Portfolios (“Expense Limitation Agreement”). Pursuant to that Expense Limitation Agreement, the Manager has agreed to waive or limit its fees and to assume other expenses so that the total annual operating expenses of each Portfolio (other than interest, taxes, brokerage commissions, other expenditures which are capitalized in accordance with generally accepted accounting principles, other extraordinary expenses not incurred in the ordinary course of each Portfolio’s business and amounts payable pursuant to a plan adopted in accordance with Rule 12b-1 under the 1940 Act), are limited to the following respective expense ratios:

Expense Limitation Provisions



Portfolios		Total Expenses Limited to (% of daily net assets)

EQ/Alliance International		0.85%

The Manager may be reimbursed the amount of any such payments in the future provided that the payments are reimbursed within three years of the payment being made and the combination of the Portfolio’s expense ratio and such reimbursements do not exceed the Portfolio’s expense cap. If the actual expense ratio is less than the expense cap and the Manager has recouped any eligible previous payments made, the Portfolio will be charged such lower expenses.

Legal Proceedings

Alliance Capital Management L.P.

Alliance Capital reached terms with the office of the New York Attorney General (“NYAG”) and the staff of the SEC for the resolution of regulatory claims with respect to market timing in some of its mutual funds. The agreement with the SEC is reflected in an Order of the Commission. The agreement with the NYAG is subject to final, definitive documentation.

Among the key provisions of the agreements are the following:

•

Under both the SEC and NYAG agreements, Alliance Capital will establish a $250 million fund to compensate fund shareholders for the adverse effects of market timing in some of its mutual funds. Of the $250 million fund, the agreements characterize $150 million as disgorgement and $100 million as a penalty.

•

The agreement with the NYAG includes a weighted average reduction in fees of 20% on Alliance Capital’s U.S. long-term open-end retail funds, commencing January 1, 2004, for a minimum of 5 years.

Under both agreements, the Boards of Directors of Alliance Capital’s mutual funds, which have already moved to elect independent chairmen from among their independent directors, will also have independent directors that comprise at least 75% of each Board, and will retain an independent compliance officer who will assist the Boards in their oversight of compliance, fiduciary issues and conflicts of interest.

The terms and conditions of the agreements also include, among others:

•

Formation of a Code of Ethics Oversight Committee, composed of senior executives of Alliance Capital’s operating businesses, to oversee all matters relating to issues arising under the Alliance Capital Code of Ethics;

•

Establishment of an Internal Compliance Controls Committee, chaired by Alliance Capital’s Chief Compliance Officer, to review compliance issues throughout Alliance Capital, endeavor to develop solutions to those issues as they may arise from time to time, and oversee implementation of those solutions;

•

Establishment of a company ombudsman to whom Alliance Capital employees may convey concerns about Alliance Capital business matters that they believe involve matters of ethics or questionable practices;

•

Engagement of an Independent Compliance Consultant to conduct a comprehensive review of Alliance Capital’s supervisory, compliance, and other policies and procedures designed to prevent and detect conflicts of interest, breaches of fiduciary duty, breaches of the Alliance Capital Code of Ethics and federal securities law violations by Alliance Capital and its employees; and

•

Commencing in 2005, and at least once every other year thereafter, Alliance Capital shall undergo a compliance review by an independent third party.

On October 2, 2003, a putative class action complaint entitled Hindo et al. v. AllianceBernstein Growth & Income Fund et al. (the “Hindo Complaint”) was filed against Alliance Capital; Alliance Capital


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Management Holding L.P.; Alliance Capital Management Corporation; AXA Financial, Inc.; certain of the AllianceBernstein Mutual Funds, including the AllianceBernstein Growth Funds; Gerald Malone; Charles Schaffran (collectively, the “Alliance Capital defendants”); and certain other defendants not affiliated with Alliance Capital. The Hindo Complaint was filed in the United States District Court for the Southern District of New York by alleged shareholders of two of the AllianceBernstein Mutual Funds. The Hindo Complaint alleges that certain of the Alliance Capital defendants failed to disclose that they improperly allowed certain hedge funds and other unidentified parties to engage in late trading and market timing of AllianceBernstein Mutual Fund securities, violating Sections 11 and 15 of the Securities Act of 1933, Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and Sections 206 and 215 of the Investment Advisers Act of 1940. Plaintiffs seek an unspecified amount of compensatory damages and rescission of their contracts with Alliance Capital, including recovery of all fees paid to Alliance Capital pursuant to such contracts.

Since October 2, 2003, approximately 40 additional lawsuits making factual allegations similar to those in the Hindo Complaint were filed against Alliance Capital and certain other defendants, some of which name the AllianceBernstein Growth Funds as defendants. All of these lawsuits seek an unspecified amount of damages.


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4. Fund distribution arrangements

The Trust offers two classes of shares on behalf of each Portfolio: Class IA shares and Class IB shares. AXA Advisors, LLC (“AXA Advisors”) serves as one of the distributors for the Class IA shares of the Trust offered by this Prospectus as well as one of the distributors for the Class IB shares. AXA Distributors, LLC (“AXA Distributors”) serves as the other distributor for the Class IA shares of the Trust as well as for the Class IB shares. Both classes of shares are offered and redeemed at their net asset value without any sales load. AXA Advisors and AXA Distributors are affiliates of Equitable. Both AXA Advisors and AXA Distributors are registered as broker-dealers under the Securities Exchange Act of 1934 and are members of the National Association of Securities Dealers, Inc.


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5. Buying and selling shares

All shares are purchased and sold at their net asset value without any sales load. All redemption requests will be processed and payment with respect thereto will normally be made within seven days after tender. The Portfolios reserve the right to suspend or change the terms of purchasing or selling shares.

The Trust may suspend the right of redemption for any period during which the New York Stock Exchange is closed (other than a weekend or holiday) or during which trading is restricted by the SEC or the SEC declares that an emergency exists. Redemptions may also be suspended during other periods permitted by the SEC. A Portfolio may pay the redemption price in whole or part by a distribution in kind of readily marketable securities in lieu of cash or may take up to seven days to pay a redemption request in order to raise capital, when it is detrimental for a Portfolio to make cash payments as determined in the sole discretion of Equitable.

Frequent transfers, including market timing and other program trading strategies, may be disruptive to the Portfolios. Disruptive transfer activity may hurt the long term performance of a Portfolio by, for example, requiring it to maintain larger amounts of cash or to liquidate portfolio holdings at a disadvantageous time or price. We currently use the procedures described below to discourage disruptive transfer activity. You should understand, however, that these procedures are subject to the following limitations:

•	They do not eliminate the possibility that disruptive transfer activity, including market timing, will occur or that portfolio performance will be affected by such activity.

•	The design of such procedures involves inherently subjective judgments, which we and the Trust seek to make in a fair and reasonable manner consistent with interests of all Contract owners.

If we determine that your transfer patterns among the Portfolios are disruptive to the Portfolios, we may, among other things, restrict the availability of personal telephone requests, facsimile transmissions, automated telephone services, internet services or any electronic transfer services. We may also refuse to act on transfer instructions of an agent acting under a power of attorney who is acting on behalf of more than one owner. In making these determinations, we may consider the combined transfer activity of Contracts that we believe are under common ownership, control or direction.

We currently consider transfers into and out of (or vice versa) a Portfolio within a five business day period as potentially disruptive transfer activity. In order to reduce disruptive activity, we monitor the frequency of transfers, including the size of transfers in relation to portfolio assets, in each Portfolio. When a potentially disruptive transfer into or out of a Portfolio occurs on a day when the Portfolio’s aggregate deposits or aggregate redemptions exceed our threshold, we may take the actions described above to restrict availability of voice, fax and automated transaction services. We also currently provide a letter to Contract owners who have engaged in disruptive transfer activity of our intention to restrict access to communication services. However, we may not continue to provide such letters. Consistent with seeking to discourage potentially disruptive transfer activity, we may also, in our sole discretion and without further notice, change what we consider potentially disruptive transfer activity and our monitoring procedures and thresholds, as well as change our procedures to restrict this activity. You should consult the Contract prospectus that accompanies this Prospectus for information on other specific limitations on the transfer privilege.

Notwithstanding our efforts, we may be unable to detect or deter market timing activity by certain persons, which can lead to disruption of management of, and excess costs to, the particular Portfolio.


EQ Advisors Trust		*Buying and selling shares*		31

6. How portfolio shares are priced

“Net asset value” is the price of one share of a Portfolio without a sales charge, and is calculated each business day using the following formula:



Net Asset Value =	Total market value of securities	+	Cash and other assets	—	_Liabilities
Net Asset Value =

	Number of outstanding shares

The net asset value of Portfolio shares is determined according to this schedule:

•	A share’s net asset value is determined as of the close of regular trading on the New York Stock Exchange (“Exchange”) on the days the Exchange is open for trading. This is normally 4:00 p.m. Eastern Time.

•	The price for purchasing or redeeming a share will be based upon the net asset value next calculated after an order is placed by an insurance company or qualified retirement plan.

•	A Portfolio heavily invested in foreign securities may have net asset value changes on days when shares cannot be purchased or sold.

Generally, Portfolio securities are valued as follows:

•	Equity securities – most recent sales price or official closing price or if there is no sale or official closing price, latest available bid price.

•	Debt securities (other than short-term obligations) – based upon pricing service valuations.

•	Short-term obligations (with maturities of 60 days or less) – amortized cost (which approximates market value). All securities held in the EQ/Money Market Portfolio are valued at amortized cost.

•

Securities traded on foreign exchanges – most recent sales or bid price on the foreign exchange or market, unless a significant event or circumstance occurs after the close of that market or exchange that may materially affect its value. In that case, fair value as determined by or under the direction of the Board of Trustees of the Trust at the close of regular trading on the Exchange. Foreign currency is converted into U.S. dollar equivalent daily at current exchange rates.

•	Options – last sales price or, if not available, previous day’s sales price. Options not traded on an exchange or actively traded are valued according to fair value methods.

•	Futures – last sales price or, if there is no sale, latest available bid price.

•	Other Securities – other securities and assets for which market quotations are not readily available or for which valuation cannot be provided are valued at their fair value under the direction of the Board of Trustees of the Trust.

Events or circumstances affecting the values of Portfolio securities that occur between the closing of their principal markets and the time the NAV is determined may be reflected in the Trust’s calculation of net asset values for each applicable Portfolio when the Trust deems that the particular event or circumstance would materially affect such Portfolio’s net asset value.

The effect of fair value pricing as described above is that securities may not be priced on the basis of quotations from the primary market in which they are traded, but rather may be priced by another method that the Trust’s Board of Trustees believes reflects fair value. This policy is intended to assure that the Portfolio’s net asset value fairly reflects security values as of the time of pricing.


32		*How portfolio shares are priced*		EQ Advisors Trust

7. Dividends and other distributions and tax consequences

Dividends and Other Distributions

The Portfolios generally distribute most or all of their net investment income and their net realized gains, if any, annually. Dividends and other distributions are automatically reinvested at net asset value in shares of the Portfolios.

Tax Consequences

Each Portfolio of the Trust is treated as a separate entity and intends to qualify to be treated as a regulated investment company for federal income tax purposes. Regulated investment companies are usually not taxed at the entity (Portfolio) level. They pass through their income and gains to their shareholders by paying dividends. A Portfolio will be treated as a regulated investment company if it meets specified federal income tax rules, including types of investments, limits on investments, types of income, and dividend payment requirements. Although the Trust intends that it and each Portfolio will be operated to have no federal tax liability, if they have any federal tax liability, it could hurt the investment performance of the Portfolio in question. Also, any Portfolio investing in foreign securities or holding foreign currencies could be subject to foreign taxes which could reduce the investment performance of the Portfolio.

It is important for each Portfolio to maintain its regulated investment company status because the shareholders of the Portfolio that are insurance company separate accounts will then be able to use a favorable investment diversification testing rule in determining whether the Contracts indirectly funded by the Portfolio meet tax qualification rules for variable insurance contracts. If a Portfolio fails to meet specified investment diversification requirements, owners of non-pension plan Contracts funded through the Trust could be taxed immediately on the accumulated investment earnings under their Contracts and could lose any benefit of tax deferral. Equitable, in its capacity as Administrator and Manager, therefore carefully monitors compliance with all of the regulated investment company rules and variable insurance contract investment diversification rules.

Contract owners seeking to understand the tax consequences of their investment should consult with their tax advisers or the insurance company that issued their variable product or refer to their Contract prospectus.


EQ Advisors Trust		*Dividends and other distributions and tax consequences*		33

8. Financial Highlights

The financial highlights table is intended to help you understand the financial performance for the Trust’s Class IA and Class IB shares. The financial information in the table below is for the past five (5) years (or, if shorter, the period of the Portfolio’s operations). The information below for the Class IA and Class IB shares has been derived from the financial statements of the Trust, which have been audited by PricewaterhouseCoopers LLP, independent public accountants. PricewaterhouseCoopers LLP’s report on the Trust’s financial statements as of December 31, 2003 appears in the Trust’s Annual Report. Certain information reflects financial results for a single Portfolio share. The total returns in the tables represent the rate that a shareholder would have earned (or lost) on an investment in the Portfolio (assuming reinvestment of all dividends and disbursements). The total return figures shown below do not reflect any separate account or Contract fees and charges. The total return figures would be lower if they did reflect such fees and charges. The information should be read in conjunction with the financial statements contained in the Trust’s Annual Report which are incorporated by reference into the Trust’s Statement of Additional Information (SAI) and available upon request.

EQ/Alliance Common Stock Portfolio(b):


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2003			2002			2001(c)			2000(c)			1999(c)			2003			2002			2001(c)			2000(c)			1999(c)
Net asset value, beginning of year	$	10.49		$	15.70		$	17.98		$	26.17		$	24.35		$	10.40		$	15.61		$	17.88		$	26.05		$	24.30

Income from investment operations:
Net investment income		0.12			0.12			0.12			0.15			0.17			0.08			0.08			0.07			0.08			0.10
Net realized and unrealized gain (loss) on investments and foreign currency transactions		5.09			(5.32	)		(1.97	)		(3.82	)		5.84			5.06			(5.28	)		(1.95	)		(3.78	)		5.82

Total from investment operations		5.21			(5.20	)		(1.85	)		(3.67	)		6.01			5.14			(5.20	)		(1.88	)		(3.70	)		5.92

Less distributions:
Dividends from net investment income		(0.23	)		(0.01	)		(0.11	)		(0.15	)		(0.16	)		(0.16	)		(0.01	)		(0.07	)		(0.10	)		(0.14	)
Distributions from realized gains		—			—			(0.32	)		(4.37	)		(4.03	)		—			—			(0.32	)		(4.37	)		(4.03	)

Total dividends and distributions		(0.23	)		(0.01	)		(0.43	)		(4.52	)		(4.19	)		(0.16	)		(0.01	)		(0.39	)		(4.47	)		(4.17	)

Net asset value, end of year	$	15.47		$	10.49		$	15.70		$	17.98		$	26.17		$	15.38		$	10.40		$	15.61		$	17.88		$	26.05

Total return		49.89	%		(33.15	)%		(10.50	)%		(14.03	)%		25.19	%		49.58	%		(33.34	)%		(10.73	)%		(14.25	)%		24.88	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	7,472,301		$	5,382,662		$	9,577,763		$	11,797,888		$	14,951,495		$	1,884,006		$	1,124,684		$	1,831,258		$	1,918,284		$	1,642,066
Ratio of expenses to average net assets before fees paid indirectly		0.54	%		0.54	%		0.53	%		0.47	%		0.38	%		0.79	%		0.79	%		0.78	%		0.72	%		0.63	%
Ratio of expenses to average net assets after fees paid indirectly		0.52	%		0.49	%		N/A			N/A			N/A			0.77	%		0.74	%		N/A			N/A			N/A
Ratio of net investment income to average net assets before fees paid indirectly		0.91	%		0.77	%		0.67	%		0.61	%		0.65	%		0.66	%		0.52	%		0.43	%		0.35	%		0.39	%
Ratio of net investment income to average net assets after fees paid indirectly		0.93	%		0.82	%		N/A			N/A			N/A			0.68	%		0.57	%		N/A			N/A			N/A
Portfolio turnover rate		92	%		136	%		40	%		43	%		57	%		92	%		136	%		40	%		43	%		57	%

See Notes to Financial Statements.


34		*Financial Highlights*		EQ Advisors Trust

EQ/Alliance Growth and Income Portfolio(b):


							Class IA															Class IB
				Year Ended December 31,															Year Ended December 31,
	2003			2002			2001(c)			2000(c)			1999(c)			2003			2002			2001(c)			2000(c)			1999(c)
Net asset value, beginning of year	$	12.87		$	16.56		$	17.70		$	18.24		$	16.99		$	12.79		$	16.47		$	17.61		$	18.16		$	16.95

Income from investment operations:
Net investment income		0.22			0.22			0.19			0.17			0.06			0.15			0.16			0.13			0.13			0.01
Net realized and unrealized gain (loss) on investments.		3.73			(3.70	)		(0.44	)		1.35			3.05			3.74			(3.66	)		(0.42	)		1.34			3.04

Total from investment operations		3.95			(3.48	)		(0.25	)		1.52			3.11			3.89			(3.50	)		(0.29	)		1.47			3.05

Less distributions:
Dividends from net investment income		(0.20	)		(0.21	)		(0.17	)		(0.16	)		(0.05	)		(0.16	)		(0.18	)		(0.13	)		(0.12	)		(0.03	)
Distributions from realized gains		—			—			(0.72	)		(1.90	)		(1.81	)		—			—			(0.72	)		(1.90	)		(1.81	)

Total dividends and distributions		(0.20	)		(0.21	)		(0.89	)		(2.06	)		(1.86	)		(0.16	)		(0.18	)		(0.85	)		(2.02	)		(1.84	)

Net asset value, end of year	$	16.62		$	12.87		$	16.56		$	17.70		$	18.24		$	16.52		$	12.79		$	16.47		$	17.61		$	18.16

Total return		30.72	%		(21.03	)%		(1.30	)%		8.95	%		18.66	%		30.42	%		(21.28	)%		(1.52	)%		8.68	%		18.37	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,382,192		$	1,126,754		$	1,568,312		$	1,418,245		$	1,241,619		$	1,124,808		$	653,809		$	673,499		$	464,600		$	261,663
Ratio of expenses to average net assets before fees paid indirectly		0.63	%		0.64	%		0.63	%		0.61	%		0.57	%		0.88	%		0.89	%		0.88	%		0.86	%		0.82	%
Ratio of expenses to average net assets after fees paid indirectly		0.60	%		0.60	%		N/A			N/A			N/A			0.85	%		0.85	%		N/A			N/A			N/A
Ratio of net investment income to average net assets before fees paid indirectly		1.45	%		1.34	%		1.08	%		0.92	%		0.33	%		1.20	%		1.09	%		0.83	%		0.71	%		0.06	%
Ratio of net investment income to average net assets after fees paid indirectly		1.48	%		1.38	%		N/A			N/A			N/A			1.23	%		1.13	%		N/A			N/A			N/A
Portfolio turnover rate		49	%		75	%		81	%		57	%		70	%		49	%		75	%		81	%		57	%		70	%

See Notes to Financial Statements.


EQ Advisors Trust		*Financial Highlights*		35

EQ/Alliance Intermediate Government Securities Portfolio(b):


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2003(c)			2002			2001(c)			2000(c)			1999(c)			2003(c)			2002			2001(c)			2000(c)			1999(c)
Net asset value, beginning of year	$	10.30		$	9.88		$	9.46		$	9.18		$	9.67		$	10.24		$	9.83		$	9.43		$	9.15		$	9.66

Income from investment operations:
Net investment income		0.26			0.27			0.37			0.55			0.50			0.23			0.21			0.35			0.52			0.47
Net realized and unrealized gain (loss) on investments		(0.02	)		0.60			0.41			0.30			(0.49	)		(0.02	)		0.64			0.39			0.31			(0.49	)

Total from investment operations		0.24			0.87			0.78			0.85			0.01			0.21			0.85			0.74			0.83			(0.02	)

Less distributions:
Dividends from net investment income		(0.33	)		(0.24	)		(0.36	)		(0.56	)		(0.50	)		(0.30	)		(0.23	)		(0.34	)		(0.54	)		(0.49	)
Distributions from realized gains		(0.10	)		(0.21	)		—			(0.01	)		—			(0.10	)		(0.21	)		—			(0.01	)		—

Total dividends and distributions		(0.43	)		(0.45	)		(0.36	)		(0.57	)		(0.50	)		(0.40	)		(0.44	)		(0.34	)		(0.55	)		(0.49	)

Net asset value, end of year	$	10.11		$	10.30		$	9.88		$	9.46		$	9.18		$	10.05		$	10.24		$	9.83		$	9.43		$	9.15

Total return		2.45	%		8.81	%		8.23	%		9.27	%		0.02	%		2.10	%		8.58	%		7.98	%		8.99	%		(0.23	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	344,547		$	391,662		$	241,071		$	142,822		$	156,864		$	630,578		$	545,598		$	204,870		$	71,267		$	45,911
Ratio of expenses to average net assets		0.57	%		0.59	%		0.62	%		0.58	%		0.55	%		0.82	%		0.84	%		0.87	%		0.83	%		0.80	%
Ratio of net investment income to average net assets		2.51	%		3.20	%		4.84	%		5.83	%		5.16	%		2.26	%		2.95	%		4.59	%		5.55	%		4.91	%
Portfolio turnover rate		477	%		622	%		463	%		541	%		408	%		477	%		622	%		463	%		541	%		408	%

See Notes to Financial Statements.


36		*Financial Highlights*		EQ Advisors Trust

EQ/Alliance International Portfolio(b)(e)(g):


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2003			2002			2001			2000(c)			1999(c)			2003			2002			2001			2000(c)			1999(c)
Net asset value, beginning of year	$	7.24		$	8.03		$	10.62		$	15.03		$	11.13		$	7.13		$	7.94		$	10.55		$	14.96		$	11.11

Income from investment operations:
Net investment income (loss)		0.11			0.01			0.02			(0.01	)		0.08			0.07			0.01			—	#		(0.01	)		0.04
Net realized and unrealized gain (loss) on investments and foreign currency transactions		2.43			(0.80	)		(2.42	)		(3.33	)		4.07			2.44			(0.82	)		(2.42	)		(3.33	)		4.06

Total from investment operations		2.54			(0.79	)		(2.40	)		(3.34	)		4.15			2.51			(0.81	)		(2.42	)		(3.34	)		4.10

Less distributions:
Dividends from net investment income		(0.16	)		—			—			(0.05	)		—			(0.14	)		—			—			(0.05	)		—
Distributions from realized gains		—			—			(0.19	)		(1.02	)		(0.25	)		—			—			(0.19	)		(1.02	)		(0.25	)

Total dividends and distributions		(0.16	)		—			(0.19	)		(1.07	)		(0.25	)		(0.14	)		—			(0.19	)		(1.07	)		(0.25	)

Net asset value, end of year	$	9.62		$	7.24		$	8.03		$	10.62		$	15.03		$	9.50		$	7.13		$	7.94		$	10.55		$	14.96

Total return		35.28	%		(9.84	)%		(22.88	)%		(22.77	)%		37.31	%		35.27	%		(10.20	)%		(23.23	)%		(22.86	)%		36.90	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,091,319		$	876,907		$	167,610		$	228,325		$	268,541		$	488,571		$	205,496		$	36,054		$	37,171		$	18,977
Ratio of expenses to average net assets after waivers		0.85	%		1.02	%		N/A			N/A			N/A			1.10	%		1.27	%		N/A			N/A			N/A
Ratio of expenses to average net assets after waivers and fees paid indirectly		0.85	%		1.00	%		N/A			N/A			N/A			1.10	%		1.25	%		N/A			N/A			N/A
Ratio of expenses to average net assets before waivers and fees paid indirectly		0.87	%		1.04	%		1.10	%		1.16	%(a)		1.08	%		1.12	%		1.29	%		1.35	%		1.41	%(a)		1.33	%
Ratio of net investment income to average net assets after waivers		1.29	%		0.60	%		N/A			N/A			N/A			1.04	%		0.35	%		N/A			N/A			N/A
Ratio of net investment income to average net assets after waivers and fees paid indirectly		1.29	%		0.62	%		N/A			N/A			N/A			1.04	%		0.37	%		N/A			N/A			N/A
Ratio of net investment income (loss) to average net assets before waivers and fees paid indirectly		1.27	%		0.58	%		0.17	%		(0.03	)%(a)		0.70	%		1.02	%		0.33	%		(0.08	)%		(0.28	)%(a)		0.36	%
Portfolio turnover rate		59	%		47	%		77	%		80	%		152	%		59	%		47	%		77	%		80	%		152	%
Effect of expense limitation during the year:
Per share benefit to net investment income (loss)	$	—	#		N/A			N/A			N/A			N/A		$	—	#		N/A			N/A			N/A			N/A

See Notes to Financial Statements.


EQ Advisors Trust		*Financial Highlights*		37

EQ/Alliance Quality Bond Portfolio(b):


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2003(c)			2002(c)			2001(c)			2000(c)			1999(c)			2003(c)			2002(c)			2001(c)			2000(c)			1999(c)
Net asset value, beginning of year	$	10.17		$	9.81		$	9.55		$	9.11		$	9.84		$	10.12		$	9.77		$	9.52		$	9.09		$	9.84

Income from investment operations:
Net investment income		0.24			0.32			0.57			0.60			0.54			0.22			0.29			0.51			0.57			0.52
Net realized and unrealized gain (loss) on investments and foreign currency transactions		0.12			0.45			0.22			0.44			(0.74	)		0.11			0.46			0.25			0.45			(0.75	)

Total from investment operations		0.36			0.77			0.79			1.04			(0.20	)		0.33			0.75			0.76			1.02			(0.23	)

Less distributions:
Dividends from net investment income		(0.15	)		(0.28	)		(0.53	)		(0.60	)		(0.50	)		(0.13	)		(0.27	)		(0.51	)		(0.59	)		(0.49	)
Distributions from realized gains		(0.13	)		(0.13	)		—			—			(0.03	)		(0.13	)		(0.13	)		—			—			(0.03	)

Total dividends and distributions		(0.28	)		(0.41	)		(0.53	)		(0.60	)		(0.53	)		(0.26	)		(0.40	)		(0.51	)		(0.59	)		(0.52	)

Net asset value, end of year	$	10.25		$	10.17		$	9.81		$	9.55		$	9.11		$	10.19		$	10.12		$	9.77		$	9.52		$	9.09

Total return		3.83	%		7.91	%		8.28	%		11.48	%		(2.00	)%		3.56	%		7.68	%		8.04	%		11.28	%		(2.25	)%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,459,282		$	341,209		$	309,097		$	553,109		$	329,895		$	367,273		$	189,680		$	46,843		$	9,159		$	1,094
Ratio of expenses to average net assets		0.58	%		0.62	%		0.60	%		0.59	%		0.56	%		0.83	%		0.87	%		0.85	%		0.84	%		0.81	%
Ratio of net investment income to average net assets		2.35	%		3.16	%		5.31	%		6.34	%		5.64	%		2.10	%		2.91	%		4.97	%		5.98	%		5.39	%
Portfolio turnover rate		697	%		755	%		301	%		282	%		147	%		697	%		755	%		301	%		282	%		147	%

See Notes to Financial Statements.


38		*Financial Highlights*		EQ Advisors Trust

EQ/Alliance Small Cap Growth Portfolio(b)(f):


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2003			2002			2001(c)			2000(c)			1999(c)			2003			2002			2001(c)			2000(c)			1999(c)
Net asset value, beginning of year	$	9.02		$	12.90		$	15.06		$	15.11		$	11.82		$	8.90		$	12.75		$	14.92		$	15.03		$	11.79

Income from investment operations:
Net investment loss		(0.02	)		(0.06	)		(0.06	)		(0.07	)		(0.05	)		(0.04	)		(0.08	)		(0.08	)		(0.11	)		(0.08	)
Net realized and unrealized gain (loss) on investments		3.75			(3.82	)		(1.89	)		1.99			3.34			3.68			(3.77	)		(1.88	)		1.97			3.32

Total from investment operations		3.73			(3.88	)		(1.95	)		1.92			3.29			3.64			(3.85	)		(1.96	)		1.86			3.24

Less distributions:
Distributions from realized gains		—			—			(0.21	)		(1.97	)		—			—			—			(0.21	)		(1.97	)		—

Net asset value, end of year	$	12.75		$	9.02		$	12.90		$	15.06		$	15.11		$	12.54		$	8.90		$	12.75		$	14.92		$	15.03

Total return		41.35	%		(30.08	)%		(13.03	)%		14.12	%		27.75	%		40.90	%		(30.20	)%		(13.28	)%		13.78	%		27.46	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	451,408		$	317,679		$	461,312		$	501,596		$	241,000		$	552,216		$	308,406		$	387,833		$	360,635		$	162,331
Ratio of expenses to average net assets before fees paid indirectly		0.82	%		0.83	%		0.81	%		0.84	%		0.95	%		1.07	%		1.08	%		1.06	%		1.09	%		1.20	%
Ratio of expenses to average net assets after fees paid indirectly		0.78	%		0.81	%		N/A			N/A			N/A			1.03	%		1.06	%		N/A			N/A			N/A
Ratio of net investment loss to average net assets before fees paid indirectly		(0.25	)%		(0.57	)%		(0.49	)%		(0.37	)%		(0.40	)%		(0.50	)%		(0.82	)%		(0.74	)%		(0.62	)%		(0.65	)%
Ratio of net investment loss to average net assets after fees paid indirectly		(0.21	)%		(0.55	)%		N/A			N/A			N/A			(0.46	)%		(0.80	)%		N/A			N/A			N/A
Portfolio turnover rate		114	%		110	%		110	%		142	%		221	%		114	%		110	%		110	%		142	%		221	%

See Notes to Financial Statements.


EQ Advisors Trust		*Financial Highlights*		39

EQ/Equity 500 Index Portfolio(b)(d):


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2003			2002			2001(c)			2000(c)			1999(c)			2003			2002			2001(c)			2000(c)			1999(c)
Net asset value, beginning of year	$	16.92		$	22.05		$	25.34		$	29.57		$	25.00		$	16.84		$	21.95		$	25.22		$	29.50		$	24.98

Income from investment operations:
Net investment income		0.28			0.26			0.26			0.25			0.28			0.19			0.18			0.20			0.16			0.21
Net realized and unrealized gain (loss) on investments		4.47			(5.15	)		(3.28	)		(3.13	)		4.78			4.49			(5.09	)		(3.26	)		(3.11	)		4.78

Total from investment operations		4.75			(4.89	)		(3.02	)		(2.88	)		5.06			4.68			(4.91	)		(3.06	)		(2.95	)		4.99

Less distributions:
Dividends from net investment income		(0.29	)		(0.22	)		(0.25	)		(0.19	)		(0.27	)		(0.24	)		(0.18	)		(0.19	)		(0.17	)		(0.25	)
Distributions from realized gains		—			(0.02	)		(0.02	)		(1.16	)		(0.22	)		—			(0.02	)		(0.02	)		(1.16	)		(0.22	)

Total dividends and distributions		(0.29	)		(0.24	)		(0.27	)		(1.35	)		(0.49	)		(0.24	)		(0.20	)		(0.21	)		(1.33	)		(0.47	)

Net asset value, end of year	$	21.38		$	16.92		$	22.05		$	25.34		$	29.57		$	21.28		$	16.84		$	21.95		$	25.22		$	29.50

Total return		28.14	%		(22.19	)%		(11.95	)%		(9.58	)%		20.38	%		27.83	%		(22.39	)%		(12.15	)%		(9.81	)%		20.08	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	1,560,563		$	1,256,522		$	1,775,556		$	2,106,901		$	2,618,539		$	1,589,054		$	860,185		$	925,533		$	928,578		$	20,931
Ratio of expenses to average net assets		0.31	%		0.32	%		0.31	%		0.32	%		0.33	%		0.56	%		0.57	%		0.56	%		0.57	%		0.58	%
Ratio of net investment income to average net assets		1.48	%		1.30	%		1.08	%		0.87	%		1.05	%		1.23	%		1.05	%		0.83	%		0.58	%		0.78	%
Portfolio turnover rate		—	‡%		8	%		3	%		17	%		5	%		—	‡%		8	%		3	%		17	%		5	%

See Notes to Financial Statements.


40		*Financial Highlights*		EQ Advisors Trust

EQ/Money Market Portfolio(b):


	Class IA															Class IB
	Year Ended December 31,															Year Ended December 31,
	2003(c)			2002			2001(c)			2000(c)			1999(c)			2003(c)			2002			2001(c)			2000(c)			1999(c)
Net asset value, beginning of year	$	10.38		$	10.37		$	10.33		$	10.28		$	10.22		$	10.32		$	10.32		$	10.28		$	10.25		$	10.21

Income from investment operations:
Net investment income		0.09			0.16			0.39			0.64			0.51			0.06			0.12			0.31			0.61			0.49
Net realized and unrealized gain (loss) on investments		—	#		—	#		—	†		—			—			—	#		0.01			0.06	†		(0.01	)		(0.01	)

Total from investment operations		0.09			0.16			0.39			0.64			0.51			0.06			0.13			0.37			0.60			0.48

Less distributions:
Dividends from net investment income		(0.10	)		(0.15	)		(0.35	)		(0.59	)		(0.45	)		(0.07	)		(0.13	)		(0.33	)		(0.57	)		(0.44	)

Net asset value, end of year	$	10.37		$	10.38		$	10.37		$	10.33		$	10.28		$	10.31		$	10.32		$	10.32		$	10.28		$	10.25

Total return		0.82	%		1.54	%		3.82	%		6.24	%		4.96	%		0.57	%		1.21	%		3.63	%		5.99	%		4.71	%

Ratios/Supplemental Data:
Net assets, end of year (000’s)	$	705,877		$	834,792		$	860,719		$	893,097		$	883,988		$	942,215		$	1,209,341		$	1,155,159		$	677,333		$	559,713
Ratio of expenses to average net assets		0.39	%		0.39	%		0.40	%		0.40	%		0.37	%		0.64	%		0.64	%		0.65	%		0.65	%		0.62	%
Ratio of net investment income to average net assets		0.82	%		1.48	%		3.80	%		6.02	%		4.91	%		0.57	%		1.23	%		3.38	%		5.78	%		4.68	%

See Notes to Financial Statements.


EQ Advisors Trust		*Financial Highlights*		41

FINANCIAL HIGHLIGHTS (concluded)

†	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.

#	Per share amount is less than $0.01.

‡	Amount is less than 1%.

(a)

Reflects overall fund ratios for investment income and non-class specific expense.

(b)

On October 18, 1999, this Portfolio received, through a substitution transaction, the assets and liabilities of the Hudson River Trust Portfolio that followed the same investment objectives as this Portfolio. The information from January 1, 1999 through October 17, 1999 is that of the predecessor Hudson River Trust Portfolio. Information for the year ended December 31, 1999 includes the results of operations of the predecessor Hudson River Trust Portfolio from January 1, 1999 through October 17, 1999.

(c)

Net investment income and capital changes per share are based on monthly average shares outstanding.

(d)

On October 6, 2000, this Portfolio received, through a substitution transaction, the assets and liabilities of the BT Equity 500 Index Portfolio that followed the same investment objectives as this Portfolio. The information from January 1, 2000 through August 31, 2000 is that of the predecessor Alliance Equity Index Portfolio. Information prior to the year ended December 31, 2000 includes the results of operations of the predecessor BT Equity 500 Index Portfolio.

(e)

On November 22, 2002, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/Alliance Global Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2002 represents the results of operations of the EQ/Alliance International Portfolio.

(f)

On July 12, 2002, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/AXP Strategy Aggressive Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2002 represents the results of operations of the EQ/Alliance Small Cap Growth Portfolio.

(g)

On May 2, 2003, this Portfolio received, through a substitution transaction, the assets and liabilities of the EQ/International Equity Index Portfolio that followed the same objectives as this Portfolio. Information prior to the year ended December 31, 2003 represents the results of operations of the EQ/Alliance International Portfolio.


42		*Financial Highlights*		EQ Advisors Trust

If you wish to know more, you will find additional information about the Trust and its Portfolios in the following documents, which are available, free of charge by calling our toll-free number at 1-800-528-0204:

Annual and Semi-Annual Reports

The Annual and Semi-Annual Reports include more information about the Trust’s performance and are available upon request free of charge. The reports usually include performance information, a discussion of market conditions and the investment strategies that affected the Portfolios’ performance during the last fiscal year.

Statement of Additional Information (SAI)

The SAI, dated May 1, 2004, is incorporated into this Prospectus by reference and is available upon request free of charge by calling our toll free number at 1-888-292-4492.

You may visit the SEC’s website at www.sec.gov to view the SAI and other information about the Trust, which is available on the EDGAR database. You can also review and copy information about the Trust, including the SAI, at the SEC’s Public Reference Room in Washington, D.C. or by electronic request at publicinfo@sec.gov or by writing the SEC’s Public Reference Section, Washington, D.C. 20549-0102 You may have to pay a duplicating fee. To find out more about the Public Reference Room, call the SEC at 1-202-942-8090.

Investment Company Act File Number: 811-07953